Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
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 |
Entity File Number | 1-10882 |
Entity Address, Address Line One | Aegonplein 50, PO Box 85 |
Entity Address, Postal Zip Code | 2501 CB |
Entity Address, City or Town | The Hague |
Entity Incorporation, State or Country Code | P7 |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers Accountants N.V. |
Auditor Firm ID | 1395 |
Auditor Location | Amsterdam, the Netherlands |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | NL |
Entity Address, Address Line One | Aegonplein 50 |
Entity Address, Postal Zip Code | 2501 CB |
Contact Personnel Name | J.H.P.M. van Rossum |
Contact Personnel Email Address | Jurgen.vanRossum@aegon.com |
Country Region | 31 |
City Area Code | 70 |
Local Phone Number | 3445458 |
Entity Address, City or Town | The Hague |
Common shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,109,430,229 |
Common share B [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 546,196,080 |
Consolidated income statement o
Consolidated income statement of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement [LineItems] | |||||
Premium income | € 13,192 | € 13,731 | [1] | € 14,105 | [1] |
Investment income | 5,613 | 4,893 | [1] | 5,087 | [1] |
Fee and commission income | 2,525 | 2,454 | [1] | 2,122 | [1] |
Other revenues | 1 | 13 | [1] | 4 | [1] |
Total revenues | 21,331 | 21,091 | [1] | 21,318 | [1] |
Income from reinsurance ceded | 3,009 | 4,263 | [1] | 4,066 | [1] |
Results from financial transactions | (35,132) | 24,715 | [1] | 17,961 | [1] |
Other income | 378 | 49 | [1] | 62 | [1] |
Total income | (10,415) | 50,119 | [1] | 43,407 | [1] |
Premiums paid to reinsurers | 2,189 | 3,418 | [1] | 2,640 | [1] |
Policyholder claims and benefits | (16,680) | 40,097 | [1] | 35,865 | [1] |
Profit sharing and rebates | 7 | 8 | [1] | 8 | [1] |
Commissions and expenses | 5,458 | 5,286 | [1] | 5,253 | [1] |
Impairment charges / (reversals) | 68 | 16 | [1] | 284 | [1] |
Interest charges and related fees | 329 | 246 | [1] | 405 | [1] |
Other charges | (5) | 101 | [1] | 104 | [1] |
Total charges | (8,634) | 49,172 | [1] | 44,561 | [1] |
Result before share in profit / (loss) of joint ventures, associates and tax | (1,781) | 947 | [1] | (1,154) | [1] |
Share in profit / (loss) of joint ventures | 249 | 232 | [1] | 166 | [1] |
Share in profit / (loss) of associates | (11) | (15) | [1] | 31 | [1] |
Result before tax from continuing operations | (1,543) | 1,164 | [1] | (958) | [1] |
Income tax (expense) / benefit | 518 | (95) | [1] | 336 | [1] |
Net result from continuing operations | (1,025) | 1,069 | [1] | (622) | [1] |
Net result from discontinued operations | (379) | 960 | [1] | 487 | [1] |
Net result from continuing and discontinued operations | (1,404) | 2,029 | [1] | (135) | [1] |
Net result attributable to: | |||||
Owners of Aegon N.V. | (1,433) | 1,980 | [1] | (146) | [1] |
Non-controlling interests | € 29 | € 50 | [1] | € 11 | [1] |
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.73) | € 0.94 | [1] | € (0.09) | [1] |
Diluted earnings per common share | (0.73) | 0.94 | [1] | (0.09) | [1] |
Basic earnings per common share from continuing operations | (0.54) | 0.48 | [1] | (0.33) | [1] |
Diluted earnings per common share from continuing operations | € (0.54) | € 0.48 | [1] | € (0.33) | [1] |
Owners of Aegon N.V | € (1,433) | € 1,980 | [1] | € (146) | [1] |
Common share B [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.02) | € 0.02 | [1] | € 0 | [1] |
Diluted earnings per common share | (0.02) | 0.02 | [1] | 0 | [1] |
Basic earnings per common share from continuing operations | (0.01) | 0.01 | [1] | (0.01) | [1] |
Diluted earnings per common share from continuing operations | € (0.01) | € 0.01 | [1] | € (0.01) | [1] |
Aegon N.V [member] | |||||
Statement [LineItems] | |||||
Investment income | € 21 | € 13 | |||
Total revenues | 21 | 13 | |||
Results from financial transactions | (30) | 3 | |||
Total income | (9) | 16 | |||
Commissions and expenses | 68 | 80 | |||
Interest charges and related fees | 127 | 129 | |||
Total charges | 196 | 210 | |||
Result before tax from continuing operations | (204) | (193) | |||
Income tax (expense) / benefit | 47 | 54 | |||
Net result from continuing operations | (1,433) | 1,980 | |||
Net result from continuing and discontinued operations | (158) | (139) | € (146) | ||
Net result attributable to: | |||||
Owners of Aegon N.V. | (1,433) | 1,980 | (146) | ||
Net result group companies | (1,275) | 2,119 | 0 | ||
Earnings per share (EUR per share) | |||||
Owners of Aegon N.V | € (1,433) | € 1,980 | € (146) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Consolidated statement of compr
Consolidated statement of comprehensive income of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Statement of comprehensive income [abstract] | |||||
Net result from continuing and discontinued operations | € (1,404) | € 2,029 | € (135) | ||
Items that will not be reclassified to profit or loss: | |||||
Changes in revaluation reserve real estate held for own use | (1) | (5) | 20 | ||
Remeasurements of defined benefit plans | (43) | 345 | (75) | ||
Income tax relating to items that will not be reclassified | (4) | (77) | 12 | ||
Discontinued operations that will not be reclassified | 703 | 133 | (159) | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Gains / (losses) on revaluation of available-for-sale investments | (13,061) | (1,328) | 2,969 | ||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 557 | (336) | 26 | ||
Changes in cash flow hedging reserve | (192) | (228) | (247) | ||
Movement in foreign currency translation and net foreign investment hedging reserves | 1,073 | 1,240 | (1,493) | ||
Equity movements of joint ventures | (63) | 25 | 12 | ||
Equity movements of associates | 1 | (5) | 5 | ||
Disposal of group assets | 164 | 8 | (8) | ||
Income tax relating to items that may be reclassified | 2,710 | 390 | (589) | ||
Discontinued operations that may be reclassified | (1,426) | 23 | (17) | ||
Other | 38 | 15 | 3 | ||
Total other comprehensive income / (loss) | (9,545) | 200 | 457 | ||
Total comprehensive income / (loss) | (10,950) | 2,229 | 321 | ||
Total comprehensive income/ (loss) attributable to: | |||||
Owners of Aegon N.V. | (10,991) | 2,168 | 315 | ||
Non-controlling interests | € 41 | € 61 | € 6 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Consolidated statement of finan
Consolidated statement of financial position of Aegon N.V. - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | € 3,407 | € 6,889 | |
Assets held for sale | 89,752 | 0 | |
Investments | 76,825 | 157,831 | |
Investments for account of policyholders | 180,006 | 250,953 | |
Derivatives | [1] | 2,760 | 8,827 |
Investments in joint ventures | 1,443 | 1,743 | |
Investments in associates | 165 | 1,289 | |
Reinsurance assets | 21,184 | 20,992 | |
Defined benefit assets | 87 | 119 | |
Deferred tax assets | 1,827 | 131 | |
Deferred expenses | 12,886 | 10,503 | |
Other assets and receivables | 10,204 | 7,642 | |
Intangible assets | 1,240 | 1,333 | |
Assets | 401,786 | 468,252 | |
Financial fixed assets | |||
Cash and cash equivalents | 3,407 | 6,889 | |
Assets | 401,786 | 468,252 | |
Equity and liabilities | |||
Shareholders' Equity | 12,071 | 23,813 | |
Other equity instruments | 1,943 | 2,363 | |
Issued capital and reserves attributable to owners of Aegon N.V. | 14,014 | 26,176 | |
Non-controlling interests | 176 | 196 | |
Group equity | 14,190 | 26,372 | |
Subordinated borrowings | 2,295 | 2,194 | |
Trust pass-through securities | 118 | 126 | |
Insurance contracts | 87,309 | 124,422 | |
Insurance contracts for account of policyholders | 100,409 | 149,323 | |
Investment contracts | 10,658 | 21,767 | |
Investment contracts for account of policyholders | 80,555 | 104,592 | |
Derivatives | [1] | 6,094 | 10,639 |
Borrowings | 4,051 | 9,661 | |
Provisions | 99 | 193 | |
Defined benefit liabilities | 496 | 3,944 | |
Deferred gains | 9 | 9 | |
Deferred tax liabilities | 4 | 1,559 | |
Liabilities held for sale | 84,339 | 0 | |
Other liabilities | 10,785 | 12,916 | |
Accruals | 373 | 537 | |
Total liabilities | 387,596 | 441,881 | |
Total equity and liabilities | 401,786 | 468,252 | |
Shareholders' equity | |||
Share capital | 319 | 321 | |
Revaluation account | (4,477) | 6,442 | |
Group equity | 14,190 | 26,372 | |
Other equity instruments | 1,943 | 2,363 | |
Subordinated borrowings | 2,295 | 2,194 | |
Other current liabilities | 10,562 | 12,233 | |
Total liabilities | 387,596 | 441,881 | |
Total equity and liabilities | 401,786 | 468,252 | |
Aegon N.V [member] | |||
Assets | |||
Cash and cash equivalents | 1,619 | 1,204 | |
Deferred tax assets | 109 | 138 | |
Assets | 17,155 | 29,524 | |
Financial fixed assets | |||
Shares in group companies | 13,594 | 26,042 | |
Loans to group companies | 1,435 | 1,829 | |
Other non-current assets | 109 | 138 | |
Investments, Total | 15,138 | 28,009 | |
Receivables from group companies | 31 | 35 | |
Other receivables | 236 | 181 | |
Other current assets | 123 | 90 | |
Accrued interest and rent | 9 | 6 | |
Receivables | 398 | 312 | |
Cash and cash equivalents | 1,619 | 1,204 | |
Assets | 17,155 | 29,524 | |
Equity and liabilities | |||
Other equity instruments | 1,943 | 2,363 | |
Group equity | 12,071 | 23,813 | |
Subordinated borrowings | 1,442 | 1,396 | |
Borrowings | 1,226 | 1,266 | |
Total liabilities | 3,141 | 3,349 | |
Total equity and liabilities | 17,155 | 29,524 | |
Shareholders' equity | |||
Share capital | 319 | 321 | |
Paid-in surplus | 6,853 | 7,033 | |
Revaluation account | (4,465) | 6,453 | |
Legal reserves – foreign currency translation reserve | 1,008 | 258 | |
Legal reserves in respect of group companies | 2,439 | 2,316 | |
Retained earnings, including treasury shares | 8,916 | 7,652 | |
Remeasurement of defined benefit plans of group companies | (1,565) | (2,199) | |
Net result | (1,433) | 1,980 | |
Group equity | 12,071 | 23,813 | |
Other equity instruments | 1,943 | 2,363 | |
Total equity | 14,014 | 26,176 | |
Subordinated borrowings | 1,442 | 1,396 | |
Long-term borrowings | 1,226 | 1,266 | |
Non-current liabilities | 2,669 | 2,662 | |
Loans from group companies | 13 | 7 | |
Payables to group companies | 147 | 422 | |
Other current liabilities | 282 | 227 | |
Accruals and deferred income | 31 | 31 | |
Current liabilities | 472 | 686 | |
Total liabilities | 3,141 | 3,349 | |
Total equity and liabilities | € 17,155 | € 29,524 | |
[1]Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss. |
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] | Reserve of discontinued operations held for sale [member] | Issued capital and reserves [member] | [1] | Non-controlling interests [member] | |||
Beginning balance at Dec. 31, 2019 | € 24,433 | € 7,536 | € 10,374 | € 5,873 | € (2,397) | € 456 | € 2,571 | € 24,413 | € 20 | |||||
Net result recognized in the income statement | (135) | [2] | (146) | (146) | 11 | |||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||
Changes in revaluation reserve real estate held for own use | 20 | 20 | 20 | |||||||||||
Remeasurements of defined benefit plans | (360) | (360) | (360) | |||||||||||
Income tax relating to items that will not be reclassified | 138 | (2) | 140 | 138 | ||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | 2,990 | 2,990 | 2,990 | |||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 13 | 13 | 13 | |||||||||||
Changes in cash flow hedging reserve | (247) | (247) | (247) | |||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | (1,493) | (556) | 83 | (1,015) | (1,489) | (4) | ||||||||
Equity movements of joint ventures | 12 | 12 | 12 | |||||||||||
Equity movements of associates | 7 | 7 | 7 | |||||||||||
Disposal of group assets | (8) | 0 | (7) | (8) | ||||||||||
Income tax relating to items that may be reclassified | (616) | (610) | (7) | (616) | ||||||||||
Other | 3 | 2 | 1 | 3 | 0 | |||||||||
Total other comprehensive income / (loss) | 457 | [2] | 2 | 1,607 | (137) | (1,009) | 462 | (4) | ||||||
Total comprehensive income / (loss) | 321 | [2] | (144) | 1,607 | (137) | (1,009) | 316 | 6 | ||||||
Shares issued | (3) | 3 | ||||||||||||
Issuance and purchase of treasury shares | 3 | 3 | 3 | |||||||||||
Dividends paid on common shares | (118) | (54) | (64) | (118) | ||||||||||
Dividend withholding tax reduction | 1 | 1 | 1 | |||||||||||
Coupons on perpetual securities | (38) | (38) | (38) | |||||||||||
Incentive plans | 8 | 10 | (3) | 8 | ||||||||||
Change in ownership non-controlling interest | 49 | 49 | ||||||||||||
Ending balance at Dec. 31, 2020 | 24,661 | 7,480 | 10,145 | 7,480 | (2,534) | (553) | 2,569 | 24,586 | 75 | [3] | ||||
Net result recognized in the income statement | 2,029 | [2] | 1,980 | 1,980 | 50 | [3] | ||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||
Changes in revaluation reserve real estate held for own use | (4) | (4) | (4) | |||||||||||
Remeasurements of defined benefit plans | 501 | 501 | 501 | |||||||||||
Income tax relating to items that will not be reclassified | (101) | 1 | (102) | (101) | ||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | (1,173) | (1,173) | (1,173) | |||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (450) | (450) | (450) | |||||||||||
Changes in cash flow hedging reserve | (228) | (228) | (228) | |||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | 1,240 | 447 | (65) | 848 | 1,231 | 9 | [3] | |||||||
Equity movements of joint ventures | 25 | 25 | 25 | |||||||||||
Equity movements of associates | (6) | (6) | (6) | |||||||||||
Disposal of group assets | 8 | 8 | 8 | |||||||||||
Income tax relating to items that may be reclassified | 372 | 369 | 3 | 372 | ||||||||||
Other | 16 | 14 | 14 | 3 | [3] | |||||||||
Total other comprehensive income / (loss) | 200 | [2] | 14 | (1,038) | 335 | 878 | 188 | 11 | [3] | |||||
Total comprehensive income / (loss) | 2,229 | [2] | 0 | 1,993 | (1,038) | 335 | 878 | 0 | 2,168 | 61 | ||||
Shares issued | 1 | 1 | 1 | |||||||||||
Issuance and purchase of treasury shares | (88) | (88) | (88) | |||||||||||
Issuance and redemption of other equity instruments | (212) | (212) | (212) | |||||||||||
Dividends paid on common shares | (248) | (127) | (120) | (247) | (1) | |||||||||
Coupons on perpetual securities | (39) | (39) | (39) | |||||||||||
Incentive plans | 7 | 6 | 7 | |||||||||||
Change in ownership non-controlling interest | 61 | 61 | ||||||||||||
Ending balance at Dec. 31, 2021 | 26,372 | 7,354 | 11,892 | 6,442 | (2,199) | 325 | 2,363 | € 0 | 26,176 | 196 | ||||
Net result recognized in the income statement | (1,404) | (1,433) | (1,433) | 29 | ||||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||
Changes in revaluation reserve real estate held for own use | (1) | 16 | (17) | (1) | ||||||||||
Remeasurements of defined benefit plans | (43) | (43) | (43) | |||||||||||
Income tax relating to items that will not be reclassified | (4) | (4) | (4) | |||||||||||
Discontinued operations that will not be reclassified | [4] | 703 | 1,379 | (676) | 703 | |||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
Gains / (losses) on revaluation of available-for-sale investments | (13,061) | (13,061) | (13,061) | |||||||||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 557 | 557 | 557 | |||||||||||
Changes in cash flow hedging reserve | (192) | (192) | (192) | |||||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | 1,073 | 487 | (20) | 594 | 1,061 | 12 | ||||||||
Equity movements of joint ventures | (63) | (63) | (63) | |||||||||||
Equity movements of associates | 1 | 1 | 1 | |||||||||||
Disposal of group assets | 164 | 14 | 150 | 164 | ||||||||||
Income tax relating to items that may be reclassified | 2,710 | 2,722 | (12) | 2,710 | ||||||||||
Discontinued operations that may be reclassified | [4] | (1,426) | (802) | (14) | (610) | (1,426) | ||||||||
Other | 38 | 38 | 38 | |||||||||||
Total other comprehensive income / (loss) | (9,545) | 54 | (10,293) | 1,312 | 656 | (1,286) | (9,557) | 12 | ||||||
Total comprehensive income / (loss) | (10,950) | (1,379) | (10,293) | 1,312 | 656 | (1,286) | (10,991) | 41 | ||||||
Shares issued | 2 | 2 | 2 | |||||||||||
Shares withdrawn | (4) | (4) | (4) | |||||||||||
Issuance and purchase of treasury shares | (393) | (393) | (393) | |||||||||||
Issuance and redemption of other equity instruments | (1) | (1) | (1) | |||||||||||
Redemption other equity instruments | (397) | 32 | (429) | (397) | ||||||||||
Dividends paid on common shares | (347) | (180) | (167) | (347) | ||||||||||
Coupons on perpetual securities | (36) | (36) | (36) | |||||||||||
Incentive plans | 4 | (5) | 9 | 4 | ||||||||||
Change in ownership non-controlling interest | (61) | (61) | ||||||||||||
Ending balance at Dec. 31, 2022 | € 14,190 | € 7,172 | € 9,944 | € (3,851) | € (887) | € 981 | € 1,943 | € (1,286) | € 14,014 | € 176 | ||||
[1]Issued capital and reserves attributable to owners of Aegon N.V.[2]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.[3]Comparative amounts have been updated to reflect revised disclosure on the change in ownership non-controlling interest.[4]The lines “Discontinued operations that will not be reclassified” and “Discontinued operations that may be reclassified” include EUR 1,379 million and EUR (816) million respectively of reclassifications from opening reserves to the column “Reserve of discontinued operations held for sale”. |
Consolidated statement of cha_2
Consolidated statement of changes in equity of Aegon N.V. (Parenthetical) - Discontinued Operations ValuesThat May Or May Not Be Reclassified [Member] € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Discontinued operations reclassified from opening reserves | € (816) |
Discontinued operations not reclassified from opening reserves | € 1,379 |
Consolidated cash flow statemen
Consolidated cash flow statement of Aegon N.V. - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Statement of cash flows [abstract] | ||||||
Result before tax from continuing operations | € (1,543) | € 1,164 | [1] | € (958) | [1] | |
Result before tax from discontinued operations | 2,395 | 1,237 | 594 | |||
Impairment loss on measurement of disposal group | (1,775) | 0 | 0 | |||
Result before tax from continuing operations and discontinued operations | (922) | 2,400 | (364) | |||
Results from financial transactions | 45,189 | (25,716) | (22,092) | |||
Amortization and depreciation | 1,160 | 1,167 | 722 | |||
Impairment losses | 49 | 5 | 382 | |||
Income from joint ventures | (286) | (265) | (184) | |||
Income from associates | (4) | (112) | (111) | |||
Release of cash flow hedging reserve | (126) | (106) | (109) | |||
Other | 796 | 248 | 9 | |||
Adjustments of non-cash items | 46,780 | (24,778) | (21,383) | |||
Insurance and investment liabilities | (4,742) | (1,885) | 6,975 | |||
Insurance and investment liabilities for account of policyholders | (50,452) | 13,605 | 11,005 | |||
Accrued expenses and other liabilities | (929) | (1,008) | 655 | |||
Accrued income and prepayments | (1,505) | (543) | (1,315) | |||
Changes in accruals | (57,627) | 10,169 | 17,319 | |||
Purchase of investments (other than money market investments) | (22,635) | (35,520) | (44,637) | |||
Purchase of derivatives | (4,140) | (1,611) | 924 | |||
Disposal of investments (other than money market investments) | 32,626 | 38,040 | 31,875 | |||
Disposal of derivatives | (2,502) | 310 | 1,771 | |||
Net purchase of investments for account of policyholders | 13,631 | 12,063 | 8,865 | |||
Net change in cash collateral | (3,207) | (2,805) | 2,425 | |||
Net purchase of money market investments | (362) | (85) | 363 | |||
Cash flow movements on operating items not reflected in income | 13,411 | 10,391 | 1,585 | |||
Tax (paid)/ received | (37) | 21 | (7) | |||
Other | 1,248 | 0 | (5) | |||
Net cash flows from operating activities | 2,851 | (1,796) | [2] | (2,854) | [2] | |
Purchase of individual intangible assets (other than VOBA and future servicing rights) | (26) | (36) | (40) | |||
Purchase of equipment and real estate for own use | (72) | (76) | (80) | |||
Acquisition of subsidiaries, net of cash | (146) | 0 | (15) | |||
Acquisition/capital contributions joint ventures and associates | (73) | (97) | (305) | |||
Disposal of intangible asset | 0 | 0 | 3 | |||
Disposal of equipment | 9 | 2 | 7 | |||
Disposal of subsidiaries and businesses, net of cash | 604 | 59 | 0 | |||
Disposal joint ventures and associates | 185 | 0 | 154 | |||
Dividend received from joint ventures and associates | 137 | 95 | 138 | |||
Other | (1) | 0 | ||||
Net cash flows from investing activities | 616 | (54) | [2] | (139) | [2] | |
Purchase of treasury shares | (597) | (231) | (59) | |||
Proceeds from TRUPS, Subordinated borrowings and borrowings | [3] | 3,569 | 3,914 | 3,444 | ||
Repayment of perpetuals | (429) | (212) | 0 | |||
Repayment of share capital | 0 | 0 | 0 | |||
Repayment of TRUPS, Subordinated borrowings and borrowings | [3] | (4,086) | (3,000) | (3,985) | ||
Dividends paid | (167) | (121) | (63) | |||
Coupons on perpetual securities | (48) | (52) | (55) | |||
Payment of Right-of-use Assets | (49) | (59) | (60) | |||
Change in ownership non-controlling interests | (57) | 61 | 0 | |||
Other | (55) | 0 | 0 | |||
Net cash flows from financing activities | (1,920) | 300 | [2] | (778) | [2] | |
Net increase / (decrease) in cash and cash equivalents | [4] | 1,548 | (1,550) | [2] | (3,770) | [2] |
Net cash and cash equivalents at the beginning of the year | 6,889 | 8,372 | 12,263 | |||
Effects of changes in exchange rate | 55 | 67 | (121) | |||
Net cash and cash equivalents at the end of the year | € 8,491 | € 6,889 | € 8,372 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.[2]Amounts for 2021 and 2020 includes the disposal group.[3]Trust pass-through securities.[4]Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 5,405 million (2021: EUR 5,271 million and 2020: EUR 5,114 million) dividends received EUR 1,840 million (2021: EUR 1,624 million and 2020: EUR 1,751 million) and interest paid EUR 289 million (2021: EUR 296 million and 2020: EUR 491 million). All included in operating activities except for dividend received from joint ventures and associates EUR 137 million (2021: EUR 95 million and 2020: EUR 138 million). |
Consolidated cash flow statem_2
Consolidated cash flow statement of Aegon N.V. (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | |||
Interest received | € 5,405 | € 5,271 | € 5,114 |
Dividends received | 1,840 | 1,624 | 1,751 |
Interest paid | 289 | 296 | 491 |
Dividend received from joint ventures and associates | € 137 | € 95 | € 138 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
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 and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, China, and Brazil) and one global asset manager. Furthermore, Aegon has activities in Asia and Southern and Eastern Europe. Headquarters are located in The Hague, the Netherlands. The Group employs around 19,000 people worldwide (2021: over 22,000). 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 and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, China, and Brazil) and one global asset manager. Furthermore, Aegon has activities in Asia and Southern and Eastern Europe. Headquarters are located in The Hague, the Netherlands. The Group employs around 19,000 people worldwide (2021: over 22,000). |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 is provided below in note 2.1.1. The consolidated financial statements are presented in euros 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. 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 22 2 A reconcilliation between IFRS and EU-IFRS is included in the table below. Shareholders’ equity Net result 2022 2021 2020 2022 2021 2020 In accordance with IFRS 12,071 23,813 22,018 (1,404 ) 2,029 (135 ) Adjustment of EU ‘IAS 39’ carve-out (850 ) 632 1,054 (1,482 ) (422 ) 280 Tax effect of the adjustment 219 (163 ) (257 ) 382 93 (90 ) Effect of the adjustment after tax (631 ) 469 798 (1,100 ) (328 ) 190 In accordance with EU-IFRS 11,440 24,282 22,815 (2,504 ) 1,701 55 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2022 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 2022, the following amendments to existing standards issued by the IASB became mandatory: Accounting standard/ amendment/ interpretation IASB effective date Impact for Aegon Reference to the Conceptual Framework (Amendments to IFRS 3) January 1, 2022 Not material Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) January 1, 2022 Not material Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) January 1, 2022 Not material Annual Improvements to IFRS Standards 2018–2020 January 1, 2022 Not material COVID-19- Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) April 1, 2021 Not material 2.1.2 Future adoption of new IFRS accounting standards and amendments The following standards and amendments to existing standards, published prior to January 1, 2023, were not early adopted by the Group, but will be applied in future years: IASB effective Early adopted by Impact for Aegon Accounting standard/ amendment/ interpretation date Aegon See below for IFRS 17 Insurance contracts January 1, 2023 No comments Initial Application of IFRS 17 and IFRS 9 - Comparative Information (Amendments to IFRS 17) January 1, 2023 No See below for See below for IFRS 9 Financial instruments January 1, 2018 1) No comments See below for Prepayment Features with Negative Compensation (Amendments to IFRS 9) January 1, 2019 1) No comments Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) January 1, 2024 No Not material Classification of Liabilities as Current or Non-current (Amendments to IAS 1) January 1, 2024 No Not material Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) January 1, 2023 No Not material Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 No Not material Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 No Not material 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 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. On June 25, 2020, the IASB decided, next to a number of significant amendments to the Standard, to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. 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, 2023. The EU has endorsed IFRS 17 including the June 25, 2020 amendments as per November 2021. The Standard represents a significant change to current financial reporting and the implementation effort is significant. An implementation project was started soon after the publication of the new Standard. Based on the final amendments of June 2020 quantitative assessments are performed which continued during 2021. In 2022, methodology and policy choices were finalized which formed the basis of preparing the opening balance sheet per January 1, 2022 and the 2022 quarterly results. Whilst the preparation of the opening balance sheet has been completed, the preparation of the 2022 quarterly results are still ongoing and full year results are only expected to be completed in the first half-year of 2023. Aegon has an established governance framework to manage the implementation of IFRS 17, including the preparation of the 2022 quarterly results, which might impact significant accounting estimates and judgements. The impact on the 2022 opening balance sheet as presented in this note is therefore indicative. a) Changes compared to previous accounting policies Under IFRS 4, Aegon largely continued to report under the accounting policies that were applied prior to the adoption of IFRS. This meant that, in general, the Group applied non-uniform accounting policies for insurance assets and liabilities as allowed under Dutch Accounting Policies for insurance contracts that were continued as measurement basis under IFRS 4. Specific measurement methodologies differ between Aegon’s operations, reflecting local regulatory requirements and local practices for specific product features. Under IFRS 17, consistent accounting policies will be applied to all insurance contracts and investment contracts with discretionary features, regardless of the jurisdiction in which the contracts have been issued. Under Aegon’s current accounting policies, some minimum guarantees are separated from the host insurance contracts and classified as derivatives. The Group has also elected to apply the accounting option under IFRS 4 to measure certain closely related minimum guarantees at fair value. Under IFRS 17, Aegon has not identified any embedded derivatives that require separation. All minimum guarantees will be measured together with the host contract, in accordance with the requirements of IFRS 17. Policy loans, value of business acquired, and insurance payables and receivables, which are currently accounted for as separate assets, will be included in the measurement of the insurance liabilities. Measurement IFRS 17 establishes principles for the accounting for insurance contracts, reinsurance contracts, and investment contracts with discretionary participation features. It will introduce a model that measures groups of contracts based on Aegon’s estimate of the present value of the future cash flows that will arise as these contracts are fulfilled, and which includes an explicit risk adjustment for non-financial risk and a contractual service margin (CSM) reflecting unearned profits. Contrary to current accounting, IFRS 17 will require estimates to be current, unbiased and probability-weighted, incorporating all available information in a way that is consistent with observable market data. Insurance contracts are grouped together for measurement purposes. Aegon will not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart, but instead, intends to apply the IFRS 17 cohort requirements to all groups of contracts that are in scope of the Standard. IFRS 17 prescribes modifications to the general measurement model for contracts with direct participating features (the ‘variable fee approach’) and for reinsurance contracts held. The standard also provides an option to simplify the measurement of certain short-term contracts (the ‘premium allocation approach’), which will primarily be applied by Aegon to non-life insurance contracts and related reinsurance contracts held. The measurement of these contracts will be similar to the current IFRS 4 treatment, albeit that, when measuring liabilities for incurred claims, Aegon will discount cash flows expected to occur more than one year after the claim’s date and will include an explicit risk adjustment for non-financial risk. Acquisition costs Currently, under IFRS 4, all acquisition costs are recognized and presented as separate assets (‘deferred policy acquisition costs or DPAC’) until these costs are included in profit or loss. Under IFRS 17, only insurance acquisition cash flows that arise before the recognition of the related insurance contracts, will be presented as separate assets. These assets, which are subject to recoverability testing, are derecognized and included in the carrying amount of the related portfolio of contracts on initial recognition. For some (but not all) groups of contracts for which the premium allocation approach will be applied, Aegon intends to expense acquisition costs when incurred. Revenue and expenses Under IFRS 4, the revenues reported in the income statement include gross insurance premiums when due or, for products where deposit accounting was required, surrender fees and other charges. Under IFRS 17, the insurance revenue in each reporting period will reflect the consideration to which Aegon expects to be entitled in exchange for the services provided in that period. The actual claims and expenses incurred in providing the service, will be presented in the income statement as insurance service expenses. Insurance finance income and expenses, disaggregated between profit or loss and OCI for certain groups of contracts, will be presented separately from insurance revenue and insurance service expenses. Income and expenses from reinsurance contracts, other than insurance finance expenses, will be presented as a single net amount in the income statement. Currently, amounts recovered from reinsurers and reinsurance expenses were presented separately. Other assets and liabilities On transition to IFRS 9 and IFRS 17, some available-for-sale investments and loans will be designated as fair value through profit or loss to reduce the accounting mismatch between assets and liabilities. Aegon will also no longer apply shadow accounting which, ignoring the impact of any reclassifications of available-for-sale investments, will have a positive impact on the carrying amount of revaluation reserves presented in group equity. Interests in insurance joint ventures and associates that are accounted for under the equity method, will be remeasured based on Aegon’s new accounting policies. b) Transition Changes in accounting policies resulting from the adoption of IFRS 17 will be applied retrospectively, to the extent practicable. Under a full retrospective approach, Aegon: ◆ Identifies, recognizes and measures each group of contracts as if IFRS 17 had always been applied; ◆ Derecognizes previously reported balances that would not have existed if IFRS 17 had always been applied; and ◆ Recognizes any resulting net difference in equity. Aegon considers the full retrospective approach to be impracticable if its application requires hindsight, for example in setting historical assumptions, or if the required historical input data cannot be made available within reasonable efforts. The latter might be concluded if information is not, or no longer, available electronically and incorporating it into the IFRS 17 reporting process would be expected to induce high costs and efforts. If the retrospective application of IFRS 17 to a group of contracts is impracticable, either the modified retrospective approach or the fair value approach will be applied. The objective of the modified retrospective approach is to achieve the closest outcome to retrospective application possible. Under the fair value approach, the carrying amount of a group of insurance contracts at transition is determined in accordance with IFRS 13 Fair Value Measurement but with the exclusion of the guidance on demand features. The modified retrospective approach may only be applied if there is sufficient reasonable and supportable information available to do so. For groups of contracts that are eligible for both the modified retrospective approach and the fair value approach, the transition method will be elected based on a mix of operational and financial considerations. Notwithstanding the foregoing, Aegon will apply the fair value approach to groups of contracts with direct participation features to which it could have applied IFRS 17 fully retrospectively, where the following applies: ◆ Aegon intends to apply risk mitigation to the group of contracts prospectively from the transition date, and ◆ Prior to transition, Aegon used derivatives, other financial instruments classified as ‘fair value through profit or loss’ or reinsurance contracts to mitigate financial risk arising from that group of contracts. IFRS 17 will be applied fully retrospectively to insurance contracts issued in 2021 and to a limited number of product groups issued in earlier years, except for life insurance contracts issued in the Netherlands which is transitioned using the fair value approach. The modified retrospective approach will be applied to Investment Only Variable Annuities written in the Americas from 2009 to 2020, Universal Life contracts issued in Asia in 2015 and in 2016, and certain products written by Aegon’s joint ventures in Spain and Portugal. The remainder of the in-force portfolio will transition to IFRS 17 using the fair value approach. In estimating the fair value of insurance contracts for the transition to IFRS 17, Aegon applied a methodology whereby the estimated future cash flows were adjusted for known differences between the IFRS 17 and market valuation methodologies (such as the inclusion of investment expenses for all product types) and the risk adjustment was recalculated at a higher confidence level to reflect the additional compensation that a market participant would require for financial risk and the remaining contractual services that need to be provided. Where possible the results were compared to market-observable transactions, such as recent reinsurance transactions entered into by Aegon and sales transactions of insurance portfolios and businesses (including the sale of Aegon the Netherlands to a.s.r.). Under IFRS 17, Aegon will elect to disaggregate the insurance finance income and expenses between profit or loss and OCI for certain groups of contracts without direct participating features that are issued in the Americas and Asia. The balance recognized in OCI will be determined retrospectively where possible or, alternatively, has been set to nil at the transition date. The latter applies, for example, to the fixed deferred annuities, indexed universal life and other life insurance products with indirect participating features issued in the Americas. When applying IFRS 17 retrospectively, the carrying amount of goodwill from previous business combinations will not be adjusted. IFRS 9 Financial instruments Aegon adopts IFRS 9 as issued by the IASB in July 2014, with a date of initial application of January 1, 2023 and a transition date of January 1, 2022, which results in changes in accounting policies and adjustments to the amounts previously recognized in the financial statements. Aegon did not early adopt IFRS 9 in previous periods. For the transition to IFRS 9 and IFRS 17 in the financial statements of 2023, Aegon has decided, based on the amendment to IFRS 17, to apply the overlay approach for 2022 including impairment requirements. As the overlay approach can only be applied in periods where IFRS 17 comparatives are restated, 2021 as comparative period will not be restated for IFRS 9 (nor IFRS 17). a) Changes compared to previous accounting policies The adoption of IFRS 9 results in changes in Aegon’s accounting policies for recognition, classification and measurement of financial assets and financial liabilities, impairment of financial assets and hedge accounting. IFRS 9 also significantly amends other Standards dealing with financial instruments such as IFRS 7 ‘Financial Instruments: Disclosures’. Classification and measurement Under IFRS 9, classification and measurement differ for debt instruments and equity instruments. Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as mortgage loans, private loans, and government and corporate bonds. Classification and subsequent measurement depend on: ◆ Aegon’s business model for managing the asset; ◆ The cash flow characteristics of the asset; and ◆ The designation at FVPL to eliminate or significantly reduce an accounting mismatch or recognition inconsistency. The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The Group’s business model is not assessed on an instrument-by-instrument basis, but at a higher level of aggregated portfolios and is based on observable factors, such as: ◆ How the performance of the business model and the financial assets held within that business model are evaluated and reported to the Group’s senior management; ◆ The risks that affect the performance of the business model and the financial assets held within it. In particular, the way those risks are managed; ◆ How the Group management is compensated, i.e. whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected; ◆ The expected frequency, value and timing of sales are also important aspects of the Group’s assessment. Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and cash flows from the sale of the asset, Aegon assesses whether the financial instruments’ cash flows represent solely payments of principal and interest (the ‘SPPI test’). In making this assessment, Aegon considers whether the contractual cash flows are consistent with a basic lending arrangement i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at fair value through profit or loss. Based on these factors, Aegon classifies its debt instruments into one of the following three measurement categories: ◆ Amortized cost (‘AC’): Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest (‘SPPI’), and that are not designated at FVPL, are measured at amortized cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognized ◆ Fair value through other comprehensive income (‘FVOCI’): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets’ cash flows represent solely payments of principal and interest, and that are not designated at FVPL, are measured at FVOCI. ◆ Fair value through profit or loss (‘FVPL’): Assets that do not meet the criteria for amortized cost or FVOCI are measured mandatorily at fair value through profit or loss. Aegon performed a detailed analysis of its business models for managing financial assets and analysis of their cash flow characteristics. This leads to a classification of most of the mortgage, consumer, and private loan portfolios within Aegon’s non-insurance entities as measured at AC, given that the cash flows on these contracts represent solely payment of principal and interest, and they fit the business model hold-to-collect. For the most significant part of Aegon’s insurance entities, debt instruments will be classified as FVOCI because they fit the business model of hold-to-collect and sell, and their cash flows represent solely payment of principal and interest. However, financial assets within Aegon’s European insurance entities will be designated at FVPL to minimize accounting mismatches. Equity instruments are instruments that meet the definition of equity from the issuer’s perspective; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer’s net assets. Examples of equity instruments include basic ordinary shares. Under IFRS 9, equity investments do not qualify for amortized cost or FVOCI treatment because they would fail the contractual cash flow characteristics assessment (cash flows are typically declared dividends at the discretion of the issuer, instead of interest). Thus, equity investments would generally only qualify for FVTPL treatment and not subject to impairment under expected credit loss model. However, IFRS 9 allows the entity to make an irrevocable election at initial recognition to present changes in the fair value of equity investment in OCI rather than profit or loss. The equity investments designated as FVOCI are not subject to impairment under expected credit loss model. Aegon has not elected for this option for equity investments. Financial liabilities are to be classified as subsequently measured at amortized cost, except financial liabilities measured at fair value through profit or loss, financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, and financial guarantee contracts and loan commitments. Impairment The IAS 39 impairment methodology was based on an ‘incurred loss’ model, which means that an allowance was determined when an instrument was deemed credit-impaired. Under IFRS 9, Aegon will assess on a forward-looking basis the expected credit losses (‘ECL’) associated with its debt instrument assets carried at amortized cost and FVOCI. Aegon recognizes a loss allowance for such losses at each reporting date. The measurement of ECL reflects: ◆ An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; ◆ The time value of money; and ◆ Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. When incorporating forward looking information, consideration should be given to the relevance of the information (and the availability of more relevant information) for each specific financial instrument or group of financial instruments. Forward looking information that is relevant for one financial instrument may not be relevant or as relevant for other financial instruments depending on the specific drivers of credit risk. To the extent relevant, forward-looking information used for the measurement of ECLs it needs to be consistent with that used for the assessment of a significant increase in credit risk. The IFRS 9 ECL model of the Group will generally employ a Probability of Default (PD) / Loss Given Default (LGD) / Exposure at Default (EAD) methodology; each model consists of multiple sub-models that are used to generate the measurement of expected credit loss. The LGN (Loss Given No-cure) represents the expectation of the extent of the loss on an exposure that defaults without cure. The LGN varies by type and amount of exposure, and type and amount of collateral available, the presence of other credit support, the duration of default, and the macro-economic forecast. The LGN is expressed as a percentage loss per unit of exposure at the time of default. The LGN is calculated for each future quarter. Credit losses are calculated as the product of projected PD, LGD and EAD and are discounted using an appropriate discount rate. The ECL is determined as the probability weighted discounted credit losses that are determined for different scenarios (i.e., base, positive, adverse). IFRS 9 outlines a ‘three-stage’ model for impairment based on relative changes in credit quality since initial recognition: ◆ A financial instrument that is not credit-impaired on initial recognition is classified in ‘Stage 1’ and has its credit risk continuously monitored by the Group. ◆ If a significant increase in credit risk (‘SICR’) since initial recognition is identified, the financial instrument is moved to ‘Stage 2’ but is not yet deemed to be credit-impaired. ◆ If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. Financial instruments in Stage 1 have their Expected Credit Loss (ECL) measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Financial instruments in Stages 2 or 3 have their ECL measured based on expected credit losses on a lifetime basis. Purchased or originated credit-impaired financial assets are those financial assets that are credit-impaired on initial recognition. Their ECL is always measured on a lifetime basis. Aegon considers a financial instrument to have experienced a significant increase in credit risk when specific criteria have been met which are determined for each class of financial instruments. These criteria involve quantitative, qualitative or backstop indicators. Examples of quantitative indicators include relative changes in forward-in-time probability of default, which represents a hybrid Point-in-Time (PiT) where the PD is appropriately adjusted for forward-looking information, or relative changes in rating. For specific assets Aegon uses qualitative indicators like a watchlist approach. Backstop indicators are also defined and are set specific per asset class. Aegon uses the low credit risk exemption for specific assets that are of low credit risk (i.e. investment grade or internal credit ratings that are consistent with the definition of low credit risk). Aegon’s definition of default involves qualitative and quantitative criteria defined at asset class level. Backstop criteria of 90 days past due is generally applied for all asset classes, except for private loans and debt securities and deposits with financial institutions, where 5 days past due is determined. Qualitative criteria include distressed restructuring, foreclosure, breach of significant covenants without reasonably supportable waiver obtained, bankruptcy or an equivalent of an injunction for the obligor, and an internal or external credit rating falling to D. The allowance for instruments that are credit impaired under IAS 39 will generally align with the Stage 3 category of IFRS 9. However, within the expected loss framework of IFRS 9 the entire portfolio of financial instruments will be assigned an impairment allowance through the additions of the 12-month ECL category (stage 1) and the Lifetime ECL Non-credit-impaired (Stage 2), generally leading to increases in the overall allowances. Hedge accounting The Group has elected to adopt the new hedge accounting model in IFRS 9. This requires the Group to ensure that hedging relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. b) Transition Any adjustments to the carrying amounts of financial assets and liabilities will be recognized in the opening retained earnings and other reserves at the date of transition, January 1, 2022. Effects of initial adoption of IFRS 9 and IFRS 17 The transition to IFRS 9 and IFRS 17 changes Aegon’s balance sheet significantly. The main changes are: ◆ DPAC and VOBA will no longer be recognized as separate assets; ◆ Residential mortgages related to the insurance entities in the Netherlands will be measured at fair value through P&L instead of at amortized cost; ◆ Insurance liabilities are measured at fulfillment value which represents the present value of future cashflow to fulfill insurance contracts, including a risk adjustment for non-financial risk. Interest rate movements impacting the fulfillment value flow through P&L or OCI, depending on the accounting policy choice. Aegon Americas applies the OCI option for certain groups of contracts, whereas Aegon the Netherlands and Aegon UK apply the P&L option. These choices are aligned with the measurement of the related assets to ensure an accounting match for market movements on assets and liabilities; ◆ On top of the fulfillment value, a contractual service margin (CSM), reflecting unearned profits, is added to the insurance liabilities. The effect of transition to IFRS 9 and IFRS 17 on the opening balance of shareholders’ equity in the comparative period in the consolidated financial statements on January 1, 2022 are presented in the table below. Please note that as stated earlier, the impacts on the opening balance are indicative and the numbers can therefore change. The impact on shareholders’ equity of the implementation of IFRS 9 and IFRS 17 is estimated to be a decrease of approximately EUR 12.6 billion. This is mainly due to a release of the revaluation reserve of financial assets that are reclassified under IFRS 9 and the establishment of a revaluation reserve for interest rate movements on insurance liabilities under IFRS 17 where these are allocated to Other Comprehensive Income (net decrease of approximately EUR 9.0 billion). The remaining impact on shareholders’ equity (estimated net decrease of approximately EUR 3.6 billion) is largely attributable to the establishment of the CSM, partly offset by the net effect of remeasuring the insurance liabilities. The latter reflecting lower fulfillment cashflows under IFRS 17 compared to the IFRS 4 insurance liabilities net of DPAC / VOBA. The estimated CSM before tax, at January 1, 2022, amounts to approximately EUR 11.8 billion. After tax the CSM is estimated to amount to approximately EUR 9.2 billion. In EUR billion Shareholders’ equ |
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 Dutch 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 assets and the positive changes in value that have been recognized in net result relating to investments (including real estate) and which do not have a frequent market listing. 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, 2022 | |
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. Macro-economic context In 2022, the Russian invasion of Ukraine caused a humanitarian crisis and also impacted global financial markets and caused significant economic turbulence. Aegon closely monitors financial and wider economic developments to understand our exposure to potential shocks in the markets where we invest, and Aegon works proactively to mitigate related risks. The inflation rates for the main economies that Aegon is exposed to increased significantly. Aegon has implemented an inflation hedge covering liabilities with conditional indexation rights in the Netherlands to address the uncertainty around the rise in inflation. In the United States, the inflation risk within long-term care claims derives primarily from wage inflation, which Aegon mitigate by offering customers downgrades of the maximum daily benefit as an alternative to premium rate increases. In addition, Aegon’s expense savings program helps to mitigate the impact of rising inflation. High inflation has prompted central banks to start raising interest rates significantly. As a consequence, interest rates have increased significantly in Aegon’s main markets compared to December 31, 2021. Equity markets in Aegon’s three main markets decreased in 2022 compared to an increase of equity markets in 2021. Additionally, credit spreads have widened in 2022 and affected Aegon’s results negatively. Uncertainty resulting from COVID-19 In 2022 the COVID-19 pandemic continued to cause disruption to business, markets, and the industry. Progress on vaccinations has reduced the spread of COVID-19 and will likely continue to reduce the effects of the public health crisis on the economy. However, the pace of vaccinations has slowed down, and new strains of the virus and reduced availability of healthcare remain risks. In 2022, Aegon’s operating result in the Americas was impacted by EUR 147 million of adverse mortality in Life (2021: EUR 345 million). Claims directly attributable to COVID-19 as the cause of death are the main driver for the adverse mortality. Compared to 2021, US COVID-19 related claims have declined significantly in 2022. Favorable morbidity experience in Accident & Health and is mostly related to Long-Term Care insurance with higher claims terminations due to higher mortality and discharges from care facilities. In 2022, Aegon continued to observe positive morbidity in Long-Term Care, but less favorable when compared to prior year. By the end of 2022, LTC morbidity was close to expectations. During 2022, Aegon released the remaining Long-Term Care incurred but not reported (IBNR) reserve established during the peak of the pandemic. As part of its normal process, Aegon has updated its sensitivity analysis for the impact of changes in financial assumptions on its IFRS equity and net result included in note 4 Financial risks. Aegon continues to monitor the relevant market and the economic factors to proactively manage the associated risks. Management believes that the most significant risks are related to financial markets (particularly credit, equity, and interest rates risks) and underwriting risks (particularly related to mortality, morbidity, and policyholder behavior). Management’s assessment of going concern The consolidated financial statements of Aegon have been prepared assuming a going concern basis of accounting based on the reasonable assumption that the Company is, and will be, able to continue its normal course of business in the foreseeable future. Relevant facts and circumstances relating to the consolidated financial position on December 31, 2022, were assessed in order to reach the going concern assumption. The main areas assessed are the financial performance, capital adequacy, financial position and flexibility, liquidity, ability to access capital markets, leverage ratios and the level of Cash Capital at Holding. For further details refer to note 43 Capital management and solvency. Considering all these areas management concluded that the going concern assumption for Aegon is appropriate in preparing the consolidated financial statements. 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 investments, the additional liability is recognized through other comprehensive income in the related revaluation reserve in shareholders’ equity. 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 and private loans are the primary asset classes 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 and to note 51 Discontinued operations. 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. Refer to note 36 “Guarantees in insurance contracts” for more information. 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 Americas and in the fourth quarter for Europe and Asia, 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 2022, Aegon implemented actuarial assumption and model updates resulting in a net EUR 480 million charge to result before tax (2021: EUR 298 million charge). This is mainly related to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net adverse impact of EUR 354 million and is mainly driven by charges from reinsurance rate increases and various actuarial assumption updates. The latter mainly related to updated policyholder behaviour and mortality assumption in Individual Life. Assumption changes and model updates in the Netherlands led to an unfavorable impact of EUR 118 million and is mainly related to adverse impacts of the annual update of the mortgage conditional prepayment rate and expense methodology. For the years 2020 through 2022, 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%. The long term credit spread assumption, net of assumed defaults and expenses, on our most common corporate bonds is 120bps. The 90-day Treasury yield was 4.70%, 0.14% and 0.15% at December 31, 2022, 2021 and 2020 respectively. During 2022, the 90-day Treasury yield was assumed to have a uniform grading over 10 years to 2.25%, which was a change from the assumption during 2021 and 2020 of grading over 10 years to 2.0% and 1.5%, respectively. On a quarterly basis, the estimated gross profits are updated for the difference between the estimated market return and the actual market return. 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, and are measured in accordance with IFRS 4 and IAS 39. 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 Sensitivity analysis of DPAC and VOBA balances to changes in in expected long-term equity growth rate 2022 2021 Estimated approximate effect DPAC /VOBA DPAC /VOBA 1% decrease in the expected long-term equity growth rate (113 ) (95 ) The DPAC and VOBA balances for these products in the United States amounted to EUR 2.1 billion at December 31, 2022 (2021: EUR 2.1 billion). Sensitivity analysis of net result to changes in various underwriting risks 2022 2021 Estimated approximate effect Net Result Net Result 10% increase to mortality assumption (222 ) (128 ) 20% increase in the lapse rate assumption 15 71 Any reasonably possible changes in the other assumptions Aegon uses to determine EGP margins (i.e. maintenance expenses) would reduce net result by less than EUR 14 million (2021: EUR 8 million). Sensitivity on long term care (LTC) products in the United States After tax sensitivities of significant product liability assumptions on the LTC IFRS after-tax Gross Present Value Reserve (GPV) are indicated below. The GPV is the liability as determined on a best estimate assumption basis. Sensitivity analysis of GPV to changes in various underwriting risks 2022 2021 Estimated approximate effect GPV GPV 5% increase in the utilization rates 208 195 5% decrease in the utilization rates (222 ) (201 ) 10% decrease expected mortality 129 122 10% increase expected mortality (123 ) (114 ) Removing the morbidity improvement assumption, which is a component of the utilization assumption, would result in a GPV increase of approximately EUR 349 million (2021: EUR 309 million), of which EUR 233 million (2021: EUR 194 million) relates to the loss recognition block. Removing future mortality improvement would result in a GPV decrease of approximately EUR 100 million (2021: EUR 112 million). 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) could result in a different estimate of fair value at the reporting date. 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) are assigned a fair value level based primarily on the type of instrument and the source of the prices (e.g. index, third-party pricing service, broker, internally modeled). Periodically, this logic for assigning fair value levels is reviewed to determine if any modifications are necessary in the context of the current market environment. |
Financial risks
Financial risks | 12 Months Ended |
Dec. 31, 2022 | |
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 the risk from changes in financial markets, Aegon’s products are priced using a market-consistent framework and comprehensive asset liability management (ALM) programs are implemented to ensure that the assets backing policyholder benefits are invested prudently over the long term. A range of ALM techniques are used across the Group. These range in terms of sophistication and complexity from cash-flow matching (for traditional fixed annuities) to duration matching (for the Universal Life range of products) to derivative-based semi-static and dynamic hedges (to match variable annuities). 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. For ALM specifically, the Enterprise Risk Management (ERM) framework includes several risk policies that govern ALM strategies, such as the Investment and Counterparty Risk Policy (ICRP). The ICRP governs the management of investment risks associated with credit, equity, property, alternative asset classes, interest rate and currency risk in addition to option markets, implied volatility risk, interest rate options and swaptions. As well as product-level ALM programs, subsidiary businesses are required by the ICRP to maintain overarching entity-level ALM strategies that set the direction and limits for the aggregated product-level programs. Significant or complex ALM strategies are approved at group level, and all programs are subject to Group Risk oversight. Together with the ICRP, which guides ALM strategy, several other ERM policies govern concentration risk, liquidity risk, use of derivatives and securities lending and repos. As Aegon uses derivatives extensively, collateral calls can be significant depending on market circumstances. Liquidity is managed at legal entity level in the first instance with central coordination by Aegon N.V. The large US and Dutch units may use external market solutions to match projected liquidity requirements with funding. Next to guidance, the Group level policies also provide limits to 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 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 clearing house. 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 result 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 result and shareholders’ equity to various scenarios. For each type of market risk, the analysis shows how net result 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 assets and liabilities are adjusted to reflect the shock tested. The shock may also affect the measurement of assets and liabilities based on assumptions that are not observable in the market. For example, a shock in interest rates may lead to changes in the amortization schedule of DPAC or to increased impairment losses on equity investments. Although management’s short-term assumptions may change if there is a reasonably possible change in a risk factor, long-term assumptions will generally not be revised unless there is evidence that the movement is permanent. This fact is reflected in the sensitivity analyses. 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 assumptions or on management’s long-term expectations. Consequently, the different measurement bases for assets and liabilities lead to increased volatility in IFRS net result and shareholders’ equity. Aegon has classified a significant part of its investment portfolio as ‘available-for-sale’, which is one of the main reasons why the economic shocks tested have a different impact on net result than on shareholders’ equity. 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 result 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 result 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 Certain information in this note is presented per segment, please refer to note 5 Segment information for the definition of Aegon’s segments. 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 derivatives and reinsurance contracts. Some issuers have defaulted on their financial obligations for various reasons, including bankruptcy, lack of liquidity, downturns in the economy, downturns in real estate values, operational failure and fraud. During financial downturns, Aegon can incur defaults or other reductions in the value of these securities and loans, which could have a materially adverse effect on Aegon’s business, results of operations and financial condition. Investments for account of policyholders are excluded as the policyholder bears the credit risk associated with the investments. 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. 2022 1) Maximum Cash Securities Letters of credit Real Master Other Total Surplus Net Debt securities - carried at fair value 53,647 - - 96 - - - 96 - 53,551 Money market and other short-term investments - carried at fair value 5,613 - 312 - - - - 312 23 5,324 Mortgage loans - carried at amortized cost 10,441 40 - 22 24,822 - - 24,883 14,442 1 Private loans - carried at amortized cost 27 11 - - - - - 11 - 15 Other loans - carried at amortized cost 2,088 - - - - - 3,510 3,510 1,470 47 Other financial assets - carried at fair value 4,562 - - - - - - - - 4,562 Derivatives 2,707 246 426 - - 2,174 - 2,846 173 33 Reinsurance assets 21,184 - 14,162 103 - - - 14,265 - 6,919 At December 31 100,269 297 14,900 221 24,822 2,174 3,510 45,923 16,108 70,453 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 97,195 - - 221 - - - 221 - 96,974 Money market and other short-term investments - carried at fair value 4,910 - 330 - - - - 330 21 4,601 Mortgage loans - carried at amortized cost 39,991 2,684 - 32 75,412 - - 78,128 38,197 60 Private loans - carried at amortized cost 4,883 33 - - - - - 33 - 4,850 Other loans - carried at amortized cost 1,949 - - - - - 1,872 1,872 1,346 1,423 Other financial assets - carried at fair value 4,245 - - - - - - - - 4,245 Derivatives 8,780 2,555 107 - - 5,921 - 8,583 66 263 Reinsurance assets 20,992 - 3,784 77 - - - 3,861 - 17,131 At December 31 182,945 5,272 4,221 330 75,412 5,921 1,872 93,028 39,630 129,547 Investment exposure to Russia In 2022, following the Russian invasion of Ukraine, Aegon has reduced its general account investment exposure to Russia from EUR 27 million to almost nil per December 31, 2022. The remaining investment positions currently cannot be sold as these investments are in companies which are in scope of international sanctions imposed on Russia following the invasion of Ukraine. Aegon has no operations in Russia. 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’. Money market and short-term investments The collateral reported for the money market and short-term investments are related to tri-party repurchase agreements (repos). Within tri-party repos Aegon invests under short-term reverse repurchase agreements and the counterparty posts collateral to a third party custodian. The collateral posted is typically high-quality, short-term securities and is only accessible for or available to Aegon in the event the counterparty defaults. 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 mortgage loans originated after January 1, 2014, for which a 10% lender-incurred haircut applies on realized losses on each defaulted loan, these guarantees cover all principal losses, missed interest payments and foreclosure costs incurred upon termination and settlement of defaulted mortgage loans when lender-specific terms and conditions of the guarantee are met. When not fully met, the trust may pay claims in part or in full, depending on the severity of the breach of terms and conditions. For each specific loan, the guarantee amortizes in line with an equivalent annuity mortgage loan. When the remaining loan balance at default does not exceed the amortized guarantee, it covers the full loss under its terms and conditions. Any loan balance in excess of this decreasing guarantee profile serves as a first loss position for the lender. 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 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, 2022, there was no violation of the Credit Name Limit Policy at Group level (2021: one). At December 31, 2022, Aegon’s largest corporate credit exposures are to American United Mutual Insurance, Reinsurance Group of America, Bank of America and Berkshire Hathaway. Aegon had large Aegon group level long-term counterparty exposure limits are as follows: Group limits per credit rating Amounts in EUR million 2022 2021 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 excluding Americas United Kingdom International Credit rating general account investments,excluding reinsurance Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value AAA 1,488 12,124 - 55 - 91 AA 4,454 3,659 - 461 - 157 A 3,779 19,374 - 262 39 891 BBB 671 18,785 - 123 (5 ) 745 BB 48 1,434 - 1 - 71 B - 592 - - - 13 CCC or lower - 445 - - - 4 Assets not rated 2,035 4,525 - 582 9 9 Total 12,475 60,938 - 1,483 43 1,980 Past due and / or impaired assets - 2,239 - - - 22 At December 31 12,475 63,178 - 1,483 43 2,001 Asset Management Total 2022 1) 2) Credit rating general account investments, excluding Amortized cost Fair value Amortized cost Fair value Total carrying AAA - 135 1,488 12,404 13,892 AA - - 4,454 4,277 8,731 A - - 3,818 20,527 24,345 BBB - - 666 19,653 20,319 BB - - 48 1,505 1,553 B - - - 605 605 CCC or lower - - - 449 449 Assets not rated - 1 2,081 5,235 8,167 Total - 136 12,556 64,656 78,061 Past due and / or impaired assets - - - 2,261 2,262 At December 31 - 136 12,556 66,917 80,323 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Americas The Netherlands United Kingdom International Credit rating general account investments, Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value AAA 1,383 15,537 2,607 11,832 - 74 - 738 AA 4,219 4,438 216 6,474 - 586 - 699 A 3,301 20,888 128 10,636 - 384 52 2,610 BBB 519 21,894 1,050 4,458 - 202 (4 ) 3,311 BB 59 1,614 44 127 - 1 - 272 B - 549 - 19 - - 18 370 CCC or lower - 441 - 19 - - - 13 Assets not rated 1,868 4,257 31,137 1,418 - 644 27 79 Total 11,349 69,618 35,182 34,983 - 1,893 93 8,093 Past due and / or impaired assets 2 2,044 176 17 - - - 116 At December 31 11,352 71,662 35,358 35,000 - 1,893 93 8,208 Asset Management Total 2021 1) Credit rating general account investments, excluding reinsurance Amortized cost Fair value Amortized cost Fair value Total carrying AAA - 295 3,989 28,476 32,465 AA - - 4,436 12,197 16,633 A - - 3,481 34,530 38,011 BBB - - 1,564 29,866 31,431 BB - - 103 2,015 2,118 B - - 18 938 956 CCC or lower - - - 473 473 Assets not rated - 2 33,053 6,474 39,527 Total - 296 46,644 114,968 161,613 Past due and / or impaired assets - - 178 2,176 2,355 At December 31 - 296 46,823 117,145 163,967 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 1) Carrying value AAA - - AA 2,156 9,084 A 18,105 11,087 Below A 6 7 Not rated 917 813 At December 31 21,184 20,992 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Credit risk concentration The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt securities and Americas United Kingdom International Asset Total 2022 1) Of which past due and / or Residential mortgage-backed securities (RMBSs) 1,136 - - 5 1,141 479 Commercial mortgage-backed securities (CMBSs) 2,707 94 37 - 2,838 42 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 438 - 3 - 440 2 ABSs - Other 2,400 53 15 9 2,478 26 Financial - Banking 3,957 168 318 - 4,443 39 Financial - Other 10,778 36 352 96 11,263 191 Capital goods and other industry 3,769 22 132 - 3,923 268 Communications & Technology 4,658 2 167 - 4,828 417 Consumer cyclical 3,742 28 106 - 3,877 223 Consumer non-cyclical 5,445 85 144 - 5,674 350 Energy 3,205 19 102 - 3,326 41 Transportation 1,728 - 43 - 1,771 19 Utility 4,319 69 80 - 4,469 110 Government bonds 7,962 323 488 17 8,790 43 At December 31 56,243 901 1,989 128 59,260 2,251 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which disclosed operations Credit risk concentrations – Government bonds per country of risk Americas United Kingdom International Asset Total 2022 1) 2) United States 7,209 - 80 - 7,290 Netherlands - - - - - United Kingdom - 275 - 17 292 Austria - - 3 - 3 Belgium - - 3 - 3 Finland - - - - - France - 27 2 - 29 Germany - - - - - Hungary 18 - 4 - 22 Indonesia 82 - - - 82 Luxembourg - - 1 - 1 Spain - - 152 - 152 Rest of Europe 48 - 229 - 277 Rest of world 604 21 13 - 638 Supranational - - - - - At December 31 7,962 323 488 17 8,790 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Credit risk concentrations – Credit rating 2022 3) Government Corporate bonds RMBSs CMBSs Other Total 2022 1) 2) AAA 5,980 724 2,997 2,780 12,482 AA 1,243 2,484 815 - 4,541 A 753 16,180 1,960 - 18,894 BBB 538 19,307 306 - 20,151 BB 206 1,204 102 - 1,513 B 65 519 23 - 607 CCC or lower 4 207 694 - 905 Assets not rated - 15 - 152 167 At December 31 8,790 40,640 6,897 2,933 59,260 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 3 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. There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million. Credit risk concentrations – debt securities and money market investments 2021 Americas The United International Asset Total 2021 1) Of which past Residential mortgage-backed securities (RMBSs) 1,854 106 - 20 4 1,984 611 Commercial mortgage-backed securities (CMBSs) 3,005 3 122 517 - 3,647 13 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 265 1,576 - 37 - 1,878 2 ABSs – Other 1,972 1 74 267 8 2,321 27 Financial - Banking 5,597 3,146 177 1,035 - 9,956 9 Financial - Other 9,916 854 68 783 257 11,877 175 Capital goods and other industry 4,048 1,078 33 501 - 5,661 144 Communications & Technology 6,190 1,561 3 732 - 8,485 411 Consumer cyclical 3,159 741 43 342 - 4,286 152 Consumer non-cyclical 6,138 1,900 121 825 - 8,984 177 Energy 4,177 143 26 635 - 4,980 91 Transportation 2,151 815 - 197 - 3,163 130 Utility 5,356 707 105 590 - 6,757 153 Government bonds 11,663 14,321 477 1,649 18 28,127 4 At December 31 65,490 26,951 1,248 8,130 286 102,105 2,101 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds Americas The Netherlands United Kingdom International Asset Total 2021 1) United States 10,897 - - 463 - 11,360 Netherlands - 4,691 - - - 4,691 United Kingdom - 3 413 - 18 433 Austria - 1,175 - 6 - 1,181 Belgium - 1,132 - 5 - 1,137 Finland - 41 - - - 41 France - 1,618 34 2 - 1,654 Germany - 4,309 - - - 4,309 Hungary - - - 302 - 302 Indonesia 75 39 - 28 - 141 Luxembourg - 873 - 1 - 875 Spain - 144 - 197 - 341 Rest of Europe 85 65 - 503 - 654 Rest of world 587 230 31 131 - 979 Supranational 19 - - 11 - 29 At December 31 11,663 14,321 477 1,649 18 28,127 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2021 2) Government Corporate bonds RMBSs CMBSs Other Total 2021 1) AAA 19,740 754 5,779 1,882 28,155 AA 5,476 4,099 1,125 - 10,700 A 1,228 25,470 1,648 - 28,345 BBB 1,094 28,855 338 - 30,286 BB 238 1,700 63 - 2,001 B 348 553 26 - 927 CCC or lower 5 183 826 - 1,014 Assets not rated - 3 24 649 676 At December 31 28,127 61,617 9,830 2,531 102,105 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. There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million. Credit risk concentrations – mortgage loans 2022 Americas United Kingdom International Asset Total 2022 1) Of which past Agricultural 49 - - - 49 - Apartment 5,519 - - - 5,519 - Industrial 402 - - - 402 - Office 1,521 - - - 1,521 - Retail 1,475 - - - 1,475 - Other commercial 1,469 - - - 1,469 - Residential 5 - 1 - 5 - At December 31 10,441 - 1 - 10,441 - 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Credit risk concentrations – mortgage loans Americas The United International Asset Total 2021 Of which past Agricultural 59 - - - - 59 - Apartment 5,085 - - - - 5,085 2 Industrial 1,349 - - - - 1,349 - Office 1,560 - - - - 1,560 - Retail 1,425 6 - - - 1,432 - Other commercial - 23 - - - 23 1 Residential 6 30,476 - 1 - 30,483 139 At December 31 9,485 30,505 - 1 - 39,991 142 The fair value of Aegon Americas commercial and agricultural mortgage loan portfolio as per December 31, 2022, amounted to EUR 9,224 million (2021: EUR 10,161 million). The loan to value (LTV) amounted to approximately 50.4% (2021: 53%). Of the portfolio 0% (2021: 0%) is in delinquency (defined as 60 days in arrears). In 2022, Aegon Americas recognized EUR 0 million of net impairments (2021: EUR 1 million net impairments) on this portfolio. In 2022, there were no foreclosures (2021: EUR 0 million) and no impairments or recoveries associated with foreclosed loans (2021: EUR 0 million). 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. 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 interests in individual unconsolidated structured entities. Furthermore these investments are not originated by Aegon. 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 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
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, including any of the units’ activities located outside of the United States; ◆ The Netherlands: which covers businesses activities from Aegon the Netherlands; ◆ United Kingdom: which covers businesses activities from platform business and traditional insurance in the United Kingdom; ◆ International: one operating segment which covers businesses operating in Hong Kong, Singapore, China, India, Indonesia, Brazil, Hungary (sold in 2022), Poland, Turkey (sold in 2022), Romania, Spain and Portugal including any of the units’ activities located outside these countries; ◆ Asset Management: one operating segment which covers business activities from AAM Global Platforms and Strategic Partnerships; ◆ Holding and other activities: one operating segment which includes financing, 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. Aegon has changed the grouping of the operating segments included in the performance measure. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but reported in the International segment. The 2021 comparative figures presented in this note have been adjusted to reflect this change, enabling a like for like comparison, which includes reclassifications between Americas and International for an operating result of EUR 2 million, life insurance gross premiums of EUR 191 million and Other revenues of EUR 11 million (2020 comparative figures amount to EUR 11 million, EUR 159 million and EUR 7 million, respectively). There is no impact on the consolidated numbers of Aegon. Performance Measure Aegon uses the non-IFRS performance measure operating result. Operating result reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility, updates to best estimate actuarial and economic assumptions and model updates or events that are considered outside the normal course of business. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards. Aegon believes that its performance measure operating result provides meaningful information about the operating 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 operating result. 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 result before tax from continuing operations, being the most comparable IFRS measure, to operating result is presented in the tables in this note. The items that are excluded from operating result as described further below are: fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges and share in earnings of joint ventures and associates. 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 operating result. 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. Operating result 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%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable. 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 operating result, because management’s best estimate expected return for these guarantees is set at zero. In addition, fair value items include market related results on the 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 operating result and reported under fair value items. The periodic intangibles unlocking in the US Life and TLB business is recorded in fair value items instead of operating result. Realized gains or losses on investments Realized gains or losses on investments includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios. Impairment charges/(reversals) Impairment charges/(reversals) include impairments on available-for-sale debt securities, shares including the effect of deferred policyholder acquisition costs, mortgage loans and other loan portfolios at amortized cost, joint ventures and associates. Impairment reversals include reversals on available-for-sale debt securities. For Aegon the Netherlands, the expected impairments on alternative assets classes (e.g. illiquid investments – including consumer loans and catastrophe bonds – and residential real estate) are allocated to operating result in order to present management’s best estimate investment return in operating result. Deviations from the expected impairments are presented as part of impairment charges / (reversals) in non-operating result. 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, the restructuring charges are included in operating expenses. Actuarial assumption and model updates are recorded in ‘Policyholder claims and benefits’ in the Consolidated income statement. Share in earnings of joint ventures and associates Earnings from Aegon’s joint ventures in China, India, the Netherlands, Spain and Portugal, and Aegon’s associates in France, the Netherlands and United Kingdom are reported as part of operating result. The following table presents Aegon’s segment results. Income statement - Operating Americas The United International Asset Holding and Eliminations Segment Joint ventures Consolidated 2022 Operating result 790 783 206 167 193 (220 ) (0 ) 1,918 (40 ) 1,878 Fair value items (1,644 ) 1,897 10 21 (3 ) (21 ) (8 ) 251 (9 ) 242 Realized gains / (losses) on investments (479 ) (181 ) 3 - - 7 (0 ) (650 ) (16 ) (666 ) Impairment charges (32 ) 15 (11 ) (8 ) - (18 ) - (55 ) (2 ) (57 ) Impairment reversals 19 - - - - - - 19 - 19 Non-operating items (2,136 ) 1,731 1 13 (3 ) (32 ) (6 ) (435 ) (27 ) (462 ) Other income / (charges) (526 ) (1,970 ) (37 ) 373 (19 ) (141 ) (0 ) (2,321 ) (18 ) (2,339 ) Result before tax (1,872 ) 543 170 553 171 (393 ) (8 ) (837 ) (85 ) (922 ) Income tax (expense) / benefit 462 (1,000 ) 1 (36 ) (67 ) 74 (0 ) (567 ) 85 (482 ) Net result (1,411 ) (457 ) 171 516 104 (319 ) (8 ) (1,404 ) - (1,404 ) Inter-segment operating result (362 ) (94 ) (75 ) 55 188 288 Revenues 2022 Life insurance gross premiums 7,329 1,168 4,081 1,280 - - 6 13,864 (1,016 ) 12,848 Accident and health insurance 1,407 257 - 184 - - - 1,848 (79 ) 1,769 General insurance - 144 - 182 - - - 326 (182 ) 144 Total gross premiums 8,735 1,569 4,081 1,646 - - 6 16,037 (1,276 ) 14,761 Investment income 3,467 1,728 1,951 297 12 474 (477 ) 7,453 (114 ) 7,338 Fee and commission income 2,021 325 217 42 693 - (187 ) 3,111 (240 ) 2,871 Other revenues - - - 26 5 - - 31 (30 ) 1 Total revenues 14,223 3,622 6,250 2,011 710 474 (658 ) 26,633 (1,661 ) 24,972 Inter-segment revenues (5 ) 3 - - 187 473 The other charges of the Americas in 2022 are mainly due to unfavorable impacts from model and assumption updates and restructuring charges. The other charges of The Netherlands in 2022 mainly reflects an impairment loss triggered by classifying Aegon the Netherlands as held for sale, refer for more information to note 51 Discontinued operations. The income tax of The Netherlands includes a one-time tax charge of EUR 454 million related to the settlement of a tax position in connection with the transaction with a.s.r., refer to note 51 Discontinued operations. Income statement - Operating Americas The United International Asset Holding and Eliminations Segment Joint ventures Consolidated 2021 Operating result 790 755 184 143 253 (218 ) (1 ) 1,906 42 1,948 Fair value items 698 221 (62 ) (18 ) (1 ) 12 3 854 (123 ) 730 Realized gains / (losses) on investments 313 118 10 2 2 1 - 446 (9 ) 437 Impairment charges (19 ) (19 ) - - (1 ) (11 ) - (49 ) (0 ) (49 ) Impairment reversals 33 59 - 1 - 8 - 101 - 101 Non-operating items 1,025 378 (51 ) (15 ) - 11 3 1,352 (132 ) 1,220 Other income / (charges) (667 ) (23 ) 1 65 (18 ) (138 ) - (780 ) 12 (768 ) Result before tax 1,149 1,110 134 193 235 (344 ) 2 2,478 (78 ) 2,400 Income tax (expense) / benefit (137 ) (276 ) (12 ) (36 ) (65 ) 77 - (449 ) 78 (371 ) Net result 1,012 833 122 157 170 (267 ) 2 2,029 - 2,029 Inter-segment operating result (20 ) (95 ) (96 ) (31 ) 191 51 Revenues 2021 Life insurance gross premiums 6,917 1,323 4,613 1,372 - - - 14,225 (825 ) 13,400 Accident and health insurance 1,273 254 3 179 - - - 1,709 (67 ) 1,643 General insurance - 136 - 432 - - - 569 (168 ) 401 Total gross premiums 8,190 1,713 4,616 1,984 - - - 16,504 (1,060 ) 15,444 Investment income 2,909 2,088 1,691 361 12 242 (261 ) 7,042 (75 ) 6,967 Fee and commission income 1,920 300 223 59 800 - (183 ) 3,120 (335 ) 2,785 Other revenues - - - 14 2 12 - 27 (15 ) 13 Total revenues 13,019 4,101 6,531 2,418 814 254 (444 ) 26,693 (1,484 ) 25,209 Inter-segment revenues 1 14 - - 182 247 The Americas recorded other charges of EUR 667 million in 2021 mainly due to a one-time charge as a result of management actions to release capital and increase the predictability of capital generation from the US variable annuity business and unfavorable impacts from model and assumption updates. Income statement -Operating Americas The Netherlands United International Asset Management Holding and Eliminations Segment total Joint ventures Consolidated 2020 Operating result 781 665 144 175 182 (237 ) 1 1,710 31 1,741 Fair value items (448 ) (230 ) (2 ) (7 ) 22 (36 ) - (701 ) (87 ) (788 ) Realized gains / (losses) on investments 93 14 - 46 1 (3 ) - 150 (8 ) 142 Impairment charges (173 ) (50 ) - (16 ) (1 ) (25 ) - (265 ) 1 (264 ) Impairment reversals 27 1 - - - - - 28 - 28 Non-operating items (501 ) (265 ) (1 ) 22 22 (65 ) - (788 ) (94 ) (881 ) Other income / (charges) (1,110 ) 78 (68 ) (1 ) (8 ) (130 ) - (1,239 ) 15 (1,224 ) Result before tax (829 ) 478 74 197 195 (433 ) 1 (317 ) (47 ) (364 ) Income tax (expense) / benefit 288 (107 ) (7 ) (26 ) (44 ) 78 - 181 47 229 Net result (541 ) 371 67 170 151 (355 ) 1 (135 ) - (135 ) Inter-segment operating result (40 ) (87 ) (86 ) (35 ) 193 62 Revenues 2020 Life insurance gross premiums 6,946 1,619 4,833 1,255 - 4 (3 ) 14,654 (726 ) 13,929 Accident and health insurance 1,380 245 25 193 - - - 1,844 (59 ) 1,784 General insurance - 130 - 388 - - - 519 (132 ) 386 Total gross premiums 8,326 1,994 4,858 1,836 - 5 (3 ) 17,016 (917 ) 16,099 Investment income 2,986 2,083 1,795 362 7 261 (281 ) 7,212 (63 ) 7,149 Fee and commission income 1,653 255 194 50 750 (9 ) (180 ) 2,713 (308 ) 2,405 Other revenues - - - 9 2 3 - 14 (10 ) 4 Total revenues 12,964 4,332 6,847 2,257 759 260 (465 ) 26,955 (1,298 ) 25,657 Inter-segment revenues 1 21 - - 188 264 The Group uses operating result in its segment reporting as an important indicator of its financial performance. The reconciliation from operating result to result before tax from continuing operations, 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 operating result, 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. Presentation Non-Operating result Note 2022 2021 2020 Result before tax from continuing operations (1,543) 1,164 (958 ) Result before tax from discontinued operations 51 2,396 1,237 594 Impairment loss on remeasurement of disposal group 51 (1,775 ) - - Result before tax from continuing operations and discontinued operations (922 ) 2,400 (364 ) Elimination of share in earnings of joint ventures and associates 40 (42 ) (31 ) Premium income 6 (1 ) 5 (4 ) Rental income 7 76 71 68 Dividend income 7 (2 ) (76 ) 40 Fee and commission income 8 (41 ) (30 ) 5 Recovered claims and benefits 9 - 31 143 Change in valuation of reinsurance ceded 9 208 43 (86 ) Net fair value change of general account financial investments at 10 1,234 4 421 Net fair value change on borrowings and other financial liabilities 10 (5 ) 13 (2 ) Realized gains and losses on financial investments 10 718 (463 ) (132 ) Gains and (losses) on investments in real estate 10 51 (253 ) (74 ) Net fair value change of derivatives 10 465 471 (613 ) Other income 11 (401 ) (77 ) (68 ) Benefits and claims paid life 12 14 217 - Change in valuation of liabilities for insurance contracts 12 (1,937 ) (994 ) 1,422 Change in valuation of liabilities for investment contracts 12 (9 ) 8 7 Policyholder claims and benefits - Other 12 (20 ) (38 ) (19 ) Commissions and expenses 14 651 715 450 Impairment (charges) reversals 15 34 (53 ) 318 Interest charges and related fees 16 - - 82 Other charges 17 1,764 37 150 Results of CEE businesses which were previously reported in operating results - (85 ) - Operating result 1,918 1,906 1,710 ◆ 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 operating result. ◆ 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 2,089 million gain (2021: EUR 8 million loss, 2020: EUR 38 million gain) for which the expected long-term return is included in operating result; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 1,303 million loss (2021: EUR 466 million loss, 2020: EUR 652 million gain); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 4 million gain (2021: EUR 2 million gain, 2020: EUR nil million). ◆ Net foreign currency gains and (losses) are reported as part of the respective line in note 10. ◆ Benefits and claims paid life relate to the lump-sum buy-out program for certain variable annuities in the Americas and is reported as part of the respective line in note 12. ◆ 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 273 million (2021: EUR 240 million charge, 2020: EUR 266 million charge) which are reported as part of Employee and Administration expenses lines in note 14; 2) Amortization of deferred expenses of EUR 136 million income (2021: income of EUR 260 million, 2020: income of EUR 35 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 11 million charge (2021: charge of EUR 87 million; 2020: income of EUR 20 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 loss (2021: gain of EUR 51 million; 2020: gain of EUR 159 million). ◆ Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 20 million charge (2021: reversal of EUR 45 million, 2020: charge of EUR 266 million) as shown in note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 48 million charge (2021: EUR 60 million charge; 2020: EUR 128 million charge) 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-operating results. Impact from assumption and model updates During 2022, Aegon implemented actuarial assumption and model updates resulting in a net EUR 480 million charge to result before tax (2021: EUR 298 million charge). This is mainly related to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net adverse impact of EUR 354 million and is mainly driven by charges from reinsurance rate increases and various actuarial assumption updates. The latter mainly related to updated policyholder behaviour and mortality assumption in Individual Life. Assumption changes and model updates in the Netherlands led to an unfavorable impact of EUR 118 million and is mainly related to adverse impacts of the annual update of the mortgage conditional prepayment rate and expense methodology. The 2021 assumption changes and model updates resulted in a negative impact of EUR 298 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 250 million. This mainly reflects a charge of EUR 123 million related to an update of the minimum surrender rate assumption for variable annuities with guaranteed lifetime withdrawal benefits from 2% to 1.5% to reflect latest portfolio and industry experience. Assumption changes and model updates in the Netherlands led to a negative impact of EUR 52 million, mainly related to adverse impacts from a more granular modeling driven by the conversion of the administration of defined benefit pensions to TKP. This was partly offset by the favorable impact of model updates relating to interest guarantees and indexation assumptions for certain pension products. The 2020 assumption changes and model updates amounted to a negative impact of EUR 580 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 805 million. This reflects a charge of EUR 460 million related to the lowering the long-term interest rate assumption from 4.25% to 2.75% and the corresponding adjustment of the separate account bond return assumptions. Non-economic assumption changes resulted in a charge of EUR 345 million, mainly related to Universal Life premium persistency and an increase in mortality rate assumptions, as well as lowering the morbidity improvement assumption for Long-Term Care from 1.5% to 0.75% per year for the next 15 years. Assumption changes and model updates in the Netherlands led to a favorable impact of EUR 225 million mainly related to favorable longevity assumption changes, partially offset by adverse impacts from mortgage prepayment model and expense assumption updates . Other selected income statement items Americas The United Kingdom International Asset Holding Total 2022 Amortization of deferred expenses, VOBA and 850 - 107 36 - - 993 Depreciation 53 - 4 6 2 7 73 Impairment charges / (reversals) on financial 12 - - 7 - - 20 Impairment charges / (reversals) on non- 17 - 11 1 - 18 48 2021 Amortization of deferred expenses, VOBA and 929 - 113 61 - - 1,103 Depreciation 56 20 6 15 2 1 99 Impairment charges / (reversals) on financial (23 ) (14 ) - - - (8 ) (45 ) Impairment charges / (reversals) on non- 37 12 - - 1 11 60 2020 Amortization of deferred expenses, VOBA and 637 - 119 97 - - 854 Depreciation 56 20 9 12 2 1 101 Impairment charges / (reversals) on financial 151 86 - 15 - 11 262 Impairment charges / (reversals) on non- 72 21 17 - 4 14 128 Number of employees Americas The United Kingdom International Asset Holding and Total 2022 Number of employees - headcount 6,153 3,609 2,621 4,281 1,464 958 19,087 Of which Aegon’s share of employees in joint - - 62 3,239 206 - 3,507 2021 Number of employees - headcount 7,675 3,534 2,476 6,590 1,675 321 22,271 Of which Aegon’s share of employees in joint 733 - 59 3,245 191 - 4,228 2020 Number of employees - headcount 7,960 3,521 2,307 6,598 1,527 409 22,322 Of which Aegon’s share of employees in joint 669 - 47 3,294 183 - 4,193 Summarized assets and liabilities per segment Americas The 1) United Interna- Asset Holding and Eliminations Total 2022 Assets Cash and Cash equivalents 1,097 - 182 122 367 1,639 - 3,407 Assets held for sale - 89,752 - - - - - 89,752 Investments 73,132 - 1,457 2,061 136 39 - 76,825 Investments for account of policyholders 89,535 - 90,007 464 - - - 180,006 Investments in joint ventures - - - 972 471 (0 ) - 1,443 Investments in associates - - - 20 129 16 - 165 Deferred expenses 12,657 - 736 57 - - (564 ) 12,886 Other assets 30,796 - 2,883 7,648 136 19,722 (23,882 ) 37,302 Total assets 207,217 89,752 95,264 11,344 1,239 21,415 (24,446 ) 401,786 Liabilities Insurance contracts 84,905 - 1,373 8,255 - - (7,223 ) 87,309 Insurance contracts for account of policyholders 66,842 - 33,122 446 - - - 100,409 Investment contracts 10,483 - 174 2 - - - 10,658 Investment contracts for account of policyholders 22,693 - 57,836 26 - - - 80,555 Liabilities held for sale - 84,339 - - - - - 84,339 Other liabilities 16,194 - 1,511 851 414 7,225 (1,870 ) 24,325 Total liabilities 201,117 84,339 94,015 9,580 414 7,225 (9,093 ) 387,596 1 Please refer to note 51 Discontinued operations for the summarized assets and liabilities of Aegon the Netherlands In 2022, an intragroup reinsurance agreement was concluded between Americas (Transamerica Life Insurance Company - TLIC) and International (Transamerica Life (Bermuda) - TLB) to reinsure a substantial portion of the life business from TLB to TLIC, predominantly existing of UL policies with secondary guarantees. Underlying assets and liabilities have been transferred from TLB to TLIC at book value without an impact on the consolidated statement of financial position of Aegon. The consideration received by TLIC was less than the reserves assumed from TLB, resulting in a day-one loss on the transaction for TLIC and a day-one gain for TLB, which are, in line with Aegon’s accounting policies, recorded as a deferred cost of reinsurance. The Americas segment in the table above includes an EUR 0.6 billion deferred cost of reinsurance asset reported as part of deferred expenses. The International segment includes an equal but offsetting deferred cost of reinsurance liability as part of other liabilities. Both the deferred cost of reinsurance asset and liability are eliminated in the Elimination column. Summarized assets and liabilities per segment Americas The United Interna- Asset Holding and Eliminations Total 2021 Assets Cash and Cash equivalents 1,127 3,718 210 282 311 1,242 - 6,889 Investments 80,938 66,384 1,876 8,315 296 21 - 157,831 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Deferred expenses 9,052 235 825 391 - - - 10,503 Other assets 27,268 9,318 2,125 2,064 199 31,733 (33,663 ) 39,044 Total assets 234,037 106,775 113,758 12,979 1,326 33,056 (33,679 ) 468,252 Liabilities Insurance contracts 74,967 40,547 1,490 9,028 - - (1,611 ) 124,422 Insurance contracts for account of policyholders 83,316 25,294 39,955 758 - - - 149,323 Investment contracts 9,804 11,767 194 2 - - - 21,767 Investment contracts for account of policyholders 32,280 2,273 69,819 220 - - - 104,592 Other liabilities 17,382 19,875 799 518 540 6,685 (4,022 ) 41,776 Total liabilities 217,750 99,757 112,257 10,526 540 6,685 (5,633 ) 441,881 As per January 1, 2022, MAG Seguros is no longer reported within the Americas segment, but is reported in the International segment. This change is applied prospectively in the investments overview 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 1) United Interna- Asset Holding and Eliminations Total 2022 Shares 345 - 25 10 7 1 - 388 Debt securities 51,008 - 777 1,847 15 - - 53,647 Loans 12,475 - - 43 - 38 - 12,556 Other financial assets 9,262 - 654 145 114 - - 10,175 Investments in real estate 42 - - 17 - - - 59 Investments general account 73,132 - 1,457 2,061 136 39 - 76,825 Shares - - 15,493 12 - - - 15,505 Debt securities - - 5,677 17 - - - 5,694 Unconsolidated investment funds 89,535 - 64,776 431 - - - 154,741 Other financial assets - - 3,617 5 - - - 3,622 Investments in real estate - - 443 - - - - 443 Investments for account of policyholders 89,535 - 90,007 464 - - - 180,006 Investments on balance sheet 162,667 - 91,463 2,526 136 39 - 256,831 Off-balance sheet investments third parties 216,060 7,325 122,742 3,384 141,067 - - 490,578 Total revenue-generating investments 378,727 7,325 214,205 5,910 141,203 39 - 747,409 Investments Available-for-sale 56,564 - 991 1,991 96 - - 59,643 Loans 12,475 - - 43 - 38 - 12,556 Financial assets at fair value through profit or loss 93,585 - 90,029 475 40 1 - 184,130 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 162,667 - 91,463 2,526 136 39 - 256,831 Investments in joint ventures - - - 972 471 (0 ) - 1,443 Investments in associates - - - 20 129 16 - 165 Assets held for sale - 89,752 - - - - - 89,752 Other assets 44,551 - 3,800 7,827 503 21,361 (24,446 ) 53,595 Consolidated total assets 207,217 89,752 95,264 11,344 1,239 21,415 (24,446 ) 401,786 1 Please refer to note 51 Discontinued operations for the assets of Aegon the Netherlands Investments Americas The United International 1) Asset Holding and Eliminations Total 2021 Shares 493 1,410 29 72 9 1 - 2,015 Debt securities 61,014 26,951 1,159 8,060 11 - - 97,195 Loans 11,352 35,358 - 93 - 20 - 46,823 Other financial assets 8,040 79 687 73 276 - - 9,155 Investments in real estate 39 2,588 - 16 - - - 2,643 Investments general account 80,938 66,384 1,876 8,315 296 21 - 157,831 Shares - 9,078 20,221 243 - - (4 ) 29,539 Debt securities - 12,044 7,649 128 - - - 19,821 Unconsolidated investment funds 115,596 1,059 74,698 597 - - - 191,950 Other financial assets - 3,493 5,581 6 - - - 9,080 Investments in real estate - - 563 - - - - 563 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Off-balance sheet investments third parties 240,248 7,711 151,097 2,300 212,779 - - 614,136 Total revenue-generating investments 436,782 99,769 261,687 11,589 213,076 21 (4 ) 1,022,920 Investments Available-for-sale 65,694 24,443 1,299 8,191 257 - - 99,884 Loans 11,352 35,358 - 93 - 20 - 46,823 Financial assets at fair value through profit or loss 119,450 29,669 108,727 987 40 1 (4 ) 258,871 Investments in real estate 39 2,588 563 16 - - - 3,206 Total investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Other assets 37,447 13,271 3,160 2,736 510 32,975 (33,663 ) 56,436 Consolidated total assets 234,037 106,775 113,758 12,979 1,326 33,056 (33,679 ) 468,252 |
Premium income and premiums pai
Premium income and premiums paid to reinsurers | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Premium income and premiums paid to reinsurers | 6 Premium income and premiums paid to reinsurers 2022 2021 1) 2020 1) Life insurance 11,680 12,077 12,310 Non-life insurance 1,512 1,654 1,795 Total premium income 13,192 13,731 14,105 Accident and health insurance 1,512 1,389 1,539 General insurance - 265 256 Non-life insurance premium income 1,512 1,654 1,795 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Premium income decreased by EUR 539 million in 2022 (2021: EUR 374 million decrease) mainly driven by the divestments of Aegon Hungary and Aegon Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). For more information about these divestments refer to note 48 Companies and businesses acquired and divested. 2022 2021 1) 2020 1) Life insurance 2,057 3,292 2,506 Non-life insurance 132 126 134 Total premiums paid to reinsurers 2,189 3,418 2,640 Accident and health insurance 132 118 127 General insurance - 8 7 Non-life insurance premiums paid to reinsurers 132 126 134 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Premium paid to reinsurers decreased by EUR 1,229 million in 2022 (2021: EUR 778 million increase), mainly explained by the increased premiums paid to reinsurers in 2021 which includes a reinsurance transaction covering universal life policies with secondary guarantees in Americas. |
Investment income
Investment income | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Investment income | 7 Investment income 2022 2021 1) 2020 1) Interest income 4,071 3,536 3,652 Dividend income 1,504 1,327 1,397 Rental income 39 29 39 Total investment income 5,613 4,893 5,087 Interest income accrued on impaired financial assets 1 53 (70 ) Interest income on financial assets that are not carried at Fair value through profit or loss 3,413 3,047 3,156 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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: 2022 2021 1) 2020 1) Shares 1,504 1,327 1,397 Debt securities and money market instruments 3,374 2,970 3,105 Loans 538 499 497 Real estate 39 29 39 Other 159 68 49 Total 5,613 4,893 5,087 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Investment income is split into: 2022 2021 1) 2020 1) Investment income related to general account 3,724 3,249 3,329 Investment income for account of policyholders 1,889 1,644 1,758 Total 5,613 4,893 5,087 Investment income from financial assets held for general account: Available-for-sale 3,017 2,674 2,757 Loans 538 499 497 Financial assets designated at fair value through profit or loss 142 97 65 Real estate 4 (1 ) 12 Derivatives 8 (4 ) (11 ) Other 14 (15 ) 9 Total 3,724 3,249 3,329 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued |
Aegon N.V [member] | |
Statement [LineItems] | |
Investment income | 3 Investment income 2022 2021 Interest income from intercompany loans 14 12 Interest income from derivatives 7 1 Total 21 13 |
Fee and commission income
Fee and commission income | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Fee and commission income | 8 Fee and commission income 2022 2021 1) 2020 1) Fee income from asset management 1,574 1,647 1,512 Commission income 787 640 510 Other 164 168 99 Total fee and commission income 2,525 2,454 2,122 Included in fee and commission income: Fees on trust and fiduciary activities 242 259 221 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Income from reinsurance ceded
Income from reinsurance ceded | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Income from reinsurance ceded | 9 Income from reinsurance ceded 2022 2021 1) 2020 1) Recovered claims and benefits 3,480 3,377 3,362 Change in technical provisions (612 ) 738 309 Commissions 148 147 396 Amortization charges (9 ) 2 - Total 3,009 4,263 4,066 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Results from financial transact
Results from financial transactions | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Results from financial transactions | 10 Results from financial transactions Results from financial transactions comprise: 2022 2021 1) 2020 1) Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 227 807 223 Realized gains and (losses) on financial investments (537 ) 392 119 Gains and (losses) on investments in real estate 1 - (60 ) Net fair value change of derivatives 1,148 761 (2,270 ) Net fair value change on account of policyholder financial assets at fair value through profit or loss (35,951 ) 22,539 19,935 Net fair value change on investments in real estate for account of policyholders (61 ) 46 (36 ) Net foreign currency gains and (losses) 36 182 34 Net fair value change on borrowings and other financial liabilities 5 (13 ) 18 Total (35,132 ) 24,715 17,961 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification Net fair value change of general account financial investments at fair value 2022 2021 1) 2020 1) Shares (48 ) 27 (4 ) Debt securities and money market investments (91 ) (26 ) 22 Other 366 807 205 Total 227 807 223 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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: 2022 2021 1) 2020 1) Shares 67 16 (2 ) Debt securities and money market investments (632 ) 281 144 Loans 36 125 20 Other (8 ) (30 ) (43 ) Total (537 ) 392 119 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Realized gains and losses on financial investments comprise: 2022 2021 1) 2020 1) Available-for-sale investments (573 ) 268 99 Loans 36 125 20 Total (537 ) 392 119 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Net fair value change of derivatives comprise: 2022 2021 1) 2020 1) Net fair value change on economic hedges where no hedge accounting is applied (143 ) (265 ) (533 ) Net fair value change on bifurcated embedded derivatives 1,290 1,023 (1,739 ) Ineffective portion of hedge transactions to which hedge accounting is applied 1 4 2 Total 1,148 761 (2,270 ) 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The ineffective portion of hedge transactions to which hedge accounting is applied comprises: 2022 2021 1) 2020 1) Fair value change on hedging instruments in a fair value hedge (4 ) (3 ) 11 Fair value change on hedged items in a fair value hedge 7 6 (9 ) Ineffectiveness fair value hedge 4 3 2 Ineffectiveness cash flow hedges (3 ) 1 - Total 1 4 2 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Net fair value change on for account of policyholder financial assets at fair value 2022 2021 1) 2020 1) Shares (2,799 ) 2,661 1,290 Debt securities and money market investments (2,114 ) (557) 485 Unconsolidated investment funds (30,326 ) 20,833 17,670 Derivatives (712 ) (398) 489 Total (35,951 ) 22,539 19,935 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Net fair value change on account of policyholder financial assets at fair value through profit or loss are a charge in 2022, mainly due to declining equity markets, rising interest rates and credit spread widening compared to December 31, 2021. Net fair value changes on 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 2022 2021 1) 2020 1) Borrowings - - 16 Other financial liabilities 5 (13 ) 2 Total 5 (13 ) 18 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification |
Aegon N.V [member] | |
Statement [LineItems] | |
Results from financial transactions | 4 Results from financial transactions 2022 2021 Net fair value change of derivatives (30 ) 5 Net foreign currency gains and (losses) - (1 ) Total (30 ) 3 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, 2022 | |
Text block [abstract] | |
Other income | 11 Other income 2022 2021 1) 2020 1) Other income 378 49 62 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Other income in 2022 includes the book gain on the divestment of Aegon Hungary and Aegon Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) amounting to EUR 288 million, and the book gain on the divestment of Aegon’s 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco amounting to EUR 87 million. Other income in 2021 includes a gain of EUR 38 million related to the sale of a small-sized Individual Retirement Account (IRA) portfolio to a third party. Othe Refer to note 48 Companies and businesses acquired and divested for more details on these divestments. |
Policyholder claims and benefit
Policyholder claims and benefits | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Policyholder claims and benefits | 12 Policyholder claims and benefits 2022 2021 1) 2020 1) Benefits and claims paid life 17,313 16,971 12,973 Benefits and claims paid non-life 1,305 1,240 1,290 Change in valuation of liabilities for insurance contracts (24,879 ) 19,504 19,723 Change in valuation of liabilities for investment contracts (10,398 ) 2,420 1,898 Other (20 ) (38 ) (19 ) Total (16,680 ) 40,097 35,865 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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 35,951 million negative (2021: EUR 22,539 million positive, 2020: EUR 19,935 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 1,345 million (2021: increase of EUR 863 million, 2020: increase of EUR 1,707 million). |
Profit sharing and rebates
Profit sharing and rebates | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Profit sharing and rebates | 13 Profit sharing and rebates 2022 2021 1) 2020 1) Surplus interest bonuses - 1 1 Profit appropriated to policyholders 7 7 7 Total 7 8 8 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Commissions and expenses
Commissions and expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Commissions and expenses | 14 Commissions and expenses 2022 2021 1) 2020 1) Commissions 2,311 2,539 2,264 Employee expenses 1,707 1,511 1,579 Administration expenses 1,218 1,294 1,298 Deferred expenses (770 ) (1,160 ) (741 ) Amortization of deferred expenses 885 933 767 Amortization of VOBA and future servicing rights 108 171 87 Total 5,458 5,286 5,253 Included in administration expenses: Depreciation of equipment, software and real estate held for own use 73 80 81 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Employee expenses 2022 2021 1) 2020 1) Salaries 1,160 1,092 1,105 Post-employment benefit costs 116 126 137 Social security charges 99 100 97 Other personnel costs 284 150 203 Shares 48 43 37 Total 1,707 1,511 1,579 Included in employee expenses: Defined contribution expenses 49 35 36 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. In 2021, Aegon expanded the dynamic hedge covering the equity and interest rate risks of its US Variable Annuities block with guaranteed minimum withdrawal benefits (GMWB) to the entire VA portfolio. Implementing the VA dynamic hedging program for variable annuities with interest sensitive guaranteed minimum income benefits (GMIBs) and guaranteed minimum death benefits (GMDBs) resulted in an EUR 350 million one-time charge as per December 31, 2021, of which EUR 254 million is reported as “Amortization of deferred expenses” and EUR 96 million is reported as “Amortization of VOBA and future servicing rights”. Long Term Incentive Plans Selected senior employees within Aegon, who have not been classified as Material Risk Takers, can be made eligible for variable compensation, which is partially paid in cash and partially in Aegon shares. 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 the plan year and January 15 of the plan year. The actual allocation of variable compensation in cash and shares depends on Aegon’s 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. Once variable compensation is allocated, the cash part is paid directly and the payment of the shares is deferred for two years. These shares are paid out as soon as the Integrated Annual Report has been adopted by the shareholders at the Annual General Meeting in the last deferral year. Employees are not eligible to receive dividend during the deferral period. In exceptional circumstances Aegon’s Supervisory Board can adjust variable compensation downwards before allocation or pay-out (malus) or after pay-out (claw back), after considering the outcomes of an ex-ante or ex-post risk assessment. 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. In line with these rules, variable compensation for Material Risk Takers is partially paid in cash and partly in Aegon shares. 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 the plan year and January 15 of the plan year. The actual allocation of variable compensation in cash and shares depends on Aegon’s 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. Once variable compensation is allocated, the cash part is paid directly and the payment of the shares is deferred for three years. These shares are paid out as soon as the Integrated Annual Report has been adopted by the shareholders at the Annual General Meeting in the last deferral year. Employees are not eligible to receive dividend during the deferral period. For the Members of the Executive Board, the paid-out shares are subject to an additional holding period of two years. During this holding period, the Executive Board member is not allowed to sell these shares. In exceptional circumstances Aegon’s Supervisory Board can adjust variable compensation downwards before allocation or pay-out (malus) or after pay-out (claw back), after considering the outcomes of an ex-ante or ex-post risk assessment. Shares as Fixed Compensation Selected members of the Management Board as well as other senior employees receive part of their fixed compensation in Aegon shares each pay round, next to receiving fixed compensation in cash. 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 the plan year and January 15 of the plan year. Once allocated these shares are unconditional and do not depend on the continued employment of the employee. These shares are either paid as soon as the Integrated Annual Report has been adopted by the shareholders at the next Annual General Meeting or the pay-out is deferred until the Integrated Annual Report has been adopted by the shareholders at the Annual General Meeting three years after the plan year. In the former case, these paid-out shares are subject to an additional holding period of three years, while in the latter case there is no holding period after pay-out. During the holding period (if applicable), the employee is not allowed to sell these shares. During the deferral period (if applicable), the employee is not eligible to receive dividend. Shares as part of a Sign-on Arrangement Employees may be offered a sign-on arrangement when joining Aegon, with payments in cash and Aegon shares, within the applicable rules and regulations. Once allocated, the sign-on shares depend on the continued employment of the employee. These shares are deferred and typically cliff-vest after one, two and three years after allocation as soon as the Integrated Annual Report has been adopted by the shareholders at the Annual General Meeting of that year. Employees are not eligible to receive dividend during the deferral period. The following overview contains the cumulative number of shares and their status in relation to active Long Term Incentive Plans, variable compensation allocated to Material Risk Takers, shares allocated as fixed compensation and shares allocated as part of a sign-on arrangement. Number of shares per plan year 2018 2019 2020 2021 2022 Total Conditionally granted 1) 6,513,984 7,378,113 8,381,086 9,449,451 7,495,307 39,217,941 Allocated 2) 6,123,546 6,761,360 6,522,324 13,297,242 - 32,704,472 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 2018 2019 2020 2021 2022 Total Unvested at January 1, 2021 5,251,551 7,340,768 9,251,766 - - 21,844,085 Conditionally granted as variable compensation 1) - - - 9,449,451 - 9,449,451 Allocated 2) 4,010 (29,388 ) (1,858,762 ) 2,450,661 - 566,521 Forfeited (205,734 ) (254,543 ) (174,128 ) (4,729 ) - (639,134 ) Vested (2,037,774 ) (259,858 ) (221,441 ) (69,851 ) - (2,588,924 ) Unvested at December 31, 2021 3,012,053 6,796,979 6,997,435 11,825,532 - 28,631,999 Conditionally granted as variable compensation 1) - - - - 7,495,307 7,495,307 Allocated 2) 65,410 3,445 1,832 3,847,791 2,136,074 6,054,552 Forfeited (119,833 ) (103,121 ) (262,567 ) (1,050,197 ) - (1,535,718 ) Vested (2,957,630 ) (2,899,400 ) (327,134 ) (835,534 ) (183,739 ) (7,203,437 ) Unvested at December 31, 2022 - 3,797,903 6,409,566 13,787,592 9,447,642 33,442,703 Grant price (in EUR) 3) 5.405 4.162 4.083 3.293 4.491 4.143 to 2.741 to 1.794 to 1.625 to 3.341 to Fair value of shares at grant date (in EUR) 4) 5.054 3.737 3.796 3.978 5.061 1 The at target number of shares which were conditionally granted as variable compensation for the plan year. 2 Shares that are already allocated during a plan year, are a combination of shares as part of fixed compensation or a sign-on 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 2022 plan year, this is the VWAP for the period December 15, 2021 to January 15, 2022. 4 These fair values are adjusted for expected dividend (for which the participants are not eligible during the deferral period) and for the impact of relative total shareholder return as performance indicator for variable compensation (where applicable). Aegon applies a net settlement option for participants in order to meet their income tax obligations when their shares are paid out. 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. Refer to the Remuneration Report for detailed information on conditional shares granted to the Executive Board. |
Aegon N.V [member] | |
Statement [LineItems] | |
Commissions and expenses | 5 Commissions and expenses 2022 2021 Employee expenses 82 84 Administration expenses 63 71 Cost sharing to group companies (76 ) (75 ) Total 68 80 |
Impairment charges _ (reversals
Impairment charges / (reversals) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Impairment charges / (reversals) | 15 Impairment charges / (reversals) Impairment charges / (reversals) comprise: 2022 2021 1) 2020 1) Impairment charges on financial assets, excluding receivables 39 11 204 Impairment reversals on financial assets, excluding receivables (19 ) (42 ) (28 ) Impairment charges and reversals on non-financial 48 48 107 Total 68 16 284 1 Amounts for 2021 and 2020 have been re-presented Impairment charges on financial assets, excluding receivables, from: 2022 2021 1) 2020 1) Shares 3 1 42 Debt securities and money market instruments 36 9 161 Loans - - 2 Total 39 11 204 1 Amounts for 2021 and 2020 have been re-presented Impairment reversals on financial assets, excluding receivables, from: 2022 2021 1) 2020 1) Shares - (8 ) - Debt securities and money market instruments (18 ) (30 ) (26 ) Loans (1 ) (0 ) (0 ) Other - (4 ) (1 ) Total (19 ) (42 ) (28 ) 1 Amounts for 2021 and 2020 have been re-presented Impairment charges on financial assets in 2020 were mainly driven by Americas impairments on public fixed income holdings, primarily in the energy sector, as a consequence of the weakening demand related to the nationwide lockdown due to COVID-19. Impairment charges on non-financial 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, 2022 | |
Statement [LineItems] | |
Interest charges and related fees | 16 Interest charges and related fees 2022 2021 1) 2020 1) Subordinated loans 119 110 110 Trust pass-through securities 9 8 9 Borrowings 115 65 96 Other 85 64 190 Total 329 246 405 Included in interest charges and related fees: Interest charges accrued on financial liabilities not carried at fair value through profit or loss 221 121 132 1 Amounts for 2021 and 2020 have been re-presented Other includes interest charges on short term borrowings and bank fees. |
Aegon N.V [member] | |
Statement [LineItems] | |
Interest charges and related fees | 6 Interest charges and related fees 2022 2021 Subordinated borrowings 72 68 Borrowings 52 54 Other 3 8 Total 127 129 |
Other charges
Other charges | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other charges | 17 Other charges 2022 2021 1) 2020 1) Other charges (5 ) 101 104 1 Amounts for 2021 and 2020 have been re-presented Other charges in 2022 are mainly related to the result of a release of an accrual. Other charges in 2021 are mainly related to settlements of certain universal life policies in the US. For more details refer to note 45 commitments and contingencies. Other charges in 2020 are mainly driven by charges of EUR 91 million (USD 104 million) related to settlements of certain universal life policies in the US. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Income tax | 18 Income tax Note 2022 2021 1) 2020 1) Current tax Current year (6 ) (18 ) (23 ) Adjustments to prior years (3 ) (6 ) (24 ) (9 ) (24 ) (47 ) Deferred tax 40 Origination / (reversal) of temporary differences (540 ) 163 (309 ) Changes in tax rates / bases (2 ) (39 ) (11 ) 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 8 (5 ) 12 Non-recognition 9 9 7 Adjustments to prior years 16 (9 ) 11 (509 ) 119 (289 ) Income tax for the period (income) / charge (518 ) 95 (336 ) 1 Amounts for 2021 and 2020 have been re-presented Reconciliation between standard and effective income tax: 2022 2021 1) 2020 1) Result before tax from continuing operations (1,543 ) 1,164 (958 ) Income tax calculated using weighted average applicable statutory tax rates (329 ) 231 (218 ) Difference due to the effects of: Non-taxable (116 ) (57 ) (54 ) Non-tax 12 21 21 Changes in tax rate/base (2 ) (39 ) (11 ) Different tax rates on overseas earnings 3 - - Tax credits (43 ) (48 ) (57 ) Other taxes (46 ) 38 (2 ) Adjustments to prior years 12 (15 ) (12 ) Change in uncertain tax positions (0 ) (16 ) - 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 8 (5 ) 12 Non-recognition 9 9 7 Tax effect of (profit) / losses from joint ventures and associates (19 ) (18 ) (17 ) Other (8 ) (5 ) (4 ) (189 ) (136 ) (118 ) Income tax for the period (result) / charge (518 ) 95 (336 ) 1 Amounts for 2021 and 2020 have been re-presented The weighted average applicable statutory tax rate for 2022 is 21.3% (2021: 19.9%, 2020: 22.8%). The weighted average applicable statutory tax rate increased compared to 2021 due to the relatively high contribution of income before tax in the Netherlands versus high negative income in the United States and income from equity accounted joint ventures and associates which is presented net of tax in the consolidated income statement. Furthermore, the weighted average applicable statutory tax rate is impacted by the accounting for discontinued operations including intercompany transactions, refer to note 51 Discontinued operations. Non-taxable non-taxable non-taxable In the Netherlands, the enacted corporate income tax rate increased from 25% to 25.8% as from January 1, 2022 which resulted in a favorable tax rate impact in 2021. In the United Kingdom, the enacted future corporate income tax rate will increase from 19% to 25% as of April 1, 2023 which resulted in a beneficial tax rate impact in 2021 and 2022. Tax credits mainly include tax benefits from United States investments that provide affordable housing to individuals and families that meet median household income requirements. Other taxes are lower compared to 2021 due to unfavorable equity and bond markets which yielded lower policyholder taxes in the United Kingdom and state tax benefits in the United States due to negative income. In 2021, changes in uncertain tax positions relate to a partial release of certain reassessed tax provisions in the United States. The following tables present income tax related to components of other comprehensive income and retained earnings. 2022 2021 1) 2020 1) Items that will not be reclassified to profit and loss: Changes in revaluation reserve real estate held for own use - 1 (2 ) Remeasurements of defined benefit plans (5 ) (78 ) 14 (5 ) (77 ) 12 Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of available-for-sale 2,802 269 (635 ) (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale (121 ) 71 (1 ) Changes in cash flow hedging reserve 42 47 54 Movement in foreign currency translation and net foreign investment hedging reserve (12 ) 3 (7 ) 2,710 390 (589 ) Total income tax related to components of other comprehensive income 2,706 313 (577 ) 1 re-presented 2022 2021 2020 Income tax related to equity instruments and other Income tax related to equity instruments 31 2 13 18 Other 1 3 1 Total income tax recognized directly in retained earnings 3 16 19 |
Aegon N.V [member] | |
Statement [LineItems] | |
Income tax | 7 Income tax 2022 2021 Current Tax Current Tax 47 54 Income tax for the period (result) / charge 47 54 Reconciliation between standard and effective tax Result before tax (204 ) (193 ) Tax on result at Dutch corporate result tax rate 53 48 Differences due to the effect of: Tax rate changes - 4 Change in uncertain tax positions - 8 Non deductible expenses (7 ) (7 ) Total 47 54 |
Shares in group companies
Shares in group companies | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Shares in group companies | 8 Shares in group companies 2022 2021 At January 1 26,042 24,846 Capital contributions and acquisitions 36 65 Dividend received (1,634 ) (1,196 ) Net result for the financial year (1,275 ) 2,120 Revaluations (9,575 ) 209 At December 31 13,594 26,042 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 Dutch Civil Code has been registered with the Commercial Register of The Hague. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Earnings per share | 19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the net result attributable to owners, after deduction of coupons on perpetual securities and non-cumulative 2022 2021 2020 Continuing and discontinued operations Net result attributable to owners of Aegon N.V. from continuing and discontinued operations (1,433) 1,980 (146 ) Coupons on perpetual securities (36 ) (39 ) (38 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations (1,469 ) 1,941 (184 ) Net result attributable to common shareholders from continuing and discontinued operations (1,460) 1,928 (182 ) Net result attributable to common shareholders B from continuing and discontinued operations (10) 13 (1 ) Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from continuing and discontinued operations (0.73 ) 0.94 (0.09 ) Basic earnings per common share B (EUR per share) from continuing and discontinued operations (0.02 ) 0.02 - Continuing operations Net result attributable to owners of Aegon N.V. from continuing operations (1,054) 1,019 (633 ) Coupons on perpetual securities (36 ) (39 ) (38 ) Net result attributable to owners for basic earnings per share calculation from continuing operations (1,090 ) 981 (670 ) Net result attributable to common shareholders from continuing operations (1,083) 974 (666 ) Net result attributable to common shareholders B from continuing operations (7) 7 (5 ) Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from continuing operations (0.54 ) 0.48 (0.33 ) Basic earnings per common share B (EUR per share) from continuing operations (0.01 ) 0.01 (0.01 ) Discontinued operations Net result attributable to owners of Aegon N.V. from discontinued operations (379) 960 487 Coupons on perpetual securities - - - Net result attributable to owners for basic earnings per share calculation from discontinued operations (379 ) 960 487 Net result attributable to common shareholders from discontinued operations (377) 954 484 Net result attributable to common shareholders B from discontinued operations (3) 7 3 Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from discontinued operations (0.19 ) 0.47 0.24 Basic earnings per common share B (EUR per share) from discontinued operations (0.00 ) 0.01 0.01 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, 2022 | |
Text block [abstract] | |
Dividend per common share | 20 Dividend per common share Final dividend 2022 At the Annual General Meeting of Shareholders currently scheduled for May 25, 2023, the Executive Board will, in line with its earlier announcement and barring unforseen circumstances, propose a final dividend for the year 2022 of EUR 0.12 per common share and EUR 0.003 per common share B. If approved and in combination with the interim dividend 2022 of EUR 0.11 per common share, Aegon’s total dividend over 2022 will amount to EUR 0.23 per common share and EUR 0.00575 per common share B. Following the transaction with a.s.r., Aegon increased its dividend per common share target from around EUR 0.25 to around EUR 0.30 over 2023. Interim dividend 2022 The interim dividend 2022 was paid in cash or stock at the election of the shareholder. Approximately 60% of shareholders elected to receive the final dividend in shares. Those who elected stock dividend received one Aegon common share for every 42 common shares held. The stock fraction is based on Aegon’s average share price as quoted on Euronext Amsterdam, using the high and low of each of the five trading days from September 8 up to and including September 14, 2022. The average share price calculated on this basis amounted to EUR 4.61. The dividend was paid on September 21, 2022. The shares repurchased as part of the buyback program to neutralize the dilutive effect of the 2022 interim dividend, as announced on September 27, 2022, will be held as treasury shares and will be used to pay future dividends in shares. Between October 3, 2022 and December 15, 2022, common shares for an amount of EUR 134 million were repurchased. A total of 29,833,390 common shares were repurchased at an average price of EUR 4.4897 per share. Final dividend 2021 It was decided at the Annual General Meeting of Shareholders on May 31, 2022 to pay a final dividend for 2021 of EUR 0.09 per common share and EUR 0.00225 per common share B. After taking into account the interim dividend of EUR 0.08 per common share and EUR 0.002 per common share B, Aegon’s total dividend over 2021 amounted to EUR 0.17 per common share and EUR 0.00425 per common share B. Interim dividend 2021 The interim dividend 2021 was paid in cash or stock at the election of the shareholder. Approximately 42% of holders of common shares elected to receive the cash dividend. The remaining 58% of shareholders elected to receive the interim dividend in stock. The cash dividend amounted to EUR 0.08 per common share, the stock dividend amounted to one new Aegon common share for every 52 common shares held. The stock dividend and cash dividend are approximately equal in value. The dividend was payable as of September 17, 2021. The interim dividend 2021 for common shares B amounted to 1/40th of the dividend paid on common shares. To neutralize the dilutive effect of the 2021 interim dividend paid in shares, Aegon executed a program to repurchase 21,531,927 common shares. The repurchase of shares commenced on October 1, 2021 and was completed on October 27, 2021. Aegon engaged a third party to execute the transactions on its behalf. The common shares were repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Cash and cash equivalents | 21 Cash and cash equivalents 2022 2021 2020 Cash at bank and in hand 1,827 3,638 4,907 Short-term deposits 345 1,576 2,214 Money market investments 1,235 1,675 1,247 Short-term collateral - - 4 At December 31 3,407 6,889 8,372 Cash collateral received related to securities lending, repurchase agreements and margins on derivatives transactions 5,072 5,776 9,208 Income from security lending programs 7 3 9 Weighted effective interest rate on short-term deposits 15.01% (0.72%) (0.64%) Average maturity days on short-term deposits 44 16 10 The decrease in Cash and cash equivalents in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The carrying amounts disclosed reasonably approximate the fair values as at the year-end. For cash collateral 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). Also, 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. Short-term collateral relates to cash collateral received 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 which is reflected in Income from securities lending programs. Note 2022 2021 2020 Cash and cash equivalents 3,407 6,889 8,372 Cash classified as Assets held for sale 5,085 - - Net cash and cash equivalents 8,491 6,889 8,372 Cash and cash equivalents attributable to Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Summary cash flow statement 2022 2021 1) 2020 1) Net cash flows from operating activities 2,851 (1,796 ) (2,854 ) Net cash flows from investing activities 616 (54 ) (139 ) Net cash flows from financing activities (1,920) 300 (778 ) Net increase / (decrease) in cash and cash equivalents 1,548 (1,550 ) (3,770 ) Net cash and cash equivalents are impacted by: Positive (negative) effects of changes in exchange rates 55 67 (121 ) 1 Analysis of cash flows 2022 compared to 2021 Net cash flows from operating activities Total net cash flow from operating activities increased by EUR 4,647 million to a EUR 2,851 million inflow (2021: EUR 1,796 million outflow). The main movements are the decreased cash outflows regarding purchase of investments and the increased cash inflows from disposal of investments (refer to note 22 Investment), partially offset by outflow from insurance and investment liabilities (refer to note 34 Insurance contracts) and by the increased outflow from results from Net cash flows from investing activities Net cash flows from investing activities increased by EUR 670 million to a EUR 616 million inflow (2021: EUR 54 million outflow). The main movements are the decreased cash outflows regarding acquisition/capital contribution joint ventures and associates, partially offset by decreased inflow from disposal joint ventures and associates (refer to note 48 Business combinations and note 49 Group companies. Net cash flows from financing activities Net cash flow from financing activities decreased by EUR 2,220 million to a EUR 1,920 million outflow (2021: EUR 300 million inflow). The increase is a result of lower repayments of borrowings and higher proceeds (refer to note 37 Borrowings), partially offset by higher purchases of treasury shares (refer to the table below and note 31 Other equity instruments). 2021 compared to 2020 Net cash flows from operating activities Total net cash flow from operating activities increased by EUR 1,058 million to a EUR 1,796 million outflow (2020: EUR 2,854 million outflow). The main movements are the decreased cash outflows regarding purchase of investments and the increased cash inflows from disposal of investments (refer to note 22 Investment), partially offset by outflow from insurance and investment liabilities (refer to note 34 Insurance contracts) and by the increased 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 85 million to a EUR 54 million outflow (2020: EUR 139 million outflow). The main movements are the decreased cash outflows regarding acquisition/capital contribution joint ventures and associates, partially offset by decreased inflow from disposal joint ventures and associates (refer to note 48 Business combinations and note 49 Group companies. Net cash flows from financing activities Net cash flow from financing activities increased by EUR 1,078 million to a EUR 300 million inflow (2020: EUR 778 million outflow). The increase is a result of lower repayments of borrowings and higher proceeds (refer to note 37 Borrowings), partially offset by higher purchases of treasury shares (refer to the table below and 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 Reconciliation of debt from At Addition Repayment Realized Movements Amortization Transfers Net exchange At Subordinated borrowings 2,194 - - - - 3 - 98 2,295 Trust pass-through securities 126 - - - (15 ) (1 ) - 8 118 Borrowings 9,661 3,569 (4,086 ) - (0 ) 1 (5,227 ) 133 4,051 Assets held to hedge Trust pass-through securities 3 - - (15 ) - - - - (11 ) Assets held to hedge Borrowings - - - - - - - - - Cash flows Non-cash Reconciliation of debt from At Addition Repayment Realized Movements Amortization Transfer Net At Subordinated borrowings 2,085 - - - 3 - 105 2,194 Trust pass-through securities 126 - - - (9 ) - - 9 126 Borrowings 8,524 3,914 (3,000 ) - (1 ) 1 - 222 9,661 Assets held to hedge Trust pass-through securities 12 - - (9 ) - - - 1 3 Assets held to hedge Borrowings 62 - (61 ) (1 ) - - - - - |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Investments | 22 Investments Investments for general account comprise financial assets, excluding derivatives, as well as investments in real estate. Note 2022 2021 Available-for-sale 59,643 99,884 Loans 12,556 46,823 Financial assets at fair value through profit or loss (FVTPL) 4,567 8,481 Total financial assets, excluding derivatives 22.1 76,766 155,188 Investments in real estate 22.2 59 2,643 Total investments for general account 76,825 157,831 The decrease in Investments in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 22.1 Financial assets, excluding derivatives AFS FVTPL Loans Total Fair value 2022 Shares 195 193 - 388 388 Debt securities 53,093 554 - 53,647 53,647 Money market and other short-term investments 5,514 99 - 5,613 5,613 Mortgage loans - - 10,441 10,441 9,245 Private loans - - 27 27 27 Deposits with financial institutions - - 45 45 45 Policy loans - - 2,042 2,042 2,042 Other 840 3,722 - 4,562 4,562 At December 31, 2022 59,643 4,567 12,556 76,766 75,569 2021 Shares 350 1,665 - 2,015 2,015 Debt securities 93,899 3,296 - 97,195 97,195 Money market and other short-term investments 4,790 120 - 4,910 4,910 Mortgage loans - - 39,991 39,991 44,366 Private loans - - 4,883 4,883 5,491 Deposits with financial institutions - - 52 52 52 Policy loans - - 1,893 1,893 1,893 Other 844 3,401 3 4,248 4,248 At December 31, 2021 99,884 8,481 46,823 155,188 160,171 2022 2021 Current portion: Debt securities, money market and other short-term investments, mortgage and private loans 7,294 12,924 Refer to note 44 Fair value for further details on fair value measurement. Loan allowance Movement on the loan allowance account during the year were as follows: 2022 2021 At January 1 (118 ) (188 ) Addition charged to income statement (16 ) (40 ) Reversal to income statement 15 55 Amounts written off 40 55 Transfers to disposal groups 76 - At December 31 (4 ) (118 ) 22.2 Investments in real estate 2022 2021 At January 1 2,643 2,385 Additions 41 47 Subsequent expenditure capitalized 1 1 Disposals (40 ) (60 ) Transfer from real estate for own use and equipment - 14 Fair value gains / (losses) (51 ) 253 Net exchange differences 3 3 Transfers to disposal groups (2,545 ) - Other 7 - At December 31 59 2,643 Investments in real estate held by: Americas 42 39 The Netherlands - 2,588 Value of Aegon’s properties which were appraised in the current year 99% 98% Appraisals performed by independent external appraisers 95% 98% Refer to note 45 Commitments and contingencies for a description of non-cancellable 2022 2021 1) 2020 1) Rental income reported as part of investment income 4 (1) 12 Direct operating expenses (Including repairs and maintenance expenses): - From investment property that generated rental income 5 5 23 - From investment property that did not generate rental income - 1 1 1 Amounts for 2021 and 2020 have been re-presented 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, 2022 | |
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 2022 2021 Shares 15,505 29,539 Debt securities 5,694 19,821 Money market and other short-term investments 1,263 1,482 Deposits with financial institutions 2,360 4,105 Unconsolidated investment funds 154,741 191,950 Other - 3,493 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 179,563 250,390 Investments in real estate 23.1 443 563 Total investments for account of policyholders 180,006 250,953 The decrease in Investments for account of policyholder in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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 2022 2021 At January 1 563 467 Additions - 54 Subsequent expenditure capitalized 10 6 Disposals (42 ) (43 ) Fair value gains / (losses) (61 ) 46 Net exchange differences (27 ) 32 At December 31 443 563 The investment properties are leased out under operating leases. 2022 2021 2020 Rental income reported as part of investment income 34 30 27 Direct operating expenses from investment in real estate for account of policyholders 5 4 8 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, 2022 | |
Text block [abstract] | |
Derivatives | 24 Derivatives Derivative asset Derivative liability 2022 2021 2022 2021 Derivatives for general account Derivatives not designated in a hedge 2,381 8,344 4,162 9,578 Derivatives designated as fair value hedges 4 18 4 15 Derivatives designated as cash flow hedges 204 346 1,108 948 Derivatives desginated as Net foreign investment hedges 118 73 104 59 2,707 8,780 5,379 10,600 Derivatives for account of policyholders Derivatives not designated in a hedge 53 46 715 39 Total derivatives 1) 2,760 8,827 6,094 10,639 Of which: Current 352 723 1,607 2,803 1 The decrease in Derivatives in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The derivatives are measured at fair value through profit or loss in accordance with IAS 39. For more details on fair value measurement of derivatives refer to 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 2022 2021 2022 2021 Derivatives held as an economic hedge 2,378 8,327 3,198 5,992 Bifurcated embedded derivatives 3 17 964 3,586 Total 2,381 8,344 4,162 9,578 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. Credit Default Swaps Aegon has entered into free-standing credit derivative transactions. The positions outstanding at the end of the year were: 2022 2021 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 5 - 14 - AA 177 2 173 3 A 964 9 926 14 BBB 3,446 18 2,925 50 BB 144 (1 ) 263 1 B or lower 86 (0 ) 148 2 Total 4,820 28 4,449 70 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. The credit ratings relate to the underlying exposures of these credit derivatives. Derivatives designated as fair value hedges Aegon’s fair value hedges includes 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, 2022, 2021 and 2020, the gains and (losses) related to the ineffectiveness portion of designated fair value hedges Aegon recognized are as follows: 2022 2021 1) 2020 1) Gains (losses) related to the ineffectiveness portion of designated fair value hedges 4 3 2 1 Amounts for 2021 and 2020 have been re-presented 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 22 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 21 years. The cash flows from these hedging instruments are expected to affect the profit and loss for approximately the next 40 years. For the year ended December 31, 2022, the contracts for which cash flow hedge accounting was terminated resulted in deferred gains of EUR 12 million (2021: EUR 60 million) that are recognized directly in equity to be reclassified into net result during the period when the cash flows occur of the underlying hedged items. During the year ended December 31, 2022, 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 34 years. These agreements involve the exchange of the underlying principal amounts. Hedge ineffectiveness and reclassification of gains (losses) 2022 2021 2020 Hedge ineffectiveness on cash flow hedges (3 ) 1 - Gains (losses) reclassified from equity into the income statement (102 ) (38 ) 74 Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 116 113 92 The periods when the cash flows are expected to occur are as follows: < 1 year 1 -5 years 5 - 10 years > 10 years 2022 Total Cash inflows 598 2,572 1,887 6,331 11,388 Cash outflows - 4 - - 4 Net cash flows 598 2,569 1,887 6,331 11,384 < 1 year 1 - 5 years 5 – 10 years > 10 years 2021 Total Cash inflows 535 2,158 1,640 5,868 10,201 Cash outflows - 4 - - 4 Net cash flows 535 2,154 1,640 5,868 10,197 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 In order to prepare for the IBOR transition all Aegon units have written transition plans containing among others project solutions and actions, timelines and ownership to ensure timely preparation and implementation. We are currently implementing the actions as described in the transition plans. In July 2020 the discount rates of EUR cleared derivatives switched from EONIA to € € The majority of the fair value and cash flow hedges are directly exposed to changes in benchmark rates (predominantly EURIBOR and USD LIBOR). There are no plans for the discontinuation of EURIBOR and appropriate fallback language has been implemented via the International Swaps and Derivatives (‘ISDA’) fallback protocol and rulebook changes by the clearing houses. The relevant USD LIBOR benchmark rates are expected to remain available for existing contracts until mid 2023 and these derivatives will either be actively transitioned to SOFR before the 2023 deadline or via the ISDA fallback protocol. The total notional of financial instruments designated as fair value or cash flow hedges with a USD LIBOR reference that have a maturity date beyond June 30, 2023 amount to EUR 3,121 million (2021: EUR 3,439 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, 2022 | |
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 2022 2021 2022 2021 At January 1 1,743 1,376 1,289 1,264 Additions 30 61 40 12 Disposals (67 ) - (8 ) - Share in net result 286 265 4 112 Share in changes in equity (note 30.6) (63 ) 25 3 (6 ) Impairment reversals / (charges) - - (9 ) 3 Dividends (79 ) (88 ) (58 ) (39 ) Net exchange difference (25 ) 45 (1 ) 2 Transfer to / (from) other headings - 58 - (58 ) Transfer to disposal groups (382 ) - (1,096 ) - At December 31 1,443 1,743 165 1,289 The decrease in Investments in joint ventures and associates in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The disposal of joint ventures in 2022 relates to the divestment of Aegon’s 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco, refer to note 48 Companies and businesses acquired and divested. In 2021, Aegon amended its agreement related to the investment in MAG Seguros and injected EUR 40 million in the undertaking. Following the amendment the investment required reclassification from Investments in associates to Investments in joint ventures as the level of influence was affected. The transfer to / (from) other headings in 2021 reflect the carrying amount of the investment of EUR 58 million prior to the capital injection of EUR 40 million. 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. 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 investments in Santander Vida Seguros y Reaseguros S.A. (‘Santander Spain Life’) and Aegon Industrial Fund Management Co.Ltd. (‘AIFMC’) as material joint ventures and are therefore presented separately. Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Summarized statement of financial position Cash and cash equivalents 23 20 392 351 99 157 Other current assets 155 130 836 810 725 697 Total current assets 178 150 1,229 1,161 824 854 Non-current 1,109 1,134 200 204 5,349 5,574 Total assets 1,287 1,284 1,429 1,364 6,173 6,428 Current financial liabilities excluding trade payables and other provisions - - - - - 7 Other current liabilities 148 126 526 613 543 501 Total current liabilities 148 126 526 613 544 509 Non-current - - - - 67 183 Other non-current 504 510 - - 4,447 3,921 Total non-current 504 510 - - 4,515 4,104 Total liabilities 652 636 526 613 5,059 4,613 Net assets 635 648 903 752 1,114 1,816 Summarized statement of comprehensive income Revenue 288 247 644 858 2,374 1,866 Results from financial transactions - - - - (2 ) 51 Depreciation and amortization (30 ) (25 ) (4 ) (3 ) (27 ) (21 ) Interest income 2 2 9 8 104 25 Interest expense - - (0 ) - (7 ) (13 ) Profit or loss 71 61 330 386 260 247 Income tax (expense) or result (16 ) (12 ) (92 ) (109 ) (56 ) (40 ) Post-tax 55 48 238 277 205 208 Other comprehensive income (37 ) (2 ) - - (86 ) 53 Total comprehensive income 18 47 238 277 118 260 Dividends received 30 - - - 54 18 An overview of the summarized financial information of the carrying amount of the joint ventures is as follows: Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Net assets of joint venture as presented above 635 648 903 752 1,114 1,816 Net assets of joint venture excluding goodwill 556 568 960 751 1,019 1,681 Group share of net assets of joint venture, excluding goodwill 283 290 471 368 513 857 Goodwill on acquisition 80 80 1 1 95 148 Carrying amount 363 369 471 369 608 1,005 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. Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Post-tax 28 25 116 136 104 104 Other comprehensive income (19 ) (1 ) - - (44 ) 26 Total comprehensive income 9 24 116 136 61 131 Summarized financial information of associates The summarized financial information of associates presented below is based on the Group’s relative holding. Associates 2022 2021 1) Post-tax (11 ) (15 ) Other comprehensive income 1 (5 ) Total comprehensive income (10 ) (20 ) Carrying amount 165 1,289 1 Amounts for 2021 related to post-tax re-presented |
Reinsurance assets
Reinsurance assets | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Reinsurance assets | 26 Reinsurance assets Assets arising from reinsurance contracts related to: 2022 2021 Life insurance general account 19,595 19,409 Non-life 1,255 1,245 Investment contracts 334 338 At December 31 21,184 20,992 Current 8 16 Non-current 21,176 20,976 Amounts due from reinsurers in respect of claims already paid by the Group are included in note 28 Other assets and receivables. Movements during the year in reinsurance assets relating to life insurance: Life insurance general account At January 1, 2022 19,409 Gross premium and deposits – existing and new business 1,635 Unwind of discount / interest credited 1,115 Insurance liabilities released (3,562 ) Fund charges released (252 ) Changes to valuation of expected future benefits (138 ) Net exchange differences 1,201 Transfer to/from insurance contracts (2 ) Transfers to disposal groups (0 ) Other movements 190 At December 31, 2022 19,595 At January 1, 2021 17,421 Gross premium and deposits – existing and new business 1,825 Unwind of discount / interest credited 828 Insurance liabilities released (1,890 ) Fund charges released (83 ) Changes to valuation of expected future benefits (38 ) Net exchange differences 1,342 Transfer to/from insurance contracts 2 Other movements 1 At December 31, 2021 19,409 Movements during the year in reinsurance assets relating to non-life 2022 2021 At January 1 1,245 1,144 Gross premium and deposits – existing and new business 125 129 Unwind of discount / interest credited 91 83 Insurance liabilities released (130 ) (113 ) Changes in unearned premiums (68 ) (75 ) Incurred related to current year 124 91 Incurred related to prior years 43 49 Release for claims settled current year (35 ) (29 ) Release for claims settled prior years (118 ) (108 ) Change in IBNR (9 ) 1 Net exchange differences 78 84 Disposal of a business (4 ) - Transfers to disposal groups (78 ) - Other movements (9 ) (11 ) At December 31 1,255 1,245 Assets arising from reinsurance contracts related to: 2022 2021 Normal course of business 7,582 7,809 Exit of a business 13,602 13,183 At December 31 21,184 20,992 |
Deferred expenses
Deferred expenses | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deferred expenses | 27 Deferred expenses 2022 2021 DPAC for insurance contracts and investment contracts with discretionary participation features 11,777 9,303 Deferred cost of reinsurance 651 766 Deferred transaction costs for investment management services 458 434 At December 31 12,886 10,503 Current 719 683 Non-current 12,167 9,820 2022 2021 Deferred Deferred Deferred Deferred costs of transaction costs of transaction DPAC reinsurance costs DPAC reinsurance costs At January 1 9,303 766 434 8,253 141 404 Costs deferred during the year 683 59 28 636 619 25 Amortization through income statement (793 ) (93 ) (29 ) (899 ) (32 ) (26 ) Shadow accounting adjustments 2,136 85 - 699 17 - Net exchange differences 483 34 25 621 21 30 Transfers to disposal groups (29 ) (212 ) - - - - Other (7 ) 12 - (7 ) - - At December 31 11,777 651 458 9,303 766 434 The decrease in deferred cost on reinsurance in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The increase in deferred cost on reinsurance in 2021 is mainly the result of an EUR 480 million reinsurance agreement between Transamerica and a third party to reinsure a portfolio of universal life secondary guarantee policies. Furthermore, in the Netherlands a reinsurance agreement protecting against longevity risk was closed with Reinsurance Group of America (RGA) leading to a deferred cost of reinsurance of EUR 115 million. |
Other assets and receivables
Other assets and receivables | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other assets and receivables | 28 Other assets and receivables Note 2022 2021 Real estate held for own use and equipment 28.1 324 455 Receivables 28.2 8,880 5,622 Accrued income 28.3 843 1,366 Right-of-use 28.4 158 199 At December 31 10,204 7,642 28.1 Real estate held for own use and equipment Total real estate held for own use and equipment 2022 2021 General account real estate held for own use 73 185 Equipment 251 270 At December 31 324 455 General account real estate held for own use 2022 2021 Net book value At January 1 185 209 Additions - - Capitalized subsequent expenditure 1 7 Disposals (32 ) - Transfer to investments in real estate (5 ) (14 ) Unrealized gains/(losses) through equity (1 ) (4 ) Realized gains/(losses) through income statement (0 ) - Depreciation through income statement (4 ) (5 ) Impairment losses (0 ) (13 ) Net exchange differences 4 5 Transfers from disposal groups (76 ) - Other 1 - At December 31 73 185 Gross carrying value 95 218 Accumulated depreciation and impairment losses (23 ) (33 ) Net book value 73 185 General account real estate held for own use: Carrying amount under a historical cost model 72 165 % of real estate appraised in the current year 7 % 50 % % of appraisals performed by independent external appraisers 100 % 100 % The decrease in Real estate held for own use and equipment in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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. Equipment 2022 2021 Net book value At January 1 270 263 Additions 72 69 Disposals (5 ) (2 ) Depreciation through income statement (71 ) (71 ) Impairment losses (2 ) (4 ) Net exchange differences 13 16 Transfers to disposal groups (27 ) - Other 2 (1 ) At December 31 251 270 Gross carrying value 636 679 Accumulated depreciation and impairment losses (386 ) (409 ) Net book value 251 270 None of the equipment is held for lease (2021: 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 28.2 Receivables 2022 2021 Loans to associates 8 8 Receivables from policyholders 647 691 Receivables from brokers and agents 376 310 Receivables from reinsurers 723 750 Cash outstanding from assets sold 134 160 Trade receivables 881 1,393 Cash collateral 3,372 314 Income tax receivable 277 229 Other 2,597 1,885 Provision for doubtful debts (134 ) (120 ) At December 31 8,880 5,622 Current 8,866 5,600 Non-current 13 21 With the exception of receivables from reinsurers, the receivables balances presented above are mostly not externally rated. The increase in cash collateral at December 31, 2022 compared to December 31, 2021 is mainly the result of increased interest rates in 2022. The movements in the provision for doubtful debts during the year were as follows: 2022 2021 At January 1 (120 ) (88 ) Additions charged to earnings (19 ) (33 ) Unused amounts reversed through the income statement 3 5 Disposal of business 3 - Used during the year 2 3 Transfers to disposal groups 4 - Net exchange differences (6 ) (6 ) At December 31 (134 ) (120 ) 28.3 Accrued income 2022 2021 Accrued interest 842 1,363 Other 1 3 At December 31 843 1,366 Current 842 1,366 Non-current - - 28.4 Right-of-use Real estate for own use Equipment Other Total Net book value At January 1, 2022 182 14 3 199 Additions 24 10 1 34 Disposals (8 ) - - (8 ) Modification of lease contracts 3 - - 3 Depreciation through income statement (29 ) (10 ) (1 ) (41 ) Transfers from disposal groups (28 ) - - (28 ) Net exchange differences (2 ) 1 (0 ) (2 ) Other 2 (0 ) (1 ) 1 At December 31, 2022 143 14 1 158 Gross carrying value 256 35 4 295 Accumulated depreciation and impairment losses (113 ) (21 ) (3 ) (138 ) Net book value 2022 143 14 1 158 Net book value At January 1, 2021 193 15 3 211 Additions 12 9 2 23 Disposals (14 ) (0 ) - (14 ) Modification of lease contracts 17 - - 17 Depreciation through income statement (36 ) (11 ) (2 ) (49 ) Net exchange differences 10 1 (1 ) 10 At December 31, 2021 182 14 3 199 Gross carrying value 287 43 8 339 Accumulated depreciation and impairment losses (105 ) (29 ) (6 ) (140 ) Net book value 2021 182 14 3 199 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, 2022 | |
Text block [abstract] | |
Intangible assets | 29 Intangible assets Future servicing Goodwill VOBA rights Software Other Total Net book value At January 1, 2022 391 750 65 83 44 1,333 Additions - - - 20 6 26 Amortization through income statement - (97 ) (9 ) (16 ) (5 ) (127 ) Impairment losses - - - - - - Shadow accounting adjustments - 126 - - - 126 Business combinations, disposals and other changes 11 - (1 ) (26 ) 16 (0 ) Net exchange differences 10 44 - (3 ) (4 ) 47 Transfers to disposal groups (97 ) - - (37 ) (32 ) (165 ) At December 31, 2022 316 821 56 21 25 1,240 Gross carrying value 487 7,231 347 85 128 8,278 Accumulated amortization, depreciation and impairment losses (171 ) (6,409 ) (291 ) (64 ) (102 ) (7,038 ) Net book value 2022 316 821 56 21 25 1,240 Net book value At January 1, 2021 375 815 71 79 45 1,386 Additions - - - 25 3 29 Amortization through income statement - (163 ) (8 ) (20 ) (4 ) (194 ) Impairment losses - - - (7 ) (1 ) (8 ) Shadow accounting adjustments - 41 - - - 41 Capital expenditure - - - 14 - 14 Business combinations, disposals and other changes - - - (7 ) 1 (6 ) Net exchange differences 16 57 1 (1 ) (1 ) 72 At December 31, 2021 391 750 65 83 44 1,333 Gross carrying value 561 6,923 350 408 185 8,427 Accumulated amortization, depreciation and impairment losses (169 ) (6,174 ) (285 ) (325 ) (141 ) (7,094 ) Net book value 2021 391 750 65 83 44 1,333 The decrease in Intangible assets in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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 12 years remain at December 31, 2022 (2021: 13 years). Software is generally depreciated over an average period of 3 to 5 years (no changes compared to 2021). 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 amount was 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 2022 2021 Americas 208 181 The Netherlands - 97 United Kingdom 54 57 International 18 23 Asset Management 35 33 At December 31 316 391 Within the Americas, Transamerica’s goodwill is allocated to groups of cash-generating units including variable annuities, fixed annuities and the retirement plans cash-generating unit. Transamerica uses the value in use concept to determine the recoverable amount and it is calculated annually in the fourth quarter. Transamerica reviewed the recoverable amount of the annuities and retirement plan cash-generating units under the Economic Available Capital (EAC) approach. This approach measures the difference between the market value of assets assigned to a block of business and the market value of liabilities. The EAC is reflective of market conditions where a pre-tax 30-year |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Shareholders' equity | 30 Shareholders’ equity Issued share capital and reserves attributable to shareholders of Aegon N.V. Note 2022 2021 2020 Share capital – par value 30.1 319 321 320 Share premium 30.2 6,853 7,033 7,160 Total share capital 7,172 7,354 7,480 Retained earnings 10,619 12,166 10,327 Treasury shares 30.3 (676 ) (273 ) (181 ) Total retained earnings 9,944 11,892 10,145 Revaluation reserves 1) 30.4 (4,477 ) 6,442 7,480 Remeasurement of defined benefit plans 2) 30.5 (1,565 ) (2,199 ) (2,534 ) Other reserves 3) 30.6 997 325 (553 ) Total shareholders’ equity 12,071 23,813 22,018 1 Included in the 2022 Revaluation reserves is an amount of EUR (676) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations 2 Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (624) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations 3 Included in the 2022 Other reserves is an amount of EUR 14 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations 2022 2021 2020 Share capital transactions relating to common shares Number of shares Number of shares Number of shares Transactions in 2022: Final dividend 2021 1) (18,676) Share buyback program (final dividend 2021) 24,364 Interim dividend 2022 1) (21,365) Share buyback program (interim dividend 2022) 29,833 Transactions in 2021: Final dividend 2020 1) (15,274) Share buyback program (final dividend 2020) 19,452 Interim dividend 2021 1) (17,314) Share buyback program (interim dividend 2021) 21,532 Transactions in 2020: Interim dividend 2020 1) (22,947) Share buyback program (interim dividend 2020) 24,029 1 Dividend distribution paid from treasury shares (note 30.3) In 2023, Aegon executed a program to repurchase 8,516,263 common shares for an amount of EUR 42.5 million to meet its obligations resulting from the share-based compensation plans for senior management. Between January 6, 2023 and January 30, 2023, these common shares were repurchased at an average price of EUR 5.00 per share. 30.1 Share capital – par value 2022 2021 2020 Common shares 253 253 252 Common shares B 66 68 69 At December 31 319 321 320 Common shares 2022 2021 2020 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 2022 2021 2020 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 Total amount Number of shares Total amount At January 1, 2020 2,105,139 253 585,022 70 Shares withdrawn (9,491 ) (1 ) (13,227 ) (2) Dividend 2,466 - - - At December 31, 2020 2,098,114 252 571,795 69 Shares withdrawn (2,466 ) (0 ) (2,956 ) (0) Dividend 10,665 1 - - At December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3) Dividend 13,782 2 - - At December 31, 2022 2,109,430 253 546,196 66 The common shares and common shares B withdrawn in 2022 are the result of the cancellation of 10,664,951 and 22,643,360 shares, respectively, following the repurchase by the Company in connection with the share buyback program. This share buy back program was executed following the 2021 interim dividend distribution in order to reduce the number of own shares, which are not used to cover obligations arising from share-based incentive plans or other obligations. The table below represents weighted average number of common shares including treasury shares attributable to Aegon N.V.: Weighted average number of Weighted average number of 2020 2,101,749 579,312 2021 2,101,231 570,629 2022 2,107,315 559,906 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 1/40th of the market value of a common share in the capital of the Company at the time of issuance) to keep or restore its total stake at 32.6%, irrespective of the circumstances which cause the total shareholding to be or become lower than 32.6%. Refer to note 50 Related party transactions for transactions between Aegon N.V. and Vereniging Aegon. 30.2 Share premium 2022 2021 2020 At January 1 7,033 7,160 7,213 Share dividend (180) (127) (54) At December 31 6,853 7,033 7,160 Share premium relating to: - Common shares 5,200 5,380 5,507 - Common shares B 1,653 1,653 1,653 Total share premium 6,853 7,033 7,160 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 146,606,837 (2021: 71,780,196) of its own common shares and 51,762,840 (2021: 30,588,800) 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: 2022 2021 2020 Number of Amount Number of Amount Number of Amount At January 1 70,958 262 52,686 171 65,540 269 Transactions in 2022: Purchase: 1 transaction, average price EUR 4.92 10,158 50 Sale: 3 transactions, average price EUR 2.46 (4,708) (12) Sale: 1 transaction, average price EUR 3.12 (18,676) (58) Purchase: 1 transaction, average price EUR 4.38 24,364 107 Share withdrawn: 1 transaction, average price EUR 3.70 (10,665) (39) Sale: 1 transaction, average price EUR 3.91 (21,365) (84) Purchase: 1 transaction, average price EUR 4.49 29,833 134 Purchase: 3 transactions, average price EUR 4.58 65,921 302 Transactions in 2021: Sale: transactions, average price 3.90 (4,139) (16) Shares withdrawn: 1 transaction average price 3.89 (2,466) (10) Sale: 1 transaction, average price 3.89 (15,274) (59) Purchase: 1 transaction average price 3.70 35,933 133 Sale: 1 transaction, average price 3.02 (17,314) (52) Purchase: 1 transaction average price 4.46 21,532 96 Transactions in 2020: Sale: transactions, average price 4.52 (4,445) (20) Shares withdrawn: 1 transaction average price 4.52 (9,491) (43) Sale: 1 transaction, average price 4.13 (22,947) (95) Purchase: 1 transaction average price 2.46 24,029 59 At December 31 145,821 662 70,958 262 52,686 171 Movements in the number of treasury common shares 2022 2021 2020 Number of Amount Number of Amount Number of Amount At January 1 30,589 3 12,884 1 25,310 3 Transactions in 2022: Share withdrawn: 1 transaction, average price EUR 0.10 (22,643) (2) Purchase: 1 transaction, average price EUR 0.12 43,817 5 Transactions in 2021: Sale: 1 transaction, average price 0.10 (1,983) - Shares withdrawn: 1 transaction average price 0.10 (2,956) - Purchase: 1 transaction average price 0.10 22,643 2 Transactions in 2020: Sale: 1 transaction, average price 0.13 (2,154) - Shares withdrawn: 1 transaction average price 0.13 (13,227) (2) Purchase: 1 transaction average price 0.08 2,956 - At December 31 51,763 6 30,589 3 12,884 1 As part of their insurance and investment operations, subsidiaries within the Group also hold Aegon N.V. common shares, both for their 2022 2021 2020 Number of Total Number of Total Number of Total Common shares Held by Aegon N.V. 145,821 662 70,958 262 52,686 171 Held by subsidiaries 785 8 822 8 1,062 9 Common shares B Held by Aegon N.V. 51,763 6 30,589 3 12,884 1 At December 31 198,369 676 102,369 273 66,632 181 Weighted average number of treasury shares, Weighted average number of treasury shares B 2020 58,224 18,386 2021 57,989 11,621 2022 97,807 23,696 30.4 Revaluation reserves Available-for-sale Real estate held Cash flow Total At January 1, 2022 5,309 32 1,100 6,442 Gross revaluation (21,586) (1) (66) (21,653) Shadow accounting adjustment 6,407 - - 6,407 Net (gains) / losses transferred to income statement 742 (16) (126) 600 Disposal of a business 14 - - 14 Foreign currency translation differences 413 (0) 74 487 Tax effect 3,178 - 42 3,219 Transfers to disposal groups - - - - Other 7 - - 7 At December 31, 2022 (5,516) 15 1,024 (4,477) At January 1, 2021 6,248 35 1,197 7,480 Gross revaluation (3,930) (4) (122) (4,057) Shadow accounting adjustment 2,759 - - 2,759 Net (gains) / losses transferred to income statement (450) - (106) (556) Foreign currency translation differences 362 1 84 447 Tax effect 322 1 47 370 Other (1) - - (1) At December 31, 2021 5,309 32 1,100 6,442 At January 1, 2020 4,352 19 1,502 5,873 Gross revaluation 5,728 20 (141) 5,607 Shadow accounting adjustment (2,738) - - (2,738) Net (gains) / losses transferred to income statement 13 - (106) (94) Net (gains) / losses transferred to retained earnings - - - - Foreign currency translation differences (443) (2) (111) (556) Tax effect (664) (2) 54 (612) At December 31, 2020 6,248 35 1,197 7,480 The revaluation accounts for both available-for-sale available-for-sale The closing balances of the revaluation reserve for available-for-sale 2022 2021 2020 Shares 18 49 46 Debt securities (5,511 ) 5,276 6,218 Other (22 ) (15 ) (17 ) Revaluation reserve for available-for-sale (5,516 ) 5,309 6,248 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 2022 2021 2020 At January 1 (2,199 ) (2,534 ) (2,397 ) Remeasurements of defined benefit plans 904 501 (360 ) Tax effect (250 ) (102 ) 140 Net exchange differences (20 ) (65 ) 83 Total remeasurement of defined benefit plans (1,565 ) (2,199 ) (2,534 ) 30.6 Other reserves Foreign currency Net foreign Equity movements Total At January 1, 2022 596 (338 ) 67 325 Movement in foreign currency translation and net foreign investment hedging reserves 710 (116 ) - 594 Disposal of a business 102 67 (18 ) 150 Tax effect (28 ) 16 - (12 ) Equity movements of joint ventures - - (63 ) (63 ) Equity movements of associates - - 3 3 Transfers to disposal groups - - - - At December 31, 2022 1,379 (371 ) (11 ) 997 At January 1, 2021 (403 ) (199 ) 48 (554 ) Movement in foreign currency translation and net foreign investment hedging reserves 1,013 (165 ) - 848 Disposal of a business 10 (2 ) - 8 Tax effect (24 ) 27 - 3 Equity movements of joint ventures - - 25 25 Equity movements of associates - - (6 ) (6 ) At December 31, 2021 596 (338 ) 67 325 At January 1, 2020 799 (374 ) 31 456 Movement in foreign currency translation and net foreign investment hedging reserves (1,209 ) 195 - (1,015 ) Disposal of a business (5 ) - (2 ) (7 ) Tax effect 12 (19 ) - (7 ) Equity movements of joint ventures - - 12 12 Equity movements of associates - - 7 7 At December 31, 2020 (402 ) (199 ) 48 (553 ) 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 | 14 Shareholders’ equity At January 1, 2022 321 7,033 6,453 258 2,316 7,924 (2,199) (273) 1,980 23,813 Net result 2021 retained - - - - - 1,980 - - (1,980) - Net result 2022 - - - - - - - - (1,433) (1,433) Total net result - - - - - 1,980 - - (3,413) (1,433) Foreign currency translation differences and movement in foreign investment hedging reserves - - - 750 - - (20) - - 730 Changes in revaluation in subsidiaries - - (10,901) - - - - - - (10,901) Changes in revaluation reserve real estate held for own use - - (17) - - 16 - - - (1) Remeasurement of defined benefit plans of group companies - - - - - - 655 - - 655 Changes and transfer to legal reserve - - - - 123 (201) - - - (78) Other - - - - - 38 - - - 38 Other comprehensive income / (loss) - - (10,918) 750 123 (146) 635 - - (9,557) Shares issued 2 - - - - - - - - 2 Shares withdrawn (4) - - - - - - - - (4) Dividends paid on common shares - (180) - - - (167) - - - (346) Issuance and purchase of treasury shares - - - - - 9 - (402) - (393) Redemption other equity instruments - - - - - 32 - - - 32 Coupons on perpetual securities - - - - - (36) - - - (36) Incentive plans - - - - - (5) - - - (5) At December 31, 2022 319 6,853 (4,465) 1,008 2,439 9,591 (1,565) (675) (1,433) 12,071 At January 1, 2021 320 7,160 7,491 (601) 1,710 8,798 (2,534) (181) (146) 22,018 Net result 2020 retained - - - - - (146) - - (146) - Net result 2021 - - - - - - - - 1,980 1,980 Total net result - - - - - (146) - - 2,125 1,980 Foreign currency translation differences and movement in foreign investment hedging reserves - - - 859 - - (65) - - 795 Changes in revaluation in subsidiaries - - (1,035) - - - - - - (1,035) Changes in revaluation reserve real estate held for own use - - (3) - - - - - - (3) Remeasurement of defined benefit plans of group companies - - - - - - 399 - - 399 Changes and transfer to legal reserve - - - - 606 (587) - - - 19 Other - - - - - 14 - - - 14 Other comprehensive income / (loss) - - (1,038) 859 606 (573) 335 - - 189 Shares issued 1 - - - - - - - - 1 Shares withdrawn (1) - - - - - - - - (1) Dividends paid on common shares - (127) - - - (120) - - - (247) Issuance and purchase of treasury shares - - - - - 4 - (92) - (88) Coupons on perpetual securities - - - - - (39) - - - (39) At December 31, 2021 321 7,033 6,453 258 2,316 7,924 (2,199) (273) 1,980 23,813 The balance of the revaluation account, which includes revaluation reserves for real estate, cash flow hedging and investments that do not have a frequent market listing, consisted of EUR 2,311 million (2021: EUR 7,294 million) of items with positive revaluation and of EUR 6,776 million (2021: EUR 840 million) of items with negative revaluation (on cash flow hedging and AFS investments). The revaluation linked to cash flow hedging hedging is identified on individual cash flow hedge positions. 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. For more details on distributable reserves, refer to note 43 Capital management and solvency of the consolidated financial statements. On the reporting date, Aegon N.V. and its subsidiaries held 146,606,837 (2021: 71,780,196) of its own common shares and 51,762,840 (2021: 30,588,800) 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: 2022 2021 Number of shares Amount Number of shares Amount At January 1 70,958 262 52,686 171 Transactions in 2022: Purchase: 1 transaction, average price EUR 4.92 10,158 50 Sale: 4 transactions, average price EUR 2.46 (4,708 ) (12 ) Sale: 1 transaction, average price EUR 3.12 (18,676 ) (58 ) Purchase: 1 transaction, average price EUR 4.38 24,364 107 Share withdrawn: 1 transaction, average price EUR 3.70 (10,665 ) (39 ) Sale: 1 transaction, average price EUR 3.91 (21,365 ) (84 ) Purchase: 1 transaction, average price EUR 4.49 29,833 134 Purchase: 3 transactions, average price EUR 4.58 65,921 302 Transactions in 2021: Sale: transactions, average price 3.90 (4,139 ) (16 ) Shares witdrawn: 1 transaction, average price EUR 3.89 (2,466 ) (10 ) Sale: 1 transaction, average price 3.89 (15,274 ) (59 ) Purchase: 1 transaction average price 3.70 35,933 133 Sale: 1 transaction, average price 3.02 (17,314 ) (52 ) Purchase: 1 transaction average price 4.46 21,532 96 At December 31 145,821 662 70,958 262 Movements in the number of treasury common shares B held by Aegon N.V. were as follows: 2022 2021 Number of shares Amount Number of shares Amount At January 1 30,589 3 12,884 1 Transactions in 2022: Share withdrawn: 1 transaction, average price EUR 0.10 (22,643 ) (2 ) Purchase: 1 transaction, average price EUR 0.12 43,817 5 Transactions in 2021: Sale: 1 transaction, average price EUR 0.10 (1,983 ) - Shares withdrawn: 1 transaction, average price EUR 0.10 (2,956 ) - Purchase: 1 transaction, average price EUR 0.10 22,643 2 At December 31 51,763 6 30,589 3 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. 2022 2021 Number of shares Total amount Number of shares Total amount Common shares Held by Aegon N.V. 145,821 662 70,958 262 Held by subsidiaries 785 8 822 8 Common shares B Held by Aegon N.V. 51,763 6 30,589 3 At December 31 198,369 676 102,369 273 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, 2022 | |
Statement [LineItems] | |
Other equity instruments | 31 Other equity instruments Perpetual Junior Perpetual Long Term Plans 1) Total At January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) At December 31, 2022 500 923 454 66 1,943 At January 1, 2021 500 1,564 454 50 2,569 Shares granted - - - 27 27 Shares vested - - - (21 ) (21 ) Securities redeemed - (212 ) - - (212 ) At December 31, 2021 500 1,352 454 57 2,363 At January 1, 2020 500 1,564 454 53 2,571 Shares granted - - - 22 22 Shares vested - - - (25 ) (25 ) At December 31, 2020 500 1,564 454 50 2,569 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 2022 2021 2020 EUR 500 million 5.625 1) Semi-annually, April 15 2029 500 500 500 At December 31 500 500 500 1 The coupon is fixed at 5.625% until the first call date and reset thereafter to a 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 Year of next call 2022 2021 2020 USD million floating LIBOR rate 1) Quarterly, December 15 Called in 2021 - - 212 USD million floating CMS rate 2) Quarterly, July 15 2023 402 402 402 EUR million floating DSL rate 3) Quarterly, July 15 2023 521 950 950 At December 31 923 1,352 1,564 1 The coupon of the USD 250 million junior perpetual capital securities was 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. On April 5, 2022 Aegon completed a tender offer buying back EUR 429 million of perpetual capital securities, part of the EUR 950 million notes issued in 2004. Aegon bought back the securities at a purchase price of 90%. The gain realized on this tender offer amounts to EUR 43 million before tax and is recognized in retained earnings in 2022. With effect on September 15, 2021, Aegon has exercised its right to redeem USD 250 million floating rate perpetual capital securities with a minimum coupon of 4% 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 September 15, 2021. 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 2022 2021 2020 EUR 114 million 1.506% 1), 4) Annually, June 8 2025 114 114 114 EUR 136 million 1.425% 2), 4) Annually, October 14 2028 136 136 136 EUR 203 million 0.496% 3), 4) Annually, March 4 2031 203 203 203 At December 31 454 454 454 1 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. 2 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. 3 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 and 0.496% until March 4, 2031. 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 85 These 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. |
Aegon N.V [member] | |
Statement [LineItems] | |
Other equity instruments | 15 Other equity instruments Perpetual Junior Perpetual Long Term 1) Total At January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) At December 31, 2022 500 923 454 66 1,943 At January 1, 2021 500 1,564 454 50 2,569 Shares granted - - - 27 27 Shares vested - - - (21 ) (21 ) Securities redeemed - (212 ) - - (212 ) At December 31, 2021 500 1,352 454 57 2,363 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 2022 2021 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 At December 31 500 500 1 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 Year of next 2022 2021 USD 500 million floating CMS rate 1) Quarterly 2023 402 402 EUR 950 million floating DSL rate 2) Quarterly 2023 521 950 At December 31 923 1,352 1 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 2 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 The interest rate exposure on some of these securities has been swapped to a three-month LIBOR and/or EURIBOR based yield. On April 5, 2022 Aegon completed a tender offer buying back EUR 429 million of perpetual capital securities, part of the EUR 950 million notes issued in 2004. Aegon bought back the securities at a purchase price of 90%. The gain realized on this tender offer amounts to EUR 43 million before tax and is recognized in retained earnings in 2022. 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 2022 2021 EUR 114 million 1.506% 1), 4) Annually, June 8 2025 114 114 EUR 136 million 1.425% 2), 4) Annually, October 14 2028 136 136 EUR 203 million 0.496% 3), 4) Annually, March 4 2031 203 203 At December 31 454 454 1 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. 2 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. 3 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 and 0.496% until March 4, 2031. 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 Dutch government securities plus a spread of 85 basis points. These 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, 2022 | |
Statement [LineItems] | |
Subordinated borrowings | 32 Subordinated borrowings Coupon rate Coupon date Issue /Maturity Year of next call 2022 2021 Fixed to floating subordinated EUR 700 million 4% 2) Annually, April 25 2014/ 44 2024 699 698 USD 800 million 5.5% 3) Semi 2018/ 48 2028 743 697 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2019/ 49 2024 852 798 At December 31 2,295 2,194 Fair value of subordinated borrowings 2,035 2,438 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. 2 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335bps. 3 The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%. 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. |
Aegon N.V [member] | |
Statement [LineItems] | |
Subordinated borrowings | 16 Subordinated borrowings Coupon rate Coupon date Issue / Maturity Year of next call 2022 2021 Fixed to floating subordinated notes EUR 4% 1) Annually 2014/ 44 2024 699 698 USD 5.5% 2) Semi-annually, 2018/ 48 2028 743 697 At December 31 1,442 1,396 Fair value of subordinated borrowings 1,372 1,567 1 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335 2 The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%. 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. |
Trust pass-through securities
Trust pass-through securities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Trust pass-through securities | 33 Trust pass-through securities Coupon rate Coupon date Issue /Maturity Year of next call 2022 2021 USD 225 million 1) 7.65% Semi-annually 1996/2026 n.a. 72 82 USD 190 million 1) 7.625% Semi-annually 1997/2037 n.a. 46 43 At December 31 118 126 Fair value of trust pass-through securities 133 139 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. |
Insurance contracts
Insurance contracts | 12 Months Ended |
Dec. 31, 2022 | |
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. Another way to mitigate underwriting risk is through reinsurance. Aegon uses reinsurance to primarily manage and diversify risk, limit volatility, improve capital positions, limit maximum losses and gain access to reinsurer support. While the objectives and use can vary by region due to local market considerations and product offerings, the use of reinsurance is coordinated and monitored globally. The key areas where reinsurance is used is to reduce our exposure to mortality and morbidity risk primarily through a combination of quota-share and Excess of Loss reinsurance. Also, Excess of Loss reinsurance is used to limit our exposure to large losses on non-life In order to minimize its reinsurer defaults exposure, Aegon regularly monitors the creditworthiness of its reinsurers, and where appropriate, arranges additional protection through letters of credit, trust agreements and over-collateralization. For certain agreements, funds are withheld for investment rather than relying on the reinsurer to meet investment expectations. Default exposure is further reduced by using multiple reinsurers within certain reinsurance agreements. External reinsurance counterparties are, in general, major global reinsurers. At the same time, local reinsurers are utilized to ensure a balance for local capacity and diversification. Sensitivity analysis of net result 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 result and shareholders’ equity to changes in various underwriting risks 2022 1) 2021 1) Estimated approximate effect On shareholders’ On net result On shareholders’ equity On net result 20% increase in lapse rates (1 ) 1 108 109 20% decrease in lapse rates (12 ) (16 ) (110 ) (115 ) 5% increase in mortality rates (140 ) (147 ) 340 295 5% decrease in mortality rates (50 ) (46 ) (434 ) (378 ) 10% increase in morbidity rates (389 ) (394 ) (292 ) (284 ) 10% decrease in morbidity rates 108 109 178 175 1 Includes the approximate effects of the disposal group 34.2 Insurance contracts for general account 2022 2021 Life insurance 75,084 110,691 Non-life - Unearned premiums and unexpired risks 6,181 6,548 - Outstanding claims 1,683 2,247 - Incurred but not reported claims 460 816 Incoming reinsurance 3,901 4,120 At December 31 87,309 124,422 The decrease in Insurance contracts for general account in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 2022 2021 Non-life - Accident and health insurance 8,324 9,374 - General insurance - 237 Total non-life 8,324 9,611 Movements during the year in life insurance: 2022 2021 At January 1 110,691 109,062 Disposals (576 ) - Portfolio transfers and acquisitions (18 ) (26 ) Gross premium and deposits – existing and new business 6,070 6,033 Unwind of discount / interest credited 3,593 4,037 Insurance liabilities released (10,364 ) (9,490 ) Changes in valuation of expected future benefits (2,840 ) (1,635 ) Loss recognized as a result of liability adequacy testing (2,239 ) (236 ) Shadow accounting adjustments (3,352 ) (1,821 ) Net exchange differences 4,338 4,713 Transfer (to) / from reinsurance assets 273 36 Transfers to disposal groups (30,491 ) - Other - 17 At December 31 75,084 110,691 Sensitivity analysis of net result and shareholders’ equity Estimated approximate Estimated approximate effects on shareholders’ equity 2022 1) Shift up 50 basis points - Bond credit spreads (237 ) (1,463 ) Shift down 50 basis points - Bond credit spreads 233 1,567 Shift up 50 basis points - Mortgage spreads (314 ) (280 ) Shift down 50 basis points - Mortgage spreads 156 190 Shift up 5 basis points - Liquidity premium 97 129 Shift down 5 basis points - Liquidity premium (77 ) (42 ) 2021 1) Shift up 50 basis points - Bond credit spreads (192 ) (2,418 ) Shift down 50 basis points - Bond credit spreads 169 2,387 Shift up 50 basis points - Mortgage spreads (444 ) (401 ) Shift down 50 basis points - Mortgage spreads 452 496 Shift up 5 basis points - Liquidity premium 136 178 Shift down 5 basis points - Liquidity premium (148 ) (104 ) 1 Includes the approximate effects of the disposal group Movements during the year in non-life 2022 2021 At January 1 9,611 9,118 Disposals (115 ) (25 ) Portfolio transfers and acquisitions - 1 Gross premiums – existing and new business 1,310 1,508 Unwind of discount / interest credited 536 479 Insurance liabilities released (1,198 ) (992 ) Changes in valuation of expected future claims 41 (36 ) Change in unearned premiums (488 ) (731 ) Change in unexpired risks - - Incurred related to current year 642 670 Incurred related to prior years 262 267 Release for claims settled current year (211 ) (269 ) Release for claims settled prior years (822 ) (757 ) Shadow accounting adjustments (734 ) (153 ) Change in IBNR (98 ) (59 ) Net exchange differences 550 592 Transfers to disposal groups (961 ) - Other - (1 ) At December 31 8,324 9,611 Movements during the year in incoming reinsurance: 2022 2021 At January 1 4,120 3,965 Gross premium and deposits – existing and new business 1,142 1,276 Unwind of discount / interest credited 199 192 Insurance liabilities released (1,885 ) (1,562 ) Changes in valuation of expected future benefits 91 (36 ) Shadow accounting adjustments (30 ) (7 ) Loss recognized as a result of liability adequacy (11 ) (3 ) Net exchange differences 276 296 Other (2 ) (1 ) At December 31 3,901 4,120 34.3 Insurance contracts for account of policyholders Insurance contracts for account of policyholders 2022 2021 At January 1 149,323 135,441 Disposal of a business (192 ) - Portfolio transfers and acquisitions (73 ) (547 ) Gross premium and deposits – existing and new business 4,831 5,532 Unwind of discount / interest credited (24,402 ) 14,994 Insurance liabilities released (10,190 ) (13,199 ) Fund charges released (1,681 ) (1,680 ) Changes in valuation of expected future benefits (1,121 ) (145 ) Transfer (to) / from insurance contracts (284 ) 783 Net exchange differences 3,773 8,144 Transfers to disposal groups (19,577 ) - Other - 1 At December 31 100,409 149,323 |
Investment contracts
Investment contracts | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Investment contracts | 35 Investment contracts 35.1 Investment contracts for general account Without discretionary With discretionary Total At January 1, 2022 21,573 194 21,767 Deposits 22,695 - 22,695 Withdrawals (23,276 ) - (23,276 ) Investment contracts liabilities released - (11 ) (11 ) Interest credited 268 - 268 Net exchange differences 642 (10 ) 632 Transfer (to)/from other headings 797 - 797 Transfers to disposal groups (12,179 ) - (12,179 ) Other (35 ) - (35 ) At December 31, 2022 10,485 174 10,658 At January 1, 2021 20,889 185 21,075 Deposits 20,947 - 20,947 Withdrawals (21,936 ) - (21,936 ) Investment contracts liabilities released - (3 ) (3 ) Interest credited 256 - 256 Net exchange differences 660 12 672 Transfer (to)/from other headings 780 - 780 Other (23 ) - (23 ) At December 31, 2021 21,573 194 21,767 Investment contracts consist of the following: 2022 2021 Institutional guaranteed products 179 187 Fixed annuities 10,230 9,543 Savings accounts - 11,586 Investment contracts with discretionary participation features 174 194 Other 76 256 At December 31 10,658 21,767 The decrease in Investment contracts for general account in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 35.2 Investment contracts for account of policyholders Without discretionary With discretionary Total At January 1, 2022 71,242 33,350 104,592 Gross premium and deposits – existing and new business 11,155 677 11,832 Withdrawals (15,132 ) - (15,132 ) Disposal of a business (182 ) - (182 ) Interest credited (9,691 ) (4,007 ) (13,698 ) Investment contracts liabilities released - (3,182 ) (3,182 ) Fund charges released (202 ) - (202 ) Net exchange differences 382 (1,537 ) (1,154 ) Transfer (to)/from other headings (1,396 ) - (1,396 ) Transfers to disposal groups (925 ) - (925 ) Other 2 - 2 At December 31, 2022 55,254 25,301 80,555 At January 1, 2021 59,625 31,999 91,624 Gross premium and deposits – existing and new business 11,185 810 11,995 Withdrawals (10,716 ) - (10,716 ) Interest credited 7,572 3,130 10,702 Investment contracts liabilities released - (3,815 ) (3,815 ) Fund charges released (209 ) - (209 ) Net exchange differences 4,256 2,097 6,353 Transfer (to)/from other headings (473 ) (871 ) (1,344 ) Other 1 - 1 At December 31, 2021 71,242 33,350 104,592 The decrease in Investment contracts for account of policyholders in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Guarantees in insurance contrac
Guarantees in insurance contracts | 12 Months Ended |
Dec. 31, 2022 | |
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 51). 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, a guaranteed minimum withdrawal benefit (GMWB) is offered directly on some variable annuity products Aegon issues and is also assumed from a ceding company. 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 the invested amount 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: 2022 2021 United States 1) The Netherlands 2) Total 3) United States 1) The Netherlands 2) Total 3) At January 1 1,830 1,413 3,243 2,715 2,032 4,747 Incurred guarantee benefits 4) (1,251 ) (660 ) (1,911 ) (1,047 ) (619 ) (1,666 ) Paid guarantee benefits (4 ) - (4 ) (2 ) - (2 ) Net exchange differences 136 - 136 164 - 164 Transfers to disposal groups - (753 ) (753 ) - - - At December 31 711 - 711 1,830 1,413 3,243 Account value 5) 27,752 - 27,752 34,945 9,748 44,693 Net amount at risk 6) 452 - 452 314 1,538 1,852 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 decrease of incurred guarantee benefits in 2022 mainly relates to significantly increased interest rates, partly offset by decreased equity markets. The increased interest rates and decreased equity markets also decreased account value in 2022. Transamerica 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, 2022, the reinsured account value was EUR 1.4 billion (2021: EUR 1.8 billion) and the guaranteed remaining balance was EUR 0.8 billion (2021: EUR 0.9 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, 2022, the contract had a value of EUR 8 million (2021: EUR 39 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 contracts 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. 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, 2022, amounted to EUR 151 million (2021: EUR 179 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: 2022 2021 GMDB 1) GMIB 2) Total 4) GMDB 1) GMIB 2) Total 4) At January 1 502 529 1,031 488 638 1,127 Incurred guarantee benefits 5) 344 338 683 27 (127 ) (99 ) Paid guarantee benefits (103 ) (41 ) (144 ) (49 ) (25 ) (75 ) Net exchange differences 30 31 61 36 42 79 At December 31 773 857 1,630 502 529 1,031 GMDB 1) 3) GMIB 2) 3) GMDB 1) 3) GMIB 2) 3) Account value 6) 44,488 3,911 56,426 5,186 Net amount at risk 7) 3,743 933 843 472 Average attained age of contract holders 72 73 71 72 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 assets and liabilities of Aegon the Netherlands are classified as held for sale, refer to note 51 Discontinued Operations. 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 22.7% at December 31, 2022, and 22.3% at December 31, 2021. 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 loss before tax of EUR 184 million (2021: gain of EUR 63 million) to earnings. The main drivers of this loss before tax are a loss of EUR 6,366 million related to hedges related to the guarantee reserves (2021: EUR 3,855 million gain), a loss of EUR 1,019 million related decreases in equity markets (2021: EUR 1,214 million gain) and a loss of EUR 774 million related to other and DPAC offset (2021: EUR 65 million gain) and a loss of EUR 35 million related to increases in equity volatility (2021: EUR 16 million gain). These losses are partly offset by a fair value gain on increases in risk free rates of EUR 7,653 million (2021: EUR 2,795 million gain) and a gain of EUR 357 million related to widening own credit spread (2021: EUR 19 million loss). Guarantee reserves decreased by EUR 9,051 million in 2022 (2021: decrease of EUR 2,997 million) to EUR 828 million (2021: EUR 9,878 million). |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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Borrowings | 37 Borrowings 2022 2021 Capital funding 1,245 1,292 Operational funding 2,806 8,369 At December 31 4,051 9,661 Current 1,150 824 Non-current 2,901 8,837 Fair value of borrowings 4,114 10,171 The decrease in Borrowings in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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. The difference between the contractually required payment at maturity date and the carrying amount of the borrowings amounted to EUR 7 million positive (2021: EUR 25 million positive). Capital funding A detailed composition of capital funding is included in the following table: (sorted by maturity) Coupon rate Coupon date Issue /Maturity 2022 2021 EUR 500 million Senior Unsecured Notes 1.00% December 8 2016/ 23 499 499 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 281 296 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually 2009 / 39 446 472 Other 19 26 At December 31 1,245 1,292 These loans are considered senior debt in calculating financial leverage in note 43 Capital management and solvency. Operational funding During 2022, the operational funding decreased by EUR 5.6 billion mainly Coupon rate Coupon date Issue /Maturity 2022 2021 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /22 - 592 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /24 - 494 EUR 875 million “SAECURE 16” RMBS Note 1) 2) Floating Quarterly 2018 / 23 - 676 EUR 512 million “SAECURE 18” RMBS Note 1) 3) Floating Quarterly 2019 / 25 - 355 EUR 657 million “SAECURE 20” RMBS Note 1) 4) Floating Quarterly 2021 / 27 - 625 EUR 500 million Conditional Pass-Through Covered Bond 1) 5) 0.250% Annual 2016 / 23 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 6) 0.375% Annual 2017 / 24 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 7) 0.010% Annual 2020 / 25 - 506 EUR 500 million Conditional Pass-Through Covered Bond 1) 8) 0.750% Annual 2017 / 27 - 492 EUR 500 million Conditional Pass-Through Covered Bond 1) 9) 0.375% Annual 2021 / 36 - 494 FHLB Secured borrowings 1) Floating Quarterly 2021 / 24 2,806 2,634 Aegon Bank Senior Non-Preferred 1) 0.625% Annual 2019 / 24 - 499 Other - 5 At December 31 2,806 8,369 1 Issued by a subsidiary of Aegon N.V. 2 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. 3 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. 4 The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 5 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 6 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 7 The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057. 8 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 9 The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037. Other Undrawn committed borrowing facilities: 2022 2021 Floating-rate - Expiring within one year - 408 - Expiring beyond one year 3,435 2,991 At December 31 3,435 3,399 There were no defaults or breaches of conditions during the period. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Provisions | 38 Provisions 2022 2021 At January 1 193 309 Additional provisions 28 91 Disposals (8 ) (6 ) Unused amounts reversed through the income statement (10 ) - Used during the year (57 ) (209 ) Net exchange differences 5 9 Transfer to disposal groups (52 ) - At December 31 99 193 Current 89 139 Non-current 10 54 The decrease in Provisions in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The provisions as at December 31, 2022 consisted of litigation provisions of EUR 71 million (2021: EUR 93 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 9 million (2021: EUR 30 million) and other provisions of EUR 19 million (2021: EUR 70 million). |
Defined benefit plans
Defined benefit plans | 12 Months Ended |
Dec. 31, 2022 | |
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Defined benefit plans | 39 Defined benefit plans 2022 2021 Retirement benefit plans 225 3,547 Other post-employment benefit plans 184 277 Total defined benefit plans 409 3,824 Retirement benefit plans in surplus 87 119 Total defined benefit assets 87 119 Retirement benefit plans in deficit 312 3,666 Other post-employment benefit plans in deficit 184 277 Total defined benefit liabilities 496 3,944 The decrease in Defined benefit plans in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 2022 2021 Movements during the year in defined benefit Retirement Other post- Total Retirement Other post- Total At January 1 3,547 277 3,824 4,318 275 4,593 Defined benefit expenses 68 17 85 (8 ) 16 8 Remeasurements of defined benefit plans (837 ) (67 ) (904 ) (487 ) (14 ) (501) Contributions paid (38 ) - (38 ) (164 ) - (164) Benefits paid (117 ) (17 ) (134 ) (110 ) (15 ) (125) Net exchange differences 21 15 36 29 16 45 Transfer to disposal groups (2,421 ) (41 ) (2,462 ) - - - Other 1 - 1 (32 ) - (32) At December 31 225 184 409 3,547 277 3,824 The amounts recognized in the statement of financial position are determined as follows: 2022 2021 Retirement Other post- Total Retirement Other post- Total Present value of wholly or partly funded obligations 3,098 - 3,098 4,604 - 4,604 Fair value of plan assets (3,083 ) - (3,083 ) (4,717 ) - (4,717 ) 15 - 15 (112 ) - (112 ) Present value of wholly unfunded obligations 210 184 394 3,660 277 3,937 At December 31 225 184 409 3,547 277 3,824 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 2022 and 2021. 2022 2021 Defined benefit expenses Retirement Other post- Total Retirement Other post- Total Current year service cost 32 11 43 48 11 59 Net interest on the net defined benefit liability (asset) 38 6 45 32 5 37 Past service cost (3) - (3) (88) - (88) Total defined benefit expenses 68 17 85 (8) 16 8 2020 Retirement Other post- Total Current year service cost 52 11 63 Net interest on the net defined benefit liability (asset) 52 7 59 Past service cost 1 - 1 Total defined benefit expenses 104 18 122 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 2022 2021 At January 1 8,541 9,059 Current year service cost 43 59 Interest expense 158 131 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions (3 ) (59 ) - Actuarial gains and losses arising from changes in financial assumptions (2,420 ) (299 ) Past service cost (3 ) (88 ) Benefits paid (529 ) (455 ) Amounts paid in respect of settlements - (140 ) Net exchange differences 164 364 Transfer to disposal groups (2,462 ) - Other 1 (32 ) At December 31 3,491 8,541 Movements during the year in plan assets for retirement benefit plans 2022 2021 At January 1 4,717 4,466 Interest income (based on discount rate) 114 94 Remeasurements of the net defined liability (asset) (1,518 ) 144 Contributions by employer 38 164 Benefits paid (395 ) (330 ) Amounts paid in respect of settlements - (140 ) Net exchange differences 127 319 At December 31 3,083 4,717 2022 2021 Breakdown of plan assets for retirement benefit Quoted Unquoted Total in % of total plan asdsets Quoted Unquoted Total in % of total plan Equity instruments - - - 0 % - - - 0 % Debt instrument 336 154 490 16 % 603 387 990 21 % Real estate - - - 0 % - 142 142 3 % Derivatives - (218 ) (218 ) (7 %) - (3 ) (3 ) (0 %) Investment funds - 2,214 2,214 72 % - 3,069 3,069 65 % Structured securities - 268 268 9 % - - - 0 % Other - 328 328 11 % 2 516 518 11 % At December 31 336 2,746 3,083 100 % 605 4,112 4,717 100 % Defined benefit plans are mainly operated by Transamerica, 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. Transamerica Transamerica 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 plan provides benefits are based on the employee’s eligible annual compensation. The plans provide benefits based on 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 102 million at December 31, 2022 (2021: EUR 7 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 Transamerica 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 Transamerica in 2022 or 2021. However, with the Transamerica Management Board approval of a proposal from Transamerica Corporation, Transamerica Corporation made a pension plan contribution of EUR 91 million in August 2021 that was over and above the minimum required funding levels as set forth by the Internal Revenue Code. In 2020, Transamerica Corporation did not make a voluntary pension plan contributions. Transamerica 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 197 million (2021: EUR 235 million unfunded). Transamerica 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. Transamerica maintains two plans which provide continuation of coverage for retiree medical benefits. For each plan, Transamerica 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), Transamerica 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, Transamerica has the fiduciary obligation to interpret the provisions of the plans, and to comply with any statutory reporting and disclosure requirements. Finally, Transamerica reviews the terms of the plans and makes changes to the plans if and when appropriate. Transamerica 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 184 million (2021: EUR 220 million). The weighted average duration of the defined benefit obligation is 9.8 years (2021: 12.9 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 2022 2021 Demographic actuarial assumptions Mortality US mortality table 1) US mortality table 1) Financial actuarial assumptions Discount rate 5.22%/5.14% 2.80%/2.61% Salary increase rate 4.00% 4.00% Health care trend rate 6.30% 6.10% 1 2022 assumption -PRI-2012 MP-2021. 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 2022 2021 Demographic actuarial assumptions 10% increase in mortality rates (50) (69 ) 10% decrease in mortality rates 54 77 Financial actuarial assumptions 100 basis points increase in discount rate (222) (357 ) 100 basis points decrease in discount rate 277 436 100 basis points increase in salary increase rate 4 - 100 basis points decrease in salary increase rate (3) - 100 basis points increase in health care trend rate 10 13 100 basis points decrease in health care trend rate (9) (12 ) 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 2%-4% Debt instruments 80%-90% Other 8%-16% Aegon the Netherlands The assets and liabilities of Aegon the Netherlands are classified as held for sale, refer to note 51 Discontinued Operations. 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 September 30, 2022. 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 87 million at December 31, 2022 (2021: EUR 119 million surplus). During 2022, EUR 38 million (2021: EUR 73 million) of contributions were paid into the scheme. The investment strategy for the scheme is determined by the trustees in consultation with Aegon UK. Currently 17% of assets are invested in growth assets (i.e. primarily equities) and 83% are income and 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. The scheme purchased two buy-in The weighted average duration of the defined benefit obligation is 15.3 years (2021: 21.0 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 2022 2021 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 4.96% 1.79% Price inflation 3.20% 3.34% 1 Club Vita tables based on analysis of Scheme membership CMI 2021 1.5 1.25 2 Club Vita tables based on analysis of Scheme membership CMI 2019 1.5 1.25 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 2022 2021 Demographic actuarial assumptions 10% increase in mortality rates (19) (55) 10% decrease in mortality rates 22 62 Financial actuarial assumptions 100 basis points increase in discount rate (130) (322) 100 basis points decrease in discount rate 164 433 100 basis points increase in price inflation 55 202 100 basis points decrease in price inflation (113) (237) 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 16.7% Debt instruments 83.3% All other operating segments Businesses included in all other operating segments mo |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Deferred tax | 40 Deferred tax 2022 2021 Deferred tax assets 1,827 131 Deferred tax liabilities 4 1,559 Total net deferred tax liability / (asset) (1,823) 1,428 The change from a net deferred tax liability at December 31, 2021 to a net deferred tax asset at December 31, 2022 is mainly the result of market movements on financial assets and the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Deferred tax assets comprise temporary differences on: 2022 2021 Real estate (15 ) - Financial assets 737 (7 ) Insurance and investment contracts 1,515 (8 ) Deferred expenses, VOBA and other intangible assets (2,350 ) (133 ) Defined benefit plans 199 3 Tax losses and credits carried forward 1,288 264 Other 454 11 At December 31 1,827 131 Deferred tax liabilities comprise temporary differences on: 2022 2021 Real estate - 776 Financial assets - 1,816 Insurance and investment contracts - (1,410 ) Deferred expenses, VOBA and other intangible assets 1 1,573 Defined benefit plans - (151 ) Tax losses and credits carried forward - (754 ) Other 3 (291 ) At December 31 4 1,559 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 invest- ment contracts Deferred expens- es, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total At January 1, 2022 776 1,823 (1,402 ) 1,706 (154 ) (1,018 ) (303 ) 1,428 Charged to income statement (75 ) 400 (336 ) 563 (187 ) 184 (158 ) 391 Charged to OCI (0 ) (3,213 ) - - 248 - 1 (2,964 ) Net exchange differences 1 180 (72 ) 88 (12 ) (24 ) (13 ) 147 Disposal of a business (1 ) 1 3 (5 ) - - 2 (0 ) Transfers to disposal groups (685 ) 168 195 (1 ) (94 ) (454 ) 26 (845 ) Transfer (to)/from current income tax - - - - - 25 - 25 Transfer (to) /from other headings - (95 ) 97 - - - (3 ) (1 ) Other - - - - - (1 ) (3 ) (3 ) At December 31, 2022 15 (737 ) (1,515 ) 2,351 (199 ) (1,287 ) (450 ) (1,823 ) At January 1, 2021 663 2,156 (1,533 ) 1,433 (206 ) (823 ) (366 ) 1,323 Charged to income statement 113 (113 ) 217 162 (32 ) (140 ) 54 260 Charged to OCI (1 ) (359 ) - - 100 - (1 ) (261 ) Net exchange differences 1 167 (86 ) 112 (15 ) (56 ) (20 ) 103 Transfer (to)/from current income tax - - - - - 2 - 2 Transfer (to)/from other headings - (29 ) - - - (1 ) 30 - At December 31, 2021 776 1,823 (1,402 ) 1,706 (154 ) (1,018 ) (303 ) 1,428 Transfer to/from current income tax relates to the deferred tax asset for the loss carry forward position of the Dutch fiscal unity. Deferred 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 1,176 million; an amount of tax EUR 477 million related to tax losses carried forward (2021: gross EUR 1,247 million; tax EUR 301 million) and an amount of tax EUR 595 million related to tax credits carried forward (2021: tax EUR 491 million) the realization of the deferred tax asset is dependent on the projection of future taxable profits. For the following amounts, arranged by loss carry forward periods, the deferred tax asset is not recognized: Gross amounts 1) Not recognized deferred tax assets 2022 2021 2022 2021 < 5 years 58 62 16 15 ≥ 9 24 2 4 ≥ - - 59 55 ≥ - - - - Indefinitely 655 598 169 151 At December 31 721 684 247 224 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 the following amounts relating to deductible temporary differences 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. Gross amounts Deferred tax assets 2022 2021 2022 2021 Deferred corporate income tax asset dependent on retaining bonds and similar investments until the earlier of market recovery or maturity 6,265 - 1,306 - Deferred corporate income tax asset dependent on future taxable profits 27 32 7 8 At December 31 6,292 32 1,313 8 For an amount of gross EUR 423 million; tax EUR 109 million related to deferred tax assets for tax losses from the continued operations the recognition is depended on the reversal of taxable temporary differences, refer to note 51 Discontinued operations. Aegon did not recognize deferred tax assets in respect of deductible temporary differences relating to Financial assets and Other items for the amount of gross EUR 29 million; tax EUR 5 million (2021: gross EUR 30 million; tax EUR 6 million). In 2021 deferred 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 1,770 million; tax EUR 455 million calculated at the enacted rates. In 2022 an amount of gross EUR 1,758 million; tax EUR 454 million was recognized which is accounted for in discontinued operations and the remaining amount of gross EUR 11 million; tax EUR 1 million is no longer accounted for since this related to the divested business of Hungary. Deferred taxes are non-current |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Other liabilities | 41 Other liabilities 2022 2021 Payables due to policyholders 860 1,229 Payables due to brokers and agents 489 467 Payables out of reinsurance 823 1,384 Social security and taxes payable 49 145 Income tax payable 10 4 Investment creditors 972 1,103 Cash collateral on derivative transactions 2,483 2,708 Cash collateral on securities lended 2,417 2,171 Cash collateral - other 64 76 Repurchase agreements 107 821 Lease liabilities 210 252 Other creditors 2,301 2,556 At December 31 10,785 12,916 Current 10,562 12,233 Non-current 223 683 The decrease in Other liabilities in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. The carrying amounts disclosed reasonably approximate the fair values at year-end, |
Aegon N.V [member] | |
Statement [LineItems] | |
Other liabilities | 18 Current liabilities Loans from and payables to group companies have a maturity of less than one year. Other current liabilities include derivatives with negative fair values of EUR 189 million (2021: EUR 116 million). |
Accruals
Accruals | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Accruals | 42 Accruals 2022 2021 Accrued interest 129 251 Accrued expenses 244 285 At December 31 373 537 The carrying amounts disclosed reasonably approximate the fair values as at the year-end. The decrease in Accruals in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Capital management and solvency
Capital management and solvency | 12 Months Ended |
Dec. 31, 2022 | |
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. 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. Aegon’s Enterprise Risk Management (ERM) framework ensures that the Aegon Group and its operating companies are adequately capitalized and that obligations towards policyholders are always adequately met. Embedded in this larger framework is Aegon’s capital management policy, which is based on adequate capitalization of the operating units, Cash Capital at Holding and leverage. Aegon manages capital in the operating units to their respective operating levels, sufficient to absorb moderate shocks and pay sustainable remittances to the Group, and above their minimum dividend payment levels. Cash Capital at Holding is maintained within an operating range of EUR 0.5 – 1.5 billion and covers holding expenses, near-term dividends, and contingencies, such as potential recapitalization of units. In 2022, Aegon achieved its goal to reduce its gross financial leverage to a range of EUR 5.0 billion to EUR 5.5 billion, as announced during the December 2020 Capital Markets Day. The range was based on a euro/US dollar exchange rate of 1.20, and at this constant rate the gross financial leverage was EUR 5.4 The frequent monitoring of actual and forecasted capitalization levels of its underlying businesses is an important element in Aegon’s capital framework in order to actively steer and manage towards maintaining adequate capitalization levels. Group operating capital generation contributed favorably and more than offset dividend payments. Capital ratios of Aegon’s main operating units December 31, 2022 1) December 31, 2021 US RBC ratio 425% 426% NL Life Solvency II ratio 210% 186% Scottish Equitable Plc (UK) Solvency II ratio 169% 167% 1 The capital ratios are estimates and are not final until filed with the respective supervisory authority. The estimated RBC ratio in the United States decreased from 426% on December 31, 2021, to 425% on December 31, 2022, and remained above the operating level of 400%. The impact from the negative impact of market variances (mainly negative equity variances) and remittances was partly offset by strong capital generation and one-time The estimated Solvency II ratio of NL Life increased from 186% on December 31, 2021, to 210% on December 31, 2022, which is above the operating level of 150%. The increase reflects the positive impact of model and assumption changes, which included the favorable impact of a higher factor applied when calculating the loss absorbing capacity of deferred taxes (LAC-DT). The estimated Solvency II ratio for Scottish Equitable Plc increased from 167% on December 31, 2021, to 169% on December 31, 2022, and remained above the operating level of 150%. The increase includes the positive impact from market movements, reducing required capital, while model and assumption updates had an unfavorable impact. Operating capital generation more than offset the impact of remittances paid. The ability of Aegon’s operating units, principally insurance companies, to pay remittances to the holding company is constrained by the requirement for these operating units 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 operating units, local insurance supervisors are able to restrict and/or prohibit the transfer of remittances to the holding company. In addition, the ability of operating units to pay remittances to the holding company can be constrained by the requirement for these operating units to hold sufficient shareholders’ equity as determined by law. The capitalization level and shareholders’ equity of the operating units 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 of operating units to transfer funds, Aegon establishes an operating level of capital in each of the units, 150% SCR for Solvency II units and 400% RBC CAL in the US, which includes additional capital in excess of regulatory capital requirements. Aegon manages capital in the units to this operating level over-the-cycle. Cash Capital at Holding Cash Capital at Holding increased from EUR 1.3 billion on December 31, 2021 to EUR 1.6 billion on December 31, 2022, driven by free cash flows from the operating units and proceeds from divestitures. Free cash flows were used to pay dividends to Aegon’s shareholders and to support operating units through capital injections. Proceeds from divestitures included the sale of Aegon’s Hungarian business and Turkish business to Vienna Insurance Group as well as the sale of Aegon’s stake in the joint venture with Liberbank to Unicaja Banco. These proceeds were used to reduce leverage and provide additional shareholder returns through a EUR 300 million share buyback program. Aegon Group Solvency Ratio To calculate its Group Solvency Ratio, Aegon applies a combination of the Group consolidation methods available under Solvency II: the Accounting Consolidation (AC) and Deduction & Aggregation (D&A) based methods. Solvency II capital requirements are mainly used for the European Economic Area (EEA)-based insurance and reinsurance entities, applying the AC method. Local requirements are used for insurance and reinsurance entities in (provisionally) equivalent third-country jurisdictions. Aegon’s UK insurance subsidiaries have been included in the Group Solvency II calculation in accordance with Solvency II standards, including Aegon’s approved Partial Internal Model. For more details, reference is made to the section “Regulation and Supervision”. The Group Solvency II ratio is calculated as the ratio between the Eligible Own Funds and the Solvency Capital Requirement (SCR). The Eligible Own Funds equal to the Available Own Funds after applying any Own Funds eligibility restrictions. The Group SCR is calculated based on Solvency II Partial Internal Model (PIM), which includes the SCR of AC entities, the D&A entities and the Other Financial Sector entities (including Aegon Bank). The SCR amount (or 100% Solvency II ratio) reflects a level of Eligible Own Funds that enables insurance and reinsurance entities to absorb significant losses (1-in-200 December 31, 2022 1) December 31, 2021 Group Own Funds 16,332 19,431 Group SCR 7,844 9,226 Group Solvency II ratio 208% 211% 1 The Solvency II ratios are estimates and are not final until filed with the respective supervisory authority. Aegon Group Eligible Own Funds amounted to EUR 16,332 million on December 31, 2022 (2021: EUR 19,431 million). The decrease of EUR 3,099 million in Own Funds since December 31, 2021, was mostly driven by negative market impacts and external dividends (23 cents per share: EUR 460 million), two share buy back announcements (1Q 2022 and 1Q 2023): EUR 500 million, deleveraging: EUR 386 million and a reduction of eligible own funds due to tiering restrictions: EUR 194 million. There was a partial offset from the proceeds from divestitures completed in 2022. Aegon’s Group PIM SCR amounted to EUR 7,844 million on December 31, 2022 (2021: EUR 9,226 million). The SCR decreased by EUR 1,382 million since December 31, 2021. This decrease was mainly the result from the release of required capital of in force business, the impact from management actions, model and assumption changes and market impacts. This was partially offset by the need to set up SCR for new business. As a result of the above changes in Eligible Own Funds and PIM SCR, the Group Solvency II ratio decreased by 3%-points to 208% in 2022. Minimum regulatory 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% CAL. During 2022, 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 the solvency requirements. Capital quality Aegon’s capital consists of 3 Tiers as an indication of its quality, with Tier 1 capital ranking the highest. The Available Own Funds is an estimate, has not been filed with the regulator and is subject to supervisory review. 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. The below table provides the composition of Aegon’s Available Own Funds across Tiers: 2022 2021 Available Own Funds Available Own Funds Percentage total Available Own Funds Percentage total Tier 1 (Unrestricted Tier 1 + Restricted Tier 1) 13,585 82% 16,409 84% Unrestricted Tier 1 11,762 71% 14,044 72% Restricted Tier 1 1,822 11% 2,364 12% Junior Perpetual Capital Securities 993 6% 1,391 7% Perpetual Cumulative Securities 387 2% 459 2% Perpetual Contingent Convertible Securities 442 3% 515 3% Tier 2 2,195 13% 2,348 12% Subordinated notes issued by AFC 770 5% 832 4% Subordinated liabilities Aegon NV 720 4% 767 4% Grandfathered subordinated notes 705 4% 750 4% Tier 3 746 5% 675 3% Total Available Own Funds 16,525 19,431 On December 31, 2022, Tier 1 capital amounted to EUR 13,585 million (2021: EUR 16,409), which includes EUR 1,822 million (2021: EUR 2,364 million ) restricted Tier 1 capital. Restricted Tier 1 capital consists of Aegon’s junior perpetual capital securities (2022: EUR 993 million, 2021: EUR 1,391 million), perpetual cumulative subordinated bonds (2022: EUR 387 million; 2021: EUR 459 million), and perpetual contingent convertible security (2022: EUR 442 million; 2021: EUR 515 million). Both junior perpetual capital securities and perpetual cumulative subordinated bonds are grandfathered. The reduction in junior perpetual capital securities is driven by the partial redemption of the EUR 950 million perpetual instrument. Perpetual contingent convertible securities are Solvency II compliant liabilities which were issued in 2019. Restricted Tier 1 capital is subject to eligibility restrictions to qualify as Eligible Own Funds. On December 31, 2022, Tier 2 capital amounted to EUR 2,195 million (2021: 2,348 million). This consists of the subordinated notes issued by Aegon Funding Company LLC (AFC) in 2019 (2022: EUR 770 million; 2021: EUR 832 million), the Solvency II compliant subordinated liabilities that were issued during 2018 (2022: EUR 720 million; 2021: EUR 767 million), and grandfathered subordinated notes (2022: EUR 705 million; 2021: EUR 750 million). Tier 2 capital is subject to eligibility restrictions to qualify as Eligible Own Funds. The grandfathered restricted Tier 1 and Tier 2 capital instruments are grandfathered such that they are considered as capital under the Solvency II framework until December 31, 2025. 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, 2022 is comprised of deferred tax assets balances related to Solvency II entities. IFRS equity compares to Solvency II Own Funds as follows: 2022 2021 IFRS Shareholders’ Equity 12,071 23,813 IFRS adjustments for Other Equity instruments and non controlling interests 2,119 2,559 IFRS Group Equity 14,190 26,372 Solvency II revaluations & reclassifications 1,489 (9,096 ) Transferability restrictions 1) (1,771 ) (1,772 ) Excess of Assets over Liabilities 13,908 15,504 Availability adjustments 2,715 4,020 Tiering restriction (194 ) - Fungibility adjustments (98 ) (93 ) Eligible Own Funds 16,332 19,431 1 This includes the transferability restriction related to the RBC CAL conversion methodology. The Solvency II revaluations and reclassification of EUR 1,489 million positive (2021: EUR 9,096 million negative) mainly stem from the difference in valuation and presentation between IFRS and Solvency II frameworks. 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, deferred policy acquisition costs (DPAC) and other intangible assets (EUR 1,692 million negative, 2021: EUR 2,263 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 2,725 million positive (2021: EUR 3,666 million positive) compared to the IFRS Statement of Financial Position; ◆ The Net Asset Value of subsidiaries that are included under the D&A method (on provisional equivalence or Standard Formula basis) in the Group Solvency II results. The revaluation difference stemming from this category amounted to EUR 3,134 million positive (2021: EUR 7,331 million negative) compared to the IFRS Statement of Financial Position; ◆ Reclassification of subordinated liabilities of EUR 2,678 million negative (2021: EUR 3,168 negative). The transferability restrictions reflect the restrictions on 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 therefore are 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 assesses its gross financial leverage position based on various leverage metrics, including the gross financial leverage ratio, which is calculated by dividing total financial leverage by total capitalization. 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 as adopted by the EU; ◆ 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 2022 2021 Total shareholders’ equity - based on IFRS as adopted by the EU 30 11,440 24,282 Non-controlling 31, SOFP 2) 242 253 Revaluation reserves 30 4,477 (6,442 ) Adjusted shareholders’ equity 16,159 18,093 Perpetual contingent convertible securities 31 500 500 Junior perpetual capital securities 31 923 1,352 Perpetual cumulative subordinated bonds 31 454 454 Fixed floating subordinated notes 32 1,442 1,396 Fixed subordinated notes 32 852 798 Trust pass-through securities 33 118 126 Currency revaluation other equity instruments 1) 66 16 Hybrid leverage 4,356 4,642 Senior debt 3) 37 1,265 1,290 Senior leverage 1,265 1,290 Total gross financial leverage 5,621 5,932 Total capitalization 21,780 24,008 Gross financial leverage ratio 25.8% 24.7% Fixed Charge Coverage 9.2 x 9.3 x 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 (20) million (2021: EUR (2) million). 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 5,363 million as at December 31, 2022 (2021: EUR 14,093 million). The following table shows the composition of the total distributable items: Distributable items 2022 2021 Equity attributable to shareholders based on IFRS as adopted by the EU 11,440 24,282 Non-distributable Share capital (319) (321) Legal reserves 1) (5,758) (9,868) At December 31 5,363 14,093 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. Besides the distributable items under Dutch law, a second restriction on the possibility to distribute dividends stems from Solvency II (Dutch Supervision act). Distributable reserves 2022 2021 Reserves available for financial surpervision purposes 16,332 19,431 Solvency requirement under the Financial Supervision Act 7,844 9,226 Total distributable reserves on the basis of solvency requirements 8,488 10,205 The freely distributable reserves is the minimum of distributable items under Dutch law and the freely distributable capital on the basis of solvency requirements and amounted to EUR 5,363 million as at December 31, 2022 (2021: EUR 10,205 million). |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2022 | |
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. The decrease in assets and liabilities in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Level I Level II Level III Total 2022 Assets carried at fair value Available-for-sale Shares 22 42 131 195 Debt securities 6,624 46,254 215 53,093 Money market and other short-term instruments 3,639 1,874 1 5,514 Other investments at fair value - 180 660 840 10,284 48,351 1,008 59,643 Fair value through profit or loss Shares 144 49 - 193 Debt securities 12 541 1 554 Money market and other short-term instruments 42 57 - 99 Other investments at fair value 1 358 3,363 3,722 Investments for account of policyholders 1) 87,358 91,799 402 179,559 Derivatives 33 2,717 11 2,760 Investments in real estate - - 59 59 Investments in real estate for policyholders - - 443 443 87,590 95,520 4,279 187,389 Revalued amounts Real estate held for own use - - 73 73 - - 73 73 Total assets at fair value 97,874 143,870 5,360 247,104 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 55,228 26 55,254 Derivatives 51 5,202 840 6,094 Total liabilities at fair value 51 60,467 867 61,385 1 The investments for account of policyholders include investments carried at fair value through profit or loss. Level I Level II Level III Total 2021 Assets carried at fair value Available-for-sale Shares 84 75 191 350 Debt securities 25,166 68,131 603 93,899 Money market and other short-term instruments 1,204 3,586 - 4,790 Other investments at fair value - 246 599 844 26,453 72,038 1,393 99,884 Fair value through profit or loss Shares 85 237 1,343 1,665 Debt securities 130 3,161 5 3,296 Money market and other short-term instruments 18 102 - 120 Other investments at fair value 2 389 3,010 3,401 Investments for account of policyholders 1) 129,794 119,653 943 250,390 Derivatives 150 8,676 1 8,827 Investments in real estate - - 2,643 2,643 Investments in real estate for policyholders - - 563 563 130,178 132,219 8,507 270,904 Revalued amounts Real estate held for own use - - 185 185 - - 185 185 Total assets at fair value 156,631 204,256 10,086 370,974 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 71,249 (6 ) 71,242 Derivatives 39 7,162 3,437 10,639 Total liabilities at fair value 39 78,411 3,431 81,881 1 The investments for account of policyholders include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders represents only those investment contracts carried at fair value. 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 2022 1) Total 2021 Transfers Level I Transfers Level II to Level I Transfers Level I Transfers Level II Assets carried at fair value Available-for-sale Debt securities 23 5 44 32 Money markets and other short-term instruments - 721 - - 23 726 44 32 Fair value through profit or loss Shares 10 128 - - Money markets and other short-term instruments - 13 - - Investments for account of policyholders - 40 - - 10 181 - - Total assets at fair value 34 907 44 32 - - Total Liabilities carried at fair value - - - - 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 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 Available-for-sale Shares 191 (0 ) (1 ) (35 ) (4 ) (10 ) - 12 - - - (21 ) 131 - Debt securities 603 - (1 ) (88 ) 124 (34 ) (21 ) 26 - 43 (384 ) (54 ) 215 - Money markets and other short-term instruments - - (0 ) 1 - - - (0 ) - - - - 1 - Other investments at fair value 599 - (142 ) 22 168 (12 ) (14 ) 39 - - - - 660 - 1,393 (0 ) (145 ) (100 ) 289 (56 ) (34 ) 77 - 43 (384 ) (75 ) 1,008 - Fair value through profit or loss Shares 1,343 - 170 - 190 (345 ) - - - - - (1,357 ) - - Debt securities 5 - (1 ) - 44 (3 ) - - - - - (44 ) 1 (1 ) Other investments at fair value 3,010 - 361 - 444 (578 ) - 190 - - - (64 ) 3,363 - Investments for account of policyholders 943 - 41 (0 ) (515 ) 873 - (10 ) - 2 - (932 ) 402 (55 ) Derivatives 1 - 10 - - - - (0 ) - - - - 11 10 Investments in real estate 2,643 - (51 ) - 42 (40 ) - 3 7 - - (2,545 ) 59 1 Investments in real estate for policyholders 563 - (61 ) - 10 (42 ) - (27 ) - - - - 443 (69 ) 8,507 - 470 (0 ) 215 (135 ) - 155 7 2 - (4,942 ) 4,279 (114 ) Revalued amounts Real estate held for own use 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 (0 ) 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 (0 ) Total assets at fair value 10,086 (24 ) 322 (99 ) 503 (199 ) (34 ) 235 2 45 (384 ) (5,092 ) 5,360 (115 ) Liabilities carried at fair value Investment contracts for account of policyholders (6 ) - (26 ) - (559 ) 720 - 2 - 1 - (105 ) 26 - Derivatives 3,437 - (1,986 ) - - (7 ) - 150 - - - (754 ) 840 - 3,431 - (2,012 ) - (559 ) 713 - 152 - 1 - (859 ) 867 - 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 Available-for-sale Shares 173 1 3 30 (26 ) (0 ) 11 - - - 191 - Debt securities 467 (1 ) 6 228 (29 ) (46 ) 22 - 203 (246 ) 603 - Money markets and other short-term instruments - - - - - - - - - - - - Other investments at fair value 581 (113 ) 7 111 (24 ) (6 ) 43 - - - 599 - 1,221 (114 ) 16 368 (80 ) (52 ) 77 - 203 (246 ) 1,393 - Fair value through profit or loss Shares 1,329 150 - 179 (316 ) 1 1 - - - 1,343 147 Debt securities 242 (1 ) - 124 (361 ) (0 ) - - - - 5 1 Other investments at fair value 2,173 796 - 492 (638 ) - 186 - - - 3,010 (1 ) Investments for account of policyholders 1,012 206 (0 ) (198 ) (93 ) - 22 - - (7 ) 943 162 Derivatives 22 (17 ) - - (4 ) - - - - - 1 (10 ) Investments in real estate 2,385 253 - 48 (60 ) - 3 14 - - 2,643 253 Investments in real estate for policyholders 467 46 - 60 (43 ) - 32 - - - 563 66 7,631 1,433 (0 ) 705 (1,514 ) - 245 14 - (7 ) 8,507 618 Revalued amounts Real estate held for own use 209 (16 ) (4 ) 6 - (0 ) 5 (14 ) - - 185 1 209 (16 ) (4 ) 6 - (0 ) 5 (14 ) - - 185 1 Total assets at fair value 9,061 1,303 12 1,079 (1,594 ) (52 ) 326 - 203 (253 ) 10,086 619 Liabilities carried at fair value Investment contracts for account of policyholders (12 ) (1 ) - (361 ) 366 - 2 - - - (6 ) 3 Derivatives 4,902 (1,627 ) - - (14 ) - 176 - - - 3,437 607 4,890 (1,628 ) - (361 ) 352 - 178 - - - 3,431 610 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 2022, Aegon transferred certain financial instruments from Level I and 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. Since the transfer, all such assets have been valued using valuation models incorporating significant non market-observable inputs or uncorroborated broker quotes. Similarly, during 2022, Aegon transferred certain financial instruments from Level III to Level I and II 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 2) December 4 Range December Range Assets carried at fair value Available-for-sale Shares Net asset value n.a. 126 n.a. 166 n.a. Other n.a. 5 n.a. 25 n.a. 131 191 Debt securities Broker quote n.a. 66 n.a. 493 n.a. Discounted cash flow Constant Prepayment Rate 2 40.53% 5 21.43% Discounted cash flow Constant Prepayment Rate - - 22 9.95% Other n.a. 148 n.a. 82 n.a. 216 603 Other investments at fair value Tax credit investments Discounted cash flow Discount rate 610 7.10% 541 7.09% Investment funds Net asset value n.a. 2 n.a. 3 n.a. Other Other n.a. 48 n.a. 56 n.a. 660 599 At December 31 1,008 1,393 Fair value through profit or loss Shares Other n.a. - n.a. 1,343 n.a. Debt securities Other n.a. - n.a. 5 n.a. Debt securities Discounted cash flow Constant prepayment rate - 7.80% - n.a. 1 1,348 Other investments at fair value Investment funds Net asset value n.a. 3,363 n.a. 2,944 n.a. Other Other n.a. - n.a. 66 n.a. 3,363 3,010 Total assets at fair value 3) 4,372 5,750 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 836 0.45% 3,437 0.23% Other Discounted cash flow Other 4 n.a - - Total liabilities at fair value 840 - 3,437 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 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 result or equity. The effect on total assets is offset by the effect on total liabilities. 4 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 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 Own credit spread, as included in the discount rate for embedded derivatives in insurance contracts, is considered as a significant unobservable input. 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 5 basis points included in the discount rate. December 31, 2022 1) Effect of reasonably possible alternative assumptions (+/-) December Effect of reasonably Increase Decrease Increase Decrease Financial liabilities carried at fair value Embedded derivatives in insurance contracts 836 16 (16 ) 3,437 39 (39 ) 1 2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 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. 2022 Carrying amount December 31, 1) Estimated fair value hierarchy Total 1) Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,441 - 1 9,244 9,245 Private loans - held at amortized cost 27 - 15 - 15 Other loans - held at amortized cost 2,088 39 2,049 - 2,088 Liabilities Subordinated borrowings - held at amortized cost 2,295 1,372 663 - 2,035 Trust pass-through securities - held at amortized cost 118 - 133 - 133 Borrowings – held at amortized cost 4,051 1,289 2,825 - 4,114 Investment contracts - held at amortized cost 10,485 - - 9,410 9,410 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Carrying amount December 31, Estimated fair value hierarchy Total estimated fair Level I Level II Level III Assets Mortgage loans - held at amortized cost 39,991 - 1 44,366 44,366 Private loans - held at amortized cost 4,883 - 34 5,457 5,491 Other loans - held at amortized cost 1,949 21 1,923 5 1,949 Liabilities Subordinated borrowings - held at amortized cost 2,194 1,567 872 - 2,438 Trust pass-through securities - held at amortized cost 126 - 139 - 139 Borrowings – held at amortized cost 9,661 1,735 2,662 5,773 10,171 Investment contracts - held at amortized cost 21,573 - - 20,861 20,861 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 the liquidity premium which is embedded in the discount rate. Aegon the Netherlands has mandated Aegon Asset Management to invest in RMBS transactions. Aegon Asset Management uses its own proprietary cash flow tools to analyze and stress test RMBS transactions. The key input parameters are default rates and loss given default assumptions, which are established based on historical pool characteristics and current loan level data. 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. During 2022, there were no corporate bonds that met the policy threshold to be internally modeled. 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 remained stable at 7.1% (December 31, 2021: 7.1%). 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. 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 increased to 0.45% (2021: 0.23%). 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. In the Netherlands, the ultimate forward rate is 3.65% from the last liquid point. The US ultimate forward rate extrapolates linearly beyond 30 years using an average of forward interest rates implied by the market between 20 years and 30 years. In the US, the ultimate forward rate is 3.50% 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 in real estate and real estate held for own use are conducted in full by independent external appraisers at least every three to five years and reviewed at least once a year by qualified internal appraisers to ensure the value correctly reflects the fair value at the reporting date. Appraisals are different for each specific local market, but are based on market guidelines such as International Valuation Standards, Uniform Standards of Professional Appraisal Practice or guidelines issued by the Investment Property Databank. Valuations are mostly based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. If such information is not available, other valuation methods are applied, considering the value that the property’s net earning power will support, the value indicated by recent sales of comparable properties and the current cost of reproducing or replacing the property. Discount rates used in the valuation of real estate reflect the risk embedded in the projected cash flows for the asset being valued. Capitalization rates represent the income rate for a real estate property that reflects the relationship between a single year’s net operating income expectancy and the total property price or value. For property held for own use, appraisers consider the present value of the future rental income cash flows that could be achieved had the real estate |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 2023. 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. 2022 2021 Purchase Sale Purchase Sale Real estate - 1 129 6 Mortgage loans 468 - 1,163 67 Private loans 150 - 311 - Other 1,408 - 1,358 - 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. Mortgage loan commitments represent undrawn mortgage loan facilities provided and outstanding proposals on mortgages. The sale of mortgage loans relates to pre-announced Future lease payments < 1 year amounts 1 < 2 years 2 < 3 years 3 < 4 years 4 < 5 years > 5 years 2022 Operating lease rights 10 9 7 7 6 17 2021 Operating lease rights 8 8 6 5 5 21 The operating lease rights relate to non-cancellable Other commitments and contingencies 2022 2021 Guarantees 611 506 Standby letters of credit - 12 Share of contingent liabilities incurred in relation to interests in joint ventures - 7 Other guarantees 8 11 Other commitments and contingent liabilities - - Guarantees include those guarantees associated with the sale of investments in low-income Contractual obligations In March 2019, affiliates of Transamerica Corporation and Long Term Care Group (LTCG), entered into a series of agreements to which Transamerica transferred to LTCG the administration and claims management of its long term care insurance business line, enabling Transamerica to accelerate the enhancement of its digital capabilities and modernize 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 represent compensation for administering Transamerica’s long term care product line including policyholder service, claims processing and care management. The agreement also contains a termination clause in which 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 intent of the relationship is for 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 could 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. Included in this agreement were transition and conversion charges which were nil at the end of 2022. There continue to be ongoing administrative, IT and finance service fees which are contingent on TCS meeting specified milestones in the underlying agreement with Transamerica. The agreement also contains termination clauses which in certain conditions and subject to certain limitations, could require Transamerica to compensate TCS, on a specified schedule, for early termination. In November 2018, Aegon UK announced an extended partnership with Atos BPS Ltd (Atos) to service and administer its Traditional Products Business (non-Platform 15-year year-end over the next year, with fixed payments to Atos defined in the agreement and subject to completion of milestones which have been agreed with Aegon UK. 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 January 1, 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 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 1,042 million (2021: EUR 987 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. 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, 2022. Legal and arbitration proceedings, regulatory investigations and actions Aegon faces significant risks of litigation as well as regulatory exams and investigations and actions relating to its and its subsidiaries’ businesses. Aegon is also subject to compliance with regulations applicable to it as a corporate entity. 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 tax audits or 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 in the jurisdictions in which Aegon does business, including the United States, the Netherlands, Poland and the United Kingdom. These actions may involve issues including, but not limited to, employment or distribution relationships; operational and internal controls and processes; investment returns; sales practices; transparency and adequacy of product disclosures including regarding initial costs, ongoing costs, and costs due on policy surrender as well as changes to costs over time; environmental and climate change related 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. Regulators may also seek changes to the way Aegon operates. In some cases, Aegon subsidiaries have modified business practices in response to inquiries. Customers of certain Aegon products bear significant investment risks with respect to those products, which are affected by fluctuations in equity markets as well as interest rate movements. When investment returns disappoint, are volatile or change due to changes in the market or other relevant conditions, customers may threaten or bring litigation against Aegon. 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. Litigation exposure may develop over long periods of time; once litigation is initiated, it may be protracted and subject to multiple levels of appeal, which can lead to significant costs of defense, adverse publicity and other constraints. In some jurisdictions, plaintiffs may seek recovery of very large or indeterminate amounts under claims of bad faith, which can result in tort, punitive and/or statutory damages. Damages alleged may not be quantifiable or supportable, or may have no relationship to economic losses or final awards. As a result, Aegon cannot predict the effect of litigation, investigations or other actions on its business. 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. 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. Aegon’s subsidiary in the US has settled two such class actions that had been venued in the US District Court for the Central District of California. The settlement in the first of these cases, approved in January 2019, arose from increases implemented in 2015-2016. Over 99% of affected policyholders participated in that settlement. While less than 1% of policyholders opted out of the settlement, they represented approximately 43% of the value of the settlement fund. In a second case, Aegon’s subsidiary agreed to settle a class action lawsuit arising out of MDR increases in 2017 and 2018. The court approved that settlement in September 2020. Opt-outs opt-out opt-out opt-outs Transamerica subsidiaries may face employment-related lawsuits from time to time. For example, several Transamerica subsidiaries are defendants in a class action alleging that the business model at issue improperly characterizes distributors as independent contractors instead of employees. Depending on the outcome, these lawsuits, along with similar claims against Transamerica subsidiaries and other companies and regulatory action could result in significant settlements or judgments, and could necessitate a change in the distribution model, which would be costly and could have a material impact on the financial results for that part of the Transamerica business. 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 2023, a provision of EUR 6 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. Aegon also decided to reduce future policy costs for the large majority of its unit-linked portfolio. 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 (and revised in December 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 December 2020 Aegon Bank N.V. reached an agreement in principle on a settlement with Leaseproces B.V. for claims regarding Vliegwiel and Sprintplan customers represented by Leaseproces. On June 4, 2021 Aegon and Leaseproces B.V. announced it had finalized its agreement to settle these claims. In September 2021, the parties announced that more than 90% of customers had agreed to the settlement, by which the last remaining threshold was met. Subsequently, most claims have been paid during the fourth quarter 2021, with a small amount remaining at year-end. In 2019 Optas N.V., a life insurance company owned by Aegon merged with Aegon Levensverzekering N.V. following approval of the merger by DNB. A number of policyholders filed complaints against DNB’s decision to approve the merger and appealed this decision at the administrative Court after DNB persisted in its approval. On February 13, 2023, the administrative Court annulled DNB’s decision to approve the merger as the court is of the opinion that in the interest of policyholders, among other things, DNB should have required Aegon to individually inform all policyholders in writing regarding the merger and the possibility to oppose the merger. As at March 8, 2023 no appeal has been filed against the administrative Court’s decision. The decision is open to appeal until March 27, 2023. The Financial Markets Supervision act provides that the annulment of DNB’s approval from an administrative law perspective in itself does not affect the legality of the merger from a civil law perspective. This has been confirmed by a ruling of the civil Court in a civil case opposing the merger brought against Aegon by three policyholders. The policyholders were unsuccessful in first instance and the case is now under appeal. Although Aegon does not expect the pending litigation at the administrative Court and the civil Court to have a material, if any, impact there can be no assurances that these matters 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 | 19 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 with its captive insurance companies that are subsidiaries of Transamerica Corporation and Commonwealth General Corporation. At December 31, 2022, the letter of credit arrangements utilized by captives to provide collateral to affiliates amounted to EUR 511 million (2021: EUR 1,157 million); as of that date no amounts had been drawn, or were due under these 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 1,042 million (2021: EUR 987 million); ◆ Due to the intended sale of Aegon Nederland N.V. to ASR Nederland N.V. (a.s.r.), Aegon Nederland N.V. has recognized a deferred tax liability of EUR 454 million on the undistributed profits of certain subsidiaries, which were previously not recognized. The actual settlement of this deferred tax liability is planned prior to the transaction and is subject to the approval of the sale of Aegon Nederland N.V. by the regulators. Aegon N.V., through Aegon Europe Holding B.V., has agreed to compensate this negative equity effect of Aegon Nederland N.V. before closure of the deal with a.s.r. during 2023; 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. 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, 2022. |
Transfers of financial assets
Transfers of financial assets | 12 Months Ended |
Dec. 31, 2022 | |
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. 2022 1) Available-for-sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets - 2,200 16 72 Carrying amount of associated liabilities - 2,513 17 - 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Available-for-sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets 34 3,705 12 96 Carrying amount of associated liabilities 37 3,941 18 - 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 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 2022 1) 2021 Carrying amount of transferred financial assets 2,190 3,083 Fair value of cash collateral received 2,417 2,171 Fair value of non-cash 74 1,102 Net exposure (301 ) (190) Non-cash - 1,004 Non-cash - - 1 2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. Reverse repurchase agreements 2022 1) 2021 Cash paid for reverse repurchase agreements 312 1,004 Fair value of non-cash 335 1,025 Net exposure (23 ) (21) Non-cash - 695 Non-cash - - 1 2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. 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 2022 1) 2021 General account (contingent) liabilities 3,520 3,410 Collateral pledged 5,745 4,594 Net exposure (2,225 ) (1,183) Non-cash - - 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Assets pledged for repurchase agreements 2022 1) 2021 Cash received on repurchase agreements 107 821 Collateral pledged (transferred financial assets) 99 764 Net exposure 8 57 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. In order to trade derivatives on the various exchanges, Aegon posts margin as collateral. The amount of collateral pledged for derivative transactions was EUR 4.7 billion (2021: EUR 2.3 billion). |
Offsetting, enforceable master
Offsetting, enforceable master netting arrangements and similar agreements | 12 Months Ended |
Dec. 31, 2022 | |
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, Gross amounts financial Net amounts of financial assets position Related amounts not set off in the statements of financial position Net amount Financial assets subject to similar agreements Gross amounts Financial Cash collateral received (excluding surplus collateral) 2022 Derivatives 2,733 - 2,733 2,589 111 34 At December 31 2,733 - 2,733 2,589 111 34 2021 Derivatives 8,811 - 8,811 6,045 2,519 247 At December 31 8,811 - 8,811 6,045 2,519 247 Gross amounts financial assets Net amounts of liabilities position Related amounts not set off in the statements of financial position Financial liabilities subject to similar agreements Gross amounts liabilities Financial Cash collateral pledged (excluding surplus collateral) Net amount 2022 Derivatives 5,115 - 5,115 3,359 1,668 89 At December 31 5,115 - 5,115 3,359 1,668 89 2021 Derivatives 7,043 - 7,043 6,768 224 52 At December 31 7,043 - 7,043 6,768 224 52 The decrease in derivative assets and liabilities in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 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 2022 and 2021. 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 |
Companies and businesses acquir
Companies and businesses acquired and divested | 12 Months Ended |
Dec. 31, 2022 | |
Companies and Businesses Acquired and Divested [Abstract] | |
Companies and businesses acquired and divested | 48 Companies and businesses acquired and divested Companies and businesses acquired 2022 On February 28, 2022, Transamerica acquired 100% equity interest in TAG Resources, LLC (TAG). TAG aggregates small to mid-market 2021 There were no significant acquisitions in 2021. 2020 On July 30, 2020, Aegon announced the completion of the expansion of its partnership with Santander in Spain. This follows the agreement signed on July 3, 2018 between Aegon and Banco Santander to expand their life and non-life non-life in-force Companies and businesses divested 2022 On October 27, 2022, Aegon announced it has reached an agreement with a.s.r. to combine its Dutch pension, life and non-life On October 14, 2022, Aegon completed the divestment of its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. As announced on May 23, 2022, the sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021. The net proceeds of the transaction amount to EUR 176 million. Aegon Spain intends to upstream the net proceeds to the Group. The book gain on the transaction is EUR 87 million and is recorded in Aegon’s 2022 results. On March 23, 2022, and on April 21, 2022, Aegon completed the divestment of its Hungarian and Turkish businesses to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). At December 31, 2021, the total assets of the Hungarian and Turkish businesses were EUR 1.4 billion, mainly including investments, and the total liabilities were EUR 1.2 billion, mainly including insurance contracts. The gross proceeds of the transactions amount to EUR 700 million, of which EUR 96 million is cash on hand at the Hungarian and Turkish businesses and dividends. As a result of the transactions, the Group Solvency II ratio improved by approximately 7 percentage points. The book gain amounted to EUR 288 million, which includes a loss of EUR 177 million related to the recycling of the foreign currency translation reserve and revaluation reserve though the income statement. As a result of this transaction, IFRS equity has increased by EUR 465 million. The completion of this sale is part of the full closing of the sale of Aegon’s insurance, pension, and asset management businesses in Central and Eastern Europe to VIG for EUR 830 million, as announced in November 2020. The sale of Aegon Poland and Aegon Romania is subject to regulatory approval and expected to close in the first half of 2023. 2021 On February 28, 2021, Aegon successfully completed the divestment of Stonebridge, a UK-based 2020 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 had no material impact on Aegon’s capital position and led to an IFRS gain of EUR 53 million. This divestment had no material impact on operating result going forward. |
Group companies
Group companies | 12 Months Ended |
Dec. 31, 2022 | |
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, Cedar Rapids, Iowa (United States) ◆ Transamerica Financial Life Insurance Company, Harrison, New York (United States) ◆ Transamerica Life Insurance Company, Cedar Rapids, Iowa (United States) The Netherlands (classified as disposal group) ◆ Aegon Bank N.V., The Hague ◆ Aegon Cappital B.V., Groningen ◆ Aegon Hypotheken B.V., The Hague ◆ Aegon Levensverzekering N.V., The Hague ◆ Aegon Schadeverzekering N.V., The Hague ◆ Aegon Spaarkas N.V., The Hague ◆ Nedasco B.V., Amersfoort ◆ Robidus Groep B.V., Zaandam ◆ TKP Pensioen B.V., Groningen United Kingdom ◆ Aegon Investment Solutions Ltd., Edinburgh ◆ Aegon Investments Ltd., London ◆ Scottish Equitable plc, Edinburgh ◆ Cofunds Limited, London International ◆ Aegon Towarzystwo Ubezpieczeń na Życie Spółka Akcyjna, Warsaw (Aegon Poland Life) ◆ Aegon Powszechne Towarzystwo Emerytaine Spólka Akcyjna, Warsaw (Aegon Poland Pension Fund Management Co.) ◆ 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) ◆ Transamerica Life (Bermuda) Ltd., Hamilton (Bermuda) Asset Management ◆ Aegon USA Investment Management, LLC, Cedar Rapids (United States) ◆ Aegon USA Realty Advisors, LLC, Des Moines (United States) ◆ Aegon Asset Management Holding B.V., The Hague (The Netherlands) ◆ Aegon Investment Management B.V, The Hague (The Netherlands) ◆ Aegon Asset Management UK plc, Edinburgh (United Kingdom) 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 powers in these joint ventures is equal to the shareholdings, unless stated otherwise. The Netherlands (classified as disposal group) ◆ AMVEST Vastgoed, Utrecht (50%) ◆ AMVEST Living & Care Fund, Utrecht (50%) ◆ AMVEST Development Fund, Amsterdam (50%) International ◆ Santander Generales Seguros y Reaseguros, S.A., Madrid (Spain) (51%) ◆ Santander Vida Seguros y Reaseguros, S.A., Madrid (Spain) (51%) ◆ 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%) ◆ Aegon THTF Life Insurance Co., Ltd., Shanghai (China) (50%) ◆ Mongeral Aegon, Seguros e Previdencia S.A., Rio de Janeiro (Brazil) (54.9%, voting rights 50%) ◆ Sicoob Seguradode de Vida e Previdência S.A., Rio de Janeiro (Brazil) (28%) 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 powers in these associates is equal to the shareholdings, unless stated otherwise. The Netherlands (classified as disposal group) ◆ AMVEST Residential Core Fund, Amsterdam (29%) ◆ N.V. Levensverzekeringmaatschappij ‘De Hoop’, The Hague (33%) ◆ OB Capital Cooperatief U.A., Amsterdam (95%) International ◆ Aegon Life Insurance Co. ltd (India) (49%; Aegon does not have joint control of the company) 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, 2022 | |
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 15, 2022, Aegon repurchased 43,817,400 common shares B from Vereniging Aegon for the amount of EUR 5,113,578.21 based on 1/40 five trading days On November 21, 2022, the members of Vereniging Aegon voted to instruct the board of Vereniging Aegon, subject to the board’s fiduciary duties, to vote all of Vereniging Aegon’s common shares and common shares B (based on one vote per 40 On December 15, 2021, Aegon repurchased 22,643,360 common shares B from Vereniging Aegon for the amount of EUR 2,285,621 based on 1/40 five trading days On June 3, 2021, Vereniging Aegon exercised its options rights to purchase in aggregate 1,983,360 common shares B at fair value of a common share B (being 1/40 On December 11, 2020 Aegon N.V. repurchased 2,955,600 common shares B from Vereniging Aegon for the amount of EUR 228,911.22 based on 1/40 five trading days On May 15, 2020, Vereniging Aegon exercised its options rights to purchase in aggregate 2,154,000 common shares B at fair value of a common share B (being 1/40 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 2022 2021 2020 Supervisory Board 1) 1.3 0.9 0.8 Executive Board 5.2 4.9 5.9 Key Management 27.7 27.5 24.8 In fixed compensation 16.0 16.8 14.2 In cash based variable compensation 4.0 3.6 3.3 In share based variable compensation 3.5 3.2 2.9 In pension contributions 3.0 2.8 3.2 In other benefits 1.2 1.1 1.2 1 Based on a Decree of the Dutch State Secretary of Finance which came into force as from May 7, 2021, the Supervisory Board fees were not subject to Dutch VAT anymore, retroactively as from June 13, 2019. Therefore, Aegon has not paid Dutch VAT anymore on the fees of the Supervisory Board Members as from Q2 2021. Additionally, Aegon reclaimed VAT for the period Q1 2020 - Q1 2021, except for its Supervisory Board members based in the Netherlands for practical reasons. Fixed compensation of Key Management included severance payments in 2021 of EUR 2.2 million. Key Management consisted 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, 2022 by Mr. Friese amount to 72,081 (2021: 56,554) and by Mr. Rider to 120,962 (2021: 103,699). 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. Friese or Mr. Rider. Common shares held by Supervisory Board members Shares held in Aegon at December 31 2022 2021 Ben J. Noteboom 23,500 23,500 Dona D. Young 13,260 13,260 Total 36,760 36,760 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. |
Loans to group companies
Loans to group companies | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Loans to group companies | 9 Loans to group companies 2022 2021 At January 1 1,829 1,392 Additions / (repayments) (502 ) 308 Other changes 109 128 At December 31 1,435 1,829 Current 932 639 Non-current 503 1,190 The other changes in Loans to group companies mainly relate to currency exchange rate fluctuations. |
Non-current assets
Non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Non-current assets | 10 Non-current assets Other non-current assets relates to deferred tax assets of EUR 109 million (2021: EUR 138 million). |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Receivables | 11 Receivables Receivables from group companies and other receivables have a maturity of less than one year. 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 unity are jointly and severally liable for any taxes receivable or payable by the Dutch tax grouping. Other receivables included an income tax receivable of EUR 189 million (2021: 157 million). |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Other current assets | 12 Other current assets Other current assets include derivatives with positive fair values of EUR 118 million (2021: EUR 77 million). |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Share capital | 13 Share capital Issued and outstanding capital 2022 2021 Common shares 253 253 Common shares B 66 68 Total share capital 319 321 Common shares 2022 2021 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 2022 2021 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. For detailed information on the transactions between Aegon N.V. and Vereniging Aegon refer to note 50 Related party transactions in the consolidated financial statements of the Group. 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 Total amount Number of shares Total amount At January 1, 2021 2,098,114 252 571,795 69 Shares withdrawn (2,466 ) - (2,956 ) - Dividend 10,665 1 - - At December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - At December 31, 2022 2,109,430 253 546,196 66 The following table shows the weighted average number of common shares and common shares B: Weighted average number of Weighted average number of 2021 2,101,231 570,629 2022 2,107,315 559,906 The shares repurchased by Aegon N.V. during the share-buy-back programs to undo the dilution caused by the distribution of dividend in stock, although included in the issued and outstanding number of shares, are excluded from the calculation of the weighted average number of shares. 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 57. |
Long-term borrowings
Long-term borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Long-term borrowings | 17 Long-term borrowings 2022 2021 Remaining terms less than 1 year 499 - Remaining terms 1 - 5 years - 499 Remaining terms 5 - 10 years 281 296 Remaining terms over 10 years 446 472 At December 31 1,226 1,266 Fair value of long-term borrowings 1,289 1,735 The repayment periods of borrowings vary from 1 year up to 17 years. The interest rates vary from 1.000% to 6.625% per annum. |
Number of employees
Number of employees | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Number of employees | 20 Number of employees There were no employees employed by Aegon N.V. in 2022 (2021: nil). |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Auditor's remuneration | 21 Auditor’s remuneration Total remuneration of the group Of which PricewaterhouseCoopers 2022 2021 2022 2021 Audit fees 35 31 10 9 Audit-related service fees 10 3 1 1 Tax 1 - - - Other services - - - - Total 45 35 12 10 Audit fees consist of fees billed for the annual financial statements audit (including quarterly reviews), subsidiary audits, equity investment audits and other procedures required to be performed by the independent auditor to be able to form an opinion on Aegon’s consolidated financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit or quarterly review. They also include fees billed for other audit services, which are those services that only the external auditor reasonably can provide, and include statutory audits or financial audits for subsidiaries or affiliates of the Company and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings. Audit-related services include, among others, assurance services to report on internal controls for third parties, due diligence services pertaining to potential business acquisitions/dispositions; discussions, review and testing of certain information related to the adoption of new accounting standards impacting future periods, financial reporting or disclosure matters not classified as ‘Audit services’; financial audits of employee benefit plans; and agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Discontinued operations | 51 Discontinued operations On October 27, 2022, Aegon announced it has reached an agreement with a.s.r. to combine its Dutch pension, life and non-life Per December 31, 2022 Aegon the Netherlands has been reported as held for sale and discontinued operations. This note includes the disclosures related to Aegon the Netherlands qualified as held for sale and discontinued operations. Income statement of discontinued operations Amounts in EUR millions 2022 2021 2020 Discontinued operations Premium income 1,569 1,713 1,994 Investment income 1,725 2,074 2,062 Fee and commission income 346 331 283 Other revenues - - - Total revenues 3,640 4,118 4,339 Income from reinsurance ceded 38 26 (100 ) Results from financial transactions (9,231 ) (444 ) 3,435 Other income 23 27 6 Total income (5,529 ) 3,727 7,679 Premiums paid to reinsurers 112 99 63 Policyholder claims and benefits (8,824 ) 1,755 6,140 Profit sharing and rebates 4 7 - Commissions and expenses 739 698 730 Impairment charges / (reversals) (0 ) (2 ) 107 Interest charges and related fees 85 89 99 Other charges 10 3 46 Total charges (7,874 ) 2,649 7,185 Result from discontinued operations before share in profit / (loss) of joint ventures, associates and tax 2,344 1,078 494 Share in profit / (loss) of joint ventures 37 33 19 Share in profit / (loss) of associates 15 127 80 Result before tax from discontinued operations 2,396 1,238 593 Income tax (expense) / benefit (1,000 ) (276 ) (107 ) Result after tax from discontinued operations 1,396 960 487 Impairment loss on remeasurement of the disposal group (1,775 ) - - Net result from discontinued operations after remeasurement (379 ) 960 487 Statement of comprehensive income of discontinued operations Amounts in EUR millions 2022 2021 2020 Net result from discontinued operations (379 ) 960 487 Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use - 1 - Remeasurements of defined benefit plans 948 156 (285 ) Income tax relating to items that will not be reclassified (245 ) (24 ) 126 Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale (2,110 ) 155 21 (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale 185 (114 ) (13 ) Equity movements of joint ventures - - - Equity movements of associates 2 (1 ) 2 Income tax relating to items that may be reclassified 497 (18 ) (27 ) Other - 1 - Total other comprehensive income / (loss) from discontinued operations (723 ) 156 (176 ) Total comprehensive income / (loss) from discontinued operations (1,102 ) 1,117 310 Impairment loss Upon classification as held for sale, the carrying amount of Aegon the Netherlands is compared to the fair value less cost to sell, which is estimated by reference to the fair value of the consideration to which Aegon N.V. is entitled under the terms and conditions of the sales agreement. The fair value less cost to sell is lower than the carrying value and this impairment loss is recognized through a reduction of the carrying value of Aegon the Netherlands. The table below shows the calculated impairment loss. The impairment loss is recalculated at each reporting date until closing date of the transaction, as both the fair value of the consideration to be received and the carrying value of Aegon the Netherlands are subject to change. The consideration to be received includes a 29.99% stake in a.s.r. and is therefore contingent on the development of the a.s.r. share price. The carrying amount of Aegon the Netherlands will continue to be updated for assets and liabilities which are not included in the measurement scope of IFRS 5. Furthermore, Aegon the Netherlands’s carrying amount will be impacted by the adoption of IFRS 9 “Financial instruments” and IFRS 17 “Insurance contracts” per January 1, 2023. As a consequence, the cumulative impairment loss that is recognized at the final disposal date will differ from the estimate calculated below. The impairment loss takes into account contingent payables and receivables between Aegon N.V. and Aegon the Netherlands that will be recognized prior to the closing date. These are included in the carrying amount of Aegon the Netherlands. Amounts in EUR millions 2022 Net cash receivable after costs to sell 2,175 Fair value of 29.99% share in a.s.r. 1) 2,700 Fair value less costs to sell 4,875 Carrying amount of Aegon the Netherlands 2) 7,591 Fair value less costs to sell minus carrying amount (2,716) Assets in scope for impairment per December 31, 2022 1,775 Impairment loss recognized in 2022 1,775 Impairment to be recognized upon the completion of the sale 941 1 Based on the closing price of a.s.r.’s shares on December 31, 2022 2 The carrying amount of Aegon the Netherlands includes contingent payables and receivables between Aegon NV and Aegon NL that will be recognized prior to the closing date Cashflow from discontinued operations The table below shows details on cashflow from discontinued operations. Amounts in EUR millions 2022 2021 2020 Net cash inflow (outflow) from operating activities 4,646 (167 ) (5,614) Net cash inflow (outflow) from investing activities (4 ) 31 (23) Net cash inflow (outflow) from financing activities (3,275 ) (1,835 ) 1,700 Net cash inflow (outflow) from discontinued operations 1,367 (1,972 ) (3,937) Held for sale assets and liabilities The below table shows the assets held for sale and liabilities held for sale as at December 31, 2022. Amounts in EUR millions 2022 Assets Cash and cash equivalents 5,085 Investments 55,496 Investments for account of policyholders 19,097 Derivatives 8,394 Investments in joint ventures - Investments in associates - Reinsurance assets 79 Defined benefit assets - Deferred tax assets - Deferred expenses 212 Other assets and receivables 1,388 Intangible assets - Total assets held for sale 89,752 Liabilities Insurance contracts 31,480 Insurance contracts for account of policyholders 19,577 Investment contracts 12,179 Investment contracts for account of policyholders 1,396 Derivatives 9,239 Borrowings 5,227 Provisions 52 Defined benefit liabilities 2,462 Deferred gains - Deferred tax liabilities 845 Other liabilities 1,665 Accruals 218 Total liabilities held for sale 84,339 Shareholders’ equity Included in Group equity is cumulative other comprehensive income of EUR -1,286 million Assets and liabilities held for sale The details as per December 31, 2022, on assets and liabilities held for sale are disclosed below. Comparatives related to assets and liabilities held for sale in the consolidated statement of financial position of Aegon N.V. are not represented, in line with IFRS 5 requirements. The comparative amounts and additional qualitative information are included in the corresponding notes of this Annual Report. Temporary exemption from applying IFRS 9 Financial Instruments By qualifying for and electing the temporary exemption for IFRS 9, the IFRS 4 amendment requires certain additional disclosures; specifically, Aegon the Netherlands 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, 2022, 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. 2022 Financial assets at fair value Fair value at the end of the reporting period Change in fair value during the Shares 1) SPPI - - Other 119 (7 ) Debt securities SPPI 14,106 (4,098 ) Other 1,413 (166 ) Mortgage loans SPPI 28,477 (5,163 ) Other - - Private loans SPPI 3,931 (1,081 ) Other 38 - Other financial assets SPPI - - Other 1,368 145 At December 31 49,452 (10,370 ) 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. Credit Risk The table below details the credit risk rating grades for Aegon the Netherlands, as of December 31, 2022, 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 table shows 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 carrying value AAA AA A BBB BB B CCC or Not Total 2022 Debt securities – Carried at fair value 8,521 2,545 1,387 1,628 26 - - - 14,106 Mortgage loans – Carried at amortized cost - - - - - - - 31,430 31,430 Private loans – Carried at amortized cost 2,622 253 195 1,025 3 - - 349 4,447 At December 31 11,143 2,797 1,582 2,653 29 - - 31,779 49,983 For assets that do not qualify for the low credit risk exemption (assets rated below BBB or not rated) 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 the Netherlands. Mortgage loans with no low credit risk are defined as being more than 90 days past due, in line with regulatory guidelines. The financial assets are categorized by asset class with a carrying amount and fair value measured in accordance with IAS 39 measurement requirements. 2022 SPPI compliant financial assets rated BB or below Carrying amount Fair value Debt securities – Carried at fair value 26 26 Mortgage loans – Carried at amortized cost 31,430 28,477 Private loans – Carried at amortized cost 352 337 At December 31 31,808 28,840 Financial risks Credit risk The table that follows shows Aegon the Netherlands’ 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. 2022 Maximum Cash Securities Letters tees Real Master Other Total Surplus Net Debt securities - carried at fair value 15,519 - - - - - - - - 15,519 Mortgage loans - carried at amortized cost 31,430 2,590 - 22 60,991 - - 63,603 32,263 90 Private loans - carried at amortized cost 4,484 - - - - - - - - 4,484 Other loans - carried at amortized cost 3 - - - - - - - - 3 Other financial assets - carried at fair value 76 - - - - - - - - 76 Derivatives 8,394 - - - - 8,394 - 8,394 - (0 ) Reinsurance assets 79 - - - - - - - - 79 At December 31 59,985 2,590 - 22 60,991 8,394 - 71,997 32,263 20,252 Credit rating The ratings distribution of general account portfolios of Aegon the Netherlands, 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 the Netherlands uses a composite rating based on a combination of the external ratings of S&P, Moody’s and internal ratings. The rating used is the lower of the external rating and the internal rating. The Netherlands Credit rating general account investments, excluding reinsurance assets 2022 Amortized cost Fair value AAA 2,623 8,643 AA 253 9,425 A 233 3,411 BBB 1,025 2,327 BB 3 119 B - 33 CCC or lower - 1 Assets not rated 31,552 1,450 Total 35,688 25,409 Past due and / or impaired assets 229 17 At December 31, 2022 35,917 25,426 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 AAA - AA 22 A 55 Below A - Not rated 1 At December 31, 2022 79 Credit risk concentration The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt securities and money market investments 2022 The Netherlands Of which past due and / Residential mortgage-backed securities (RMBSs) 65 - Commercial mortgage-backed securities (CMBSs) 2 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 2,714 - Financial - Banking 1,306 - Financial - Other 569 - Capital goods and other industry 276 - Communications & Technology 715 - Consumer cyclical 373 - Consumer non-cyclical 710 - Energy 26 - Transportation 424 - Utility 232 - Government bonds 8,106 - At December 31, 2022 15,519 - Credit risk concentrations – Government bonds per country of risk 2022 The Netherlands Netherlands 2,671 United Kingdom 3 Austria 347 Belgium 675 Finland 38 France 1,226 Germany 2,412 Indonesia 33 Luxembourg 448 Rest of Europe 70 Rest of world 184 At December 31, 2022 8,106 Credit risk concentrations – Credit rating 2022 1) Government bonds Corporate bonds RMBSs CMBSs ABSs Other Total AAA 5,900 157 2,520 - 8,577 AA 1,907 634 228 - 2,769 A 80 1,688 12 - 1,780 BBB 194 2,087 22 - 2,302 BB 26 64 - - 90 B - - - - - CCC or lower - 1 - - 1 At December 31, 2022 8,106 4,631 2,782 - 15,519 1 Credit risk concentrations – mortgage loans 2022 The Netherlands Of which past due and / or impaired Retail 6 - Other commercial 19 1 Residential 31,404 154 At December 31, 2022 31,430 155 There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million. The fair value of Aegon the Netherlands mortgage loan portfolio as per December 31, 2022, amounted to EUR 28,477 million (2021: EUR 34,198 million). The Loan-to-Value Unconsolidated structured entities For RMBSs, CMBSs and ABSs in which Aegon the Netherlands 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 the Netherlands interests in RMBSs, CMBSs and ABSs. Total income for the year ended December 31, 2022 December 31, 2022 Interest Total gains and Total Investments Residential mortgage-backed securities - - 1 65 Commercial mortgage-backed securities - - - 2 Asset-backed securities 7 (1 ) 7 2,714 Total 8 (0 ) 8 2,782 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 the Netherlands available-for-sale 2022 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other Dutch government 2,728 15 (72 ) 2,671 281 2,390 Other government 5,297 172 (244 ) 5,226 1,867 3,359 Mortgage-backed securities 69 - (2 ) 68 9 59 Asset-backed securities 2,816 1 (102 ) 2,714 5 2,710 Corporate 4,100 3 (673 ) 3,430 60 3,370 Other 13 - - 13 13 - Total 15,023 191 (1,092 ) 14,122 2,234 11,888 Unrealized bond losses by sector The composition by industry category of Aegon the Netherlands available-for-sale December 31, 2022 Unrealized losses - debt securities, money market investments and other Carrying value of instruments with unrealized losses Unrealized losses Residential mortgage-backed securities (RMBSs) 57 (2 ) Commercial mortgage-backed securities (CMBSs) 2 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 2,710 (102 ) Financial Industry - Banking 757 (126 ) Financial Industry - Insurance 83 (14 ) Financial Industry - Other 227 (80 ) Industrial 2,183 (425 ) Utility 122 (27 ) Government 5,749 (316 ) Total 11,888 (1,092 ) Past due and impaired assets The tables that follow provide information on past due and individually impaired financial assets for Aegon the Netherlands. 2022 Past due but not impaired assets 0-6 months 6-12 months > 1 year Total Mortgage loans 145 3 1 149 Other loans 7 4 61 73 At December 31 152 7 62 222 Impaired financial assets Carrying amount 2022 Shares 17 Mortgage loans 6 Other loans 2 At December 31 24 Equity market risk and other investments risk Equity, real estate and non-fixed The Netherlands Equity funds 34 Investments in real estate 2,545 Other alternative investments 349 Other financial assets 1,105 At December 31, 2022 4,032 Market risk concentrations – shares The Netherlands Of which impaired assets Financials 4 - Funds 1,406 17 At December 31, 2022 1,411 17 Risks and risks management arising from financial instruments subject to interest rate benchmark reform The table below summarize the exposures of non-derivative non-derivative 2022 Non derivative financial instruments to transition to alternative benchmark Financial assets non-derivatives Financial liabilities non-derivatives By benchmark rate Euribor 3,517 - Total 3,517 - 2022 2021 Derivative financial instruments to transition to alternative benchmark Nominal Value Nominal Value By benchmark rate GBP LIBOR - - USD LIBOR 963 - EUR LIBOR - - Euribor 119,638 112,599 Fed Funds - - EONIA - - Total 120,601 112,599 Liquidity risk Maturity analysis – gross undiscounted non-derivatives) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Borrowings - 1,574 3,321 14 503 5,412 Other financial liabilities 455 800 129 112 170 1,665 Total financial liabilities (excluding 455 2,375 3,450 126 673 7,078 Investment contracts 1) 9,167 617 1,448 731 552 12,517 Investment contracts for account of policyholders 1) 1,396 - - - - 1,396 Total investment contracts 10,564 617 1,448 731 552 13,913 1 Excluding investment contracts with discretionary participating features. The maturity analysis below shows the remaining contractual maturities of each category of financial liabilities (including coupon interest) of Aegon the Netherlands. To manage the liquidity risk arising from financial liabilities, Aegon the Netherlands holds liquid assets comprising cash and cash equivalents and investment grade investment securities for which there is an active and liquid market. These assets can be readily sold to meet liquidity requirements. For this reason, Aegon the Netherlands believes that it is not necessary to disclose a maturity analysis in respect of these assets to enable users to evaluate the nature and extent of liquidity risk. Financial liabilities relating to insurance and investment contracts 1) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Insurance contracts - 1,819 6,330 7,411 30,422 45,982 Insurance contracts for account of policyholders - 1,227 4,598 5,791 16,253 27,870 Investment contracts - 7,476 3,410 1,172 552 12,610 Investment contracts for account of policyholders - 1,396 - - - 1,396 Total - 11,919 14,339 14,373 47,227 87,858 1 The liability amount in the table 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 Insurance contracts and Investments contracts. The following table details Aegon the Netherlands 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 amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Gross settled Cash inflows - 2,449 9,757 10,618 20,748 43,572 Cash outflows - (2,422 ) (10,107 ) (11,167 ) (20,613 ) (44,309 ) Net settled Cash inflows - - - - - - Cash outflows - - - - - - 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. Income tax The income tax of Aegon the Netherlands is calculated against the enacted applicable tax rate and includes a one-time Cash and cash equivalents 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. These deposits are not freely available. This so-called year-end year-end Insurance contracts At December 31, 2022, the liability adequacy test (LAT) of Aegon the Netherlands resulted in a net LAT deficit of EUR 171 million, compared to a net LAT deficit of EUR 2.243 million at December 31, 2021. The reduction of the net LAT deficit is recorded in the income statement. The improvement of the net LAT deficit is driven by market movements, mainly by increased interest rates and widening credit spreads. This was partly offset by unfavorable model and assumptions updates. As a result of the current deficit, changes in the LAT of Aegon the Netherlands, triggered by up or down movements in interest rates and credit spreads, are directly recognized in the income statement. The net result is less sensitive to interest rate movements as the results from interest rate hedging are also recognized in net result. Furthermore, the impact from increasing interest rates or tightening credit spreads on result before tax is capped to the net LAT deficit position. The estimated sensitivities including Aegon the Netherlands on shareholders’ equity and on net result, for up and down shocks for bond credit spreads, mortgage spreads and liquidity premium for general account insurance liabilities are disclosed in note 34 Insurance contracts. Guarantees in insurance 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 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 minimum 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: 2022 2021 GMI 1), 2) GMI 1), 2) At January 1 6,429 7,973 Incurred guarantee benefits 3) (3,471 ) (1,544 ) At December 31 2,958 6,429 Account value 4) 16,559 20,176 Net amount at risk 5) 3,133 6,794 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 Operational funding Coupon rate Coupon date Issue / Maturity 2022 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 23 260 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 24 250 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 25 271 EUR 875 million “SAECURE 16” RMBS Note 1) Floating Quarterly 2018 / 23 609 EUR 550 million “SAECURE 18” NHG RMBS Note 2) Floating Quarterly 2019 / 25 300 EUR 750 million “SAECURE 20” RMBS Note 3) Floating Quarterly 2021 / 27 542 EUR 500 million Conditional Pass-Through Covered Bond 4) 0.250% Annual 2016 / 23 500 EUR 500 million Conditional Pass-Through Covered Bond 5) 0.375% Annual 2017 / 24 499 EUR 500 million Conditional Pass-Through Covered Bond 6) 0.010% Annual 2020 / 25 505 EUR 500 million Conditional Pass-Through Covered Bond 7) 0.750% Annual 2017 / 27 493 EUR 500 million Conditional Pass-Through Covered Bond 8) 0.375% Annual 2021 / 36 494 Aegon Bank Senior Non-Preferred 0.625% Annual 2019 / 24 499 Other 5 At December 31 5,227 1 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. 2 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. 3 The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 4 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 5 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 6 The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057. 7 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 8 The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037. Defined benefit plans Aegon the Netherlands has a number of defined benefit plans and 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. As at December 31, 2019, Aegon the Netherlands amended the defined benefit pension plan for their own employees. As of January 1, 2020, the defined benefit pension plan is closed for new members and there will be no further accrual of benefits to existing members. Entitlements before January 1, 2020, will remain unchanged and the indexation for those accruals will remain in force. 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. Aegon the Netherlandsdeducts employee contributions from the total pension expenses. The benefits covered are retirement benefits, disability, death and survivor pension. The defined benefit plans were unfunded by EUR 2,421 million at December 31, 2022 (2021: EUR 3,409 million). The defined benefit plans are largely backed by investment, although these assets do not qualify as ‘plan assets’ as defined by IFRS. The average remaining duration of the defined benefits obligation is 14.3 years (2021: 20.9 years). 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 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 41 million at December 31, 2022 (2021: EUR 57 million). The weighted average duration of the other post-employment benefit plans is 10.2 years (2021: 12.7 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 2022 2021 Demographic actuarial assumptions Mortality NL mortality 1) NL mortality 1) Financial actuarial assumptions Discount rate 3.61% 1.01% Salary increase rate 2) Curve 2022 Curve 2021 Percentage is no 53.05% of Indexation 2) longer derived Curve 2021 1 Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adju |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Events after the reporting period | 52 Events after the reporting period On January 17, 2023, the Extraordinary General Meeting of shareholders (“EGM”) of Aegon N.V. approved the strategic decision to combine Aegon’s Dutch pension, life and non-life |
Aegon N.V [member] | |
Statement [LineItems] | |
Events after the reporting period | 22 Events after the reporting period On January 17, 2023, the Extraordinary General Meeting of shareholders (“EGM”) of Aegon N.V. approved the strategic decision to combine Aegon’s Dutch pension, life and non-life insurance, banking and mortgage origination operations with a.s.r. For more information about the this agreement, refer to note 51 Discontinued operations of the consolidated financial statements. |
Proposal for profit appropriati
Proposal for profit appropriation | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Proposal for profit appropriation | 23 Proposal for profit appropriation At the Annual General Meeting of Shareholders currently scheduled for May 25, 2023, the Executive Board will, in line with its earlier announcement and barring unforeseen circumstances, propose a final dividend for 2022 of EUR 0.12 per common share and EUR 0.003 per common share B. Aegon intends to move to a cash-only dividend as of the final dividend of 2023. To this end, Aegon will present an update to its dividend policy for discussion at the Annual General Meeting of Shareholders. If the proposed dividend is approved by shareholders, Aegon’s shares will be quoted ex-dividend on the New York Stock Exchange on May 26, 2023 and on Euronext Amsterdam on May 29, 2023. The record date for the dividend will be May 30, 2023 and the dividend will be payable as of June 29, 2023. 2022 2021 Final dividend on common shares 237 184 Earnings to be retained - 1,795 To be deducted from retained earnings (1,670 ) - Net result attributable to owners of Aegon N.V. (1,433 ) 1,980 |
Summary of investments other th
Summary of investments other than investments in related parties | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Amounts in EUR million Cost 1) Fair value Book value Shares: Available-for-sale 192 195 195 Fair value through profit or loss 190 193 193 Bonds: Available-for-sale and held-to-maturity: US government 8,386 7,226 7,226 Dutch government - - - Other government 1,700 1,484 1,484 Mortgage backed 4,218 3,939 3,939 Asset backed 3,269 2,905 2,905 Corporate 42,507 37,538 37,538 Money market investments 5,511 5,514 5,514 Other 863 840 840 Subtotal 66,455 59,447 59,447 Bonds: Fair value through profit or loss 466 554 554 Other investments at fair value through profit or loss 3,447 3,821 3,821 Mortgages 10,441 9,245 10,441 Private loans 27 27 27 Deposits with financial institutions 45 45 45 Policy loans 2,042 2,042 2,042 Other - - - Subtotal 12,556 11,359 12,556 Real estate: Investments in real estate - 59 59 Total 83,306 75,628 76,825 1 Cost is defined as original cost for available-for-sale shares and amortized cost for available-for-sale and held-to-maturity bonds |
Condensed financial information
Condensed financial information of registrant | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | Condensed financial information of registrant Statement of financial position of Aegon N.V. As at December 31 Before profit appropriation, amounts in EUR million 2022 2021 Non-current assets Financial fixed assets Shares in group companies 13,594 26,042 Loans to group companies 1,435 1,829 Other non-current assets 109 138 15,138 28,009 Current assets Receivables Receivables from group companies 31 35 Other receivables 236 181 Other current assets 123 90 Accrued interest and rent 9 6 398 312 Cash and cash equivalents Cash and cash equivalents 1,619 1,204 Total assets 17,155 29,524 Shareholders’ equity Share capital 319 321 Paid-in surplus 6,853 7,033 Revaluation account (4,465 ) 6,453 Legal reserves – foreign currency translation reserve 1,008 258 Legal reserves in respect of group companies 2,439 2,316 Retained earnings, including treasury shares 8,916 7,652 Remeasurement of defined benefit plans of group companies (1,565 ) (2,199 ) Net result (1,433 ) 1,980 12,071 23,813 Other equity instruments 1,943 2,363 Total equity 14,014 26,176 Non-current liabilities Subordinated borrowings 1,442 1,396 Long-term borrowings 1,226 1,266 2,669 2,662 Current liabilities Loans from group companies 13 7 Payables to group companies 147 422 Other current liabilities 282 227 Accruals and deferred income 31 31 472 686 Total liabilities 3,141 3,349 Total equity and liabilities 17,155 29,524 Condensed income statement of Aegon N.V. For the year ended December 31 Amounts in EUR million 2022 2021 2020 Net result group companies (1,275 ) 2,119 - Result after tax (158 ) (139 ) (146 ) Net result (1,433 ) 1,980 (146 ) Condensed cash flow statement of Aegon N.V. For the year ended December 31 Amounts in EUR million 2022 2021 2020 Result before tax (204) (193) (185) Adjustments (138) 428 (330) Net cash flows from operating activities (342) 235 (515) Dividends and capital repayments of subsidiaries, associates and joint ventures 1,530 500 606 Other - (3) (1) Net cash flows from investing activities 1,530 497 605 Purchase of treasury shares (597) (231) (59) Issuance and repurchase of borrowings 469 197 (58) Repayment of perpetuals (429) (212) - Dividends paid (167) (121) (63) Coupons on perpetual securities (48) (52) (55) Net cash flows from financing activities (773) (417) (235) Net increase / (decrease) in cash and cash equivalents 415 316 (146) Five-year schedule of maturities of debt As at December 31 2022 2021 Subordinated Long-term Subordinated Long-term Remaining terms less than 1 year - 499 - - Remaining terms 1 - 2 years - - - 499 Remaining terms 2 - 3 years - - - - Remaining terms 3 - 4 years - - - - Remaining terms 4 - 5 years - - - - Remaining terms longer than 5 years 1,442 727 1,396 768 At December 31 1,442 1,226 1,396 1,266 Remittances from and capital contributions to business units Aegon received EUR 1.0 billion of remittances from its business units during 2022 from the Americas, the Netherlands, United Kingdom, International, and Asset Management. Aegon spent EUR 0.1 billion on capital contributions, mainly on International. Aegon received EUR 1.0 billion of remittances from its business units during 2021 from the Americas, the Netherlands, United Kingdom, International, and Holdings. Aegon spent EUR 0.1 billion on capital contributions, mainly on International and Asset Management. Aegon received EUR 0.8 billion of remittances from its business units during 2020 from the Americas, the Netherlands, United Kingdom, International, and Asset Management. Aegon spent EUR 0.2 billion on capital contributions, mainly on International. |
Supplementary insurance informa
Supplementary insurance information | 12 Months Ended |
Dec. 31, 2022 | |
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 Deferred Future policy Unearned Other policy Premium 2022 Americas 12,225 176,753 6,058 2,112 8,742 The Netherlands - - - - - United Kingdom 710 92,504 - - 4,081 International (507 ) 8,575 123 30 369 Holding and other activities - - - - - Eliminations - (7,223 ) - - - Total 12,428 270,608 6,181 2,143 13,192 2021 Americas 8,648 192,099 6,335 1,934 8,190 The Netherlands 235 67,226 50 1,019 1,713 United Kingdom 796 111,458 - - 4,616 International 391 9,735 163 110 924 Holding and other activities - - - - - Eliminations - (1,611 ) - - - Total 10,070 378,907 6,548 3,062 15,444 2020 Americas 7,181 174,167 5,897 1,858 8,326 The Netherlands 136 70,915 50 1,026 1,994 United Kingdom 789 95,788 20 5 4,858 International 289 9,245 150 112 919 Holding and other activities - - - - 1 Eliminations - (1,488 ) - - - Total 8,395 348,627 6,117 3,001 16,099 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 Net Benefits, Amortization Other Premiums written 2022 Americas 3,467 12,149 670 3,476 6,798 The Netherlands 3 - - 75 - United Kingdom 1,951 6,058 91 505 3,880 International 195 682 31 185 325 Asset Management - - - 436 - Holding and other activities 2 - - 175 - Eliminations (5 ) (271 ) - (187 ) - Total 5,613 18,617 793 4,666 11,003 2021 Americas 2,909 10,111 741 3,003 5,023 The Netherlands 2,088 3,249 - 806 1,614 United Kingdom 1,691 7,343 96 523 4,419 International 298 757 62 345 870 Asset Management - - - 411 - Holding and other activities (4 ) - - 180 - Eliminations (15 ) - - (183 ) - Total 6,967 21,460 899 5,085 11,926 2020 Americas 2,984 7,171 547 3,127 5,930 The Netherlands 2,083 3,244 - 837 1,931 United Kingdom 1,795 6,278 102 529 4,670 International 307 810 105 350 860 Asset Management - - - 382 - Holding and other activities 4 7 - 185 5 Eliminations (24 ) (5 ) - (180 ) - Total 7,149 17,505 753 5,230 13,396 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Reinsurance | Reinsurance Amounts in EUR million Gross Ceded to Assumed Net amount % of amount For the year ended December 31, 2022 Life insurance in force 905,455 541,793 342,375 706,037 48% Premiums Life insurance 11,680 2,057 - 9,623 0% Non-life insurance 1,512 132 - 1,380 0% Total premiums 13,192 2,189 - 11,003 0% For the year ended December 31, 2021 Life insurance in force 977,293 611,912 397,882 763,263 52% Premiums Life insurance 13,400 3,326 - 10,074 0% Non-life insurance 2,044 192 - 1,852 0% Total premiums 15,444 3,518 - 11,926 0% For the year ended December 31, 2020 Life insurance in force 895,593 599,091 408,201 704,703 58% Premiums Life insurance 13,929 2,541 - 11,387 0% Non-life insurance 2,165 162 5 2,008 0% Total premiums 16,094 2,703 5 13,396 0% |
Valuation and qualifying accoun
Valuation and qualifying accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and qualifying accounts | Valuation and qualifying accounts Amounts in EUR million 2022 2021 2020 Balance at January 1 238 276 199 Addition charged to earnings 18 12 154 Amounts written off and other changes (45 ) (57 ) (70 ) Transfers to disposal groups (81 ) - - Currency translation 7 7 (7 ) Balance at December 31 138 238 276 The provisions can be analyzed as follows: Mortgages 4 6 6 Other loans - 112 182 Receivables 134 120 88 Total 138 238 276 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 is provided below in note 2.1.1. The consolidated financial statements are presented in euros 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. 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 22 2 A reconcilliation between IFRS and EU-IFRS is included in the table below. Shareholders’ equity Net result 2022 2021 2020 2022 2021 2020 In accordance with IFRS 12,071 23,813 22,018 (1,404 ) 2,029 (135 ) Adjustment of EU ‘IAS 39’ carve-out (850 ) 632 1,054 (1,482 ) (422 ) 280 Tax effect of the adjustment 219 (163 ) (257 ) 382 93 (90 ) Effect of the adjustment after tax (631 ) 469 798 (1,100 ) (328 ) 190 In accordance with EU-IFRS 11,440 24,282 22,815 (2,504 ) 1,701 55 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2022 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 2022, the following amendments to existing standards issued by the IASB became mandatory: Accounting standard/ amendment/ interpretation IASB effective date Impact for Aegon Reference to the Conceptual Framework (Amendments to IFRS 3) January 1, 2022 Not material Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) January 1, 2022 Not material Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) January 1, 2022 Not material Annual Improvements to IFRS Standards 2018–2020 January 1, 2022 Not material COVID-19- Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) April 1, 2021 Not material 2.1.2 Future adoption of new IFRS accounting standards and amendments The following standards and amendments to existing standards, published prior to January 1, 2023, were not early adopted by the Group, but will be applied in future years: IASB effective Early adopted by Impact for Aegon Accounting standard/ amendment/ interpretation date Aegon See below for IFRS 17 Insurance contracts January 1, 2023 No comments Initial Application of IFRS 17 and IFRS 9 - Comparative Information (Amendments to IFRS 17) January 1, 2023 No See below for See below for IFRS 9 Financial instruments January 1, 2018 1) No comments See below for Prepayment Features with Negative Compensation (Amendments to IFRS 9) January 1, 2019 1) No comments Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) January 1, 2024 No Not material Classification of Liabilities as Current or Non-current (Amendments to IAS 1) January 1, 2024 No Not material Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) January 1, 2023 No Not material Definition of Accounting Estimates (Amendments to IAS 8) January 1, 2023 No Not material Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) January 1, 2023 No Not material 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 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. On June 25, 2020, the IASB decided, next to a number of significant amendments to the Standard, to defer the effective date of IFRS 17 to annual reporting periods beginning on or after January 1, 2023. 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, 2023. The EU has endorsed IFRS 17 including the June 25, 2020 amendments as per November 2021. The Standard represents a significant change to current financial reporting and the implementation effort is significant. An implementation project was started soon after the publication of the new Standard. Based on the final amendments of June 2020 quantitative assessments are performed which continued during 2021. In 2022, methodology and policy choices were finalized which formed the basis of preparing the opening balance sheet per January 1, 2022 and the 2022 quarterly results. Whilst the preparation of the opening balance sheet has been completed, the preparation of the 2022 quarterly results are still ongoing and full year results are only expected to be completed in the first half-year of 2023. Aegon has an established governance framework to manage the implementation of IFRS 17, including the preparation of the 2022 quarterly results, which might impact significant accounting estimates and judgements. The impact on the 2022 opening balance sheet as presented in this note is therefore indicative. a) Changes compared to previous accounting policies Under IFRS 4, Aegon largely continued to report under the accounting policies that were applied prior to the adoption of IFRS. This meant that, in general, the Group applied non-uniform accounting policies for insurance assets and liabilities as allowed under Dutch Accounting Policies for insurance contracts that were continued as measurement basis under IFRS 4. Specific measurement methodologies differ between Aegon’s operations, reflecting local regulatory requirements and local practices for specific product features. Under IFRS 17, consistent accounting policies will be applied to all insurance contracts and investment contracts with discretionary features, regardless of the jurisdiction in which the contracts have been issued. Under Aegon’s current accounting policies, some minimum guarantees are separated from the host insurance contracts and classified as derivatives. The Group has also elected to apply the accounting option under IFRS 4 to measure certain closely related minimum guarantees at fair value. Under IFRS 17, Aegon has not identified any embedded derivatives that require separation. All minimum guarantees will be measured together with the host contract, in accordance with the requirements of IFRS 17. Policy loans, value of business acquired, and insurance payables and receivables, which are currently accounted for as separate assets, will be included in the measurement of the insurance liabilities. Measurement IFRS 17 establishes principles for the accounting for insurance contracts, reinsurance contracts, and investment contracts with discretionary participation features. It will introduce a model that measures groups of contracts based on Aegon’s estimate of the present value of the future cash flows that will arise as these contracts are fulfilled, and which includes an explicit risk adjustment for non-financial risk and a contractual service margin (CSM) reflecting unearned profits. Contrary to current accounting, IFRS 17 will require estimates to be current, unbiased and probability-weighted, incorporating all available information in a way that is consistent with observable market data. Insurance contracts are grouped together for measurement purposes. Aegon will not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart, but instead, intends to apply the IFRS 17 cohort requirements to all groups of contracts that are in scope of the Standard. IFRS 17 prescribes modifications to the general measurement model for contracts with direct participating features (the ‘variable fee approach’) and for reinsurance contracts held. The standard also provides an option to simplify the measurement of certain short-term contracts (the ‘premium allocation approach’), which will primarily be applied by Aegon to non-life insurance contracts and related reinsurance contracts held. The measurement of these contracts will be similar to the current IFRS 4 treatment, albeit that, when measuring liabilities for incurred claims, Aegon will discount cash flows expected to occur more than one year after the claim’s date and will include an explicit risk adjustment for non-financial risk. Acquisition costs Currently, under IFRS 4, all acquisition costs are recognized and presented as separate assets (‘deferred policy acquisition costs or DPAC’) until these costs are included in profit or loss. Under IFRS 17, only insurance acquisition cash flows that arise before the recognition of the related insurance contracts, will be presented as separate assets. These assets, which are subject to recoverability testing, are derecognized and included in the carrying amount of the related portfolio of contracts on initial recognition. For some (but not all) groups of contracts for which the premium allocation approach will be applied, Aegon intends to expense acquisition costs when incurred. Revenue and expenses Under IFRS 4, the revenues reported in the income statement include gross insurance premiums when due or, for products where deposit accounting was required, surrender fees and other charges. Under IFRS 17, the insurance revenue in each reporting period will reflect the consideration to which Aegon expects to be entitled in exchange for the services provided in that period. The actual claims and expenses incurred in providing the service, will be presented in the income statement as insurance service expenses. Insurance finance income and expenses, disaggregated between profit or loss and OCI for certain groups of contracts, will be presented separately from insurance revenue and insurance service expenses. Income and expenses from reinsurance contracts, other than insurance finance expenses, will be presented as a single net amount in the income statement. Currently, amounts recovered from reinsurers and reinsurance expenses were presented separately. Other assets and liabilities On transition to IFRS 9 and IFRS 17, some available-for-sale investments and loans will be designated as fair value through profit or loss to reduce the accounting mismatch between assets and liabilities. Aegon will also no longer apply shadow accounting which, ignoring the impact of any reclassifications of available-for-sale investments, will have a positive impact on the carrying amount of revaluation reserves presented in group equity. Interests in insurance joint ventures and associates that are accounted for under the equity method, will be remeasured based on Aegon’s new accounting policies. b) Transition Changes in accounting policies resulting from the adoption of IFRS 17 will be applied retrospectively, to the extent practicable. Under a full retrospective approach, Aegon: ◆ Identifies, recognizes and measures each group of contracts as if IFRS 17 had always been applied; ◆ Derecognizes previously reported balances that would not have existed if IFRS 17 had always been applied; and ◆ Recognizes any resulting net difference in equity. Aegon considers the full retrospective approach to be impracticable if its application requires hindsight, for example in setting historical assumptions, or if the required historical input data cannot be made available within reasonable efforts. The latter might be concluded if information is not, or no longer, available electronically and incorporating it into the IFRS 17 reporting process would be expected to induce high costs and efforts. If the retrospective application of IFRS 17 to a group of contracts is impracticable, either the modified retrospective approach or the fair value approach will be applied. The objective of the modified retrospective approach is to achieve the closest outcome to retrospective application possible. Under the fair value approach, the carrying amount of a group of insurance contracts at transition is determined in accordance with IFRS 13 Fair Value Measurement but with the exclusion of the guidance on demand features. The modified retrospective approach may only be applied if there is sufficient reasonable and supportable information available to do so. For groups of contracts that are eligible for both the modified retrospective approach and the fair value approach, the transition method will be elected based on a mix of operational and financial considerations. Notwithstanding the foregoing, Aegon will apply the fair value approach to groups of contracts with direct participation features to which it could have applied IFRS 17 fully retrospectively, where the following applies: ◆ Aegon intends to apply risk mitigation to the group of contracts prospectively from the transition date, and ◆ Prior to transition, Aegon used derivatives, other financial instruments classified as ‘fair value through profit or loss’ or reinsurance contracts to mitigate financial risk arising from that group of contracts. IFRS 17 will be applied fully retrospectively to insurance contracts issued in 2021 and to a limited number of product groups issued in earlier years, except for life insurance contracts issued in the Netherlands which is transitioned using the fair value approach. The modified retrospective approach will be applied to Investment Only Variable Annuities written in the Americas from 2009 to 2020, Universal Life contracts issued in Asia in 2015 and in 2016, and certain products written by Aegon’s joint ventures in Spain and Portugal. The remainder of the in-force portfolio will transition to IFRS 17 using the fair value approach. In estimating the fair value of insurance contracts for the transition to IFRS 17, Aegon applied a methodology whereby the estimated future cash flows were adjusted for known differences between the IFRS 17 and market valuation methodologies (such as the inclusion of investment expenses for all product types) and the risk adjustment was recalculated at a higher confidence level to reflect the additional compensation that a market participant would require for financial risk and the remaining contractual services that need to be provided. Where possible the results were compared to market-observable transactions, such as recent reinsurance transactions entered into by Aegon and sales transactions of insurance portfolios and businesses (including the sale of Aegon the Netherlands to a.s.r.). Under IFRS 17, Aegon will elect to disaggregate the insurance finance income and expenses between profit or loss and OCI for certain groups of contracts without direct participating features that are issued in the Americas and Asia. The balance recognized in OCI will be determined retrospectively where possible or, alternatively, has been set to nil at the transition date. The latter applies, for example, to the fixed deferred annuities, indexed universal life and other life insurance products with indirect participating features issued in the Americas. When applying IFRS 17 retrospectively, the carrying amount of goodwill from previous business combinations will not be adjusted. IFRS 9 Financial instruments Aegon adopts IFRS 9 as issued by the IASB in July 2014, with a date of initial application of January 1, 2023 and a transition date of January 1, 2022, which results in changes in accounting policies and adjustments to the amounts previously recognized in the financial statements. Aegon did not early adopt IFRS 9 in previous periods. For the transition to IFRS 9 and IFRS 17 in the financial statements of 2023, Aegon has decided, based on the amendment to IFRS 17, to apply the overlay approach for 2022 including impairment requirements. As the overlay approach can only be applied in periods where IFRS 17 comparatives are restated, 2021 as comparative period will not be restated for IFRS 9 (nor IFRS 17). a) Changes compared to previous accounting policies The adoption of IFRS 9 results in changes in Aegon’s accounting policies for recognition, classification and measurement of financial assets and financial liabilities, impairment of financial assets and hedge accounting. IFRS 9 also significantly amends other Standards dealing with financial instruments such as IFRS 7 ‘Financial Instruments: Disclosures’. Classification and measurement Under IFRS 9, classification and measurement differ for debt instruments and equity instruments. Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as mortgage loans, private loans, and government and corporate bonds. Classification and subsequent measurement depend on: ◆ Aegon’s business model for managing the asset; ◆ The cash flow characteristics of the asset; and ◆ The designation at FVPL to eliminate or significantly reduce an accounting mismatch or recognition inconsistency. The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The Group’s business model is not assessed on an instrument-by-instrument basis, but at a higher level of aggregated portfolios and is based on observable factors, such as: ◆ How the performance of the business model and the financial assets held within that business model are evaluated and reported to the Group’s senior management; ◆ The risks that affect the performance of the business model and the financial assets held within it. In particular, the way those risks are managed; ◆ How the Group management is compensated, i.e. whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected; ◆ The expected frequency, value and timing of sales are also important aspects of the Group’s assessment. Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and cash flows from the sale of the asset, Aegon assesses whether the financial instruments’ cash flows represent solely payments of principal and interest (the ‘SPPI test’). In making this assessment, Aegon considers whether the contractual cash flows are consistent with a basic lending arrangement i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at fair value through profit or loss. Based on these factors, Aegon classifies its debt instruments into one of the following three measurement categories: ◆ Amortized cost (‘AC’): Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest (‘SPPI’), and that are not designated at FVPL, are measured at amortized cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognized ◆ Fair value through other comprehensive income (‘FVOCI’): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets’ cash flows represent solely payments of principal and interest, and that are not designated at FVPL, are measured at FVOCI. ◆ Fair value through profit or loss (‘FVPL’): Assets that do not meet the criteria for amortized cost or FVOCI are measured mandatorily at fair value through profit or loss. Aegon performed a detailed analysis of its business models for managing financial assets and analysis of their cash flow characteristics. This leads to a classification of most of the mortgage, consumer, and private loan portfolios within Aegon’s non-insurance entities as measured at AC, given that the cash flows on these contracts represent solely payment of principal and interest, and they fit the business model hold-to-collect. For the most significant part of Aegon’s insurance entities, debt instruments will be classified as FVOCI because they fit the business model of hold-to-collect and sell, and their cash flows represent solely payment of principal and interest. However, financial assets within Aegon’s European insurance entities will be designated at FVPL to minimize accounting mismatches. Equity instruments are instruments that meet the definition of equity from the issuer’s perspective; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer’s net assets. Examples of equity instruments include basic ordinary shares. Under IFRS 9, equity investments do not qualify for amortized cost or FVOCI treatment because they would fail the contractual cash flow characteristics assessment (cash flows are typically declared dividends at the discretion of the issuer, instead of interest). Thus, equity investments would generally only qualify for FVTPL treatment and not subject to impairment under expected credit loss model. However, IFRS 9 allows the entity to make an irrevocable election at initial recognition to present changes in the fair value of equity investment in OCI rather than profit or loss. The equity investments designated as FVOCI are not subject to impairment under expected credit loss model. Aegon has not elected for this option for equity investments. Financial liabilities are to be classified as subsequently measured at amortized cost, except financial liabilities measured at fair value through profit or loss, financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, and financial guarantee contracts and loan commitments. Impairment The IAS 39 impairment methodology was based on an ‘incurred loss’ model, which means that an allowance was determined when an instrument was deemed credit-impaired. Under IFRS 9, Aegon will assess on a forward-looking basis the expected credit losses (‘ECL’) associated with its debt instrument assets carried at amortized cost and FVOCI. Aegon recognizes a loss allowance for such losses at each reporting date. The measurement of ECL reflects: ◆ An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; ◆ The time value of money; and ◆ Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. When incorporating forward looking information, consideration should be given to the relevance of the information (and the availability of more relevant information) for each specific financial instrument or group of financial instruments. Forward looking information that is relevant for one financial instrument may not be relevant or as relevant for other financial instruments depending on the specific drivers of credit risk. To the extent relevant, forward-looking information used for the measurement of ECLs it needs to be consistent with that used for the assessment of a significant increase in credit risk. The IFRS 9 ECL model of the Group will generally employ a Probability of Default (PD) / Loss Given Default (LGD) / Exposure at Default (EAD) methodology; each model consists of multiple sub-models that are used to generate the measurement of expected credit loss. The LGN (Loss Given No-cure) represents the expectation of the extent of the loss on an exposure that defaults without cure. The LGN varies by type and amount of exposure, and type and amount of collateral available, the presence of other credit support, the duration of default, and the macro-economic forecast. The LGN is expressed as a percentage loss per unit of exposure at the time of default. The LGN is calculated for each future quarter. Credit losses are calculated as the product of projected PD, LGD and EAD and are discounted using an appropriate discount rate. The ECL is determined as the probability weighted discounted credit losses that are determined for different scenarios (i.e., base, positive, adverse). IFRS 9 outlines a ‘three-stage’ model for impairment based on relative changes in credit quality since initial recognition: ◆ A financial instrument that is not credit-impaired on initial recognition is classified in ‘Stage 1’ and has its credit risk continuously monitored by the Group. ◆ If a significant increase in credit risk (‘SICR’) since initial recognition is identified, the financial instrument is moved to ‘Stage 2’ but is not yet deemed to be credit-impaired. ◆ If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. Financial instruments in Stage 1 have their Expected Credit Loss (ECL) measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Financial instruments in Stages 2 or 3 have their ECL measured based on expected credit losses on a lifetime basis. Purchased or originated credit-impaired financial assets are those financial assets that are credit-impaired on initial recognition. Their ECL is always measured on a lifetime basis. Aegon considers a financial instrument to have experienced a significant increase in credit risk when specific criteria have been met which are determined for each class of financial instruments. These criteria involve quantitative, qualitative or backstop indicators. Examples of quantitative indicators include relative changes in forward-in-time probability of default, which represents a hybrid Point-in-Time (PiT) where the PD is appropriately adjusted for forward-looking information, or relative changes in rating. For specific assets Aegon uses qualitative indicators like a watchlist approach. Backstop indicators are also defined and are set specific per asset class. Aegon uses the low credit risk exemption for specific assets that are of low credit risk (i.e. investment grade or internal credit ratings that are consistent with the definition of low credit risk). Aegon’s definition of default involves qualitative and quantitative criteria defined at asset class level. Backstop criteria of 90 days past due is generally applied for all asset classes, except for private loans and debt securities and deposits with financial institutions, where 5 days past due is determined. Qualitative criteria include distressed restructuring, foreclosure, breach of significant covenants without reasonably supportable waiver obtained, bankruptcy or an equivalent of an injunction for the obligor, and an internal or external credit rating falling to D. The allowance for instruments that are credit impaired under IAS 39 will generally align with the Stage 3 category of IFRS 9. However, within the expected loss framework of IFRS 9 the entire portfolio of financial instruments will be assigned an impairment allowance through the additions of the 12-month ECL category (stage 1) and the Lifetime ECL Non-credit-impaired (Stage 2), generally leading to increases in the overall allowances. Hedge accounting The Group has elected to adopt the new hedge accounting model in IFRS 9. This requires the Group to ensure that hedging relationships are aligned with its risk management objectives and strategy and to apply a more qualitative and forward-looking approach to assessing hedge effectiveness. b) Transition Any adjustments to the carrying amounts of financial assets and liabilities will be recognized in the opening retained earnings and other reserves at the date of transition, January 1, 2022. Effects of initial adoption of IFRS 9 and IFRS 17 The transition to IFRS 9 and IFRS 17 changes Aegon’s balance sheet significantly. The main changes are: ◆ DPAC and VOBA will no longer be recognized as separate assets; ◆ Residential mortgages related to the insurance entities in the Netherlands will be measured at fair value through P&L instead of at amortized cost; ◆ Insurance liabilities are measured at fulfillment value which represents the present value of future cashflow to fulfill insurance contracts, including a risk adjustment for non-financial risk. Interest rate movements impacting the fulfillment value flow through P&L or OCI, depending on the accounting policy choice. Aegon Americas applies the OCI option for certain groups of contracts, whereas Aegon the Netherlands and Aegon UK apply the P&L option. These choices are aligned with the measurement of the related assets to ensure an accounting match for market movements on assets and liabilities; ◆ On top of the fulfillment value, a contractual service margin (CSM), reflecting unearned profits, is added to the insurance liabilities. The effect of transition to IFRS 9 and IFRS 17 on the opening balance of shareholders’ equity in the comparative period in the consolidated financial statements on January 1, 2022 are presented in the table below. Please note that as stated earlier, the impacts on the opening balance are indicative and the numbers can therefore change. The impact on shareholders’ equity of the implementation of IFRS 9 and IFRS 17 is estimated to be a decrease of approximately EUR 12.6 billion. This is mainly due to a release of the revaluation reserve of financial assets that are reclassified under IFRS 9 and the establishment of a revaluation reserve for interest rate movements on insurance liabilities under IFRS 17 where these are allocated to Other Comprehensive Income (net decrease of approximately EUR 9.0 billion). The remaining impact on shareholders’ equity (estimated net decrease of approximately EUR 3.6 billion) is largely attributable to the establishment of the CSM, partly offset by the net effect of remeasuring the insurance liabilities. The latter reflecting lower fulfillment cashflows under IFRS 17 compared to the IFRS 4 insurance liabilities net of DPAC / VOBA. The estimated CSM before tax, at January 1, 2022, amounts to approximately EUR 11.8 billion. After tax the CSM is estimated to amount to approximately EUR 9.2 billion. In EUR billion Shareholders’ equity Revaluation reserves Balances |
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 interests are initially stated at their share in the fair value of the net assets on the acquisition date and subsequently adjusted for the non-controlling share in changes in the subsidiary’s equity. 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 interests is recognized in the income statement. Transactions with non-controlling interests Transactions with non-controlling interests are accounted for as transactions with owners. Therefore, disposals to non-controlling interests and acquisitions from non-controlling interests, not resulting in losing or gaining control of the subsidiary are recorded in equity. Any difference between consideration paid or received and the proportionate share in net assets is accounted for in equity attributable to shareholders of Aegon N.V. 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 interests in equity. The assets allocated to participations held by third parties or by the Group on behalf of policyholders are presented in the consolidated financial statements as investments for account of policyholders. 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 structured entities that are used for investment purposes. Non-current assets held for sale and disposal groups 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 assets to the extent that the carrying value of those assets exceeds their fair value. Any excess of the expected loss over the reduction of the carrying amount of these relevant assets is not recognized upon classification as held for sale, but is recognized as part of the result on disposal if and when a divestment transaction occurs. Classification into or out of held for sale does not result in restating comparative amounts in the statement of financial position. Discontinued operations To qualify as a discontinued operation, Aegon requires a disposal group to be presented as a separate line of business or geographical segment. When Aegon classifies its component comprising of a cash generating unit or multiple cash generating units as a disposal group, it presents the performance of this component as discontinued operation in the statement of comprehensive income and makes separate disclosures with the analysis of the net result from discontinued operations, and cash-flow information. Aegon re-presents comparative information in the statement of comprehensive income and disclosures to reflect the prior years’ net result attributable to the operations discontinued until the end of the latest period. |
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 items carried at cost are translated using the exchange rate at the date of the transaction, while assets carried at fair value are translated at the exchange rate when the fair value was determined. 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 items carried at fair value are recognized in other comprehensive income or the income statement, consistently with other gains and losses on these items. 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 assets backing the insurance liabilities, VOBA is adjusted to equal the effect that the realization of the gains or losses (through a sale or impairment) would have had on VOBA. The adjustment is recognized in other comprehensive income and accumulated in the related revaluation reserve in shareholders’ equity. VOBA is derecognized when the related contracts are settled or disposed. 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 financial assets are classified as 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 are subsequently carried at amortized cost using the effective interest rate method. Financial assets at fair value through profit or loss are measured at fair value with all changes in fair value recognized in the income statement as incurred. Available-for-sale assets are recorded at fair value with unrealized changes in fair value recognized in other comprehensive income. Financial assets that are designated as hedged items are measured in accordance with the requirements for hedge accounting. 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 other comprehensive income 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 often 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. 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% range. ◆ 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. When the uncertainty arising from IBOR reform is no longer present with respect to the hedged risk or the timing and the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument, the hedge documentation is amended to reflect the changes required by IBOR reform (i.e. a change results directly from IBOR reform and occurs on an economically equivalent basis). For this purpose, the hedge designation is amended only to make one or more of the following changes: ◆ designating an alternative benchmark rate as the hedged risk; ◆ amending the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged; ◆ amending the description of the hedging instrument; or ◆ amending the description of the method for assessing hedge effectiveness. Amending the formal designation of a hedging relationship to reflect the changes required by IBOR reform constitutes neither the discontinuation of the hedging relationship nor the designation of a new hedging relationship. 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. 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 asset or liability. In this case, the amount in shareholders’ equity is included in the initial cost of the asset or liability. 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 other comprehensive income and reflected in other reserves in shareholders’ equity, while the share in the joint ventures net result 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 result 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 assets backing the insurance liabilities, DPAC is adjusted to equal the effect that the realization of the gains or losses (through sale or impairment) would have had on its measurement. This is recognized in other comprehensive income and accumulated in the related revaluation reserve in shareholders’ equity. 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. 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). 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. Cash equivalents are short-term, highly liquid investments generally with original maturities of three months or less that are readily convertible to known cash amounts, are subject to insignificant risks of changes in value and are held for the purpose of meeting short-term cash requirements. Money market investments that are held for investment purposes (backing insurance liabilities, investment liabilities or equity based on asset liability management considerations) are not included in cash and cash equivalents but are presented as investments or investments for account of policyholders. |
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 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 assets that only generate cash flows in combination with other assets and liabilities are tested for impairment at the level of the cash-generating unit. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination. The allocation is based on the level at which goodwill is monitored internally and cannot be larger than an operating segment. When impairing a cash-generating unit, any goodwill allocated to the unit is first written-off and recognized in the income statement. The remaining impairment loss is allocated on a pro rata basis among the other assets, on condition that the resulting carrying amounts do not fall below the individual assets’ recoverable amounts. 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 assets measured at amortized cost are then grouped by credit risk characteristics and collectively tested for impairment. For debt instruments carried at amortized cost, the carrying amount of impaired financial assets is reduced through an allowance account. The impairment loss is calculated as the difference between the carrying and recoverable amount of the investment. The recoverable amount is determined by discounting the estimated probable future cash flows at the original effective interest rate of the asset. For variable interest debt instruments, the current effective interest rate under the contract is applied. For debt instruments classified as available-for-sale, the asset is impaired to its fair value. Any unrealized loss previously recognized in other comprehensive income is taken to the income statement in the impairment loss. After impairment the interest accretion on debt instruments 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 includes information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in the equity instrument may not be recovered. A significant or prolonged decline in fair value below initial cost is also considered objective evidence of impairment and always results in a loss being recognized in the income statement. 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. Equity investments are impaired to the asset’s fair value and any unrealized gain or loss previously recognized in shareholders’ equity is taken to the income statement as an impairment loss. The amount exceeding the balance of previously recognized unrealized gains or losses is recognized in the income statement. If an available for sale equity security is impaired based upon Aegon’s qualitative or quantitative impairment criteria, any further declines in the fair value at subsequent reporting dates are recognized as impairments. Therefore, at each reporting period, for an equity security that is determined to be impaired based upon Aegon’s impairment criteria, an impairment is recognized for the difference between the fair value and the original cost basis, less any previously recognized impairments. 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 subordinated notes were identified as a compound instrument due to the nature of this financial instrument. For these non-cumulative subordinated notes, Aegon had an unconditional right to avoid delivering cash or another financial asset to settle the coupon payments. The redemption of the principal was however not at the discretion of Aegon and therefore Aegon had a contractual obligation to settle the redemption in cash or another financial asset or through the exchange of financial assets and liabilities at potentially unfavorable conditions for Aegon. Compound instruments were separated into liability components and equity components. The liability component for the non-cumulative subordinated notes was equal to the present value of the redemption amount and carried at amortized cost using the effective interest rate method. The unwinding of the discount of this component was recognized in the income statement. At initial recognition the equity component was assigned the residual amount after deducting the liability component from the fair value of the instrument as a whole. The equity component in US dollars was translated into euro using historical exchange rates. 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 dividends payable is not recognized until the dividends have been declared and approved. 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 subordinated notes. These notes are identified as a compound instrument due to the nature of this financial instrument. Compound instruments are separated into equity components and liability components. The liability component for the non-cumulative subordinated notes is related to the redemption amount. For further information on the accounting policy of the non-cumulative subordinated notes refer to note 2.17 Equity. |
Insurance contracts | 2.19 Insurance contracts Insurance contracts are accounted for under IFRS 4 Insurance Contracts. In accordance with this standard, Aegon continues to apply the existing accounting policies that were applied prior to the adoption of IFRS with certain modifications allowed by IFRS 4 for standards effective subsequent to adoption. Aegon applies, in general, non-uniform accounting policies for insurance liabilities and insurance related intangible assets to the extent that it was allowed under Dutch Accounting Principles. As a result, specific methodologies applied may differ between Aegon’s operations as they may reflect local regulatory requirements and local practices for specific product features in these local markets. At the time of IFRS adoption, Aegon was applying US GAAP for its United States operations whereas in the Netherlands and the United Kingdom, Aegon was applying Dutch Accounting Principles. Since adoption of IFRS, Aegon has considered new and amended standards in those GAAPs which have become effective subsequent to the date of transition to IFRS. If any changes are made to current accounting policies for insurance contracts, these will be in accordance with IFRS 4. 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 investments can lead to unlocking of VOBA or DPAC and can also affect the outcome of the liability adequacy test to the extent that it considers actual future investment returns. For similar changes in unrealized gains and losses, shadow accounting is applied. If an unrealized gain or loss triggers a shadow accounting adjustment to VOBA, DPAC or the insurance liabilities, the corresponding adjustment is recognized through other comprehensive income in the revaluation reserve, together with the unrealized gain or loss. 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 investments for which the unrealized gains or losses are recognized through other comprehensive income in the revaluation reserve in shareholders’ equity, shadow accounting is applied. This means that the increase in the liability is also charged through other comprehensive income to shareholders’ equity to offset the unrealized gains rather than to the income statement. e. Non-life insurance contracts Non-life insurance contracts are insurance contracts where the insured event is not life-contingent. For non-life products the insurance liability generally includes reserves for unearned premiums, unexpired risk, inadequate premium levels and outstanding claims and benefits. No catastrophe or equalization reserves are included in the measurement of the liability. 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 business, whereas in the Americas and the UK it is performed at the level of the portfolio of contracts. To the extent that the tests involve discounting of future cash flows, the interest rate applied is based on market rates or is based on management’s expectation of the future return on investments. These future returns on investments take into account management’s best estimate related to the actual investments and, where applicable, reinvestments of these investments at maturity. 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. For details on the fair value (measurement) of Aegon’s assets and liabilities, please refer to note 44 Fair value. Only differences between the fair value and the book value build up during the period when the assets were allocated to the insurance portfolio are included in the LAT. 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 lead 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 insurance liability is tested at each reporting date. Changes in expected claims that have occurred, but that have not been settled, are reflected by adjusting the liability for claims and future benefits. The reserve for unexpired risk is increased to the extent that the future claims and expenses in respect of current insurance contracts exceed the future premiums plus the current unearned premium reserve. |
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 result. 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 at each reporting date and the carrying amount of the financial liability is recalculated as the present value of estimated future cash flows using the financial liability’s original effective interest rate. Any adjustment is immediately recognized in the income statement. For these investment contracts deposit accounting is applied, meaning that deposits are not reflected as premium income, but are recognized as part of the financial liability. 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. |
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 management’s best estimates. 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 are not allowed to 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) is 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 conditions such as the grant price of the shares and (business and personal) performance criteria. The number of shares that will vest may partly depend on Aegon’s relative total shareholder return in comparison with a peer group. 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 and market conditions upon which the shares were granted. For example, where the employee is not entitled to receive dividends during the vesting period, this factor is taken into account when estimating the fair value of the shares granted. For the determination of factors such as expected dividends, market observable data has been considered. In addition, where the relative total shareholder return is included in the performance criteria, this factor represents a market condition and hence is taken into account when estimating the fair value of the shares granted. 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 authorities 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 loadings paid by policyholders and other clients for future investment management services related to investment contracts without discretionary participation features are deferred and recognized as revenue when the related services are rendered. |
Tax assets and liabilities | 2.24 Taxation The income tax charge on the result for the year comprises current and deferred tax. Current tax is calculated taking into account items that are non-taxable or disallowed, using rates that have been enacted or substantively enacted by the reporting date and any adjustments to tax payable relating to previous years. Current tax receivables and payables for current and prior periods reflect the best estimate of the tax amount expected to be paid or received and includes provisions for uncertain income tax positions, if any. Deferred tax assets and liabilities are recognized, using the liability method, for temporary differences arising between the carrying value and tax value of an item on the balance sheet and for unused tax losses and credits carried forward. Deferred tax assets and liabilities are measured using tax rates applicable that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses and credits carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. The recognition of the deferred tax assets is based on Aegon’s mid-term projections including sensitivities and tax planning and is reassessed periodically. 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. Tax assets and liabilities are presented separately in the consolidated balance sheet except where there is a legally enforceable right to offset the tax assets against tax liabilities within the same tax jurisdiction and the intention to settle such balances on a net basis. 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 insurance and investment contracts with discretionary participation features are recognized as revenue when they become receivable. A portion of the single premiums are deferred over the benefit period of the contract as unearned premium reserve. For products where deposit accounting is required, the deposits are not reflected as premium income, but are recognized as part of the financial liability. For these products the surrender charges and charges assessed have been included in gross premiums. 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 rebates, are deducted from the gross premium, others are recognized as an expense. Depending on the applicable local accounting principles, bonuses that are used to increase the insured benefits may be recognized as gross premiums. The insurance premiums for the original contracts are presented gross of reinsurance premiums paid. |
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 assets and receivables. Impairment of deferred policy acquisition costs is included in note 15 Impairment charges/ (reversals). |
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 As a lessee The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of real estate and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses (using the same rate to measure the lease liability), if any, and adjusted for certain remeasurements of the lease liability. 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 assets that do not meet the definition of investment property in ‘Other assets and receivables’ and lease liabilities in ‘Other liabilities’ in the statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets, including small office equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 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 is 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, 2022 | |
Statement [LineItems] | |
Summary of Reconciliation Between IFRS and IFRS-EU | A reconcilliation between IFRS and EU-IFRS is included in the table below. Shareholders’ equity Net result 2022 2021 2020 2022 2021 2020 In accordance with IFRS 12,071 23,813 22,018 (1,404 ) 2,029 (135 ) Adjustment of EU ‘IAS 39’ carve-out (850 ) 632 1,054 (1,482 ) (422 ) 280 Tax effect of the adjustment 219 (163 ) (257 ) 382 93 (90 ) Effect of the adjustment after tax (631 ) 469 798 (1,100 ) (328 ) 190 In accordance with EU-IFRS 11,440 24,282 22,815 (2,504 ) 1,701 55 |
Summary of Initial Application of Standards or Interpretations | In EUR billion Shareholders’ equity Revaluation reserves Balances as at January 1, 2022, as previously reported 23.8 6.4 Impact of the change in accounting policies (IFRS 9 and 17) (12.6 ) (9.0 ) Restated balances as at January 1, 2022 11.2 (2.6 ) |
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, 2022, 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. 2022 1) 2021 Change in Fair value at fair value Fair value at Change in fair the end of during the the end of value during the reporting reporting the reporting the reporting Financial assets at fair value period period period period Shares 2) SPPI 39 8 44 10 Other 345 (33 ) 618 36 Debt securities SPPI 52,363 (14,000 ) 93,234 (3,132 ) Other 1,284 (182 ) 3,961 (75 ) Money Markets and other short-term investments SPPI 2,631 10 2,324 (0 ) Other 2,982 1 2,586 - Mortgage loans SPPI 9,245 (1,199 ) 44,366 (195 ) Other - - - - Private loans SPPI - - 5,474 (267 ) Other 15 (26 ) 36 (10 ) Deposits with financial institutions SPPI 45 - 52 - Other - - - - Policy loans SPPI 1 - 1 - Other 2,042 - 1,892 (0 ) Other financial assets SPPI - - - - Other 4,566 179 5,598 724 At December 31 75,557 (15,241 ) 160,187 (2,909 ) 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2 The SPPI-compliant shares include preferred equity instruments. |
Summary of Credit Risk Rating Grades | The table below details the credit risk rating grades, as of December 31, 2022, 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 carrying value AAA AA A BBB BB B CCC or Not Total 2022 1) Shares – Carried at fair value - - - 22 8 - 9 - 39 Debt securities – Carried at fair value 9,251 4,270 16,398 19,779 1,424 594 647 - 52,363 Money market and other short-term investments- carried at fair value 313 221 2,080 1 - - 2 15 2,631 Mortgage loans– Carried at amortized cost 1,488 4,454 3,779 671 48 - - 5 10,445 Private loans – Carried at amortized cost - - - - - - - - - Other financial assets – Carried at fair value - - 6 1 - - - 39 46 At December 31 11,052 8,944 22,263 20,474 1,480 594 658 59 65,524 2021 Shares – Carried at fair value - - - 23 13 - 8 - 44 Debt securities – Carried at fair value 26,076 10,195 24,916 28,524 1,828 918 754 24 93,234 Money market and other short-term investments- carried at fair value 25 120 1,986 193 - - - - 2,324 Mortgage loans– Carried at amortized cost 1,383 4,221 3,301 519 59 - - 31,141 40,624 Private loans – Carried at amortized cost 2,607 216 189 1,050 44 - - 744 4,850 Other financial assets – Carried at fair value - - 13 1 - 18 - 21 53 At December 31 30,090 14,752 30,405 30,310 1,944 936 762 31,930 141,128 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Credit Risk Exposure | 2022 1) 2021 SPPI compliant financial assets rated BB or below Carrying amount Fair value Carrying amount Fair value Shares – Carried at fair value 17 17 21 21 Debt securities – Carried at fair value 2,665 2,665 3,524 3,524 Money market and other short-term investments – Carried at fair value 17 17 - - Mortgage loans – Carried at amortized cost 53 40 31,200 34,254 Private loans – Carried at amortized cost - - 788 816 Deposits with financial institutions – Carried at amortized cost 38 38 38 38 Other financial assets – Carried at fair value 1 1 1 1 At December 31 2,791 2,777 35,572 38,654 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 1 Mortgage loans with no low credit risk are defined as being more than 90 days past due, in line with regulatory guidelines. |
AEGBanco Santander [member] | |
Statement [LineItems] | |
Summary of Change in Fair Value | 2022 1) 2021 Financial assets at fair value Fair value at the Change in fair Fair value at the Change in fair Debt securities SPPI 178 - 178 8 Other - - - - Money Markets and other short-term investments SPPI - - - - Other 12 - 10 - Other financial assets SPPI - - - - Other 836 (33 ) - - At December 31 1,026 (33 ) 188 8 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Credit Risk Rating Grades | SPPI compliant financial assets at carrying value AAA AA A BBB BB B CCC or Not Total 2022 1) Debt securities – Carried at fair value 6 13 123 35 - - - - 178 At December 31 6 13 123 35 - - - - 178 2021 Debt securities – Carried at fair value 8 13 120 37 - - - - 178 At December 31 8 13 120 37 - - - - 178 |
Critical accounting estimates_2
Critical accounting estimates and judgment in applying accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Sensitivity Analysis of DPAC And VOBA Balances to Changes in Expected Long Term Equity Growth Rate Explanatory | Sensitivity analysis of DPAC and VOBA balances to changes in in expected long-term equity growth rate 2022 2021 Estimated approximate effect DPAC /VOBA DPAC /VOBA 1% decrease in the expected long-term equity growth rate (113 ) (95 ) |
Sensitivity Analysis of Net Result to Changes in Various Underwriting Risks Explanatory | Sensitivity analysis of net result to changes in various underwriting risks 2022 2021 Estimated approximate effect Net Result Net Result 10% increase to mortality assumption (222 ) (128 ) 20% increase in the lapse rate assumption 15 71 |
Sensitivity Analysis of GPV to Changes in Various Underwriting Risks Explanatory | Sensitivity analysis of GPV to changes in various underwriting risks 2022 2021 Estimated approximate effect GPV GPV 5% increase in the utilization rates 208 195 5% decrease in the utilization rates (222 ) (201 ) 10% decrease expected mortality 129 122 10% increase expected mortality (123 ) (114 ) |
Financial risks (Tables)
Financial risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. 2022 1) Maximum Cash Securities Letters of credit Real Master Other Total Surplus Net Debt securities - carried at fair value 53,647 - - 96 - - - 96 - 53,551 Money market and other short-term investments - carried at fair value 5,613 - 312 - - - - 312 23 5,324 Mortgage loans - carried at amortized cost 10,441 40 - 22 24,822 - - 24,883 14,442 1 Private loans - carried at amortized cost 27 11 - - - - - 11 - 15 Other loans - carried at amortized cost 2,088 - - - - - 3,510 3,510 1,470 47 Other financial assets - carried at fair value 4,562 - - - - - - - - 4,562 Derivatives 2,707 246 426 - - 2,174 - 2,846 173 33 Reinsurance assets 21,184 - 14,162 103 - - - 14,265 - 6,919 At December 31 100,269 297 14,900 221 24,822 2,174 3,510 45,923 16,108 70,453 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Maximum Cash Securities Letters of Real Master Other Total Surplus Net Debt securities - carried at fair value 97,195 - - 221 - - - 221 - 96,974 Money market and other short-term investments - carried at fair value 4,910 - 330 - - - - 330 21 4,601 Mortgage loans - carried at amortized cost 39,991 2,684 - 32 75,412 - - 78,128 38,197 60 Private loans - carried at amortized cost 4,883 33 - - - - - 33 - 4,850 Other loans - carried at amortized cost 1,949 - - - - - 1,872 1,872 1,346 1,423 Other financial assets - carried at fair value 4,245 - - - - - - - - 4,245 Derivatives 8,780 2,555 107 - - 5,921 - 8,583 66 263 Reinsurance assets 20,992 - 3,784 77 - - - 3,861 - 17,131 At December 31 182,945 5,272 4,221 330 75,412 5,921 1,872 93,028 39,630 129,547 |
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 2022 2021 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 | Credit rating The ratings distribution of general account portfolios of Aegon’s major excluding Americas United Kingdom International Credit rating general account investments,excluding reinsurance Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value AAA 1,488 12,124 - 55 - 91 AA 4,454 3,659 - 461 - 157 A 3,779 19,374 - 262 39 891 BBB 671 18,785 - 123 (5 ) 745 BB 48 1,434 - 1 - 71 B - 592 - - - 13 CCC or lower - 445 - - - 4 Assets not rated 2,035 4,525 - 582 9 9 Total 12,475 60,938 - 1,483 43 1,980 Past due and / or impaired assets - 2,239 - - - 22 At December 31 12,475 63,178 - 1,483 43 2,001 Asset Management Total 2022 1) 2) Credit rating general account investments, excluding Amortized cost Fair value Amortized cost Fair value Total carrying AAA - 135 1,488 12,404 13,892 AA - - 4,454 4,277 8,731 A - - 3,818 20,527 24,345 BBB - - 666 19,653 20,319 BB - - 48 1,505 1,553 B - - - 605 605 CCC or lower - - - 449 449 Assets not rated - 1 2,081 5,235 8,167 Total - 136 12,556 64,656 78,061 Past due and / or impaired assets - - - 2,261 2,262 At December 31 - 136 12,556 66,917 80,323 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Americas The Netherlands United Kingdom International Credit rating general account investments, Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value Amortized cost Fair value AAA 1,383 15,537 2,607 11,832 - 74 - 738 AA 4,219 4,438 216 6,474 - 586 - 699 A 3,301 20,888 128 10,636 - 384 52 2,610 BBB 519 21,894 1,050 4,458 - 202 (4 ) 3,311 BB 59 1,614 44 127 - 1 - 272 B - 549 - 19 - - 18 370 CCC or lower - 441 - 19 - - - 13 Assets not rated 1,868 4,257 31,137 1,418 - 644 27 79 Total 11,349 69,618 35,182 34,983 - 1,893 93 8,093 Past due and / or impaired assets 2 2,044 176 17 - - - 116 At December 31 11,352 71,662 35,358 35,000 - 1,893 93 8,208 Asset Management Total 2021 1) Credit rating general account investments, excluding reinsurance Amortized cost Fair value Amortized cost Fair value Total carrying AAA - 295 3,989 28,476 32,465 AA - - 4,436 12,197 16,633 A - - 3,481 34,530 38,011 BBB - - 1,564 29,866 31,431 BB - - 103 2,015 2,118 B - - 18 938 956 CCC or lower - - - 473 473 Assets not rated - 2 33,053 6,474 39,527 Total - 296 46,644 114,968 161,613 Past due and / or impaired assets - - 178 2,176 2,355 At December 31 - 296 46,823 117,145 163,967 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 1) Carrying value AAA - - AA 2,156 9,084 A 18,105 11,087 Below A 6 7 Not rated 917 813 At December 31 21,184 20,992 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Schedule of Credit Risk Concentration | Credit risk concentration The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt securities and Americas United Kingdom International Asset Total 2022 1) Of which past due and / or Residential mortgage-backed securities (RMBSs) 1,136 - - 5 1,141 479 Commercial mortgage-backed securities (CMBSs) 2,707 94 37 - 2,838 42 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 438 - 3 - 440 2 ABSs - Other 2,400 53 15 9 2,478 26 Financial - Banking 3,957 168 318 - 4,443 39 Financial - Other 10,778 36 352 96 11,263 191 Capital goods and other industry 3,769 22 132 - 3,923 268 Communications & Technology 4,658 2 167 - 4,828 417 Consumer cyclical 3,742 28 106 - 3,877 223 Consumer non-cyclical 5,445 85 144 - 5,674 350 Energy 3,205 19 102 - 3,326 41 Transportation 1,728 - 43 - 1,771 19 Utility 4,319 69 80 - 4,469 110 Government bonds 7,962 323 488 17 8,790 43 At December 31 56,243 901 1,989 128 59,260 2,251 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which disclosed operations Credit risk concentrations – Government bonds per country of risk Americas United Kingdom International Asset Total 2022 1) 2) United States 7,209 - 80 - 7,290 Netherlands - - - - - United Kingdom - 275 - 17 292 Austria - - 3 - 3 Belgium - - 3 - 3 Finland - - - - - France - 27 2 - 29 Germany - - - - - Hungary 18 - 4 - 22 Indonesia 82 - - - 82 Luxembourg - - 1 - 1 Spain - - 152 - 152 Rest of Europe 48 - 229 - 277 Rest of world 604 21 13 - 638 Supranational - - - - - At December 31 7,962 323 488 17 8,790 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Credit risk concentrations – Credit rating 2022 3) Government Corporate bonds RMBSs CMBSs Other Total 2022 1) 2) AAA 5,980 724 2,997 2,780 12,482 AA 1,243 2,484 815 - 4,541 A 753 16,180 1,960 - 18,894 BBB 538 19,307 306 - 20,151 BB 206 1,204 102 - 1,513 B 65 519 23 - 607 CCC or lower 4 207 694 - 905 Assets not rated - 15 - 152 167 At December 31 8,790 40,640 6,897 2,933 59,260 1 Includes investments of Holding and other activities. 2 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 3 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. There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million. Credit risk concentrations – debt securities and money market investments 2021 Americas The United International Asset Total 2021 1) Of which past Residential mortgage-backed securities (RMBSs) 1,854 106 - 20 4 1,984 611 Commercial mortgage-backed securities (CMBSs) 3,005 3 122 517 - 3,647 13 Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 265 1,576 - 37 - 1,878 2 ABSs – Other 1,972 1 74 267 8 2,321 27 Financial - Banking 5,597 3,146 177 1,035 - 9,956 9 Financial - Other 9,916 854 68 783 257 11,877 175 Capital goods and other industry 4,048 1,078 33 501 - 5,661 144 Communications & Technology 6,190 1,561 3 732 - 8,485 411 Consumer cyclical 3,159 741 43 342 - 4,286 152 Consumer non-cyclical 6,138 1,900 121 825 - 8,984 177 Energy 4,177 143 26 635 - 4,980 91 Transportation 2,151 815 - 197 - 3,163 130 Utility 5,356 707 105 590 - 6,757 153 Government bonds 11,663 14,321 477 1,649 18 28,127 4 At December 31 65,490 26,951 1,248 8,130 286 102,105 2,101 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds Americas The Netherlands United Kingdom International Asset Total 2021 1) United States 10,897 - - 463 - 11,360 Netherlands - 4,691 - - - 4,691 United Kingdom - 3 413 - 18 433 Austria - 1,175 - 6 - 1,181 Belgium - 1,132 - 5 - 1,137 Finland - 41 - - - 41 France - 1,618 34 2 - 1,654 Germany - 4,309 - - - 4,309 Hungary - - - 302 - 302 Indonesia 75 39 - 28 - 141 Luxembourg - 873 - 1 - 875 Spain - 144 - 197 - 341 Rest of Europe 85 65 - 503 - 654 Rest of world 587 230 31 131 - 979 Supranational 19 - - 11 - 29 At December 31 11,663 14,321 477 1,649 18 28,127 1 Includes investments of Holding and other activities. Credit risk concentrations – Credit rating 2021 2) Government Corporate bonds RMBSs CMBSs Other Total 2021 1) AAA 19,740 754 5,779 1,882 28,155 AA 5,476 4,099 1,125 - 10,700 A 1,228 25,470 1,648 - 28,345 BBB 1,094 28,855 338 - 30,286 BB 238 1,700 63 - 2,001 B 348 553 26 - 927 CCC or lower 5 183 826 - 1,014 Assets not rated - 3 24 649 676 At December 31 28,127 61,617 9,830 2,531 102,105 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. There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million. Credit risk concentrations – mortgage loans 2022 Americas United Kingdom International Asset Total 2022 1) Of which past Agricultural 49 - - - 49 - Apartment 5,519 - - - 5,519 - Industrial 402 - - - 402 - Office 1,521 - - - 1,521 - Retail 1,475 - - - 1,475 - Other commercial 1,469 - - - 1,469 - Residential 5 - 1 - 5 - At December 31 10,441 - 1 - 10,441 - 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Credit risk concentrations – mortgage loans Americas The United International Asset Total 2021 Of which past Agricultural 59 - - - - 59 - Apartment 5,085 - - - - 5,085 2 Industrial 1,349 - - - - 1,349 - Office 1,560 - - - - 1,560 - Retail 1,425 6 - - - 1,432 - Other commercial - 23 - - - 23 1 Residential 6 30,476 - 1 - 30,483 139 At December 31 9,485 30,505 - 1 - 39,991 142 |
Summary of Income Received From Investments in RMBSs, SMBSs and ABSs | Total result 2022 December 31, 2022 2022 1) Interest income Total gains and Total Investments Residential mortgage-backed securities 92 (84 ) 9 1,141 Commercial mortgage-backed securities 120 (715 ) (595 ) 2,838 Asset-backed securities 24 (34 ) (10 ) 440 ABSs - Other 92 (416 ) (324 ) 2,478 Total 328 (1,249 ) (921 ) 6,897 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Total result 2021 December 31, 2021 2021 Interest income Total gains and Total Investments Residential mortgage-backed securities 83 (28 ) 55 1,980 Commercial mortgage-backed securities 113 (31 ) 82 3,647 Asset-backed securities 29 - 29 1,878 ABSs - Other 70 (11 ) 59 2,323 Total 295 (69 ) 226 9,829 |
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 (AFS) portfolios, are as follows as of December 31, 2022, and December 31, 2021. 2022 1) Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 8,386 135 (1,294 ) 7,226 1,435 5,791 Dutch government - - - - - - Other government 1,700 23 (239 ) 1,484 266 1,218 Mortgage-backed securities 4,218 160 (439 ) 3,939 578 3,362 Asset-backed securities 3,269 12 (376 ) 2,905 183 2,722 Corporate 42,507 449 (5,419 ) 37,538 7,428 30,110 Money market investments 5,511 4 (1 ) 5,514 3,815 1,699 Other 863 105 (128 ) 840 600 241 Total 66,455 888 (7,896 ) 59,447 14,305 45,143 Of which held by Aegon Americas 63,213 837 (7,672 ) 56,379 13,073 43,306 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other United States government 8,942 2,386 (11 ) 11,317 10,938 379 Dutch government 3,456 1,238 (0 ) 4,694 4,688 6 Other government 9,060 2,794 (84 ) 11,769 10,414 1,356 Mortgage-backed securities 5,265 372 (56 ) 5,581 3,832 1,749 Asset-backed securities 4,088 118 (16 ) 4,189 2,334 1,855 Corporate 50,953 5,738 (343 ) 56,348 45,363 10,985 Money market investments 4,790 - (0 ) 4,790 4,547 243 Other 876 34 (66 ) 844 519 325 Total 87,431 12,679 (576 ) 99,533 82,635 16,898 Of which held by Aegon Americas and NL 78,468 11,865 (475 ) 89,859 74,954 14,905 |
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 (AFS) debt securities, money market investments and other in an unrealized loss position at December 31, 2022, and December 31, 2021, is presented in the following table: December 31, 2022 1) December 31, 2021 Unrealized losses - debt securities, money market Carrying value of Unrealized losses Carrying value of Unrealized losses Residential mortgage-backed securities (RMBSs) 633 (70 ) 810 (21 ) Commercial mortgage-backed securities (CMBSs) 2,690 (360 ) 803 (27 ) Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 434 (39 ) 1,244 (9 ) ABSs - Other 2,253 (334 ) 558 (7 ) Financial Industry - Banking 2,906 (412 ) 1,669 (32 ) Financial Industry - Insurance 1,146 (199 ) 368 (11 ) Financial Industry - Other 5,821 (878 ) 1,092 (29 ) Industrial 17,249 (3,068 ) 5,630 (179 ) Utility 3,564 (765 ) 1,564 (68 ) Government 6,368 (1,418 ) 842 (28 ) Other 240 (128 ) 325 (66 ) Total held by Aegon Americas and NL 1) 43,306 (7,672 ) 14,905 (475 ) Held by other segments 1,837 (224 ) 1,994 (102 ) Total 45,143 (7,896 ) 16,898 (576 ) 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities | The table below summarize the exposures of non-derivative financial assets and non-derivative liabilities that yet have to transition to alternative benchmark rates. 2022 1) 2021 Non derivative financial instruments to transition to alternative benchmark Financial assets non-derivatives Financial non-derivatives Financial assets non-derivatives Financial non-derivatives By benchmark rate GBP LIBOR 27 - 19 - USD LIBOR 814 1,218 822 1,143 Euribor 34 1,200 3,095 1,200 Fed Funds - - 102 - Total 875 2,418 4,038 2,343 1 2022 excludes the non derivative financial instruments of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Exposures of Derivatives | The table below summarize the exposures of derivatives that yet have to transition to alternative benchmark rates. 2022 1) 2021 Derivative financial instruments to transition to alternative benchmark Nominal Value Nominal Value By benchmark rate GBP LIBOR - - USD LIBOR 39,752 54,232 Euribor 563 113,593 Fed Funds - 3,574 Total 40,315 171,399 1 2022 excludes the derivative financial instruments of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Financial Assets that are Either Past Due or Impaired | 2022 1) 2021 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 1,155 572 25 1,751 1,171 255 40 1,466 Mortgage loans - - - - 129 1 1 131 Other loans - - - - 19 5 10 35 Accrued interest 28 22 - 50 30 10 3 42 Other financial assets - carried at fair value - - - - - - - - At December 31 1,183 593 25 1,802 1,350 271 54 1,675 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Impaired financial assets Carrying 1) Carrying amount 2021 Shares 10 62 Debt securities - carried at fair value 500 635 Mortgage loans - 10 Other loans - 2 Other financial assets - carried at fair value 1 14 At December 31 510 723 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio | The general account equity, real estate and other non-fixed-income portfolio of Aegon is as follows: Equity, real estate and non-fixed income Americas United Kingdom International Asset Holding and Total 2022 1) Equity funds 141 - 3 7 - 151 Common shares 2) 148 25 5 - 1 179 Preferred shares 56 - - - - 56 Investments in real estate 42 - 17 - - 59 Hedge funds 10 - - - - 10 Other alternative investments 2,168 - - - - 2,168 Other financial assets 1,848 531 5 1 - 2,385 At December 31 4,414 556 30 9 1 5,009 1 2022 excludes the exposures of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2 Common shares in Holding and other activities includes t he Equity, real estate and non-fixed Americas The United International Asset Holding and other activities Total 2021 Equity funds 175 34 - 63 9 - 280 Common shares 1) 190 - 29 5 - 1 226 Preferred shares 128 - - - - - 128 Investments in real estate 39 2,588 - 16 - - 2,643 Hedge funds 35 - - - - - 35 Other alternative investments 1,934 432 - - - - 2,366 Other financial assets 1,595 1,023 598 7 2 - 3,225 At December 31 4,097 4,076 628 91 10 1 8,903 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 United Kingdom International Asset Total 2022 1) 2) Of which impaired assets Communication 2 - - - 2 - Consumer 13 - - - 13 - Financials 184 - 5 - 189 7 Funds 19 25 - - 45 1 Industries 4 - - - 4 - Other 123 - 4 7 135 - At December 31 345 25 10 7 388 10 1 Includes investments of Holding and other activities. 2 2022 excludes the market risk concentrations of the disposal group, which are separately disclosed in note 51 Discontinued operations. Market risk concentrations – Americas The United International Asset Total 2021 1) Of which assets Communication 1 - - - - 1 - Consumer 5 - - - - 5 1 Financials 411 4 - 5 - 420 39 Funds - 1,406 29 62 - 1,498 17 Industries 42 - - - - 42 5 Other 35 - - 5 9 49 - At December 31 493 1,410 29 72 9 2,015 62 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. 2022 2021 2020 2019 2018 S&P 500 3,840 4,766 3,756 3,231 2,507 Nasdaq 10,466 15,645 12,888 8,973 6,635 FTSE 100 7,452 7,385 6,461 7,542 6,728 AEX 689 798 625 605 488 |
Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Equity Markets | Immediate change of Estimated approximate effects on net result Estimated approximate effects 2022 1) Equity increase 10% 168 202 Equity decrease 10% (237 ) (288 ) Equity increase 25% 358 456 Equity decrease 25% (551 ) (666 ) 2021 1) Equity increase 10% 151 341 Equity decrease 10% (212 ) (221 ) Equity increase 25% 322 660 Equity decrease 25% (529 ) (685 ) 1 Includes the approximate effects of the disposal group |
Schedule of Interest Rate | The following table shows interest rates at the end of each of the last five years. 2022 2021 2020 2019 2018 3-month US LIBOR 4.77% 0.21% 0.24% 1.91% 2.81% 3-month EURIBOR 2.13% (0.57% ) (0.55% ) (0.38% ) (0.31% ) 10-year US Treasury 3.83% 1.78% 0.91% 1.91% 2.69% 10-year Dutch government 2.91% (0.03% ) (0.48% ) (0.06% ) 0.39% |
Schedule of Parallel Movement of Yield Curve | Parallel movement of yield curve Estimated approximate effects Estimated approximate effects 2022 1) Shift up 100 basis points (257 ) (3,966 ) Shift down 100 basis points (1,166 ) 1,993 2021 1) Shift up 100 basis points 296 (3,591 ) Shift down 100 basis points (594 ) 2,906 1 Includes the approximate effects of the disposal group |
Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity | Information on Aegon’s three year historical net result and shareholders’ equity in functional currency are shown in the table below: 2022 2021 2020 Net result Americas (in USD) (1,486 ) 1,195 (611 ) United Kingdom (in GBP) 146 104 60 Equity in functional currency Americas (in USD) 6,228 18,324 19,127 United Kingdom (in GBP) 1,108 1,260 1,391 |
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 2022 2021 2020 2019 2018 USD 1.07 1.14 1.22 1.12 1.14 GBP 0.89 0.84 0.90 0.85 0.90 |
Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity | Sensitivity analysis of net result and shareholders’ equity to translation risk Movement of currency exchange rates 1) Estimated approximate effects on net result Estimated approximate effects 2022 2) Increase by 15% of USD currencies relative to the euro (230 ) 1,342 Increase by 15% of GBP currencies relative to the euro 188 2,125 Increase by 15% of non-euro (220 ) 1,590 Decrease by 15% of USD currencies relative to the euro 169 (1,024 ) Decrease by 15% of GBP currencies relative to the euro 141 1,497 Decrease by 15% of non-euro 163 (1,175 ) 2021 2) Increase by 15% of USD currencies relative to the euro 205 3,249 Increase by 15% of GBP currencies relative to the euro 152 1,900 Increase by 15% of non-euro 244 3,541 Decrease by 15% of USD currencies relative to the euro (153 ) (2,441 ) Decrease by 15% of GBP currencies relative to the euro 107 1,315 Decrease by 15% of non-euro (179 ) (2,616 ) 1 The effect of currency exchange movements is reflected as a one-time shift up or down in the value of the non-euro currencies relative to the euro on December 31. 2 Includes the approximate effects of the disposal group |
Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows | Maturity analysis – gross On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 2) Trust pass-through securities - 10 114 17 60 200 Subordinated loans - 113 370 242 3,068 3,792 Borrowings - 1,312 3,130 94 500 5,036 Lease liabilities - 35 99 63 55 251 Other financial liabilities 4,263 795 355 34 47 5,495 Total financial liabilities (excluding investment/insurance contracts) 4,263 2,265 4,067 450 3,729 14,775 Investment contracts 1) 9,642 1,445 385 186 141 11,798 Investment contracts for account of policyholders 1) 22,748 31,186 7 4 2 53,948 Total investment contracts 32,389 32,631 392 190 143 65,746 2021 Trust pass-through securities - 9 113 16 60 197 Subordinated loans - 108 377 246 2,964 3,695 Borrowings - 901 7,651 956 1,052 10,559 Lease liabilities - 37 86 67 70 259 Other financial liabilities 4,993 1,749 325 154 224 7,444 Total financial liabilities (excluding investment/insurance contracts) 4,993 2,803 8,551 1,439 4,368 22,154 Investment contracts 1) 17,254 2,681 2,114 1,101 655 23,804 Investment contracts for account of policyholders 1) 34,756 34,571 10 6 4 69,347 Total investment contracts 52,009 37,252 2,124 1,107 659 93,151 1 Excluding investment contracts with discretionary participating features. 2 2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Summary of Financial Liabilities Relating to Insurance and Investment Contracts | Financial liabilities relating to insurance and 1) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 2) Insurance contracts - 3,432 11,364 11,946 116,169 142,911 Insurance contracts for account of policyholders - 7,456 30,877 29,565 113,346 181,245 Investment contracts - 1,737 4,814 2,581 4,379 13,511 Investment contracts for account of policyholders - 6,107 23,626 26,970 89,126 145,829 - 18,732 70,681 71,062 323,021 483,496 2021 Insurance contracts - 4,260 16,215 18,438 127,344 166,257 Insurance contracts for account of policyholders - 11,494 41,638 39,941 131,667 224,740 Investment contracts - 8,324 7,975 3,847 4,438 24,584 Investment contracts for account of policyholders 193 14,011 27,637 31,715 84,825 158,381 193 38,089 93,465 93,941 348,274 573,962 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. 2 2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Derivatives [member] | |
Statement [LineItems] | |
Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows | Maturity analysis relating to derivatives 1) (Contractual cash flows) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 2) Gross settled Cash inflows - 15,301 575 675 1,741 18,293 Cash outflows - (15,242 ) (443 ) (633 ) (1,600 ) (17,919 ) Net settled Cash inflows - 1,552 4,255 3,812 6,227 15,846 Cash outflows - (1,937 ) (4,222 ) (3,700 ) (14,214 ) (24,072 ) 2021 Gross settled Cash inflows - 4,300 3,728 5,034 104,335 117,396 Cash outflows - (4,895 ) (7,080 ) (9,499 ) (105,376 ) (126,850 ) Net settled Cash inflows - 683 3,442 3,640 5,375 13,140 Cash outflows - (780 ) (3,032 ) (3,102 ) (12,591 ) (19,505 ) 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. 2 2022 excludes the derivatives of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Segment Results | The following table presents Aegon’s segment results. Income statement - Operating Americas The United International Asset Holding and Eliminations Segment Joint ventures Consolidated 2022 Operating result 790 783 206 167 193 (220 ) (0 ) 1,918 (40 ) 1,878 Fair value items (1,644 ) 1,897 10 21 (3 ) (21 ) (8 ) 251 (9 ) 242 Realized gains / (losses) on investments (479 ) (181 ) 3 - - 7 (0 ) (650 ) (16 ) (666 ) Impairment charges (32 ) 15 (11 ) (8 ) - (18 ) - (55 ) (2 ) (57 ) Impairment reversals 19 - - - - - - 19 - 19 Non-operating items (2,136 ) 1,731 1 13 (3 ) (32 ) (6 ) (435 ) (27 ) (462 ) Other income / (charges) (526 ) (1,970 ) (37 ) 373 (19 ) (141 ) (0 ) (2,321 ) (18 ) (2,339 ) Result before tax (1,872 ) 543 170 553 171 (393 ) (8 ) (837 ) (85 ) (922 ) Income tax (expense) / benefit 462 (1,000 ) 1 (36 ) (67 ) 74 (0 ) (567 ) 85 (482 ) Net result (1,411 ) (457 ) 171 516 104 (319 ) (8 ) (1,404 ) - (1,404 ) Inter-segment operating result (362 ) (94 ) (75 ) 55 188 288 Revenues 2022 Life insurance gross premiums 7,329 1,168 4,081 1,280 - - 6 13,864 (1,016 ) 12,848 Accident and health insurance 1,407 257 - 184 - - - 1,848 (79 ) 1,769 General insurance - 144 - 182 - - - 326 (182 ) 144 Total gross premiums 8,735 1,569 4,081 1,646 - - 6 16,037 (1,276 ) 14,761 Investment income 3,467 1,728 1,951 297 12 474 (477 ) 7,453 (114 ) 7,338 Fee and commission income 2,021 325 217 42 693 - (187 ) 3,111 (240 ) 2,871 Other revenues - - - 26 5 - - 31 (30 ) 1 Total revenues 14,223 3,622 6,250 2,011 710 474 (658 ) 26,633 (1,661 ) 24,972 Inter-segment revenues (5 ) 3 - - 187 473 Income statement - Operating Americas The United International Asset Holding and Eliminations Segment Joint ventures Consolidated 2021 Operating result 790 755 184 143 253 (218 ) (1 ) 1,906 42 1,948 Fair value items 698 221 (62 ) (18 ) (1 ) 12 3 854 (123 ) 730 Realized gains / (losses) on investments 313 118 10 2 2 1 - 446 (9 ) 437 Impairment charges (19 ) (19 ) - - (1 ) (11 ) - (49 ) (0 ) (49 ) Impairment reversals 33 59 - 1 - 8 - 101 - 101 Non-operating items 1,025 378 (51 ) (15 ) - 11 3 1,352 (132 ) 1,220 Other income / (charges) (667 ) (23 ) 1 65 (18 ) (138 ) - (780 ) 12 (768 ) Result before tax 1,149 1,110 134 193 235 (344 ) 2 2,478 (78 ) 2,400 Income tax (expense) / benefit (137 ) (276 ) (12 ) (36 ) (65 ) 77 - (449 ) 78 (371 ) Net result 1,012 833 122 157 170 (267 ) 2 2,029 - 2,029 Inter-segment operating result (20 ) (95 ) (96 ) (31 ) 191 51 Revenues 2021 Life insurance gross premiums 6,917 1,323 4,613 1,372 - - - 14,225 (825 ) 13,400 Accident and health insurance 1,273 254 3 179 - - - 1,709 (67 ) 1,643 General insurance - 136 - 432 - - - 569 (168 ) 401 Total gross premiums 8,190 1,713 4,616 1,984 - - - 16,504 (1,060 ) 15,444 Investment income 2,909 2,088 1,691 361 12 242 (261 ) 7,042 (75 ) 6,967 Fee and commission income 1,920 300 223 59 800 - (183 ) 3,120 (335 ) 2,785 Other revenues - - - 14 2 12 - 27 (15 ) 13 Total revenues 13,019 4,101 6,531 2,418 814 254 (444 ) 26,693 (1,484 ) 25,209 Inter-segment revenues 1 14 - - 182 247 Income statement -Operating Americas The Netherlands United International Asset Management Holding and Eliminations Segment total Joint ventures Consolidated 2020 Operating result 781 665 144 175 182 (237 ) 1 1,710 31 1,741 Fair value items (448 ) (230 ) (2 ) (7 ) 22 (36 ) - (701 ) (87 ) (788 ) Realized gains / (losses) on investments 93 14 - 46 1 (3 ) - 150 (8 ) 142 Impairment charges (173 ) (50 ) - (16 ) (1 ) (25 ) - (265 ) 1 (264 ) Impairment reversals 27 1 - - - - - 28 - 28 Non-operating items (501 ) (265 ) (1 ) 22 22 (65 ) - (788 ) (94 ) (881 ) Other income / (charges) (1,110 ) 78 (68 ) (1 ) (8 ) (130 ) - (1,239 ) 15 (1,224 ) Result before tax (829 ) 478 74 197 195 (433 ) 1 (317 ) (47 ) (364 ) Income tax (expense) / benefit 288 (107 ) (7 ) (26 ) (44 ) 78 - 181 47 229 Net result (541 ) 371 67 170 151 (355 ) 1 (135 ) - (135 ) Inter-segment operating result (40 ) (87 ) (86 ) (35 ) 193 62 Revenues 2020 Life insurance gross premiums 6,946 1,619 4,833 1,255 - 4 (3 ) 14,654 (726 ) 13,929 Accident and health insurance 1,380 245 25 193 - - - 1,844 (59 ) 1,784 General insurance - 130 - 388 - - - 519 (132 ) 386 Total gross premiums 8,326 1,994 4,858 1,836 - 5 (3 ) 17,016 (917 ) 16,099 Investment income 2,986 2,083 1,795 362 7 261 (281 ) 7,212 (63 ) 7,149 Fee and commission income 1,653 255 194 50 750 (9 ) (180 ) 2,713 (308 ) 2,405 Other revenues - - - 9 2 3 - 14 (10 ) 4 Total revenues 12,964 4,332 6,847 2,257 759 260 (465 ) 26,955 (1,298 ) 25,657 Inter-segment revenues 1 21 - - 188 264 |
Summary of Reconciliation from Operating Result Before Tax to Income Before Tax | Presentation Non-Operating result Note 2022 2021 2020 Result before tax from continuing operations (1,543) 1,164 (958 ) Result before tax from discontinued operations 51 2,396 1,237 594 Impairment loss on remeasurement of disposal group 51 (1,775 ) - - Result before tax from continuing operations and discontinued operations (922 ) 2,400 (364 ) Elimination of share in earnings of joint ventures and associates 40 (42 ) (31 ) Premium income 6 (1 ) 5 (4 ) Rental income 7 76 71 68 Dividend income 7 (2 ) (76 ) 40 Fee and commission income 8 (41 ) (30 ) 5 Recovered claims and benefits 9 - 31 143 Change in valuation of reinsurance ceded 9 208 43 (86 ) Net fair value change of general account financial investments at 10 1,234 4 421 Net fair value change on borrowings and other financial liabilities 10 (5 ) 13 (2 ) Realized gains and losses on financial investments 10 718 (463 ) (132 ) Gains and (losses) on investments in real estate 10 51 (253 ) (74 ) Net fair value change of derivatives 10 465 471 (613 ) Other income 11 (401 ) (77 ) (68 ) Benefits and claims paid life 12 14 217 - Change in valuation of liabilities for insurance contracts 12 (1,937 ) (994 ) 1,422 Change in valuation of liabilities for investment contracts 12 (9 ) 8 7 Policyholder claims and benefits - Other 12 (20 ) (38 ) (19 ) Commissions and expenses 14 651 715 450 Impairment (charges) reversals 15 34 (53 ) 318 Interest charges and related fees 16 - - 82 Other charges 17 1,764 37 150 Results of CEE businesses which were previously reported in operating results - (85 ) - Operating result 1,918 1,906 1,710 ◆ 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 operating result. ◆ 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 2,089 million gain (2021: EUR 8 million loss, 2020: EUR 38 million gain) for which the expected long-term return is included in operating result; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 1,303 million loss (2021: EUR 466 million loss, 2020: EUR 652 million gain); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 4 million gain (2021: EUR 2 million gain, 2020: EUR nil million). ◆ Net foreign currency gains and (losses) are reported as part of the respective line in note 10. ◆ Benefits and claims paid life relate to the lump-sum buy-out program for certain variable annuities in the Americas and is reported as part of the respective line in note 12. ◆ 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 273 million (2021: EUR 240 million charge, 2020: EUR 266 million charge) which are reported as part of Employee and Administration expenses lines in note 14; 2) Amortization of deferred expenses of EUR 136 million income (2021: income of EUR 260 million, 2020: income of EUR 35 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 11 million charge (2021: charge of EUR 87 million; 2020: income of EUR 20 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 loss (2021: gain of EUR 51 million; 2020: gain of EUR 159 million). ◆ Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 20 million charge (2021: reversal of EUR 45 million, 2020: charge of EUR 266 million) as shown in note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 48 million charge (2021: EUR 60 million charge; 2020: EUR 128 million charge) 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-operating results. |
Summary of Other Selected Income Statement Items | Other selected income statement items Americas The United Kingdom International Asset Holding Total 2022 Amortization of deferred expenses, VOBA and 850 - 107 36 - - 993 Depreciation 53 - 4 6 2 7 73 Impairment charges / (reversals) on financial 12 - - 7 - - 20 Impairment charges / (reversals) on non- 17 - 11 1 - 18 48 2021 Amortization of deferred expenses, VOBA and 929 - 113 61 - - 1,103 Depreciation 56 20 6 15 2 1 99 Impairment charges / (reversals) on financial (23 ) (14 ) - - - (8 ) (45 ) Impairment charges / (reversals) on non- 37 12 - - 1 11 60 2020 Amortization of deferred expenses, VOBA and 637 - 119 97 - - 854 Depreciation 56 20 9 12 2 1 101 Impairment charges / (reversals) on financial 151 86 - 15 - 11 262 Impairment charges / (reversals) on non- 72 21 17 - 4 14 128 |
Summary of Number of Employees | Number of employees Americas The United Kingdom International Asset Holding and Total 2022 Number of employees - headcount 6,153 3,609 2,621 4,281 1,464 958 19,087 Of which Aegon’s share of employees in joint - - 62 3,239 206 - 3,507 2021 Number of employees - headcount 7,675 3,534 2,476 6,590 1,675 321 22,271 Of which Aegon’s share of employees in joint 733 - 59 3,245 191 - 4,228 2020 Number of employees - headcount 7,960 3,521 2,307 6,598 1,527 409 22,322 Of which Aegon’s share of employees in joint 669 - 47 3,294 183 - 4,193 |
Summary of Assets and Liabilities Per Segment | Summarized assets and liabilities per segment Americas The 1) United Interna- Asset Holding and Eliminations Total 2022 Assets Cash and Cash equivalents 1,097 - 182 122 367 1,639 - 3,407 Assets held for sale - 89,752 - - - - - 89,752 Investments 73,132 - 1,457 2,061 136 39 - 76,825 Investments for account of policyholders 89,535 - 90,007 464 - - - 180,006 Investments in joint ventures - - - 972 471 (0 ) - 1,443 Investments in associates - - - 20 129 16 - 165 Deferred expenses 12,657 - 736 57 - - (564 ) 12,886 Other assets 30,796 - 2,883 7,648 136 19,722 (23,882 ) 37,302 Total assets 207,217 89,752 95,264 11,344 1,239 21,415 (24,446 ) 401,786 Liabilities Insurance contracts 84,905 - 1,373 8,255 - - (7,223 ) 87,309 Insurance contracts for account of policyholders 66,842 - 33,122 446 - - - 100,409 Investment contracts 10,483 - 174 2 - - - 10,658 Investment contracts for account of policyholders 22,693 - 57,836 26 - - - 80,555 Liabilities held for sale - 84,339 - - - - - 84,339 Other liabilities 16,194 - 1,511 851 414 7,225 (1,870 ) 24,325 Total liabilities 201,117 84,339 94,015 9,580 414 7,225 (9,093 ) 387,596 1 Please refer to note 51 Discontinued operations for the summarized assets and liabilities of Aegon the Netherlands Summarized assets and liabilities per segment Americas The United Interna- Asset Holding and Eliminations Total 2021 Assets Cash and Cash equivalents 1,127 3,718 210 282 311 1,242 - 6,889 Investments 80,938 66,384 1,876 8,315 296 21 - 157,831 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Deferred expenses 9,052 235 825 391 - - - 10,503 Other assets 27,268 9,318 2,125 2,064 199 31,733 (33,663 ) 39,044 Total assets 234,037 106,775 113,758 12,979 1,326 33,056 (33,679 ) 468,252 Liabilities Insurance contracts 74,967 40,547 1,490 9,028 - - (1,611 ) 124,422 Insurance contracts for account of policyholders 83,316 25,294 39,955 758 - - - 149,323 Investment contracts 9,804 11,767 194 2 - - - 21,767 Investment contracts for account of policyholders 32,280 2,273 69,819 220 - - - 104,592 Other liabilities 17,382 19,875 799 518 540 6,685 (4,022 ) 41,776 Total liabilities 217,750 99,757 112,257 10,526 540 6,685 (5,633 ) 441,881 |
Summary of Investments | 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 1) United Interna- Asset Holding and Eliminations Total 2022 Shares 345 - 25 10 7 1 - 388 Debt securities 51,008 - 777 1,847 15 - - 53,647 Loans 12,475 - - 43 - 38 - 12,556 Other financial assets 9,262 - 654 145 114 - - 10,175 Investments in real estate 42 - - 17 - - - 59 Investments general account 73,132 - 1,457 2,061 136 39 - 76,825 Shares - - 15,493 12 - - - 15,505 Debt securities - - 5,677 17 - - - 5,694 Unconsolidated investment funds 89,535 - 64,776 431 - - - 154,741 Other financial assets - - 3,617 5 - - - 3,622 Investments in real estate - - 443 - - - - 443 Investments for account of policyholders 89,535 - 90,007 464 - - - 180,006 Investments on balance sheet 162,667 - 91,463 2,526 136 39 - 256,831 Off-balance sheet investments third parties 216,060 7,325 122,742 3,384 141,067 - - 490,578 Total revenue-generating investments 378,727 7,325 214,205 5,910 141,203 39 - 747,409 Investments Available-for-sale 56,564 - 991 1,991 96 - - 59,643 Loans 12,475 - - 43 - 38 - 12,556 Financial assets at fair value through profit or loss 93,585 - 90,029 475 40 1 - 184,130 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 162,667 - 91,463 2,526 136 39 - 256,831 Investments in joint ventures - - - 972 471 (0 ) - 1,443 Investments in associates - - - 20 129 16 - 165 Assets held for sale - 89,752 - - - - - 89,752 Other assets 44,551 - 3,800 7,827 503 21,361 (24,446 ) 53,595 Consolidated total assets 207,217 89,752 95,264 11,344 1,239 21,415 (24,446 ) 401,786 1 Please refer to note 51 Discontinued operations for the assets of Aegon the Netherlands Investments Americas The United International 1) Asset Holding and Eliminations Total 2021 Shares 493 1,410 29 72 9 1 - 2,015 Debt securities 61,014 26,951 1,159 8,060 11 - - 97,195 Loans 11,352 35,358 - 93 - 20 - 46,823 Other financial assets 8,040 79 687 73 276 - - 9,155 Investments in real estate 39 2,588 - 16 - - - 2,643 Investments general account 80,938 66,384 1,876 8,315 296 21 - 157,831 Shares - 9,078 20,221 243 - - (4 ) 29,539 Debt securities - 12,044 7,649 128 - - - 19,821 Unconsolidated investment funds 115,596 1,059 74,698 597 - - - 191,950 Other financial assets - 3,493 5,581 6 - - - 9,080 Investments in real estate - - 563 - - - - 563 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Off-balance sheet investments third parties 240,248 7,711 151,097 2,300 212,779 - - 614,136 Total revenue-generating investments 436,782 99,769 261,687 11,589 213,076 21 (4 ) 1,022,920 Investments Available-for-sale 65,694 24,443 1,299 8,191 257 - - 99,884 Loans 11,352 35,358 - 93 - 20 - 46,823 Financial assets at fair value through profit or loss 119,450 29,669 108,727 987 40 1 (4 ) 258,871 Investments in real estate 39 2,588 563 16 - - - 3,206 Total investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Other assets 37,447 13,271 3,160 2,736 510 32,975 (33,663 ) 56,436 Consolidated total assets 234,037 106,775 113,758 12,979 1,326 33,056 (33,679 ) 468,252 |
Premium income and premiums p_2
Premium income and premiums paid to reinsurers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Premium Income | 2022 2021 1) 2020 1) Life insurance 11,680 12,077 12,310 Non-life insurance 1,512 1,654 1,795 Total premium income 13,192 13,731 14,105 Accident and health insurance 1,512 1,389 1,539 General insurance - 265 256 Non-life insurance premium income 1,512 1,654 1,795 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Premiums Paid to Reinsurers | 2022 2021 1) 2020 1) Life insurance 2,057 3,292 2,506 Non-life insurance 132 126 134 Total premiums paid to reinsurers 2,189 3,418 2,640 Accident and health insurance 132 118 127 General insurance - 8 7 Non-life insurance premiums paid to reinsurers 132 126 134 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Investment income (Tables)
Investment income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Investment Income | 2022 2021 1) 2020 1) Interest income 4,071 3,536 3,652 Dividend income 1,504 1,327 1,397 Rental income 39 29 39 Total investment income 5,613 4,893 5,087 Interest income accrued on impaired financial assets 1 53 (70 ) Interest income on financial assets that are not carried at Fair value through profit or loss 3,413 3,047 3,156 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Investment Income | Total investment income from: 2022 2021 1) 2020 1) Shares 1,504 1,327 1,397 Debt securities and money market instruments 3,374 2,970 3,105 Loans 538 499 497 Real estate 39 29 39 Other 159 68 49 Total 5,613 4,893 5,087 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Investment income is split into: 2022 2021 1) 2020 1) Investment income related to general account 3,724 3,249 3,329 Investment income for account of policyholders 1,889 1,644 1,758 Total 5,613 4,893 5,087 Investment income from financial assets held for general account: Available-for-sale 3,017 2,674 2,757 Loans 538 499 497 Financial assets designated at fair value through profit or loss 142 97 65 Real estate 4 (1 ) 12 Derivatives 8 (4 ) (11 ) Other 14 (15 ) 9 Total 3,724 3,249 3,329 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Investment Income | 2022 2021 Interest income from intercompany loans 14 12 Interest income from derivatives 7 1 Total 21 13 |
Fee and commission income (Tabl
Fee and commission income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Fee and Commission Income | 2022 2021 1) 2020 1) Fee income from asset management 1,574 1,647 1,512 Commission income 787 640 510 Other 164 168 99 Total fee and commission income 2,525 2,454 2,122 Included in fee and commission income: Fees on trust and fiduciary activities 242 259 221 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Income from reinsurance ceded (
Income from reinsurance ceded (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Income From Reinsurance Ceded | 2022 2021 1) 2020 1) Recovered claims and benefits 3,480 3,377 3,362 Change in technical provisions (612 ) 738 309 Commissions 148 147 396 Amortization charges (9 ) 2 - Total 3,009 4,263 4,066 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Results from financial transa_2
Results from financial transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Financial Transactions Results | Results from financial transactions comprise: 2022 2021 1) 2020 1) Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 227 807 223 Realized gains and (losses) on financial investments (537 ) 392 119 Gains and (losses) on investments in real estate 1 - (60 ) Net fair value change of derivatives 1,148 761 (2,270 ) Net fair value change on account of policyholder financial assets at fair value through profit or loss (35,951 ) 22,539 19,935 Net fair value change on investments in real estate for account of policyholders (61 ) 46 (36 ) Net foreign currency gains and (losses) 36 182 34 Net fair value change on borrowings and other financial liabilities 5 (13 ) 18 Total (35,132 ) 24,715 17,961 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification |
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 2022 2021 1) 2020 1) Shares (48 ) 27 (4 ) Debt securities and money market investments (91 ) (26 ) 22 Other 366 807 205 Total 227 807 223 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Realized Gains and Losses on Financial Investments | Realized gains and losses on financial investments comprise: 2022 2021 1) 2020 1) Shares 67 16 (2 ) Debt securities and money market investments (632 ) 281 144 Loans 36 125 20 Other (8 ) (30 ) (43 ) Total (537 ) 392 119 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Realized gains and losses on financial investments comprise: 2022 2021 1) 2020 1) Available-for-sale investments (573 ) 268 99 Loans 36 125 20 Total (537 ) 392 119 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Net Fair Value Change of Derivatives | Net fair value change of derivatives comprise: 2022 2021 1) 2020 1) Net fair value change on economic hedges where no hedge accounting is applied (143 ) (265 ) (533 ) Net fair value change on bifurcated embedded derivatives 1,290 1,023 (1,739 ) Ineffective portion of hedge transactions to which hedge accounting is applied 1 4 2 Total 1,148 761 (2,270 ) 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Ineffective Portion of Hedge Transactions | The ineffective portion of hedge transactions to which hedge accounting is applied comprises: 2022 2021 1) 2020 1) Fair value change on hedging instruments in a fair value hedge (4 ) (3 ) 11 Fair value change on hedged items in a fair value hedge 7 6 (9 ) Ineffectiveness fair value hedge 4 3 2 Ineffectiveness cash flow hedges (3 ) 1 - Total 1 4 2 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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 2022 2021 1) 2020 1) Shares (2,799 ) 2,661 1,290 Debt securities and money market investments (2,114 ) (557) 485 Unconsolidated investment funds (30,326 ) 20,833 17,670 Derivatives (712 ) (398) 489 Total (35,951 ) 22,539 19,935 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Net Fair Value on Borrowings and Other Financial Liabilities | Net fair value change on borrowings and other financial liabilities 2022 2021 1) 2020 1) Borrowings - - 16 Other financial liabilities 5 (13 ) 2 Total 5 (13 ) 18 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Financial Transactions Results | 2022 2021 Net fair value change of derivatives (30 ) 5 Net foreign currency gains and (losses) - (1 ) Total (30 ) 3 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Income | 2022 2021 1) 2020 1) Other income 378 49 62 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Policyholder claims and benef_2
Policyholder claims and benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Policyholder Claims and Benefits | 2022 2021 1) 2020 1) Benefits and claims paid life 17,313 16,971 12,973 Benefits and claims paid non-life 1,305 1,240 1,290 Change in valuation of liabilities for insurance contracts (24,879 ) 19,504 19,723 Change in valuation of liabilities for investment contracts (10,398 ) 2,420 1,898 Other (20 ) (38 ) (19 ) Total (16,680 ) 40,097 35,865 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Profit sharing and rebates (Tab
Profit sharing and rebates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Profit Sharing and Rebates | 2022 2021 1) 2020 1) Surplus interest bonuses - 1 1 Profit appropriated to policyholders 7 7 7 Total 7 8 8 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Commissions and expenses (Table
Commissions and expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Commissions and Expenses | 2022 2021 1) 2020 1) Commissions 2,311 2,539 2,264 Employee expenses 1,707 1,511 1,579 Administration expenses 1,218 1,294 1,298 Deferred expenses (770 ) (1,160 ) (741 ) Amortization of deferred expenses 885 933 767 Amortization of VOBA and future servicing rights 108 171 87 Total 5,458 5,286 5,253 Included in administration expenses: Depreciation of equipment, software and real estate held for own use 73 80 81 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Summary of Employee Expenses | Employee expenses 2022 2021 1) 2020 1) Salaries 1,160 1,092 1,105 Post-employment benefit costs 116 126 137 Social security charges 99 100 97 Other personnel costs 284 150 203 Shares 48 43 37 Total 1,707 1,511 1,579 Included in employee expenses: Defined contribution expenses 49 35 36 1 Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, variable compensation allocated to Material Risk Takers, shares allocated as fixed compensation and shares allocated as part of a sign-on arrangement. Number of shares per plan year 2018 2019 2020 2021 2022 Total Conditionally granted 1) 6,513,984 7,378,113 8,381,086 9,449,451 7,495,307 39,217,941 Allocated 2) 6,123,546 6,761,360 6,522,324 13,297,242 - 32,704,472 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 2018 2019 2020 2021 2022 Total Unvested at January 1, 2021 5,251,551 7,340,768 9,251,766 - - 21,844,085 Conditionally granted as variable compensation 1) - - - 9,449,451 - 9,449,451 Allocated 2) 4,010 (29,388 ) (1,858,762 ) 2,450,661 - 566,521 Forfeited (205,734 ) (254,543 ) (174,128 ) (4,729 ) - (639,134 ) Vested (2,037,774 ) (259,858 ) (221,441 ) (69,851 ) - (2,588,924 ) Unvested at December 31, 2021 3,012,053 6,796,979 6,997,435 11,825,532 - 28,631,999 Conditionally granted as variable compensation 1) - - - - 7,495,307 7,495,307 Allocated 2) 65,410 3,445 1,832 3,847,791 2,136,074 6,054,552 Forfeited (119,833 ) (103,121 ) (262,567 ) (1,050,197 ) - (1,535,718 ) Vested (2,957,630 ) (2,899,400 ) (327,134 ) (835,534 ) (183,739 ) (7,203,437 ) Unvested at December 31, 2022 - 3,797,903 6,409,566 13,787,592 9,447,642 33,442,703 Grant price (in EUR) 3) 5.405 4.162 4.083 3.293 4.491 4.143 to 2.741 to 1.794 to 1.625 to 3.341 to Fair value of shares at grant date (in EUR) 4) 5.054 3.737 3.796 3.978 5.061 1 The at target number of shares which were conditionally granted as variable compensation for the plan year. 2 Shares that are already allocated during a plan year, are a combination of shares as part of fixed compensation or a sign-on 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 2022 plan year, this is the VWAP for the period December 15, 2021 to January 15, 2022. 4 These fair values are adjusted for expected dividend (for which the participants are not eligible during the deferral period) and for the impact of relative total shareholder return as performance indicator for variable compensation (where applicable). |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Commissions and Expenses | 2022 2021 Employee expenses 82 84 Administration expenses 63 71 Cost sharing to group companies (76 ) (75 ) Total 68 80 |
Impairment charges _ (reversa_2
Impairment charges / (reversals) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Impairment Charges / (Reversals) | Impairment charges / (reversals) comprise: 2022 2021 1) 2020 1) Impairment charges on financial assets, excluding receivables 39 11 204 Impairment reversals on financial assets, excluding receivables (19 ) (42 ) (28 ) Impairment charges and reversals on non-financial 48 48 107 Total 68 16 284 1 Amounts for 2021 and 2020 have been re-presented |
Summary of Impairment Charges on Financial Assets, Excluding Receivables | Impairment charges on financial assets, excluding receivables, from: 2022 2021 1) 2020 1) Shares 3 1 42 Debt securities and money market instruments 36 9 161 Loans - - 2 Total 39 11 204 1 Amounts for 2021 and 2020 have been re-presented |
Summary of Impairment Reversals on Financial Assets, Excluding Receivables | Impairment reversals on financial assets, excluding receivables, from: 2022 2021 1) 2020 1) Shares - (8 ) - Debt securities and money market instruments (18 ) (30 ) (26 ) Loans (1 ) (0 ) (0 ) Other - (4 ) (1 ) Total (19 ) (42 ) (28 ) 1 Amounts for 2021 and 2020 have been re-presented |
Interest charges and related _2
Interest charges and related fees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Interest charges and related fees | 2022 2021 1) 2020 1) Subordinated loans 119 110 110 Trust pass-through securities 9 8 9 Borrowings 115 65 96 Other 85 64 190 Total 329 246 405 Included in interest charges and related fees: Interest charges accrued on financial liabilities not carried at fair value through profit or loss 221 121 132 1 Amounts for 2021 and 2020 have been re-presented |
Aegon N.V [member] | |
Statement [LineItems] | |
Interest charges and related fees | 2022 2021 Subordinated borrowings 72 68 Borrowings 52 54 Other 3 8 Total 127 129 |
Other charges (Tables)
Other charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Charges | 2022 2021 1) 2020 1) Other charges (5 ) 101 104 1 Amounts for 2021 and 2020 have been re-presented |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | Note 2022 2021 1) 2020 1) Current tax Current year (6 ) (18 ) (23 ) Adjustments to prior years (3 ) (6 ) (24 ) (9 ) (24 ) (47 ) Deferred tax 40 Origination / (reversal) of temporary differences (540 ) 163 (309 ) Changes in tax rates / bases (2 ) (39 ) (11 ) 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 8 (5 ) 12 Non-recognition 9 9 7 Adjustments to prior years 16 (9 ) 11 (509 ) 119 (289 ) Income tax for the period (income) / charge (518 ) 95 (336 ) 1 Amounts for 2021 and 2020 have been re-presented |
Summary of Reconciliation Between Standard and Effective Income Tax | Reconciliation between standard and effective income tax: 2022 2021 1) 2020 1) Result before tax from continuing operations (1,543 ) 1,164 (958 ) Income tax calculated using weighted average applicable statutory tax rates (329 ) 231 (218 ) Difference due to the effects of: Non-taxable (116 ) (57 ) (54 ) Non-tax 12 21 21 Changes in tax rate/base (2 ) (39 ) (11 ) Different tax rates on overseas earnings 3 - - Tax credits (43 ) (48 ) (57 ) Other taxes (46 ) 38 (2 ) Adjustments to prior years 12 (15 ) (12 ) Change in uncertain tax positions (0 ) (16 ) - 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 8 (5 ) 12 Non-recognition 9 9 7 Tax effect of (profit) / losses from joint ventures and associates (19 ) (18 ) (17 ) Other (8 ) (5 ) (4 ) (189 ) (136 ) (118 ) Income tax for the period (result) / charge (518 ) 95 (336 ) 1 Amounts for 2021 and 2020 have been re-presented |
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. 2022 2021 1) 2020 1) Items that will not be reclassified to profit and loss: Changes in revaluation reserve real estate held for own use - 1 (2 ) Remeasurements of defined benefit plans (5 ) (78 ) 14 (5 ) (77 ) 12 Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of available-for-sale 2,802 269 (635 ) (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale (121 ) 71 (1 ) Changes in cash flow hedging reserve 42 47 54 Movement in foreign currency translation and net foreign investment hedging reserve (12 ) 3 (7 ) 2,710 390 (589 ) Total income tax related to components of other comprehensive income 2,706 313 (577 ) 1 re-presented 2022 2021 2020 Income tax related to equity instruments and other Income tax related to equity instruments 31 2 13 18 Other 1 3 1 Total income tax recognized directly in retained earnings 3 16 19 |
Aegon N.V [member] | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | 2022 2021 Current Tax Current Tax 47 54 Income tax for the period (result) / charge 47 54 Reconciliation between standard and effective tax Result before tax (204 ) (193 ) Tax on result at Dutch corporate result tax rate 53 48 Differences due to the effect of: Tax rate changes - 4 Change in uncertain tax positions - 8 Non deductible expenses (7 ) (7 ) Total 47 54 |
Shares in group companies (Tabl
Shares in group companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Shares in Group Companies | 2022 2021 At January 1 26,042 24,846 Capital contributions and acquisitions 36 65 Dividend received (1,634 ) (1,196 ) Net result for the financial year (1,275 ) 2,120 Revaluations (9,575 ) 209 At December 31 13,594 26,042 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Basic Earnings Per Share | 2022 2021 2020 Continuing and discontinued operations Net result attributable to owners of Aegon N.V. from continuing and discontinued operations (1,433) 1,980 (146 ) Coupons on perpetual securities (36 ) (39 ) (38 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations (1,469 ) 1,941 (184 ) Net result attributable to common shareholders from continuing and discontinued operations (1,460) 1,928 (182 ) Net result attributable to common shareholders B from continuing and discontinued operations (10) 13 (1 ) Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from continuing and discontinued operations (0.73 ) 0.94 (0.09 ) Basic earnings per common share B (EUR per share) from continuing and discontinued operations (0.02 ) 0.02 - Continuing operations Net result attributable to owners of Aegon N.V. from continuing operations (1,054) 1,019 (633 ) Coupons on perpetual securities (36 ) (39 ) (38 ) Net result attributable to owners for basic earnings per share calculation from continuing operations (1,090 ) 981 (670 ) Net result attributable to common shareholders from continuing operations (1,083) 974 (666 ) Net result attributable to common shareholders B from continuing operations (7) 7 (5 ) Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from continuing operations (0.54 ) 0.48 (0.33 ) Basic earnings per common share B (EUR per share) from continuing operations (0.01 ) 0.01 (0.01 ) Discontinued operations Net result attributable to owners of Aegon N.V. from discontinued operations (379) 960 487 Coupons on perpetual securities - - - Net result attributable to owners for basic earnings per share calculation from discontinued operations (379 ) 960 487 Net result attributable to common shareholders from discontinued operations (377) 954 484 Net result attributable to common shareholders B from discontinued operations (3) 7 3 Weighted average number of common shares outstanding (in million) 2,010 2,043 2,044 Weighted average number of common shares B outstanding (in million) 536 559 561 Basic earnings per common share (EUR per share) from discontinued operations (0.19 ) 0.47 0.24 Basic earnings per common share B (EUR per share) from discontinued operations (0.00 ) 0.01 0.01 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Detailed Information about Cash and Cash Equivalents | 2022 2021 2020 Cash at bank and in hand 1,827 3,638 4,907 Short-term deposits 345 1,576 2,214 Money market investments 1,235 1,675 1,247 Short-term collateral - - 4 At December 31 3,407 6,889 8,372 Cash collateral received related to securities lending, repurchase agreements and margins on derivatives transactions 5,072 5,776 9,208 Income from security lending programs 7 3 9 Weighted effective interest rate on short-term deposits 15.01% (0.72%) (0.64%) Average maturity days on short-term deposits 44 16 10 |
Summary of Net Cash and Cash Equivalents | Note 2022 2021 2020 Cash and cash equivalents 3,407 6,889 8,372 Cash classified as Assets held for sale 5,085 - - Net cash and cash equivalents 8,491 6,889 8,372 |
Disclosure of Detailed Information of Cash Flow Statement | Summary cash flow statement 2022 2021 1) 2020 1) Net cash flows from operating activities 2,851 (1,796 ) (2,854 ) Net cash flows from investing activities 616 (54 ) (139 ) Net cash flows from financing activities (1,920) 300 (778 ) Net increase / (decrease) in cash and cash equivalents 1,548 (1,550 ) (3,770 ) Net cash and cash equivalents are impacted by: Positive (negative) effects of changes in exchange rates 55 67 (121 ) 1 |
Summary of Reconciliation of Liabilities Arising from Financing Activities | Cash flows Non-cash Reconciliation of debt from At Addition Repayment Realized Movements Amortization Transfers Net exchange At Subordinated borrowings 2,194 - - - - 3 - 98 2,295 Trust pass-through securities 126 - - - (15 ) (1 ) - 8 118 Borrowings 9,661 3,569 (4,086 ) - (0 ) 1 (5,227 ) 133 4,051 Assets held to hedge Trust pass-through securities 3 - - (15 ) - - - - (11 ) Assets held to hedge Borrowings - - - - - - - - - Cash flows Non-cash Reconciliation of debt from At Addition Repayment Realized Movements Amortization Transfer Net At Subordinated borrowings 2,085 - - - 3 - 105 2,194 Trust pass-through securities 126 - - - (9 ) - - 9 126 Borrowings 8,524 3,914 (3,000 ) - (1 ) 1 - 222 9,661 Assets held to hedge Trust pass-through securities 12 - - (9 ) - - - 1 3 Assets held to hedge Borrowings 62 - (61 ) (1 ) - - - - - |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investments for General Accounts Comprise Financial Assets Excluding Derivatives And Investments in Real Estate | Investments for general account comprise financial assets, excluding derivatives, as well as investments in real estate. Note 2022 2021 Available-for-sale 59,643 99,884 Loans 12,556 46,823 Financial assets at fair value through profit or loss (FVTPL) 4,567 8,481 Total financial assets, excluding derivatives 22.1 76,766 155,188 Investments in real estate 22.2 59 2,643 Total investments for general account 76,825 157,831 |
Summary of Financial Assets Excluding Derivatives | AFS FVTPL Loans Total Fair value 2022 Shares 195 193 - 388 388 Debt securities 53,093 554 - 53,647 53,647 Money market and other short-term investments 5,514 99 - 5,613 5,613 Mortgage loans - - 10,441 10,441 9,245 Private loans - - 27 27 27 Deposits with financial institutions - - 45 45 45 Policy loans - - 2,042 2,042 2,042 Other 840 3,722 - 4,562 4,562 At December 31, 2022 59,643 4,567 12,556 76,766 75,569 2021 Shares 350 1,665 - 2,015 2,015 Debt securities 93,899 3,296 - 97,195 97,195 Money market and other short-term investments 4,790 120 - 4,910 4,910 Mortgage loans - - 39,991 39,991 44,366 Private loans - - 4,883 4,883 5,491 Deposits with financial institutions - - 52 52 52 Policy loans - - 1,893 1,893 1,893 Other 844 3,401 3 4,248 4,248 At December 31, 2021 99,884 8,481 46,823 155,188 160,171 2022 2021 Current portion: Debt securities, money market and other short-term investments, mortgage and private loans 7,294 12,924 |
Summary of Movement on Loan Allowance Account | Movement on the loan allowance account during the year were as follows: 2022 2021 At January 1 (118 ) (188 ) Addition charged to income statement (16 ) (40 ) Reversal to income statement 15 55 Amounts written off 40 55 Transfers to disposal groups 76 - At December 31 (4 ) (118 ) |
Summary of Investments in Real Estate | 2022 2021 At January 1 2,643 2,385 Additions 41 47 Subsequent expenditure capitalized 1 1 Disposals (40 ) (60 ) Transfer from real estate for own use and equipment - 14 Fair value gains / (losses) (51 ) 253 Net exchange differences 3 3 Transfers to disposal groups (2,545 ) - Other 7 - At December 31 59 2,643 Investments in real estate held by: Americas 42 39 The Netherlands - 2,588 Value of Aegon’s properties which were appraised in the current year 99% 98% Appraisals performed by independent external appraisers 95% 98% |
Summary of detailed information about investment Property | 2022 2021 1) 2020 1) Rental income reported as part of investment income 4 (1) 12 Direct operating expenses (Including repairs and maintenance expenses): - From investment property that generated rental income 5 5 23 - From investment property that did not generate rental income - 1 1 1 Amounts for 2021 and 2020 have been re-presented |
Investments for account of po_2
Investments for account of policyholders (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investments for account of policyholders | Note 2022 2021 Shares 15,505 29,539 Debt securities 5,694 19,821 Money market and other short-term investments 1,263 1,482 Deposits with financial institutions 2,360 4,105 Unconsolidated investment funds 154,741 191,950 Other - 3,493 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 179,563 250,390 Investments in real estate 23.1 443 563 Total investments for account of policyholders 180,006 250,953 |
Summary of Investments in real estate for account of policyholders | 2022 2021 At January 1 563 467 Additions - 54 Subsequent expenditure capitalized 10 6 Disposals (42 ) (43 ) Fair value gains / (losses) (61 ) 46 Net exchange differences (27 ) 32 At December 31 443 563 |
Summary of investment properties are leased out under operating leases | The investment properties are leased out under operating leases. 2022 2021 2020 Rental income reported as part of investment income 34 30 27 Direct operating expenses from investment in real estate for account of policyholders 5 4 8 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Derivative Asset and Liability | Derivative asset Derivative liability 2022 2021 2022 2021 Derivatives for general account Derivatives not designated in a hedge 2,381 8,344 4,162 9,578 Derivatives designated as fair value hedges 4 18 4 15 Derivatives designated as cash flow hedges 204 346 1,108 948 Derivatives desginated as Net foreign investment hedges 118 73 104 59 2,707 8,780 5,379 10,600 Derivatives for account of policyholders Derivatives not designated in a hedge 53 46 715 39 Total derivatives 1) 2,760 8,827 6,094 10,639 Of which: Current 352 723 1,607 2,803 1 |
Derivatives Not Designated In Hedge - General Account | Derivatives not designated in a hedge - general account Derivative asset Derivative liability Derivatives not designated in a hedge – general account 2022 2021 2022 2021 Derivatives held as an economic hedge 2,378 8,327 3,198 5,992 Bifurcated embedded derivatives 3 17 964 3,586 Total 2,381 8,344 4,162 9,578 |
Credit Derivative Disclosure By Quality | 2022 2021 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 5 - 14 - AA 177 2 173 3 A 964 9 926 14 BBB 3,446 18 2,925 50 BB 144 (1 ) 263 1 B or lower 86 (0 ) 148 2 Total 4,820 28 4,449 70 |
Disclosure of gains (losses) on cash flow hedge ineffectiveness | 2022 2021 1) 2020 1) Gains (losses) related to the ineffectiveness portion of designated fair value hedges 4 3 2 1 Amounts for 2021 and 2020 have been re-presented |
Disclosure of gain (loss) on fair value hedge ineffectiveness | Hedge ineffectiveness and reclassification of gains (losses) 2022 2021 2020 Hedge ineffectiveness on cash flow hedges (3 ) 1 - Gains (losses) reclassified from equity into the income statement (102 ) (38 ) 74 Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 116 113 92 |
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 2022 Total Cash inflows 598 2,572 1,887 6,331 11,388 Cash outflows - 4 - - 4 Net cash flows 598 2,569 1,887 6,331 11,384 < 1 year 1 - 5 years 5 – 10 years > 10 years 2021 Total Cash inflows 535 2,158 1,640 5,868 10,201 Cash outflows - 4 - - 4 Net cash flows 535 2,154 1,640 5,868 10,197 |
Investments in joint ventures_2
Investments in joint ventures and associates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments In Associates Subsidaries And Joint Venture | Joint ventures Associates 2022 2021 2022 2021 At January 1 1,743 1,376 1,289 1,264 Additions 30 61 40 12 Disposals (67 ) - (8 ) - Share in net result 286 265 4 112 Share in changes in equity (note 30.6) (63 ) 25 3 (6 ) Impairment reversals / (charges) - - (9 ) 3 Dividends (79 ) (88 ) (58 ) (39 ) Net exchange difference (25 ) 45 (1 ) 2 Transfer to / (from) other headings - 58 - (58 ) Transfer to disposal groups (382 ) - (1,096 ) - At December 31 1,443 1,743 165 1,289 |
Summary of Financial Information of Joint Ventures | Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Summarized statement of financial position Cash and cash equivalents 23 20 392 351 99 157 Other current assets 155 130 836 810 725 697 Total current assets 178 150 1,229 1,161 824 854 Non-current 1,109 1,134 200 204 5,349 5,574 Total assets 1,287 1,284 1,429 1,364 6,173 6,428 Current financial liabilities excluding trade payables and other provisions - - - - - 7 Other current liabilities 148 126 526 613 543 501 Total current liabilities 148 126 526 613 544 509 Non-current - - - - 67 183 Other non-current 504 510 - - 4,447 3,921 Total non-current 504 510 - - 4,515 4,104 Total liabilities 652 636 526 613 5,059 4,613 Net assets 635 648 903 752 1,114 1,816 Summarized statement of comprehensive income Revenue 288 247 644 858 2,374 1,866 Results from financial transactions - - - - (2 ) 51 Depreciation and amortization (30 ) (25 ) (4 ) (3 ) (27 ) (21 ) Interest income 2 2 9 8 104 25 Interest expense - - (0 ) - (7 ) (13 ) Profit or loss 71 61 330 386 260 247 Income tax (expense) or result (16 ) (12 ) (92 ) (109 ) (56 ) (40 ) Post-tax 55 48 238 277 205 208 Other comprehensive income (37 ) (2 ) - - (86 ) 53 Total comprehensive income 18 47 238 277 118 260 Dividends received 30 - - - 54 18 |
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: Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Net assets of joint venture as presented above 635 648 903 752 1,114 1,816 Net assets of joint venture excluding goodwill 556 568 960 751 1,019 1,681 Group share of net assets of joint venture, excluding goodwill 283 290 471 368 513 857 Goodwill on acquisition 80 80 1 1 95 148 Carrying amount 363 369 471 369 608 1,005 |
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. Santander Spain Life AIFMC Other Joint ventures 2022 2021 2022 2021 2022 2021 Post-tax 28 25 116 136 104 104 Other comprehensive income (19 ) (1 ) - - (44 ) 26 Total comprehensive income 9 24 116 136 61 131 |
Schedule Of Financial Information Of Associates | The summarized financial information of associates presented below is based on the Group’s relative holding. Associates 2022 2021 1) Post-tax (11 ) (15 ) Other comprehensive income 1 (5 ) Total comprehensive income (10 ) (20 ) Carrying amount 165 1,289 1 Amounts for 2021 related to post-tax re-presented |
Reinsurance assets (Tables)
Reinsurance assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Assets Arising From Reinsurance Contracts | Assets arising from reinsurance contracts related to: 2022 2021 Life insurance general account 19,595 19,409 Non-life 1,255 1,245 Investment contracts 334 338 At December 31 21,184 20,992 Current 8 16 Non-current 21,176 20,976 |
Summary of Reinsurance Assets Relating to Life Insurance | Movements during the year in reinsurance assets relating to life insurance: Life insurance general account At January 1, 2022 19,409 Gross premium and deposits – existing and new business 1,635 Unwind of discount / interest credited 1,115 Insurance liabilities released (3,562 ) Fund charges released (252 ) Changes to valuation of expected future benefits (138 ) Net exchange differences 1,201 Transfer to/from insurance contracts (2 ) Transfers to disposal groups (0 ) Other movements 190 At December 31, 2022 19,595 At January 1, 2021 17,421 Gross premium and deposits – existing and new business 1,825 Unwind of discount / interest credited 828 Insurance liabilities released (1,890 ) Fund charges released (83 ) Changes to valuation of expected future benefits (38 ) Net exchange differences 1,342 Transfer to/from insurance contracts 2 Other movements 1 At December 31, 2021 19,409 |
Summary of Reinsurance Assets Relating to Non-life Insurance | Movements during the year in reinsurance assets relating to non-life 2022 2021 At January 1 1,245 1,144 Gross premium and deposits – existing and new business 125 129 Unwind of discount / interest credited 91 83 Insurance liabilities released (130 ) (113 ) Changes in unearned premiums (68 ) (75 ) Incurred related to current year 124 91 Incurred related to prior years 43 49 Release for claims settled current year (35 ) (29 ) Release for claims settled prior years (118 ) (108 ) Change in IBNR (9 ) 1 Net exchange differences 78 84 Disposal of a business (4 ) - Transfers to disposal groups (78 ) - Other movements (9 ) (11 ) At December 31 1,255 1,245 |
Assets Arising from Reinsurance Contracts | Assets arising from reinsurance contracts related to: 2022 2021 Normal course of business 7,582 7,809 Exit of a business 13,602 13,183 At December 31 21,184 20,992 |
Deferred expenses (Tables)
Deferred expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Amounts Arising From Insurance Contracts | 2022 2021 DPAC for insurance contracts and investment contracts with discretionary participation features 11,777 9,303 Deferred cost of reinsurance 651 766 Deferred transaction costs for investment management services 458 434 At December 31 12,886 10,503 Current 719 683 Non-current 12,167 9,820 |
Summary of Deferred Costs Arising From Insurance Contracts | 2022 2021 Deferred Deferred Deferred Deferred costs of transaction costs of transaction DPAC reinsurance costs DPAC reinsurance costs At January 1 9,303 766 434 8,253 141 404 Costs deferred during the year 683 59 28 636 619 25 Amortization through income statement (793 ) (93 ) (29 ) (899 ) (32 ) (26 ) Shadow accounting adjustments 2,136 85 - 699 17 - Net exchange differences 483 34 25 621 21 30 Transfers to disposal groups (29 ) (212 ) - - - - Other (7 ) 12 - (7 ) - - At December 31 11,777 651 458 9,303 766 434 |
Other assets and receivables (T
Other assets and receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Assets and Receivables | Note 2022 2021 Real estate held for own use and equipment 28.1 324 455 Receivables 28.2 8,880 5,622 Accrued income 28.3 843 1,366 Right-of-use 28.4 158 199 At December 31 10,204 7,642 |
Summary of Real Estate Held for Own Use and Equipment | Total real estate held for own use and equipment 2022 2021 General account real estate held for own use 73 185 Equipment 251 270 At December 31 324 455 General account real estate held for own use 2022 2021 Net book value At January 1 185 209 Additions - - Capitalized subsequent expenditure 1 7 Disposals (32 ) - Transfer to investments in real estate (5 ) (14 ) Unrealized gains/(losses) through equity (1 ) (4 ) Realized gains/(losses) through income statement (0 ) - Depreciation through income statement (4 ) (5 ) Impairment losses (0 ) (13 ) Net exchange differences 4 5 Transfers from disposal groups (76 ) - Other 1 - At December 31 73 185 Gross carrying value 95 218 Accumulated depreciation and impairment losses (23 ) (33 ) Net book value 73 185 General account real estate held for own use: Carrying amount under a historical cost model 72 165 % of real estate appraised in the current year 7 % 50 % % of appraisals performed by independent external appraisers 100 % 100 % Equipment 2022 2021 Net book value At January 1 270 263 Additions 72 69 Disposals (5 ) (2 ) Depreciation through income statement (71 ) (71 ) Impairment losses (2 ) (4 ) Net exchange differences 13 16 Transfers to disposal groups (27 ) - Other 2 (1 ) At December 31 251 270 Gross carrying value 636 679 Accumulated depreciation and impairment losses (386 ) (409 ) Net book value 251 270 |
Summary of Receivables | 2022 2021 Loans to associates 8 8 Receivables from policyholders 647 691 Receivables from brokers and agents 376 310 Receivables from reinsurers 723 750 Cash outstanding from assets sold 134 160 Trade receivables 881 1,393 Cash collateral 3,372 314 Income tax receivable 277 229 Other 2,597 1,885 Provision for doubtful debts (134 ) (120 ) At December 31 8,880 5,622 Current 8,866 5,600 Non-current 13 21 |
Summary of Movements in Provision for Doubtful Debts | The movements in the provision for doubtful debts during the year were as follows: 2022 2021 At January 1 (120 ) (88 ) Additions charged to earnings (19 ) (33 ) Unused amounts reversed through the income statement 3 5 Disposal of business 3 - Used during the year 2 3 Transfers to disposal groups 4 - Net exchange differences (6 ) (6 ) At December 31 (134 ) (120 ) |
Summary of Accrued Income | 2022 2021 Accrued interest 842 1,363 Other 1 3 At December 31 843 1,366 Current 842 1,366 Non-current - - |
Summary of information about right of use assets | Real estate for own use Equipment Other Total Net book value At January 1, 2022 182 14 3 199 Additions 24 10 1 34 Disposals (8 ) - - (8 ) Modification of lease contracts 3 - - 3 Depreciation through income statement (29 ) (10 ) (1 ) (41 ) Transfers from disposal groups (28 ) - - (28 ) Net exchange differences (2 ) 1 (0 ) (2 ) Other 2 (0 ) (1 ) 1 At December 31, 2022 143 14 1 158 Gross carrying value 256 35 4 295 Accumulated depreciation and impairment losses (113 ) (21 ) (3 ) (138 ) Net book value 2022 143 14 1 158 Net book value At January 1, 2021 193 15 3 211 Additions 12 9 2 23 Disposals (14 ) (0 ) - (14 ) Modification of lease contracts 17 - - 17 Depreciation through income statement (36 ) (11 ) (2 ) (49 ) Net exchange differences 10 1 (1 ) 10 At December 31, 2021 182 14 3 199 Gross carrying value 287 43 8 339 Accumulated depreciation and impairment losses (105 ) (29 ) (6 ) (140 ) Net book value 2021 182 14 3 199 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Intangible Assets | Future servicing Goodwill VOBA rights Software Other Total Net book value At January 1, 2022 391 750 65 83 44 1,333 Additions - - - 20 6 26 Amortization through income statement - (97 ) (9 ) (16 ) (5 ) (127 ) Impairment losses - - - - - - Shadow accounting adjustments - 126 - - - 126 Business combinations, disposals and other changes 11 - (1 ) (26 ) 16 (0 ) Net exchange differences 10 44 - (3 ) (4 ) 47 Transfers to disposal groups (97 ) - - (37 ) (32 ) (165 ) At December 31, 2022 316 821 56 21 25 1,240 Gross carrying value 487 7,231 347 85 128 8,278 Accumulated amortization, depreciation and impairment losses (171 ) (6,409 ) (291 ) (64 ) (102 ) (7,038 ) Net book value 2022 316 821 56 21 25 1,240 Net book value At January 1, 2021 375 815 71 79 45 1,386 Additions - - - 25 3 29 Amortization through income statement - (163 ) (8 ) (20 ) (4 ) (194 ) Impairment losses - - - (7 ) (1 ) (8 ) Shadow accounting adjustments - 41 - - - 41 Capital expenditure - - - 14 - 14 Business combinations, disposals and other changes - - - (7 ) 1 (6 ) Net exchange differences 16 57 1 (1 ) (1 ) 72 At December 31, 2021 391 750 65 83 44 1,333 Gross carrying value 561 6,923 350 408 185 8,427 Accumulated amortization, depreciation and impairment losses (169 ) (6,174 ) (285 ) (325 ) (141 ) (7,094 ) Net book value 2021 391 750 65 83 44 1,333 |
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 2022 2021 Americas 208 181 The Netherlands - 97 United Kingdom 54 57 International 18 23 Asset Management 35 33 At December 31 316 391 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Issued Share Capital and Reserves Attributable to Shareholders | Note 2022 2021 2020 Share capital – par value 30.1 319 321 320 Share premium 30.2 6,853 7,033 7,160 Total share capital 7,172 7,354 7,480 Retained earnings 10,619 12,166 10,327 Treasury shares 30.3 (676 ) (273 ) (181 ) Total retained earnings 9,944 11,892 10,145 Revaluation reserves 1) 30.4 (4,477 ) 6,442 7,480 Remeasurement of defined benefit plans 2) 30.5 (1,565 ) (2,199 ) (2,534 ) Other reserves 3) 30.6 997 325 (553 ) Total shareholders’ equity 12,071 23,813 22,018 1 Included in the 2022 Revaluation reserves is an amount of EUR (676) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations 2 Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (624) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations 3 Included in the 2022 Other reserves is an amount of EUR 14 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 51 Discontinued operations |
Schedule of Share Capital Transactions Relating To Common Shares A | 2022 2021 2020 Share capital transactions relating to common shares Number of shares Number of shares Number of shares Transactions in 2022: Final dividend 2021 1) (18,676) Share buyback program (final dividend 2021) 24,364 Interim dividend 2022 1) (21,365) Share buyback program (interim dividend 2022) 29,833 Transactions in 2021: Final dividend 2020 1) (15,274) Share buyback program (final dividend 2020) 19,452 Interim dividend 2021 1) (17,314) Share buyback program (interim dividend 2021) 21,532 Transactions in 2020: Interim dividend 2020 1) (22,947) Share buyback program (interim dividend 2020) 24,029 1 Dividend distribution paid from treasury shares (note 30.3) |
Summary of Share Capital - Par Value | 2022 2021 2020 Common shares 253 253 252 Common shares B 66 68 69 At December 31 319 321 320 Common shares 2022 2021 2020 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 2022 2021 2020 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 Total amount Number of shares Total amount At January 1, 2020 2,105,139 253 585,022 70 Shares withdrawn (9,491 ) (1 ) (13,227 ) (2) Dividend 2,466 - - - At December 31, 2020 2,098,114 252 571,795 69 Shares withdrawn (2,466 ) (0 ) (2,956 ) (0) Dividend 10,665 1 - - At December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3) Dividend 13,782 2 - - At December 31, 2022 2,109,430 253 546,196 66 Weighted average number of Weighted average number of 2020 2,101,749 579,312 2021 2,101,231 570,629 2022 2,107,315 559,906 |
Summary of Share Premium | 2022 2021 2020 At January 1 7,033 7,160 7,213 Share dividend (180) (127) (54) At December 31 6,853 7,033 7,160 Share premium relating to: - Common shares 5,200 5,380 5,507 - Common shares B 1,653 1,653 1,653 Total share premium 6,853 7,033 7,160 |
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: 2022 2021 2020 Number of Amount Number of Amount Number of Amount At January 1 70,958 262 52,686 171 65,540 269 Transactions in 2022: Purchase: 1 transaction, average price EUR 4.92 10,158 50 Sale: 3 transactions, average price EUR 2.46 (4,708) (12) Sale: 1 transaction, average price EUR 3.12 (18,676) (58) Purchase: 1 transaction, average price EUR 4.38 24,364 107 Share withdrawn: 1 transaction, average price EUR 3.70 (10,665) (39) Sale: 1 transaction, average price EUR 3.91 (21,365) (84) Purchase: 1 transaction, average price EUR 4.49 29,833 134 Purchase: 3 transactions, average price EUR 4.58 65,921 302 Transactions in 2021: Sale: transactions, average price 3.90 (4,139) (16) Shares withdrawn: 1 transaction average price 3.89 (2,466) (10) Sale: 1 transaction, average price 3.89 (15,274) (59) Purchase: 1 transaction average price 3.70 35,933 133 Sale: 1 transaction, average price 3.02 (17,314) (52) Purchase: 1 transaction average price 4.46 21,532 96 Transactions in 2020: Sale: transactions, average price 4.52 (4,445) (20) Shares withdrawn: 1 transaction average price 4.52 (9,491) (43) Sale: 1 transaction, average price 4.13 (22,947) (95) Purchase: 1 transaction average price 2.46 24,029 59 At December 31 145,821 662 70,958 262 52,686 171 Movements in the number of treasury common shares 2022 2021 2020 Number of Amount Number of Amount Number of Amount At January 1 30,589 3 12,884 1 25,310 3 Transactions in 2022: Share withdrawn: 1 transaction, average price EUR 0.10 (22,643) (2) Purchase: 1 transaction, average price EUR 0.12 43,817 5 Transactions in 2021: Sale: 1 transaction, average price 0.10 (1,983) - Shares withdrawn: 1 transaction average price 0.10 (2,956) - Purchase: 1 transaction average price 0.10 22,643 2 Transactions in 2020: Sale: 1 transaction, average price 0.13 (2,154) - Shares withdrawn: 1 transaction average price 0.13 (13,227) (2) Purchase: 1 transaction average price 0.08 2,956 - At December 31 51,763 6 30,589 3 12,884 1 |
Summary of Treasury Shares | 2022 2021 2020 Number of Total Number of Total Number of Total Common shares Held by Aegon N.V. 145,821 662 70,958 262 52,686 171 Held by subsidiaries 785 8 822 8 1,062 9 Common shares B Held by Aegon N.V. 51,763 6 30,589 3 12,884 1 At December 31 198,369 676 102,369 273 66,632 181 |
Summary of Weighted Average Number of Treasury Shares | Weighted average number of treasury shares, Weighted average number of treasury shares B 2020 58,224 18,386 2021 57,989 11,621 2022 97,807 23,696 |
Summary of Revaluation Reserves | Available-for-sale Real estate held Cash flow Total At January 1, 2022 5,309 32 1,100 6,442 Gross revaluation (21,586) (1) (66) (21,653) Shadow accounting adjustment 6,407 - - 6,407 Net (gains) / losses transferred to income statement 742 (16) (126) 600 Disposal of a business 14 - - 14 Foreign currency translation differences 413 (0) 74 487 Tax effect 3,178 - 42 3,219 Transfers to disposal groups - - - - Other 7 - - 7 At December 31, 2022 (5,516) 15 1,024 (4,477) At January 1, 2021 6,248 35 1,197 7,480 Gross revaluation (3,930) (4) (122) (4,057) Shadow accounting adjustment 2,759 - - 2,759 Net (gains) / losses transferred to income statement (450) - (106) (556) Foreign currency translation differences 362 1 84 447 Tax effect 322 1 47 370 Other (1) - - (1) At December 31, 2021 5,309 32 1,100 6,442 At January 1, 2020 4,352 19 1,502 5,873 Gross revaluation 5,728 20 (141) 5,607 Shadow accounting adjustment (2,738) - - (2,738) Net (gains) / losses transferred to income statement 13 - (106) (94) Net (gains) / losses transferred to retained earnings - - - - Foreign currency translation differences (443) (2) (111) (556) Tax effect (664) (2) 54 (612) At December 31, 2020 6,248 35 1,197 7,480 |
Summary of Revaluation Reserve for Available-for-sale Investments | The closing balances of the revaluation reserve for available-for-sale 2022 2021 2020 Shares 18 49 46 Debt securities (5,511 ) 5,276 6,218 Other (22 ) (15 ) (17 ) Revaluation reserve for available-for-sale (5,516 ) 5,309 6,248 |
Summary of Remeasurement of Defined Benefit Plans | 2022 2021 2020 At January 1 (2,199 ) (2,534 ) (2,397 ) Remeasurements of defined benefit plans 904 501 (360 ) Tax effect (250 ) (102 ) 140 Net exchange differences (20 ) (65 ) 83 Total remeasurement of defined benefit plans (1,565 ) (2,199 ) (2,534 ) |
Summary of Other Reserves | 30.6 Other reserves Foreign currency Net foreign Equity movements Total At January 1, 2022 596 (338 ) 67 325 Movement in foreign currency translation and net foreign investment hedging reserves 710 (116 ) - 594 Disposal of a business 102 67 (18 ) 150 Tax effect (28 ) 16 - (12 ) Equity movements of joint ventures - - (63 ) (63 ) Equity movements of associates - - 3 3 Transfers to disposal groups - - - - At December 31, 2022 1,379 (371 ) (11 ) 997 At January 1, 2021 (403 ) (199 ) 48 (554 ) Movement in foreign currency translation and net foreign investment hedging reserves 1,013 (165 ) - 848 Disposal of a business 10 (2 ) - 8 Tax effect (24 ) 27 - 3 Equity movements of joint ventures - - 25 25 Equity movements of associates - - (6 ) (6 ) At December 31, 2021 596 (338 ) 67 325 At January 1, 2020 799 (374 ) 31 456 Movement in foreign currency translation and net foreign investment hedging reserves (1,209 ) 195 - (1,015 ) Disposal of a business (5 ) - (2 ) (7 ) Tax effect 12 (19 ) - (7 ) Equity movements of joint ventures - - 12 12 Equity movements of associates - - 7 7 At December 31, 2020 (402 ) (199 ) 48 (553 ) |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Shareholders' Equity | At January 1, 2022 321 7,033 6,453 258 2,316 7,924 (2,199) (273) 1,980 23,813 Net result 2021 retained - - - - - 1,980 - - (1,980) - Net result 2022 - - - - - - - - (1,433) (1,433) Total net result - - - - - 1,980 - - (3,413) (1,433) Foreign currency translation differences and movement in foreign investment hedging reserves - - - 750 - - (20) - - 730 Changes in revaluation in subsidiaries - - (10,901) - - - - - - (10,901) Changes in revaluation reserve real estate held for own use - - (17) - - 16 - - - (1) Remeasurement of defined benefit plans of group companies - - - - - - 655 - - 655 Changes and transfer to legal reserve - - - - 123 (201) - - - (78) Other - - - - - 38 - - - 38 Other comprehensive income / (loss) - - (10,918) 750 123 (146) 635 - - (9,557) Shares issued 2 - - - - - - - - 2 Shares withdrawn (4) - - - - - - - - (4) Dividends paid on common shares - (180) - - - (167) - - - (346) Issuance and purchase of treasury shares - - - - - 9 - (402) - (393) Redemption other equity instruments - - - - - 32 - - - 32 Coupons on perpetual securities - - - - - (36) - - - (36) Incentive plans - - - - - (5) - - - (5) At December 31, 2022 319 6,853 (4,465) 1,008 2,439 9,591 (1,565) (675) (1,433) 12,071 At January 1, 2021 320 7,160 7,491 (601) 1,710 8,798 (2,534) (181) (146) 22,018 Net result 2020 retained - - - - - (146) - - (146) - Net result 2021 - - - - - - - - 1,980 1,980 Total net result - - - - - (146) - - 2,125 1,980 Foreign currency translation differences and movement in foreign investment hedging reserves - - - 859 - - (65) - - 795 Changes in revaluation in subsidiaries - - (1,035) - - - - - - (1,035) Changes in revaluation reserve real estate held for own use - - (3) - - - - - - (3) Remeasurement of defined benefit plans of group companies - - - - - - 399 - - 399 Changes and transfer to legal reserve - - - - 606 (587) - - - 19 Other - - - - - 14 - - - 14 Other comprehensive income / (loss) - - (1,038) 859 606 (573) 335 - - 189 Shares issued 1 - - - - - - - - 1 Shares withdrawn (1) - - - - - - - - (1) Dividends paid on common shares - (127) - - - (120) - - - (247) Issuance and purchase of treasury shares - - - - - 4 - (92) - (88) Coupons on perpetual securities - - - - - (39) - - - (39) At December 31, 2021 321 7,033 6,453 258 2,316 7,924 (2,199) (273) 1,980 23,813 |
Summary of Treasury Stock | 2022 2021 Number of shares Total amount Number of shares Total amount Common shares Held by Aegon N.V. 145,821 662 70,958 262 Held by subsidiaries 785 8 822 8 Common shares B Held by Aegon N.V. 51,763 6 30,589 3 At December 31 198,369 676 102,369 273 |
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: 2022 2021 Number of shares Amount Number of shares Amount At January 1 70,958 262 52,686 171 Transactions in 2022: Purchase: 1 transaction, average price EUR 4.92 10,158 50 Sale: 4 transactions, average price EUR 2.46 (4,708 ) (12 ) Sale: 1 transaction, average price EUR 3.12 (18,676 ) (58 ) Purchase: 1 transaction, average price EUR 4.38 24,364 107 Share withdrawn: 1 transaction, average price EUR 3.70 (10,665 ) (39 ) Sale: 1 transaction, average price EUR 3.91 (21,365 ) (84 ) Purchase: 1 transaction, average price EUR 4.49 29,833 134 Purchase: 3 transactions, average price EUR 4.58 65,921 302 Transactions in 2021: Sale: transactions, average price 3.90 (4,139 ) (16 ) Shares witdrawn: 1 transaction, average price EUR 3.89 (2,466 ) (10 ) Sale: 1 transaction, average price 3.89 (15,274 ) (59 ) Purchase: 1 transaction average price 3.70 35,933 133 Sale: 1 transaction, average price 3.02 (17,314 ) (52 ) Purchase: 1 transaction average price 4.46 21,532 96 At December 31 145,821 662 70,958 262 |
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: 2022 2021 Number of shares Amount Number of shares Amount At January 1 30,589 3 12,884 1 Transactions in 2022: Share withdrawn: 1 transaction, average price EUR 0.10 (22,643 ) (2 ) Purchase: 1 transaction, average price EUR 0.12 43,817 5 Transactions in 2021: Sale: 1 transaction, average price EUR 0.10 (1,983 ) - Shares withdrawn: 1 transaction, average price EUR 0.10 (2,956 ) - Purchase: 1 transaction, average price EUR 0.10 22,643 2 At December 31 51,763 6 30,589 3 |
Other equity instruments (Table
Other equity instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual Junior Perpetual Long Term Plans 1) Total At January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) At December 31, 2022 500 923 454 66 1,943 At January 1, 2021 500 1,564 454 50 2,569 Shares granted - - - 27 27 Shares vested - - - (21 ) (21 ) Securities redeemed - (212 ) - - (212 ) At December 31, 2021 500 1,352 454 57 2,363 At January 1, 2020 500 1,564 454 53 2,571 Shares granted - - - 22 22 Shares vested - - - (25 ) (25 ) At December 31, 2020 500 1,564 454 50 2,569 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 2022 2021 2020 EUR 500 million 5.625 1) Semi-annually, April 15 2029 500 500 500 At December 31 500 500 500 1 The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5 year mid swap plus a margin of 5.207%. |
Junior perpetual capital securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Junior perpetual capital securities Coupon rate Coupon date Year of next call 2022 2021 2020 USD million floating LIBOR rate 1) Quarterly, December 15 Called in 2021 - - 212 USD million floating CMS rate 2) Quarterly, July 15 2023 402 402 402 EUR million floating DSL rate 3) Quarterly, July 15 2023 521 950 950 At December 31 923 1,352 1,564 1 The coupon of the USD 250 million junior perpetual capital securities was 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 call 2022 2021 2020 EUR 114 million 1.506% 1), 4) Annually, June 8 2025 114 114 114 EUR 136 million 1.425% 2), 4) Annually, October 14 2028 136 136 136 EUR 203 million 0.496% 3), 4) Annually, March 4 2031 203 203 203 At December 31 454 454 454 1 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. 2 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. 3 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 and 0.496% until March 4, 2031. 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 85 |
Aegon N.V [member] | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual Junior Perpetual Long Term 1) Total At January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) At December 31, 2022 500 923 454 66 1,943 At January 1, 2021 500 1,564 454 50 2,569 Shares granted - - - 27 27 Shares vested - - - (21 ) (21 ) Securities redeemed - (212 ) - - (212 ) At December 31, 2021 500 1,352 454 57 2,363 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 2022 2021 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 At December 31 500 500 1 |
Aegon N.V [member] | Junior perpetual capital securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Junior perpetual capital securities Coupon rate Coupon date Year of next 2022 2021 USD 500 million floating CMS rate 1) Quarterly 2023 402 402 EUR 950 million floating DSL rate 2) Quarterly 2023 521 950 At December 31 923 1,352 1 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 2 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 |
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 2022 2021 EUR 114 million 1.506% 1), 4) Annually, June 8 2025 114 114 EUR 136 million 1.425% 2), 4) Annually, October 14 2028 136 136 EUR 203 million 0.496% 3), 4) Annually, March 4 2031 203 203 At December 31 454 454 1 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. 2 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. 3 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 and 0.496% until March 4, 2031. 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 Dutch government securities plus a spread of 85 basis points. |
Subordinated borrowings (Tables
Subordinated borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Coupon rate Coupon date Issue /Maturity Year of next call 2022 2021 Fixed to floating subordinated EUR 700 million 4% 2) Annually, April 25 2014/ 44 2024 699 698 USD 800 million 5.5% 3) Semi 2018/ 48 2028 743 697 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2019/ 49 2024 852 798 At December 31 2,295 2,194 Fair value of subordinated borrowings 2,035 2,438 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. 2 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335bps. 3 The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%. |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Coupon rate Coupon date Issue / Maturity Year of next call 2022 2021 Fixed to floating subordinated notes EUR 4% 1) Annually 2014/ 44 2024 699 698 USD 5.5% 2) Semi-annually, 2018/ 48 2028 743 697 At December 31 1,442 1,396 Fair value of subordinated borrowings 1,372 1,567 1 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335 2 The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%. |
Trust pass-through securities (
Trust pass-through securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Trust Pass-through Securities | Coupon rate Coupon date Issue /Maturity Year of next call 2022 2021 USD 225 million 1) 7.65% Semi-annually 1996/2026 n.a. 72 82 USD 190 million 1) 7.625% Semi-annually 1997/2037 n.a. 46 43 At December 31 118 126 Fair value of trust pass-through securities 133 139 1 Issued by a subsidiary of, and guaranteed by Aegon N.V. |
Insurance contracts (Tables)
Insurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of types of insurance contracts [line items] | |
Summary of Sensitivity Analysis of Net Result and Shareholders' Equity to Changes in Various Underwriting Risks | Sensitivity analysis of net result and shareholders’ equity to changes in various underwriting risks 2022 1) 2021 1) Estimated approximate effect On shareholders’ On net result On shareholders’ equity On net result 20% increase in lapse rates (1 ) 1 108 109 20% decrease in lapse rates (12 ) (16 ) (110 ) (115 ) 5% increase in mortality rates (140 ) (147 ) 340 295 5% decrease in mortality rates (50 ) (46 ) (434 ) (378 ) 10% increase in morbidity rates (389 ) (394 ) (292 ) (284 ) 10% decrease in morbidity rates 108 109 178 175 |
Summary of Insurance Contracts for General Account | 2022 2021 Life insurance 75,084 110,691 Non-life - Unearned premiums and unexpired risks 6,181 6,548 - Outstanding claims 1,683 2,247 - Incurred but not reported claims 460 816 Incoming reinsurance 3,901 4,120 At December 31 87,309 124,422 The decrease in Insurance contracts for general account in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 2022 2021 Non-life - Accident and health insurance 8,324 9,374 - General insurance - 237 Total non-life 8,324 9,611 Movements during the year in life insurance: 2022 2021 At January 1 110,691 109,062 Disposals (576 ) - Portfolio transfers and acquisitions (18 ) (26 ) Gross premium and deposits – existing and new business 6,070 6,033 Unwind of discount / interest credited 3,593 4,037 Insurance liabilities released (10,364 ) (9,490 ) Changes in valuation of expected future benefits (2,840 ) (1,635 ) Loss recognized as a result of liability adequacy testing (2,239 ) (236 ) Shadow accounting adjustments (3,352 ) (1,821 ) Net exchange differences 4,338 4,713 Transfer (to) / from reinsurance assets 273 36 Transfers to disposal groups (30,491 ) - Other - 17 At December 31 75,084 110,691 |
Summary of Movements in Insurance | Movements during the year in non-life 2022 2021 At January 1 9,611 9,118 Disposals (115 ) (25 ) Portfolio transfers and acquisitions - 1 Gross premiums – existing and new business 1,310 1,508 Unwind of discount / interest credited 536 479 Insurance liabilities released (1,198 ) (992 ) Changes in valuation of expected future claims 41 (36 ) Change in unearned premiums (488 ) (731 ) Change in unexpired risks - - Incurred related to current year 642 670 Incurred related to prior years 262 267 Release for claims settled current year (211 ) (269 ) Release for claims settled prior years (822 ) (757 ) Shadow accounting adjustments (734 ) (153 ) Change in IBNR (98 ) (59 ) Net exchange differences 550 592 Transfers to disposal groups (961 ) - Other - (1 ) At December 31 8,324 9,611 Movements during the year in incoming reinsurance: 2022 2021 At January 1 4,120 3,965 Gross premium and deposits – existing and new business 1,142 1,276 Unwind of discount / interest credited 199 192 Insurance liabilities released (1,885 ) (1,562 ) Changes in valuation of expected future benefits 91 (36 ) Shadow accounting adjustments (30 ) (7 ) Loss recognized as a result of liability adequacy (11 ) (3 ) Net exchange differences 276 296 Other (2 ) (1 ) At December 31 3,901 4,120 34.3 Insurance contracts for account of policyholders Insurance contracts for account of policyholders 2022 2021 At January 1 149,323 135,441 Disposal of a business (192 ) - Portfolio transfers and acquisitions (73 ) (547 ) Gross premium and deposits – existing and new business 4,831 5,532 Unwind of discount / interest credited (24,402 ) 14,994 Insurance liabilities released (10,190 ) (13,199 ) Fund charges released (1,681 ) (1,680 ) Changes in valuation of expected future benefits (1,121 ) (145 ) Transfer (to) / from insurance contracts (284 ) 783 Net exchange differences 3,773 8,144 Transfers to disposal groups (19,577 ) - Other - 1 At December 31 100,409 149,323 |
Insurances Contracts [Member] | |
Disclosure of types of insurance contracts [line items] | |
Summary of Movements in Insurance | Sensitivity analysis of net result and shareholders’ equity Estimated approximate Estimated approximate effects on shareholders’ equity 2022 1) Shift up 50 basis points - Bond credit spreads (237 ) (1,463 ) Shift down 50 basis points - Bond credit spreads 233 1,567 Shift up 50 basis points - Mortgage spreads (314 ) (280 ) Shift down 50 basis points - Mortgage spreads 156 190 Shift up 5 basis points - Liquidity premium 97 129 Shift down 5 basis points - Liquidity premium (77 ) (42 ) 2021 1) Shift up 50 basis points - Bond credit spreads (192 ) (2,418 ) Shift down 50 basis points - Bond credit spreads 169 2,387 Shift up 50 basis points - Mortgage spreads (444 ) (401 ) Shift down 50 basis points - Mortgage spreads 452 496 Shift up 5 basis points - Liquidity premium 136 178 Shift down 5 basis points - Liquidity premium (148 ) (104 ) 1 Includes the approximate effects of the disposal group |
Investment contracts (Tables)
Investment contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investment Contracts for General Account | Without discretionary With discretionary Total At January 1, 2022 21,573 194 21,767 Deposits 22,695 - 22,695 Withdrawals (23,276 ) - (23,276 ) Investment contracts liabilities released - (11 ) (11 ) Interest credited 268 - 268 Net exchange differences 642 (10 ) 632 Transfer (to)/from other headings 797 - 797 Transfers to disposal groups (12,179 ) - (12,179 ) Other (35 ) - (35 ) At December 31, 2022 10,485 174 10,658 At January 1, 2021 20,889 185 21,075 Deposits 20,947 - 20,947 Withdrawals (21,936 ) - (21,936 ) Investment contracts liabilities released - (3 ) (3 ) Interest credited 256 - 256 Net exchange differences 660 12 672 Transfer (to)/from other headings 780 - 780 Other (23 ) - (23 ) At December 31, 2021 21,573 194 21,767 Investment contracts consist of the following: 2022 2021 Institutional guaranteed products 179 187 Fixed annuities 10,230 9,543 Savings accounts - 11,586 Investment contracts with discretionary participation features 174 194 Other 76 256 At December 31 10,658 21,767 |
Summary of Investment Contracts for Account of Policy Holders | Without discretionary With discretionary Total At January 1, 2022 71,242 33,350 104,592 Gross premium and deposits – existing and new business 11,155 677 11,832 Withdrawals (15,132 ) - (15,132 ) Disposal of a business (182 ) - (182 ) Interest credited (9,691 ) (4,007 ) (13,698 ) Investment contracts liabilities released - (3,182 ) (3,182 ) Fund charges released (202 ) - (202 ) Net exchange differences 382 (1,537 ) (1,154 ) Transfer (to)/from other headings (1,396 ) - (1,396 ) Transfers to disposal groups (925 ) - (925 ) Other 2 - 2 At December 31, 2022 55,254 25,301 80,555 At January 1, 2021 59,625 31,999 91,624 Gross premium and deposits – existing and new business 11,185 810 11,995 Withdrawals (10,716 ) - (10,716 ) Interest credited 7,572 3,130 10,702 Investment contracts liabilities released - (3,815 ) (3,815 ) Fund charges released (209 ) - (209 ) Net exchange differences 4,256 2,097 6,353 Transfer (to)/from other headings (473 ) (871 ) (1,344 ) Other 1 - 1 At December 31, 2021 71,242 33,350 104,592 |
Guarantees in insurance contr_2
Guarantees in insurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 United States 1) The Netherlands 2) Total 3) United States 1) The Netherlands 2) Total 3) At January 1 1,830 1,413 3,243 2,715 2,032 4,747 Incurred guarantee benefits 4) (1,251 ) (660 ) (1,911 ) (1,047 ) (619 ) (1,666 ) Paid guarantee benefits (4 ) - (4 ) (2 ) - (2 ) Net exchange differences 136 - 136 164 - 164 Transfers to disposal groups - (753 ) (753 ) - - - At December 31 711 - 711 1,830 1,413 3,243 Account value 5) 27,752 - 27,752 34,945 9,748 44,693 Net amount at risk 6) 452 - 452 314 1,538 1,852 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: 2022 2021 GMDB 1) GMIB 2) Total 4) GMDB 1) GMIB 2) Total 4) At January 1 502 529 1,031 488 638 1,127 Incurred guarantee benefits 5) 344 338 683 27 (127 ) (99 ) Paid guarantee benefits (103 ) (41 ) (144 ) (49 ) (25 ) (75 ) Net exchange differences 30 31 61 36 42 79 At December 31 773 857 1,630 502 529 1,031 GMDB 1) 3) GMIB 2) 3) GMDB 1) 3) GMIB 2) 3) Account value 6) 44,488 3,911 56,426 5,186 Net amount at risk 7) 3,743 933 843 472 Average attained age of contract holders 72 73 71 72 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. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Borrowings | 2022 2021 Capital funding 1,245 1,292 Operational funding 2,806 8,369 At December 31 4,051 9,661 Current 1,150 824 Non-current 2,901 8,837 Fair value of borrowings 4,114 10,171 |
Summary of Undrawn Committed Borrowings Facilities | Undrawn committed borrowing facilities: 2022 2021 Floating-rate - Expiring within one year - 408 - Expiring beyond one year 3,435 2,991 At December 31 3,435 3,399 There were no defaults or breaches of conditions during the period. |
Capital funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | A detailed composition of capital funding is included in the following table: (sorted by maturity) Coupon rate Coupon date Issue /Maturity 2022 2021 EUR 500 million Senior Unsecured Notes 1.00% December 8 2016/ 23 499 499 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 281 296 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually 2009 / 39 446 472 Other 19 26 At December 31 1,245 1,292 |
Operational funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | Coupon rate Coupon date Issue /Maturity 2022 2021 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /22 - 592 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /24 - 494 EUR 875 million “SAECURE 16” RMBS Note 1) 2) Floating Quarterly 2018 / 23 - 676 EUR 512 million “SAECURE 18” RMBS Note 1) 3) Floating Quarterly 2019 / 25 - 355 EUR 657 million “SAECURE 20” RMBS Note 1) 4) Floating Quarterly 2021 / 27 - 625 EUR 500 million Conditional Pass-Through Covered Bond 1) 5) 0.250% Annual 2016 / 23 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 6) 0.375% Annual 2017 / 24 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 7) 0.010% Annual 2020 / 25 - 506 EUR 500 million Conditional Pass-Through Covered Bond 1) 8) 0.750% Annual 2017 / 27 - 492 EUR 500 million Conditional Pass-Through Covered Bond 1) 9) 0.375% Annual 2021 / 36 - 494 FHLB Secured borrowings 1) Floating Quarterly 2021 / 24 2,806 2,634 Aegon Bank Senior Non-Preferred 1) 0.625% Annual 2019 / 24 - 499 Other - 5 At December 31 2,806 8,369 1 Issued by a subsidiary of Aegon N.V. 2 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. 3 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. 4 The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 5 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 6 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 7 The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057. 8 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 9 The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Provisions | 2022 2021 At January 1 193 309 Additional provisions 28 91 Disposals (8 ) (6 ) Unused amounts reversed through the income statement (10 ) - Used during the year (57 ) (209 ) Net exchange differences 5 9 Transfer to disposal groups (52 ) - At December 31 99 193 Current 89 139 Non-current 10 54 |
Defined benefit plans (Tables)
Defined benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Defined Benefit Plans | 2022 2021 Retirement benefit plans 225 3,547 Other post-employment benefit plans 184 277 Total defined benefit plans 409 3,824 Retirement benefit plans in surplus 87 119 Total defined benefit assets 87 119 Retirement benefit plans in deficit 312 3,666 Other post-employment benefit plans in deficit 184 277 Total defined benefit liabilities 496 3,944 |
Summary of Movements of Defined Benefit Plans | The decrease in Defined benefit plans in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. 2022 2021 Movements during the year in defined benefit Retirement Other post- Total Retirement Other post- Total At January 1 3,547 277 3,824 4,318 275 4,593 Defined benefit expenses 68 17 85 (8 ) 16 8 Remeasurements of defined benefit plans (837 ) (67 ) (904 ) (487 ) (14 ) (501) Contributions paid (38 ) - (38 ) (164 ) - (164) Benefits paid (117 ) (17 ) (134 ) (110 ) (15 ) (125) Net exchange differences 21 15 36 29 16 45 Transfer to disposal groups (2,421 ) (41 ) (2,462 ) - - - Other 1 - 1 (32 ) - (32) At December 31 225 184 409 3,547 277 3,824 |
Summary of Amounts Recognized in Statement of Financial Positions | The amounts recognized in the statement of financial position are determined as follows: 2022 2021 Retirement Other post- Total Retirement Other post- Total Present value of wholly or partly funded obligations 3,098 - 3,098 4,604 - 4,604 Fair value of plan assets (3,083 ) - (3,083 ) (4,717 ) - (4,717 ) 15 - 15 (112 ) - (112 ) Present value of wholly unfunded obligations 210 184 394 3,660 277 3,937 At December 31 225 184 409 3,547 277 3,824 |
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 2022 and 2021. 2022 2021 Defined benefit expenses Retirement Other post- Total Retirement Other post- Total Current year service cost 32 11 43 48 11 59 Net interest on the net defined benefit liability (asset) 38 6 45 32 5 37 Past service cost (3) - (3) (88) - (88) Total defined benefit expenses 68 17 85 (8) 16 8 2020 Retirement Other post- Total Current year service cost 52 11 63 Net interest on the net defined benefit liability (asset) 52 7 59 Past service cost 1 - 1 Total defined benefit expenses 104 18 122 |
Summary of Breakdown of Plan Assets for Retirement of Benefit Plans | 2022 2021 Breakdown of plan assets for retirement benefit Quoted Unquoted Total in % of total plan asdsets Quoted Unquoted Total in % of total plan Equity instruments - - - 0 % - - - 0 % Debt instrument 336 154 490 16 % 603 387 990 21 % Real estate - - - 0 % - 142 142 3 % Derivatives - (218 ) (218 ) (7 %) - (3 ) (3 ) (0 %) Investment funds - 2,214 2,214 72 % - 3,069 3,069 65 % Structured securities - 268 268 9 % - - - 0 % Other - 328 328 11 % 2 516 518 11 % At December 31 336 2,746 3,083 100 % 605 4,112 4,717 100 % |
Commissions and expenses [member] | |
Statement [LineItems] | |
Summary of Movements of Defined Benefit Plans | 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 2022 2021 At January 1 8,541 9,059 Current year service cost 43 59 Interest expense 158 131 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions (3 ) (59 ) - Actuarial gains and losses arising from changes in financial assumptions (2,420 ) (299 ) Past service cost (3 ) (88 ) Benefits paid (529 ) (455 ) Amounts paid in respect of settlements - (140 ) Net exchange differences 164 364 Transfer to disposal groups (2,462 ) - Other 1 (32 ) At December 31 3,491 8,541 Movements during the year in plan assets for retirement benefit plans 2022 2021 At January 1 4,717 4,466 Interest income (based on discount rate) 114 94 Remeasurements of the net defined liability (asset) (1,518 ) 144 Contributions by employer 38 164 Benefits paid (395 ) (330 ) Amounts paid in respect of settlements - (140 ) Net exchange differences 127 319 At December 31 3,083 4,717 |
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 2022 2021 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 4.96% 1.79% Price inflation 3.20% 3.34% 1 Club Vita tables based on analysis of Scheme membership CMI 2021 1.5 1.25 2 Club Vita tables based on analysis of Scheme membership CMI 2019 1.5 1.25 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 2022 2021 Demographic actuarial assumptions 10% increase in mortality rates (19) (55) 10% decrease in mortality rates 22 62 Financial actuarial assumptions 100 basis points increase in discount rate (130) (322) 100 basis points decrease in discount rate 164 433 100 basis points increase in price inflation 55 202 100 basis points decrease in price inflation (113) (237) Target allocation of plan assets for retirement benefit plans for the next annual period is: Equity instruments 16.7% Debt instruments 83.3% |
Aegon United States of America [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 2022 2021 Demographic actuarial assumptions Mortality US mortality table 1) US mortality table 1) Financial actuarial assumptions Discount rate 5.22%/5.14% 2.80%/2.61% Salary increase rate 4.00% 4.00% Health care trend rate 6.30% 6.10% 1 2022 assumption -PRI-2012 MP-2021. 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 2022 2021 Demographic actuarial assumptions 10% increase in mortality rates (50) (69 ) 10% decrease in mortality rates 54 77 Financial actuarial assumptions 100 basis points increase in discount rate (222) (357 ) 100 basis points decrease in discount rate 277 436 100 basis points increase in salary increase rate 4 - 100 basis points decrease in salary increase rate (3) - 100 basis points increase in health care trend rate 10 13 100 basis points decrease in health care trend rate (9) (12 ) |
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 2%-4% Debt instruments 80%-90% Other 8%-16% |
Deferred tax (Tables)
Deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of NetDeferred Tax Assets and Liabilities has been Recognized | 2022 2021 Deferred tax assets 1,827 131 Deferred tax liabilities 4 1,559 Total net deferred tax liability / (asset) (1,823) 1,428 The change from a net deferred tax liability at December 31, 2021 to a net deferred tax asset at December 31, 2022 is mainly the result of market movements on financial assets and the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. Deferred tax assets comprise temporary differences on: 2022 2021 Real estate (15 ) - Financial assets 737 (7 ) Insurance and investment contracts 1,515 (8 ) Deferred expenses, VOBA and other intangible assets (2,350 ) (133 ) Defined benefit plans 199 3 Tax losses and credits carried forward 1,288 264 Other 454 11 At December 31 1,827 131 Deferred tax liabilities comprise temporary differences on: 2022 2021 Real estate - 776 Financial assets - 1,816 Insurance and investment contracts - (1,410 ) Deferred expenses, VOBA and other intangible assets 1 1,573 Defined benefit plans - (151 ) Tax losses and credits carried forward - (754 ) Other 3 (291 ) At December 31 4 1,559 |
Summary of Deferred Tax | 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 invest- ment contracts Deferred expens- es, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total At January 1, 2022 776 1,823 (1,402 ) 1,706 (154 ) (1,018 ) (303 ) 1,428 Charged to income statement (75 ) 400 (336 ) 563 (187 ) 184 (158 ) 391 Charged to OCI (0 ) (3,213 ) - - 248 - 1 (2,964 ) Net exchange differences 1 180 (72 ) 88 (12 ) (24 ) (13 ) 147 Disposal of a business (1 ) 1 3 (5 ) - - 2 (0 ) Transfers to disposal groups (685 ) 168 195 (1 ) (94 ) (454 ) 26 (845 ) Transfer (to)/from current income tax - - - - - 25 - 25 Transfer (to) /from other headings - (95 ) 97 - - - (3 ) (1 ) Other - - - - - (1 ) (3 ) (3 ) At December 31, 2022 15 (737 ) (1,515 ) 2,351 (199 ) (1,287 ) (450 ) (1,823 ) At January 1, 2021 663 2,156 (1,533 ) 1,433 (206 ) (823 ) (366 ) 1,323 Charged to income statement 113 (113 ) 217 162 (32 ) (140 ) 54 260 Charged to OCI (1 ) (359 ) - - 100 - (1 ) (261 ) Net exchange differences 1 167 (86 ) 112 (15 ) (56 ) (20 ) 103 Transfer (to)/from current income tax - - - - - 2 - 2 Transfer (to)/from other headings - (29 ) - - - (1 ) 30 - At December 31, 2021 776 1,823 (1,402 ) 1,706 (154 ) (1,018 ) (303 ) 1,428 |
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 tax asset is not recognized: Gross amounts 1) Not recognized deferred tax assets 2022 2021 2022 2021 < 5 years 58 62 16 15 ≥ 9 24 2 4 ≥ - - 59 55 ≥ - - - - Indefinitely 655 598 169 151 At December 31 721 684 247 224 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 |
Summary of Deferred Corporate Income Tax Asset | Gross amounts Deferred tax assets 2022 2021 2022 2021 Deferred corporate income tax asset dependent on retaining bonds and similar investments until the earlier of market recovery or maturity 6,265 - 1,306 - Deferred corporate income tax asset dependent on future taxable profits 27 32 7 8 At December 31 6,292 32 1,313 8 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Liabilities | 2022 2021 Payables due to policyholders 860 1,229 Payables due to brokers and agents 489 467 Payables out of reinsurance 823 1,384 Social security and taxes payable 49 145 Income tax payable 10 4 Investment creditors 972 1,103 Cash collateral on derivative transactions 2,483 2,708 Cash collateral on securities lended 2,417 2,171 Cash collateral - other 64 76 Repurchase agreements 107 821 Lease liabilities 210 252 Other creditors 2,301 2,556 At December 31 10,785 12,916 Current 10,562 12,233 Non-current 223 683 |
Accruals (Tables)
Accruals (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Accruals | 2022 2021 Accrued interest 129 251 Accrued expenses 244 285 At December 31 373 537 |
Capital management and solven_2
Capital management and solvency (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Capital Ratios of Aegon's Operating Units | Capital ratios of Aegon’s main operating units December 31, 2022 1) December 31, 2021 US RBC ratio 425% 426% NL Life Solvency II ratio 210% 186% Scottish Equitable Plc (UK) Solvency II ratio 169% 167% 1 The capital ratios are estimates and are not final until filed with the respective supervisory authority. |
Disclosure of Estimated Capital Position | On December 31, 2022, Aegon’s estimated capital position was: December 31, 2022 1) December 31, 2021 Group Own Funds 16,332 19,431 Group SCR 7,844 9,226 Group Solvency II ratio 208% 211% 1 The Solvency II ratios are estimates and are not final until filed with the respective supervisory authority. |
Summary of Composition of Available Own Funds Across Tiers | The below table provides the composition of Aegon’s Available Own Funds across Tiers: 2022 2021 Available Own Funds Available Own Funds Percentage total Available Own Funds Percentage total Tier 1 (Unrestricted Tier 1 + Restricted Tier 1) 13,585 82% 16,409 84% Unrestricted Tier 1 11,762 71% 14,044 72% Restricted Tier 1 1,822 11% 2,364 12% Junior Perpetual Capital Securities 993 6% 1,391 7% Perpetual Cumulative Securities 387 2% 459 2% Perpetual Contingent Convertible Securities 442 3% 515 3% Tier 2 2,195 13% 2,348 12% Subordinated notes issued by AFC 770 5% 832 4% Subordinated liabilities Aegon NV 720 4% 767 4% Grandfathered subordinated notes 705 4% 750 4% Tier 3 746 5% 675 3% Total Available Own Funds 16,525 19,431 |
Summary of Equity Compares to Solvency II Own Funds | IFRS equity compares to Solvency II Own Funds as follows: 2022 2021 IFRS Shareholders’ Equity 12,071 23,813 IFRS adjustments for Other Equity instruments and non controlling interests 2,119 2,559 IFRS Group Equity 14,190 26,372 Solvency II revaluations & reclassifications 1,489 (9,096 ) Transferability restrictions 1) (1,771 ) (1,772 ) Excess of Assets over Liabilities 13,908 15,504 Availability adjustments 2,715 4,020 Tiering restriction (194 ) - Fungibility adjustments (98 ) (93 ) Eligible Own Funds 16,332 19,431 1 This includes the transferability restriction related to the RBC CAL conversion methodology. |
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 2022 2021 Total shareholders’ equity - based on IFRS as adopted by the EU 30 11,440 24,282 Non-controlling 31, SOFP 2) 242 253 Revaluation reserves 30 4,477 (6,442 ) Adjusted shareholders’ equity 16,159 18,093 Perpetual contingent convertible securities 31 500 500 Junior perpetual capital securities 31 923 1,352 Perpetual cumulative subordinated bonds 31 454 454 Fixed floating subordinated notes 32 1,442 1,396 Fixed subordinated notes 32 852 798 Trust pass-through securities 33 118 126 Currency revaluation other equity instruments 1) 66 16 Hybrid leverage 4,356 4,642 Senior debt 3) 37 1,265 1,290 Senior leverage 1,265 1,290 Total gross financial leverage 5,621 5,932 Total capitalization 21,780 24,008 Gross financial leverage ratio 25.8% 24.7% Fixed Charge Coverage 9.2 x 9.3 x 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 (20) million (2021: EUR (2) million). |
Schedule of Total Distributable Items | The following table shows the composition of the total distributable items: Distributable items 2022 2021 Equity attributable to shareholders based on IFRS as adopted by the EU 11,440 24,282 Non-distributable Share capital (319) (321) Legal reserves 1) (5,758) (9,868) At December 31 5,363 14,093 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. |
Summary of Minimum of Distributable Items under Dutch Law and the Freely Distributable Capital on the Basis of Solvency Requirements | Besides the distributable items under Dutch law, a second restriction on the possibility to distribute dividends stems from Solvency II (Dutch Supervision act). Distributable reserves 2022 2021 Reserves available for financial surpervision purposes 16,332 19,431 Solvency requirement under the Financial Supervision Act 7,844 9,226 Total distributable reserves on the basis of solvency requirements 8,488 10,205 |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 Assets carried at fair value Available-for-sale Shares 22 42 131 195 Debt securities 6,624 46,254 215 53,093 Money market and other short-term instruments 3,639 1,874 1 5,514 Other investments at fair value - 180 660 840 10,284 48,351 1,008 59,643 Fair value through profit or loss Shares 144 49 - 193 Debt securities 12 541 1 554 Money market and other short-term instruments 42 57 - 99 Other investments at fair value 1 358 3,363 3,722 Investments for account of policyholders 1) 87,358 91,799 402 179,559 Derivatives 33 2,717 11 2,760 Investments in real estate - - 59 59 Investments in real estate for policyholders - - 443 443 87,590 95,520 4,279 187,389 Revalued amounts Real estate held for own use - - 73 73 - - 73 73 Total assets at fair value 97,874 143,870 5,360 247,104 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 55,228 26 55,254 Derivatives 51 5,202 840 6,094 Total liabilities at fair value 51 60,467 867 61,385 1 The investments for account of policyholders include investments carried at fair value through profit or loss. Level I Level II Level III Total 2021 Assets carried at fair value Available-for-sale Shares 84 75 191 350 Debt securities 25,166 68,131 603 93,899 Money market and other short-term instruments 1,204 3,586 - 4,790 Other investments at fair value - 246 599 844 26,453 72,038 1,393 99,884 Fair value through profit or loss Shares 85 237 1,343 1,665 Debt securities 130 3,161 5 3,296 Money market and other short-term instruments 18 102 - 120 Other investments at fair value 2 389 3,010 3,401 Investments for account of policyholders 1) 129,794 119,653 943 250,390 Derivatives 150 8,676 1 8,827 Investments in real estate - - 2,643 2,643 Investments in real estate for policyholders - - 563 563 130,178 132,219 8,507 270,904 Revalued amounts Real estate held for own use - - 185 185 - - 185 185 Total assets at fair value 156,631 204,256 10,086 370,974 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 71,249 (6 ) 71,242 Derivatives 39 7,162 3,437 10,639 Total liabilities at fair value 39 78,411 3,431 81,881 1 The investments for account of policyholders include investments carried at fair value through profit or loss. 2 The investment contracts for account of policyholders represents only those investment contracts carried at fair value. |
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 2022 1) Total 2021 Transfers Level I Transfers Level II to Level I Transfers Level I Transfers Level II Assets carried at fair value Available-for-sale Debt securities 23 5 44 32 Money markets and other short-term instruments - 721 - - 23 726 44 32 Fair value through profit or loss Shares 10 128 - - Money markets and other short-term instruments - 13 - - Investments for account of policyholders - 40 - - 10 181 - - Total assets at fair value 34 907 44 32 - - Total Liabilities carried at fair value - - - - 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Disclosures of Changes in Level 3 Assets | Assets carried at fair value Available-for-sale Shares 191 (0 ) (1 ) (35 ) (4 ) (10 ) - 12 - - - (21 ) 131 - Debt securities 603 - (1 ) (88 ) 124 (34 ) (21 ) 26 - 43 (384 ) (54 ) 215 - Money markets and other short-term instruments - - (0 ) 1 - - - (0 ) - - - - 1 - Other investments at fair value 599 - (142 ) 22 168 (12 ) (14 ) 39 - - - - 660 - 1,393 (0 ) (145 ) (100 ) 289 (56 ) (34 ) 77 - 43 (384 ) (75 ) 1,008 - Fair value through profit or loss Shares 1,343 - 170 - 190 (345 ) - - - - - (1,357 ) - - Debt securities 5 - (1 ) - 44 (3 ) - - - - - (44 ) 1 (1 ) Other investments at fair value 3,010 - 361 - 444 (578 ) - 190 - - - (64 ) 3,363 - Investments for account of policyholders 943 - 41 (0 ) (515 ) 873 - (10 ) - 2 - (932 ) 402 (55 ) Derivatives 1 - 10 - - - - (0 ) - - - - 11 10 Investments in real estate 2,643 - (51 ) - 42 (40 ) - 3 7 - - (2,545 ) 59 1 Investments in real estate for policyholders 563 - (61 ) - 10 (42 ) - (27 ) - - - - 443 (69 ) 8,507 - 470 (0 ) 215 (135 ) - 155 7 2 - (4,942 ) 4,279 (114 ) Revalued amounts Real estate held for own use 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 (0 ) 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 (0 ) Total assets at fair value 10,086 (24 ) 322 (99 ) 503 (199 ) (34 ) 235 2 45 (384 ) (5,092 ) 5,360 (115 ) Liabilities carried at fair value Investment contracts for account of policyholders (6 ) - (26 ) - (559 ) 720 - 2 - 1 - (105 ) 26 - Derivatives 3,437 - (1,986 ) - - (7 ) - 150 - - - (754 ) 840 - 3,431 - (2,012 ) - (559 ) 713 - 152 - 1 - (859 ) 867 - 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 Available-for-sale Shares 173 1 3 30 (26 ) (0 ) 11 - - - 191 - Debt securities 467 (1 ) 6 228 (29 ) (46 ) 22 - 203 (246 ) 603 - Money markets and other short-term instruments - - - - - - - - - - - - Other investments at fair value 581 (113 ) 7 111 (24 ) (6 ) 43 - - - 599 - 1,221 (114 ) 16 368 (80 ) (52 ) 77 - 203 (246 ) 1,393 - Fair value through profit or loss Shares 1,329 150 - 179 (316 ) 1 1 - - - 1,343 147 Debt securities 242 (1 ) - 124 (361 ) (0 ) - - - - 5 1 Other investments at fair value 2,173 796 - 492 (638 ) - 186 - - - 3,010 (1 ) Investments for account of policyholders 1,012 206 (0 ) (198 ) (93 ) - 22 - - (7 ) 943 162 Derivatives 22 (17 ) - - (4 ) - - - - - 1 (10 ) Investments in real estate 2,385 253 - 48 (60 ) - 3 14 - - 2,643 253 Investments in real estate for policyholders 467 46 - 60 (43 ) - 32 - - - 563 66 7,631 1,433 (0 ) 705 (1,514 ) - 245 14 - (7 ) 8,507 618 Revalued amounts Real estate held for own use 209 (16 ) (4 ) 6 - (0 ) 5 (14 ) - - 185 1 209 (16 ) (4 ) 6 - (0 ) 5 (14 ) - - 185 1 Total assets at fair value 9,061 1,303 12 1,079 (1,594 ) (52 ) 326 - 203 (253 ) 10,086 619 Liabilities carried at fair value Investment contracts for account of policyholders (12 ) (1 ) - (361 ) 366 - 2 - - - (6 ) 3 Derivatives 4,902 (1,627 ) - - (14 ) - 176 - - - 3,437 607 4,890 (1,628 ) - (361 ) 352 - 178 - - - 3,431 610 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 2) December 4 Range December Range Assets carried at fair value Available-for-sale Shares Net asset value n.a. 126 n.a. 166 n.a. Other n.a. 5 n.a. 25 n.a. 131 191 Debt securities Broker quote n.a. 66 n.a. 493 n.a. Discounted cash flow Constant Prepayment Rate 2 40.53% 5 21.43% Discounted cash flow Constant Prepayment Rate - - 22 9.95% Other n.a. 148 n.a. 82 n.a. 216 603 Other investments at fair value Tax credit investments Discounted cash flow Discount rate 610 7.10% 541 7.09% Investment funds Net asset value n.a. 2 n.a. 3 n.a. Other Other n.a. 48 n.a. 56 n.a. 660 599 At December 31 1,008 1,393 Fair value through profit or loss Shares Other n.a. - n.a. 1,343 n.a. Debt securities Other n.a. - n.a. 5 n.a. Debt securities Discounted cash flow Constant prepayment rate - 7.80% - n.a. 1 1,348 Other investments at fair value Investment funds Net asset value n.a. 3,363 n.a. 2,944 n.a. Other Other n.a. - n.a. 66 n.a. 3,363 3,010 Total assets at fair value 3) 4,372 5,750 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 836 0.45% 3,437 0.23% Other Discounted cash flow Other 4 n.a - - Total liabilities at fair value 840 - 3,437 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 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 result or equity. The effect on total assets is offset by the effect on total liabilities. 4 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
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 5 basis points included in the discount rate. December 31, 2022 1) Effect of reasonably possible alternative assumptions (+/-) December Effect of reasonably Increase Decrease Increase Decrease Financial liabilities carried at fair value Embedded derivatives in insurance contracts 836 16 (16 ) 3,437 39 (39 ) 1 2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
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. 2022 Carrying amount December 31, 1) Estimated fair value hierarchy Total 1) Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,441 - 1 9,244 9,245 Private loans - held at amortized cost 27 - 15 - 15 Other loans - held at amortized cost 2,088 39 2,049 - 2,088 Liabilities Subordinated borrowings - held at amortized cost 2,295 1,372 663 - 2,035 Trust pass-through securities - held at amortized cost 118 - 133 - 133 Borrowings – held at amortized cost 4,051 1,289 2,825 - 4,114 Investment contracts - held at amortized cost 10,485 - - 9,410 9,410 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Carrying amount December 31, Estimated fair value hierarchy Total estimated fair Level I Level II Level III Assets Mortgage loans - held at amortized cost 39,991 - 1 44,366 44,366 Private loans - held at amortized cost 4,883 - 34 5,457 5,491 Other loans - held at amortized cost 1,949 21 1,923 5 1,949 Liabilities Subordinated borrowings - held at amortized cost 2,194 1,567 872 - 2,438 Trust pass-through securities - held at amortized cost 126 - 139 - 139 Borrowings – held at amortized cost 9,661 1,735 2,662 5,773 10,171 Investment contracts - held at amortized cost 21,573 - - 20,861 20,861 |
Carrying Values and Estimated Fair Values of Assets and Liabilities | 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. 2022 1) 2021 Trading Designated Trading Designated Investments for general account 41 4,527 41 8,440 Investments for account of policyholders - 179,563 - 250,390 Derivatives with positive values not designated as hedges 2,434 - 8,390 - Total financial assets at fair value through profit or loss 2,475 184,089 8,431 258,830 Investment contracts for account of policyholders - 55,254 - 71,242 Derivatives with negative values not designated as hedges 4,877 - 9,617 - Total financial liabilities at fair value through profit or loss 4,877 55,254 9,617 71,242 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
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: 2022 1) 2021 Trading Designated Trading Designated Net gains and (losses) 469 (35,054) (2,930) 25,591 1 2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Commitments through Purchase and Sale Transactions of Investments | 2022 2021 Purchase Sale Purchase Sale Real estate - 1 129 6 Mortgage loans 468 - 1,163 67 Private loans 150 - 311 - Other 1,408 - 1,358 - |
Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases | Future lease payments < 1 year amounts 1 < 2 years 2 < 3 years 3 < 4 years 4 < 5 years > 5 years 2022 Operating lease rights 10 9 7 7 6 17 2021 Operating lease rights 8 8 6 5 5 21 The operating lease rights relate to non-cancellable |
Summary of Other Commitments and Contingencies | Other commitments and contingencies 2022 2021 Guarantees 611 506 Standby letters of credit - 12 Share of contingent liabilities incurred in relation to interests in joint ventures - 7 Other guarantees 8 11 Other commitments and contingent liabilities - - |
Transfers of financial assets (
Transfers of financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
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. 2022 1) Available-for-sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets - 2,200 16 72 Carrying amount of associated liabilities - 2,513 17 - 1 2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. 2021 Available-for-sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets 34 3,705 12 96 Carrying amount of associated liabilities 37 3,941 18 - |
Schedule of Fair Values of Available-for-Sale (AFS) Instruments | The following tables present the fair value of the assets received in relation to securities lending and reverse repurchase activities: Securities lending 2022 1) 2021 Carrying amount of transferred financial assets 2,190 3,083 Fair value of cash collateral received 2,417 2,171 Fair value of non-cash 74 1,102 Net exposure (301 ) (190) Non-cash - 1,004 Non-cash - - 1 2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
Summary of Reverse Repurchase Agreements | Reverse repurchase agreements 2022 1) 2021 Cash paid for reverse repurchase agreements 312 1,004 Fair value of non-cash 335 1,025 Net exposure (23 ) (21) Non-cash - 695 Non-cash - - 1 2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
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 2022 1) 2021 General account (contingent) liabilities 3,520 3,410 Collateral pledged 5,745 4,594 Net exposure (2,225 ) (1,183) Non-cash - - 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. Assets pledged for repurchase agreements 2022 1) 2021 Cash received on repurchase agreements 107 821 Collateral pledged (transferred financial assets) 99 764 Net exposure 8 57 1 2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Offsetting, enforceable maste_2
Offsetting, enforceable master netting arrangements and similar agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Financial Instruments Set Off in Statement of Financial Position | The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, Gross amounts financial Net amounts of financial assets position Related amounts not set off in the statements of financial position Net amount Financial assets subject to similar agreements Gross amounts Financial Cash collateral received (excluding surplus collateral) 2022 Derivatives 2,733 - 2,733 2,589 111 34 At December 31 2,733 - 2,733 2,589 111 34 2021 Derivatives 8,811 - 8,811 6,045 2,519 247 At December 31 8,811 - 8,811 6,045 2,519 247 Gross amounts financial assets Net amounts of liabilities position Related amounts not set off in the statements of financial position Financial liabilities subject to similar agreements Gross amounts liabilities Financial Cash collateral pledged (excluding surplus collateral) Net amount 2022 Derivatives 5,115 - 5,115 3,359 1,668 89 At December 31 5,115 - 5,115 3,359 1,668 89 2021 Derivatives 7,043 - 7,043 6,768 224 52 At December 31 7,043 - 7,043 6,768 224 52 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Supervisory Board 1) 1.3 0.9 0.8 Executive Board 5.2 4.9 5.9 Key Management 27.7 27.5 24.8 In fixed compensation 16.0 16.8 14.2 In cash based variable compensation 4.0 3.6 3.3 In share based variable compensation 3.5 3.2 2.9 In pension contributions 3.0 2.8 3.2 In other benefits 1.2 1.1 1.2 1 Based on a Decree of the Dutch State Secretary of Finance which came into force as from May 7, 2021, the Supervisory Board fees were not subject to Dutch VAT anymore, retroactively as from June 13, 2019. Therefore, Aegon has not paid Dutch VAT anymore on the fees of the Supervisory Board Members as from Q2 2021. Additionally, Aegon reclaimed VAT for the period Q1 2020 - Q1 2021, except for its Supervisory Board members based in the Netherlands for practical reasons. |
Common shares held by Supervisory Board members | Shares held in Aegon at December 31 2022 2021 Ben J. Noteboom 23,500 23,500 Dona D. Young 13,260 13,260 Total 36,760 36,760 |
Loans to group companies (Table
Loans to group companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Loans to Group Companies | 2022 2021 At January 1 1,829 1,392 Additions / (repayments) (502 ) 308 Other changes 109 128 At December 31 1,435 1,829 Current 932 639 Non-current 503 1,190 |
Share capital (Tables)
Share capital (Tables) - Aegon N.V [member] | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Detailed Information of Issued and outstanding Capital | Issued and outstanding capital 2022 2021 Common shares 253 253 Common shares B 66 68 Total share capital 319 321 Common shares 2022 2021 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 2022 2021 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 Total amount Number of shares Total amount At January 1, 2021 2,098,114 252 571,795 69 Shares withdrawn (2,466 ) - (2,956 ) - Dividend 10,665 1 - - At December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - At December 31, 2022 2,109,430 253 546,196 66 The following table shows the weighted average number of common shares and common shares B: Weighted average number of Weighted average number of 2021 2,101,231 570,629 2022 2,107,315 559,906 |
Long-term borrowings (Tables)
Long-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Long-term Borrowings | 2022 2021 Remaining terms less than 1 year 499 - Remaining terms 1 - 5 years - 499 Remaining terms 5 - 10 years 281 296 Remaining terms over 10 years 446 472 At December 31 1,226 1,266 Fair value of long-term borrowings 1,289 1,735 |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Accountants Remuneration | Total remuneration of the group Of which PricewaterhouseCoopers 2022 2021 2022 2021 Audit fees 35 31 10 9 Audit-related service fees 10 3 1 1 Tax 1 - - - Other services - - - - Total 45 35 12 10 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [LineItems] | |
Summary of Borrowings | 2022 2021 Capital funding 1,245 1,292 Operational funding 2,806 8,369 At December 31 4,051 9,661 Current 1,150 824 Non-current 2,901 8,837 Fair value of borrowings 4,114 10,171 |
Discontinued operations [member] | |
Statement [LineItems] | |
Summary of Income statement of discontinued operations | Amounts in EUR millions 2022 2021 2020 Discontinued operations Premium income 1,569 1,713 1,994 Investment income 1,725 2,074 2,062 Fee and commission income 346 331 283 Other revenues - - - Total revenues 3,640 4,118 4,339 Income from reinsurance ceded 38 26 (100 ) Results from financial transactions (9,231 ) (444 ) 3,435 Other income 23 27 6 Total income (5,529 ) 3,727 7,679 Premiums paid to reinsurers 112 99 63 Policyholder claims and benefits (8,824 ) 1,755 6,140 Profit sharing and rebates 4 7 - Commissions and expenses 739 698 730 Impairment charges / (reversals) (0 ) (2 ) 107 Interest charges and related fees 85 89 99 Other charges 10 3 46 Total charges (7,874 ) 2,649 7,185 Result from discontinued operations before share in profit / (loss) of joint ventures, associates and tax 2,344 1,078 494 Share in profit / (loss) of joint ventures 37 33 19 Share in profit / (loss) of associates 15 127 80 Result before tax from discontinued operations 2,396 1,238 593 Income tax (expense) / benefit (1,000 ) (276 ) (107 ) Result after tax from discontinued operations 1,396 960 487 Impairment loss on remeasurement of the disposal group (1,775 ) - - Net result from discontinued operations after remeasurement (379 ) 960 487 |
Summary of statement of comprehensive income | Amounts in EUR millions 2022 2021 2020 Net result from discontinued operations (379 ) 960 487 Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use - 1 - Remeasurements of defined benefit plans 948 156 (285 ) Income tax relating to items that will not be reclassified (245 ) (24 ) 126 Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale (2,110 ) 155 21 (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale 185 (114 ) (13 ) Equity movements of joint ventures - - - Equity movements of associates 2 (1 ) 2 Income tax relating to items that may be reclassified 497 (18 ) (27 ) Other - 1 - Total other comprehensive income / (loss) from discontinued operations (723 ) 156 (176 ) Total comprehensive income / (loss) from discontinued operations (1,102 ) 1,117 310 |
Summary of calculation regarding the IFRS 5 requirement to value the discontinued operations at the lower of fair value and carrying amount immediately prior to the time of classification as held for sale | Amounts in EUR millions 2022 Net cash receivable after costs to sell 2,175 Fair value of 29.99% share in a.s.r. 1) 2,700 Fair value less costs to sell 4,875 Carrying amount of Aegon the Netherlands 2) 7,591 Fair value less costs to sell minus carrying amount (2,716) Assets in scope for impairment per December 31, 2022 1,775 Impairment loss recognized in 2022 1,775 Impairment to be recognized upon the completion of the sale 941 1 Based on the closing price of a.s.r.’s shares on December 31, 2022 2 The carrying amount of Aegon the Netherlands includes contingent payables and receivables between Aegon NV and Aegon NL that will be recognized prior to the closing date |
Summary of details on cashflow from discontinued operations | The table below shows details on cashflow from discontinued operations. Amounts in EUR millions 2022 2021 2020 Net cash inflow (outflow) from operating activities 4,646 (167 ) (5,614) Net cash inflow (outflow) from investing activities (4 ) 31 (23) Net cash inflow (outflow) from financing activities (3,275 ) (1,835 ) 1,700 Net cash inflow (outflow) from discontinued operations 1,367 (1,972 ) (3,937) |
Summary of assets and liabilities were reclassified as held for sale in relation to the discontinued operation | The below table shows the assets held for sale and liabilities held for sale as at December 31, 2022. Amounts in EUR millions 2022 Assets Cash and cash equivalents 5,085 Investments 55,496 Investments for account of policyholders 19,097 Derivatives 8,394 Investments in joint ventures - Investments in associates - Reinsurance assets 79 Defined benefit assets - Deferred tax assets - Deferred expenses 212 Other assets and receivables 1,388 Intangible assets - Total assets held for sale 89,752 Liabilities Insurance contracts 31,480 Insurance contracts for account of policyholders 19,577 Investment contracts 12,179 Investment contracts for account of policyholders 1,396 Derivatives 9,239 Borrowings 5,227 Provisions 52 Defined benefit liabilities 2,462 Deferred gains - Deferred tax liabilities 845 Other liabilities 1,665 Accruals 218 Total liabilities held for sale 84,339 |
Summary of fair value of the classes of financial assets | 2022 Financial assets at fair value Fair value at the end of the reporting period Change in fair value during the Shares 1) SPPI - - Other 119 (7 ) Debt securities SPPI 14,106 (4,098 ) Other 1,413 (166 ) Mortgage loans SPPI 28,477 (5,163 ) Other - - Private loans SPPI 3,931 (1,081 ) Other 38 - Other financial assets SPPI - - Other 1,368 145 At December 31 49,452 (10,370 ) 1 The SPPI-compliant shares include preferred equity instruments. |
Summary of SPPI compliant financial assets at carrying value | The table below details the credit risk rating grades for Aegon the Netherlands, as of December 31, 2022, 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 table shows 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 carrying value AAA AA A BBB BB B CCC or Not Total 2022 Debt securities – Carried at fair value 8,521 2,545 1,387 1,628 26 - - - 14,106 Mortgage loans – Carried at amortized cost - - - - - - - 31,430 31,430 Private loans – Carried at amortized cost 2,622 253 195 1,025 3 - - 349 4,447 At December 31 11,143 2,797 1,582 2,653 29 - - 31,779 49,983 |
Summary of financial assets are categorized by asset class with a carrying amount and fair value measured in accordance with IAS 39 measurement requirements | The financial assets are categorized by asset class with a carrying amount and fair value measured in accordance with IAS 39 measurement requirements. 2022 SPPI compliant financial assets rated BB or below Carrying amount Fair value Debt securities – Carried at fair value 26 26 Mortgage loans – Carried at amortized cost 31,430 28,477 Private loans – Carried at amortized cost 352 337 At December 31 31,808 28,840 |
Summary of Aegon the Netherlands maximum exposure to credit risk from investments in general account financial assets, general account derivatives and reinsurance assetsand collateral held and net exposure | The table that follows shows Aegon the Netherlands’ 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. 2022 Maximum Cash Securities Letters tees Real Master Other Total Surplus Net Debt securities - carried at fair value 15,519 - - - - - - - - 15,519 Mortgage loans - carried at amortized cost 31,430 2,590 - 22 60,991 - - 63,603 32,263 90 Private loans - carried at amortized cost 4,484 - - - - - - - - 4,484 Other loans - carried at amortized cost 3 - - - - - - - - 3 Other financial assets - carried at fair value 76 - - - - - - - - 76 Derivatives 8,394 - - - - 8,394 - 8,394 - (0 ) Reinsurance assets 79 - - - - - - - - 79 At December 31 59,985 2,590 - 22 60,991 8,394 - 71,997 32,263 20,252 |
Summary of ratings distribution of general account portfolios of Aegon the Netherlands, excluding reinsurance assets | The rating used is the lower of the external rating and the internal rating. The Netherlands Credit rating general account investments, excluding reinsurance assets 2022 Amortized cost Fair value AAA 2,623 8,643 AA 253 9,425 A 233 3,411 BBB 1,025 2,327 BB 3 119 B - 33 CCC or lower - 1 Assets not rated 31,552 1,450 Total 35,688 25,409 Past due and / or impaired assets 229 17 At December 31, 2022 35,917 25,426 |
Summary of credit quality of the gross positions in the statement of financial position for general account 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 AAA - AA 22 A 55 Below A - Not rated 1 At December 31, 2022 79 |
Summary of credit risk concentration | The tables that follow present specific credit risk concentration information for general account financial assets. Credit risk concentrations – debt securities and money market investments 2022 The Netherlands Of which past due and / Residential mortgage-backed securities (RMBSs) 65 - Commercial mortgage-backed securities (CMBSs) 2 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 2,714 - Financial - Banking 1,306 - Financial - Other 569 - Capital goods and other industry 276 - Communications & Technology 715 - Consumer cyclical 373 - Consumer non-cyclical 710 - Energy 26 - Transportation 424 - Utility 232 - Government bonds 8,106 - At December 31, 2022 15,519 - Credit risk concentrations – Government bonds per country of risk 2022 The Netherlands Netherlands 2,671 United Kingdom 3 Austria 347 Belgium 675 Finland 38 France 1,226 Germany 2,412 Indonesia 33 Luxembourg 448 Rest of Europe 70 Rest of world 184 At December 31, 2022 8,106 Credit risk concentrations – Credit rating 2022 1) Government bonds Corporate bonds RMBSs CMBSs ABSs Other Total AAA 5,900 157 2,520 - 8,577 AA 1,907 634 228 - 2,769 A 80 1,688 12 - 1,780 BBB 194 2,087 22 - 2,302 BB 26 64 - - 90 B - - - - - CCC or lower - 1 - - 1 At December 31, 2022 8,106 4,631 2,782 - 15,519 1 Credit risk concentrations – mortgage loans 2022 The Netherlands Of which past due and / or impaired Retail 6 - Other commercial 19 1 Residential 31,404 154 At December 31, 2022 31,430 155 |
Summary of the carrying values recognized in the statement of financial position of Aegon the Netherlands interests in RMBSs, CMBSs and ABSs | The Investments column reflects the carrying values recognized in the statement of financial position of Aegon the Netherlands interests in RMBSs, CMBSs and ABSs. Total income for the year ended December 31, 2022 December 31, 2022 Interest Total gains and Total Investments Residential mortgage-backed securities - - 1 65 Commercial mortgage-backed securities - - - 2 Asset-backed securities 7 (1 ) 7 2,714 Total 8 (0 ) 8 2,782 |
Summary of amortized cost and fair value of debt securities, money market investments and other | The amortized cost and fair value of debt securities, money market investments and other, included in Aegon the Netherlands available-for-sale 2022 Amortized Unrealized Unrealized Total fair Fair value of Fair value of Debt securities, money market instruments and other Dutch government 2,728 15 (72 ) 2,671 281 2,390 Other government 5,297 172 (244 ) 5,226 1,867 3,359 Mortgage-backed securities 69 - (2 ) 68 9 59 Asset-backed securities 2,816 1 (102 ) 2,714 5 2,710 Corporate 4,100 3 (673 ) 3,430 60 3,370 Other 13 - - 13 13 - Total 15,023 191 (1,092 ) 14,122 2,234 11,888 |
Summary of composition by industry category of Aegon the Netherlands available-for-sale (AFS) debt securities, money market investments and other in an unrealized loss position | The composition by industry category of Aegon the Netherlands available-for-sale December 31, 2022 Unrealized losses - debt securities, money market investments and other Carrying value of instruments with unrealized losses Unrealized losses Residential mortgage-backed securities (RMBSs) 57 (2 ) Commercial mortgage-backed securities (CMBSs) 2 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 2,710 (102 ) Financial Industry - Banking 757 (126 ) Financial Industry - Insurance 83 (14 ) Financial Industry - Other 227 (80 ) Industrial 2,183 (425 ) Utility 122 (27 ) Government 5,749 (316 ) Total 11,888 (1,092 ) |
Summary of information on past due and individually impaired financial assets for Aegon the Netherland | The tables that follow provide information on past due and individually impaired financial assets for Aegon the Netherlands. 2022 Past due but not impaired assets 0-6 months 6-12 months > 1 year Total Mortgage loans 145 3 1 149 Other loans 7 4 61 73 At December 31 152 7 62 222 Impaired financial assets Carrying amount 2022 Shares 17 Mortgage loans 6 Other loans 2 At December 31 24 |
Summary of equity market risk and other investments risk | Equity, real estate and non-fixed The Netherlands Equity funds 34 Investments in real estate 2,545 Other alternative investments 349 Other financial assets 1,105 At December 31, 2022 4,032 |
Summary of market risk concentrations | Market risk concentrations – shares The Netherlands Of which impaired assets Financials 4 - Funds 1,406 17 At December 31, 2022 1,411 17 |
Summary of exposures of non-derivative financial assets and non-derivative liabilities that yet have to transition to alternative benchmark rates | The table below summarize the exposures of non-derivative non-derivative 2022 Non derivative financial instruments to transition to alternative benchmark Financial assets non-derivatives Financial liabilities non-derivatives By benchmark rate Euribor 3,517 - Total 3,517 - |
Summary of exposures of derivatives | 2022 2021 Derivative financial instruments to transition to alternative benchmark Nominal Value Nominal Value By benchmark rate GBP LIBOR - - USD LIBOR 963 - EUR LIBOR - - Euribor 119,638 112,599 Fed Funds - - EONIA - - Total 120,601 112,599 |
Summary of maturity analysis gross undiscounted contractual cash flows relating to discontinued operations | Maturity analysis – gross undiscounted non-derivatives) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Borrowings - 1,574 3,321 14 503 5,412 Other financial liabilities 455 800 129 112 170 1,665 Total financial liabilities (excluding 455 2,375 3,450 126 673 7,078 Investment contracts 1) 9,167 617 1,448 731 552 12,517 Investment contracts for account of policyholders 1) 1,396 - - - - 1,396 Total investment contracts 10,564 617 1,448 731 552 13,913 1 Excluding investment contracts with discretionary participating features. |
Summary of financial liabilities relating to insurance and investment contracts | Financial liabilities relating to insurance and investment contracts 1) On demand < 1 yr amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Insurance contracts - 1,819 6,330 7,411 30,422 45,982 Insurance contracts for account of policyholders - 1,227 4,598 5,791 16,253 27,870 Investment contracts - 7,476 3,410 1,172 552 12,610 Investment contracts for account of policyholders - 1,396 - - - 1,396 Total - 11,919 14,339 14,373 47,227 87,858 1 The liability amount in the table 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 Insurance contracts and Investments contracts. |
Summary of maturity analysis relating to derivatives | The following table details Aegon the Netherlands 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 amount 1 < 5 yrs 5 < 10 yrs > 10 yrs Total amount 2022 Gross settled Cash inflows - 2,449 9,757 10,618 20,748 43,572 Cash outflows - (2,422 ) (10,107 ) (11,167 ) (20,613 ) (44,309 ) Net settled Cash inflows - - - - - - Cash outflows - - - - - - 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. |
Summary of liabilities for guarantees that are included in valuation of host contracts net of present value of expected future premiums relating to discontinued operations | 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: 2022 2021 GMI 1), 2) GMI 1), 2) At January 1 6,429 7,973 Incurred guarantee benefits 3) (3,471 ) (1,544 ) At December 31 2,958 6,429 Account value 4) 16,559 20,176 Net amount at risk 5) 3,133 6,794 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. |
Summary of provides an 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 of Aegon the Netherlands recorded at fair value on a recurring basis by level of the fair value hierarchy: Level I Level II Level III Total 2022 Assets carried at fair value Available-for-sale Shares - - 21 21 Debt securities 7,897 6,159 54 14,109 Other investments at fair value - 13 - 13 7,897 6,171 75 14,143 Fair value through profit or loss Shares 32 - 1,357 1,390 Debt securities 87 1,279 44 1,410 Other investments at fair value - - 64 64 Investments for account of policyholders 1) 10,782 7,383 932 19,097 Derivatives 127 8,268 - 8,394 Investments in real estate - - 2,545 2,545 11,029 16,930 4,942 32,900 Revalued amounts Real estate held for own use - - 76 76 - - 76 76 Total assets at fair value 18,925 23,101 5,092 47,118 Liabilities carried at fair value Investment contracts for account of policyholders 2) - 1,291 105 1,396 Derivatives 3 8,482 754 9,239 Total liabilities at fair value 3) 3 9,773 859 10,635 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 of Aegon the Netherlands for financial assets and financial liabilities recorded at fair value on a recurring basis. Total 2022 Transfers Level I Transfers Level II Assets carried at fair value Available-for-sale Investments for account of policyholders - 12 Total assets at fair value - 12 |
Summary of information about significant unobservable inputs | The table below pres e Valuation 1) Significant 2) December 31, 2022 Assets carried at fair value Available-for-sale Shares Net asset value n.a. - Other n.a. 21 21 Debt securities Broker quote n.a. 54 54 At December 31 75 Fair value through profit or loss Shares Other n.a. 1,357 Debt securities Other n.a. 44 1,401 Other investments at fair value Investment funds Net asset value n.a. - Other Other n.a. 64 64 Total assets at fair value 3) 1,540 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 754 Total liabilities at fair value 754 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 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 result or equity. The effect on total assets is offset by the effect on total liabilities. |
Summary of impact on a fair value measurement | The table below presents the impact on a fair value measurement of Aegon the Netherlands of a change in the own credit spread by 5 basis points included in the discount rate. December 31, 2022 Effect of reasonably possible Increase Decrease Financial liabilities carried at fair value Embedded derivatives in insurance contracts 754 4 (4 ) |
Summary of 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 | The following table presents the carrying values and estimated fair values for Aegon the Netherlands of assets and liabilities, excluding assets and liabilities which are carried at fair value on a recurring basis. Carrying amount December 31, 2022 Estimated fair value hierarchy Total estimated fair value December 31, 2022 Level I Level II Level III Assets Mortgage loans - held at amortized cost 31,430 - - 28,477 28,477 Private loans - held at amortized cost 4,484 - - 3,966 3,966 Other loans - held at amortized cost 3 - - 3 3 Liabilities Borrowings - held at amortized cost 5,227 - - 4,920 4,920 Investment contracts - held at amortized cost 12,179 - - 11,826 11,826 |
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 of Aegon the Netherlands 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. 2022 Trading Designated Investments for general account - 2,864 Investments for account of policyholders - 19,097 Derivatives with positive values not designated as hedges 6,522 - Total financial assets at fair value through profit or loss 6,522 21,960 Investment contracts for account of policyholders - 1,396 Derivatives with negative values not designated as hedges 8,378 - Total financial liabilities at fair value through profit or loss 8,378 1,396 |
Summary of gains and losses on financial assets and financial liabilities classified at fair value through profit or loss | 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: 2022 Trading Designated Net gains and (losses) (6,495 ) (4,031 ) |
Summary of commitments and contingencies | 2022 Purchase Sale Real estate 341 4 Mortgage loans 1,094 37 Private loans 752 - Other 209 - |
Summary of minimum lease payments under non-cancellable operating leases relating to discontinued operations | < 1 year 1 < 2 years 2 < 3 years 3 < 4 years 4 < 5 years > 5 years 2022 Operating lease rights (2 ) (2 ) (1 ) (1 ) (1 ) (2 ) |
Summary of commitments and contingent liabilities relating to discontinued operations | 2022 Guarantees 12 Standby letters of credit 11 Share of contingent liabilities incurred in relation to interests in joint ventures 5 |
Summary 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 dericognition | The following table reflects the carrying amount of financial assets of Aegon the Netherlands 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. 2022 Available-for-sale financial assets Financial assets at fair value through profit or loss Shares Debt securities Debt securities Investments for account of policyholders Carrying amount of transferred assets 40 656 - - Carrying amount of associated liabilities 43 676 - - |
Summary of fair value measurement of assets relating to discontinued operations | Securities lending 2022 Carrying amount of transferred financial assets 696 Fair value of cash collateral received - Fair value of non-cash 719 Net exposure (23 ) Non-cash 719 Non-cash - |
Summary of repurchase and reverse repurchase agreements relating to discontinued operations | Reverse repurchase agreements 2022 Cash paid for reverse repurchase agreements 220 Fair value of non-cash 220 Net exposure - Non-cash 220 Non-cash - |
Summary of offsetting of financial assets and financial liabilities relating to discontinued operations | The following table only includes financial positions of Aegon the Netherlands for which there is a recognized corresponding position that could be offset under a legally enforceable master netting arrangement or similar agreement. Aegon the netherlands also enters into collateralized (reverse) repo or security lending and borrowing transaction, for which the collateral is not recognized on the balance sheet. The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, Gross amounts Gross amounts of recognized financial liabilities set off in the statement of financial Net amounts of assets presented in Related amounts not set off in the statements of financial position Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements Financial Cash collateral Net amount 2022 Derivatives 8,394 - 8,394 8,394 - - At December 31 8,394 - 8,394 8,394 - - Gross amounts of recognized financial Gross amounts of recognized financial assets set off in the Net amounts of financial liabilities Related amounts not set off in the statements of financial position Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements Financial Cash collateral Net amount 2022 Derivatives 8,485 — 8,485 8,419 66 - At December 31 8,485 — 8,485 8,419 66 - |
Aegon Nederland N.V. [member] | Discontinued operations [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 2022 2021 Demographic actuarial assumptions Mortality NL mortality 1) NL mortality 1) Financial actuarial assumptions Discount rate 3.61% 1.01% Salary increase rate 2) Curve 2022 Curve 2021 Percentage is no 53.05% of Indexation 2) longer derived Curve 2021 1 Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adjustments. 2 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 2022 2021 Demographic actuarial assumptions 10% increase in mortality rates (38 ) (100 ) 10% decrease in mortality rates 41 112 Financial actuarial assumptions 100 basis points increase in discount rate (221 ) (622 ) 100 basis points decrease in discount rate 281 849 100 basis points increase in salary increase rate - - 25 basis points increase in indexation n/a 187 25 basis points decrease in indexation n/a (170 ) |
Operational funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | Coupon rate Coupon date Issue /Maturity 2022 2021 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /22 - 592 Revolving Loan Facility Warehouse Mortgage Loans 1) Floating Monthly - /24 - 494 EUR 875 million “SAECURE 16” RMBS Note 1) 2) Floating Quarterly 2018 / 23 - 676 EUR 512 million “SAECURE 18” RMBS Note 1) 3) Floating Quarterly 2019 / 25 - 355 EUR 657 million “SAECURE 20” RMBS Note 1) 4) Floating Quarterly 2021 / 27 - 625 EUR 500 million Conditional Pass-Through Covered Bond 1) 5) 0.250% Annual 2016 / 23 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 6) 0.375% Annual 2017 / 24 - 499 EUR 500 million Conditional Pass-Through Covered Bond 1) 7) 0.010% Annual 2020 / 25 - 506 EUR 500 million Conditional Pass-Through Covered Bond 1) 8) 0.750% Annual 2017 / 27 - 492 EUR 500 million Conditional Pass-Through Covered Bond 1) 9) 0.375% Annual 2021 / 36 - 494 FHLB Secured borrowings 1) Floating Quarterly 2021 / 24 2,806 2,634 Aegon Bank Senior Non-Preferred 1) 0.625% Annual 2019 / 24 - 499 Other - 5 At December 31 2,806 8,369 1 Issued by a subsidiary of Aegon N.V. 2 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. 3 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. 4 The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 5 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 6 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 7 The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057. 8 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 9 The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037. |
Operational funding [member] | Discontinued operations [member] | |
Statement [LineItems] | |
Summary of Borrowings | Coupon rate Coupon date Issue / Maturity 2022 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 23 260 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 24 250 Revolving Loan Facility Warehouse Mortgage Loans Floating Monthly - / 25 271 EUR 875 million “SAECURE 16” RMBS Note 1) Floating Quarterly 2018 / 23 609 EUR 550 million “SAECURE 18” NHG RMBS Note 2) Floating Quarterly 2019 / 25 300 EUR 750 million “SAECURE 20” RMBS Note 3) Floating Quarterly 2021 / 27 542 EUR 500 million Conditional Pass-Through Covered Bond 4) 0.250% Annual 2016 / 23 500 EUR 500 million Conditional Pass-Through Covered Bond 5) 0.375% Annual 2017 / 24 499 EUR 500 million Conditional Pass-Through Covered Bond 6) 0.010% Annual 2020 / 25 505 EUR 500 million Conditional Pass-Through Covered Bond 7) 0.750% Annual 2017 / 27 493 EUR 500 million Conditional Pass-Through Covered Bond 8) 0.375% Annual 2021 / 36 494 Aegon Bank Senior Non-Preferred 0.625% Annual 2019 / 24 499 Other 5 At December 31 5,227 1 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. 2 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. 3 The first optional redemption date is October 28, 2027; the final legal maturity date is April 28, 2093. Notes are fully collateralized by mortgage loans which are part of Aegon’s general account investments. 4 The maturity date is May 25, 2023; the extended due for payment date is May 25, 2055. 5 The maturity date is November 21, 2024; the extended due for payment date is November 21, 2056. 6 The maturity date is November 16, 2025; the extended due for payment date is November 16, 2057. 7 The maturity date is June 27, 2027; the extended due for payment date is June 27, 2059. 8 The maturity date is June 9, 2036; the extended due for payment date is June 9, 2037. |
Proposal for profit appropria_2
Proposal for profit appropriation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Aegon N.V [member] | |
Statement [LineItems] | |
Summary of Proposal for Profit Appropriation | 2022 2021 Final dividend on common shares 237 184 Earnings to be retained - 1,795 To be deducted from retained earnings (1,670 ) - Net result attributable to owners of Aegon N.V. (1,433 ) 1,980 |
General Information - Additiona
General Information - Additional Information (Detail) - Employees | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 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 | 19,087 | 22,271 | 22,322 |
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 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 | ||
Bottom of range [member] | |||
Disclosure of general information [Line Items] | |||
Number of employees | 19,000 | 22,000 | |
Bottom of range [member] | Aegon N.V [member] | |||
Disclosure of general information [Line Items] | |||
Number of employees | 19,000 | 22,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Reconciliation Between IFRS and IFRS-EU (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of changes in accounting estimates [line items] | ||||
Equity | € 14,190 | € 26,372 | € 24,661 | € 24,433 |
Shareholders' equity, adjustment of EU 'IAS 39' carve-out | (850) | 632 | 1,054 | |
Shareholders' equity, tax effect of the adjustment | 219 | (163) | (257) | |
Shareholders' equity, effect of the adjustment after tax | (631) | 469 | 798 | |
Net income, adjustment of EU 'IAS 39' carve-out | (1,482) | (422) | 280 | |
Net income, tax effect of the adjustment | 382 | 93 | (90) | |
Net income, effect of the adjustment after tax | (1,100) | (328) | 190 | |
In accordance with IFRS [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Equity | 12,071 | 23,813 | 22,018 | |
Net income | (1,404) | 2,029 | (135) | |
In accordance with EU-IFRS [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Equity | 11,440 | 24,282 | 22,815 | |
Net income | € (2,504) | € 1,701 | € 55 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Initial Application of Standards or Interpretations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of initial application of standards or interpretations [line items] | |||
Shareholders Equity | € 12,071 | € 23,813 | |
Revaluation surplus | € (4,477) | € 6,442 | |
Initial Adoption of IFRS 9 and IFRS 17 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Shareholders Equity | € 11,200 | ||
Revaluation surplus | (2,600) | ||
Initial Adoption of IFRS 9 and IFRS 17 [member] | Previously reported [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Shareholders Equity | 23,800 | ||
Revaluation surplus | 6,400 | ||
Initial Adoption of IFRS 9 and IFRS 17 [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Shareholders Equity | (12,600) | ||
Revaluation surplus | € (9,000) |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Disclosure of summary of significant accounting policies [line items] | |||
IFRS Shareholders' Equity | € 12,071 | € 23,813 | |
Revaluation reserve | € (4,477) | € 6,442 | |
Contractual service margin before tax | € 11,800 | ||
Contractual service margin after tax | 9,200 | ||
Initial Adoption of IFRS 9 and IFRS 17 [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
IFRS Shareholders' Equity | 11,200 | ||
Revaluation reserve | (2,600) | ||
Initial Adoption of IFRS 9 and IFRS 17 [member] | Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
IFRS Shareholders' Equity | (12,600) | ||
Revaluation reserve | (9,000) | ||
Contractual service margin | € (3,600) |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Change in Fair Value (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | € 75,557 | € 160,187 |
Change in fair value during the reporting period | (15,241) | (2,909) |
AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 1,026 | 188 |
Change in fair value during the reporting period | (33) | 8 |
Solely payments of principal and interest [member] | Share [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 39 | 44 |
Change in fair value during the reporting period | 8 | 10 |
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 | 52,363 | 93,234 |
Change in fair value during the reporting period | (14,000) | (3,132) |
Solely payments of principal and interest [member] | Debt securities [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 178 | 178 |
Change in fair value during the reporting period | 0 | 8 |
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 | 2,631 | 2,324 |
Change in fair value during the reporting period | 10 | 0 |
Solely payments of principal and interest [member] | Money Markets and other short-term investment [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 0 | 0 |
Change in fair value during the reporting period | 0 | 0 |
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 | 9,245 | 44,366 |
Change in fair value during the reporting period | (1,199) | (195) |
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 | 5,474 | |
Change in fair value during the reporting period | (267) | |
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 | 45 | 52 |
Solely payments of principal and interest [member] | Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 1 | 1 |
Solely payments of principal and interest [member] | Other financial asset [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 0 | 0 |
Change in fair value during the reporting period | 0 | 0 |
Financial assets other than SPPI [member] | Share [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 345 | 618 |
Change in fair value during the reporting period | (33) | 36 |
Financial assets other than SPPI [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 1,284 | 3,961 |
Change in fair value during the reporting period | (182) | (75) |
Financial assets other than SPPI [member] | Debt securities [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 0 | 0 |
Change in fair value during the reporting period | 0 | 0 |
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 | 2,982 | 2,586 |
Change in fair value during the reporting period | 1 | |
Financial assets other than SPPI [member] | Money Markets and other short-term investment [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 12 | 10 |
Change in fair value during the reporting period | 0 | 0 |
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 | 15 | 36 |
Change in fair value during the reporting period | (26) | (10) |
Financial assets other than SPPI [member] | Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 2,042 | 1,892 |
Change in fair value during the reporting period | 0 | |
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 | 4,566 | 5,598 |
Change in fair value during the reporting period | 179 | 724 |
Financial assets other than SPPI [member] | Other financial asset [member] | AEGBanco Santander [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 836 | 0 |
Change in fair value during the reporting period | € (33) | € 0 |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Credit Risk Rating Grades (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | € 76,766 | € 155,188 |
Financial assets at amortised cost, class [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 65,524 | 141,128 |
Financial assets at amortised cost, class [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 178 | 178 |
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 | 39 | 44 |
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 | 52,363 | 93,234 |
Financial assets at amortised cost, class [member] | Debt securities - carried at fair value [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 178 | 178 |
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 | 2,631 | 2,324 |
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 | 10,445 | 40,624 |
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 | 4,850 | |
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 | 46 | 53 |
Financial assets at amortised cost, class [member] | AAA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 11,052 | 30,090 |
Financial assets at amortised cost, class [member] | AAA [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 6 | 8 |
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 | 9,251 | 26,076 |
Financial assets at amortised cost, class [member] | AAA [member] | Debt securities - carried at fair value [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 6 | 8 |
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 | 313 | 25 |
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 | 1,488 | 1,383 |
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 | 2,607 | |
Financial assets at amortised cost, class [member] | AA [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 8,944 | 14,752 |
Financial assets at amortised cost, class [member] | AA [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 13 | 13 |
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 | 4,270 | 10,195 |
Financial assets at amortised cost, class [member] | AA [member] | Debt securities - carried at fair value [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 13 | 13 |
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 | 221 | 120 |
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 | 4,454 | 4,221 |
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 | 216 | |
Financial assets at amortised cost, class [member] | A [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 22,263 | 30,405 |
Financial assets at amortised cost, class [member] | A [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 123 | 120 |
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 | 16,398 | 24,916 |
Financial assets at amortised cost, class [member] | A [member] | Debt securities - carried at fair value [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 123 | 120 |
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 | 2,080 | 1,986 |
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 | 3,779 | 3,301 |
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 | 189 | |
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 | 6 | 13 |
Financial assets at amortised cost, class [member] | BBB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 20,474 | 30,310 |
Financial assets at amortised cost, class [member] | BBB [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 35 | 37 |
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 | 22 | 23 |
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 | 19,779 | 28,524 |
Financial assets at amortised cost, class [member] | BBB [member] | Debt securities - carried at fair value [member] | AEGBanco Santander [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 35 | 37 |
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 | 1 | 193 |
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 | 671 | 519 |
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 | 1,050 | |
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 | 1 | 1 |
Financial assets at amortised cost, class [member] | BB [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 1,480 | 1,944 |
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 | 8 | 13 |
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 | 1,424 | 1,828 |
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 | 48 | 59 |
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 | 44 | |
Financial assets at amortised cost, class [member] | B [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 594 | 936 |
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 | 594 | 918 |
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 | 18 | |
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 | 658 | 762 |
Financial assets at amortised cost, class [member] | CCC or lower [member] | Shares - Carried at fair value [member] | ||
Disclosure of group limits per credit rating [line items] | ||
Financial assets at carrying value | 9 | 8 |
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 | 647 | 754 |
Financial assets at amortised cost, class [member] | CCC or lower [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 | |
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 | 59 | 31,930 |
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 | 24 | |
Financial assets at amortised cost, class [member] | Grade Not Rated [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 | 15 | |
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 | 5 | 31,141 |
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 | 744 | |
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 | € 39 | € 21 |
Significant Accounting Polici_9
Significant Accounting Policies - Summary of Credit Risk Exposure (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial assets at carrying value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | € 2,791 | € 35,572 |
Financial assets at carrying value, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 17 | 21 |
Financial assets at carrying value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,665 | 3,524 |
Financial assets at carrying value, class [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 17 | 0 |
Financial assets at carrying value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 53 | 31,200 |
Financial assets at carrying value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 0 | 788 |
Financial assets at carrying value, class [member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 38 | 38 |
Financial assets at carrying value, class [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 1 | 1 |
Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,777 | 38,654 |
Financial assets at fair value, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 17 | 21 |
Financial assets at fair value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,665 | 3,524 |
Financial assets at fair value, class [member] | Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 17 | 0 |
Financial assets at fair value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 40 | 34,254 |
Financial assets at fair value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 0 | 816 |
Financial assets at fair value, class [member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 38 | 38 |
Financial assets at fair value, class [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | € 1 | € 1 |
Critical Accounting Estimates_3
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of changes in accounting estimates [line items] | |||||
Increase (decrease) in earning before tax due to actuarial assumption and model updates | € (480) | € (298) | |||
Uniform grading period | 10 years | ||||
Loss incurred on account of insurance claims | € (16,680) | 40,097 | [1] | € 35,865 | [1] |
Aegon N.V [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Decrease in net income due to possible changes in other assumptions | € 14 | € 8 | |||
90-day treasury yield [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Percentage of rate of return | 4.70% | 0.14% | 0.15% | ||
90-day treasury yield [member] | Grading over 10 years [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Percentage of rate of return | 2.25% | 2% | 1.50% | ||
Americas [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Increase (decrease) in earning before tax due to actuarial assumption and model updates | € 354 | ||||
Percentage of long-term equity market return assumption | 8% | ||||
United States [member] | Covid Nineteen [member] | Life insurance general account [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Loss incurred on account of insurance claims | € 147 | € 345 | |||
United States [member] | Long term care products [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Decrease in gross present value reserve after removing mortality improvement | 100 | € 112 | |||
The Netherlands [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Increase (decrease) in earning before tax due to actuarial assumption and model updates | € 118 | ||||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Critical Accounting Estimates_4
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Sensitivity Analysis of DPAC And VOBA Balances to Changes in Expected Long Term Equity Growth Rate Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States [member] | ||
Sensitivity Analysis Of DPAC And VOBA Balances To Changes In Expected Long Term Equity Growth RateTable [Line Items] | ||
1% decrease in the expected long-term equity growth rate | € (113) | € (95) |
Critical Accounting Estimates_5
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Sensitivity Analysis of DPAC And VOBA Balances to Changes in Expected Long Term Equity Growth Rate Explanatory (Parenthetical) (Detail) - United States [member] - EUR (€) € in Billions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis Of DPAC And VOBA Balances To Changes In Expected Long Term Equity Growth RateTable [Line Items] | ||
Percentage of decrease in expected long-term equity growth rate | 1% | 1% |
DPAC and VOBA balance | € 2.1 | € 2.1 |
Critical Accounting Estimates_6
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Sensitivity Analysis of Net Result to Changes in Various Underwriting Risks Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis Of Net Result To Changes In Various Underwriting Risks [Line Items] | ||
10% increase to mortality assumption | € (222) | € (128) |
20% increase in the lapse rate assumption | € 15 | € 71 |
United States [member] | ||
Sensitivity Analysis Of Net Result To Changes In Various Underwriting Risks [Line Items] | ||
Percentage of increase in mortality assumption | 10% | 10% |
Percentage of increase in the lapse rate assumption | 20% | 20% |
Critical Accounting Estimates_7
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Sensitivity Analysis of GPV to Changes in Various Underwriting Risks Explanatory (Detail) - United States [member] - Long term care products [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis Of GPV To Changes In Various Underwriting Risks [Line Items] | ||
5% decrease in the utilization rates | € (222) | € (201) |
5% increase in the utilization rates | 208 | 195 |
10% decrease expected mortality | 129 | 122 |
10% increase expected mortality | € (123) | € (114) |
Critical Accounting Estimates_8
Critical Accounting Estimates and Judgment in Applying Accounting Policies - Sensitivity Analysis of GPV to Changes in Various Underwriting Risks Explanatory (Parenthetical) (Detail) - United States [member] - Long term care products [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis Of GPV To Changes In Various Underwriting Risks [Line Items] | ||
Increase in incidence rates resulting in increase of gross present value, percentage | 5% | 5% |
Decrease in incidence rates resulting in decrease of gross present value, percentage | 5% | 5% |
Percentage of increase in mortality which result in gross present value reserve increase | 10% | 10% |
Percentage of decrease in mortality which results in gross present value reserve decrease | 10% | 10% |
Increase in gross present value reserve after removing morbidity improvement | € 349 | € 309 |
Increase in gross present value reserve related to loss recognition block after removing the morbidity improvement | € 233 | € 194 |
Financial Risks - Schedule of M
Financial Risks - Schedule of Maximum Exposure to Credit Risk (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Master netting agreements collateral | € 34 | € 247 |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 100,269 | 182,945 |
Cash collateral | 297 | 5,272 |
Securities collateral | 14,900 | 4,221 |
Letters of credit / guarantees | 221 | 330 |
Real estate property collateral | 24,822 | 75,412 |
Master netting agreements collateral | 2,174 | 5,921 |
Other collateral | 3,510 | 1,872 |
Total collateral | 45,923 | 93,028 |
Surplus collateral (or overcollateralization) | 16,108 | 39,630 |
Net exposure | 70,453 | 129,547 |
Credit risk [member] | Debt securities - carried at fair value [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 53,647 | 97,195 |
Letters of credit / guarantees | 96 | 221 |
Total collateral | 96 | 221 |
Net exposure | 53,551 | 96,974 |
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 | 5,613 | 4,910 |
Securities collateral | 312 | 330 |
Total collateral | 312 | 330 |
Surplus collateral (or overcollateralization) | 23 | 21 |
Net exposure | 5,324 | 4,601 |
Credit risk [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 10,441 | 39,991 |
Cash collateral | 40 | 2,684 |
Letters of credit / guarantees | 22 | 32 |
Real estate property collateral | 24,822 | 75,412 |
Total collateral | 24,883 | 78,128 |
Surplus collateral (or overcollateralization) | 14,442 | 38,197 |
Net exposure | 1 | 60 |
Credit risk [member] | Private loans - held at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 27 | 4,883 |
Cash collateral | 11 | 33 |
Total collateral | 11 | 33 |
Net exposure | 15 | 4,850 |
Credit risk [member] | Other loans - held at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,088 | 1,949 |
Other collateral | 3,510 | 1,872 |
Total collateral | 3,510 | 1,872 |
Surplus collateral (or overcollateralization) | 1,470 | 1,346 |
Net exposure | 47 | 1,423 |
Credit risk [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 4,562 | 4,245 |
Net exposure | 4,562 | 4,245 |
Credit risk [member] | Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,707 | 8,780 |
Cash collateral | 246 | 2,555 |
Securities collateral | 426 | 107 |
Master netting agreements collateral | 2,174 | 5,921 |
Total collateral | 2,846 | 8,583 |
Surplus collateral (or overcollateralization) | 173 | 66 |
Net exposure | 33 | 263 |
Credit risk [member] | Reinsurance assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 21,184 | 20,992 |
Securities collateral | 14,162 | 3,784 |
Letters of credit / guarantees | 103 | 77 |
Total collateral | 14,265 | 3,861 |
Net exposure | € 6,919 | € 17,131 |
Financial Risks - Additional In
Financial Risks - Additional Information (Detail) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) Violation Delinquency Counterparty | Dec. 31, 2021 EUR (€) Violation | Mar. 03, 2022 EUR (€) | |
Disclosure of financial risk management [line items] | |||
For NHG backed mortgage loans, lender-incurred haircut applied on realized losses on each defaulted loan | 10% | ||
Number of defaults with derivativies counterparty for last three years | Counterparty | 0 | ||
Number of violation of credit name limit policy at group level | Violation | 0 | 1 | |
Fair value | € 75,557 | € 160,187 | |
Amount held in general account investment readily redeemable and saleable | 13,392 | 31,101 | |
Undrawn committed borrowing facilities | 3,435 | 3,399 | |
Unrealized loss position | 25 | ||
Investments exposure | € 76,825 | 157,831 | |
Risk Entailed From Reform Of IBORs And Any Transition To Replacement Rates [Member] | Legal Risks [Member] | |||
Disclosure of financial risk management [line items] | |||
Description of exposure to risk | Legal risks, as Aegon is required to make changes to documentation for new and existing transactions, such as funding instruments issued with an IBOR reference and derivatives held with an IBOR reference; | ||
Risk Entailed From Reform Of IBORs And Any Transition To Replacement Rates [Member] | Financial Risks [Member] | |||
Disclosure of financial risk management [line items] | |||
Description of exposure to risk | Financial risks, arising from any changes in the valuation of financial instruments linked to benchmark rates, such as derivatives and floating rate notes, issued by, or invested in by Aegon; | ||
Risk Entailed From Reform Of IBORs And Any Transition To Replacement Rates [Member] | Pricing Risks [Member] | |||
Disclosure of financial risk management [line items] | |||
Description of exposure to risk | Pricing risks, as changes to benchmark indices could impact pricing mechanisms on some funding instruments or investments; | ||
Risk Entailed From Reform Of IBORs And Any Transition To Replacement Rates [Member] | Operational Risks [Member] | |||
Disclosure of financial risk management [line items] | |||
Description of exposure to risk | Operational risks, due to the potential requirement to adapt informational technology systems, trade reporting infrastructure and operational processes; and | ||
Risk Entailed From Reform Of IBORs And Any Transition To Replacement Rates [Member] | Conduct Risks [Member] | |||
Disclosure of financial risk management [line items] | |||
Description of exposure to risk | Conduct risks, relating to communication with potential impact on Aegon’s customers, and engagement during the transition period. | ||
RUSSIAN FEDERATION | Country U [Member] | |||
Disclosure of financial risk management [line items] | |||
Investments exposure | € 0 | € 27 | |
Americas commercial and agricultural mortgage loan portfolio [member] | |||
Disclosure of financial risk management [line items] | |||
Fair value | € 9,224 | € 10,161 | |
Percentage of loan to value | 50.40% | 53% | |
Assumed defaults rate on delinquent loans | 0% | 0% | |
Delinquency days (defined as 60 days in arrears) | Delinquency | 60 | ||
Net impairments and (recoveries) | € 0 | € 1 | |
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 | € 0 |
Financial Risks - Summary of Gr
Financial Risks - Summary of Group Limits Per Credit Rating (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
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, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about credit rating [line items] | ||
Fair value | € 75,557 | € 160,187 |
Total | 76,766 | 155,188 |
Credit rating general account investments, excluding reinsurance assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 12,556 | 46,823 |
Fair value | 66,917 | 117,145 |
Total | 80,323 | 163,967 |
Credit rating general account investments, excluding reinsurance assets [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,488 | 3,989 |
Fair value | 12,404 | 28,476 |
Total | 13,892 | 32,465 |
Credit rating general account investments, excluding reinsurance assets [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 4,454 | 4,436 |
Fair value | 4,277 | 12,197 |
Total | 8,731 | 16,633 |
Credit rating general account investments, excluding reinsurance assets [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,818 | 3,481 |
Fair value | 20,527 | 34,530 |
Total | 24,345 | 38,011 |
Credit rating general account investments, excluding reinsurance assets [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 666 | 1,564 |
Fair value | 19,653 | 29,866 |
Total | 20,319 | 31,431 |
Credit rating general account investments, excluding reinsurance assets [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 48 | 103 |
Fair value | 1,505 | 2,015 |
Total | 1,553 | 2,118 |
Credit rating general account investments, excluding reinsurance assets [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 18 | |
Fair value | 605 | 938 |
Total | 605 | 956 |
Credit rating general account investments, excluding reinsurance assets [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 449 | 473 |
Total | 449 | 473 |
Credit rating general account investments, excluding reinsurance assets [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 2,081 | 33,053 |
Fair value | 5,235 | 6,474 |
Total | 8,167 | 39,527 |
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 | 12,556 | 46,644 |
Fair value | 64,656 | 114,968 |
Total | 78,061 | 161,613 |
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 | 178 | |
Fair value | 2,261 | 2,176 |
Total | 2,262 | 2,355 |
Credit rating general account investments, excluding reinsurance assets [member] | Asset management [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 136 | 296 |
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 | 135 | 295 |
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 | 1 | 2 |
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 | 136 | 296 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 12,475 | 11,352 |
Fair value | 63,178 | 71,662 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1,488 | 1,383 |
Fair value | 12,124 | 15,537 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 4,454 | 4,219 |
Fair value | 3,659 | 4,438 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,779 | 3,301 |
Fair value | 19,374 | 20,888 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 671 | 519 |
Fair value | 18,785 | 21,894 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 48 | 59 |
Fair value | 1,434 | 1,614 |
Credit rating general account investments, excluding reinsurance assets [member] | Americas [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 592 | 549 |
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 | 445 | 441 |
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 | 2,035 | 1,868 |
Fair value | 4,525 | 4,257 |
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 | 12,475 | 11,349 |
Fair value | 60,938 | 69,618 |
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 | 2 | |
Fair value | 2,239 | 2,044 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 35,358 | |
Fair value | 35,000 | |
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 | 2,607 | |
Fair value | 11,832 | |
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 | 216 | |
Fair value | 6,474 | |
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 | 128 | |
Fair value | 10,636 | |
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 | 1,050 | |
Fair value | 4,458 | |
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 | 44 | |
Fair value | 127 | |
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 | 19 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 19 | |
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 | 31,137 | |
Fair value | 1,418 | |
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 | 35,182 | |
Fair value | 34,983 | |
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 | 176 | |
Fair value | 17 | |
Credit rating general account investments, excluding reinsurance assets [member] | United Kingdom [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1,483 | 1,893 |
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 | 55 | 74 |
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 | 461 | 586 |
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 | 262 | 384 |
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 | 123 | 202 |
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 | 582 | 644 |
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 | 1,483 | 1,893 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 43 | 93 |
Fair value | 2,001 | 8,208 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 91 | 738 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 157 | 699 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 39 | 52 |
Fair value | 891 | 2,610 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | (5) | (4) |
Fair value | 745 | 3,311 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 71 | 272 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 18 | |
Fair value | 13 | 370 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 4 | 13 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 9 | 27 |
Fair value | 9 | 79 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 43 | 93 |
Fair value | 1,980 | 8,093 |
Credit rating general account investments, excluding reinsurance assets [member] | International [member] | Financial assets past due and or impaired assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | € 22 | € 116 |
Financial Risks - Disclosure of
Financial Risks - Disclosure of Foreign Exchange Rates (Detail) - Carrying value [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | € 21,184 | € 20,992 |
AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 2,156 | 9,084 |
A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 18,105 | 11,087 |
Below A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | 6 | 7 |
Not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Rated credit exposures | € 917 | € 813 |
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, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 59,260 | € 102,105 |
Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,141 | 1,984 |
Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,838 | 3,647 |
Asset backed securities [member] | Credit risk [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 440 | 1,878 |
Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,478 | 2,321 |
Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,443 | 9,956 |
Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 11,263 | 11,877 |
Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,469 | 6,757 |
Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8,790 | 28,127 |
Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,923 | 5,661 |
Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,828 | 8,485 |
Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,877 | 4,286 |
Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,674 | 8,984 |
Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,326 | 4,980 |
Transportation [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,771 | 3,163 |
Americas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 56,243 | 65,490 |
Americas [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,136 | 1,854 |
Americas [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,707 | 3,005 |
Americas [member] | Asset backed securities [member] | Credit risk [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 438 | 265 |
Americas [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,400 | 1,972 |
Americas [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,957 | 5,597 |
Americas [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 10,778 | 9,916 |
Americas [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,319 | 5,356 |
Americas [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 7,962 | 11,663 |
Americas [member] | Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,769 | 4,048 |
Americas [member] | Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,658 | 6,190 |
Americas [member] | Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,742 | 3,159 |
Americas [member] | Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,445 | 6,138 |
Americas [member] | Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,205 | 4,177 |
Americas [member] | Transportation [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,728 | 2,151 |
The Netherlands [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 26,951 | |
The Netherlands [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 106 | |
The Netherlands [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | |
The Netherlands [member] | Asset backed securities [member] | Credit risk [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,576 | |
The Netherlands [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
The Netherlands [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3,146 | |
The Netherlands [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 854 | |
The Netherlands [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 707 | |
The Netherlands [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 14,321 | |
The Netherlands [member] | Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,078 | |
The Netherlands [member] | Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,561 | |
The Netherlands [member] | Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 741 | |
The Netherlands [member] | Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,900 | |
The Netherlands [member] | Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 143 | |
The Netherlands [member] | Transportation [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 815 | |
United Kingdom [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 901 | 1,248 |
United Kingdom [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 94 | 122 |
United Kingdom [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 53 | 74 |
United Kingdom [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 168 | 177 |
United Kingdom [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 36 | 68 |
United Kingdom [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 69 | 105 |
United Kingdom [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 323 | 477 |
United Kingdom [member] | Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 22 | 33 |
United Kingdom [member] | Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | 3 |
United Kingdom [member] | Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28 | 43 |
United Kingdom [member] | Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 85 | 121 |
United Kingdom [member] | Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 19 | 26 |
International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,989 | 8,130 |
International [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 20 | |
International [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 37 | 517 |
International [member] | Asset backed securities [member] | Credit risk [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 37 |
International [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 15 | 267 |
International [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 318 | 1,035 |
International [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 352 | 783 |
International [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 80 | 590 |
International [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 488 | 1,649 |
International [member] | Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 132 | 501 |
International [member] | Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 167 | 732 |
International [member] | Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 106 | 342 |
International [member] | Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 144 | 825 |
International [member] | Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 102 | 635 |
International [member] | Transportation [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 43 | 197 |
Asset management [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 128 | 286 |
Asset management [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5 | 4 |
Asset management [member] | Asset backed securities [member] | Credit risk [member] | Other securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 9 | 8 |
Asset management [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 96 | 257 |
Asset management [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 17 | 18 |
Past due and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2,251 | 2,101 |
Past due and impaired [member] | Residential mortgage- backed securities (RMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 479 | 611 |
Past due and impaired [member] | Commercial mortgage- backed securities (CMBSs) [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 42 | 13 |
Past due and impaired [member] | Asset backed securities [member] | Credit risk [member] | Collateralized debt obligations 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | 2 |
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 | 26 | 27 |
Past due and impaired [member] | Financial - Banking [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 39 | 9 |
Past due and impaired [member] | Financial - other [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 191 | 175 |
Past due and impaired [member] | Utility [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 110 | 153 |
Past due and impaired [member] | Government bonds [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 43 | 4 |
Past due and impaired [member] | Capital Goods And Other Industry [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 268 | 144 |
Past due and impaired [member] | Communications And Technology [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 417 | 411 |
Past due and impaired [member] | Consumer Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 223 | 152 |
Past due and impaired [member] | Consumer Non Cyclical [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 350 | 177 |
Past due and impaired [member] | Energy [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 41 | 91 |
Past due and impaired [member] | Transportation [Member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 19 | € 130 |
Financial Risks - Schedule of_2
Financial Risks - Schedule of Credit Risk Concentration - Government Bonds (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 7,290 | € 11,360 |
Netherlands government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,691 | |
United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 292 | 433 |
Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 1,181 |
Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 1,137 |
Finland government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 41 | |
France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 29 | 1,654 |
Germany government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,309 | |
Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 22 | 302 |
Indonesia government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 82 | 141 |
Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 875 |
Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 152 | 341 |
Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 277 | 654 |
Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 638 | 979 |
Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 29 | |
Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 8,790 | 28,127 |
Americas [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 7,209 | 10,897 |
Americas [member] | Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 18 | |
Americas [member] | Indonesia government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 82 | 75 |
Americas [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 48 | 85 |
Americas [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 604 | 587 |
Americas [member] | Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 19 | |
Americas [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 7,962 | 11,663 |
The Netherlands [member] | Netherlands government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,691 | |
The Netherlands [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | |
The Netherlands [member] | Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,175 | |
The Netherlands [member] | Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,132 | |
The Netherlands [member] | Finland government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 41 | |
The Netherlands [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,618 | |
The Netherlands [member] | Germany government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4,309 | |
The Netherlands [member] | Indonesia government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 39 | |
The Netherlands [member] | Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 873 | |
The Netherlands [member] | Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 144 | |
The Netherlands [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 65 | |
The Netherlands [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 230 | |
The Netherlands [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 14,321 | |
United Kingdom [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 275 | 413 |
United Kingdom [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 27 | 34 |
United Kingdom [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 21 | 31 |
United Kingdom [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 323 | 477 |
International [member] | United States government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 80 | 463 |
International [member] | Austria government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 6 |
International [member] | Belgium government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 3 | 5 |
International [member] | France government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | 2 |
International [member] | Hungary government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 4 | 302 |
International [member] | Indonesia government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 28 | |
International [member] | Luxembourg government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
International [member] | Spain government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 152 | 197 |
International [member] | Rest of Europe government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 229 | 503 |
International [member] | Rest of world government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 13 | 131 |
International [member] | Supranational government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 11 | |
International [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 488 | 1,649 |
Asset management [member] | United Kingdom government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 17 | 18 |
Asset management [member] | Government bonds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 17 | € 18 |
Financial Risks - Schedule of_3
Financial Risks - Schedule of Credit Risk Concentration - Credit Rating (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | € 12,482 | € 28,155 |
AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 4,541 | 10,700 |
A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 18,894 | 28,345 |
BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 20,151 | 30,286 |
BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,513 | 2,001 |
B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 607 | 927 |
CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 905 | 1,014 |
Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 167 | 676 |
A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 59,260 | 102,105 |
Government bonds [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 5,980 | 19,740 |
Government bonds [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,243 | 5,476 |
Government bonds [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 753 | 1,228 |
Government bonds [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 538 | 1,094 |
Government bonds [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 206 | 238 |
Government bonds [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 65 | 348 |
Government bonds [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 4 | 5 |
Government bonds [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 8,790 | 28,127 |
Corporate bonds [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 724 | 754 |
Corporate bonds [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 2,484 | 4,099 |
Corporate bonds [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 16,180 | 25,470 |
Corporate bonds [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 19,307 | 28,855 |
Corporate bonds [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,204 | 1,700 |
Corporate bonds [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 519 | 553 |
Corporate bonds [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 207 | 183 |
Corporate bonds [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 15 | 3 |
Corporate bonds [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 40,640 | 61,617 |
RMBs CMBSs ABSs [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 2,997 | 5,779 |
RMBs CMBSs ABSs [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 815 | 1,125 |
RMBs CMBSs ABSs [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 1,960 | 1,648 |
RMBs CMBSs ABSs [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 306 | 338 |
RMBs CMBSs ABSs [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 102 | 63 |
RMBs CMBSs ABSs [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 23 | 26 |
RMBs CMBSs ABSs [member] | CCC or lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 694 | 826 |
RMBs CMBSs ABSs [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 24 | |
RMBs CMBSs ABSs [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 6,897 | 9,830 |
Other credit grades [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 2,780 | 1,882 |
Other credit grades [member] | Assets not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | 152 | 649 |
Other credit grades [member] | A credit rating [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations credit rating | € 2,933 | € 2,531 |
Financial Risks - Schedule of_4
Financial Risks - Schedule of Credit Risk Concentration - Mortgage Loans (Detail) - Mortgage loans [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 10,441 | € 39,991 |
Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 49 | 59 |
Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,519 | 5,085 |
Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 402 | 1,349 |
Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,521 | 1,560 |
Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,475 | 1,432 |
Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,469 | 23 |
Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5 | 30,483 |
Americas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 10,441 | 9,485 |
Americas [member] | Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 49 | 59 |
Americas [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,519 | 5,085 |
Americas [member] | Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 402 | 1,349 |
Americas [member] | Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,521 | 1,560 |
Americas [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,475 | 1,425 |
Americas [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,469 | |
Americas [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5 | 6 |
The Netherlands [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 30,505 | |
The Netherlands [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 6 | |
The Netherlands [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 23 | |
The Netherlands [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 30,476 | |
International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
International [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 | 142 | |
Past due and impaired [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 2 | |
Past due and impaired [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | |
Past due and impaired [member] | Residential mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 139 |
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, 2022 | Dec. 31, 2021 | |
Gains and losses on total value of investments [line items] | ||
Interest income | € 328 | € 295 |
Total gains and losses on sale of assets | (1,249) | (69) |
Total | (921) | 226 |
Investments | 6,897 | 9,829 |
Residential mortgage- backed securities [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 92 | 83 |
Total gains and losses on sale of assets | (84) | (28) |
Total | 9 | 55 |
Investments | 1,141 | 1,980 |
Commercial mortgage- backed securities (CMBSs) [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 120 | 113 |
Total gains and losses on sale of assets | (715) | (31) |
Total | (595) | 82 |
Investments | 2,838 | 3,647 |
Asset backed securities [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 24 | 29 |
Total gains and losses on sale of assets | (34) | |
Total | (10) | 29 |
Investments | 440 | 1,878 |
ABSs - other [member] | ||
Gains and losses on total value of investments [line items] | ||
Interest income | 92 | 70 |
Total gains and losses on sale of assets | (416) | (11) |
Total | (324) | 59 |
Investments | € 2,478 | € 2,323 |
Financial Risks - Summary of Am
Financial Risks - Summary of Amortized Cost and Fair Value of Debt Securities (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Unrealized losses | € (7,896) | € (576) |
Total fair value | 4,567 | 8,481 |
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 | 63,213 | 78,468 |
Unrealized gains | 837 | 11,865 |
Unrealized losses | (7,672) | (475) |
Total fair value | 56,379 | 89,859 |
Fair value of instruments with unrealized gains | 13,073 | 74,954 |
Fair value of instruments with unrealized losses | 43,306 | 14,905 |
Debt securities and money market instruments [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 66,455 | 87,431 |
Unrealized gains | 888 | 12,679 |
Unrealized losses | (7,896) | (576) |
Total fair value | 59,447 | 99,533 |
Fair value of instruments with unrealized gains | 14,305 | 82,635 |
Fair value of instruments with unrealized losses | 45,143 | 16,898 |
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 | 8,386 | 8,942 |
Unrealized gains | 135 | 2,386 |
Unrealized losses | (1,294) | (11) |
Total fair value | 7,226 | 11,317 |
Fair value of instruments with unrealized gains | 1,435 | 10,938 |
Fair value of instruments with unrealized losses | 5,791 | 379 |
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 | 3,456 | |
Unrealized gains | 1,238 | |
Unrealized losses | 0 | |
Total fair value | 4,694 | |
Fair value of instruments with unrealized gains | 4,688 | |
Fair value of instruments with unrealized losses | 6 | |
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 | 1,700 | 9,060 |
Unrealized gains | 23 | 2,794 |
Unrealized losses | (239) | (84) |
Total fair value | 1,484 | 11,769 |
Fair value of instruments with unrealized gains | 266 | 10,414 |
Fair value of instruments with unrealized losses | 1,218 | 1,356 |
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 | 4,218 | 5,265 |
Unrealized gains | 160 | 372 |
Unrealized losses | (439) | (56) |
Total fair value | 3,939 | 5,581 |
Fair value of instruments with unrealized gains | 578 | 3,832 |
Fair value of instruments with unrealized losses | 3,362 | 1,749 |
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 | 3,269 | 4,088 |
Unrealized gains | 12 | 118 |
Unrealized losses | (376) | (16) |
Total fair value | 2,905 | 4,189 |
Fair value of instruments with unrealized gains | 183 | 2,334 |
Fair value of instruments with unrealized losses | 2,722 | 1,855 |
Debt securities and money market instruments [member] | Corporate [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 42,507 | 50,953 |
Unrealized gains | 449 | 5,738 |
Unrealized losses | (5,419) | (343) |
Total fair value | 37,538 | 56,348 |
Fair value of instruments with unrealized gains | 7,428 | 45,363 |
Fair value of instruments with unrealized losses | 30,110 | 10,985 |
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 | 5,511 | 4,790 |
Unrealized gains | 4 | |
Unrealized losses | (1) | 0 |
Total fair value | 5,514 | 4,790 |
Fair value of instruments with unrealized gains | 3,815 | 4,547 |
Fair value of instruments with unrealized losses | 1,699 | 243 |
Debt securities and money market instruments [member] | Other [member] | ||
Disclosure of additional information on credit risk, unrealized losses and impairments [line items] | ||
Amortized cost | 863 | 876 |
Unrealized gains | 105 | 34 |
Unrealized losses | (128) | (66) |
Total fair value | 840 | 844 |
Fair value of instruments with unrealized gains | 600 | 519 |
Fair value of instruments with unrealized losses | € 241 | € 325 |
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, 2022 | Dec. 31, 2021 |
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | € 45,143 | € 16,898 |
Unrealized losses | (7,896) | (576) |
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 | 633 | 810 |
Unrealized losses | (70) | (21) |
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 | 2,690 | 803 |
Unrealized losses | (360) | (27) |
Asset backed securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 434 | 1,244 |
Unrealized losses | (39) | (9) |
ABSs - other [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 2,253 | 558 |
Unrealized losses | (334) | (7) |
Financial Industry - Banking [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 2,906 | 1,669 |
Unrealized losses | (412) | (32) |
Financial Industry - Insurance [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 1,146 | 368 |
Unrealized losses | (199) | (11) |
Financial Industry - Other [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 5,821 | 1,092 |
Unrealized losses | (878) | (29) |
Industrial [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 17,249 | 5,630 |
Unrealized losses | (3,068) | (179) |
Utility [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 3,564 | 1,564 |
Unrealized losses | (765) | (68) |
Government Securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 6,368 | 842 |
Unrealized losses | (1,418) | (28) |
Other securities [member] | ||
Disclosure of unrealized losses - debt securities, money market investments and other [line items] | ||
Carrying value of instruments with unrealized losses | 240 | 325 |
Unrealized losses | (128) | (66) |
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 | 43,306 | 14,905 |
Unrealized losses | (7,672) | (475) |
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 | 1,837 | 1,994 |
Unrealized losses | € (224) | € (102) |
Financial Risks - Summary of Fi
Financial Risks - Summary of Financial Assets that are Either Past Due or Impaired (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | € 510 | € 723 |
Financial assets impaired [member] | Share [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 10 | 62 |
Financial assets impaired [member] | Debt securities [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 500 | 635 |
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 | 10 | |
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 | 2 | |
Financial assets impaired [member] | Other financial asset [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 1 | 14 |
Past due but not impaired assets [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Impaired financial assets | 1,802 | 1,675 |
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 | 1,751 | 1,466 |
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 | 131 | |
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 | 35 | |
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 | 50 | 42 |
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 | 1,183 | 1,350 |
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 | 1,155 | 1,171 |
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 | 129 | |
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 | 19 | |
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 | 28 | 30 |
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 | 593 | 271 |
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 | 572 | 255 |
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 | 1 | |
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 | 5 | |
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 | 22 | 10 |
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 | 25 | 54 |
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 | € 25 | 40 |
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 | 1 | |
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 | 10 | |
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 | € 3 |
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, 2022 | Dec. 31, 2021 |
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | € 5,009 | € 8,903 |
Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 4,414 | 4,097 |
The Netherlands [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 4,076 | |
United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 556 | 628 |
International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 30 | 91 |
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 | 151 | 280 |
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 | 141 | 175 |
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 | 34 | |
Equity Funds 1 [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 3 | 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 | 179 | 226 |
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 | 148 | 190 |
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 | 25 | 29 |
Common shares [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 5 | 5 |
Preferred Shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 56 | 128 |
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 | 56 | 128 |
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 | 59 | 2,643 |
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 | 42 | 39 |
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 | 2,588 | |
Investments in real estate [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 17 | 16 |
Hedge funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 10 | 35 |
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 | 10 | 35 |
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 | 2,168 | 2,366 |
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 | 2,168 | 1,934 |
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 | 432 | |
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 | 2,385 | 3,225 |
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 | 1,848 | 1,595 |
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 | 1,023 | |
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 | 531 | 598 |
Other financial asset [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 5 | 7 |
Asset management [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure to credit risk of financial assets | 9 | 10 |
Asset management [member] | 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 | 7 | 9 |
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 | 2 |
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 | 1 | 1 |
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 | € 1 | € 1 |
Financial Risks - Summary of Ma
Financial Risks - Summary of Market Risk Concentrations in Shares (Detail) - Concentration Risk By Type [member] - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 388 | 2,015 |
Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 10 | 62 |
Communication [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | 1 |
Consumer [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 13 | 5 |
Consumer [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1 | |
Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 189 | 420 |
Financials [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 7 | 39 |
Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 45 | 1,498 |
Funds [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1 | 17 |
Industries [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 4 | 42 |
Industries [member] | Financial assets impaired [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 5 | |
Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 135 | 49 |
Americas [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 345 | 493 |
Americas [member] | Communication [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 2 | 1 |
Americas [member] | Consumer [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 13 | 5 |
Americas [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 184 | 411 |
Americas [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 19 | |
Americas [member] | Industries [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 4 | 42 |
Americas [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 123 | 35 |
The Netherlands [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1,410 | |
The Netherlands [member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 4 | |
The Netherlands [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 1,406 | |
United Kingdom [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 25 | 29 |
United Kingdom [member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 25 | 29 |
Asset management [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 7 | 9 |
Asset management [member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 7 | 9 |
International [Member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 10 | 72 |
International [Member] | Financials [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 5 | 5 |
International [Member] | Funds [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 62 | |
International [Member] | Other [member] | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Market risk concentrations - shares | 4 | 5 |
Financial Risks - Summary of Cl
Financial Risks - Summary of Closing Levels of Certain Major Indices (Detail) - Counterparty | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
S & P 500 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 3,840 | 4,766 | 3,756 | 3,231 | 2,507 |
Nasdaq [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 10,466 | 15,645 | 12,888 | 8,973 | 6,635 |
FTSE 100 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 7,452 | 7,385 | 6,461 | 7,542 | 6,728 |
AEX [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 689 | 798 | 625 | 605 | 488 |
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, 2022 | Dec. 31, 2021 | |
Equity prices, 10% higher [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net result | € 168 | € 151 |
Estimated approximate effects on shareholders' equity | 202 | 341 |
Equity prices, 10% lower [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net result | (237) | (212) |
Estimated approximate effects on shareholders' equity | (288) | (221) |
Equity prices, 25% higher [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net result | 358 | 322 |
Estimated approximate effects on shareholders' equity | 456 | 660 |
Equity prices, 25% lower [member] | ||
Disclosure of sensitivity analysis of shareholders' equity to equity markets [line items] | ||
Estimated approximate effects on net result | (551) | (529) |
Estimated approximate effects on shareholders' equity | € (666) | € (685) |
Financial Risks - Schedule of I
Financial Risks - Schedule of Interest Rate Risk (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
3-month US LIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 4.77% | 0.21% | 0.24% | 1.91% | 2.81% |
3-month EURIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 2.13% | (0.57%) | (0.55%) | (0.38%) | (0.31%) |
10-year US treasury [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 3.83% | 1.78% | 0.91% | 1.91% | 2.69% |
10-year Dutch government [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 2.91% | (0.03%) | (0.48%) | (0.06%) | 0.39% |
Financial Risks - Schedule of P
Financial Risks - Schedule of Parallel Movement of Yield Curve (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shift up 100 basis points [member] | ||
Effect of changes in foreign interest rates [line items] | ||
Estimated approximate effects on net result | € (257) | € 296 |
Estimated approximate effects on shareholders' equity | (3,966) | (3,591) |
Shift down 100 basis points [member] | ||
Effect of changes in foreign interest rates [line items] | ||
Estimated approximate effects on net result | (1,166) | (594) |
Estimated approximate effects on shareholders' equity | € 1,993 | € 2,906 |
Financial Risks - Summary of Ex
Financial Risks - Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Financial assets non-derivatives | € 875 | € 4,038 |
Financial Liabilities non-derivatives | 2,418 | 2,343 |
GBP LIBOR [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Financial assets non-derivatives | 27 | 19 |
USD LIBOR [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Financial assets non-derivatives | 814 | 822 |
Financial Liabilities non-derivatives | 1,218 | 1,143 |
Euribor [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Financial assets non-derivatives | 34 | 3,095 |
Financial Liabilities non-derivatives | € 1,200 | 1,200 |
Fed Funds [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Financial assets non-derivatives | € 102 |
Financial Risks - Summary of _2
Financial Risks - Summary of Exposures of Derivatives (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | € 40,315 | € 171,399 |
USD LIBOR [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | 39,752 | 54,232 |
Euribor [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | € 563 | 113,593 |
Fed Funds [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | € 3,574 |
Financial Risks - Summary of _3
Financial Risks - Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity (Detail) £ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 GBP (£) | |
Americas [member] | ||||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||||||
Net income / (loss) | $ | $ (1,486) | $ 1,195 | $ (611) | |||
Equity in functional currency | $ | $ 6,228 | $ 18,324 | $ 19,127 | |||
United Kingdom [member] | ||||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||||||
Net income / (loss) | £ | £ 146 | £ 104 | £ 60 | |||
Equity in functional currency | £ | £ 1,108 | £ 1,260 | £ 1,391 |
Financial Risks - Summary of _4
Financial Risks - Summary of Exchange Rates of US Dollar and UK Pound per Euro (Detail) - Counterparty | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
USD [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 1.07 | 1.14 | 1.22 | 1.12 | 1.14 |
GBP [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 0.89 | 0.84 | 0.9 | 0.85 | 0.9 |
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, 2022 | Dec. 31, 2021 | |
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 | € (230) | € 205 |
Estimated approximate effects on shareholders' equity | 1,342 | 3,249 |
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 | 188 | 152 |
Estimated approximate effects on shareholders' equity | 2,125 | 1,900 |
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 | (220) | 244 |
Estimated approximate effects on shareholders' equity | 1,590 | 3,541 |
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 | 169 | (153) |
Estimated approximate effects on shareholders' equity | (1,024) | (2,441) |
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 | 141 | 107 |
Estimated approximate effects on shareholders' equity | 1,497 | 1,315 |
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 | 163 | (179) |
Estimated approximate effects on shareholders' equity | € (1,175) | € (2,616) |
Financial Risks - Summary of _5
Financial Risks - Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trust pass-through securities | € 118 | € 126 |
Subordinated loans | 2,295 | 2,194 |
Borrowings | 4,051 | 9,661 |
Lease liabilities | 210 | 252 |
Investment contracts for account of policyholders | 10,658 | 21,767 |
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 | 200 | 197 |
Subordinated loans | 3,792 | 3,695 |
Borrowings | 5,036 | 10,559 |
Lease liabilities | 251 | 259 |
Other financial liabilities | 5,495 | 7,444 |
Total financial liabilities (excluding investment/ insurance contracts) | 14,775 | 22,154 |
Investment contracts | 11,798 | 23,804 |
Investment contracts for account of policyholders | 53,948 | 69,347 |
Total investment contracts | 65,746 | 93,151 |
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] | ||
Other financial liabilities | 4,263 | 4,993 |
Total financial liabilities (excluding investment/ insurance contracts) | 4,263 | 4,993 |
Investment contracts | 9,642 | 17,254 |
Investment contracts for account of policyholders | 22,748 | 34,756 |
Total investment contracts | 32,389 | 52,009 |
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 | 10 | 9 |
Subordinated loans | 113 | 108 |
Borrowings | 1,312 | 901 |
Lease liabilities | 35 | 37 |
Other financial liabilities | 795 | 1,749 |
Total financial liabilities (excluding investment/ insurance contracts) | 2,265 | 2,803 |
Investment contracts | 1,445 | 2,681 |
Investment contracts for account of policyholders | 31,186 | 34,571 |
Total investment contracts | 32,631 | 37,252 |
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 | 114 | 113 |
Subordinated loans | 370 | 377 |
Borrowings | 3,130 | 7,651 |
Lease liabilities | 99 | 86 |
Other financial liabilities | 355 | 325 |
Total financial liabilities (excluding investment/ insurance contracts) | 4,067 | 8,551 |
Investment contracts | 385 | 2,114 |
Investment contracts for account of policyholders | 7 | 10 |
Total investment contracts | 392 | 2,124 |
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 | 17 | 16 |
Subordinated loans | 242 | 246 |
Borrowings | 94 | 956 |
Lease liabilities | 63 | 67 |
Other financial liabilities | 34 | 154 |
Total financial liabilities (excluding investment/ insurance contracts) | 450 | 1,439 |
Investment contracts | 186 | 1,101 |
Investment contracts for account of policyholders | 4 | 6 |
Total investment contracts | 190 | 1,107 |
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 | 60 | 60 |
Subordinated loans | 3,068 | 2,964 |
Borrowings | 500 | 1,052 |
Lease liabilities | 55 | 70 |
Other financial liabilities | 47 | 224 |
Total financial liabilities (excluding investment/ insurance contracts) | 3,729 | 4,368 |
Investment contracts | 141 | 655 |
Investment contracts for account of policyholders | 2 | 4 |
Total investment contracts | € 143 | € 659 |
Financial Risks - Summary of _6
Financial Risks - Summary of Financial Liabilities Relating to Insurance and Investment Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | ||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | € 87,309 | € 124,422 | |||
Financial liabilities relating to insurance and investment contracts | 3,009 | 4,263 | [1] | € 4,066 | |
Liquidity risk [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | 142,911 | 166,257 | |||
Insurance contracts for account of policyholders | 181,245 | 224,740 | |||
Investment contracts | 13,511 | 24,584 | |||
Investment contracts for account of policyholders | 145,829 | 158,381 | |||
Financial liabilities relating to insurance and investment contracts | 483,496 | 573,962 | |||
Liquidity risk [member] | On demand [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Investment contracts for account of policyholders | 193 | ||||
Financial liabilities relating to insurance and investment contracts | 193 | ||||
Liquidity risk [member] | Not later than 1 year [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | 3,432 | 4,260 | |||
Insurance contracts for account of policyholders | 7,456 | 11,494 | |||
Investment contracts | 1,737 | 8,324 | |||
Investment contracts for account of policyholders | 6,107 | 14,011 | |||
Financial liabilities relating to insurance and investment contracts | 18,732 | 38,089 | |||
Liquidity risk [member] | 1-5 years [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | 11,364 | 16,215 | |||
Insurance contracts for account of policyholders | 30,877 | 41,638 | |||
Investment contracts | 4,814 | 7,975 | |||
Investment contracts for account of policyholders | 23,626 | 27,637 | |||
Financial liabilities relating to insurance and investment contracts | 70,681 | 93,465 | |||
Liquidity risk [member] | Over 5 through 10 years [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | 11,946 | 18,438 | |||
Insurance contracts for account of policyholders | 29,565 | 39,941 | |||
Investment contracts | 2,581 | 3,847 | |||
Investment contracts for account of policyholders | 26,970 | 31,715 | |||
Financial liabilities relating to insurance and investment contracts | 71,062 | 93,941 | |||
Liquidity risk [member] | Over 10 years [member] | |||||
Financial liabilities relating to insurance and investment contracts [line items] | |||||
Insurance contracts | 116,169 | 127,344 | |||
Insurance contracts for account of policyholders | 113,346 | 131,667 | |||
Investment contracts | 4,379 | 4,438 | |||
Investment contracts for account of policyholders | 89,126 | 84,825 | |||
Financial liabilities relating to insurance and investment contracts | € 323,021 | € 348,274 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Financial Risks - Summary Of _7
Financial Risks - Summary Of Maturity Analysis For Derivative Financial Instruments (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Net settled cash inflows | € 15,846 | € 13,140 |
Net settled cash outflows | (24,072) | (19,505) |
Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Gross settled cash inflows | 18,293 | 117,396 |
Gross settled cash outflows | (17,919) | (126,850) |
Not later than 1 year [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Net settled cash inflows | 1,552 | 683 |
Net settled cash outflows | (1,937) | (780) |
Not later than 1 year [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Gross settled cash inflows | 15,301 | 4,300 |
Gross settled cash outflows | (15,242) | (4,895) |
1-5 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Net settled cash inflows | 4,255 | 3,442 |
Net settled cash outflows | (4,222) | (3,032) |
1-5 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Gross settled cash inflows | 575 | 3,728 |
Gross settled cash outflows | (443) | (7,080) |
Over 5 through 10 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Net settled cash inflows | 3,812 | 3,640 |
Net settled cash outflows | (3,700) | (3,102) |
Over 5 through 10 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Gross settled cash inflows | 675 | 5,034 |
Gross settled cash outflows | (633) | (9,499) |
Over 10 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Net settled cash inflows | 6,227 | 5,375 |
Net settled cash outflows | (14,214) | (12,591) |
Over 10 years [member] | Carrying value [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Gross settled cash inflows | 1,741 | 104,335 |
Gross settled cash outflows | € (1,600) | € (105,376) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 EUR (€) Segment | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 | |||
Disclosure of operating segments [line items] | |||||||
Other income /(charges) expense due to model and assumption updates | € (480) | € (298) | € (580) | ||||
Gain (losses) on change in fair value on economic hedges | 1,148 | 761 | [1] | (2,270) | [1] | ||
Ineffectiveness fair value hedge | 1 | 4 | [1] | 2 | [1] | ||
Amortization of deferred expenses | 136 | 260 | 35 | ||||
Impairment charges (reversals) on non-financial assets and receivables | 48 | 60 | 128 | ||||
Other charges | (5) | 101 | [1] | 104 | [1] | ||
Discontinued operations [member] | |||||||
Disclosure of operating segments [line items] | |||||||
One time tax charge in connection with business reorganization | 454 | ||||||
Universal Life Premium Persistency And Increase In Mortality Rate And Lowering Morbidity Improvement Assumption [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Other income /(charges) expense due to model and assumption updates | € 345 | ||||||
Morbidity Assumption Rate [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Long term morbidity rate | 0.75% | 0.75% | 1.50% | ||||
Lifetime Withdrawal benefits [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Other income /(charges) expense due to model and assumption updates | € 123 | ||||||
Long term interest rate assumed | 1.50% | 2% | 2% | ||||
Commissions and expenses [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Restructuring charges | 273 | € 240 | € 266 | ||||
Amortization of VOBA and future servicing rights | 11 | 87 | (20) | ||||
Commissions and expense include a DPAC/VOBA fair value adjustment | 151 | (51) | (159) | ||||
Impairment charges (reversals) [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Impairment (charges) / reversals on financial assets, receivables | 20 | (45) | 266 | ||||
Impairment charges (reversals) on non-financial assets and receivables | € 48 | 60 | 128 | ||||
Bottom of range [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Long-term expected return on assets rate | 3% | ||||||
Top of range [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Long-term expected return on assets rate | 10% | ||||||
Non-cash changes [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Gain (losses) on over- or underperformance of derivatives | € 2,089 | (8) | 38 | ||||
Gain (losses) on change in fair value on economic hedges | (1,303) | (466) | 652 | ||||
Ineffectiveness fair value hedge | € 4 | 2 | 0 | ||||
Asset management [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Number of operating segments | Segment | 1 | ||||||
International [member] | Profit Loss [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Amount of reclassifications or changes in presentation | 2 | 11 | |||||
International [member] | Life Insurance Gross Premiums [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Amount of reclassifications or changes in presentation | 191 | 159 | |||||
International [member] | Other Revenue [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Amount of reclassifications or changes in presentation | 11 | 7 | |||||
Americas [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Number of operating segments | Segment | 1 | ||||||
Other income /(charges) expense due to model and assumption updates | € (354) | (250) | (805) | ||||
Other charges | 667 | 91 | $ 104 | ||||
Deferred charges | € 600 | ||||||
Americas [member] | Lower Interest Rate [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Other income /(charges) expense due to model and assumption updates | € 460 | ||||||
Long term interest rate assumed | 2.75% | 2.75% | 4.25% | ||||
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 | € (118) | € (52) | |||||
The Netherlands [member] | Discontinued operations [member] | |||||||
Disclosure of operating segments [line items] | |||||||
One time tax charge in connection with business reorganization | € 454 | ||||||
The Netherlands [member] | Favourable Longevity Assumption Changes [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Other income /(charges) expense due to model and assumption updates | € 225 | ||||||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Segment Information - Summary o
Segment Information - Summary of Segment Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Summary of operating result per segment [Line Items] | |||||
Operating result | € 1,878 | € 1,948 | € 1,741 | ||
Fair value items | 242 | 730 | (788) | ||
Realized gains / (losses) on investments | (666) | 437 | 142 | ||
Impairment charges | (57) | (49) | (264) | ||
Impairment reversals | 19 | 101 | 28 | ||
Non-operating items | (462) | 1,220 | (881) | ||
Other income / (charges) | (2,339) | (768) | (1,224) | ||
Result before tax from continuing operations and discontinued operations | (922) | 2,400 | (364) | ||
Income tax (expense) / benefit | (482) | (371) | 229 | ||
Net result from continuing and discontinued operations | (1,404) | 2,029 | [1] | (135) | [1] |
Revenues | |||||
Life insurance gross premiums | 12,848 | 13,400 | 13,929 | ||
Accident and health insurance | 1,769 | 1,643 | 1,784 | ||
General insurance | 144 | 401 | 386 | ||
Total gross premiums | 14,761 | 15,444 | 16,099 | ||
Investment income | 7,338 | 6,967 | 7,149 | ||
Fee and commission income | 2,871 | 2,785 | 2,405 | ||
Other revenues | 1 | 13 | [1] | 4 | [1] |
Total revenues | 24,972 | 25,209 | 25,657 | ||
Asset management [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 193 | 253 | 182 | ||
Fair value items | (3) | (1) | 22 | ||
Realized gains / (losses) on investments | 2 | 1 | |||
Impairment charges | (1) | (1) | |||
Non-operating items | (3) | 22 | |||
Other income / (charges) | (19) | (18) | (8) | ||
Result before tax from continuing operations and discontinued operations | 171 | 235 | 195 | ||
Income tax (expense) / benefit | (67) | (65) | (44) | ||
Net result from continuing and discontinued operations | 104 | 170 | 151 | ||
Inter-segment operating result | 188 | 191 | 193 | ||
Revenues | |||||
Investment income | 12 | 12 | 7 | ||
Fee and commission income | 693 | 800 | 750 | ||
Other revenues | 5 | 2 | 2 | ||
Total revenues | 710 | 814 | 759 | ||
Inter-segment revenues | 187 | 182 | 188 | ||
Holding and other activities [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | (220) | (218) | (237) | ||
Fair value items | (21) | 12 | (36) | ||
Realized gains / (losses) on investments | 7 | 1 | (3) | ||
Impairment charges | (18) | (11) | (25) | ||
Impairment reversals | 8 | ||||
Non-operating items | (32) | 11 | (65) | ||
Other income / (charges) | (141) | (138) | (130) | ||
Result before tax from continuing operations and discontinued operations | (393) | (344) | (433) | ||
Income tax (expense) / benefit | 74 | 77 | 78 | ||
Net result from continuing and discontinued operations | (319) | (267) | (355) | ||
Inter-segment operating result | 288 | 51 | 62 | ||
Revenues | |||||
Life insurance gross premiums | 4 | ||||
Total gross premiums | 5 | ||||
Investment income | 474 | 242 | 261 | ||
Fee and commission income | (9) | ||||
Other revenues | 12 | 3 | |||
Total revenues | 474 | 254 | 260 | ||
Inter-segment revenues | 473 | 247 | 264 | ||
Segment total [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 1,918 | 1,906 | 1,710 | ||
Fair value items | 251 | 854 | (701) | ||
Realized gains / (losses) on investments | (650) | 446 | 150 | ||
Impairment charges | (55) | (49) | (265) | ||
Impairment reversals | 19 | 101 | 28 | ||
Non-operating items | (435) | 1,352 | (788) | ||
Other income / (charges) | (2,321) | (780) | (1,239) | ||
Result before tax from continuing operations and discontinued operations | (837) | 2,478 | (317) | ||
Income tax (expense) / benefit | (567) | (449) | 181 | ||
Net result from continuing and discontinued operations | (1,404) | 2,029 | (135) | ||
Revenues | |||||
Life insurance gross premiums | 13,864 | 14,225 | 14,654 | ||
Accident and health insurance | 1,848 | 1,709 | 1,844 | ||
General insurance | 326 | 569 | 519 | ||
Total gross premiums | 16,037 | 16,504 | 17,016 | ||
Investment income | 7,453 | 7,042 | 7,212 | ||
Fee and commission income | 3,111 | 3,120 | 2,713 | ||
Other revenues | 31 | 27 | 14 | ||
Total revenues | 26,633 | 26,693 | 26,955 | ||
Joint ventures and associates eliminations [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | (40) | 42 | 31 | ||
Fair value items | (9) | (123) | (87) | ||
Realized gains / (losses) on investments | (16) | (9) | (8) | ||
Impairment charges | (2) | 0 | 1 | ||
Non-operating items | (27) | (132) | (94) | ||
Other income / (charges) | (18) | 12 | 15 | ||
Result before tax from continuing operations and discontinued operations | (85) | (78) | (47) | ||
Income tax (expense) / benefit | 85 | 78 | 47 | ||
Revenues | |||||
Life insurance gross premiums | (1,016) | (825) | (726) | ||
Accident and health insurance | (79) | (67) | (59) | ||
General insurance | (182) | (168) | (132) | ||
Total gross premiums | (1,276) | (1,060) | (917) | ||
Investment income | (114) | (75) | (63) | ||
Fee and commission income | (240) | (335) | (308) | ||
Other revenues | (30) | (15) | (10) | ||
Total revenues | (1,661) | (1,484) | (1,298) | ||
International [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 167 | 143 | 175 | ||
Fair value items | 21 | (18) | (7) | ||
Realized gains / (losses) on investments | 2 | 46 | |||
Impairment charges | (8) | (16) | |||
Impairment reversals | 1 | ||||
Non-operating items | 13 | (15) | 22 | ||
Other income / (charges) | 373 | 65 | (1) | ||
Result before tax from continuing operations and discontinued operations | 553 | 193 | 197 | ||
Income tax (expense) / benefit | (36) | (36) | (26) | ||
Net result from continuing and discontinued operations | 516 | 157 | 170 | ||
Inter-segment operating result | 55 | (31) | (35) | ||
Revenues | |||||
Life insurance gross premiums | 1,280 | 1,372 | 1,255 | ||
Accident and health insurance | 184 | 179 | 193 | ||
General insurance | 182 | 432 | 388 | ||
Total gross premiums | 1,646 | 1,984 | 1,836 | ||
Investment income | 297 | 361 | 362 | ||
Fee and commission income | 42 | 59 | 50 | ||
Other revenues | 26 | 14 | 9 | ||
Total revenues | 2,011 | 2,418 | 2,257 | ||
Americas [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 790 | 790 | 781 | ||
Fair value items | (1,644) | 698 | (448) | ||
Realized gains / (losses) on investments | (479) | 313 | 93 | ||
Impairment charges | (32) | (19) | (173) | ||
Impairment reversals | 19 | 33 | 27 | ||
Non-operating items | (2,136) | 1,025 | (501) | ||
Other income / (charges) | (526) | (667) | (1,110) | ||
Result before tax from continuing operations and discontinued operations | (1,872) | 1,149 | (829) | ||
Income tax (expense) / benefit | 462 | (137) | 288 | ||
Net result from continuing and discontinued operations | (1,411) | 1,012 | (541) | ||
Inter-segment operating result | (362) | (20) | (40) | ||
Revenues | |||||
Life insurance gross premiums | 7,329 | 6,917 | 6,946 | ||
Accident and health insurance | 1,407 | 1,273 | 1,380 | ||
Total gross premiums | 8,735 | 8,190 | 8,326 | ||
Investment income | 3,467 | 2,909 | 2,986 | ||
Fee and commission income | 2,021 | 1,920 | 1,653 | ||
Total revenues | 14,223 | 13,019 | 12,964 | ||
Inter-segment revenues | (5) | 1 | 1 | ||
The Netherlands [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 783 | 755 | 665 | ||
Fair value items | 1,897 | 221 | (230) | ||
Realized gains / (losses) on investments | (181) | 118 | 14 | ||
Impairment charges | 15 | (19) | (50) | ||
Impairment reversals | 59 | 1 | |||
Non-operating items | 1,731 | 378 | (265) | ||
Other income / (charges) | (1,970) | (23) | 78 | ||
Result before tax from continuing operations and discontinued operations | 543 | 1,110 | 478 | ||
Income tax (expense) / benefit | (1,000) | (276) | (107) | ||
Net result from continuing and discontinued operations | (457) | 833 | 371 | ||
Inter-segment operating result | (94) | (95) | (87) | ||
Revenues | |||||
Life insurance gross premiums | 1,168 | 1,323 | 1,619 | ||
Accident and health insurance | 257 | 254 | 245 | ||
General insurance | 144 | 136 | 130 | ||
Total gross premiums | 1,569 | 1,713 | 1,994 | ||
Investment income | 1,728 | 2,088 | 2,083 | ||
Fee and commission income | 325 | 300 | 255 | ||
Total revenues | 3,622 | 4,101 | 4,332 | ||
Inter-segment revenues | 3 | 14 | 21 | ||
United Kingdom [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 206 | 184 | 144 | ||
Fair value items | 10 | (62) | (2) | ||
Realized gains / (losses) on investments | 3 | 10 | |||
Impairment charges | (11) | ||||
Non-operating items | 1 | (51) | (1) | ||
Other income / (charges) | (37) | 1 | (68) | ||
Result before tax from continuing operations and discontinued operations | 170 | 134 | 74 | ||
Income tax (expense) / benefit | 1 | (12) | (7) | ||
Net result from continuing and discontinued operations | 171 | 122 | 67 | ||
Inter-segment operating result | (75) | (96) | (86) | ||
Revenues | |||||
Life insurance gross premiums | 4,081 | 4,613 | 4,833 | ||
Accident and health insurance | 3 | 25 | |||
Total gross premiums | 4,081 | 4,616 | 4,858 | ||
Investment income | 1,951 | 1,691 | 1,795 | ||
Fee and commission income | 217 | 223 | 194 | ||
Total revenues | 6,250 | 6,531 | 6,847 | ||
Eliminations [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 0 | (1) | 1 | ||
Fair value items | (8) | 3 | |||
Realized gains / (losses) on investments | 0 | ||||
Impairment charges | 0 | ||||
Non-operating items | (6) | 3 | |||
Other income / (charges) | 0 | ||||
Result before tax from continuing operations and discontinued operations | (8) | 2 | 1 | ||
Income tax (expense) / benefit | 0 | ||||
Net result from continuing and discontinued operations | (8) | 2 | 1 | ||
Revenues | |||||
Life insurance gross premiums | 6 | (3) | |||
Total gross premiums | 6 | (3) | |||
Investment income | (477) | (261) | (281) | ||
Fee and commission income | (187) | (183) | (180) | ||
Total revenues | € (658) | € (444) | € (465) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Segment Information - Summary_2
Segment Information - Summary of Reconciliation from Operating Result Before Tax to Income Before Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | |||||
Premium income | € 13,192 | € 13,731 | [1] | € 14,105 | [1] |
Dividend income | 1,504 | 1,327 | [1] | 1,397 | [1] |
Other income | 378 | 49 | [1] | 62 | [1] |
Interest charges and related fees | 329 | 246 | [1] | 405 | [1] |
Other charges | 5 | (101) | [1] | (104) | [1] |
Segment total [member] | |||||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | |||||
Result before tax from continuing operations | (1,543) | 1,164 | (958) | ||
Result before tax from discontinued operations | 2,396 | 1,237 | 594 | ||
Impairment loss on remeasurement of disposal group | (1,775) | ||||
Result before tax from continuing operations and discontinued operations | (922) | 2,400 | (364) | ||
Elimination of share in earnings of joint ventures and associates | 40 | (42) | (31) | ||
Premium income | (1) | 5 | (4) | ||
Rental income | 76 | 71 | 68 | ||
Dividend income | (2) | (76) | 40 | ||
Fee and commission income | (41) | (30) | 5 | ||
Recovered claims and benefits | 31 | 143 | |||
Change in valuation of reinsurance ceded | 208 | 43 | (86) | ||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | 1,234 | 4 | 421 | ||
Net fair value change on borrowings and other financial liabilities | (5) | 13 | (2) | ||
Realized gains and losses on financial investments | 718 | (463) | (132) | ||
Gains and (losses) on investments in real estate | 51 | (253) | (74) | ||
Net fair value change of derivatives | 465 | 471 | (613) | ||
Other income | (401) | (77) | (68) | ||
Benefits and claims paid life | 14 | 217 | |||
Change in valuation of liabilities for insurance contracts | (1,937) | (994) | 1,422 | ||
Change in valuation of liabilities for investment contracts | (9) | 8 | 7 | ||
Policyholder claims and benefits - Other | (20) | (38) | (19) | ||
Commissions and expenses | 651 | 715 | 450 | ||
Impairment (charges) reversals | 34 | (53) | 318 | ||
Interest charges and related fees | 82 | ||||
Other charges | 1,764 | 37 | 150 | ||
Results of CEE businesses which were previously reported in operating results | (85) | ||||
Operating result | € 1,918 | € 1,906 | € 1,710 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Segment Information - Summary_3
Segment Information - Summary of Other Selected Income Statement Items (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | € 993 | € 1,103 | € 854 |
Depreciation | 73 | 99 | 101 |
Impairment charges / (reversals) on financial assets, excluding receivables | 20 | (45) | 262 |
Impairment charges / (reversals) on non-financial assets and receivables | 48 | 60 | 128 |
Operating segments [member] | Americas [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 850 | 929 | 637 |
Depreciation | 53 | 56 | 56 |
Impairment charges / (reversals) on financial assets, excluding receivables | 12 | (23) | 151 |
Impairment charges / (reversals) on non-financial assets and receivables | 17 | 37 | 72 |
Operating segments [member] | The Netherlands [member] | |||
Disclosure of other selected income statement [line items] | |||
Depreciation | 20 | 20 | |
Impairment charges / (reversals) on financial assets, excluding receivables | (14) | 86 | |
Impairment charges / (reversals) on non-financial assets and receivables | 12 | 21 | |
Operating segments [member] | United Kingdom [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 107 | 113 | 119 |
Depreciation | 4 | 6 | 9 |
Impairment charges / (reversals) on financial assets, excluding receivables | 0 | ||
Impairment charges / (reversals) on non-financial assets and receivables | 11 | 17 | |
Operating segments [member] | Holding and other activities [member] | |||
Disclosure of other selected income statement [line items] | |||
Depreciation | 7 | 1 | 1 |
Impairment charges / (reversals) on financial assets, excluding receivables | (8) | 11 | |
Impairment charges / (reversals) on non-financial assets and receivables | 18 | 11 | 14 |
Operating segments [member] | Asset management [member] | |||
Disclosure of other selected income statement [line items] | |||
Depreciation | 2 | 2 | 2 |
Impairment charges / (reversals) on non-financial assets and receivables | 1 | 4 | |
Operating segments [member] | International [member] | |||
Disclosure of other selected income statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 36 | 61 | 97 |
Depreciation | 6 | € 15 | 12 |
Impairment charges / (reversals) on financial assets, excluding receivables | 7 | 15 | |
Impairment charges / (reversals) on non-financial assets and receivables | € 1 | € 0 |
Segment Information - Summary_4
Segment Information - Summary of Number of Employees (Detail) - Employees | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of number of employees [line items] | |||
Number of employees | 19,087 | 22,271 | 22,322 |
Americas [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 6,153 | 7,675 | 7,960 |
The Netherlands [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 3,609 | 3,534 | 3,521 |
United Kingdom [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 2,621 | 2,476 | 2,307 |
Joint ventures and associates [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 3,507 | 4,228 | 4,193 |
Joint ventures and associates [member] | Americas [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 733 | 669 | |
Joint ventures and associates [member] | United Kingdom [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 62 | 59 | 47 |
Asset management [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 1,464 | 1,675 | 1,527 |
Asset management [member] | Joint ventures and associates [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 206 | 191 | 183 |
Holding and other activities [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 958 | 321 | 409 |
International [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 4,281 | 6,590 | 6,598 |
International [member] | Joint ventures and associates [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees | 3,239 | 3,245 | 3,294 |
Segment Information - Summary_5
Segment Information - Summary of Assets and Liabilities Per Segment (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Cash and cash equivalents | € 3,407 | € 6,889 | € 8,372 |
Assets held for sale | 89,752 | 0 | |
Investments | 76,825 | 157,831 | |
Investments for account of policyholders | 180,006 | 250,953 | |
Investments in joint ventures | 1,443 | 1,743 | 1,376 |
Investments in associates | 165 | 1,289 | 1,264 |
Deferred expenses | 12,886 | 10,503 | |
Other assets | 37,302 | 39,044 | |
Assets | 401,786 | 468,252 | |
Liabilities | |||
Insurance contracts | 87,309 | 124,422 | |
Insurance contracts for account of policyholders | 100,409 | 149,323 | |
Investment contracts | 10,658 | 21,767 | |
Investment contracts for account of policyholders | 80,555 | 104,592 | € 91,624 |
Liabilities held for sale | 84,339 | 0 | |
Other liabilities | 24,325 | 41,776 | |
Total liabilities | 387,596 | 441,881 | |
Americas [member] | |||
Assets | |||
Cash and cash equivalents | 1,097 | 1,127 | |
Investments | 73,132 | 80,938 | |
Investments for account of policyholders | 89,535 | 115,596 | |
Investments in joint ventures | 56 | ||
Deferred expenses | 12,657 | 9,052 | |
Other assets | 30,796 | 27,268 | |
Assets | 207,217 | 234,037 | |
Liabilities | |||
Insurance contracts | 84,905 | 74,967 | |
Insurance contracts for account of policyholders | 66,842 | 83,316 | |
Investment contracts | 10,483 | 9,804 | |
Investment contracts for account of policyholders | 22,693 | 32,280 | |
Other liabilities | 16,194 | 17,382 | |
Total liabilities | 201,117 | 217,750 | |
The Netherlands [member] | |||
Assets | |||
Cash and cash equivalents | 3,718 | ||
Assets held for sale | 89,752 | ||
Investments | 66,384 | ||
Investments for account of policyholders | 25,673 | ||
Investments in joint ventures | 343 | ||
Investments in associates | 1,103 | ||
Deferred expenses | 235 | ||
Other assets | 9,318 | ||
Assets | 89,752 | 106,775 | |
Liabilities | |||
Insurance contracts | 40,547 | ||
Insurance contracts for account of policyholders | 25,294 | ||
Investment contracts | 11,767 | ||
Investment contracts for account of policyholders | 2,273 | ||
Liabilities held for sale | 84,339 | ||
Other liabilities | 19,875 | ||
Total liabilities | 84,339 | 99,757 | |
United Kingdom [member] | |||
Assets | |||
Cash and cash equivalents | 182 | 210 | |
Investments | 1,457 | 1,876 | |
Investments for account of policyholders | 90,007 | 108,713 | |
Investments in associates | 9 | ||
Deferred expenses | 736 | 825 | |
Other assets | 2,883 | 2,125 | |
Assets | 95,264 | 113,758 | |
Liabilities | |||
Insurance contracts | 1,373 | 1,490 | |
Insurance contracts for account of policyholders | 33,122 | 39,955 | |
Investment contracts | 174 | 194 | |
Investment contracts for account of policyholders | 57,836 | 69,819 | |
Other liabilities | 1,511 | 799 | |
Total liabilities | 94,015 | 112,257 | |
Asset management [member] | |||
Assets | |||
Cash and cash equivalents | 367 | 311 | |
Investments | 136 | 296 | |
Investments in joint ventures | 471 | 368 | |
Investments in associates | 129 | 151 | |
Other assets | 136 | 199 | |
Assets | 1,239 | 1,326 | |
Liabilities | |||
Other liabilities | 414 | 540 | |
Total liabilities | 414 | 540 | |
Holding and other activities [member] | |||
Assets | |||
Cash and cash equivalents | 1,639 | 1,242 | |
Investments | 39 | 21 | |
Investments in joint ventures | 0 | 39 | |
Investments in associates | 16 | 20 | |
Other assets | 19,722 | 31,733 | |
Assets | 21,415 | 33,056 | |
Liabilities | |||
Other liabilities | 7,225 | 6,685 | |
Total liabilities | 7,225 | 6,685 | |
International [member] | |||
Assets | |||
Cash and cash equivalents | 122 | 282 | |
Investments | 2,061 | 8,315 | |
Investments for account of policyholders | 464 | 974 | |
Investments in joint ventures | 972 | 936 | |
Investments in associates | 20 | 18 | |
Deferred expenses | 57 | 391 | |
Other assets | 7,648 | 2,064 | |
Assets | 11,344 | 12,979 | |
Liabilities | |||
Insurance contracts | 8,255 | 9,028 | |
Insurance contracts for account of policyholders | 446 | 758 | |
Investment contracts | 2 | 2 | |
Investment contracts for account of policyholders | 26 | 220 | |
Other liabilities | 851 | 518 | |
Total liabilities | 9,580 | 10,526 | |
Eliminations [member] | |||
Assets | |||
Investments for account of policyholders | (4) | ||
Investments in associates | (12) | ||
Deferred expenses | (564) | ||
Other assets | (23,882) | (33,663) | |
Assets | (24,446) | (33,679) | |
Liabilities | |||
Insurance contracts | (7,223) | (1,611) | |
Other liabilities | (1,870) | (4,022) | |
Total liabilities | € (9,093) | € (5,633) |
Segment Information - Summary_6
Segment Information - Summary of Investments (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of summarized investment per segment [line items] | |||
Investments general account | € 76,825 | € 157,831 | |
Investments for account of policyholders | 180,006 | 250,953 | |
Investments on balance sheet | 256,831 | 408,784 | |
Off-balance sheet investments third parties | 490,578 | 614,136 | |
Total revenue-generating investments | 747,409 | 1,022,920 | |
Financial assets, excluding derivatives | 76,766 | 155,188 | |
Investments in real estate | 59 | 2,643 | € 2,385 |
Total investments on balance sheet | 256,831 | 408,784 | |
Investments in joint ventures | 1,443 | 1,743 | 1,376 |
Investments in associates | 165 | 1,289 | € 1,264 |
Assets held for sale | 89,752 | 0 | |
Other assets | 53,595 | 56,436 | |
Assets | 401,786 | 468,252 | |
Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 59,643 | 99,884 | |
Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 12,556 | 46,823 | |
Financial assets at fair value through profit or loss [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 184,130 | 258,871 | |
Investments in real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments in real estate | 502 | 3,206 | |
Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 388 | 2,015 | |
Investments for account of policyholders | 15,505 | 29,539 | |
Financial assets, excluding derivatives | 388 | 2,015 | |
Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 53,647 | 97,195 | |
Investments for account of policyholders | 5,694 | 19,821 | |
Financial assets, excluding derivatives | 53,647 | 97,195 | |
Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 12,556 | 46,823 | |
Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 10,175 | 9,155 | |
Investments for account of policyholders | 3,622 | 9,080 | |
Real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 59 | 2,643 | |
Investments for account of policyholders | 443 | 563 | |
Unconsolidated investment funds [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 154,741 | 191,950 | |
Americas [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 73,132 | 80,938 | |
Investments for account of policyholders | 89,535 | 115,596 | |
Investments on balance sheet | 162,667 | 196,534 | |
Off-balance sheet investments third parties | 216,060 | 240,248 | |
Total revenue-generating investments | 378,727 | 436,782 | |
Total investments on balance sheet | 162,667 | 196,534 | |
Investments in joint ventures | 56 | ||
Other assets | 44,551 | 37,447 | |
Assets | 207,217 | 234,037 | |
Americas [member] | Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 56,564 | 65,694 | |
Americas [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 12,475 | 11,352 | |
Americas [member] | Financial assets at fair value through profit or loss [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 93,585 | 119,450 | |
Americas [member] | Investments in real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments in real estate | 42 | 39 | |
Americas [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 345 | 493 | |
Americas [member] | Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 51,008 | 61,014 | |
Americas [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 12,475 | 11,352 | |
Americas [member] | Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 9,262 | 8,040 | |
Americas [member] | Real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 42 | 39 | |
Americas [member] | Unconsolidated investment funds [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 89,535 | 115,596 | |
The Netherlands [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 66,384 | ||
Investments for account of policyholders | 25,673 | ||
Investments on balance sheet | 92,058 | ||
Off-balance sheet investments third parties | 7,325 | 7,711 | |
Total revenue-generating investments | 7,325 | 99,769 | |
Total investments on balance sheet | 92,058 | ||
Investments in joint ventures | 343 | ||
Investments in associates | 1,103 | ||
Assets held for sale | 89,752 | ||
Other assets | 13,271 | ||
Assets | 89,752 | 106,775 | |
The Netherlands [member] | Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 24,443 | ||
The Netherlands [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 35,358 | ||
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 | 29,669 | ||
The Netherlands [member] | Investments in real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments in real estate | 2,588 | ||
The Netherlands [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 1,410 | ||
Investments for account of policyholders | 9,078 | ||
The Netherlands [member] | Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 26,951 | ||
Investments for account of policyholders | 12,044 | ||
The Netherlands [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 35,358 | ||
The Netherlands [member] | Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 79 | ||
Investments for account of policyholders | 3,493 | ||
The Netherlands [member] | Real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 2,588 | ||
The Netherlands [member] | Unconsolidated investment funds [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 1,059 | ||
United Kingdom [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 1,457 | 1,876 | |
Investments for account of policyholders | 90,007 | 108,713 | |
Investments on balance sheet | 91,463 | 110,589 | |
Off-balance sheet investments third parties | 122,742 | 151,097 | |
Total revenue-generating investments | 214,205 | 261,687 | |
Total investments on balance sheet | 91,463 | 110,589 | |
Investments in associates | 9 | ||
Other assets | 3,800 | 3,160 | |
Assets | 95,264 | 113,758 | |
United Kingdom [member] | Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 991 | 1,299 | |
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 | 90,029 | 108,727 | |
United Kingdom [member] | Investments in real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments in real estate | 443 | 563 | |
United Kingdom [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 25 | 29 | |
Investments for account of policyholders | 15,493 | 20,221 | |
United Kingdom [member] | Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 777 | 1,159 | |
Investments for account of policyholders | 5,677 | 7,649 | |
United Kingdom [member] | Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 654 | 687 | |
Investments for account of policyholders | 3,617 | 5,581 | |
United Kingdom [member] | Real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 443 | 563 | |
United Kingdom [member] | Unconsolidated investment funds [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 64,776 | 74,698 | |
Asset management [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 136 | 296 | |
Investments on balance sheet | 136 | 296 | |
Off-balance sheet investments third parties | 141,067 | 212,779 | |
Total revenue-generating investments | 141,203 | 213,076 | |
Total investments on balance sheet | 136 | 296 | |
Investments in joint ventures | 471 | 368 | |
Investments in associates | 129 | 151 | |
Other assets | 503 | 510 | |
Assets | 1,239 | 1,326 | |
Asset management [member] | Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 96 | 257 | |
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 | 40 | 40 | |
Asset management [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 7 | 9 | |
Asset management [member] | Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 15 | 11 | |
Asset management [member] | Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 114 | 276 | |
Holding and other activities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 39 | 21 | |
Investments on balance sheet | 39 | 21 | |
Total revenue-generating investments | 39 | 21 | |
Total investments on balance sheet | 39 | 21 | |
Investments in joint ventures | 0 | 39 | |
Investments in associates | 16 | 20 | |
Other assets | 21,361 | 32,975 | |
Assets | 21,415 | 33,056 | |
Holding and other activities [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 38 | 20 | |
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 | 1 | 1 | |
Holding and other activities [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 1 | 1 | |
Holding and other activities [member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 38 | 20 | |
International [Member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 2,061 | 8,315 | |
Investments for account of policyholders | 464 | 974 | |
Investments on balance sheet | 2,526 | 9,288 | |
Off-balance sheet investments third parties | 3,384 | 2,300 | |
Total revenue-generating investments | 5,910 | 11,589 | |
Total investments on balance sheet | 2,526 | 9,288 | |
Investments in joint ventures | 972 | 936 | |
Investments in associates | 20 | 18 | |
Other assets | 7,827 | 2,736 | |
Assets | 11,344 | 12,979 | |
International [Member] | Available-for-sale financial assets [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 1,991 | 8,191 | |
International [Member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 43 | 93 | |
International [Member] | Financial assets at fair value through profit or loss [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Financial assets, excluding derivatives | 475 | 987 | |
International [Member] | Investments in real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments in real estate | 17 | 16 | |
International [Member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 10 | 72 | |
Investments for account of policyholders | 12 | 243 | |
International [Member] | Debt securities [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 1,847 | 8,060 | |
Investments for account of policyholders | 17 | 128 | |
International [Member] | Loans [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 43 | 93 | |
International [Member] | Other financial asset [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 145 | 73 | |
Investments for account of policyholders | 5 | 6 | |
International [Member] | Real estate [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments general account | 17 | 16 | |
International [Member] | Unconsolidated investment funds [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | 431 | 597 | |
Eliminations [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | (4) | ||
Investments on balance sheet | (4) | ||
Total revenue-generating investments | (4) | ||
Total investments on balance sheet | (4) | ||
Investments in associates | (12) | ||
Other assets | (24,446) | (33,663) | |
Assets | € (24,446) | (33,679) | |
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) | ||
Eliminations [member] | Shares [member] | |||
Disclosure of summarized investment per segment [line items] | |||
Investments for account of policyholders | € (4) |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of insurance premium revenue [line items] | |||||
Income arising from insurance contracts | € 13,192 | € 13,731 | € 14,105 | ||
Life insurance general account [member] | |||||
Disclosure of insurance premium revenue [line items] | |||||
Income arising from insurance contracts | 11,680 | 12,077 | 12,310 | ||
Non-Life insurance [member] | |||||
Disclosure of insurance premium revenue [line items] | |||||
Income arising from insurance contracts | 1,512 | 1,654 | 1,795 | ||
Accident and health insurance [member] | |||||
Disclosure of insurance premium revenue [line items] | |||||
Income arising from insurance contracts | 1,512 | 1,389 | 1,539 | ||
General insurance [member] | |||||
Disclosure of insurance premium revenue [line items] | |||||
Income arising from insurance contracts | € 0 | € 265 | € 256 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Premium Income and Premiums P_4
Premium Income and Premiums Paid to Reinsurers - Summary of Premiums Paid to Reinsurers (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||||
Expenses arising from reinsurance held | € 2,189 | € 3,418 | € 2,640 | ||
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 | 2,057 | 3,292 | 2,506 | ||
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 | 132 | 126 | 134 | ||
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 | 132 | 118 | 127 | ||
General insurance [member] | |||||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||||
Expenses arising from reinsurance held | € 0 | € 8 | € 7 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Premium Income and Premiums P_5
Premium Income and Premiums Paid to Reinsurers - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Life insurance general account [member] | ||
Disclosure of insurance premium revenue [line items] | ||
Total decrease in premium income | € 539 | € 374 |
Americas [Member] | Universal Life Insurance Contract [Member] | ||
Disclosure of insurance premium revenue [line items] | ||
Increase in premium paid to reinsurers | € 1,229 | € 778 |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | ||
Disclosure of investment income [line items] | |||||
Interest income | € 4,071 | € 3,536 | [1] | € 3,652 | |
Dividend income | 1,504 | 1,327 | [1] | 1,397 | |
Rental income | 39 | 29 | [1] | 39 | |
Investment income | 5,613 | 4,893 | [1] | 5,087 | |
Fair value interest income | 3,413 | 3,047 | [1] | 3,156 | |
Financial assets impaired [member] | |||||
Disclosure of investment income [line items] | |||||
Interest income | 1 | 53 | [1] | € (70) | |
Aegon N.V [member] | |||||
Disclosure of investment income [line items] | |||||
Interest income from intercompany loans | 14 | 12 | |||
Interest income from derivatives | 7 | 1 | |||
Investment income | € 21 | € 13 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Investment Income - Summary o_2
Investment Income - Summary of Investment Income From Financial Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of detailed information about investment income [line items] | |||||
Investment income | € 5,613 | € 4,893 | € 5,087 | ||
Investment income related to general account [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 3,724 | 3,249 | 3,329 | ||
Investment income related to general account [member] | Derivatives [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 8 | (4) | (11) | ||
Investment income related to general account [member] | Available-for-sale financial assets [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 3,017 | 2,674 | 2,757 | ||
Investment income related to general account [member] | Loans [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 538 | 499 | 497 | ||
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 | 142 | 97 | 65 | ||
Investment income for account of policyholders [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 1,889 | 1,644 | 1,758 | ||
Shares [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 1,504 | 1,327 | 1,397 | ||
Debt securities [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 3,374 | 2,970 | 3,105 | ||
Loans [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 538 | 499 | 497 | ||
Real estate [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 39 | 29 | 39 | ||
Real estate [member] | Investment income related to general account [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 4 | (1) | 12 | ||
Other [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | 159 | 68 | 49 | ||
Other [member] | Investment income related to general account [member] | |||||
Disclosure of detailed information about investment income [line items] | |||||
Investment income | € 14 | € (15) | € 9 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Fee and Commission Income - Sum
Fee and Commission Income - Summary of Fee and Commission Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Fee and commission income (expense) [abstract] | |||||
Fee income from asset management | € 1,574 | € 1,647 | € 1,512 | ||
Commission income | 787 | 640 | 510 | ||
Other | 164 | 168 | 99 | ||
Total fee and commission income | € 2,525 | € 2,454 | € 2,122 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Fee and Commission Income - Add
Fee and Commission Income - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fee and commission income (expense) [abstract] | |||
Fee and commission income on trust and fiduciary activities | € 242 | € 259 | € 221 |
Income From Reinsurance Ceded -
Income From Reinsurance Ceded - Summary of Income From Reinsurance Ceded (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure Of Income From Reinsurance Ceded [abstract] | |||||
Recovered claims and benefits | € 3,480 | € 3,377 | € 3,362 | ||
Change in technical provisions | (612) | 738 | 309 | ||
Commissions | 148 | 147 | 396 | ||
Amortization charges | (9) | 2 | 0 | ||
Total | € 3,009 | € 4,263 | € 4,066 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Results From Financial Transa_3
Results From Financial Transactions - Summary of Financial Transactions Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | ||
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 | € 227 | € 807 | [1] | € 223 | |
Realized gains and (losses) on financial investments | (537) | 392 | [1] | 119 | |
Gains and (losses) on investments in real estate | 1 | 0 | [1] | (60) | |
Net fair value change of derivatives | 1,148 | 761 | [1] | (2,270) | |
Net fair value change on account of policyholder financial assets at fair value through profit or loss | (35,951) | 22,539 | [1] | 19,935 | |
Net fair value change on investments in real estate for account of policyholders | (61) | 46 | [1] | (36) | |
Net foreign currency gains and (losses) | 36 | 182 | [1] | 34 | |
Net fair value change on borrowings and other financial liabilities | 5 | (13) | [1] | 18 | |
Total | (35,132) | 24,715 | [1] | € 17,961 | |
Aegon N.V [member] | |||||
Disclosure of result from financial transaction [Line Items] | |||||
Net fair value change of derivatives | (30) | 5 | |||
Net foreign currency gains and (losses) | 0 | (1) | |||
Total | € (30) | € 3 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
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 | € 227 | € 807 | € 223 | ||
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 | (48) | 27 | (4) | ||
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 | (91) | (26) | 22 | ||
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 | € 366 | € 807 | € 205 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | € (537) | € 392 | € 119 | ||
Shares [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | 67 | 16 | (2) | ||
Debt securities and money market investments [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | (632) | 281 | 144 | ||
Loans [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | 36 | 125 | 20 | ||
Other [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | € (8) | € (30) | € (43) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | € (537) | € 392 | € 119 | ||
Available-for-sale investments [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | (573) | 268 | 99 | ||
Loans [member] | |||||
Realized gains and losses on financial investments [line items] | |||||
Realized gains and losses on financial investments | € 36 | € 125 | € 20 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Net fair value change of derivatives [abstract] | |||||
Net fair value change on economic hedges where no hedge accounting is applied | € (143) | € (265) | € (533) | ||
Net fair value change on bifurcated embedded derivatives | 1,290 | 1,023 | (1,739) | ||
Ineffective portion of hedge transactions to which hedge accounting is applied | 1 | 4 | 2 | ||
Total | € 1,148 | € 761 | € (2,270) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about hedged items [line items] | |||||
Total | € 1 | € 4 | [1] | € 2 | [1] |
Non-cash changes [member] | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Ineffectiveness fair value hedges | 4 | 3 | [1] | 2 | [1] |
Total | 4 | 2 | 0 | ||
Cash flow hedges [member] | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Ineffectiveness cash flow hedges | (102) | (38) | 74 | ||
Hedged item [member] | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Fair value change on hedged items in a fair value hedge | 7 | 6 | [1] | (9) | [1] |
Hedged item [member] | Cash flow hedges [member] | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Ineffectiveness cash flow hedges | (3) | 1 | [1] | ||
Hedging instrument [member] | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Fair value change on hedged items in a fair value hedge | € (4) | € (3) | [1] | € 11 | [1] |
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
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 | € (35,951) | € 22,539 | € 19,935 | ||
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 | (2,799) | 2,661 | 1,290 | ||
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 | (2,114) | (557) | 485 | ||
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 | (30,326) | 20,833 | 17,670 | ||
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 | € (712) | € (398) | € 489 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of financial liabilities [line items] | |||||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € 5 | € (13) | € 18 | ||
Borrowings [member] | |||||
Disclosure of financial liabilities [line items] | |||||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | 0 | 0 | 16 | ||
Other financial liabilitiy [member] | |||||
Disclosure of financial liabilities [line items] | |||||
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € 5 | € (13) | € 2 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Other Income - Summary of Other
Other Income - Summary of Other Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of Other Operating Income [abstract] | |||||
Other income | € 378 | € 49 | [1] | € 62 | [1] |
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Other Income - Additional Infor
Other Income - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Oct. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other operating income [line items] | ||||
Business disposal gain loss | € 87 | € 53 | ||
Gain on sale of small-sized IRA portfolio | € 38 | |||
Percentage of voting equity interests acquired | 50% | |||
Gain on divestment of subsidiaries or associates | € 87 | € 288 |
Policyholder Claims and Benef_3
Policyholder Claims and Benefits - Summary of Policyholder Claims and Benefits (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||||
Change in valuation of liabilities for insurance contracts | € (24,879) | € 19,504 | € 19,723 | ||
Other | (20) | (38) | (19) | ||
Total | (16,680) | 40,097 | 35,865 | ||
Life insurance general account [member] | |||||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||||
Benefits and claims paid life | 17,313 | 16,971 | 12,973 | ||
Non-Life insurance [member] | |||||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||||
Benefits and claims paid life | 1,305 | 1,240 | 1,290 | ||
Investment contracts 1 [member] | |||||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||||
Change in valuation of liabilities for investment contracts | € (10,398) | € 2,420 | € 1,898 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Policyholder Claims and Benef_4
Policyholder Claims and Benefits - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Detail Information About Policyholder Claims And Benefits Paid [line items] | |||||
Fair value changes on for account of policyholder financial assets | € (35,951) | € 22,539 | [1] | € 19,935 | [1] |
Increase (decrease) of technical provisions for life insurance contracts | € 1,345 | € 863 | € 1,707 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Profit Sharing and Rebates - Su
Profit Sharing and Rebates - Summary of Profit Sharing and Rebates (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure Of Profit Sharing And Rebates [abstract] | |||||
Surplus interest bonuses | € 0 | € 1 | € 1 | ||
Profit appropriated to policyholders | 7 | 7 | 7 | ||
Total | € 7 | € 8 | € 8 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Commissions and Expenses - Summ
Commissions and Expenses - Summary of Commissions and Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of commissions and expenses [line items] | |||||
Commissions | € 2,311 | € 2,539 | [1] | € 2,264 | [1] |
Employee expenses | 1,707 | 1,511 | [1] | 1,579 | [1] |
Administration expenses | 1,218 | 1,294 | [1] | 1,298 | [1] |
Deferred expenses | (770) | (1,160) | [1] | (741) | [1] |
Amortization of deferred expenses | 885 | 933 | [1] | 767 | [1] |
Amortization of VOBA and future servicing rights | 108 | 171 | [1] | 87 | [1] |
Total | 5,458 | 5,286 | [1] | 5,253 | [1] |
Depreciation expense included in administration expenses | 73 | 99 | 101 | ||
Equipment Software And Real Estate [Member] | |||||
Disclosure of commissions and expenses [line items] | |||||
Depreciation expense included in administration expenses | 73 | 80 | [1] | € 81 | [1] |
Aegon N.V [member] | |||||
Disclosure of commissions and expenses [line items] | |||||
Employee expenses | 82 | 84 | |||
Administration expenses | 63 | 71 | |||
Cost sharing to group companies | (76) | (75) | |||
Total | € 68 | € 80 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Commissions and Expenses - Addi
Commissions and Expenses - Additional Information (Detail) - Life insurance contracts [member] - One time expense [member] - Variable annuities dynamic hedging program for variable annuities with interest sensitive guaranteed minimum income benefits and guaranteed minimum death benefits [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Commissions And Expenses [line items] | |
Expense arising from insurance contracts | € 350 |
Amortization of deferred expenses [Member] | |
Disclosure Of Commissions And Expenses [line items] | |
Expense arising from insurance contracts | 254 |
Amortization of value of business acquired and future servicing rights [member] | |
Disclosure Of Commissions And Expenses [line items] | |
Expense arising from insurance contracts | € 96 |
Commissions and Expenses - Su_2
Commissions and Expenses - Summary of Employee Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Classes of employee benefits expense [abstract] | |||||
Salaries | € 1,160 | € 1,092 | € 1,105 | ||
Post-employment benefit costs | 116 | 126 | 137 | ||
Social security charges | 99 | 100 | 97 | ||
Other personnel costs | 284 | 150 | 203 | ||
Shares | 48 | 43 | 37 | ||
Total | 1,707 | 1,511 | 1,579 | ||
Amount included in employee expenses relating to defined contributions | € 49 | € 35 | € 36 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 Counterparty shares € / shares | Dec. 31, 2021 shares Counterparty | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 28,631,999 | 21,844,085 | |
Number of shares conditionally granted | [1] | 39,217,941 | |
Number of shares allocated | [2] | 32,704,472 | |
Number of shares conditionally granted as variable compensation | [3] | 7,495,307 | 9,449,451 |
Number of shares allocated | [4] | 6,054,552 | 566,521 |
Number of shares forfeited | (1,535,718) | (639,134) | |
Number of shares vested | Counterparty | (7,203,437) | (2,588,924) | |
Ending balance | 33,442,703 | 28,631,999 | |
2018 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 3,012,053 | 5,251,551 | |
Number of shares conditionally granted | [1] | 6,513,984 | |
Number of shares allocated | [2] | 6,123,546 | |
Number of shares allocated | [4] | 65,410 | 4,010 |
Number of shares forfeited | (119,833) | (205,734) | |
Number of shares vested | Counterparty | (2,957,630) | (2,037,774) | |
Ending balance | 3,012,053 | ||
Average share price used for grant in EUR | € / shares | [5] | € 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 | [6] | 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 | [6] | € 5.054 | |
2019 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 6,796,979 | 7,340,768 | |
Number of shares conditionally granted | [1] | 7,378,113 | |
Number of shares allocated | [2] | 6,761,360 | |
Number of shares allocated | [4] | 3,445 | (29,388) |
Number of shares forfeited | (103,121) | (254,543) | |
Number of shares vested | Counterparty | (2,899,400) | (259,858) | |
Ending balance | 3,797,903 | 6,796,979 | |
Average share price used for grant in EUR | € / shares | [5] | € 4.162 | |
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 | [6] | 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 | [6] | € 3.737 | |
2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 6,997,435 | 9,251,766 | |
Number of shares conditionally granted | [1] | 8,381,086 | |
Number of shares allocated | [2] | 6,522,324 | |
Number of shares allocated | [4] | 1,832 | (1,858,762) |
Number of shares forfeited | (262,567) | (174,128) | |
Number of shares vested | Counterparty | (327,134) | (221,441) | |
Ending balance | 6,409,566 | 6,997,435 | |
Average share price used for grant in EUR | € / shares | [5] | € 4.083 | |
2020 [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 | [6] | 1.794 | |
2020 [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] | € 3.796 | |
2021 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 11,825,532 | ||
Number of shares conditionally granted | [1] | 9,449,451 | |
Number of shares allocated | [2] | 13,297,242 | |
Number of shares conditionally granted as variable compensation | [3] | 9,449,451 | |
Number of shares allocated | [4] | 3,847,791 | 2,450,661 |
Number of shares forfeited | (1,050,197) | (4,729) | |
Number of shares vested | Counterparty | (835,534) | (69,851) | |
Ending balance | 13,787,592 | 11,825,532 | |
Average share price used for grant in EUR | € / shares | [5] | € 3.293 | |
2021 [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 | [6] | 1.625 | |
2021 [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] | € 3.978 | |
2022 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares conditionally granted | [1] | 7,495,307 | |
Number of shares conditionally granted as variable compensation | [3] | 7,495,307 | |
Number of shares allocated | [4] | 2,136,074 | |
Number of shares vested | Counterparty | (183,739) | ||
Ending balance | 9,447,642 | ||
Average share price used for grant in EUR | € / shares | [5] | € 4.491 | |
2022 [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 | [6] | 3.341 | |
2022 [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] | € 5.061 | |
[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.[3]The at target number of shares which were conditionally granted as variable compensation for the plan year.[4]Shares that are already allocated during a plan year, are a combination of shares as part of fixed compensation or a sign-on arrangement (e.g. the 2,450,661 shares allocated during the calendar year 2021 in relation to the 2021 plan year). Shares that are allocated in the calendar year after a plan year, concerns the difference between the conditionally granted shares for that plan year and the actual number of shares which have been allocated as variable compensation (e.g. the 1,858,762 share correction during 2021 for the 2020 plan year). This number can therefore be positive or negative. Shares allocated during a calendar year in relation to earlier plan years are backdated corrections to the administration (e.g. during 2021 a correction of 4,010 shares was made in relation to the 2018 plan year).[5]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 2022 plan year, this is the VWAP for the period December 15, 2021 to January 15, 2022.[6]These fair values are adjusted for expected dividend (for which the participants are not eligible during the deferral period) and for the impact of relative total shareholder return as performance indicator for variable compensation (where applicable). |
Commissions and Expenses - Su_4
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 (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares allocated | [1] | 6,054,552 | 566,521 |
2018 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares allocated | [1] | 65,410 | 4,010 |
2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares allocated | [1] | 1,832 | (1,858,762) |
2021 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares allocated | [1] | 3,847,791 | 2,450,661 |
[1]Shares that are already allocated during a plan year, are a combination of shares as part of fixed compensation or a sign-on arrangement (e.g. the 2,450,661 shares allocated during the calendar year 2021 in relation to the 2021 plan year). Shares that are allocated in the calendar year after a plan year, concerns the difference between the conditionally granted shares for that plan year and the actual number of shares which have been allocated as variable compensation (e.g. the 1,858,762 share correction during 2021 for the 2020 plan year). This number can therefore be positive or negative. Shares allocated during a calendar year in relation to earlier plan years are backdated corrections to the administration (e.g. during 2021 a correction of 4,010 shares was made in relation to the 2018 plan year). |
Impairment Charges _ (Reversa_3
Impairment Charges / (Reversals) - Summary of Impairment Charges / (Reversals) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||||
Impairment charges on financial assets, excluding receivables | € 39 | € 11 | € 204 | ||
Impairment reversals on financial assets, excluding receivables | (19) | (42) | (28) | ||
Impairment charges and reversals on non-financial assets and receivables | 48 | 48 | 107 | ||
Total | € 68 | € 16 | € 284 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment charges on financial assets, excludes receivables | € 39 | € 11 | € 204 | ||
Shares [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment charges on financial assets, excludes receivables | 3 | 1 | 42 | ||
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 | 36 | 9 | 161 | ||
Loans [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment charges on financial assets, excludes receivables | € 0 | € 0 | € 2 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment reversals on financial assets, excludes receivables | € (19) | € (42) | € (28) | ||
Shares [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment reversals on financial assets, excludes receivables | 0 | (8) | 0 | ||
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 | (18) | (30) | (26) | ||
Loans [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment reversals on financial assets, excludes receivables | (1) | 0 | 0 | ||
Other [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment reversals on financial assets, excludes receivables | € 0 | € (4) | € (1) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Impairment Charges _ (Reversa_6
Impairment Charges / (Reversals) - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment charges and reversals on non-financial assets and receivables | € 48 | € 48 | € 107 | [1] | |
Aegon Americas [member] | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Impairment charges and reversals on non-financial assets and receivables | € 68 | ||||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | ||
Disclosure of interest charges and related fees [line items] | |||||
Subordinated loans | € 119 | € 110 | [1] | € 110 | |
Trust pass-through securities | 9 | 8 | [1] | 9 | |
Borrowings | 115 | 65 | [1] | 96 | |
Other | 85 | 64 | [1] | 190 | |
Total | 329 | 246 | [1] | 405 | |
Interest charges accrued on financial liabilities not carried at fair value through profit or loss | 221 | 121 | [1] | € 132 | |
Aegon N.V [member] | |||||
Disclosure of interest charges and related fees [line items] | |||||
Subordinated borrowings | 72 | 68 | |||
Borrowings | 52 | 54 | |||
Other | 3 | 8 | |||
Total | € 127 | € 129 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Other Charges - Summary of Othe
Other Charges - Summary of Other Charges (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of other charges [abstract] | |||||
Other charges | € (5) | € 101 | [1] | € 104 | [1] |
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Other Charges - Additional Info
Other Charges - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 USD ($) | |||
Disclosure of other charges [line items] | ||||||
Other charges | € (5) | € 101 | [1] | € 104 | [1] | |
Americas [member] | ||||||
Disclosure of other charges [line items] | ||||||
Other charges | € 667 | € 91 | $ 104 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Current tax | |||||
Current year | € (6) | € (18) | [1] | € (23) | [1] |
Adjustments to prior years | (3) | (6) | [1] | (24) | [1] |
Current tax | (9) | (24) | [1] | (47) | [1] |
Deferred tax | |||||
Origination / (reversal) of temporary differences | (540) | 163 | [1] | (309) | [1] |
Changes in tax rates / bases | (2) | (39) | [1] | (11) | [1] |
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 | 8 | (5) | [1] | 12 | [1] |
Reconciliation between standard and effective tax | |||||
Result before tax | (922) | 2,400 | (364) | ||
Non-recognition of deferred tax assets | 9 | 9 | [1] | 7 | [1] |
Differences due to the effect of: | |||||
Tax rate changes | (2) | (39) | [1] | (11) | [1] |
Non deductible expenses | (12) | (21) | [1] | (21) | [1] |
Adjustments to prior years | 16 | (9) | [1] | 11 | [1] |
Deferred tax | (509) | 119 | [1] | (289) | [1] |
Income tax for the period (income) / charge | (518) | 95 | [1] | € (336) | [1] |
Aegon N.V [member] | |||||
Current tax | |||||
Current year | 47 | 54 | |||
Current tax | 47 | 54 | |||
Reconciliation between standard and effective tax | |||||
Result before tax | (204) | (193) | |||
Tax on income on Dutch corporate income tax rate | 53 | 48 | |||
Differences due to the effect of: | |||||
Tax rate changes | 4 | ||||
Non deductible expenses | (7) | (7) | |||
Change in uncertain tax positions | 8 | ||||
Income tax for the period (income) / charge | € (47) | € (54) | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | |
Reconciliation between standard and effective income tax: | |||||
Result before tax from continuing operations | € (1,543) | € 1,164 | € (958) | ||
Income tax calculated using weighted average applicable statutory tax rates | (329) | 231 | (218) | ||
Difference due to the effects of: | |||||
Non-taxable income | (116) | (57) | (54) | ||
Non-tax deductible expenses | 12 | 21 | 21 | ||
Changes in tax rate/base | (2) | (39) | (11) | ||
Different tax rates on overseas earnings | 3 | ||||
Tax credits | (43) | (48) | (57) | ||
Other taxes | (46) | 38 | (2) | ||
Adjustments to prior years | 12 | (15) | (12) | ||
Change in uncertain tax positions | 0 | (16) | |||
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 | 8 | (5) | 12 | ||
Non-recognition of deferred tax assets | 9 | 9 | 7 | ||
Tax effect of (profit) / losses from joint ventures and associates | (19) | (18) | (17) | ||
Other | (8) | (5) | (4) | ||
Differences due to the effects of | (189) | (136) | (118) | ||
Income tax for the period (result) / charge | € (518) | € 95 | € (336) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||
Apr. 01, 2023 | Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expense benefits [line items] | |||||
Weighted average applicable statutory tax rate | 21.30% | 19.90% | 22.80% | ||
United Kingdom [member] | Changes in tax rates or tax laws enacted or announced [member] | Bottom of range [member] | |||||
Income tax expense benefits [line items] | |||||
Corporate income tax rate | 19% | ||||
United Kingdom [member] | Changes in tax rates or tax laws enacted or announced [member] | Top of range [member] | |||||
Income tax expense benefits [line items] | |||||
Corporate income tax rate | 25% | ||||
The Netherlands [member] | Changes in tax rates or tax laws enacted or announced [member] | Bottom of range [member] | |||||
Income tax expense benefits [line items] | |||||
Corporate income tax rate | 25% | ||||
The Netherlands [member] | Changes in tax rates or tax laws enacted or announced [member] | Top of range [member] | |||||
Income tax expense benefits [line items] | |||||
Corporate income tax rate | 25.80% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Items that will not be reclassified to profit and loss: | ||||||
Changes in revaluation reserve real estate held for own use | [1] | € 1 | € (2) | |||
Remeasurements of defined benefit plans | € (5) | (78) | [1] | 14 | [1] | |
Income tax will not be reclassified to profit or loss | (5) | (77) | [1] | 12 | [1] | |
Items that may be reclassified subsequently to profit and loss: | ||||||
(Gains) / losses on revaluation of available-for-sale investments | 2,802 | 269 | [1] | (635) | [1] | |
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments | (121) | 71 | [1] | (1) | [1] | |
Changes in cash flow hedging reserve | 42 | 47 | [1] | 54 | [1] | |
Movement in foreign currency translation and net foreign investment hedging reserve | (12) | 3 | [1] | (7) | [1] | |
Income tax will be reclassified to profit or loss | 2,710 | 390 | [1] | (589) | [1] | |
Total income tax related to components of other comprehensive income | 2,706 | 313 | [1] | (577) | [1] | |
Income tax related to equity instruments and other | ||||||
Income tax related to equity instruments | 2 | 13 | 18 | |||
Other | 1 | 3 | 1 | |||
Total income tax recognised directly in retained earnings | € 3 | € 16 | € 19 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of interests in other entities [Line Items] | |||
At January 1 | € 26,042 | € 24,846 | |
Capital contributions and acquisitions | 36 | 65 | |
Dividend received | (1,634) | (1,196) | |
Net result for the financial year | (1,275) | 2,119 | € 0 |
Revaluations | (9,575) | 209 | |
At December 31 | € 13,594 | € 26,042 | € 24,846 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Earnings per share [line items] | |||||
Net result attributable to owners of Aegon N.V. from continuing and discontinued operations | € (1,433) | € 1,980 | [1] | € (146) | [1] |
Coupons on perpetual securities | (36) | (39) | (38) | ||
Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations | (1,469) | 1,941 | (184) | ||
Net result attributable to common shareholders from continuing and discontinued operations | € (1,460) | € 1,928 | € (182) | ||
Weighted average number of common shares B outstanding (in million) | 2,010 | 2,043 | 2,044 | ||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € (0.73) | € 0.94 | [1] | € (0.09) | [1] |
Continuing operations | |||||
Net result attributable to owners of Aegon N.V. from continuing operations | € (1,054) | € 1,019 | € (633) | ||
Coupons on perpetual securities | (36) | (39) | (38) | ||
Net result attributable to owners for basic earnings per share calculation from continuing operations | (1,090) | 981 | (670) | ||
Net result attributable to common shareholders from continuing operations | € (1,083) | € 974 | € (666) | ||
Weighted average number of common shares B outstanding (in million) | 2,010 | 2,043 | 2,044 | ||
Basic earnings per common share (EUR per share) from continuing operations | € (0.54) | € 0.48 | [1] | € (0.33) | [1] |
Discontinued operations | |||||
Net result attributable to owners of Aegon N.V. from discontinued operations | € (379) | € 960 | € 487 | ||
Coupons on perpetual securities | |||||
Net result attributable to owners for basic earnings per share calculation from discontinued operations | (379) | 960 | 487 | ||
Net result attributable to common shareholders from discontinued operations | € (377) | € 954 | € 484 | ||
Weighted average number of common shares B outstanding (in million) | 2,010 | 2,043 | 2,044 | ||
Basic earnings per common share (EUR per share) from discontinued operations | € (0.19) | € 0.47 | € 0.24 | ||
Common share B [member] | |||||
Earnings per share [line items] | |||||
Net result attributable to common shareholders from continuing and discontinued operations | € (10) | € 13 | € (1) | ||
Weighted average number of common shares B outstanding (in million) | 536 | 559 | 561 | ||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € (0.02) | € 0.02 | [1] | € 0 | [1] |
Continuing operations | |||||
Net result attributable to common shareholders from continuing operations | € (7) | € 7 | € (5) | ||
Weighted average number of common shares B outstanding (in million) | 536 | 559 | 561 | ||
Basic earnings per common share (EUR per share) from continuing operations | € (0.01) | € 0.01 | [1] | € (0.01) | [1] |
Discontinued operations | |||||
Net result attributable to common shareholders from discontinued operations | € (3) | € 7 | € 3 | ||
Weighted average number of common shares B outstanding (in million) | 536 | 559 | 561 | ||
Basic earnings per common share (EUR per share) from discontinued operations | € 0 | € 0.01 | € 0.01 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Dividend Per Common Share - Add
Dividend Per Common Share - Additional Information (Detail) - EUR (€) € / shares in Units, € in Millions | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 21, 2022 | Dec. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € (0.23) | |||||
Aegon N.V [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.23 | |||||
Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.002 | € 0.00425 | ||||
Common shares B [member] | Aegon N.V [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.00575 | |||||
Final Dividend 2020 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Cash dividend payable per common share | 0.08 | |||||
Final Dividend 2021 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.09 | |||||
Final Dividend 2021 [Member] | Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.00225 | |||||
Interim Dividend 2021 | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.08 | |||||
Percentage of shareholders receive cash dividend | 42% | |||||
Percentage of shareholders receive stock dividend | 58% | |||||
Stock dividend payable description | the stock dividend amounted to one new Aegon common share for every 52 common shares held | |||||
Dividend payable, date to be paid | Sep. 17, 2021 | |||||
Stock repurchase program to repurchase common shares | 21,531,927 | |||||
Interim Dividend 2021 | Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.17 | |||||
Dividends paid on common shares | 1/40th of the dividend paid on common shares | |||||
Final Dividend 2022 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.12 | |||||
Final Dividend 2022 [Member] | Bottom of range [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.25 | |||||
Final Dividend 2022 [Member] | Top of range [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.3 | |||||
Final Dividend 2022 [Member] | Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.003 | |||||
Interim Dividend 2022 | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 4.61 | € 0.11 | ||||
Percentage of shareholders receive cash dividend | 60% | |||||
Stock repurchase program to repurchase common shares | 29,833,390 | |||||
Common shares repurchased average price per share | € 4.4897 | |||||
Stock repurchased during period value | € 134 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Detailed Information about Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents [abstract] | |||
Cash at bank and in hand | € 1,827 | € 3,638 | € 4,907 |
Short-term deposits | 345 | 1,576 | 2,214 |
Money market investments | 1,235 | 1,675 | 1,247 |
Short-term collateral | 0 | 4 | |
At December 31 | 3,407 | 6,889 | 8,372 |
Cash collateral received related to securities lending, repurchase agreements and margins on derivatives transactions | 5,072 | 5,776 | 9,208 |
Income from security lending programs | € 7 | € 3 | € 9 |
Weighted effective interest rate on short-term deposits | 15.01% | (0.72%) | (0.64%) |
Average maturity days on short-term deposits | 44 days | 16 days | 10 days |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Detailed information about cash and cash equivalents [line items] | |||||
Effects of changes in exchange rate | € 55 | € 67 | € (121) | ||
Net cash flows from (used in) operating activities | 2,851 | (1,796) | [1] | (2,854) | [1] |
Increase (decrease) in net cash flows from investing activities | 670 | 85 | |||
Net cash flows from (used in) investing activities | 616 | (54) | [1] | (139) | [1] |
Increase (decrease) in net cash flows from financing activities | (2,220) | 1,078 | |||
Net cash flows from (used in) financing activities | (1,920) | 300 | [1] | € (778) | [1] |
Increase (decrease) in net cash flows from operating activities | € 4,647 | € 1,058 | |||
[1]Amounts for 2021 and 2020 includes the disposal group. |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Net Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash and cash equivalents | € 3,407 | € 6,889 | € 8,372 | |
Cash classified as Assets held for sale | 5,085 | |||
Net cash and cash equivalents | € 8,491 | € 6,889 | € 8,372 | € 12,263 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Detailed Information of Cash Flow Statement (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | [1] | ||
Statement of cash flows [abstract] | ||||||
Net cash flows from operating activities | € 2,851 | € (1,796) | € (2,854) | |||
Net cash flows from investing activities | 616 | (54) | (139) | |||
Net cash flows from financing activities | (1,920) | 300 | (778) | |||
Net increase / (decrease) in cash and cash equivalents | [2] | € 1,548 | € (1,550) | € (3,770) | ||
[1]Amounts for 2021 and 2020 includes the disposal group.[2]Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 5,405 million (2021: EUR 5,271 million and 2020: EUR 5,114 million) dividends received EUR 1,840 million (2021: EUR 1,624 million and 2020: EUR 1,751 million) and interest paid EUR 289 million (2021: EUR 296 million and 2020: EUR 491 million). All included in operating activities except for dividend received from joint ventures and associates EUR 137 million (2021: EUR 95 million and 2020: EUR 138 million). |
Cash and Cash Equivalents - S_3
Cash and Cash Equivalents - Summary of Reconciliation of Liabilities Arising from Financing Activities (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | € 9,661 | |
Ending balance | 4,051 | € 9,661 |
Cash flow hedges [member] | Subordinated borrowings - held at amortized cost [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 2,194 | 2,085 |
Amortization | 3 | 3 |
Net exchange difference | 98 | 105 |
Ending balance | 2,295 | 2,194 |
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 | 126 | 126 |
Movements related to fair value hedges | (15) | (9) |
Amortization | (1) | |
Net exchange difference | 8 | 9 |
Ending balance | 118 | 126 |
Cash flow hedges [member] | Borrowings [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 9,661 | 8,524 |
Addition | 3,569 | 3,914 |
Repayment | (4,086) | (3,000) |
Movements related to fair value hedges | 0 | (1) |
Amortization | 1 | 1 |
Transfers to disposal groups | (5,227) | |
Net exchange difference | 133 | 222 |
Ending balance | 4,051 | 9,661 |
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 | 3 | 12 |
Realized gains / losses in income statement | (15) | (9) |
Net exchange difference | 1 | |
Ending balance | € (11) | 3 |
Cash flow hedges [member] | Assets held to hedge borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 62 | |
Repayment | (61) | |
Realized gains / losses in income statement | € (1) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of investments in financial assets and real estate [abstract] | |||
Available-for-sale (AFS) | € 59,643 | € 99,884 | |
Loans | 12,556 | 46,823 | |
Financial assets at fair value through profit or loss (FVTPL) | 4,567 | 8,481 | |
Total financial assets, excluding derivatives | 76,766 | 155,188 | |
Investments in real estate | 59 | 2,643 | € 2,385 |
Total investments for general account | € 76,825 | € 157,831 |
Investments - Summary of Financ
Investments - Summary of Financial Assets Excluding Derivatives (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
AFS | € 59,643 | € 99,884 |
Fair value through profit or loss | 4,567 | 8,481 |
Loans | 12,556 | 46,823 |
Total | 76,766 | 155,188 |
Fair value | 75,557 | 160,187 |
Current portion: | ||
Debt securities, money market and other short-term investments, mortgage and private loans | 7,294 | 12,924 |
Shares [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 195 | 350 |
Fair value through profit or loss | 193 | 1,665 |
Total | 388 | 2,015 |
Fair value | 388 | 2,015 |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 53,093 | 93,899 |
Fair value through profit or loss | 554 | 3,296 |
Total | 53,647 | 97,195 |
Fair value | 53,647 | 97,195 |
Money market and other short-term investments [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 5,514 | 4,790 |
Fair value through profit or loss | 99 | 120 |
Total | 5,613 | 4,910 |
Fair value | 5,613 | 4,910 |
Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 10,441 | 39,991 |
Total | 10,441 | 39,991 |
Fair value | 9,245 | 44,366 |
Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 27 | 4,883 |
Total | 27 | 4,883 |
Fair value | 27 | 5,491 |
Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 45 | 52 |
Total | 45 | 52 |
Fair value | 45 | 52 |
Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
Loans | 2,042 | 1,893 |
Total | 2,042 | 1,893 |
Fair value | 2,042 | 1,893 |
Other [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 840 | 844 |
Fair value through profit or loss | 3,722 | 3,401 |
Loans | 3 | |
Total | 4,562 | 4,248 |
Fair value | € 4,562 | € 4,248 |
Investments - Summary of Moveme
Investments - Summary of Movement on Loan Allowance Account (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Changes In Allowance For Loan Losses [abstract] | ||
Beginning balance | € (118) | € (188) |
Addition charged to income statement | (16) | (40) |
Reversal to income statement | 15 | 55 |
Amounts written off | 40 | 55 |
Transfers to disposal groups | 76 | |
Ending balance | € (4) | € (118) |
Investments - Summary of Inve_2
Investments - Summary of Investments in Real Estate (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | ||
Beginning balance | € 2,643 | € 2,385 |
Additions | 41 | 47 |
Subsequent expenditure capitalized | 1 | 1 |
Disposals | (40) | (60) |
Transfer from real estate for own use and equipment | 14 | |
Fair value gains / (losses) | (51) | 253 |
Net exchange differences | 3 | 3 |
Transfers to disposal groups | (2,545) | |
Other | 7 | |
Ending balance | € 59 | € 2,643 |
Investment - Summary of investm
Investment - Summary of investments in real estate held by entities (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Investments In Real Estate Held By Entities [Line Items] | |||
Investment | € 59 | € 2,643 | € 2,385 |
Value of Aegon's properties which were appraised in the current year | 99% | 98% | |
Appraisals performed by independent external appraisers | 95% | 98% | |
Americas [member] | |||
Disclosure Of Detailed Information About Investments In Real Estate Held By Entities [Line Items] | |||
Investment | € 42 | € 39 | |
The Netherlands [member] | |||
Disclosure Of Detailed Information About Investments In Real Estate Held By Entities [Line Items] | |||
Investment | € 2,588 |
Investment - Summary of detaile
Investment - Summary of detailed information about investment Property (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Rental income from investment property, net of direct operating expense [abstract] | ||||||
Rental income reported as part of investment income | € 4 | € (1) | [1] | € 12 | [1] | |
Direct operating expenses (Including repairs and maintenance expenses): | ||||||
- From investment property that generated rental income | € 5 | 5 | [1] | 23 | [1] | |
- From investment property that did not generate rental income | [1] | € 1 | € 1 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Investments for Account of Po_3
Investments for Account of Policyholders - Summary of Investments for Account of Policyholders (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | € 179,563 | € 250,390 |
Investments in real estate | 443 | 563 |
Total investments for account of policyholders | 180,006 | 250,953 |
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 | 15,505 | 29,539 |
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 | 5,694 | 19,821 |
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 | 1,263 | 1,482 |
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 | 2,360 | 4,105 |
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 | 154,741 | 191,950 |
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 | € 0 | € 3,493 |
Investments for Account of Po_4
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, 2022 | Dec. 31, 2021 | |
Disclosure of investments for account of policyholders [Line Items] | ||
Beginning balance | € 563 | € 467 |
Additions | 0 | 54 |
Subsequent expenditure capitalized | 10 | 6 |
Disposals | (42) | (43) |
Fair value gains / (losses) | (61) | 46 |
Net exchange differences | (27) | 32 |
Ending balance | € 443 | € 563 |
Investments for Account of Po_5
Investments for Account of Policyholders - Summary of investment properties are leased out under operating leases (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Detailed Information About Income Expense From Investments Properties Under Operating Leases [Line Items] | |||||
Rental income reported as part of investment income | € 39 | € 29 | [1] | € 39 | [1] |
Investments in real estate [member] | |||||
Disclosure Of Detailed Information About Income Expense From Investments Properties Under Operating Leases [Line Items] | |||||
Rental income reported as part of investment income | 34 | 30 | 27 | ||
Direct operating expenses from investment in real estate for account of policyholders | € 5 | € 4 | € 8 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Asset and Liability (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | [1] | € 2,760 | € 8,827 |
Total derivative liabilities | [1] | 6,094 | 10,639 |
Current derivative assets | 352 | 723 | |
Current derivative liabilities | 1,607 | 2,803 | |
Derivatives for general account [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | 2,707 | 8,780 | |
Total derivative liabilities | 5,379 | 10,600 | |
Derivatives for general account [member] | Derivatives with negative values not designated as hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | 2,381 | 8,344 | |
Total derivative liabilities | 4,162 | 9,578 | |
Derivatives for general account [member] | Fair value hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | 4 | 18 | |
Total derivative liabilities | 4 | 15 | |
Derivatives for general account [member] | Cash flow hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | 204 | 346 | |
Total derivative liabilities | 1,108 | 948 | |
Derivatives for general account [member] | Derivatives desginated as Net foreign investment hedges [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Total derivative assets | 118 | 73 | |
Total derivative liabilities | 104 | 59 | |
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 | 53 | 46 | |
Total derivative liabilities | € 715 | € 39 | |
[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 - Additional Inform
Derivatives - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 the interest rate movements for terms up to 22 years for hedges converting existing floating-rate assets and liabilities to fixed-rate assets | |
Deferred gain recognized directly to equity | € 12 | € 60 |
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 40 years | |
Fair Value Or Cash Flow Hedges [Member] | ||
Disclosure of derivative financial instruments [Line Items] | ||
Derivative instruments notional amount | € 3,121 | € 3,439 |
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 21 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 34 years |
Derivatives - Derivatives Not D
Derivatives - Derivatives Not Designated In Hedge - General Account (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of derivative financial instruments [Line Items] | |||
Derivative assets | [1] | € 2,760 | € 8,827 |
Derivative liability | [1] | 6,094 | 10,639 |
Derivatives for general account [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Derivative assets | 2,707 | 8,780 | |
Derivative liability | 5,379 | 10,600 | |
Derivatives with negative values not designated as hedges [member] | Derivatives for general account [member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Derivative assets | 2,381 | 8,344 | |
Derivative liability | 4,162 | 9,578 | |
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 | 2,378 | 8,327 | |
Derivative liability | 3,198 | 5,992 | |
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 | 3 | 17 | |
Derivative liability | € 964 | € 3,586 | |
[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 - Credit Derivative
Derivatives - Credit Derivative Disclosure By Quality (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of internal credit grades [Line Items] | ||
Notional | € 4,820 | € 4,449 |
Fair value | 28 | 70 |
AAA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 5 | 14 |
Fair value | 0 | 0 |
AA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 177 | 173 |
Fair value | 2 | 3 |
A [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 964 | 926 |
Fair value | 9 | 14 |
BBB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 3,446 | 2,925 |
Fair value | 18 | 50 |
BB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 144 | 263 |
Fair value | (1) | 1 |
B or lower [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 86 | 148 |
Fair value | € 0 | € 2 |
Derivatives - Summary Of Gain L
Derivatives - Summary Of Gain Loss On Fair Value Hedge ineffectiveness (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Fair value hedges [member] | |||||
Disclosure Of Gain Loss On Fair Value Hedge Ineffectiveness [Line Items] | |||||
Gains (losses) related to the ineffectiveness portion of designated fair value hedges | € 4 | € 3 | [1] | € 2 | [1] |
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Derivatives - Summary of Gains
Derivatives - Summary of Gains Losses On Cash Flow Hedge Ineffectiveness (Detail) - Cash flow hedges [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Gains Losses On Cash Flow Hedge Ineffectiveness [Line Items] | |||
Hedge ineffectiveness on cash flow hedges | € (3) | € 1 | € 0 |
Gains (losses) reclassified from equity into the income statement | (102) | (38) | 74 |
Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months | € 116 | € 113 | € 92 |
Derivatives - Summary of Cash F
Derivatives - Summary of Cash Flows are Expected to Occur (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | € 11,388 | € 10,201 |
Cash outflows | 4 | 4 |
Net cash flows | 11,384 | 10,197 |
Not later than 1 year [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 598 | 535 |
Cash outflows | 0 | 0 |
Net cash flows | 598 | 535 |
1-5 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 2,572 | 2,158 |
Cash outflows | 4 | 4 |
Net cash flows | 2,569 | 2,154 |
Over 5 through 10 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 1,887 | 1,640 |
Cash outflows | 0 | 0 |
Net cash flows | 1,887 | 1,640 |
Over 10 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 6,331 | 5,868 |
Cash outflows | 0 | 0 |
Net cash flows | € 6,331 | € 5,868 |
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, 2022 | Dec. 31, 2021 | |
Investments in subsidiaries, joint ventures and associates [abstract] | ||
Beginning balance | € 1,743 | € 1,376 |
Additions | 30 | 61 |
Disposals | (67) | |
Share in net result | 286 | 265 |
Share in changes in equity (note 30.6) | (63) | 25 |
Dividend | (79) | (88) |
Net exchange difference | (25) | 45 |
Transfer to / (from) other headings | 58 | |
Transfer to disposal groups | (382) | |
Ending balance | 1,443 | 1,743 |
At January 1 | 1,289 | 1,264 |
Additions | 40 | 12 |
Disposals | (8) | |
Share in net result | 4 | 112 |
Share in changes in equity (note 30.6) | 3 | (6) |
Impairment reversals / (charges) | (9) | 3 |
Dividends | (58) | (39) |
Net exchange difference | (1) | 2 |
Transfer to / (from) other headings | (58) | |
Transfer to disposal groups | (1,096) | |
At December 31 | € 165 | € 1,289 |
Investments in Joint Ventures_4
Investments in Joint Ventures and Associates - Additional information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of joint ventures [Line Items] | |||
Investments in joint ventures | € 1,443 | € 1,743 | € 1,376 |
Investment reclassification from associates to joint venture [member] | |||
Disclosure of joint ventures [Line Items] | |||
Investments in joint ventures | 58 | ||
Mongeral Aegon [Member] | Investment reclassification from associates to joint venture [member] | |||
Disclosure of joint ventures [Line Items] | |||
Investments in joint ventures | € 40 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Summarized statement of financial position | |||||
Cash and cash equivalents | € 3,407 | € 6,889 | € 8,372 | ||
Assets | 401,786 | 468,252 | |||
Other current liabilities | 10,562 | 12,233 | |||
Other non-current liabilities | 223 | 683 | |||
Total liabilities | 387,596 | 441,881 | |||
Revenue | 21,331 | 21,091 | [1] | 21,318 | [1] |
Interest income | 4,071 | 3,536 | [1] | 3,652 | [1] |
Profit or loss | (922) | 2,400 | (364) | ||
Income tax (expense) or result | 518 | (95) | [1] | 336 | [1] |
Post-tax profit or loss | (1,404) | 2,029 | [1] | (135) | [1] |
Other comprehensive income | (9,545) | 200 | [1] | 457 | [1] |
Total comprehensive income | (10,950) | 2,229 | [1] | € 321 | [1] |
Santander Spain Life [member] | |||||
Summarized statement of financial position | |||||
Cash and cash equivalents | 23 | 20 | |||
Other current assets | 155 | 130 | |||
Total current assets | 178 | 150 | |||
Non-current assets | 1,109 | 1,134 | |||
Assets | 1,287 | 1,284 | |||
Current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||
Other current liabilities | 148 | 126 | |||
Current liabilities | 148 | 126 | |||
Non-current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||
Other non-current liabilities | 504 | 510 | |||
Total non-current financial liabilities | 504 | 510 | |||
Total liabilities | 652 | 636 | |||
Net assets | 635 | 648 | |||
Revenue | 288 | 247 | |||
Results from financial transactions | 0 | 0 | |||
Depreciation and amortization | (30) | (25) | |||
Interest income | 2 | 2 | |||
Interest expense | 0 | 0 | |||
Profit or loss | 71 | 61 | |||
Income tax (expense) or result | (16) | (12) | |||
Post-tax profit or loss | 55 | 48 | |||
Other comprehensive income | (37) | (2) | |||
Total comprehensive income | 18 | 47 | |||
Dividends received | 30 | 0 | |||
AIFMC [member] | |||||
Summarized statement of financial position | |||||
Cash and cash equivalents | 392 | 351 | |||
Other current assets | 836 | 810 | |||
Total current assets | 1,229 | 1,161 | |||
Non-current assets | 200 | 204 | |||
Assets | 1,429 | 1,364 | |||
Current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||
Other current liabilities | 526 | 613 | |||
Current liabilities | 526 | 613 | |||
Non-current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||
Other non-current liabilities | 0 | 0 | |||
Total non-current financial liabilities | 0 | 0 | |||
Total liabilities | 526 | 613 | |||
Net assets | 903 | 752 | |||
Revenue | 644 | 858 | |||
Results from financial transactions | 0 | 0 | |||
Depreciation and amortization | (4) | (3) | |||
Interest income | 9 | 8 | |||
Interest expense | 0 | 0 | |||
Profit or loss | 330 | 386 | |||
Income tax (expense) or result | (92) | (109) | |||
Post-tax profit or loss | 238 | 277 | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | 238 | 277 | |||
Dividends received | 0 | 0 | |||
Other Joint ventures [member] | |||||
Summarized statement of financial position | |||||
Cash and cash equivalents | 99 | 157 | |||
Other current assets | 725 | 697 | |||
Total current assets | 824 | 854 | |||
Non-current assets | 5,349 | 5,574 | |||
Assets | 6,173 | 6,428 | |||
Current financial liabilities excluding trade payables and other provisions | 0 | 7 | |||
Other current liabilities | 543 | 501 | |||
Current liabilities | 544 | 509 | |||
Non-current financial liabilities excluding trade payables and other provisions | 67 | 183 | |||
Other non-current liabilities | 4,447 | 3,921 | |||
Total non-current financial liabilities | 4,515 | 4,104 | |||
Total liabilities | 5,059 | 4,613 | |||
Net assets | 1,114 | 1,816 | |||
Revenue | 2,374 | 1,866 | |||
Results from financial transactions | (2) | 51 | |||
Depreciation and amortization | (27) | (21) | |||
Interest income | 104 | 25 | |||
Interest expense | (7) | (13) | |||
Profit or loss | 260 | 247 | |||
Income tax (expense) or result | (56) | (40) | |||
Post-tax profit or loss | 205 | 208 | |||
Other comprehensive income | (86) | 53 | |||
Total comprehensive income | 118 | 260 | |||
Dividends received | € 54 | € 18 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [Line Items] | |||
Carrying amount | € 1,443 | € 1,743 | € 1,376 |
CHINA | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture as presented above | 903 | 752 | |
Net assets of joint venture excluding goodwill | 960 | 751 | |
Goodwill on acquisition | 1 | 1 | |
Carrying amount | 471 | 369 | |
Aegon [member] | CHINA | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture excluding goodwill | 471 | 368 | |
Santander Spain Life [member] | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture as presented above | 635 | 648 | |
Net assets of joint venture excluding goodwill | 556 | 568 | |
Goodwill on acquisition | 80 | 80 | |
Carrying amount | 363 | 369 | |
Santander Spain Life [member] | Aegon [member] | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture excluding goodwill | 283 | 290 | |
Other Joint ventures [member] | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture as presented above | 1,114 | 1,816 | |
Net assets of joint venture excluding goodwill | 1,019 | 1,681 | |
Goodwill on acquisition | 95 | 148 | |
Carrying amount | 608 | 1,005 | |
Other Joint ventures [member] | Aegon [member] | |||
Disclosure of joint ventures [Line Items] | |||
Net assets of joint venture excluding goodwill | € 513 | € 857 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | ||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | € (1,404) | € 2,029 | [1] | € (135) | |
Other comprehensive income | (9,545) | 200 | [1] | 457 | |
Total comprehensive income | (10,950) | 2,229 | [1] | € 321 | |
Santander Spain Life [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 55 | 48 | |||
Other comprehensive income | (37) | (2) | |||
Total comprehensive income | 18 | 47 | |||
Santander Spain Life [member] | Aegon legal stake in the joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 28 | 25 | |||
Other comprehensive income | (19) | (1) | |||
Total comprehensive income | 9 | 24 | |||
AIFMC [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 238 | 277 | |||
Other comprehensive income | 0 | 0 | |||
Total comprehensive income | 238 | 277 | |||
AIFMC [member] | Aegon legal stake in the joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 116 | 136 | |||
Other comprehensive income | 0 | ||||
Total comprehensive income | 116 | 136 | |||
Other Joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 205 | 208 | |||
Other comprehensive income | (86) | 53 | |||
Total comprehensive income | 118 | 260 | |||
Other Joint ventures [member] | Aegon legal stake in the joint ventures [member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Post-tax profit or loss | 104 | 104 | |||
Other comprehensive income | (44) | 26 | |||
Total comprehensive income | € 61 | € 131 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of associates [Line Items] | |||||
Post-tax profit or loss | € (1,404) | € 2,029 | [1] | € (135) | [1] |
Other comprehensive income | (9,545) | 200 | [1] | 457 | [1] |
Total comprehensive income | (10,950) | 2,229 | [1] | 321 | [1] |
Carrying amount | 165 | 1,289 | € 1,264 | ||
Other Associates [member] | |||||
Disclosure of associates [Line Items] | |||||
Post-tax profit or loss | (11) | (15) | |||
Other comprehensive income | 1 | (5) | |||
Total comprehensive income | (10) | (20) | |||
Carrying amount | € 165 | € 1,289 | |||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Reinsurance Assets - Summary of
Reinsurance Assets - Summary of Assets Arising From Reinsurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of types of insurance contracts [Line Items] | |||
Reinsurance assets | € 21,184 | € 20,992 | |
Reinsurance assets, current | 8 | 16 | |
Reinsurance assets, non current | 21,176 | 20,976 | |
Life insurance general account [member] | |||
Disclosure of types of insurance contracts [Line Items] | |||
Reinsurance assets | 19,595 | 19,409 | € 17,421 |
Non-Life insurance [member] | |||
Disclosure of types of insurance contracts [Line Items] | |||
Reinsurance assets | 1,255 | 1,245 | € 1,144 |
Investment contracts 1 [member] | |||
Disclosure of types of insurance contracts [Line Items] | |||
Reinsurance assets | € 334 | € 338 |
Reinsurance Assets - Summary _2
Reinsurance Assets - Summary of Reinsurance Assets Relating to Life Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | € 20,992 | |
Ending balance | 21,184 | € 20,992 |
Life insurance general account [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 19,409 | 17,421 |
Gross premium and deposits – existing and new business | 1,635 | 1,825 |
Unwind of discount / interest credited | 1,115 | 828 |
Insurance liabilities released | (3,562) | (1,890) |
Fund charges released | (252) | (83) |
Changes to valuation of expected future benefits | (138) | (38) |
Net exchange differences | 1,201 | 1,342 |
Transfer to/from insurance contracts | (2) | 2 |
Transfers to disposal groups | 0 | |
Other movements | 190 | 1 |
Ending balance | € 19,595 | € 19,409 |
Reinsurance Assets - Summary _3
Reinsurance Assets - Summary of Reinsurance Assets Relating to Non-life Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | € 20,992 | |
Ending balance | 21,184 | € 20,992 |
Non-Life insurance [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 1,245 | 1,144 |
Gross premium and deposits – existing and new business | 125 | 129 |
Unwind of discount / interest credited | 91 | 83 |
Insurance liabilities released | (130) | (113) |
Changes in unearned premiums | (68) | (75) |
Incurred related to current year | 124 | 91 |
Incurred related to prior years | 43 | 49 |
Release for claims settled current year | (35) | (29) |
Release for claims settled prior years | (118) | (108) |
Change in IBNR | (9) | 1 |
Net exchange differences | 78 | 84 |
Disposal of a business | (4) | 0 |
Transfers to disposal groups | (78) | 0 |
Other movements | (9) | (11) |
Ending balance | € 1,255 | € 1,245 |
Reinsurance Assets - Assets Ari
Reinsurance Assets - Assets Arising from Reinsurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of types of insurance contracts [Line Items] | ||
Reinsurance assets | € 21,184 | € 20,992 |
Continuing operation [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Reinsurance assets | 7,582 | 7,809 |
Exit of a business [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Reinsurance assets | € 13,602 | € 13,183 |
Deferred Expenses - Summary of
Deferred Expenses - Summary of Amounts Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of amounts arising from insurance contracts [abstract] | ||
DPAC for insurance contracts and investment contracts with discretionary participation features | € 11,777 | € 9,303 |
Deferred cost of reinsurance | 651 | 766 |
Deferred transaction costs for investment management services | 458 | 434 |
Deferred expenses | 12,886 | 10,503 |
Current | 719 | 683 |
Non-current | € 12,167 | € 9,820 |
Deferred Expenses - Summary o_2
Deferred Expenses - Summary of Deferred Costs Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | € 124,422 | |
Ending balance | 87,309 | € 124,422 |
DPAC [member] | ||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | 9,303 | 8,253 |
Costs deferred during the year | 683 | 636 |
Amortization through income statement | (793) | (899) |
Shadow accounting adjustments | 2,136 | 699 |
Net exchange differences | 483 | 621 |
Transfers to disposal groups | (29) | 0 |
Other | (7) | (7) |
Ending balance | 11,777 | 9,303 |
Deferred costs of reinsurance [member] | ||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | 766 | 141 |
Costs deferred during the year | 59 | 619 |
Amortization through income statement | (93) | (32) |
Shadow accounting adjustments | 85 | 17 |
Net exchange differences | 34 | 21 |
Transfers to disposal groups | (212) | 0 |
Other | 12 | 0 |
Ending balance | 651 | 766 |
Deferred transaction costs [member] | ||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | 434 | 404 |
Costs deferred during the year | 28 | 25 |
Amortization through income statement | (29) | (26) |
Shadow accounting adjustments | 0 | 0 |
Net exchange differences | 25 | 30 |
Transfers to disposal groups | 0 | 0 |
Other | 0 | 0 |
Ending balance | € 458 | € 434 |
Deferred Expenses - Additional
Deferred Expenses - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Deferred Acquisition Costs Arising From Insurance Contracts [line items] | ||
Deferred cost of reinsurance | € 651 | € 766 |
Insurance and investment contracts [member] | ||
Disclosure Of Deferred Acquisition Costs Arising From Insurance Contracts [line items] | ||
Deferred cost of reinsurance | 115 | |
Insurance contracts that are assets | € 480 |
Other Assets and Receivables -
Other Assets and Receivables - Summary of Other Assets and Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Other Assets And Receivables [abstract] | |||
Real estate held for own use and equipment | € 324 | € 455 | |
Receivables | 8,880 | 5,622 | |
Accrued income | 843 | 1,366 | |
Right-of-use assets | 158 | 199 | € 211 |
Other assets and receivables | € 10,204 | € 7,642 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | € 165 | |
Ending balance | € 72 | € 165 |
% of real estate appraised in the current year | 7% | 50% |
% of appraisals performed by independent external appraisers | 100% | 100% |
Real estate held for own use and equipment | € 324 | € 455 |
General account real estate held for own use [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 185 | 209 |
Additions | 0 | |
Capitalized subsequent expenditure | 1 | 7 |
Disposals | (32) | |
Transfer to investments in real estate | (5) | (14) |
Unrealized gains/(losses) through equity | (1) | (4) |
Realized gains/(losses) through income statement | 0 | |
Depreciation through income statement | (4) | (5) |
Impairment losses | 0 | (13) |
Net exchange differences | 4 | 5 |
Transfers from disposal groups | (76) | |
Other | 1 | |
Ending balance | 73 | 185 |
Real estate held for own use and equipment | 73 | 185 |
General account real estate held for own use [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 218 | |
Ending balance | 95 | 218 |
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 | (33) | |
Ending balance | (23) | (33) |
Equipment [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 270 | 263 |
Additions | 72 | 69 |
Disposals | (5) | (2) |
Depreciation through income statement | (71) | (71) |
Impairment losses | (2) | (4) |
Net exchange differences | 13 | 16 |
Transfers from disposal groups | (27) | |
Other | 2 | (1) |
Ending balance | 251 | 270 |
Real estate held for own use and equipment | 251 | 270 |
Equipment [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 679 | |
Ending balance | 636 | 679 |
Equipment [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | (409) | |
Ending balance | € (386) | € (409) |
Other Assets and Receivables _3
Other Assets and Receivables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Bottom of range [member] | Buildings [member] | |
Disclosure of other assets and receivables [Line Items] | |
Useful lives and depreciated period | 40 years |
Bottom of range [member] | Equipment [member] | |
Disclosure of other assets and receivables [Line Items] | |
Property, plant and equipment, restrictions on title | € 0 |
Useful lives and depreciated period | 3 years |
Top of range [member] | Buildings [member] | |
Disclosure of other assets and receivables [Line Items] | |
Useful lives and depreciated period | 50 years |
Top of range [member] | Equipment [member] | |
Disclosure of other assets and receivables [Line Items] | |
Property, plant and equipment, restrictions on title | € 0 |
Useful lives and depreciated period | 5 years |
Other Assets and Receivables _4
Other Assets and Receivables - Summary of Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Assets And Receivables [abstract] | ||
Loans to associates | € 8 | € 8 |
Receivables from policyholders | 647 | 691 |
Receivables from brokers and agents | 376 | 310 |
Receivables from reinsurers | 723 | 750 |
Cash outstanding from assets sold | 134 | 160 |
Trade receivables | 881 | 1,393 |
Cash collateral | 3,372 | 314 |
Income tax receivable | 277 | 229 |
Other | 2,597 | 1,885 |
Provision for doubtful debts | (134) | (120) |
Receivables | 8,880 | 5,622 |
Current | 8,866 | 5,600 |
Non-current | € 13 | € 21 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Assets And Receivables [abstract] | ||
Beginning balance | € (120) | € (88) |
Additions charged to earnings | (19) | (33) |
Unused amounts reversed through the income statement | 3 | 5 |
Disposal of business | 3 | 0 |
Used during the year | 2 | 3 |
Transfers to disposal groups | 4 | |
Net exchange differences | (6) | (6) |
Ending balance | € (134) | € (120) |
Other Assets and Receivables _6
Other Assets and Receivables - Summary of Accrued Income (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Assets And Receivables [abstract] | ||
Accrued interest | € 842 | € 1,363 |
Other | 1 | 3 |
Accrued income | 843 | 1,366 |
Current | 842 | 1,366 |
Non-current | € 0 | € 0 |
Other Assets and Receivable - S
Other Assets and Receivable - Summary of information about right of use assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | € 199 | € 211 |
Additions | 34 | 23 |
Disposals | (8) | (14) |
Modification of lease contracts | 3 | 17 |
Depreciation through income statement | (41) | (49) |
Net exchange differences | (2) | 10 |
Transfers from disposal groups | (28) | |
Other | 1 | |
At December 31 | 158 | 199 |
Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 339 | |
At December 31 | 295 | 339 |
Accumulated impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | (140) | |
At December 31 | (138) | (140) |
Real estate held for own use [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 182 | 193 |
Additions | 24 | 12 |
Disposals | (8) | (14) |
Modification of lease contracts | 3 | 17 |
Depreciation through income statement | (29) | (36) |
Net exchange differences | (2) | 10 |
Transfers from disposal groups | (28) | |
Other | 2 | |
At December 31 | 143 | 182 |
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 | 287 | |
At December 31 | 256 | 287 |
Real estate held for own use [member] | Accumulated impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | (105) | |
At December 31 | (113) | (105) |
Equipment 1 [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 14 | 15 |
Additions | 10 | 9 |
Disposals | 0 | |
Depreciation through income statement | (10) | (11) |
Net exchange differences | 1 | 1 |
Other | 0 | |
At December 31 | 14 | 14 |
Equipment 1 [member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 43 | |
At December 31 | 35 | 43 |
Equipment 1 [member] | Accumulated impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | (29) | |
At December 31 | (21) | (29) |
Other Assets [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 3 | 3 |
Additions | 1 | 2 |
Disposals | 0 | |
Depreciation through income statement | (1) | (2) |
Net exchange differences | 0 | (1) |
Other | (1) | |
At December 31 | 1 | 3 |
Other Assets [Member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | 8 | |
At December 31 | 4 | 8 |
Other Assets [Member] | Accumulated impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At January 1 | (6) | |
At December 31 | € (3) | € (6) |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | € 1,333 | € 1,386 |
Additions | 26 | 29 |
Capital expenditure | 14 | |
Business combinations, disposals and other changes | 0 | (6) |
Amortization through income statement | (127) | (194) |
Impairment losses | (8) | |
Shadow accounting adjustments | 126 | 41 |
Net exchange differences | 47 | 72 |
Transfers to disposal groups | (165) | |
Ending balance | 1,240 | 1,333 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 8,427 | |
Ending balance | 8,278 | 8,427 |
Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | (7,094) | |
Ending balance | (7,038) | (7,094) |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 391 | 375 |
Business combinations, disposals and other changes | 11 | |
Net exchange differences | 10 | 16 |
Transfers to disposal groups | (97) | |
Ending balance | 316 | 391 |
Goodwill [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 561 | |
Ending balance | 487 | 561 |
Goodwill [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | (169) | |
Ending balance | (171) | (169) |
VOBA [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 750 | 815 |
Amortization through income statement | (97) | (163) |
Shadow accounting adjustments | 126 | 41 |
Net exchange differences | 44 | 57 |
Ending balance | 821 | 750 |
VOBA [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 6,923 | |
Ending balance | 7,231 | 6,923 |
VOBA [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | (6,174) | |
Ending balance | (6,409) | (6,174) |
Future servicing rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 65 | 71 |
Business combinations, disposals and other changes | (1) | |
Amortization through income statement | (9) | (8) |
Net exchange differences | 1 | |
Ending balance | 56 | 65 |
Future servicing rights [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 350 | |
Ending balance | 347 | 350 |
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 | (285) | |
Ending balance | (291) | (285) |
Software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 83 | 79 |
Additions | 20 | 25 |
Capital expenditure | 14 | |
Business combinations, disposals and other changes | (26) | (7) |
Amortization through income statement | (16) | (20) |
Impairment losses | (7) | |
Net exchange differences | (3) | (1) |
Transfers to disposal groups | (37) | |
Ending balance | 21 | 83 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 408 | |
Ending balance | 85 | 408 |
Software [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | (325) | |
Ending balance | (64) | (325) |
Other [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 44 | 45 |
Additions | 6 | 3 |
Business combinations, disposals and other changes | 16 | 1 |
Amortization through income statement | (5) | (4) |
Impairment losses | (1) | |
Net exchange differences | (4) | (1) |
Transfers to disposal groups | (32) | |
Ending balance | 25 | 44 |
Other [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | 185 | |
Ending balance | 128 | 185 |
Other [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||
Beginning balance | (141) | |
Ending balance | € (102) | € (141) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets expected future term based on premium earned | 80 years | |
Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Intangible assets expected future term based on premium earned | 50 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 | € 133 | € 125 |
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 | € 75 | € 56 |
Future servicing rights [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Average amortization period | 10 to 30 years | |
Remaining average amortization period | 12 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 | no | |
Goodwill [member] | Top of range [member] | Transamerica Corporation [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Pre-tax adjusted discount rate | 3.65% | |
Period over which economic available capital is calculated | 30 years | |
Goodwill [member] | Bottom of range [member] | Transamerica Corporation [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Pre-tax adjusted discount rate | 3.13% | |
Period over which economic available capital is calculated | 1 month |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Geographically Cash-Generating Units to Goodwill (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 316 | € 391 |
Americas [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 208 | 181 |
The Netherlands [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 0 | 97 |
United Kingdom [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 54 | 57 |
International [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 18 | 23 |
Asset management [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 35 | € 33 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Share capital - par value | € 319 | € 321 | ||
Share premium | 6,853 | 7,033 | € 7,160 | € 7,213 |
Total share capital | 319 | 321 | 320 | |
Treasury shares | (676) | (273) | (181) | |
Revaluation reserves | (4,477) | 6,442 | ||
Other reserves | 997 | 325 | (553) | 456 |
Group equity | 14,190 | 26,372 | 24,661 | € 24,433 |
Shareholders of Aegon NV [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Share capital - par value | 319 | 321 | 320 | |
Share premium | 6,853 | 7,033 | 7,160 | |
Total share capital | 7,172 | 7,354 | 7,480 | |
Retained earnings | 10,619 | 12,166 | 10,327 | |
Treasury shares | (676) | (273) | (181) | |
Total retained earnings | 9,944 | 11,892 | 10,145 | |
Revaluation reserves | (4,477) | 6,442 | 7,480 | |
Remeasurement of defined benefit plans | (1,565) | (2,199) | (2,534) | |
Other reserves | 997 | 325 | (553) | |
Group equity | € 12,071 | € 23,813 | € 22,018 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Revaluation reserve | € (4,477) | € 6,442 | ||
Other reserves | 997 | € 325 | € (553) | € 456 |
Discontinued operations [member] | The Netherlands [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Revaluation reserve | (676) | |||
Reserve of remeasurements of defined benefit plans | (624) | |||
Other reserves | € 14 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Share Capital Transactions Relating To Common Shares A (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Final dividend [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | (18,676) | (15,274) | |
Share buyback program | 24,364 | 19,452 | |
Interim dividend [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | (21,365) | (17,314) | (22,947) |
Share buyback program | 29,833 | 21,532 | 24,029 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - EUR (€) € / shares in Units, € in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Number of common shares | 198,369,000 | 102,369,000 | 66,632,000 | |
Revaluation | € (4,477) | € 6,442 | ||
Vereniging Aegon [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Percentage of shareholding stake in acquired company | 32.60% | |||
Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Revaluation | € (4,465) | 6,453 | ||
Revaluation account [member] | Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Revaluation | 2,311 | 7,294 | ||
Revaluation deficit [member] | Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Revaluation deficit | € 6,776 | € 840 | ||
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 | 146,606,837 | 71,780,196 | ||
Common shares [member] | Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Number of common shares | 2,109,430,000 | 2,106,313,000 | 2,098,114,000 | |
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 | € 0.12 | |||
Number of common shares | 51,762,840 | 30,588,800 | ||
Common share B [member] | Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Number of common shares | 546,196,000 | 568,839,000 | 571,795,000 | |
Ordinary share [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Common shares issuance, par value | € 0.12 | |||
Cancellation of treasury shares | 10,664,951 | |||
Ordinary share [member] | Adjusting Events After Reporting Period [Member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Stock repurchase program to repurchase common shares | 8,516,263 | |||
Stock repurchase program to repurchase common shares value | € 42.5 | |||
Common shares repurchased average price per share | € 5 | |||
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 | 146,606,837 | 71,780,196 | ||
Common shares B [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Common shares issuance, par value | € 0.12 | |||
Cancellation of treasury shares | 22,643,360 | |||
Common shares B [member] | Aegon N. V. and subsidiaries [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Number of common shares | 51,762,840 | 30,588,800 | ||
Common shares B [member] | Aegon N.V [member] | ||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||
Number of common shares | 51,763,000 | 30,589,000 | 12,884,000 |
Shareholders' Equity - Summar_3
Shareholders' Equity - Summary of Share Capital - Par Value (Detail) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [Line Items] | |||
Issued capital | € 319 | € 321 | € 320 |
Beginning balance | € 321 | ||
Weighted average shares | 2,010,000 | 2,043,000 | 2,044,000 |
Ending balance | € 319 | € 321 | |
Common shares [member] | |||
Disclosure of classes of share capital [Line Items] | |||
Issued capital | 253 | 253 | € 252 |
Authorized share capital | € 720 | € 720 | € 720 |
Number of authorized shares | 6,000,000 | 6,000,000 | 6,000,000 |
Par value in cents per share | € 12 | € 12 | € 12 |
Beginning balance | 2,106,313 | 2,098,114 | 2,105,139 |
Shares withdrawn | (10,665) | (2,466) | (9,491) |
Dividend | 13,782 | 10,665 | 2,466 |
Ending balance | 2,109,430 | 2,106,313 | 2,098,114 |
Beginning balance | € 253 | € 252 | € 253 |
Shares withdrawn | (1) | 0 | € (1) |
Dividend | € 2 | € 1 | |
Weighted average shares | 2,107,315 | 2,101,231 | 2,101,749 |
Ending balance | € 253 | € 253 | € 252 |
Common share B [member] | |||
Disclosure of classes of share capital [Line Items] | |||
Issued capital | 66 | 68 | 69 |
Authorized share capital | € 360 | € 360 | € 360 |
Number of authorized shares | 3,000,000 | 3,000,000 | 3,000,000 |
Par value in cents per share | € 12 | € 12 | € 12 |
Beginning balance | 568,839 | 571,795 | 585,022 |
Shares withdrawn | (22,643) | (2,956) | (13,227) |
Dividend | 0 | ||
Ending balance | 546,196 | 568,839 | 571,795 |
Beginning balance | € 68 | € 69 | € 70 |
Shares withdrawn | (3) | € 0 | € (2) |
Dividend | € 0 | ||
Weighted average shares | 559,906 | 570,629 | 579,312 |
Ending balance | € 66 | € 68 | € 69 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Share Premium (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of share premium [Line Items] | |||
Beginning balance | € 7,033 | € 7,160 | € 7,213 |
Share dividend | (180) | (127) | (54) |
Ending balance | 6,853 | 7,033 | 7,160 |
Common shares [member] | |||
Disclosure of share premium [Line Items] | |||
Beginning balance | 5,380 | 5,507 | |
Ending balance | 5,200 | 5,380 | 5,507 |
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_5
Shareholders' Equity - Summary of Movements in the Number of Treasury Common Shares (Detail) - EUR (€) shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of treasury shares [line items] | |||
At January 1 | € 273 | € 181 | |
At December 31 | € 676 | € 273 | € 181 |
Aegon N. V. and subsidiaries [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 70,958 | 52,686 | 65,540 |
At December 31 | 145,821 | 70,958 | 52,686 |
At January 1 | € 262 | € 171 | € 269 |
At December 31 | € 662 | € 262 | € 171 |
Aegon N. V. and subsidiaries [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 30,589 | 12,884 | 25,310 |
At December 31 | 51,763 | 30,589 | 12,884 |
At January 1 | € 3 | € 1 | € 3 |
At December 31 | € 6 | € 3 | € 1 |
Aegon N. V. and subsidiaries [member] | Shares withdrawn: 1 transaction, price EUR 4.52 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (9,491) | ||
Shares withdrawn: transactions, average price, Amount | € (43) | ||
Aegon N. V. and subsidiaries [member] | Shares withdrawn: 1 transaction, price EUR 0.13 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (13,227) | ||
Shares withdrawn: transactions, average price, Amount | € (2) | ||
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 | 22,643 | ||
Purchase: transactions, average price, Amount | € 2 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 0.13 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (2,154) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction average price 0.08 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 2,956 | ||
Aegon N. V. and subsidiaries [member] | Sale: transactions, average price 4.52 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,445) | ||
Sale: transactions, price average, Amount | € (20) | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price 4.13 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (22,947) | ||
Sale: transactions, price average, Amount | € (95) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction average price 2.46 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 24,029 | ||
Purchase: transactions, average price, Amount | € 59 | ||
Aegon N. V. and subsidiaries [member] | Sale: transactions, average price 3.90 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,139) | ||
Sale: transactions, price average, Amount | € (16) | ||
Aegon N. V. and subsidiaries [member] | Shares withdrawn: 1 transaction, average price 3.89 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (2,466) | ||
Shares withdrawn: transactions, average price, Amount | € (10) | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price 3.89 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (15,274) | ||
Sale: transactions, price average, Amount | € (59) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction average price 3.70 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 35,933 | ||
Purchase: transactions, average price, Amount | € 133 | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction average price 4.46 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 21,532 | ||
Purchase: transactions, average price, Amount | € 96 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price 0.10 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,983) | ||
Aegon N. V. and subsidiaries [member] | Shares withdrawn: 1 transaction average price 0.10 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (2,956) | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price 3.02 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (17,314) | ||
Sale: transactions, price average, Amount | € (52) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 0.12 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 43,817 | ||
Purchase: transactions, average price, Amount | € 5 | ||
Aegon N. V. and subsidiaries [member] | Share withdrawn: 1 transaction, average price EUR 0.10 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (22,643) | ||
Shares withdrawn: transactions, average price, Amount | € (2) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 3 transactions, average price EUR 4.58 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 65,921 | ||
Purchase: transactions, average price, Amount | € 302 | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 4.49 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 29,833 | ||
Purchase: transactions, average price, Amount | € 134 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 3.91 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (21,365) | ||
Sale: transactions, price average, Amount | € (84) | ||
Aegon N. V. and subsidiaries [member] | Share withdrawn: 1 transaction, average price EUR 3.70 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (10,665) | ||
Shares withdrawn: transactions, average price, Amount | € (39) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 4.38 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 24,364 | ||
Purchase: transactions, average price, Amount | € 107 | ||
Aegon N. V. and subsidiaries [member] | Sale: 1 transaction, average price EUR 3.12 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (18,676) | ||
Sale: transactions, price average, Amount | € (58) | ||
Aegon N. V. and subsidiaries [member] | Sale: 3 transactions, average price EUR 2.46 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,708) | ||
Sale: transactions, price average, Amount | € (12) | ||
Aegon N. V. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 4.92 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 10,158 | ||
Purchase: transactions, average price, Amount | € 50 | ||
Aegon N.V [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 102,369 | ||
At December 31 | 198,369 | 102,369 | |
At January 1 | € 273 | ||
At December 31 | € 676 | € 273 | |
Aegon N.V [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 70,958 | 52,686 | |
At December 31 | 145,821 | 70,958 | 52,686 |
At January 1 | € 262 | € 171 | |
At December 31 | € 662 | € 262 | € 171 |
Aegon N.V [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
At January 1 | 30,589 | 12,884 | |
At December 31 | 51,763 | 30,589 | 12,884 |
At January 1 | € 3 | € 1 | |
At December 31 | € 6 | € 3 | € 1 |
Aegon N.V [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 | 22,643 | ||
Purchase: transactions, average price, Amount | € 2 | ||
Aegon N.V [member] | Sale: transactions, average price 3.90 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,139) | ||
Sale: transactions, price average, Amount | € (16) | ||
Aegon N.V [member] | Shares withdrawn: 1 transaction, average price 3.89 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (2,466) | ||
Shares withdrawn: transactions, average price, Amount | € (10) | ||
Aegon N.V [member] | Sale: 1 transaction, average price 3.89 | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (15,274) | ||
Sale: transactions, price average, Amount | € (59) | ||
Aegon N.V [member] | Purchase: 1 transaction average price 3.70 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 35,933 | ||
Purchase: transactions, average price, Amount | € 133 | ||
Aegon N.V [member] | Purchase: 1 transaction average price 4.46 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 21,532 | ||
Purchase: transactions, average price, Amount | € 96 | ||
Aegon N.V [member] | Sale: 1 transaction, average price 0.10 [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (1,983) | ||
Aegon N.V [member] | Shares withdrawn: 1 transaction average price 0.10 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (2,956) | ||
Aegon N.V [member] | Sale: 1 transaction, average price 3.02 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (17,314) | ||
Sale: transactions, price average, Amount | € (52) | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 0.12 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 43,817 | ||
Purchase: transactions, average price, Amount | € 5 | ||
Aegon N.V [member] | Share withdrawn: 1 transaction, average price EUR 0.10 | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (22,643) | ||
Shares withdrawn: transactions, average price, Amount | € (2) | ||
Aegon N.V [member] | Purchase: 3 transactions, average price EUR 4.58 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 65,921 | ||
Purchase: transactions, average price, Amount | € 302 | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 4.49 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 29,833 | ||
Purchase: transactions, average price, Amount | € 134 | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 3.91 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (21,365) | ||
Sale: transactions, price average, Amount | € (84) | ||
Aegon N.V [member] | Share withdrawn: 1 transaction, average price EUR 3.70 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Shares withdrawn: average price, Number of shares | (10,665) | ||
Shares withdrawn: transactions, average price, Amount | € (39) | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 4.38 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 24,364 | ||
Purchase: transactions, average price, Amount | € 107 | ||
Aegon N.V [member] | Sale: 1 transaction, average price EUR 3.12 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (18,676) | ||
Sale: transactions, price average, Amount | € (58) | ||
Aegon N.V [member] | Sale: 3 transactions, average price EUR 2.46 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | (4,708) | ||
Sale: transactions, price average, Amount | € (12) | ||
Aegon N.V [member] | Purchase: 1 transaction, average price EUR 4.92 [member] | Common Share [member] | |||
Disclosure of treasury shares [line items] | |||
Purchase/ sale: transactions, average price, Number of shares | 10,158 | ||
Purchase: transactions, average price, Amount | € 50 |
Shareholders' Equity - Summar_6
Shareholders' Equity - Summary of Treasury Shares (Detail) - EUR (€) shares in Thousands, € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 198,369 | 102,369 | 66,632 |
Total amount | € 676 | € 273 | € 181 |
Common shares [member] | Aegon N V [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 145,821 | 70,958 | 52,686 |
Total amount | € 662 | € 262 | € 171 |
Common shares [member] | Subsidiaries [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 785 | 822 | 1,062 |
Total amount | € 8 | € 8 | € 9 |
Aegon N.V [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Total amount | € 676 | € 273 | |
Aegon N.V [member] | Common shares [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 2,109,430 | 2,106,313 | 2,098,114 |
Aegon N.V [member] | Common shares B [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Number of shares | 51,763 | 30,589 | 12,884 |
Total amount | € 6 | € 3 | € 1 |
Shareholders' Equity - Disclosu
Shareholders' Equity - Disclosure of Share Capital (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Treasury shares [member] | |||
Disclosure of treasury shares [line items] | |||
Weighted average number of common shares | 23,696,000 | 11,621,000 | 18,386,000 |
Subsidiaries [member] | |||
Disclosure of treasury shares [line items] | |||
Weighted average number of common shares | 97,807,000 | 57,989,000 | 58,224,000 |
Shareholders' Equity - Summar_7
Shareholders' Equity - Summary of Revaluation Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | € 5,309 | € 6,248 | € 4,352 |
Gross revaluation | (21,586) | (3,930) | 5,728 |
Shadow accounting adjustment | 6,407 | 2,759 | (2,738) |
Net (gains) / losses transferred to income statement | 742 | (450) | 13 |
Disposal of a business | 14 | ||
Net (gains) / losses transferred to retained earnings | 0 | ||
Foreign currency translation differences | 413 | 362 | (443) |
Tax effect | 3,178 | 322 | (664) |
Transfers to disposal groups | 0 | ||
Other | 7 | (1) | |
Ending balance | (5,516) | 5,309 | 6,248 |
Reserve of cash flow hedges [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 1,100 | 1,197 | 1,502 |
Gross revaluation | (66) | (122) | (141) |
Shadow accounting adjustment | 0 | 0 | 0 |
Net (gains) / losses transferred to income statement | (126) | (106) | (106) |
Net (gains) / losses transferred to retained earnings | 0 | ||
Foreign currency translation differences | 74 | 84 | (111) |
Tax effect | 42 | 47 | 54 |
Transfers to disposal groups | 0 | ||
Ending balance | 1,024 | 1,100 | 1,197 |
Revaluation account [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 6,442 | 7,480 | 5,873 |
Gross revaluation | (21,653) | (4,057) | 5,607 |
Shadow accounting adjustment | 6,407 | 2,759 | (2,738) |
Net (gains) / losses transferred to income statement | 600 | (556) | (94) |
Disposal of a business | 14 | ||
Net (gains) / losses transferred to retained earnings | 0 | ||
Foreign currency translation differences | 487 | 447 | (556) |
Tax effect | 3,219 | 370 | (612) |
Transfers to disposal groups | 0 | ||
Other | 7 | (1) | |
Ending balance | (4,477) | 6,442 | 7,480 |
Real estate held for own use [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 32 | 35 | 19 |
Gross revaluation | (1) | (4) | 20 |
Shadow accounting adjustment | 0 | 0 | 0 |
Net (gains) / losses transferred to income statement | (16) | 0 | 0 |
Net (gains) / losses transferred to retained earnings | 0 | ||
Foreign currency translation differences | 0 | 1 | (2) |
Tax effect | 0 | 1 | (2) |
Transfers to disposal groups | 0 | ||
Ending balance | € 15 | € 32 | € 35 |
Shareholders' Equity - Summar_8
Shareholders' Equity - Summary of Revaluation Reserve for Available-for-sale Investments (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | (5,516) | 5,309 | 6,248 |
Equity securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | 18 | 49 | 46 |
Debt securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | (5,511) | 5,276 | 6,218 |
Other securities [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Revaluation reserve for available-for-sale investments | (22) | (15) | (17) |
Shareholders' Equity - Summar_9
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of revaluation reserve [Line Items] | |||
At January 1 | € (2,199) | € (2,534) | € (2,397) |
Remeasurements of defined benefit plans | 904 | 501 | (360) |
Tax effect | (250) | (102) | 140 |
Net exchange differences | (20) | (65) | 83 |
Total remeasurement of defined benefit plans | € (1,565) | € (2,199) | € (2,534) |
Shareholders' Equity - Summa_10
Shareholders' Equity - Summary of Other Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | € 325 | € (553) | € 456 |
Movement in foreign currency translation and net foreign investment hedging reserves | 594 | 848 | (1,015) |
Disposal of a business | 150 | 8 | (7) |
Tax effect | (12) | 3 | (7) |
Equity movements of joint ventures | (63) | 25 | 12 |
Equity movements of associates | 3 | (6) | 7 |
Transfers to disposal groups | 0 | ||
Ending balance | 997 | 325 | (553) |
Foreign currency translation reserve [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 596 | (402) | 799 |
Movement in foreign currency translation and net foreign investment hedging reserves | 710 | 1,013 | (1,209) |
Disposal of a business | 102 | 10 | (5) |
Tax effect | (28) | (24) | 12 |
Equity movements of joint ventures | 0 | ||
Equity movements of associates | 0 | ||
Transfers to disposal groups | 0 | ||
Ending balance | 1,379 | 596 | (402) |
Net foreign investment hedging reserve [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | (338) | (199) | (374) |
Movement in foreign currency translation and net foreign investment hedging reserves | (116) | (165) | 195 |
Disposal of a business | 67 | (2) | 0 |
Tax effect | 16 | 27 | (19) |
Ending balance | (371) | (338) | (199) |
Equity movements of joint ventures and associates [member] | |||
Disclosure of revaluation reserve [Line Items] | |||
Beginning balance | 67 | 48 | 31 |
Disposal of a business | (18) | (2) | |
Equity movements of joint ventures | (63) | 25 | 12 |
Equity movements of associates | 3 | (6) | 7 |
Transfers to disposal groups | 0 | ||
Ending balance | € (11) | € 67 | € 48 |
Shareholders' Equity - Summa_11
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | € 26,372 | € 24,661 | € 24,433 | ||
Net income | (1,025) | 1,069 | [1] | (622) | [1] |
Changes in revaluation reserve real estate held for own use | (1) | (4) | 20 | ||
Total other comprehensive income / (loss) | (9,545) | 200 | [1] | 457 | [1] |
Shares issued | 2 | 1 | |||
Shares withdrawn | (4) | ||||
Issuance and purchase of treasury shares | (393) | (88) | 3 | ||
Redemption other equity instruments | (397) | ||||
Coupons on perpetual securities | (36) | (39) | (38) | ||
Ending balance | 14,190 | 26,372 | 24,661 | ||
Share capital [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 7,354 | 7,480 | 7,536 | ||
Shares issued | 2 | 1 | (3) | ||
Shares withdrawn | (4) | ||||
Ending balance | 7,172 | 7,354 | 7,480 | ||
Revaluation account [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 6,442 | 7,480 | 5,873 | ||
Changes in revaluation reserve real estate held for own use | (17) | (4) | 20 | ||
Total other comprehensive income / (loss) | (10,293) | (1,038) | 1,607 | ||
Ending balance | (3,851) | 6,442 | 7,480 | ||
Retained earnings [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 11,892 | 10,145 | 10,374 | ||
Changes in revaluation reserve real estate held for own use | 16 | ||||
Total other comprehensive income / (loss) | 54 | 14 | 2 | ||
Shares issued | 3 | ||||
Issuance and purchase of treasury shares | (393) | (88) | 3 | ||
Redemption other equity instruments | 32 | ||||
Coupons on perpetual securities | (36) | (39) | (38) | ||
Ending balance | 9,944 | 11,892 | 10,145 | ||
Remeasurement of defined benefit Plans of group companies [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | (2,199) | (2,534) | (2,397) | ||
Total other comprehensive income / (loss) | 1,312 | 335 | (137) | ||
Ending balance | (887) | (2,199) | (2,534) | ||
Aegon N.V [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 23,813 | 22,018 | |||
Net Income 2021 Retained | 1,980 | ||||
Net Income 2022 | (1,433) | ||||
Net income | (1,433) | 1,980 | |||
Foreign currency translation differences and movement in foreign investment hedging reserves | 730 | 795 | |||
Changes in revaluation in subsidiaries | (10,901) | (1,035) | |||
Changes in revaluation reserve real estate held for own use | (1) | (3) | |||
Remeasurement of defined benefit plans of group companies | 655 | 399 | |||
Changes and transfer to legal reserve | (78) | 19 | |||
Other | 38 | 14 | |||
Total other comprehensive income / (loss) | (9,557) | 189 | |||
Shares issued | 2 | 1 | |||
Shares withdrawn | (4) | (1) | |||
Dividends paid on common shares | (346) | (247) | |||
Issuance and purchase of treasury shares | (393) | (88) | |||
Redemption other equity instruments | 32 | ||||
Coupons on perpetual securities | (36) | (39) | |||
Incentive plans | (5) | ||||
Ending balance | 12,071 | 23,813 | 22,018 | ||
Aegon N.V [member] | Share capital [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 321 | 320 | |||
Shares issued | 2 | 1 | |||
Shares withdrawn | (4) | (1) | |||
Ending balance | 319 | 321 | 320 | ||
Aegon N.V [member] | Paid-in surplus [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 7,033 | 7,160 | |||
Dividends paid on common shares | (180) | (127) | |||
Ending balance | 6,853 | 7,033 | 7,160 | ||
Aegon N.V [member] | Revaluation account [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 6,453 | 7,491 | |||
Changes in revaluation in subsidiaries | (10,901) | (1,035) | |||
Changes in revaluation reserve real estate held for own use | (17) | (3) | |||
Total other comprehensive income / (loss) | (10,918) | (1,038) | |||
Ending balance | (4,465) | 6,453 | 7,491 | ||
Aegon N.V [member] | Legal reserve FCTR [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 258 | (601) | |||
Foreign currency translation differences and movement in foreign investment hedging reserves | 750 | 859 | |||
Total other comprehensive income / (loss) | 750 | 859 | |||
Ending balance | 1,008 | 258 | (601) | ||
Aegon N.V [member] | Legal reserve group companies [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 2,316 | 1,710 | |||
Changes and transfer to legal reserve | 123 | 606 | |||
Total other comprehensive income / (loss) | 123 | 606 | |||
Ending balance | 2,439 | 2,316 | 1,710 | ||
Aegon N.V [member] | Retained earnings [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 7,924 | 8,798 | |||
Net Income 2020 Retained | (146) | ||||
Net Income 2021 Retained | 1,980 | ||||
Net income | 1,980 | (146) | |||
Changes in revaluation reserve real estate held for own use | 16 | ||||
Changes and transfer to legal reserve | (201) | (587) | |||
Other | 38 | 14 | |||
Total other comprehensive income / (loss) | (146) | (573) | |||
Dividends paid on common shares | (167) | (120) | |||
Issuance and purchase of treasury shares | 9 | 4 | |||
Redemption other equity instruments | 32 | ||||
Coupons on perpetual securities | (36) | (39) | |||
Incentive plans | (5) | ||||
Ending balance | 9,591 | 7,924 | 8,798 | ||
Aegon N.V [member] | Remeasurement of defined benefit Plans of group companies [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | (2,199) | (2,534) | |||
Foreign currency translation differences and movement in foreign investment hedging reserves | (20) | (65) | |||
Remeasurement of defined benefit plans of group companies | 655 | 399 | |||
Total other comprehensive income / (loss) | 635 | 335 | |||
Ending balance | (1,565) | (2,199) | (2,534) | ||
Aegon N.V [member] | Treasury shares [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | (273) | (181) | |||
Issuance and purchase of treasury shares | (402) | (92) | |||
Ending balance | (675) | (273) | (181) | ||
Aegon N.V [member] | Net income /(loss) [member] | |||||
Disclosure of shareholders equity [line items] | |||||
Beginning balance | 1,980 | (146) | |||
Net Income 2020 Retained | (146) | ||||
Net Income 2021 Retained | (1,980) | 1,980 | |||
Net Income 2022 | (1,433) | ||||
Net income | (3,413) | 2,125 | |||
Ending balance | € (1,433) | € 1,980 | € (146) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Shareholders' Equity - Summa_12
Shareholders' Equity - Summary of Treasury Stock (Detail) - EUR (€) shares in Thousands, € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of treasury shares [line items] | |||
Total amount | € 676 | € 273 | € 181 |
Aegon N.V [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 198,369 | 102,369 | |
Total amount | € 676 | € 273 | |
Aegon N.V [member] | Common shares [member] | Aegon N V [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 145,821 | 70,958 | |
Total amount | € 662 | € 262 | |
Aegon N.V [member] | Common shares [member] | Subsidiaries [Member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 785 | 822 | |
Total amount | € 8 | € 8 | |
Aegon N.V [member] | Common shares B [member] | |||
Disclosure of treasury shares [line items] | |||
Number of shares | 51,763 | 30,589 | 12,884 |
Total amount | € 6 | € 3 | € 1 |
Other Equity Instruments - Summ
Other Equity Instruments - Summary of Other Equity Instruments (Detail) Unit_pure in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 2,363 | 2,569 | 2,571 | |
Shares granted | 32 | 27 | 22 | |
Shares vested | (23) | (21) | (25) | |
Securities redeemed | (429) | (212) | ||
Ending balance | 1,943 | 2,363 | 2,569 | |
Aegon N.V [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 2,363 | 2,569 | ||
Shares granted | 32 | 27 | ||
Shares vested | (23) | (21) | ||
Securities redeemed | (429) | (212) | ||
Ending balance | 1,943 | 2,363 | 2,569 | |
Perpetual contingent convertible securities [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 500 | 500 | 500 | |
Shares granted | 0 | |||
Shares vested | 0 | |||
Securities redeemed | 0 | |||
Ending balance | 500 | 500 | 500 | |
Perpetual contingent convertible securities [member] | Aegon N.V [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 500 | 500 | ||
Shares granted | 0 | |||
Shares vested | 0 | |||
Securities redeemed | 0 | |||
Ending balance | 500 | 500 | 500 | |
Junior perpetual capital securities [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 1,352 | 1,564 | 1,564 | |
Shares granted | 0 | |||
Shares vested | 0 | |||
Securities redeemed | (429) | (212) | ||
Ending balance | 923 | 1,352 | 1,564 | |
Junior perpetual capital securities [member] | Aegon N.V [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 1,352 | 1,564 | ||
Shares granted | 0 | |||
Shares vested | 0 | |||
Securities redeemed | (429) | (212) | ||
Ending balance | 923 | 1,352 | 1,564 | |
Perpetual cumulative subordinated bonds [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | 454 | 454 | 454 | |
Shares granted | 0 | |||
Shares vested | 0 | |||
Securities redeemed | 0 | |||
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 | 0 | |||
Shares vested | 0 | |||
Securities redeemed | 0 | |||
Ending balance | 454 | 454 | 454 | |
Long term incentive plans [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | [1] | 57 | 50 | 53 |
Shares granted | [1] | 32 | 27 | 22 |
Shares vested | [1] | (23) | (21) | (25) |
Securities redeemed | [1] | 0 | ||
Ending balance | [1] | 66 | 57 | 50 |
Long term incentive plans [member] | Aegon N.V [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Beginning balance | [1] | 57 | 50 | |
Shares granted | [1] | 32 | 27 | |
Shares vested | [1] | (23) | (21) | |
Securities redeemed | [1] | 0 | ||
Ending balance | [1] | 66 | 57 | 50 |
[1]Long Term Incentive Plans include the shares granted to personnel which are not yet vested. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of other equity instruments [line items] | ||||
Borrowings | € 4,051 | € 9,661 | ||
Aegon N.V [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Borrowings | 1,226 | 1,266 | ||
Perpetual contingent convertible securities [member] | Aegon N.V [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Borrowings | € 500 | 500 | € 500 | |
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 | 500 | € 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 | [1] | 5.625% | ||
Coupon date | Semi-annually, April 15 | |||
Borrowing maturity | 2029 | |||
Borrowings | € 500 | € 500 | ||
Borrowings currency | EUR | |||
[1]The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5 year mid swap plus a margin of 5.207%. |
Other Equity Instruments - Su_3
Other Equity Instruments - Summary of Coupon Details - Summary of Perpetual Contingent Convertible (Parenthetical) (Detail) € in Millions | Dec. 31, 2022 EUR (€) |
Aegon N.V [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 950 |
EUR 500 million [member] | Perpetual contingent convertible securities [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | 500 |
EUR 500 million [member] | Aegon N.V [member] | Perpetual contingent convertible securities [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 500 |
Other Equity Instruments - Su_4
Other Equity Instruments - Summary of Coupon Details - Junior Perpetual Capital Securities (Detail) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 USD ($) | |
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 4,051 | € 9,661 | ||||
Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 1,226 | 1,266 | ||||
Junior perpetual capital securities [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 923 | $ 0 | 1,352 | $ 0 | € 1,564 | |
Junior perpetual capital securities [member] | USD 250 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | floating LIBOR rate | |||||
Coupon date, as of | Quarterly, December 15 | |||||
Year of next call | Called in 2021 | |||||
Borrowings | $ | $ 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 | 2023 | |||||
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 | 2023 | |||||
Borrowings | € 521 | $ 402 | 950 | $ 402 | € 950 | $ 402 |
Junior perpetual capital securities [member] | Aegon N.V [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 923 | 1,352 | ||||
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 | |||||
Coupon date, as of | Quarterly, July 15 | |||||
Year of next call | 2023 | |||||
Borrowings | € 402 | 402 | ||||
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 | |||||
Coupon date, as of | Quarterly, July 15 | |||||
Year of next call | 2023 | |||||
Borrowings | € 521 | € 950 |
Other Equity Instruments - Su_5
Other Equity Instruments - Summary of Coupon Details - Junior Perpetual Capital Securities (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
Aegon N.V [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
USD 250 million [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 250 | |
Basis point | 87.50% | 87.50% |
Basis point interest rate | 4% | 4% |
Basis point description | The coupon of the USD 250 million junior perpetual capital securities was 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] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 500 | |
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] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | $ | $ 500 | |
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%. | |
EUR 950 million [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
Basis point interest rate | 8% | 8% |
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] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
Basis point | 0.10% | 0.10% |
Basis point interest rate | 8% | 8% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other equity instruments [line items] | |||
Borrowings | € 4,051 | € 9,661 | |
Aegon N.V [member] | |||
Disclosure of other equity instruments [line items] | |||
Borrowings | 1,226 | 1,266 | |
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 114 million [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 | 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 | |
Perpetual cumulative subordinated bonds [member] | EUR 203 million [member] | |||
Disclosure of other equity instruments [line items] | |||
Coupon rate | 0.496% | ||
Borrowings original currency | EUR | ||
Coupon date | Annually, March 4 | ||
Year of next call | 2031 | ||
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 | 0.496% | ||
Borrowings original currency | EUR | ||
Coupon date | Annually, March 4 | ||
Year of next call | 2031 | ||
Borrowings | € 203 | € 203 |
Other Equity Instruments - Su_7
Other Equity Instruments - Summary of Coupon Details - Perpetual Cumulative Subordinated Bonds (Parenthetical) (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
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] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 950 |
Aegon N.V [member] | 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. |
Aegon N.V [member] | Top of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 6.625% |
Borrowing maturity | 17 years |
Aegon N.V [member] | Bottom of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1% |
Borrowing maturity | 1 year |
EUR 114 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114 |
Interest rate | 8% |
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 | 4.156% |
Borrowing maturity | June 8, 2015 |
EUR 114 million [member] | Bottom 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] | Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114 |
Interest rate | 8% |
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 | 4.156% |
Orginal borrowing maturity | June 8, 2015 |
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 | 1.506% |
Orginal borrowing maturity | June 8, 2025. |
EUR 136 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 136 |
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 |
Interest rate | 7.25% |
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% |
Orginal borrowing maturity | October 14, 2018 |
EUR 136 million [member] | Aegon N.V [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 1.425% |
Orginal borrowing maturity | October 14, 2028 |
EUR 203 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 203 |
Interest rate | 7.125% |
Borrowing maturity | 2031 |
Orginal borrowing maturity | March 4, 2011 |
EUR 203 million [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 203 million [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 0.496% |
Borrowing maturity | March 4, 2031 |
EUR 203 million [member] | Aegon N.V [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 203 |
Interest rate | 7.125% |
Borrowing maturity | 2031 |
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% |
Orginal borrowing maturity | March 4, 2021 |
EUR 203 million [member] | Aegon N.V [member] | Bottom of range [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 0.496% |
Orginal borrowing maturity | March 4, 2031 |
Other Equity Instruments - Addi
Other Equity Instruments - Additional Information (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Apr. 05, 2022 EUR (€) | Sep. 15, 2021 USD ($) | ||
Aegon N.V [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Notional amount | € 950 | |||
Debt Instrument, Percentage of Principal Amount Redeemed | 90% | |||
Debt instrument redeemed amount | € 429 | |||
Debt instrument redemption gain before tax | 43 | |||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Notional amount | € 500 | |||
Borrowing maturity | 2029 | |||
Borrowings, interest rate | 5.207% | |||
Coupon rate | 5.625% | |||
Borrowings, interest rate basis | 5 year mid swap plus a margin of 5.207% | |||
EUR 500 million [member] | Aegon N.V [member] | Perpetual contingent convertible securities [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Notional amount | € 500 | |||
Borrowing maturity | 2029 | |||
Borrowings, interest rate | 5.207% | |||
Coupon rate | [1] | 5.625% | ||
Borrowings, interest rate basis | 5 year mid swap plus a margin of 5.207%. | |||
floating rate perpetual capital securities [Member] | ||||
Disclosure of other equity instruments [line items] | ||||
Borrowing maturity | no | |||
Borrowings, interest rate | 4% | |||
Debt instrument redeemed amount | $ | $ 250 | |||
Perpetual Capital Securities [member] | ||||
Disclosure of other equity instruments [line items] | ||||
Notional amount | € 950 | |||
Debt instrument redeemed amount | € 429 | |||
Debt instrument redemption price percentage | 90% | |||
Debt instrument redemption gain before tax | € 43 | |||
[1]The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5 year mid swap plus a margin of 5.207%. |
Subordinated Borrowings - Summa
Subordinated Borrowings - Summary of Subordinated Borrowings (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | |
Disclosure of subordinated liabilities [Line Items] | ||||
Subordinated borrowings | € 2,295 | € 2,194 | ||
Subordinated borrowings [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fair value of subordinated borrowings | 2,035 | 2,438 | ||
Aegon N.V [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Subordinated borrowings | 1,442 | 1,396 | ||
Fair value of subordinated borrowings | € 1,372 | 1,567 | ||
EUR 700 million fixed floating subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Coupon rate | 4% | |||
Coupon date | Annually, April 25 | |||
Year of issue | 2014 | |||
Year of maturity | 2044 | |||
Year of next call | 2024 | |||
Subordinated borrowings | € 699 | 698 | ||
EUR 700 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Coupon rate | 4% | |||
Coupon date | Annually, April 25 | |||
Year of issue | 2014 | |||
Year of maturity | 2044 | |||
Year of next call | 2024 | |||
Subordinated borrowings | € 699 | € 698 | ||
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 issue | 2018 | |||
Year of maturity | 2048 | |||
Year of next call | 2028 | |||
Subordinated borrowings | $ | $ 743 | $ 697 | ||
USD 800 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Coupon rate | 5.50% | |||
Coupon date | Semi-annually, April 11 | |||
Year of issue | 2018 | |||
Year of maturity | 2048 | |||
Year of next call | 2028 | |||
Subordinated borrowings | $ | 743 | 697 | ||
USD 925 million fixed subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Coupon rate | 5.10% | |||
Coupon date | Quarterly, March 15 | |||
Year of issue | 2019 | |||
Year of maturity | 2049 | |||
Year of next call | 2024 | |||
Subordinated borrowings | $ | $ 852 | $ 798 |
Subordinated Borrowings - Sum_2
Subordinated Borrowings - Summary of Subordinated Borrowings (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | |
EUR 700 million fixed floating subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | € | € 700 | € 700 | ||
Borrowings, coupon rate | 4% | |||
Marginal basis points | 335% | 335% | ||
EUR 700 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | € | € 700 | € 700 | ||
Borrowings, coupon rate | 4% | |||
Marginal basis points | 3.35% | 3.35% | ||
USD 800 million fixed floating subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | $ 800 | $ 800 | ||
Borrowings, coupon rate | 5.50% | |||
Marginal basis points | 3.539% | 3.539% | ||
USD 800 million fixed floating subordinated notes [member] | Aegon N.V [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | $ 800 | 800 | ||
Borrowings, coupon rate | 5.50% | |||
Marginal basis points | 3.539% | 3.539% | ||
USD 925 million fixed subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | $ 925 | $ 925 | ||
Borrowings, coupon rate | 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, 2022 | Dec. 31, 2021 | |
Disclosure of trust pass-through securities [line items] | ||
Trust pass-through securities | € 118 | € 126 |
Fair value of trust pass-through securities | € 133 | 139 |
USD 225 million [member] | ||
Disclosure of trust pass-through securities [line items] | ||
Coupon rate | 7.65% | |
Coupon date | Semi-annually, December 1 | |
Year of issue | 1996 | |
Year of maturity | 2026 | |
Trust pass-through securities | € 72 | 82 |
USD 190 million [member] | ||
Disclosure of trust pass-through securities [line items] | ||
Coupon rate | 7.625% | |
Coupon date | Semi-annually, November 15 | |
Year of issue | 1997 | |
Year of maturity | 2037 | |
Trust pass-through securities | € 46 | € 43 |
Trust Pass-Through Securities_2
Trust Pass-Through Securities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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. |
Insurance Contracts - Summary o
Insurance Contracts - Summary of Sensitivity Analysis of Net Result and Shareholders' Equity to Changes in Various Underwriting Risks (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | [1] | € (1) | € 108 |
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 | [1] | (12) | (110) |
On Share Holders Equity Insurance Contracts [member] | Five Percentage Increase In Mortality Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of shareholders' equity | [1] | (140) | 340 |
On Share Holders Equity Insurance Contracts [member] | Five Percentage Decrease In Mortality Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of shareholders' equity | [1] | (50) | (434) |
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 | [1] | (389) | (292) |
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 | [1] | 108 | 178 |
Insurance [member] | Twenty Percentage Increase In Lapse Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | 1 | 109 |
Insurance [member] | Twenty Percentage Decrease In Lapse Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | (16) | (115) |
Insurance [member] | Five Percentage Increase In Mortality Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | (147) | 295 |
Insurance [member] | Five Percentage Decrease In Mortality Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | (46) | (378) |
Insurance [member] | Ten Percentage Increase In Morbidity Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | (394) | (284) |
Insurance [member] | Ten Percentage Decrease In Morbidity Rates [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | |||
Sensitivity analysis of net result | [1] | € 109 | € 175 |
[1]Includes the approximate effects of the disposal group |
Insurance Contracts - Summary_2
Insurance Contracts - Summary of Insurance Contracts for General Account (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of insurance contracts for general account [Line Items] | |||
- Unearned premiums and unexpired risks | € 6,181 | € 6,548 | |
- Outstanding claims | 1,683 | 2,247 | |
- Incurred but not reported claims | 460 | 816 | |
Incoming reinsurance | 3,901 | 4,120 | |
Liabilities under insurance contracts and reinsurance contracts issued | 87,309 | 124,422 | |
Non-Life insurance [member] | |||
Disclosure of insurance contracts for general account [Line Items] | |||
Liabilities under insurance contracts and reinsurance contracts issued | 8,324 | 9,611 | € 9,118 |
Non-Life insurance [member] | Accident and health insurance [member] | |||
Disclosure of insurance contracts for general account [Line Items] | |||
Liabilities under insurance contracts and reinsurance contracts issued | 8,324 | 9,374 | |
Non-Life insurance [member] | General insurance [member] | |||
Disclosure of insurance contracts for general account [Line Items] | |||
Liabilities under insurance contracts and reinsurance contracts issued | 0 | 237 | |
Life insurance general account [member] | |||
Disclosure of insurance contracts for general account [Line Items] | |||
Liabilities under insurance contracts and reinsurance contracts issued | € 75,084 | € 110,691 | € 109,062 |
Insurance Contracts - Summary_3
Insurance Contracts - Summary of Shareholders' Equity on Net Result (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
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 result | [1] | € (237) | € (192) |
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 result | [1] | 233 | 169 |
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 result | [1] | (314) | (444) |
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 result | [1] | 156 | 452 |
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 result | [1] | 97 | 136 |
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 result | [1] | (77) | (148) |
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 | [1] | (1,463) | (2,418) |
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 | [1] | 1,567 | 2,387 |
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 | [1] | (280) | (401) |
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 | [1] | 190 | 496 |
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 | [1] | 129 | 178 |
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 | [1] | € (42) | € (104) |
[1]Includes the approximate effects of the disposal group |
Insurance Contracts - Summary_4
Insurance Contracts - Summary of Movements in Insurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | € 124,422 | |
Beginning balance | 20,992 | |
Ending balance | 21,184 | € 20,992 |
Ending balance | 87,309 | 124,422 |
Life insurance general account [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 110,691 | 109,062 |
Beginning balance | 19,409 | 17,421 |
Disposals | (576) | |
Portfolio transfers and acquisitions | (18) | (26) |
Unwind of discount / interest credited | 1,115 | 828 |
Gross premium and deposits – existing and new business | 6,070 | 6,033 |
Unwind of discount / interest credited | 3,593 | 4,037 |
Insurance liabilities released | (10,364) | (9,490) |
Changes in valuation of expected future benefits | (2,840) | (1,635) |
Loss recognized as a result of liability adequacy testing | (2,239) | (236) |
Shadow accounting adjustments | (3,352) | (1,821) |
Net exchange differences | 4,338 | 4,713 |
Net exchange differences | 1,201 | 1,342 |
Transfer (to) / from insurance (reinsurance) contracts | 273 | 36 |
Ending balance | 19,595 | 19,409 |
Transfers to disposal groups | (30,491) | |
Other | 0 | 17 |
Ending balance | 75,084 | 110,691 |
Insurance contracts for general account [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 4,120 | 3,965 |
Gross premium and deposits – existing and new business | 1,142 | 1,276 |
Unwind of discount / interest credited | 199 | 192 |
Insurance liabilities released | (1,885) | (1,562) |
Changes in valuation of expected future benefits | 91 | (36) |
Shadow accounting adjustments | (30) | (7) |
Loss recognized as a result of liability adequacy | (11) | (3) |
Net exchange differences | 276 | 296 |
Other | (2) | (1) |
Ending balance | 3,901 | 4,120 |
Non-Life insurance [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 9,611 | 9,118 |
Beginning balance | 1,245 | 1,144 |
Disposals | (115) | (25) |
Portfolio transfers and acquisitions | 0 | 1 |
Unwind of discount / interest credited | 91 | 83 |
Gross premium and deposits – existing and new business | 1,310 | 1,508 |
Unwind of discount / interest credited | 536 | 479 |
Insurance liabilities released | (1,198) | (992) |
Changes in valuation of expected future benefits | 41 | (36) |
Change in unearned premiums | (488) | (731) |
Change in unexpired risks | 0 | |
Incurred related to current year | 642 | 670 |
Incurred related to prior years | 262 | 267 |
Release for claims settled current year | (211) | (269) |
Release for claims settled prior years | (822) | (757) |
Shadow accounting adjustments | (734) | (153) |
Change in IBNR | (98) | (59) |
Net exchange differences | 550 | 592 |
Net exchange differences | 78 | 84 |
Ending balance | 1,255 | 1,245 |
Transfers to disposal groups | (961) | |
Other | 0 | (1) |
Ending balance | 8,324 | 9,611 |
Insurance Contracts for Account of Policyholders [member] | ||
Disclosure of types of insurance contracts [Line Items] | ||
Beginning balance | 149,323 | 135,441 |
Disposals | (192) | |
Portfolio transfers and acquisitions | (73) | (547) |
Gross premium and deposits – existing and new business | 4,831 | 5,532 |
Unwind of discount / interest credited | (24,402) | 14,994 |
Insurance liabilities released | (10,190) | (13,199) |
Fund charges released | (1,681) | (1,680) |
Changes in valuation of expected future benefits | (1,121) | (145) |
Net exchange differences | 3,773 | 8,144 |
Transfer (to) / from insurance (reinsurance) contracts | (284) | 783 |
Transfers to disposal groups | (19,577) | |
Other | 0 | 1 |
Ending balance | € 100,409 | € 149,323 |
Investment Contracts - Summary
Investment Contracts - Summary of Investment Contracts for General Account (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of investment contracts general account [Line Items] | ||
Beginning balance | € 21,767 | € 21,075 |
Deposits | 22,695 | 20,947 |
Withdrawals | (23,276) | (21,936) |
Investment contracts liabilities released | (11) | (3) |
Interest credited | 268 | 256 |
Net exchange differences | 632 | 672 |
Transfer to/from other headings | 797 | 780 |
Transfers to disposal groups | (12,179) | |
Other | (35) | (23) |
Ending balance | 10,658 | 21,767 |
Institutional guaranteed products | 179 | 187 |
Fixed annuities | 10,230 | 9,543 |
Savings accounts | 0 | 11,586 |
Investment contracts with discretionary participation features | 174 | 194 |
Other | 76 | 256 |
Investment contracts liabilities | 10,658 | 21,767 |
Without Discretionary Participation Features [member] | ||
Disclosure of investment contracts general account [Line Items] | ||
Beginning balance | 21,573 | 20,889 |
Deposits | 22,695 | 20,947 |
Withdrawals | (23,276) | (21,936) |
Investment contracts liabilities released | ||
Interest credited | 268 | 256 |
Net exchange differences | 642 | 660 |
Transfer to/from other headings | 797 | 780 |
Transfers to disposal groups | (12,179) | |
Other | (35) | (23) |
Ending balance | 10,485 | 21,573 |
With Discretionary Participation Features [member] | ||
Disclosure of investment contracts general account [Line Items] | ||
Beginning balance | 194 | 185 |
Deposits | ||
Withdrawals | ||
Investment contracts liabilities released | (11) | (3) |
Interest credited | ||
Net exchange differences | (10) | 12 |
Transfer to/from other headings | ||
Transfers to disposal groups | 0 | |
Other | 0 | 0 |
Ending balance | € 174 | € 194 |
Investment Contracts - Summar_2
Investment Contracts - Summary of Investment Contracts for Account of Policyholders (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | € 104,592 | € 91,624 |
Gross premium and deposits - existing and new business | 11,832 | 11,995 |
Withdrawals | (15,132) | (10,716) |
Disposal of a business | (182) | |
Interest credited | (13,698) | 10,702 |
Investment contracts liabilities released | (3,182) | (3,815) |
Fund charges released | (202) | (209) |
Net exchange differences | (1,154) | 6,353 |
Transfer (to)/from other headings | (1,396) | (1,344) |
Transfers to disposal groups | (925) | |
Other | 2 | 1 |
Ending balance | 80,555 | 104,592 |
Without Discretionary Participation Features [member] | ||
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | 71,242 | 59,625 |
Gross premium and deposits - existing and new business | 11,155 | 11,185 |
Withdrawals | (15,132) | (10,716) |
Disposal of a business | (182) | |
Interest credited | (9,691) | 7,572 |
Fund charges released | (202) | (209) |
Net exchange differences | 382 | 4,256 |
Transfer (to)/from other headings | (1,396) | (473) |
Transfers to disposal groups | (925) | |
Other | 2 | 1 |
Ending balance | 55,254 | 71,242 |
With Discretionary Participation Features [member] | ||
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance | 33,350 | 31,999 |
Gross premium and deposits - existing and new business | 677 | 810 |
Interest credited | (4,007) | 3,130 |
Investment contracts liabilities released | (3,182) | (3,815) |
Net exchange differences | (1,537) | 2,097 |
Transfer (to)/from other headings | (871) | |
Other | 0 | 0 |
Ending balance | € 25,301 | € 33,350 |
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, 2022 | Dec. 31, 2021 | |
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | € 124,422 | |
Ending balance | 87,309 | € 124,422 |
Account value | 100,409 | 149,323 |
Net amount at risk | 180,006 | 250,953 |
The Netherlands [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | 40,547 | |
Ending balance | 40,547 | |
Net amount at risk | 25,673 | |
Financial Guarantee Contracts [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | 3,243 | 4,747 |
Incurred guarantee benefits | (1,911) | (1,666) |
Paid guarantee benefits | (4) | (2) |
Net exchange differences | 136 | 164 |
Transfers to disposal groups | (753) | |
Ending balance | 711 | 3,243 |
Account value | 27,752 | 44,693 |
Net amount at risk | 452 | 1,852 |
Financial Guarantee Contracts [member] | United States [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | 1,830 | 2,715 |
Incurred guarantee benefits | (1,251) | (1,047) |
Paid guarantee benefits | (4) | (2) |
Net exchange differences | 136 | 164 |
Transfers to disposal groups | 0 | |
Ending balance | 711 | 1,830 |
Account value | 27,752 | 34,945 |
Net amount at risk | 452 | 314 |
Financial Guarantee Contracts [member] | The Netherlands [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | 1,413 | 2,032 |
Incurred guarantee benefits | (660) | (619) |
Paid guarantee benefits | 0 | |
Net exchange differences | 0 | |
Transfers to disposal groups | (753) | |
Ending balance | 0 | 1,413 |
Account value | 0 | 9,748 |
Net amount at risk | € 0 | € 1,538 |
Guarantees in Insurance Contr_4
Guarantees in Insurance Contracts - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Period of which return of premium guarantee payable | 14 years | ||
Re insured account value | € 2,189 | € 3,518 | € 2,703 |
Guaranteed remaining balance | € 800 | 900 | |
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 contracts 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 | € 151 | 179 | |
Increase (decrease) in guarantee reserves | 9,051 | 2,997 | |
Guarantee reserve | 828 | 9,878 | |
GMWB [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Derivative contract value | 8 | 39 | |
Reinsurance assets [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Re insured account value | € 1,400 | € 1,800 | |
Bottom of range [member] | Minimum investment return guaranteed [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Effective interest rate percentage | 0% | ||
First five years [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Long-term forward interest rate assumption | 25% | ||
Maturity year 2020 [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Volatility assumption of S&P 500 index | 22.70% | 22.30% | |
The Netherlands [member] | Minimum investment return guaranteed [member] | |||
Disclosure of insurance contracts contractual obligations [Line Items] | |||
Guarantees fair value contributes net loss before tax earnings | € 184 | € 63 | |
Gain (Loss) related to increasing own credit spreads | 35 | 16 | |
Gain related to increase in equity market | 1,019 | 1,214 | |
Gain related to decreases in equity volatilities | 357 | 19 | |
Increase in risk free rates | 7,653 | 2,795 | |
Other contributed gain (loss) | 774 | 65 | |
Hedges related to the guarantee reserves | € 6,366 | € 3,855 | |
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% | ||
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% |
Guarantees in Insurance Contr_5
Guarantees in Insurance Contracts - Summary of Liabilities for Guarantees for Minimum Benefits (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2022 EUR (€) Counterparty | Dec. 31, 2021 EUR (€) Counterparty | |
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | € 124,422 | |
Ending balance | 87,309 | € 124,422 |
Account value | 100,409 | 149,323 |
Net amount at risk | 180,006 | 250,953 |
United States [member] | Life contingent guarantees [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | 1,031 | 1,127 |
Incurred guarantee benefits | 683 | (99) |
Paid guarantee benefits | (144) | (75) |
Net exchange differences | 61 | 79 |
Ending balance | 1,630 | 1,031 |
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 | 502 | 488 |
Incurred guarantee benefits | 344 | 27 |
Paid guarantee benefits | (103) | (49) |
Net exchange differences | 30 | 36 |
Ending balance | 773 | 502 |
Account value | 44,488 | 56,426 |
Net amount at risk | € 3,743 | € 843 |
Average attained age of contract holders | Counterparty | 72 | 71 |
United States [member] | Life contingent guarantees [member] | Guaranteed Minimum Income Benefit [member] | ||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | ||
Beginning balance | € 529 | € 638 |
Incurred guarantee benefits | 338 | (127) |
Paid guarantee benefits | (41) | (25) |
Net exchange differences | 31 | 42 |
Ending balance | 857 | 529 |
Account value | 3,911 | 5,186 |
Net amount at risk | € 933 | € 472 |
Average attained age of contract holders | Counterparty | 73 | 72 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 4,051 | € 9,661 |
Current | 1,150 | 824 |
Non-current | 2,901 | 8,837 |
Fair value of borrowings | 4,114 | 10,171 |
Capital funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 1,245 | 1,292 |
Operational funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 2,806 | € 8,369 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Difference between the contractually required payment at maturity date and the carrying amount | € 7 | € 25 |
Operational funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Increase (decrease) in borrowing capacity | € (5,600) |
Borrowings - Summary of Detaile
Borrowings - Summary of Detailed Composition of Capital Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 4,051 | € 9,661 |
Capital funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 1,245 | 1,292 |
Capital funding [member] | EUR 500 Million Senior Unsecured Notes [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | 1% | |
Coupon date | December 8 | |
Borrowings issued year | 2016 | |
Borrowings maturity year | 2023 | |
Borrowings | € 499 | 499 |
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 | € 281 | 296 |
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 | € 446 | 472 |
Capital funding [member] | Other [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 19 | € 26 |
Borrowings - Summary of Detai_2
Borrowings - Summary of Detailed Composition of Operational Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 4,051 | € 9,661 |
Operational funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 2,806 | 8,369 |
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 | 2022 | |
Borrowings | € 0 | 592 |
Operational funding [member] | Revolving Loan Facility Warehouse Mortgage Loans One [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | Floating | |
Coupon date | Monthly | |
Borrowing maturity | 2024 | |
Borrowings | € 0 | 494 |
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 / 2023 | |
Borrowings | € 0 | 676 |
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 / 2023 | |
Borrowings | € 0 | 499 |
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 / 2024 | |
Borrowings | € 0 | 499 |
Operational funding [member] | EUR 500 million Conditional Pass-Through Covered Bond [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | 0.01% | |
Coupon date | Annual | |
Borrowing maturity | 2020 / 2025 | |
Borrowings | € 0 | 506 |
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 / 2027 | |
Borrowings | € 0 | 492 |
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 | 2021 / 2036 | |
Borrowings | € 0 | 494 |
Operational funding [member] | FHLB Secured Borrowings [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | Floating | |
Coupon date | Quarterly | |
Borrowing maturity | 2021 / 2024 | |
Borrowings | € 2,806 | 2,634 |
Operational funding [member] | Aegon Bank Senior Non-Preferred debt [Member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | 0.625% | |
Coupon date | Annual | |
Borrowing maturity | 2019 / 2024 | |
Borrowings | € 0 | 499 |
Operational funding [member] | Other [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 0 | 5 |
Operational funding [member] | SAECURE 18" RMBS Note [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | Floating | |
Coupon date | Quarterly | |
Borrowing maturity | 2019 / 2025 | |
Borrowings | € 0 | 355 |
Operational funding [member] | SAECURE 20" RMBS Note [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Coupon rate | Floating | |
Coupon date | Quarterly | |
Borrowing maturity | 2021 / 2027 | |
Borrowings | € 625 |
Borrowings - Summary of Undrawn
Borrowings - Summary of Undrawn Committed Borrowings Facilities (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 3,435 | € 3,399 |
Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | 3,435 | 3,399 |
Not later than 1 year [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | 0 | 408 |
> 12 months [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 3,435 | € 2,991 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | ||
Beginning balance | € 193 | € 309 |
Additional provisions | 28 | 91 |
Disposals | (8) | (6) |
Unused amounts reversed through the income statement | (10) | 0 |
Used during the year | (57) | (209) |
Net exchange differences | 5 | 9 |
Transfer to disposal groups | (52) | |
Ending balance | 99 | 193 |
Current | 89 | 139 |
Non-current | € 10 | € 54 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of other provisions [Line Items] | ||
Litigation provisions | € 71 | € 93 |
Provisions | 99 | 193 |
Restructuring provisions [member] | ||
Disclosure of other provisions [Line Items] | ||
Provisions | 9 | 30 |
Other provisions [member] | ||
Disclosure of other provisions [Line Items] | ||
Provisions | € 19 | € 70 |
Defined Benefit Plans - Summary
Defined Benefit Plans - Summary of Defined Benefit Plans (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit plans | € 409 | € 3,824 | € 4,593 |
Defined benefit assets | 87 | 119 | |
Defined benefit liabilities | 496 | 3,944 | |
Retirement Benefit Plans [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit plans | 225 | 3,547 | 4,318 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit plans | 184 | 277 | € 275 |
Retirement benefit plans in surplus [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit assets | 87 | 119 | |
Retirement benefit plans in deficit [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit liabilities | 312 | 3,666 | |
Other post-employment benefit plans in deficit [member] | |||
Disclosure of defined benefit plans [Line Items] | |||
Defined benefit liabilities | € 184 | € 277 |
Defined Benefit Plans - Summa_2
Defined Benefit Plans - Summary of Movements of Defined Benefit Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | € 3,824 | € 4,593 | |
Defined benefit expenses | 85 | 8 | |
Current year service cost | 43 | 59 | € 63 |
Interest expense | 45 | 37 | 59 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | (3) | (88) | 1 |
Contributions paid | (38) | (164) | |
Benefits paid | (134) | (125) | |
Net exchange differences | 36 | 45 | |
Other | 1 | (32) | |
Transfer to disposal groups | (2,462) | ||
Ending Balance | 409 | 3,824 | 4,593 |
Defined benefit plans [member] | |||
Remeasurements of the defined benefit obligations: | |||
Remeasurements of defined benefit plans | (904) | (501) | |
Commissions and expenses [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 8,541 | 9,059 | |
Current year service cost | 43 | 59 | |
Interest expense | 158 | 131 | |
Remeasurements of the defined benefit obligations: | |||
- Actuarial gains and losses arising from changes in demographic assumptions | (3) | (59) | |
- Actuarial gains and losses arising from changes in financial assumptions | (2,420) | (299) | |
Past service cost | (3) | (88) | |
Benefits paid | (529) | (455) | |
Amounts paid in respect of settlements | (140) | ||
Net exchange differences | 164 | 364 | |
Other | 1 | (32) | |
Transfer to disposal groups | (2,462) | ||
Ending Balance | 3,491 | 8,541 | 9,059 |
Commissions and expenses [member] | Defined benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 4,717 | 4,466 | |
Interest expense | 114 | 94 | |
Remeasurements of the defined benefit obligations: | |||
Remeasurements of defined benefit plans | (1,518) | 144 | |
Contributions by employer | 38 | 164 | |
Benefits paid | (395) | (330) | |
Amounts paid in respect of settlements | (140) | ||
Net exchange differences | 127 | 319 | |
Ending Balance | 3,083 | 4,717 | 4,466 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 3,547 | 4,318 | |
Defined benefit expenses | 68 | (8) | |
Current year service cost | 32 | 48 | 52 |
Interest expense | 38 | 32 | 52 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | (3) | (88) | 1 |
Remeasurements of defined benefit plans | (837) | (487) | |
Contributions paid | (38) | (164) | |
Benefits paid | (117) | (110) | |
Net exchange differences | 21 | 29 | |
Other | 1 | (32) | |
Transfer to disposal groups | (2,421) | ||
Ending Balance | 225 | 3,547 | 4,318 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Beginning Balance | 277 | 275 | |
Defined benefit expenses | 17 | 16 | |
Current year service cost | 11 | 11 | 11 |
Interest expense | 6 | 5 | 7 |
Remeasurements of the defined benefit obligations: | |||
Past service cost | |||
Remeasurements of defined benefit plans | (67) | (14) | |
Contributions paid | 0 | ||
Benefits paid | (17) | (15) | |
Net exchange differences | 15 | 16 | |
Other | 0 | ||
Transfer to disposal groups | (41) | ||
Ending Balance | € 184 | € 277 | € 275 |
Defined Benefit Plans - Summa_3
Defined Benefit Plans - Summary of Amounts Recognized in Statement of Financial Positions (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | € 3,098 | € 4,604 | |
Fair value of plan assets | (3,083) | (4,717) | |
Surplus Deficit In Plan | 15 | (112) | |
Present value of wholly unfunded obligations | 394 | 3,937 | |
Ending Balance | 409 | 3,824 | € 4,593 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | 3,098 | 4,604 | |
Fair value of plan assets | (3,083) | (4,717) | |
Surplus Deficit In Plan | 15 | (112) | |
Present value of wholly unfunded obligations | 210 | 3,660 | |
Ending Balance | 225 | 3,547 | 4,318 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | 0 | ||
Fair value of plan assets | 0 | ||
Present value of wholly unfunded obligations | 184 | 277 | |
Ending Balance | € 184 | € 277 | € 275 |
Defined Benefit Plans - Summa_4
Defined Benefit Plans - Summary of Fair Value of Plan Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | € 43 | € 59 | € 63 |
Net interest on the net defined benefit liability (asset) | 45 | 37 | 59 |
Past service cost | (3) | (88) | 1 |
Total defined benefit expenses | 85 | 8 | 122 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | 32 | 48 | 52 |
Net interest on the net defined benefit liability (asset) | 38 | 32 | 52 |
Past service cost | (3) | (88) | 1 |
Total defined benefit expenses | 68 | (8) | 104 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Current year service cost | 11 | 11 | 11 |
Net interest on the net defined benefit liability (asset) | 6 | 5 | 7 |
Past service cost | |||
Total defined benefit expenses | € 17 | € 16 | € 18 |
Defined Benefit Plans - Summa_5
Defined Benefit Plans - Summary of Breakdown of Plan Assets for Retirement of Benefit Plans (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | € 490 | € 990 |
Real estate | 142 | |
Derivatives | (218) | (3) |
Investment funds | 2,214 | 3,069 |
Structured securities | 268 | |
Other | 328 | 518 |
At December 31 | € 3,083 | € 4,717 |
Equity instruments | 0% | 0% |
Debt instrument | 16% | 21% |
Real estate | 0% | 3% |
Derivatives | (7.00%) | 0% |
Investment funds | 72% | 65% |
Structured securities | 9% | 0% |
Other | 11% | 11% |
At December 31 | 100% | 100% |
Quoted Plan Assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | € 336 | € 603 |
Other | 2 | |
At December 31 | 336 | 605 |
Unquoted plan assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | 154 | 387 |
Real estate | 142 | |
Derivatives | (218) | (3) |
Investment funds | 2,214 | 3,069 |
Structured securities | 268 | |
Other | 328 | 516 |
At December 31 | € 2,746 | € 4,112 |
Defined Benefit Plans - Additio
Defined Benefit Plans - Additional Information (Detail) € in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 EUR (€) | Dec. 31, 2022 EUR (€) yr Plans | Dec. 31, 2021 EUR (€) yr | Dec. 31, 2020 EUR (€) | |
Disclosure of defined benefit plans [Line Items] | ||||
Plan benefit liability | € 409 | € 3,824 | € 4,593 | |
Defined benefit plan deficit | € (15) | € 112 | ||
Aegon United Kingdom [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Remaining average duration of defined benefits obligation | yr | 15.3 | 21 | ||
Defined benefit plan deficit | € 87 | € 119 | ||
Contributions were paid into scheme | € 38 | € 73 | ||
Percentage of investment assets allocation in primary equities | 17% | |||
Percentage of investment liability allocation in fixed interest and inflation-linked bonds and related derivatives | 83% | |||
Transamerica Corporation [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Defined benefit plans deficit | € (102) | € (7) | ||
Employer contribution to pension plan | € 91 | |||
Number of benefit plans | Plans | 2 | |||
Remaining average duration of defined benefits obligation | yr | 9.8 | 12.9 | ||
Transamerica Corporation [member] | United States [member] | Supplemental pension and retirement plan [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Defined benefit plans unfunded | € 197 | € 235 | ||
Transamerica Corporation [member] | United States [member] | Post employment healthcare benefits [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Plan benefit liability | € 184 | € 220 |
Defined Benefit Plans - Summa_6
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Aegon United Kingdom [member] | ||
Demographic actuarial assumptions | ||
Mortality | UK mortality table | UK mortality table |
Financial actuarial assumptions | ||
Discount rate | 4.96% | 1.79% |
Price inflation | 3.20% | 3.34% |
United States [member] | ||
Demographic actuarial assumptions | ||
Mortality | US mortality table | US mortality table |
Financial actuarial assumptions | ||
Salary increase rate | 4% | 4% |
Health care trend rate | 6.30% | 6.10% |
United States [member] | Top of range [member] | ||
Financial actuarial assumptions | ||
Discount rate | 5.14% | 2.61% |
United States [member] | Bottom of range [member] | ||
Financial actuarial assumptions | ||
Discount rate | 5.22% | 2.80% |
Defined Benefit Plans - Summa_7
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Parenthetical) (Detail) - Counterparty | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
White collar jobs percentage | 90% | |
Blue collar jobs percentage | 10% | |
Top of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 0.015 | 0.015 |
Bottom of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 0.0125 | 0.0125 |
Defined Benefit Plans - Summa_8
Defined Benefit Plans - Summary of Estimated Approximate Effects on Defined Benefit Obligation (Detail) - United States [member] - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (50) | € (69) |
Decrease in actuarial assumptions | 54 | 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 | (222) | (357) |
Decrease in actuarial assumptions | 277 | 436 |
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 | 4 | |
Decrease in actuarial assumptions | (3) | |
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 | 10 | 13 |
Decrease in actuarial assumptions | € (9) | € (12) |
Defined Benefit Plans - Target
Defined Benefit Plans - Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 0% | 0% |
Debt instruments | 16% | 21% |
Other | 11% | 11% |
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 | 2% | |
Debt instruments | 80% | |
Other | 8% | |
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 | 4% | |
Debt instruments | 90% | |
Other | 16% |
Defined Benefit Plans - Estimat
Defined Benefit Plans - Estimated Approximate Effects on the Defined Benefit Obligation (Detail) - Aegon United Kingdom [member] - EUR (€) | Dec. 31, 2022 | Dec. 31, 2021 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (19) | € (55) |
Decrease in actuarial assumptions | 22 | 62 |
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 | (130) | (322) |
Decrease in actuarial assumptions | 164 | 433 |
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 | 55 | 202 |
Decrease in actuarial assumptions | € (113) | € (237) |
Defined Benefit Plans - Summa_9
Defined Benefit Plans - Summary of Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 0% | 0% |
Debt instruments | 16% | 21% |
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 | 16.70% | |
Debt instruments | 83.30% |
Deferred Tax - Summary of Defer
Deferred Tax - Summary of Deferred Tax (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | € 1,827 | € 131 | |
Deferred tax liabilities, temporary differences | 4 | 1,559 | |
Deferred tax assets | 1,827 | 131 | |
Deferred tax liabilities | 4 | 1,559 | |
Total net deferred tax liability / (asset) | (1,823) | 1,428 | € 1,323 |
Real estate [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | (15) | ||
Deferred tax liabilities, temporary differences | 776 | ||
Total net deferred tax liability / (asset) | 15 | 776 | 663 |
Financial assets [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | 737 | (7) | |
Deferred tax liabilities, temporary differences | 1,816 | ||
Total net deferred tax liability / (asset) | (737) | 1,823 | 2,156 |
Insurance and investment contracts [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | 1,515 | (8) | |
Deferred tax liabilities, temporary differences | (1,410) | ||
Total net deferred tax liability / (asset) | (1,515) | (1,402) | (1,533) |
Deferred expenses, VOBA and other intangible assets [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | (2,350) | (133) | |
Deferred tax liabilities, temporary differences | 1 | 1,573 | |
Total net deferred tax liability / (asset) | 2,351 | 1,706 | 1,433 |
Defined benefit plans [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | 199 | 3 | |
Deferred tax liabilities, temporary differences | (151) | ||
Total net deferred tax liability / (asset) | (199) | (154) | (206) |
Tax losses and credits carried forward [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | 1,288 | 264 | |
Deferred tax liabilities, temporary differences | (754) | ||
Total net deferred tax liability / (asset) | (1,287) | (1,018) | (823) |
Other [member] | |||
Deferred tax assets and liabilities [Line Items] | |||
Deferred tax assets, temporary differences | 454 | 11 | |
Deferred tax liabilities, temporary differences | 3 | (291) | |
Total net deferred tax liability / (asset) | € (450) | € (303) | € (366) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | € 1,428 | € 1,323 | |||
Charged to income statement | (509) | 119 | [1] | € (289) | [1] |
Charged to income statement | 391 | 260 | |||
Charged to OCI | (2,964) | (261) | |||
Net exchange differences | 147 | 103 | |||
Disposal of a business | 0 | ||||
Transfers to disposal groups | (845) | ||||
Transfer (to)/from current income tax | 25 | 2 | |||
Transfer (to) /from other headings | (1) | ||||
Other | (3) | ||||
Ending balance | (1,823) | 1,428 | 1,323 | ||
Real estate [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | 776 | 663 | |||
Charged to income statement | (75) | 113 | |||
Charged to OCI | 0 | (1) | |||
Net exchange differences | 1 | 1 | |||
Disposal of a business | (1) | ||||
Transfers to disposal groups | (685) | ||||
Ending balance | 15 | 776 | 663 | ||
Financial assets [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | 1,823 | 2,156 | |||
Charged to income statement | 400 | (113) | |||
Charged to OCI | (3,213) | (359) | |||
Net exchange differences | 180 | 167 | |||
Disposal of a business | 1 | ||||
Transfers to disposal groups | 168 | ||||
Transfer (to) /from other headings | (95) | (29) | |||
Ending balance | (737) | 1,823 | 2,156 | ||
Insurance and investment contracts [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | (1,402) | (1,533) | |||
Charged to income statement | (336) | 217 | |||
Net exchange differences | (72) | (86) | |||
Disposal of a business | 3 | ||||
Transfers to disposal groups | 195 | ||||
Transfer (to) /from other headings | 97 | ||||
Ending balance | (1,515) | (1,402) | (1,533) | ||
Deferred expenses, VOBA and other intangible assets [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | 1,706 | 1,433 | |||
Charged to income statement | 563 | 162 | |||
Net exchange differences | 88 | 112 | |||
Disposal of a business | (5) | ||||
Transfers to disposal groups | (1) | ||||
Ending balance | 2,351 | 1,706 | 1,433 | ||
Defined benefit plans [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | (154) | (206) | |||
Charged to income statement | (187) | (32) | |||
Charged to OCI | 248 | 100 | |||
Net exchange differences | (12) | (15) | |||
Transfers to disposal groups | (94) | ||||
Ending balance | (199) | (154) | (206) | ||
Tax losses and credits carried forward [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | (1,018) | (823) | |||
Charged to income statement | 184 | (140) | |||
Net exchange differences | (24) | (56) | |||
Transfers to disposal groups | (454) | ||||
Transfer (to)/from current income tax | 25 | 2 | |||
Transfer (to) /from other headings | (1) | ||||
Other | (1) | ||||
Ending balance | (1,287) | (1,018) | (823) | ||
Other [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Beginning balance | (303) | (366) | |||
Charged to income statement | (158) | 54 | |||
Charged to OCI | 1 | (1) | |||
Net exchange differences | (13) | (20) | |||
Disposal of a business | 2 | ||||
Transfers to disposal groups | 26 | ||||
Transfer (to) /from other headings | (3) | 30 | |||
Other | (3) | ||||
Ending balance | € (450) | € (303) | € (366) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Deferred Tax - Additional Infor
Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets recognized for tax losses, gross | € 1,827 | € 131 |
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets, gross | 29 | 30 |
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 5 | 6 |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | 109 | |
Discontinued operations [member] | Deferred Tax Assets No Longer Accounted [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets recognized for tax losses, gross | 1 | |
Gross amounts | 11 | |
Unused tax credits [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets recognized for tax losses, tax | 595 | 491 |
Taxable temporary differences [member] | Discontinued operations [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets recognized for tax losses, gross | 454 | |
Gross amounts | 1,758 | |
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 | 109 | |
Gross amounts | 423 | |
Unremitted earnings [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets, gross | 1,770 | |
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 455 | |
Losses [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Deferred tax assets recognized for tax losses, gross | 1,176 | 1,247 |
Deferred tax assets recognized for tax losses, tax | € 477 | € 301 |
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, 2022 | Dec. 31, 2021 |
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | € 721 | € 684 |
Not recognized deferred tax asset | 247 | 224 |
Less than 5 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 58 | 62 |
Not recognized deferred tax asset | 16 | 15 |
Over 5 through 10 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 9 | 24 |
Not recognized deferred tax asset | 2 | 4 |
Over 10 through 15 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Not recognized deferred tax asset | 59 | 55 |
Indefinitely [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 655 | 598 |
Not recognized deferred tax asset | € 169 | € 151 |
Deferred tax - Summary of Def_2
Deferred tax - Summary of Deferred Corporate Income Tax Asset (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets And Liabilities [line items] | ||
Deferred corporate income tax asset dependent on retaining bonds and similar investments until the earlier of market recovery or maturity | € 1,306 | |
Deferred corporate income tax asset dependent on future taxable profits | 7 | € 8 |
At December 31 | 1,313 | 8 |
Gross carrying amount [member] | ||
Deferred Tax Assets And Liabilities [line items] | ||
Deferred corporate income tax asset dependent on retaining bonds and similar investments until the earlier of market recovery or maturity | 6,265 | 0 |
Deferred corporate income tax asset dependent on future taxable profits | 27 | 32 |
At December 31 | € 6,292 | € 32 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Liabilities [abstract] | ||
Payables due to policyholders | € 860 | € 1,229 |
Payables due to brokers and agents | 489 | 467 |
Payables out of reinsurance | 823 | 1,384 |
Social security and taxes payable | 49 | 145 |
Income tax payable | 10 | 4 |
Investment creditors | 972 | 1,103 |
Cash collateral on derivative transactions | 2,483 | 2,708 |
Cash collateral on securities lended | 2,417 | 2,171 |
Cash collateral - other | 64 | 76 |
Repurchase agreements | 107 | 821 |
Lease liabilities | 210 | 252 |
Other creditors | 2,301 | 2,556 |
At December 31 | 10,785 | 12,916 |
Current | 10,562 | 12,233 |
Non-current | € 223 | € 683 |
Accruals - Summary of Accruals
Accruals - Summary of Accruals (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued interest | € 129 | € 251 |
Accrued expenses | 244 | 285 |
At December 31 | € 373 | € 537 |
Capital Management and Solven_3
Capital Management and Solvency - Additional Information (Detail) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of capital management and solvency [line items] | |||
Solvency contribution risk-based capital own fund ratio | 100% | ||
Withdrawal of insurance license triggered by breach of Authorized Control Level (ACL), percentage | 100% | ||
Withdrawal of insurance license triggered by breach of Company Action Level (CAL), percentage | 50% | ||
Percentage of higher capital requirement in SCR | 100% | ||
Solvency II revaluations related to items that are not recognized under Solvency | € 1,692 | € 2,263 | |
Solvency II revaluation related to the Net Asset Value of subsidiaries that are included under the Deduction & Aggregation method | 3,134 | 7,331 | |
Total distributable reserves | € 5,363 | 14,093 | |
Capital requirements on a solo-level, Solvency II ratio | 100% | ||
Increase in eligible own funds | € (3,099) | ||
Increase in PIM Solvency Capital Requirement Reserve | (1,382) | ||
Cash capital maintained | 1,600 | 1,300 | |
Gross Financial Leverage | 5,621 | 5,932 | |
Available Own Funds | 16,525 | 19,431 | |
Freely distributable reserves | 5,363 | 10,205 | |
Reduction of own Eligible funds due to tiering restrictions | 194 | ||
Dividend recognized as distribution to owners | 347 | € 248 | € 118 |
Delevaraging Amount | € 386 | ||
Dividend per common share | € / shares | € (0.23) | ||
Share buy back authorized amount | € 300 | ||
Reduction in the gross financial leverage as per estimate | € 700 | ||
Closing foreign exchange rate | 1.2 | ||
Share Buy Back Progamme Authorized First Quarter Of Two Thousand And Twenty Three [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Share buy back authorized amount | € 500 | ||
Share Buy Back Progamme Authorized First Quarter Of Two Thousand And Twenty Two [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Share buy back authorized amount | 500 | ||
External Dividends [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Dividend recognized as distribution to owners | € 460 | ||
United States [member] | |||
Disclosure of capital management and solvency [line items] | |||
Risk based capital ratio | 425% | 426% | |
The Netherlands [member] | |||
Disclosure of capital management and solvency [line items] | |||
Life solvency two ratio | 210% | 186% | |
United Kingdom [member] | |||
Disclosure of capital management and solvency [line items] | |||
Equitable solvency two ratio | 169% | 167% | |
Statutory Capital Reserve For Solvency Two Units [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Operating level capital percentage | 400% | ||
RBC Cal [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Operating level capital percentage | 150% | ||
Subordinated notes issued by Aegon Funding Corp [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | € 770 | € 832 | |
Subordinated liabilities Aegon NV [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Reclassification of subordinated liabilities | 2,678 | 3,168 | |
Available Own Funds | 720 | 767 | |
Grandfathered subordinated notes [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | 705 | 750 | |
Junior Perpetual Capital Securities [member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | 993 | 1,391 | |
Amount of floating rate movement | 950 | ||
Perpetual Cumulative Securities [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | 387 | 459 | |
Perpetual Contingent Convertible Securities [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | 442 | 515 | |
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 | 2,725 | 3,666 | |
PIM Solvency Capital Requirement reserve | 7,844 | 9,226 | |
Available Own Funds | 16,332 | 19,431 | |
IFRS and Solvency II frameworks [member] | |||
Disclosure of capital management and solvency [line items] | |||
Solvency II revaluations, total | 1,489 | 9,096 | |
IFRS and Solvency II frameworks [member] | Aegons insurance group [member] | |||
Disclosure of capital management and solvency [line items] | |||
PIM Solvency Capital Requirement reserve | 7,844 | 9,226 | |
New method [member] | |||
Disclosure of capital management and solvency [line items] | |||
Restricted of tier one capital | 1,822 | 2,364 | |
Restricted of tier 2 capital | 2,195 | 2,348 | |
New method [member] | Subordinated notes issued by Aegon Funding Corp [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Restricted of tier 2 capital | 770 | 832 | |
New method [member] | Subordinated liabilities Aegon NV [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Restricted of tier 2 capital | 720 | ||
New method [member] | Grandfathered subordinated notes [Member] | |||
Disclosure of capital management and solvency [line items] | |||
Restricted of tier 2 capital | 705 | 750 | |
New method [member] | Tier One Total [Member] | Solvency one capital ratio [member] | |||
Disclosure of capital management and solvency [line items] | |||
Available Own Funds | € 13,585 | 16,409 | |
New method [member] | Subordinated Liabilities [member] | |||
Disclosure of capital management and solvency [line items] | |||
Restricted of tier 2 capital | € 767 | ||
Top of range [member] | |||
Disclosure of capital management and solvency [line items] | |||
Proportions Group Solvency Two Ratio | 208 | ||
Cash capital maintained | € 1,500 | ||
Gross Financial Leverage | € 5,500 | ||
Bottom of range [member] | |||
Disclosure of capital management and solvency [line items] | |||
Proportions Group Solvency Two Ratio | (3) | ||
Cash capital maintained | € 500 | ||
Gross Financial Leverage | € 5,000 | ||
Bottom of range [member] | United States [member] | |||
Disclosure of capital management and solvency [line items] | |||
Risk based capital ratio | 400% | 400% | |
Bottom of range [member] | The Netherlands [member] | |||
Disclosure of capital management and solvency [line items] | |||
Life solvency two ratio | 150% | ||
Equitable solvency two ratio | 150% | ||
Bottom of range [member] | United Kingdom [member] | |||
Disclosure of capital management and solvency [line items] | |||
Equitable solvency two ratio | 150% | 150% |
Capital Management and Solven_4
Capital Management and Solvency - Summary of Capital Ratios of Aegon's Operating Units (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
United States [member] | ||
Disclosure In Tabular Form Of Capital Ratios Of Operating Units [Line Items] | ||
Risk based capital ratio | 425% | 426% |
The Netherlands [member] | ||
Disclosure In Tabular Form Of Capital Ratios Of Operating Units [Line Items] | ||
Life solvency two ratio | 210% | 186% |
United Kingdom [member] | ||
Disclosure In Tabular Form Of Capital Ratios Of Operating Units [Line Items] | ||
Equitable solvency two ratio | 169% | 167% |
Capital Management and Solven_5
Capital Management and Solvency - Aegon's Estimated Capital Position (Detail) - Aegons Insurance Group [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Estimated Capital Position [Line Items] | ||
Group Own Funds | € 16,332 | € 19,431 |
Group SCR | € 7,844 | € 9,226 |
Group Solvency II ratio | 208% | 211% |
Capital Management and Solven_6
Capital Management and Solvency - Summary of Composition of Available Own Funds Across Tiers (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 16,525 | € 19,431 |
Subordinated notes issued by AFC [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 770 | € 832 |
Total Percentage | 5% | 4% |
Subordinated liabilities Aegon NV [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 720 | € 767 |
Total Percentage | 4% | 4% |
Grandfathered subordinated notes [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 705 | € 750 |
Total Percentage | 4% | 4% |
Junior Perpetual Capital Securities [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 993 | € 1,391 |
Total Percentage | 6% | 7% |
Perpetual Cumulative Securities [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 387 | € 459 |
Total Percentage | 2% | 2% |
Perpetual Contingent Convertible Securities [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 442 | € 515 |
Total Percentage | 3% | 3% |
New method [member] | Solvency one capital ratio [member] | Tier 1 (Unrestricted Tier 1 + Restricted Tier 1) | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 13,585 | € 16,409 |
Total Percentage | 82% | 84% |
New method [member] | Solvency one capital ratio [member] | Unrestricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 11,762 | € 14,044 |
Total Percentage | 71% | 72% |
New method [member] | Solvency one capital ratio [member] | Restricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 1,822 | € 2,364 |
Total Percentage | 11% | 12% |
New method [member] | Solvency one capital ratio [member] | Tier 2 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 2,195 | € 2,348 |
Total Percentage | 13% | 12% |
New method [member] | Solvency one capital ratio [member] | Tier 3 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Available Own Funds | € 746 | € 675 |
Total Percentage | 5% | 3% |
Capital Management and Solven_7
Capital Management and Solvency - Summary of Equity Compares to Solvency II Own Funds (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of capital management and solvency [line items] | ||||
IFRS Shareholders' Equity | € 12,071 | € 23,813 | ||
IFRS Group Equity | 14,190 | 26,372 | € 24,661 | € 24,433 |
Eligible Own Funds | 16,525 | 19,431 | ||
DNB Bank ASA [member] | ||||
Disclosure of capital management and solvency [line items] | ||||
IFRS Shareholders' Equity | 12,071 | 23,813 | ||
IFRS adjustments for Other Equity instruments and non controlling interests | 2,119 | 2,559 | ||
IFRS Group Equity | 14,190 | 26,372 | ||
Solvency II revaluations & reclassifications | 1,489 | (9,096) | ||
Transferability restrictions | (1,771) | (1,772) | ||
Excess of Assets over Liabilities | 13,908 | 15,504 | ||
Availability adjustments | 2,715 | 4,020 | ||
Tiering restriction | (194) | 0 | ||
Fungibility adjustments | (98) | (93) | ||
Eligible Own Funds | € 16,332 | € 19,431 |
Capital Management and Solven_8
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of capital management and solvency [line items] | ||
Total shareholders' equity - based on IFRS as adopted by the EU | € 11,440 | € 24,282 |
Non-controlling interests and long term incentive plans not yet vested | 242 | 253 |
Revaluation reserves | 4,477 | (6,442) |
Adjusted shareholders' equity | 16,159 | 18,093 |
Subordinated borrowings | 2,295 | 2,194 |
Trust pass-through securities | 118 | 126 |
Currency revaluation other equity instruments | 66 | 16 |
Hybrid leverage | 4,356 | 4,642 |
Senior debt | 1,265 | 1,290 |
Senior leverage | 1,265 | 1,290 |
Total gross financial leverage | 5,621 | 5,932 |
Total capitalization | € 21,780 | € 24,008 |
Gross financial leverage ratio | 25.80% | 24.70% |
Fixed Charge Coverage | 9.2 | 9.3 |
Fixed floating subordinated notes [member] | ||
Disclosure of capital management and solvency [line items] | ||
Other equity instruments | € 1,442 | € 1,396 |
Fixed subordinated notes [member] | ||
Disclosure of capital management and solvency [line items] | ||
Subordinated borrowings | 852 | 798 |
Perpetual contingent convertible securities [member] | ||
Disclosure of capital management and solvency [line items] | ||
Other equity instruments | 500 | 500 |
Junior perpetual capital securities [member] | ||
Disclosure of capital management and solvency [line items] | ||
Other equity instruments | 923 | 1,352 |
Perpetual cumulative subordinated bonds [member] | ||
Disclosure of capital management and solvency [line items] | ||
Other equity instruments | € 454 | € 454 |
Capital Management and Solven_9
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € 1,265 | € 1,290 |
Currency swap contract [member] | ||
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € 20 | € 2 |
Capital Management and Solve_10
Capital Management and Solvency - Schedule of Total Distributable Items (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Distributable items | ||
Equity attributable to shareholders based on IFRS as adopted by the EU | € 11,440 | € 24,282 |
Non-distributable items: | ||
Share capital | (319) | (321) |
Legal reserves | (5,758) | (9,868) |
At December 31 | € 5,363 | € 14,093 |
Capital Management and Solve_11
Capital Management and Solvency - Summary of Minimum of Distributable Items under Dutch Law and the Freely Distributable Capital on the Basis of Solvency Requirements (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of minimum of distributable items under Dutch law and the freely distributable capital on the basis of solvency requirements [abstract] | ||
Reserves available for financial supervision purposes | € 16,332 | € 19,431 |
Solvency requirement under the Financial Supervision Act | 7,844 | 9,226 |
Total distributable reserves on the basis of solvency requirements | € 8,488 | € 10,205 |
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) - Investment funds [member] - Recurring fair value measurement [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | € 247,104 | € 370,974 |
Liabilities carried at fair value | 61,385 | 81,881 |
Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 59,643 | 99,884 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 187,389 | 270,904 |
Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 73 | 185 |
Shares [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 195 | 350 |
Shares [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 193 | 1,665 |
Debt securities [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 53,093 | 93,899 |
Debt securities [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 554 | 3,296 |
Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,514 | 4,790 |
Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 99 | 120 |
Other investments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 840 | 844 |
Other investments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 3,722 | 3,401 |
Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 179,559 | 250,390 |
Derivatives [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 2,760 | 8,827 |
Real estate [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 59 | 2,643 |
Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 443 | 563 |
Real estate held for own use [member] | Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 73 | 185 |
Investment contracts for account of policyholders [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 55,254 | 71,242 |
Derivative [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 6,094 | 10,639 |
Level I [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 97,874 | 156,631 |
Liabilities carried at fair value | 51 | 39 |
Level I [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 10,284 | 26,453 |
Level I [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 87,590 | 130,178 |
Level I [member] | Shares [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 22 | 84 |
Level I [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 144 | 85 |
Level I [member] | Debt securities [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 6,624 | 25,166 |
Level I [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 12 | 130 |
Level I [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 3,639 | 1,204 |
Level I [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 42 | 18 |
Level I [member] | Other investments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level I [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1 | 2 |
Level I [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 87,358 | 129,794 |
Level I [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 33 | 150 |
Level I [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level I [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level I [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level I [member] | Investment contracts for account of policyholders [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 0 | |
Level I [member] | Derivative [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 51 | 39 |
Level II [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 143,870 | 204,256 |
Liabilities carried at fair value | 60,467 | 78,411 |
Level II [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 48,351 | 72,038 |
Level II [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 95,520 | 132,219 |
Level II [member] | Shares [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 42 | 75 |
Level II [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 49 | 237 |
Level II [member] | Debt securities [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 46,254 | 68,131 |
Level II [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 541 | 3,161 |
Level II [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1,874 | 3,586 |
Level II [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 57 | 102 |
Level II [member] | Other investments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 180 | 246 |
Level II [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 358 | 389 |
Level II [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 91,799 | 119,653 |
Level II [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 2,717 | 8,676 |
Level II [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level II [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level II [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level II [member] | Investment contracts for account of policyholders [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 55,228 | 71,249 |
Level II [member] | Derivative [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 5,202 | 7,162 |
Level III [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,360 | 10,086 |
Liabilities carried at fair value | 867 | 3,431 |
Level III [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1,008 | 1,393 |
Level III [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4,279 | 8,507 |
Level III [member] | Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 73 | 185 |
Level III [member] | Shares [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 131 | 191 |
Level III [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 1,343 |
Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 215 | 603 |
Level III [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1 | 5 |
Level III [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1 | |
Level III [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | |
Level III [member] | Other investments [member] | Available-for-sale financial assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 660 | 599 |
Level III [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 3,363 | 3,010 |
Level III [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 402 | 943 |
Level III [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 11 | 1 |
Level III [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 59 | 2,643 |
Level III [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 443 | 563 |
Level III [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 73 | 185 |
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 | 26 | (6) |
Level III [member] | Derivative [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | € 840 | € 3,437 |
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, 2022 | Dec. 31, 2021 | |
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 | € 34 | € 44 |
Transfers Level II to Level I | 907 | 32 |
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 | 23 | 44 |
Transfers Level II to Level I | 726 | 32 |
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 | 23 | 44 |
Transfers Level II to Level I | 5 | € 32 |
Available-for-sale financial assets [member] | Money markets and other short term instruments [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 | 721 | |
Financial assets at fair value through profit or loss [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 | 10 | |
Transfers Level II to Level I | 181 | |
Financial assets at fair value through profit or loss [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 | 10 | |
Transfers Level II to Level I | 128 | |
Financial assets at fair value through profit or loss [member] | Money markets and other short term instruments [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 | 13 | |
Financial assets at fair value through profit or loss [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 | € 40 |
Fair Value - Disclosures of Cha
Fair Value - Disclosures of Changes in Level 3 Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | € 468,252 | |
Ending balance | 401,786 | € 468,252 |
Beginning balance | 441,881 | |
Ending balance | 387,596 | 441,881 |
Real estate held for own use [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 185 | 209 |
Disposal of a business | (23) | |
Total gains /losses in income statement | (3) | (16) |
Total gains /losses in OCI | (4) | |
Purchases | (1) | 6 |
Sales | (8) | |
Settlements | 0 | |
Reclassification | (5) | (14) |
Transfers to disposal groups | (76) | |
Ending balance | 73 | 185 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 0 | 1 |
Net exchange difference | 4 | 5 |
Level III [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 3,431 | 4,890 |
Total gains /losses in income statement | (2,012) | (1,628) |
Purchases | (559) | (361) |
Sales | 713 | 352 |
Net exchange difference | 152 | 178 |
Transfers from levels I and II | 1 | |
Transfers to disposal groups | (859) | |
Ending balance | 867 | 3,431 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 610 | |
Level III [member] | Recurring fair value measurement [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 10,086 | 9,061 |
Disposal of a business | (24) | |
Total gains /losses in income statement | 322 | 1,303 |
Total gains /losses in OCI | (99) | 12 |
Purchases | 503 | 1,079 |
Sales | (199) | (1,594) |
Settlements | (34) | (52) |
Reclassification | 2 | |
Transfers from levels I and II | 45 | 203 |
Transfers to levels I and II | (384) | (253) |
Transfers to disposal groups | (5,092) | |
Ending balance | 5,360 | 10,086 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (115) | 619 |
Net exchange difference | 235 | 326 |
Level III [member] | Recurring fair value measurement [member] | Investment contracts for account of policyholders [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | (6) | (12) |
Total gains /losses in income statement | (26) | (1) |
Purchases | (559) | (361) |
Sales | 720 | 366 |
Net exchange difference | 2 | 2 |
Transfers from levels I and II | 1 | |
Transfers to disposal groups | (105) | |
Ending balance | 26 | (6) |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 3 | |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 3,437 | 4,902 |
Total gains /losses in income statement | (1,986) | (1,627) |
Sales | (7) | (14) |
Net exchange difference | 150 | 176 |
Transfers to disposal groups | (754) | |
Ending balance | 840 | 3,437 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 607 | |
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 | 185 | 209 |
Disposal of a business | (23) | |
Total gains /losses in income statement | (3) | (16) |
Total gains /losses in OCI | (4) | |
Purchases | (1) | 6 |
Sales | (8) | |
Settlements | 0 | |
Reclassification | (5) | (14) |
Transfers to disposal groups | (76) | |
Ending balance | 73 | 185 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 0 | 1 |
Net exchange difference | 4 | 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 | 1,393 | 1,221 |
Disposal of a business | 0 | |
Total gains /losses in income statement | (145) | (114) |
Total gains /losses in OCI | (100) | 16 |
Purchases | 289 | 368 |
Sales | (56) | (80) |
Settlements | (34) | (52) |
Transfers from levels I and II | 43 | 203 |
Transfers to levels I and II | (384) | (246) |
Transfers to disposal groups | (75) | |
Ending balance | 1,008 | 1,393 |
Net exchange difference | 77 | 77 |
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] | ||
Total gains /losses in income statement | 0 | |
Total gains /losses in OCI | 1 | |
Ending balance | 1 | |
Net exchange difference | 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 | 191 | 173 |
Disposal of a business | 0 | |
Total gains /losses in income statement | (1) | 1 |
Total gains /losses in OCI | (35) | 3 |
Purchases | (4) | 30 |
Sales | (10) | (26) |
Settlements | 0 | |
Transfers to disposal groups | (21) | |
Ending balance | 131 | 191 |
Net exchange difference | 12 | 11 |
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 | 603 | 467 |
Total gains /losses in income statement | (1) | (1) |
Total gains /losses in OCI | (88) | 6 |
Purchases | 124 | 228 |
Sales | (34) | (29) |
Settlements | (21) | (46) |
Transfers from levels I and II | 43 | 203 |
Transfers to levels I and II | (384) | (246) |
Transfers to disposal groups | (54) | |
Ending balance | 215 | 603 |
Net exchange difference | 26 | 22 |
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 | 599 | 581 |
Total gains /losses in income statement | (142) | (113) |
Total gains /losses in OCI | 22 | 7 |
Purchases | 168 | 111 |
Sales | (12) | (24) |
Settlements | (14) | (6) |
Ending balance | 660 | 599 |
Net exchange difference | 39 | 43 |
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 | 8,507 | 7,631 |
Total gains /losses in income statement | 470 | 1,433 |
Total gains /losses in OCI | 0 | 0 |
Purchases | 215 | 705 |
Sales | (135) | (1,514) |
Reclassification | 7 | 14 |
Transfers from levels I and II | 2 | |
Transfers to levels I and II | (7) | |
Transfers to disposal groups | (4,942) | |
Ending balance | 4,279 | 8,507 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (114) | 618 |
Net exchange difference | 155 | 245 |
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 | 1,343 | 1,329 |
Total gains /losses in income statement | 170 | 150 |
Purchases | 190 | 179 |
Sales | (345) | (316) |
Settlements | 1 | |
Transfers to disposal groups | (1,357) | |
Ending balance | 1,343 | |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 147 | |
Net exchange difference | 1 | |
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 | 5 | 242 |
Total gains /losses in income statement | (1) | (1) |
Purchases | 44 | 124 |
Sales | (3) | (361) |
Settlements | 0 | |
Transfers to disposal groups | (44) | |
Ending balance | 1 | 5 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (1) | 1 |
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 | 3,010 | 2,173 |
Total gains /losses in income statement | 361 | 796 |
Purchases | 444 | 492 |
Sales | (578) | (638) |
Transfers to disposal groups | (64) | |
Ending balance | 3,363 | 3,010 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (1) | |
Net exchange difference | 190 | 186 |
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 | 943 | 1,012 |
Total gains /losses in income statement | 41 | 206 |
Total gains /losses in OCI | 0 | 0 |
Purchases | (515) | (198) |
Sales | 873 | (93) |
Transfers from levels I and II | 2 | |
Transfers to levels I and II | (7) | |
Transfers to disposal groups | (932) | |
Ending balance | 402 | 943 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (55) | 162 |
Net exchange difference | (10) | 22 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Derivative [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 1 | 22 |
Total gains /losses in income statement | 10 | (17) |
Sales | (4) | |
Ending balance | 11 | 1 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 10 | (10) |
Net exchange difference | 0 | |
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 | 2,643 | 2,385 |
Total gains /losses in income statement | (51) | 253 |
Purchases | 42 | 48 |
Sales | (40) | (60) |
Reclassification | 7 | 14 |
Transfers to disposal groups | (2,545) | |
Ending balance | 59 | 2,643 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 1 | 253 |
Net exchange difference | 3 | 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] | Investments in real estate for policyholders [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 563 | 467 |
Total gains /losses in income statement | (61) | 46 |
Purchases | 10 | 60 |
Sales | (42) | (43) |
Ending balance | 443 | 563 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (69) | 66 |
Net exchange difference | € (27) | € 32 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Available-for-sale (AFS) | € 59,643 | € 99,884 |
Weighted average own credit spread used in the valuations of embedded derivatives in insurance contracts | 0.45% | 0.23% |
Discount rates converge linearly | 10 years | |
Uniform last liquid point for all Aegon's major currencies (EUR, USD and GBP) | 30 years | |
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 | |
Top of range [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Years during which forward interest rates were implied by the market | 30 years | |
Top of range [member] | United States [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Ultimate forward rate | 3.50% | |
Bottom of range [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Years during which forward interest rates were implied by the market | 20 years | |
Credit spread [member] | Weighted average [member] | Corporate bonds [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Interest rate | 0% | |
Tax credit investments [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Discount rate used in valuation of tax credit investments | 7.10% | 7.10% |
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) | € 124 | € 112 |
Fair Value - Information about
Fair Value - Information about Significant Unobservable Inputs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 75,557 | € 160,187 |
Debt securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 53,647 | 97,195 |
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] | 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 | |
Level III [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 | |
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 | |
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] | 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 | |
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] | 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] | 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] | Embedded derivatives [member] | 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] | Other Liabilities [member] | Derivatives [member] | Other valuation technique [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 | Other | |
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 | € 4,372 | 5,750 |
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 | 840 | 3,437 |
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 | 1,008 | 1,393 |
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 | 131 | 191 |
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 | 126 | 166 |
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 | 5 | 25 |
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 | 216 | 603 |
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 | 148 | 82 |
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 | € 66 | € 493 |
Level III [member] | Recurring fair value measurement [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] | ||
Range (weighted average) | 40.53% | 21.43% |
Financial assets at fair value | € 2 | € 5 |
Level III [member] | Recurring fair value measurement [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] | ||
Range (weighted average) | 9.95% | |
Financial assets at fair value | € 22 | |
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 | 660 | 599 |
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 | 2 | 3 |
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 | € 48 | € 56 |
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] | ||
Range (weighted average) | 7.10% | 7.09% |
Financial assets at fair value | € 610 | € 541 |
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 | 1,348 |
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 | 1,343 | |
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 | 5 | |
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] | Constant Prepayment Rate [Member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Range (weighted average) | 7.80% | |
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 | € 3,363 | 3,010 |
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 | € 3,363 | 2,944 |
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 | € 66 | |
Level III [member] | Recurring fair value measurement [member] | Embedded derivatives [member] | 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) | 0.45% | 0.23% |
Financial assets at fair value | € 836 | € 3,437 |
Level III [member] | Recurring fair value measurement [member] | Other Liabilities [member] | Derivatives [member] | Other valuation technique [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 | € 4 |
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, 2022 | Dec. 31, 2021 | |
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 | € 836 | € 3,437 |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 16 | 39 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € (16) | € (39) |
Fair Value - Carrying Values an
Fair Value - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | € 76,766 | € 155,188 |
Fair value | 75,557 | 160,187 |
Subordinated borrowings - held at amortized cost [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Total estimated fair value | 2,035 | 2,438 |
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 | 2,295 | 2,194 |
Total estimated fair value | 2,035 | 2,438 |
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 | 118 | 126 |
Total estimated fair value | 133 | 139 |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial liabilities | 4,051 | 9,661 |
Total estimated fair value | 4,114 | 10,171 |
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 | 10,485 | 21,573 |
Total estimated fair value | 9,410 | 20,861 |
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 | 10,441 | 39,991 |
Fair value | 9,245 | 44,366 |
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 | 27 | 4,883 |
Fair value | 15 | 5,491 |
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 | 2,088 | 1,949 |
Fair value | 2,088 | 1,949 |
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 | 1,372 | 1,567 |
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 | 1,289 | 1,735 |
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 | 39 | 21 |
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 | 663 | 872 |
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 | 133 | 139 |
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 | 2,825 | 2,662 |
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 | 15 | 34 |
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 | 2,049 | 1,923 |
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 | 5,773 | |
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 | 9,410 | 20,861 |
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 | € 9,244 | 44,366 |
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 | 5,457 | |
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 | € 5 |
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, 2022 | Dec. 31, 2021 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | € 2,475 | € 8,431 |
Designated | 184,089 | 258,830 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 4,877 | 9,617 |
Designated | 55,254 | 71,242 |
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] | ||
Trading | 0 | |
Designated | 179,563 | 250,390 |
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] | ||
Trading | 0 | |
Designated | 55,254 | 71,242 |
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 | 2,434 | 8,390 |
Designated | 0 | |
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 | 4,877 | 9,617 |
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 | 41 | 41 |
Designated | € 4,527 | € 8,440 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Financial Assets And Liabilities [abstract] | ||
Trading | € 469 | € (2,930) |
Designated | € (35,054) | € 25,591 |
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, 2022 | Dec. 31, 2021 | |
Real estate [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | € 129 | |
Sale | € 1 | 6 |
Mortgage loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 468 | 1,163 |
Sale | 67 | |
Private loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 150 | 311 |
Other [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | € 1,408 | € 1,358 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) - Operating lease rights [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Not later than 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | € 10 | € 8 |
Later than one year and not later than two years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 9 | 8 |
Later than two years and not later than three years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 7 | 6 |
Later than three years and not later than four years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 7 | 5 |
Later than four years and not later than five years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | 6 | 5 |
Later than 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | ||
Operating leases | € 17 | € 21 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Other Commitments and Contingencies (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Commitments And Contingencies [abstract] | ||
Guarantees | € 611 | € 506 |
Standby letters of credit | 0 | 12 |
Share of contingent liabilities incurred in relation to interests in joint ventures | 0 | 7 |
Other guarantees | 8 | 11 |
Other commitments and contingent liabilities | € 0 | € 0 |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions, £ in Millions, Policies in Millions, Customers in Millions | 12 Months Ended | ||||||||
Nov. 30, 2018 Customers | Oct. 31, 2017 EUR (€) | Dec. 31, 2022 EUR (€) Policies | Dec. 31, 2022 USD ($) Policies | Dec. 31, 2022 GBP (£) Policies | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 | Dec. 31, 2021 EUR (€) | Sep. 30, 2021 | |
Disclosure of commitments and contingencies [line items] | |||||||||
Other provisions | € 99 | € 309 | € 193 | ||||||
Sale of stock, consideration received | € 295 | ||||||||
Deferred tax liabilities | € 4 | 1,559 | |||||||
Legal proceedings contingent liability [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Percentage of customer agreed to settle claims | 90% | ||||||||
Litigation provision [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Policy holders objected to settlement | 99% | ||||||||
Policy holders opting out of settlement | 1% | ||||||||
Opted out shareholders value in Settlement fund | 7% | 43% | |||||||
Other provisions | € 6 | ||||||||
Transamerica Corporation [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Alleged actual damages andpre-judgment interest | $ | $ 235 | ||||||||
Amount of damages and interest | $ | 120,000 | ||||||||
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 | £ | £ 10 | ||||||||
Contractual obligations period | next year | next year | next year | ||||||
Contract agreement term | 15-year | 15-year | 15-year | ||||||
Number of customers | Customers | 1.4 | ||||||||
Aegon N.V [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Due and punctual payment of payables due under letter of credit agreements | € 511 | 1,157 | |||||||
Aegon N.V [member] | ASR Nederland N V [Member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Deferred tax liabilities | € 454 | ||||||||
Transamerica Corporation [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Number of revenue compensation policies | Policies | 10 | 10 | 10 | ||||||
Contractual obligations transition and conversion charges | € 0 | ||||||||
Contractual obligations period | 2022 | 2022 | 2022 | ||||||
Transamerica Corporation [member] | Bottom of range [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Contractual obligations payment amount | $ | $ 2,000,000 | ||||||||
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 | € 511 | 1,157 | |||||||
Subsidiaries [member] | Aegon N.V [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Securities and notes issued under commercial paper program | 1,042 | € 987 | |||||||
Subsidiaries [member] | Aegon N.V [member] | Guarantees [member] | |||||||||
Disclosure of commitments and contingencies [line items] | |||||||||
Other letter of credit agreements | € 0 |
Transfers of Financial Assets -
Transfers of Financial Assets - Summary of Carrying Amount of Financial Assets (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | [1] | Dec. 31, 2021 |
Available-for-sale financial assets [member] | Shares [member] | |||
Disclosure of financial assets [line items] | |||
Carrying amount of transferred assets | € 0 | € 34 | |
Carrying amount of associated liabilities | 0 | 37 | |
Available-for-sale financial assets [member] | Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Carrying amount of transferred assets | 2,200 | 3,705 | |
Carrying amount of associated liabilities | 2,513 | 3,941 | |
Financial assets at fair value through profit or loss [member] | Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Carrying amount of transferred assets | 16 | 12 | |
Carrying amount of associated liabilities | 17 | 18 | |
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 | 72 | 96 | |
Carrying amount of associated liabilities | € 0 | € 0 | |
[1]2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Transfers of Financial Assets_2
Transfers of Financial Assets - Additional Information (Detail) - EUR (€) € in Billions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Amount of collateral pledged for derivative transactions | € 4.7 | € 2.3 |
Transfers of Financial Assets_3
Transfers of Financial Assets - Summary of Securities Lending (Detail) - Securities lending [member] - EUR (€) € in Millions | Dec. 31, 2022 | [1] | Dec. 31, 2021 |
Disclosure of financial assets [line items] | |||
Carrying amount of transferred financial assets | € 2,190 | € 3,083 | |
Fair value of cash collateral received | 2,417 | 2,171 | |
Fair value of non-cash collateral received | 74 | 1,102 | |
Net exposure | (301) | (190) | |
Non-cash collateral that can be sold or repledged in the absence of default | 0 | 1,004 | |
Non-cash collateral that has been sold or transferred | € 0 | € 0 | |
[1]2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
Transfers of Financial Assets_4
Transfers of Financial Assets - Summary of Reverse Repurchase Agreements (Detail) - Reverse repurchase agreements [member] - EUR (€) € in Millions | Dec. 31, 2022 | [1] | Dec. 31, 2021 |
Disclosure of financial assets [line items] | |||
Cash paid for reverse repurchase agreements | € 312 | € 1,004 | |
Fair value of non-cashcollateral received | 335 | 1,025 | |
Net exposure | (23) | (21) | |
Non-cash collateral that can be sold or repledged in the absence of default | 0 | 695 | |
Non-cash collateral that has been sold or transferred | € 0 | € 0 | |
[1]2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
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, 2022 | [1] | Dec. 31, 2021 |
Assets pledged for general account and contingent liabilities [member] | |||
Disclosure of financial assets [line items] | |||
General account (contingent) liabilities | € 3,520 | € 3,410 | |
Collateral pledged | 5,745 | 4,594 | |
Net exposure | (2,225) | (1,183) | |
Non-cash collateral that can be sold or repledged by the counterparty | 0 | 0 | |
Assets pledged for repurchase agreements [member] | |||
Disclosure of financial assets [line items] | |||
Cash received on repurchase agreements | 107 | 821 | |
Collateral pledged (transferred financial assets) | 99 | 764 | |
Net exposure | € 8 | € 57 | |
[1]2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
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, 2022 | Dec. 31, 2021 |
Disclosure of offsetting of financial assets and financial liabilities [line items] | ||
Gross amounts of recognized financial assets | € 2,733 | € 8,811 |
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 | 2,733 | 8,811 |
Related amounts not set off in the statements of financial position, Financial instruments | 2,589 | 6,045 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 111 | 2,519 |
Net amount | 34 | 247 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 5,115 | 7,043 |
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 | 5,115 | 7,043 |
Related amounts not set off in the statements of financial position, Financial instruments | 3,359 | 6,768 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,668 | 224 |
Net amount | 89 | 52 |
Derivatives [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [line items] | ||
Gross amounts of recognized financial assets | 2,733 | 8,811 |
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 | 2,733 | 8,811 |
Related amounts not set off in the statements of financial position, Financial instruments | 2,589 | 6,045 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 111 | 2,519 |
Net amount | 34 | 247 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 5,115 | 7,043 |
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 | 5,115 | 7,043 |
Related amounts not set off in the statements of financial position, Financial instruments | 3,359 | 6,768 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,668 | 224 |
Net amount | € 89 | € 52 |
Companies and businesses acqu_2
Companies and businesses acquired and divested - Additional Information (Detail) € in Millions, ¥ in Millions, £ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 14, 2022 EUR (€) | Feb. 28, 2021 EUR (€) | Feb. 28, 2021 GBP (£) | Jan. 29, 2020 EUR (€) | Jan. 29, 2020 JPY (¥) | Jul. 30, 2018 EUR (€) | Dec. 31, 2022 EUR (€) | Oct. 27, 2022 EUR (€) | Feb. 28, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Jul. 30, 2020 EUR (€) | |
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 50% | ||||||||||
Liabilities held for sale disposal group including dicontinued operations | € 84,339 | € 0 | |||||||||
Gain on divestment of subsidiaries or associates | € 87 | 288 | |||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Business sold, business combination | € 176 | ||||||||||
Disposal of major subsidiary [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Business sold, business combination | £ | £ 10 | ||||||||||
Disposal of major subsidiary [member] | Stone Bridge [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Business sold, business combination | € 65 | £ 60 | |||||||||
Japan [member] | Disposal of major subsidiary [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Business disposal gain (loss) | € 53 | ||||||||||
Business sold, business combination | € 153 | ¥ 18,750 | |||||||||
Sale of interest percentage | 50% | 50% | |||||||||
Netherlands [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Liabilities held for sale disposal group including dicontinued operations | € 84,339 | ||||||||||
Netherlands [member] | Discontinued operations [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 29.99% | 29.99% | |||||||||
Netherlands [member] | ASR [Member] | Strategic Sale [Member] | Discontinued operations [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Gross cash receivable after costs to sell | € 2,200 | ||||||||||
Netherlands [member] | Vereniging Aegon [member] | ASR [Member] | Strategic Sale [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Discontinued Operations Percentage Of Stake In A Company Receivable | 29.99% | ||||||||||
Banco Santander [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Upfront consideration paid | € 215 | € 187 | |||||||||
Additional upfront consideration payable | € 75 | ||||||||||
Percentage of voting equity interests acquired | 51% | ||||||||||
Additional upfront consideration payment due year | 2024 | ||||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Business sold, business combination | € 700 | ||||||||||
Gain loss on disposal of Investment | € 288 | ||||||||||
Increase In Group Solvency Ratio Percentage | 7% | ||||||||||
Increase In IFRS Equity | € 465 | ||||||||||
Foreign currency translation reserve and revaluation reserve | 177 | ||||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | Central and eastern europe [member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Sales of interests in other businesses | 830 | ||||||||||
Vienna Insurance Group Inc Verischrung Grouppe [Member] | Hungary And Turkey [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Cash on hand included in cash received as part of trnsaction proceeds | 96 | ||||||||||
Liabilities held for sale disposal group including dicontinued operations | 1,200 | ||||||||||
Assets held for sale or disposal groups classfied as held for sale | € 1,400 | ||||||||||
Resources LLC [Member] | |||||||||||
Disclosure of detailed information about business combination [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||
Total consideration transferred | € 33 | ||||||||||
Goodwill recognised as of acquisition date | 16 | ||||||||||
Fair value of net assets | € 17 |
Group Companies - Additional In
Group Companies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Management [member] | Aegon Industrial Fund Management Co Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of associate | Aegon Industrial Fund Management Co., Ltd |
Country of incorporation of associate | China |
Proportion of ownership interest in associate | 49% |
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 |
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 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 Asset Management UK plc [member] | Asset Management [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Asset Management UK plc |
Country of incorporation or residence of subsidiary | United Kingdom |
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, Wilmington |
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 |
The Netherlands [member] | Aegon Bank N.V. [member] | Disposal Group [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] | Disposal Group [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] | Disposal Group [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] | Disposal Group [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] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Spaarkas N.V |
Country of incorporation or residence of subsidiary | Netherlands |
The Netherlands [member] | TKP Pensioen B.V. [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | TKP Pensioen B.V. |
Country of incorporation or residence of subsidiary | Netherlands |
The Netherlands [member] | Nedasco B.V. [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Nedasco B.V. |
Country of incorporation or residence of subsidiary | Netherlands |
The Netherlands [member] | Aegon Cappital B.V. [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Cappital B.V |
Country of incorporation or residence of subsidiary | Netherlands |
The Netherlands [member] | Robidus Groep B.V. [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Robidus Groep B.V |
Country of incorporation or residence of subsidiary | Netherlands |
The Netherlands [member] | AMVEST Vastgoed [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | AMVEST Vastgoed |
Proportion of ownership interest in joint venture | 50% |
The Netherlands [member] | AMVEST Living And Care Fund [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | AMVEST Living & Care Fund |
Proportion of ownership interest in joint venture | 50% |
The Netherlands [member] | AMVEST Development Fund [member] | Disposal Group [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | AMVEST Development Fund |
Proportion of ownership interest in joint venture | 50% |
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 |
United Kingdom [member] | Aegon Investments Ltd. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Investments Ltd |
Country of incorporation or residence of subsidiary | United Kingdom |
International [member] | Aegon Towarzystwo Ubezpieczenna Zycie Spolka Akcyjna [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Towarzystwo Ubezpieczeń na Życie Spółka Akcyjna |
Country of incorporation or residence of subsidiary | Poland |
International [member] | Aegon Powszechne Towarzystwo Emerytaine Spolka Akcyjna [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Powszechne Towarzystwo Emerytaine Spólka Akcyjna |
Country of incorporation or residence of subsidiary | Poland |
International [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 |
International [member] | Aegon Espana S.A.U [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon España S.A.U. de Seguros y Reaseguros |
Country of incorporation or residence of subsidiary | Spain |
International [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 |
International [member] | Santander Vida Segurosy Reaseguros S. A. [member] | |
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% |
International [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% |
International [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% |
International [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% |
International [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% |
International [member] | Mongeral Aegon, Seguros e Previdencia S.A. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Mongeral Aegon, Seguros e Previdencia S.A |
Country of incorporation of joint venture | Brazil |
Proportion of ownership interest in joint venture | 54.90% |
International [member] | Sicoob Seguradode De Vidae Previdencia SA [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Sicoob Seguradode de Vida e Previdência S.A |
Country of incorporation of joint venture | Brazil |
Proportion of ownership interest in joint venture | 28% |
Group Companies - Additional _2
Group Companies - Additional Information - Associates (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
La Banque Postale Asset Management (LBPAM) [member] | Asset Management [member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 25% |
Name of associate | La Banque Postale Asset Management |
Country of incorporation of associate | France |
The Netherlands [member] | AMVEST Residential Core Fund [member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 29% |
Name of associate | AMVEST Residential Core Fund |
Country of incorporation of associate | Amsterdam |
The Netherlands [member] | NV Levensverzekeringmaatschappij De Hoop [Member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 33% |
Name of associate | N.V. Levensverzekeringmaatschappij ‘De Hoop’ |
Country of incorporation of associate | The Hague |
The Netherlands [member] | OB Capital Cooperatief U.A [Member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 95% |
Name of associate | OB Capital Cooperatief U.A |
Country of incorporation of associate | Amsterdam |
International [Member] | Aegon Life Insurance Co. ltd [member] | |
Disclosure of associates [Line Items] | |
Proportion of ownership interest in associate | 49% |
Name of associate | Aegon Life Insurance Co. ltd |
Country of incorporation of associate | India |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | ||||||||
Dec. 15, 2022 EUR (€) shares | Nov. 21, 2022 | Dec. 15, 2021 EUR (€) shares | Jun. 03, 2021 shares | Dec. 11, 2020 EUR (€) shares | May 15, 2020 shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) | |
Disclosure of transactions between related parties [Line Items] | |||||||||
Shares held in the entity | 36,760 | 36,760 | |||||||
Shares held in the entity that do not exceed the total of outstanding share capital, percentage | 1% | ||||||||
Key Management [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Total remuneration | € | € 27,700,000 | € 27,500,000 | € 24,800,000 | ||||||
severance payment [Member] | Key Management [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Total remuneration | € | € 2,200,000 | ||||||||
Vereniging Aegon [member] | Strategic Sale [Member] | Netherlands [member] | ASR [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Discontinued operations percentage of stake in a company receivable | 29.99% | ||||||||
Vereniging Aegon [member] | Common shares B [member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Number of shares repurchased | 43,817,400 | 22,643,360 | 1,983,360 | 2,955,600 | 2,154,000 | ||||
Proportion of value weight average price of common shares of 5 trading days | 0.025% | 0.025% | 0.025% | 0.025% | 0.025% | ||||
Number of shares repurchased, value | € | € 5,113,578.21 | € 2,285,621 | € 228,911.22 | ||||||
Number of trading days | 5 days | 5 days | 5 days | ||||||
Proportion of voting rights held by related party | 32.60% | 32.60% | 32.60% | ||||||
Number of votes per common share | 0.025 | ||||||||
Mr Friese [Member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Shares held in the entity | 72,081 | 56,554 | |||||||
Mr Rider [member] | |||||||||
Disclosure of transactions between related parties [Line Items] | |||||||||
Shares held in the entity | 120,962 | 103,699 |
Related party transactions - Su
Related party transactions - Summary of Remuneration Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Supervisory board [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | [1] | € 1.3 | € 0.9 | € 0.8 |
Executive board [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 5.2 | 4.9 | 5.9 | |
Key management [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 27.7 | 27.5 | 24.8 | |
Fixed compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 16 | 16.8 | 14.2 | |
Cash based variable compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 4 | 3.6 | 3.3 | |
Share based variable compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 3.5 | 3.2 | 2.9 | |
Pension contributions [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 3 | 2.8 | 3.2 | |
Other benefits [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | € 1.2 | € 1.1 | € 1.2 | |
[1]Based on a Decree of the Dutch State Secretary of Finance which came into force as from May 7, 2021, the Supervisory Board fees were not subject to Dutch VAT anymore, retroactively as from June 13, 2019. Therefore, Aegon has not paid Dutch VAT anymore on the fees of the Supervisory Board Members as from Q2 2021. Additionally, Aegon reclaimed VAT for the period Q1 2020 - Q1 2021, except for its Supervisory Board members based in the Netherlands for practical reasons. |
Related Party Transactions - Co
Related Party Transactions - Common Shares Held by Supervisory Board members (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 36,760 | 36,760 |
Ben J. Noteboom [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 23,500 | 23,500 |
Dona D Young [member] | ||
Disclosure of key management personnel compensation [line items] | ||
Common shares held by Supervisory Board members | 13,260 | 13,260 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of Loans to Subsidiaries Joint Ventures and Associates [Line items] | ||
Beginning balance | € 1,829 | € 1,392 |
Additions / (repayments) | (502) | 308 |
Other changes | 109 | 128 |
Ending balance | 1,435 | 1,829 |
Current | 932 | 639 |
Non-current | € 503 | € 1,190 |
Non-current assets - Additional
Non-current assets - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Non Current Assets [Line Items] | ||
Deferred tax assets non current | € 1,827 | € 131 |
Aegon N.V [member] | ||
Disclosure Of Non Current Assets [Line Items] | ||
Deferred tax assets non current | € 109 | € 138 |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 277 | € 229 |
Aegon N.V [member] | ||
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 189 | € 157 |
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, 2022 | Dec. 31, 2021 |
Disclosure of other assets [Line Items] | ||
Other current assets include derivatives | € 123 | € 90 |
Fair value [member] | ||
Disclosure of other assets [Line Items] | ||
Other current assets include derivatives | € 118 | € 77 |
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, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [Line Items] | ||
Common shares | € 319 | € 321 |
Common Share [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Common shares | 253 | 253 |
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 | € 66 | € 68 |
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) | Dec. 31, 2022 EUR (€) |
Common Share B [member] | Aegon N.V [member] | |
Disclosure of changes in share capital [Line Items] | |
Nominal value of issued shares | € 0.12 |
Share Capital - Movement of Com
Share Capital - Movement of Common Shares (Detail) - EUR (€) shares in Thousands, € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 102,369 | 66,632 |
Ending balance | 198,369 | 102,369 |
Beginning balance | € 321 | |
Shares withdrawn | (4) | |
Ending balance | 319 | € 321 |
Aegon N.V [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Shares withdrawn | (4) | (1) |
Common shares [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 253 | 252 |
Dividend | 2 | 1 |
Ending balance | € 253 | € 253 |
Common shares [member] | Aegon N.V [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 2,106,313 | 2,098,114 |
Shares withdrawn | (10,665) | (2,466) |
Dividend | 13,782 | 10,665 |
Ending balance | 2,109,430 | 2,106,313 |
Beginning balance | € 253 | € 252 |
Shares withdrawn | (1) | 0 |
Dividend | 2 | 1 |
Ending balance | 253 | 253 |
Common share B [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 68 | 69 |
Dividend | 0 | |
Ending balance | € 66 | € 68 |
Common share B [member] | Aegon N.V [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 568,839 | 571,795 |
Shares withdrawn | (22,643) | (2,956) |
Dividend | ||
Ending balance | 546,196 | 568,839 |
Beginning balance | € 68 | € 69 |
Shares withdrawn | (3) | 0 |
Dividend | ||
Ending balance | € 66 | € 68 |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Common shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 2,107,315,000 | 2,101,231,000 |
Common share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 559,906 | 570,629,000 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | € 4,051 | € 9,661 |
Aegon N.V [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | 1,226 | 1,266 |
Fair value of long-term borrowings | 1,289 | 1,735 |
Aegon N.V [member] | Not later than 1 year [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | 499 | |
Aegon N.V [member] | 1-5 years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | 0 | 499 |
Aegon N.V [member] | Over 5 through 10 years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | 281 | 296 |
Aegon N.V [member] | Over 10 years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings | € 446 | € 472 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - Aegon N.V [member] | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of long-term borrowings [Line Items] | |
Borrowing maturity | 1 year |
Long-term borrowing, interest rate | 1% |
Top of range [member] | |
Disclosure of long-term borrowings [Line Items] | |
Borrowing maturity | 17 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, 2022 | Dec. 31, 2021 | |
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 | € 189 | € 116 |
Number of Employees - Additiona
Number of Employees - Additional Information (Detail) - Employees | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of number of employees [line items] | |||
Number of employees employed | 19,087 | 22,271 | 22,322 |
Aegon N.V [member] | |||
Disclosure of number of employees [line items] | |||
Number of employees employed | 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, 2022 | Dec. 31, 2021 | |
Auditors remuneration [Line Items] | ||
Audit fees | € 35 | € 31 |
Audit-related service fees | 10 | 3 |
Tax | 1 | |
Total | 45 | 35 |
Pricewater-houseCoopers Accountants N.V. (NL) [Member] | ||
Auditors remuneration [Line Items] | ||
Audit fees | 10 | 9 |
Audit-related service fees | 1 | 1 |
Total | € 12 | € 10 |
Discontinued operations - Summa
Discontinued operations - Summary of Income statement of discontinued operations (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement 1 [Line Items] | |||||
Premium income | € 13,192 | € 13,731 | [1] | € 14,105 | [1] |
Investment income | 5,613 | 4,893 | [1] | 5,087 | [1] |
Fee and commission income | 2,525 | 2,454 | [1] | 2,122 | [1] |
Other revenues | 1 | 13 | [1] | 4 | [1] |
Total revenues | 21,331 | 21,091 | [1] | 21,318 | [1] |
Income from reinsurance ceded | 3,009 | 4,263 | [1] | 4,066 | [1] |
Results from financial transactions | (35,132) | 24,715 | [1] | 17,961 | [1] |
Other income | 378 | 49 | [1] | 62 | [1] |
Total income | (10,415) | 50,119 | [1] | 43,407 | [1] |
Premiums paid to reinsurers | 2,189 | 3,418 | [1] | 2,640 | [1] |
Policyholder claims and benefits | (16,680) | 40,097 | [1] | 35,865 | [1] |
Profit sharing and rebates | 7 | 8 | [1] | 8 | [1] |
Commissions and expenses | 5,458 | 5,286 | [1] | 5,253 | [1] |
Impairment charges / (reversals) | 68 | 16 | [1] | 284 | [1] |
Interest charges and related fees | 329 | 246 | [1] | 405 | [1] |
Total charges | (8,634) | 49,172 | [1] | 44,561 | [1] |
Result before share in profit / (loss) of joint ventures, associates and tax | (1,781) | 947 | [1] | (1,154) | [1] |
Share in profit / (loss) of joint ventures | 249 | 232 | [1] | 166 | [1] |
Share in profit / (loss) of associates | (11) | (15) | [1] | 31 | [1] |
Result before tax from continuing operations and discontinued operations | (922) | 2,400 | (364) | ||
Income tax benefit/(expense) | (518) | 95 | [1] | (336) | [1] |
Net result from discontinued operations after remeasurement | (1,404) | 2,029 | [1] | (135) | [1] |
Discontinued operations [member] | |||||
Statement 1 [Line Items] | |||||
Premium income | 1,569 | 1,713 | 1,994 | ||
Investment income | 1,725 | 2,074 | 2,062 | ||
Fee and commission income | 346 | 331 | 283 | ||
Other revenues | 0 | ||||
Total revenues | 3,640 | 4,118 | 4,339 | ||
Income from reinsurance ceded | 38 | 26 | (100) | ||
Results from financial transactions | (9,231) | (444) | 3,435 | ||
Other income | 23 | 27 | 6 | ||
Total income | (5,529) | 3,727 | 7,679 | ||
Premiums paid to reinsurers | 112 | 99 | 63 | ||
Policyholder claims and benefits | (8,824) | 1,755 | 6,140 | ||
Profit sharing and rebates | 4 | 7 | |||
Commissions and expenses | 739 | 698 | 730 | ||
Impairment charges / (reversals) | 0 | (2) | 107 | ||
Interest charges and related fees | 85 | 89 | 99 | ||
Other charges | 10 | 3 | 46 | ||
Total charges | (7,874) | 2,649 | 7,185 | ||
Result before share in profit / (loss) of joint ventures, associates and tax | 2,344 | 1,078 | 494 | ||
Share in profit / (loss) of joint ventures | 37 | 33 | 19 | ||
Share in profit / (loss) of associates | 15 | 127 | 80 | ||
Result before tax from continuing operations and discontinued operations | 2,396 | 1,238 | 593 | ||
Income tax benefit/(expense) | (1,000) | (276) | (107) | ||
Result after tax from discontinued operations | 1,396 | 960 | 487 | ||
Impairment Loss On Remeasurement Of The Disposal Group | (1,775) | ||||
Net result from discontinued operations after remeasurement | € (379) | € 960 | € 487 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Discontinued operations - Sum_2
Discontinued operations - Summary of Statement of Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | |||||
Net result / (loss) | € (1,404) | € 2,029 | [1] | € (135) | [1] |
Items that will not be reclassified to profit or loss: | |||||
Changes in revaluation reserve real estate held for own use | (1) | (4) | 20 | ||
Remeasurements of defined benefit plans | (43) | 501 | (360) | ||
Income tax relating to items that will not be reclassified | (4) | (101) | 138 | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | (13,061) | (1,173) | 2,990 | ||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 557 | (450) | 13 | ||
Equity movements of joint ventures | (63) | 25 | 12 | ||
Equity movements of associates | 1 | (6) | 7 | ||
Income tax relating to items that may be reclassified | 2,710 | 372 | (616) | ||
Other | 38 | 16 | 3 | ||
Total other comprehensive income / (loss) | (9,545) | 200 | [1] | 457 | [1] |
Total comprehensive income / (loss) | (10,950) | 2,229 | [1] | 321 | [1] |
Discontinued operations [member] | |||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | |||||
Net result / (loss) | (379) | 960 | 487 | ||
Items that will not be reclassified to profit or loss: | |||||
Changes in revaluation reserve real estate held for own use | 1 | ||||
Remeasurements of defined benefit plans | 948 | 156 | (285) | ||
Income tax relating to items that will not be reclassified | (245) | (24) | 126 | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | (2,110) | 155 | 21 | ||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 185 | (114) | (13) | ||
Equity movements of joint ventures | 0 | ||||
Equity movements of associates | 2 | (1) | 2 | ||
Income tax relating to items that may be reclassified | 497 | (18) | (27) | ||
Other | 1 | ||||
Total other comprehensive income / (loss) | (723) | 156 | (176) | ||
Total comprehensive income / (loss) | € (1,102) | € 1,117 | € 310 | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Discontinued operations - Sum_3
Discontinued operations - Summary of Discontinued Operations at the Lower of Fair Value and Carrying Amount Immediately (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair value, consideration to be received | |||
Fair value less costs to sell | € 7 | € 25 | |
Discontinued operations [member] | |||
Fair value, consideration to be received | |||
Net cash receivable after costs to sell | 2,175 | ||
Fair value of 29.99% strategic share a.s.r. | [1] | 2,700 | |
Fair value less costs to sell | 4,875 | ||
Carrying amount of Aegon the Netherlands | [2] | 7,591 | |
Fair value less costs to sell minus net capital contribution and carrying amount | (2,716) | ||
Assets in scope for impairment per December 31, 2022 | 1,775 | ||
Impairment loss recognized in 2022 | 1,775 | ||
Amount to be recognized upon the completion of the sale | € 941 | ||
[1]Based on the closing price of a.s.r.’s shares on December 31, 2022[2]The carrying amount of Aegon the Netherlands includes contingent payables and receivables between Aegon NV and Aegon NL that will be recognized prior to the closing date |
Discontinued operations - Sum_4
Discontinued operations - Summary of Cash Flow from Discontinued Operations (Detail) - Discontinued operations [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net cash inflow (outflow) from operating activities | € 4,646 | € (167) | € (5,614) |
Net cash inflow (outflow) from investing activities | (4) | 31 | (23) |
Net cash inflow (outflow) from financing activities | (3,275) | (1,835) | 1,700 |
Net cash inflow (outflow) from discontinued operations | € 1,367 | € (1,972) | € (3,937) |
Discontinued operations - Sum_5
Discontinued operations - Summary of Assets and Liabilities were Reclassified as Held for Sale in Relation to the Discontinued Operation (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | ||||
Cash and cash equivalents | € 3,407 | € 6,889 | € 8,372 | |
Investments | 76,825 | 157,831 | ||
Investments for account of policyholders | 180,006 | 250,953 | ||
Derivatives | [1] | 2,760 | 8,827 | |
Investments in joint ventures | 1,443 | 1,743 | 1,376 | |
Investments in associates | 165 | 1,289 | 1,264 | |
Reinsurance assets | 21,184 | 20,992 | ||
Defined benefit assets | 87 | 119 | ||
Deferred tax assets | 1,827 | 131 | ||
Deferred expenses | 12,886 | 10,503 | ||
Other assets and receivables | 10,204 | 7,642 | ||
Intangible assets | 1,240 | 1,333 | € 1,386 | |
Assets | 401,786 | 468,252 | ||
Liabilities | ||||
Insurance contracts | 87,309 | 124,422 | ||
Insurance contracts for account of policyholders | 100,409 | 149,323 | ||
Investment contracts | 10,658 | 21,767 | ||
Investment contracts for account of policyholders | 80,555 | 104,592 | ||
Derivatives | [1] | 6,094 | 10,639 | |
Borrowings | 4,051 | 9,661 | ||
Provisions | 99 | 193 | ||
Defined benefit liabilities | 496 | 3,944 | ||
Deferred gains | 9 | 9 | ||
Deferred tax liabilities | 4 | 1,559 | ||
Other liabilities | 10,785 | 12,916 | ||
Accruals | 373 | 537 | ||
Total liabilities | 387,596 | € 441,881 | ||
Assets [member] | Discontinued operations [member] | ||||
Assets | ||||
Cash and cash equivalents | 5,085 | |||
Investments | 55,496 | |||
Investments for account of policyholders | 19,097 | |||
Derivatives | 8,394 | |||
Investments in joint ventures | ||||
Investments in associates | ||||
Reinsurance assets | 79 | |||
Defined benefit assets | ||||
Deferred tax assets | ||||
Deferred expenses | 212 | |||
Other assets and receivables | 1,388 | |||
Intangible assets | ||||
Assets | 89,752 | |||
Liabilities [member] | Discontinued operations [member] | ||||
Liabilities | ||||
Insurance contracts | 31,480 | |||
Insurance contracts for account of policyholders | 19,577 | |||
Investment contracts | 12,179 | |||
Investment contracts for account of policyholders | 1,396 | |||
Derivatives | 9,239 | |||
Borrowings | 5,227 | |||
Provisions | 52 | |||
Defined benefit liabilities | 2,462 | |||
Deferred gains | ||||
Deferred tax liabilities | 845 | |||
Other liabilities | 1,665 | |||
Accruals | 218 | |||
Total liabilities | € 84,339 | |||
[1]Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss. |
Discontinued operations - Sum_6
Discontinued operations - Summary of Fair Value of the Classes of Financial Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | € 75,557 | € 160,187 |
Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 49,452 | |
Change in fair value during the reporting period | (10,370) | |
Shares [member] | Other Category [Member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 119 | |
Change in fair value during the reporting period | (7) | |
Debt securities [member] | Solely payments of principal and interest [member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 14,106 | |
Change in fair value during the reporting period | (4,098) | |
Debt securities [member] | Other Category [Member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 1,413 | |
Change in fair value during the reporting period | (166) | |
Mortgage loans [member] | Solely payments of principal and interest [member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 28,477 | |
Change in fair value during the reporting period | (5,163) | |
Private loans [member] | Solely payments of principal and interest [member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 3,931 | |
Change in fair value during the reporting period | (1,081) | |
Private loans [member] | Other Category [Member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 38 | |
Other financial assets [member] | Other Category [Member] | Discontinued operations [member] | ||
Disclosure of financial assets [line items] | ||
Fair value at the end of the reporting period | 1,368 | |
Change in fair value during the reporting period | € 145 |
Discontinued operations - Sum_7
Discontinued operations - Summary of Credit Risk Rating Grades (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | € 76,766 | € 155,188 |
Financial assets at amortised cost, class [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 65,524 | 141,128 |
Financial assets at amortised cost, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 39 | 44 |
Financial assets at amortised cost, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 10,445 | 40,624 |
Financial assets at amortised cost, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 4,850 | |
Financial assets at amortised cost, class [member] | AA [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 8,944 | 14,752 |
Financial assets at amortised cost, class [member] | AA [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 4,454 | 4,221 |
Financial assets at amortised cost, class [member] | AA [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 216 | |
Financial assets at amortised cost, class [member] | A [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 22,263 | 30,405 |
Financial assets at amortised cost, class [member] | A [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 3,779 | 3,301 |
Financial assets at amortised cost, class [member] | A [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 189 | |
Financial assets at amortised cost, class [member] | BBB [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 20,474 | 30,310 |
Financial assets at amortised cost, class [member] | BBB [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 22 | 23 |
Financial assets at amortised cost, class [member] | BBB [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 671 | 519 |
Financial assets at amortised cost, class [member] | BBB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,050 | |
Financial assets at amortised cost, class [member] | BB [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,480 | 1,944 |
Financial assets at amortised cost, class [member] | BB [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 8 | 13 |
Financial assets at amortised cost, class [member] | BB [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 48 | 59 |
Financial assets at amortised cost, class [member] | BB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 44 | |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 59 | 31,930 |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 5 | 31,141 |
Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | € 744 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 49,983 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 14,106 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 31,430 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 4,447 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AAA [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 11,143 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AAA [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 8,521 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AAA [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 2,622 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AA [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 2,797 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AA [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 2,545 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | AA [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 253 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | A [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,582 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | A [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,387 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | A [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 195 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BBB [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 2,653 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BBB [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,628 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BBB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 1,025 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BB [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 29 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BB [member] | Shares - Carried at fair value [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 26 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | BB [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 3 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Grade Not Rated [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 31,779 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | 31,430 | |
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Grade Not Rated [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information About Credit Risk Rating Grades of Financial Assets Discontinued Operations [Line Items] | ||
Financial assets | € 349 |
Discontinued operations - Sum_8
Discontinued operations - Summary of Credit Risk Exposure relating to Discontinued Operations (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial assets at carrying value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | € 2,791 | € 35,572 |
Financial assets at carrying value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,665 | 3,524 |
Financial assets at carrying value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 53 | 31,200 |
Financial assets at carrying value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 0 | 788 |
Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,777 | 38,654 |
Financial assets at fair value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 2,665 | 3,524 |
Financial assets at fair value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 40 | 34,254 |
Financial assets at fair value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 0 | € 816 |
Discontinued operations [member] | Financial assets at carrying value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 31,808 | |
Discontinued operations [member] | Financial assets at carrying value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 26 | |
Discontinued operations [member] | Financial assets at carrying value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 31,430 | |
Discontinued operations [member] | Financial assets at carrying value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 352 | |
Discontinued operations [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 28,840 | |
Discontinued operations [member] | Financial assets at fair value, class [member] | Debt securities - carried at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 26 | |
Discontinued operations [member] | Financial assets at fair value, class [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | 28,477 | |
Discontinued operations [member] | Financial assets at fair value, class [member] | Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets rated BB or below | € 337 |
Discontinued operations - Sum_9
Discontinued operations - Summary of Maximum Exposure to Credit Risk Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Master netting agreements collateral | € 34 | € 247 |
Credit risk [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 100,269 | 182,945 |
Cash collateral | 297 | 5,272 |
Letters of credit /guarantees collateral | 221 | 330 |
Real estate property collateral | 24,822 | 75,412 |
Master netting agreements collateral | 2,174 | 5,921 |
Total collateral | 45,923 | 93,028 |
Surplus collateral | 16,108 | 39,630 |
Net exposure | 70,453 | 129,547 |
Credit risk [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 59,985 | |
Cash collateral | 2,590 | |
Letters of credit /guarantees collateral | 22 | |
Real estate property collateral | 60,991 | |
Master netting agreements collateral | 8,394 | |
Total collateral | 71,997 | |
Surplus collateral | 32,263 | |
Net exposure | 20,252 | |
Credit risk [member] | Debt securities - carried at fair value [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 53,647 | 97,195 |
Letters of credit /guarantees collateral | 96 | 221 |
Total collateral | 96 | 221 |
Net exposure | 53,551 | 96,974 |
Credit risk [member] | Debt securities - carried at fair value [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 15,519 | |
Net exposure | 15,519 | |
Credit risk [member] | Mortgage loans - carried at amortized cost [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 10,441 | 39,991 |
Cash collateral | 40 | 2,684 |
Letters of credit /guarantees collateral | 22 | 32 |
Real estate property collateral | 24,822 | 75,412 |
Total collateral | 24,883 | 78,128 |
Surplus collateral | 14,442 | 38,197 |
Net exposure | 1 | 60 |
Credit risk [member] | Mortgage loans - carried at amortized cost [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 31,430 | |
Cash collateral | 2,590 | |
Letters of credit /guarantees collateral | 22 | |
Real estate property collateral | 60,991 | |
Total collateral | 63,603 | |
Surplus collateral | 32,263 | |
Net exposure | 90 | |
Credit risk [member] | Private loans - held at amortized cost [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 27 | 4,883 |
Cash collateral | 11 | 33 |
Total collateral | 11 | 33 |
Net exposure | 15 | 4,850 |
Credit risk [member] | Private loans - held at amortized cost [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 4,484 | |
Net exposure | 4,484 | |
Credit risk [member] | Other loans - held at amortized cost [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 2,088 | 1,949 |
Total collateral | 3,510 | 1,872 |
Surplus collateral | 1,470 | 1,346 |
Net exposure | 47 | 1,423 |
Credit risk [member] | Other loans - held at amortized cost [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 3 | |
Net exposure | 3 | |
Credit risk [member] | Other financial assets - carried at fair value [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 4,562 | 4,245 |
Net exposure | 4,562 | 4,245 |
Credit risk [member] | Other financial assets - carried at fair value [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 76 | |
Net exposure | 76 | |
Credit risk [member] | Derivatives [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 2,707 | 8,780 |
Cash collateral | 246 | 2,555 |
Master netting agreements collateral | 2,174 | 5,921 |
Total collateral | 2,846 | 8,583 |
Surplus collateral | 173 | 66 |
Net exposure | 33 | 263 |
Credit risk [member] | Derivatives [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 8,394 | |
Master netting agreements collateral | 8,394 | |
Total collateral | 8,394 | |
Net exposure | 0 | |
Credit risk [member] | Reinsurance assets [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 21,184 | 20,992 |
Letters of credit /guarantees collateral | 103 | 77 |
Total collateral | 14,265 | 3,861 |
Net exposure | 6,919 | € 17,131 |
Credit risk [member] | Reinsurance assets [member] | Discontinued operations [member] | ||
Disclosure of Detailed Information about Maximum Exposure to Credit Risk Discontinued Operations [Line Items] | ||
Maximum exposure to credit risk | 79 | |
Net exposure | € 79 |
Discontinued operations - Discl
Discontinued operations - Disclosure of Information About Credit Quality of Neither Past Due Not Impaired Financial Assets Related to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | € 75,557 | € 160,187 |
Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 49,452 | |
Credit rating general account investments, excluding reinsurance assets [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 12,556 | 46,823 |
Fair value | 66,917 | 117,145 |
Credit rating general account investments, excluding reinsurance assets [member] | AAA [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 1,488 | 3,989 |
Fair value | 12,404 | 28,476 |
Credit rating general account investments, excluding reinsurance assets [member] | AA [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 4,454 | 4,436 |
Fair value | 4,277 | 12,197 |
Credit rating general account investments, excluding reinsurance assets [member] | A [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 3,818 | 3,481 |
Fair value | 20,527 | 34,530 |
Credit rating general account investments, excluding reinsurance assets [member] | BBB [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 666 | 1,564 |
Fair value | 19,653 | 29,866 |
Credit rating general account investments, excluding reinsurance assets [member] | BB [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 48 | 103 |
Fair value | 1,505 | 2,015 |
Credit rating general account investments, excluding reinsurance assets [member] | B [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 18 | |
Fair value | 605 | 938 |
Credit rating general account investments, excluding reinsurance assets [member] | CCC or lower [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 449 | 473 |
Credit rating general account investments, excluding reinsurance assets [member] | Assets not rated [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 2,081 | 33,053 |
Fair value | 5,235 | 6,474 |
Credit rating general account investments, excluding reinsurance assets [member] | Credit rating general account investments [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 12,556 | 46,644 |
Fair value | 64,656 | 114,968 |
Credit rating general account investments, excluding reinsurance assets [member] | Financial assets past due and or impaired assets [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 178 | |
Fair value | 2,261 | 2,176 |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 35,358 | |
Fair value | 35,000 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 35,917 | |
Fair value | 25,426 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AAA [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 2,607 | |
Fair value | 11,832 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AAA [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 2,623 | |
Fair value | 8,643 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AA [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 216 | |
Fair value | 6,474 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | AA [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 253 | |
Fair value | 9,425 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | A [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 128 | |
Fair value | 10,636 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | A [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 233 | |
Fair value | 3,411 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BBB [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 1,050 | |
Fair value | 4,458 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BBB [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 1,025 | |
Fair value | 2,327 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BB [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 44 | |
Fair value | 127 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | BB [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 3 | |
Fair value | 119 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | B [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 19 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | B [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 33 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | CCC or lower [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 19 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | CCC or lower [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Fair value | 1 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Assets not rated [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 31,137 | |
Fair value | 1,418 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Assets not rated [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 31,552 | |
Fair value | 1,450 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Credit rating general account investments [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 35,182 | |
Fair value | 34,983 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Credit rating general account investments [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 35,688 | |
Fair value | 25,409 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Financial assets past due and or impaired assets [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 176 | |
Fair value | € 17 | |
Credit rating general account investments, excluding reinsurance assets [member] | The Netherlands [member] | Financial assets past due and or impaired assets [member] | Discontinued operations [member] | ||
Disclosuer Of Information About Credit Quality Of Neither Past Due Nor Impaired Financial Assets Related to Discontinued Operations Explanatory [Line Items] | ||
Amortized cost | 229 | |
Fair value | € 17 |
Discontinued operations - Dis_2
Discontinued operations - Disclosure of Credit Quality of Gross Positions Reinsurance Assets Relating to Discontinued Operations (Detail) - Carrying value [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | € 21,184 | € 20,992 |
Discontinued operations [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 79 | |
AA [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 2,156 | 9,084 |
AA [member] | Discontinued operations [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 22 | |
A [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 18,105 | 11,087 |
A [member] | Discontinued operations [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 55 | |
Not rated [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | 917 | € 813 |
Not rated [member] | Discontinued operations [member] | ||
Disclosure Of Credit Quality Of Gross Positions Reinsurance Assets Relating to Discontinued Operations [Line Items] | ||
Rated credit exposures | € 1 |
Discontinued operations - Sched
Discontinued operations - Schedule of Credit Risk Concentration - Debt Securities and Money Market Investments (Detail) - The Netherlands [member] - Credit risk [member] - Debt securities and money market investments [member] - Discontinued operations [member] € in Millions | Dec. 31, 2022 EUR (€) |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 15,519 |
Residential mortgage- backed securities (RMBSs) [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 65 |
Commercial mortgage- backed securities (CMBSs) [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 2 |
Asset backed securities [member] | Collateralized Debt Obligations 1 [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 2,714 |
Financial – Banking [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 1,306 |
Financial – Other [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 569 |
Capital Goods And Other Industry [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 276 |
Communications And Technology [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 715 |
Consumer Cyclical [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 373 |
Consumer Non Cyclical [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 710 |
Energy [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 26 |
Transportation [Member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 424 |
Utility [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 232 |
Government bonds [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 8,106 |
Discontinued operations - Sch_2
Discontinued operations - Schedule of Credit Risk Concentration - Government Bonds (Detail) - The Netherlands [member] - Discontinued operations [member] € in Millions | Dec. 31, 2022 EUR (€) |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 8,106 |
Netherlands [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 2,671 |
United Kingdom [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 3 |
Austria [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 347 |
Belgium [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 675 |
Finland [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 38 |
France [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 1,226 |
Germany [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 2,412 |
Indonesia [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 33 |
Luxembourg [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 448 |
Rest of Europe [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 70 |
Rest of world [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 184 |
Discontinued operations - Sch_3
Discontinued operations - Schedule of Credit Risk Concentration - Credit Rating (Detail) - Discontinued operations [member] € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | € 15,519 |
AAA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 8,577 |
AA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 2,769 |
A [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 1,780 |
BBB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 2,302 |
BB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 90 |
CCC or lower [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 1 |
Government Bond [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 8,106 |
Government Bond [member] | AAA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 5,900 |
Government Bond [member] | AA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 1,907 |
Government Bond [member] | A [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 80 |
Government Bond [member] | BBB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 194 |
Government Bond [member] | BB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 26 |
Corporate Bonds [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 4,631 |
Corporate Bonds [member] | AAA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 157 |
Corporate Bonds [member] | AA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 634 |
Corporate Bonds [member] | A [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 1,688 |
Corporate Bonds [member] | BBB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 2,087 |
Corporate Bonds [member] | BB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 64 |
Corporate Bonds [member] | CCC or lower [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 1 |
RMBs CMBSs ABSs [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 2,782 |
RMBs CMBSs ABSs [member] | AAA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 2,520 |
RMBs CMBSs ABSs [member] | AA [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 228 |
RMBs CMBSs ABSs [member] | A [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | 12 |
RMBs CMBSs ABSs [member] | BBB [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations credit rating | € 22 |
Discontinued operations - Sch_4
Discontinued operations - Schedule of Credit Risk Concentration - Mortgage Loans (Detail) - Mortgage loans [member] - Discontinued operations [member] € in Millions | Dec. 31, 2022 EUR (€) |
The Netherlands [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 31,430 |
The Netherlands [member] | Retail mortgage loans [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 6 |
The Netherlands [member] | Other commercial mortgage loans [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 19 |
The Netherlands [member] | Residential mortgage loans [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 31,404 |
Past due and impaired [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 155 |
Past due and impaired [member] | Other commercial mortgage loans [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | 1 |
Past due and impaired [member] | Residential mortgage loans [member] | |
Disclosure of credit risk exposure [line items] | |
Credit risk concentrations | € 154 |
Discontinued operations - Su_10
Discontinued operations - Summary of the Carrying Values Recognized in the Statement of Financial Position of Aegon the Netherlands Interests in RMBSs, CMBSs and ABSs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | € 328 | € 295 |
Total gains and losses on sale of assets | (1,249) | (69) |
Total | (921) | 226 |
Investments | 6,897 | 9,829 |
Residential mortgage-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | 92 | 83 |
Total gains and losses on sale of assets | (84) | (28) |
Total | 9 | 55 |
Investments | 1,141 | 1,980 |
Commercial mortgage-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | 120 | 113 |
Total gains and losses on sale of assets | (715) | (31) |
Total | (595) | 82 |
Investments | 2,838 | 3,647 |
Asset-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | 24 | 29 |
Total gains and losses on sale of assets | (34) | |
Total | (10) | 29 |
Investments | 440 | € 1,878 |
Discontinued operations [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | 8 | |
Total gains and losses on sale of assets | 0 | |
Total | 8 | |
Investments | 2,782 | |
Discontinued operations [member] | Residential mortgage-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Total | 1 | |
Investments | 65 | |
Discontinued operations [member] | Commercial mortgage-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Investments | 2 | |
Discontinued operations [member] | Asset-backed securities [member] | ||
Disclosure Of Detailed Information about Income Received From Interests And Investments relating to Discontinued Operations [Line Items] | ||
Interest income | 7 | |
Total gains and losses on sale of assets | (1) | |
Total | 7 | |
Investments | € 2,714 |
Discontinued operations - Su_11
Discontinued operations - Summary of Amortized Cost and Fair Value of Debt Securities, Money Market Investments and Other (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Unrealized losses | € (7,896) | € (576) |
Total fair value | 4,567 | 8,481 |
Debt securities and money market instruments[member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 66,455 | 87,431 |
Unrealized gains | 888 | 12,679 |
Unrealized losses | (7,896) | (576) |
Total fair value | 59,447 | 99,533 |
Fair value of instruments with unrealized gains | 14,305 | 82,635 |
Fair value of instruments with unrealized losses | 45,143 | 16,898 |
Debt securities and money market instruments[member] | Asset backed securities [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 3,269 | 4,088 |
Unrealized gains | 12 | 118 |
Unrealized losses | (376) | (16) |
Total fair value | 2,905 | 4,189 |
Fair value of instruments with unrealized gains | 183 | 2,334 |
Fair value of instruments with unrealized losses | 2,722 | 1,855 |
Debt securities and money market instruments[member] | Corporate [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 42,507 | 50,953 |
Unrealized gains | 449 | 5,738 |
Unrealized losses | (5,419) | (343) |
Total fair value | 37,538 | 56,348 |
Fair value of instruments with unrealized gains | 7,428 | 45,363 |
Fair value of instruments with unrealized losses | 30,110 | 10,985 |
Debt securities and money market instruments[member] | Other [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 863 | 876 |
Unrealized gains | 105 | 34 |
Unrealized losses | (128) | (66) |
Total fair value | 840 | 844 |
Fair value of instruments with unrealized gains | 600 | 519 |
Fair value of instruments with unrealized losses | 241 | 325 |
Debt securities and money market instruments[member] | Dutch Government [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 3,456 | |
Unrealized gains | 1,238 | |
Unrealized losses | 0 | |
Total fair value | 4,694 | |
Fair value of instruments with unrealized gains | 4,688 | |
Fair value of instruments with unrealized losses | 6 | |
Debt securities and money market instruments[member] | Other Government [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 1,700 | 9,060 |
Unrealized gains | 23 | 2,794 |
Unrealized losses | (239) | (84) |
Total fair value | 1,484 | 11,769 |
Fair value of instruments with unrealized gains | 266 | 10,414 |
Fair value of instruments with unrealized losses | 1,218 | € 1,356 |
Discontinued operations [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Unrealized losses | (1,092) | |
Discontinued operations [member] | Debt securities and money market instruments[member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 15,023 | |
Unrealized gains | 191 | |
Unrealized losses | (1,092) | |
Total fair value | 14,122 | |
Fair value of instruments with unrealized gains | 2,234 | |
Fair value of instruments with unrealized losses | 11,888 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Mortgage-backed securities [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 69 | |
Unrealized losses | (2) | |
Total fair value | 68 | |
Fair value of instruments with unrealized gains | 9 | |
Fair value of instruments with unrealized losses | 59 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Asset backed securities [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 2,816 | |
Unrealized gains | 1 | |
Unrealized losses | (102) | |
Total fair value | 2,714 | |
Fair value of instruments with unrealized gains | 5 | |
Fair value of instruments with unrealized losses | 2,710 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Corporate [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 4,100 | |
Unrealized gains | 3 | |
Unrealized losses | (673) | |
Total fair value | 3,430 | |
Fair value of instruments with unrealized gains | 60 | |
Fair value of instruments with unrealized losses | 3,370 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Other [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 13 | |
Total fair value | 13 | |
Fair value of instruments with unrealized gains | 13 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Dutch Government [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 2,728 | |
Unrealized gains | 15 | |
Unrealized losses | (72) | |
Total fair value | 2,671 | |
Fair value of instruments with unrealized gains | 281 | |
Fair value of instruments with unrealized losses | 2,390 | |
Discontinued operations [member] | Debt securities and money market instruments[member] | Other Government [member] | ||
Disclosure Of Detailed Information About Financial Instruments Relating to Discontinued Operations [Line Items] | ||
Amortized cost | 5,297 | |
Unrealized gains | 172 | |
Unrealized losses | (244) | |
Total fair value | 5,226 | |
Fair value of instruments with unrealized gains | 1,867 | |
Fair value of instruments with unrealized losses | € 3,359 |
Discontinued operations - Su_12
Discontinued operations - Summary of Composition by Industry Category of Aegon the Netherlands Available-for-sale (AFS) Debt Securities, Money Market Investments and Other in an Unrealized Loss Position (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | € 45,143 | € 16,898 |
Unrealized losses | (7,896) | (576) |
Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 11,888 | |
Unrealized losses | (1,092) | |
Residential mortgage-backed securities [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 633 | 810 |
Unrealized losses | (70) | (21) |
Residential mortgage-backed securities [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 57 | |
Unrealized losses | (2) | |
Commercial mortgage-backed securities [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 2,690 | 803 |
Unrealized losses | (360) | (27) |
Commercial mortgage-backed securities [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 2 | |
Asset-backed securities [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 434 | 1,244 |
Unrealized losses | (39) | (9) |
Asset-backed securities [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 2,710 | |
Unrealized losses | (102) | |
Financial Industry - Banking [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 2,906 | 1,669 |
Unrealized losses | (412) | (32) |
Financial Industry - Banking [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 757 | |
Unrealized losses | (126) | |
Financial Industry - Insurance [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 1,146 | 368 |
Unrealized losses | (199) | (11) |
Financial Industry - Insurance [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 83 | |
Unrealized losses | (14) | |
Financial Industry - Other [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 5,821 | 1,092 |
Unrealized losses | (878) | (29) |
Financial Industry - Other [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 227 | |
Unrealized losses | (80) | |
Industrial [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 17,249 | 5,630 |
Unrealized losses | (3,068) | (179) |
Industrial [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 2,183 | |
Unrealized losses | (425) | |
Utility [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 3,564 | 1,564 |
Unrealized losses | (765) | (68) |
Utility [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 122 | |
Unrealized losses | (27) | |
Government Securities [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 6,368 | 842 |
Unrealized losses | (1,418) | € (28) |
Government Securities [member] | Discontinued operations [member] | ||
Disclosure Of Unrealized Bond Losses By Sector Relating to Discontinued Operations [Line Items] | ||
Carrying value of instruments with unrealized losses | 5,749 | |
Unrealized losses | € (316) |
Discontinued operations - Su_13
Discontinued operations - Summary of Information on Past Due and Individually Impaired Financial Assets for Aegon the Netherland (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Past due but not impaired assets [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | € 1,802 | € 1,675 |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 131 | |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 35 | |
Past due but not impaired assets [member] | 0 - 6 months [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 1,183 | 1,350 |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 129 | |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 19 | |
Past due but not impaired assets [member] | 6 - 12 months [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 593 | 271 |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 1 | |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 5 | |
Past due but not impaired assets [member] | Not later than 1 year [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 25 | 54 |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 1 | |
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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 10 | |
Financial assets impaired [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 510 | 723 |
Financial assets impaired [member] | Share [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 10 | 62 |
Financial assets impaired [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 10 | |
Financial assets impaired [member] | Other loans - held at amortized cost [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | € 2 | |
Discontinued operations [member] | Past due but not impaired assets [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 222 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 149 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 73 | |
Discontinued operations [member] | Past due but not impaired assets [member] | 0 - 6 months [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 152 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 145 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 7 | |
Discontinued operations [member] | Past due but not impaired assets [member] | 6 - 12 months [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 7 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 3 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 4 | |
Discontinued operations [member] | Past due but not impaired assets [member] | Not later than 1 year [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 62 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 1 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 61 | |
Discontinued operations [member] | Financial assets impaired [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 24 | |
Discontinued operations [member] | Financial assets impaired [member] | Share [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 17 | |
Discontinued operations [member] | Financial assets impaired [member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | 6 | |
Discontinued operations [member] | Financial assets impaired [member] | Other loans - held at amortized cost [member] | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired Relating to Discontinued Operations [Line Items] | ||
Impaired financial assets | € 2 |
Discontinued operations - Su_14
Discontinued operations - Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | € 5,009 | € 8,903 |
The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 4,076 | |
Equity Funds 1 [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 151 | 280 |
Equity Funds 1 [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 34 | |
Investments in real estate [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 59 | 2,643 |
Investments in real estate [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 2,588 | |
Other Alternative Investments [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 2,168 | 2,366 |
Other Alternative Investments [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 432 | |
Other financial asset [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 2,385 | 3,225 |
Other financial asset [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | € 1,023 | |
Discontinued operations [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 4,032 | |
Discontinued operations [member] | Equity Funds 1 [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 34 | |
Discontinued operations [member] | Investments in real estate [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 2,545 | |
Discontinued operations [member] | Other Alternative Investments [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | 349 | |
Discontinued operations [member] | Other financial asset [member] | The Netherlands [member] | ||
Summary Of General Account Equity Real Estate And Other Nonfixed Income Portfolio Relating to Discontinued Operations Explanatory [Line Items] | ||
Maximum exposure to credit risk of financial assets | € 1,105 |
Discontinued operations - Su_15
Discontinued operations - Summary of Market Risk Concentrations in Shares Relating to Discontinued Operations (Detail) - Discontinued operations [member] | Dec. 31, 2022 shares |
Financial assets impaired [member] | |
Disclosure Of Market Risk Relating to Discontinued Operations [Line Items] | |
Market risk concentrations – shares | 17 |
Financial assets impaired [member] | Funds [member] | |
Disclosure Of Market Risk Relating to Discontinued Operations [Line Items] | |
Market risk concentrations – shares | 17 |
The Netherlands [member] | |
Disclosure Of Market Risk Relating to Discontinued Operations [Line Items] | |
Market risk concentrations – shares | 1,411 |
The Netherlands [member] | Financials [member] | |
Disclosure Of Market Risk Relating to Discontinued Operations [Line Items] | |
Market risk concentrations – shares | 4 |
The Netherlands [member] | Funds [member] | |
Disclosure Of Market Risk Relating to Discontinued Operations [Line Items] | |
Market risk concentrations – shares | 1,406 |
Discontinued operations - Su_16
Discontinued operations - Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Quantitative Information About Financial Instruments That Have Yet To Transition To Alternative Benchmark Rate Relating to Discontinued Operations [Line Items] | ||
Financial assets non-derivatives | € 875 | € 4,038 |
Discontinued operations [member] | ||
Disclosure of Quantitative Information About Financial Instruments That Have Yet To Transition To Alternative Benchmark Rate Relating to Discontinued Operations [Line Items] | ||
Financial assets non-derivatives | 3,517 | |
Euribor [Member] | ||
Disclosure of Quantitative Information About Financial Instruments That Have Yet To Transition To Alternative Benchmark Rate Relating to Discontinued Operations [Line Items] | ||
Financial assets non-derivatives | 34 | € 3,095 |
Euribor [Member] | Discontinued operations [member] | ||
Disclosure of Quantitative Information About Financial Instruments That Have Yet To Transition To Alternative Benchmark Rate Relating to Discontinued Operations [Line Items] | ||
Financial assets non-derivatives | € 3,517 |
Discontinued operations - Su_17
Discontinued operations - Summary of Exposures of Derivatives (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | € 40,315 | € 171,399 |
USD LIBOR [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | 39,752 | 54,232 |
Euribor [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | 563 | 113,593 |
Discontinued operations [member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | 120,601 | 112,599 |
Discontinued operations [member] | USD LIBOR [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | 963 | |
Discontinued operations [member] | Euribor [Member] | ||
Disclosure of quantitative information about financial instruments that have yet to transition to alternative benchmark rate [line items] | ||
Nominal Value | € 119,638 | € 112,599 |
Discontinued operations - Su_18
Discontinued operations - Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | € 4,051 | € 9,661 |
Investment contracts for account of policyholders | 10,658 | 21,767 |
Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 5,036 | 10,559 |
Other financial liabilities | 5,495 | 7,444 |
Total financial liabilities (excluding investment/ insurance contracts) | 14,775 | 22,154 |
Investment contracts | 11,798 | 23,804 |
Investment contracts for account of policyholders | 53,948 | 69,347 |
Total investment contracts | 65,746 | 93,151 |
On demand [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Other financial liabilities | 4,263 | 4,993 |
Total financial liabilities (excluding investment/ insurance contracts) | 4,263 | 4,993 |
Investment contracts | 9,642 | 17,254 |
Investment contracts for account of policyholders | 22,748 | 34,756 |
Total investment contracts | 32,389 | 52,009 |
Not later than one year [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 1,312 | 901 |
Other financial liabilities | 795 | 1,749 |
Total financial liabilities (excluding investment/ insurance contracts) | 2,265 | 2,803 |
Investment contracts | 1,445 | 2,681 |
Investment contracts for account of policyholders | 31,186 | 34,571 |
Total investment contracts | 32,631 | 37,252 |
Later than one year and not later than five years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 3,130 | 7,651 |
Other financial liabilities | 355 | 325 |
Total financial liabilities (excluding investment/ insurance contracts) | 4,067 | 8,551 |
Investment contracts | 385 | 2,114 |
Investment contracts for account of policyholders | 7 | 10 |
Total investment contracts | 392 | 2,124 |
Later than five years and not later than ten years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 94 | 956 |
Other financial liabilities | 34 | 154 |
Total financial liabilities (excluding investment/ insurance contracts) | 450 | 1,439 |
Investment contracts | 186 | 1,101 |
Investment contracts for account of policyholders | 4 | 6 |
Total investment contracts | 190 | 1,107 |
Later than ten years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 500 | 1,052 |
Other financial liabilities | 47 | 224 |
Total financial liabilities (excluding investment/ insurance contracts) | 3,729 | 4,368 |
Investment contracts | 141 | 655 |
Investment contracts for account of policyholders | 2 | 4 |
Total investment contracts | 143 | € 659 |
Discontinued operations [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 5,412 | |
Other financial liabilities | 1,665 | |
Total financial liabilities (excluding investment/ insurance contracts) | 7,078 | |
Investment contracts | 12,517 | |
Investment contracts for account of policyholders | 1,396 | |
Total investment contracts | 13,913 | |
Discontinued operations [member] | On demand [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Other financial liabilities | 455 | |
Total financial liabilities (excluding investment/ insurance contracts) | 455 | |
Investment contracts | 9,167 | |
Investment contracts for account of policyholders | 1,396 | |
Total investment contracts | 10,564 | |
Discontinued operations [member] | Not later than one year [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 1,574 | |
Other financial liabilities | 800 | |
Total financial liabilities (excluding investment/ insurance contracts) | 2,375 | |
Investment contracts | 617 | |
Total investment contracts | 617 | |
Discontinued operations [member] | Later than one year and not later than five years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 3,321 | |
Other financial liabilities | 129 | |
Total financial liabilities (excluding investment/ insurance contracts) | 3,450 | |
Investment contracts | 1,448 | |
Total investment contracts | 1,448 | |
Discontinued operations [member] | Later than five years and not later than ten years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 14 | |
Other financial liabilities | 112 | |
Total financial liabilities (excluding investment/ insurance contracts) | 126 | |
Investment contracts | 731 | |
Total investment contracts | 731 | |
Discontinued operations [member] | Later than ten years [member] | Contractual maturities of each category of financial liabilities [member] | ||
Disclosure of Managing Liquidity Risk Relating to Discontinued Operations Explanatory [Line Items] | ||
Borrowings | 503 | |
Other financial liabilities | 170 | |
Total financial liabilities (excluding investment/ insurance contracts) | 673 | |
Investment contracts | 552 | |
Total investment contracts | € 552 |
Discontinued operations - Su_19
Discontinued operations - Summary of Financial Liabilities Relating to Insurance and Investment Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | € 87,309 | € 124,422 | |||
Total | 3,009 | 4,263 | [1] | € 4,066 | [1] |
Liquidity risk [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 142,911 | 166,257 | |||
Insurance contracts for account of policyholders | 181,245 | 224,740 | |||
Investment contracts | 13,511 | 24,584 | |||
Investment contracts for account of policyholders | 145,829 | 158,381 | |||
Total | 483,496 | 573,962 | |||
Liquidity risk [member] | Not later than 1 year [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 3,432 | 4,260 | |||
Insurance contracts for account of policyholders | 7,456 | 11,494 | |||
Investment contracts | 1,737 | 8,324 | |||
Investment contracts for account of policyholders | 6,107 | 14,011 | |||
Total | 18,732 | 38,089 | |||
Liquidity risk [member] | 1-5 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 11,364 | 16,215 | |||
Insurance contracts for account of policyholders | 30,877 | 41,638 | |||
Investment contracts | 4,814 | 7,975 | |||
Investment contracts for account of policyholders | 23,626 | 27,637 | |||
Total | 70,681 | 93,465 | |||
Liquidity risk [member] | Over 5 through 10 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 11,946 | 18,438 | |||
Insurance contracts for account of policyholders | 29,565 | 39,941 | |||
Investment contracts | 2,581 | 3,847 | |||
Investment contracts for account of policyholders | 26,970 | 31,715 | |||
Total | 71,062 | 93,941 | |||
Liquidity risk [member] | Over 10 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 116,169 | 127,344 | |||
Insurance contracts for account of policyholders | 113,346 | 131,667 | |||
Investment contracts | 4,379 | 4,438 | |||
Investment contracts for account of policyholders | 89,126 | 84,825 | |||
Total | 323,021 | 348,274 | |||
Discontinued operations [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Total | 38 | € 26 | € (100) | ||
Discontinued operations [member] | Liquidity risk [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 45,982 | ||||
Insurance contracts for account of policyholders | 27,870 | ||||
Investment contracts | 12,610 | ||||
Investment contracts for account of policyholders | 1,396 | ||||
Total | 87,858 | ||||
Discontinued operations [member] | Liquidity risk [member] | Not later than 1 year [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 1,819 | ||||
Insurance contracts for account of policyholders | 1,227 | ||||
Investment contracts | 7,476 | ||||
Investment contracts for account of policyholders | 1,396 | ||||
Total | 11,919 | ||||
Discontinued operations [member] | Liquidity risk [member] | 1-5 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 6,330 | ||||
Insurance contracts for account of policyholders | 4,598 | ||||
Investment contracts | 3,410 | ||||
Total | 14,339 | ||||
Discontinued operations [member] | Liquidity risk [member] | Over 5 through 10 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 7,411 | ||||
Insurance contracts for account of policyholders | 5,791 | ||||
Investment contracts | 1,172 | ||||
Total | 14,373 | ||||
Discontinued operations [member] | Liquidity risk [member] | Over 10 years [member] | |||||
Disclosure Of Types Of Insurance Contracts Relating to Discontinued Operations [Line Items] | |||||
Insurance contracts | 30,422 | ||||
Insurance contracts for account of policyholders | 16,253 | ||||
Investment contracts | 552 | ||||
Total | € 47,227 | ||||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Discontinued operations - Summ
Discontinued operations - Summary of Maturity Analysis for Derivative Financial Instruments (Detail) - Carrying value [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | € 18,293 | € 117,396 |
Gross settled cash outflows | (17,919) | (126,850) |
Discontinued operations [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 43,572 | |
Gross settled cash outflows | (44,309) | |
Less than 1 year [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 15,301 | 4,300 |
Gross settled cash outflows | (15,242) | (4,895) |
Less than 1 year [member] | Discontinued operations [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 2,449 | |
Gross settled cash outflows | (2,422) | |
1-5 years [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 575 | 3,728 |
Gross settled cash outflows | (443) | (7,080) |
1-5 years [member] | Discontinued operations [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 9,757 | |
Gross settled cash outflows | (10,107) | |
5-10 years [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 675 | 5,034 |
Gross settled cash outflows | (633) | (9,499) |
5-10 years [member] | Discontinued operations [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 10,618 | |
Gross settled cash outflows | (11,167) | |
More than 10 years [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 1,741 | 104,335 |
Gross settled cash outflows | (1,600) | € (105,376) |
More than 10 years [member] | Discontinued operations [member] | ||
Summary Of Maturity Analysis Gross Undiscounted Contractual Cash Flows Of Derivatives Relating to Discontinued Operations [Line Items] | ||
Gross settled cash inflows | 20,748 | |
Gross settled cash outflows | € (20,613) |
Discontinued operations - Su_20
Discontinued operations - Summary of Detailed Information About Borrowings (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | € 4,051 | € 9,661 |
Discontinued operations [member] | Operational funding [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | € 5,227 | |
Discontinued operations [member] | 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 | - / 23 | |
Borrowings | € 260 | |
Discontinued operations [member] | Operational funding [member] | Revolving Loan Facility Warehouse Mortgage Loans One [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | Floating | |
Coupon date | Monthly | |
Borrowing maturity | - / 24 | |
Borrowings | € 250 | |
Discontinued operations [member] | Operational funding [member] | Revolving Loan Facility Warehouse Mortgage Loans Two [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | Floating | |
Coupon date | Monthly | |
Borrowing maturity | - / 25 | |
Borrowings | € 271 | |
Discontinued operations [member] | 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 | € 609 | |
Discontinued operations [member] | Operational funding [member] | SAECURE 18 RMBS note [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | Floating | |
Coupon date | Quarterly | |
Borrowing maturity | 2019 / 25 | |
Borrowings | € 300 | |
Discontinued operations [member] | Operational funding [member] | SAECURE 20 RMBS note [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | Floating | |
Coupon date | Quarterly | |
Borrowing maturity | 2021 / 27 | |
Borrowings | € 542 | |
Discontinued operations [member] | 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 | € 500 | |
Discontinued operations [member] | 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 | € 499 | |
Discontinued operations [member] | Operational funding [member] | EUR 500 million Conditional Pass-Through Covered Bond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | 0.01% | |
Coupon date | Annual | |
Borrowing maturity | 2020 / 25 | |
Borrowings | € 505 | |
Discontinued operations [member] | 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 | € 493 | |
Discontinued operations [member] | 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 | 2021 / 36 | |
Borrowings | € 494 | |
Discontinued operations [member] | Operational funding [member] | Aegon Bank Senior Non Preferred Debt [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Coupon rate | 0.625% | |
Coupon date | Annual | |
Borrowing maturity | 2019 / 24 | |
Borrowings | € 499 | |
Discontinued operations [member] | Operational funding [member] | Other [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | € 5 |
Discontinued operations - Su_21
Discontinued operations - Summary of Liabilities For Guarantees That Are Included In Valuation Of Host Contracts Net Of Present Value Of Expected Future Premiums Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Liabilities For Guarantees That Are Included In Valuation Of Host Contracts Net Of Present Value Of Expected Future Premiums Relating to Discontinued Operations [Line Items] | ||
Beginning balance | € 124,422 | |
Ending balance | 87,309 | € 124,422 |
Net amount at risk | 180,006 | 250,953 |
The Netherlands [member] | ||
Disclosure of Liabilities For Guarantees That Are Included In Valuation Of Host Contracts Net Of Present Value Of Expected Future Premiums Relating to Discontinued Operations [Line Items] | ||
Beginning balance | 40,547 | |
Ending balance | 40,547 | |
Net amount at risk | 25,673 | |
The Netherlands [member] | Guaranteed minimum investment [member] | Discontinued operations [member] | ||
Disclosure of Liabilities For Guarantees That Are Included In Valuation Of Host Contracts Net Of Present Value Of Expected Future Premiums Relating to Discontinued Operations [Line Items] | ||
Beginning balance | 6,429 | 7,973 |
Incurred guarantee benefits | (3,471) | (1,544) |
Ending balance | 2,958 | 6,429 |
Account value | 16,559 | 20,176 |
Net amount at risk | € 3,133 | € 6,794 |
Discontinued operations - Su_22
Discontinued operations - Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations (Detail) - Aegon Nederland N.V. [member] - Discontinued operations [member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Demographic actuarial assumptions | ||
Mortality | NL mortality table | NL mortality table |
Financial actuarial assumptions | ||
Discount rate | 3.61% | 1.01% |
Salary increase rate | Curve 2022 | Curve 2021 |
Indexation | Percentage is no longer derived | 53.05% of curve 2021 |
Discontinued operations - Su_23
Discontinued operations - Summary of Estimated Approximate Effects on the Defined Benefit Obligation (Detail) - Aegon Nederland N.V. [member] - Discontinued operations [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase in actuarial assumptions | € (38) | € (100) |
Decrease in actuarial assumptions | 41 | 112 |
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 | (221) | (622) |
Decrease in actuarial assumptions | € 281 | 849 |
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 | 187 | |
Decrease in actuarial assumptions | € (170) |
Discontinued operations - Su_24
Discontinued operations - Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis by Level of the Fair Value Hierarchy (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | € 401,786 | € 468,252 | |
Liabilities carried at fair value | 387,596 | 441,881 | |
Real estate held for own use [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 73 | 185 | € 209 |
Level III [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 867 | 3,431 | 4,890 |
Level III [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 5,360 | 10,086 | 9,061 |
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 | 1,008 | 1,393 | 1,221 |
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 | 215 | 603 | 467 |
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 | 660 | 599 | 581 |
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 | 73 | 185 | 209 |
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 | 26 | (6) | (12) |
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 | 840 | € 3,437 | € 4,902 |
Investment funds [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 47,118 | ||
Liabilities carried at fair value | 10,635 | ||
Investment funds [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 14,143 | ||
Investment funds [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 32,900 | ||
Investment funds [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 76 | ||
Investment funds [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 21 | ||
Investment funds [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,390 | ||
Investment funds [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 14,109 | ||
Investment funds [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,410 | ||
Investment funds [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 13 | ||
Investment funds [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 64 | ||
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] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 19,097 | ||
Investment funds [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 8,394 | ||
Investment funds [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 2,545 | ||
Investment funds [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 76 | ||
Investment funds [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 1,396 | ||
Investment funds [member] | Derivative [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 9,239 | ||
Investment funds [member] | Level I [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 18,925 | ||
Liabilities carried at fair value | 3 | ||
Investment funds [member] | Level I [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 7,897 | ||
Investment funds [member] | Level I [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 11,029 | ||
Investment funds [member] | Level I [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 32 | ||
Investment funds [member] | Level I [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 7,897 | ||
Investment funds [member] | Level I [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 87 | ||
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] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 10,782 | ||
Investment funds [member] | Level I [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 127 | ||
Investment funds [member] | Level I [member] | Derivative [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 3 | ||
Investment funds [member] | Level II [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 23,101 | ||
Liabilities carried at fair value | 9,773 | ||
Investment funds [member] | Level II [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 6,171 | ||
Investment funds [member] | Level II [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 16,930 | ||
Investment funds [member] | Level II [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 6,159 | ||
Investment funds [member] | Level II [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,279 | ||
Investment funds [member] | Level II [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 13 | ||
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] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 7,383 | ||
Investment funds [member] | Level II [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 8,268 | ||
Investment funds [member] | Level II [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 1,291 | ||
Investment funds [member] | Level II [member] | Derivative [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 8,482 | ||
Investment funds [member] | Level III [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 5,092 | ||
Liabilities carried at fair value | 859 | ||
Investment funds [member] | Level III [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 75 | ||
Investment funds [member] | Level III [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 4,942 | ||
Investment funds [member] | Level III [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 76 | ||
Investment funds [member] | Level III [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 21 | ||
Investment funds [member] | Level III [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,357 | ||
Investment funds [member] | Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 54 | ||
Investment funds [member] | Level III [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 44 | ||
Investment funds [member] | Level III [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 64 | ||
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] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 932 | ||
Investment funds [member] | Level III [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 2,545 | ||
Investment funds [member] | Level III [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 76 | ||
Investment funds [member] | Level III [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 105 | ||
Investment funds [member] | Level III [member] | Derivative [member] | Recurring fair value measurement [member] | Discontinued operations [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | € 754 |
Discontinued operations - Sch_5
Discontinued operations - 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, 2022 | Dec. 31, 2021 | |
Disclosure Of Transfers Between Level1 And Level2 For Financial Assets And Liabilities Recorded At Fair Value Relating to Discontinued Operations [Line Items] | ||
Transfers Level II to Level I | € 907 | € 32 |
Discontinued operations [member] | ||
Disclosure Of Transfers Between Level1 And Level2 For Financial Assets And Liabilities Recorded At Fair Value Relating to Discontinued Operations [Line Items] | ||
Transfers Level II to Level I | 12 | |
Available-for-sale financial assets [member] | ||
Disclosure Of Transfers Between Level1 And Level2 For Financial Assets And Liabilities Recorded At Fair Value Relating to Discontinued Operations [Line Items] | ||
Transfers Level II to Level I | 726 | € 32 |
Available-for-sale financial assets [member] | Investments for account of policyholders [member] | Discontinued operations [member] | ||
Disclosure Of Transfers Between Level1 And Level2 For Financial Assets And Liabilities Recorded At Fair Value Relating to Discontinued Operations [Line Items] | ||
Transfers Level II to Level I | € 12 |
Discontinued operations - Dis_3
Discontinued operations - Disclosure of Information about Significant Unobservable Inputs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | € 75,557 | € 160,187 |
Debt securities [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | € 53,647 | 97,195 |
Level III [member] | Financial assets available-for-sale, category [member] | Shares [member] | Net asset value [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets available-for-sale, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Broker quote | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets available-for-sale, 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 Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | Financial assets available-for-sale, category [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [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] | Shares [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [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 Relating to Discontinued Operations [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] | Investment funds [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [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 Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Level III [member] | Embedded derivatives [member] | Derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Own credit spread | |
Level III [member] | Recurring fair value measurement [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | € 4,372 | 5,750 |
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 840 | 3,437 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 1,008 | 1,393 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Shares [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 131 | 191 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Shares [member] | Net asset value [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 126 | 166 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 5 | 25 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 216 | 603 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 148 | 82 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 66 | 493 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Other investments [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 660 | 599 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 2 | 3 |
Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Other investments [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 48 | 56 |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 1 | 1,348 |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 1,343 | |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 5 | |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 3,363 | 3,010 |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 3,363 | 2,944 |
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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 66 | |
Level III [member] | Recurring fair value measurement [member] | Embedded derivatives [member] | Derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 836 | € 3,437 |
Discontinued operations [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | € 49,452 | |
Discontinued operations [member] | Level III [member] | Financial assets available-for-sale, category [member] | Shares [member] | Net asset value [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | Level III [member] | Financial assets available-for-sale, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | Level III [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Broker quote | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | 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] | Investment funds [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Net asset value | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Other | |
Significant unobservable input | n.a. | |
Discontinued operations [member] | Level III [member] | Embedded derivatives [member] | Derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable input | Own credit spread | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | € 1,540 | |
Financial liabilities at fair value | 754 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 75 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Shares [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 21 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Shares [member] | Other valuation technique [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 21 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 54 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Financial assets available-for-sale, category [member] | Debt securities [member] | Broker quote [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 54 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 1,401 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 1,357 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 44 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 64 | |
Discontinued operations [member] | 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 Relating to Discontinued Operations [Line Items] | ||
Financial assets at fair value | 64 | |
Discontinued operations [member] | Level III [member] | Recurring fair value measurement [member] | Embedded derivatives [member] | Derivatives [member] | Own credit spread [member] | Discounted cash flow [member] | ||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial liabilities at fair value | € 754 |
Discontinued operations - Su_25
Discontinued operations - Summary of Impact on a Fair Value Measurement (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Financial Assets And Liabilities Amortized Cost Relating to Discontinued Operations [Line Items] | ||
Fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € 836 | € 3,437 |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 16 | 39 |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | (16) | € (39) |
Discontinued operations [member] | ||
Disclosure Of Fair Value Financial Assets And Liabilities Amortized Cost Relating to Discontinued Operations [Line Items] | ||
Fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 754 | |
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | 4 | |
Decrease in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, liabilities | € (4) |
Discontinued operations - Su_26
Discontinued operations - Summary of Carrying Values and Estimated Fair Values of Assets and Liabilities, Excluding Assets and Liabilities Which are Carried at Fair Value on a Recurring Basis (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | € 76,766 | € 155,188 |
Fair value | 75,557 | 160,187 |
Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 49,452 | |
Mortgage loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 10,441 | 39,991 |
Fair value | 9,245 | 44,366 |
Mortgage loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 31,430 | |
Fair value | 28,477 | |
Private loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 27 | 4,883 |
Fair value | 15 | 5,491 |
Private loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 4,484 | |
Fair value | 3,966 | |
Other loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 2,088 | 1,949 |
Fair value | 2,088 | 1,949 |
Other loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial assets | 3 | |
Fair value | 3 | |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial liabilities | 4,051 | 9,661 |
Total estimated fair value | 4,114 | 10,171 |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial liabilities | 5,227 | |
Total estimated fair value | 4,920 | |
Investment contract [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial liabilities | 10,485 | 21,573 |
Total estimated fair value | 9,410 | 20,861 |
Investment contract [member] | Financial liabilities at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Financial liabilities | 12,179 | |
Total estimated fair value | 11,826 | |
Level III [member] | Mortgage loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 9,244 | 44,366 |
Level III [member] | Mortgage loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 28,477 | |
Level III [member] | Private loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 5,457 | |
Level III [member] | Private loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 3,966 | |
Level III [member] | Other loans [member] | Financial assets at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 5 | |
Level III [member] | Other loans [member] | Financial assets at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Fair value | 3 | |
Level III [member] | Borrowings [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Total estimated fair value | 5,773 | |
Level III [member] | Borrowings [member] | Financial liabilities at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Total estimated fair value | 4,920 | |
Level III [member] | Investment contract [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Total estimated fair value | 9,410 | € 20,861 |
Level III [member] | Investment contract [member] | Financial liabilities at amortised cost, category [member] | Discontinued operations [member] | ||
Disclosure Of Detailed Information About Carrying Amounts And Fair Values Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Total estimated fair value | € 11,826 |
Discontinued operations - Su_27
Discontinued operations - Summary of Total Financial Assets and Financial Liabilities at Fair Value through Profit or Loss (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | € 2,475 | € 8,431 |
Designated | 184,089 | 258,830 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 4,877 | 9,617 |
Designated | 55,254 | 71,242 |
Investments for general account [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 41 | 41 |
Designated | 4,527 | 8,440 |
Investments for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 0 | |
Designated | 179,563 | 250,390 |
Investments for account of policyholders [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 0 | |
Designated | 55,254 | 71,242 |
Derivatives not designated as hedges [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 2,434 | 8,390 |
Designated | 0 | |
Derivatives not designated as hedges [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 4,877 | € 9,617 |
Discontinued operations [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 6,522 | |
Designated | 21,960 | |
Discontinued operations [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 8,378 | |
Designated | 1,396 | |
Discontinued operations [member] | Investments for general account [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Designated | 2,864 | |
Discontinued operations [member] | Investments for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Designated | 19,097 | |
Discontinued operations [member] | Investments for account of policyholders [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Designated | 1,396 | |
Discontinued operations [member] | Derivatives not designated as hedges [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | 6,522 | |
Discontinued operations [member] | Derivatives not designated as hedges [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss Relating to Discontinued Operations [Line Items] | ||
Trading | € 8,378 |
Discontinued operations - Su_28
Discontinued operations - Summary of Gains and Losses on Financial Assets and Financial Liabilities Classified at Fair Value through Profit or Loss (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Gains Or Losses Included In Profit Or Loss Financial Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Trading | € 469 | € (2,930) |
Designated | (35,054) | € 25,591 |
Discontinued operations [member] | ||
Disclosure Of Gains Or Losses Included In Profit Or Loss Financial Assets And Liabilities Relating to Discontinued Operations [Line Items] | ||
Trading | (6,495) | |
Designated | € (4,031) |
Discontinued operations - Su_29
Discontinued operations - Summary of Commitments and Contingencies (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | € 129 | |
Sale | € 1 | 6 |
Mortgage loans [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 468 | 1,163 |
Sale | 67 | |
Private loans [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 150 | 311 |
Other [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 1,408 | € 1,358 |
Discontinued operations [member] | Real estate [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 341 | |
Sale | 4 | |
Discontinued operations [member] | Mortgage loans [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 1,094 | |
Sale | 37 | |
Discontinued operations [member] | Private loans [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | 752 | |
Discontinued operations [member] | Other [member] | ||
Disclosure Of Detailed Purchase And Sale Transactions Of Investments Relating to Discontinued Operations [Line Items] | ||
Purchase | € 209 |
Discontinued operations - Su_30
Discontinued operations - Summary of Minimum Lease Payments Under Non-Cancellable Operating Leases Relating to Discontinued Operations (Detail) - Operating lease rights [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Not later than one year [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | € 10 | € 8 |
Later than one year and not later than two years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | 9 | 8 |
Later than two years and not later than three years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | 7 | 6 |
Later than three years and not later than four years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | 7 | 5 |
Later than four years and not later than five years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | 6 | 5 |
Later than five years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | 17 | € 21 |
Discontinued operations [member] | Not later than one year [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | (2) | |
Discontinued operations [member] | Later than one year and not later than two years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | (2) | |
Discontinued operations [member] | Later than two years and not later than three years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | (1) | |
Discontinued operations [member] | Later than three years and not later than four years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | (1) | |
Discontinued operations [member] | Later than four years and not later than five years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | (1) | |
Discontinued operations [member] | Later than five years [member] | ||
Disclosure of Minimum Lease Payments Under Noncancellable Operating Leases Relating to Discontinued Operations [Line Items] | ||
Operating leases | € (2) |
Discontinued operations - Dis_4
Discontinued operations - Disclosure of Commitments and Contingent Liabilities Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Commitments And Contingent Liabilities Relating To Discontinued Operations [Line Items] | ||
Guarantees | € 611 | € 506 |
Standby letters of credit | 0 | 12 |
Share of contingent liabilities incurred in relation to interests in joint ventures | 0 | € 7 |
Discontinued operations [member] | ||
Disclosure Of Commitments And Contingent Liabilities Relating To Discontinued Operations [Line Items] | ||
Guarantees | 12 | |
Standby letters of credit | 11 | |
Share of contingent liabilities incurred in relation to interests in joint ventures | € 5 |
Discontinued operations - Su_31
Discontinued operations - Summary of Carrying Amount of Financial Assets (Detail) - Available-for-sale financial assets [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares [member] | |||
Disclosure of Financial Assets Transferred During Period Which Do Not Qualify for Derecognition Relating to Discontinued Operations Explanatory [Line Items] | |||
Carrying amount of transferred assets | € 0 | [1] | € 34 |
Carrying amount of associated liabilities | 0 | [1] | 37 |
Debt securities [member] | |||
Disclosure of Financial Assets Transferred During Period Which Do Not Qualify for Derecognition Relating to Discontinued Operations Explanatory [Line Items] | |||
Carrying amount of transferred assets | 2,200 | [1] | 3,705 |
Carrying amount of associated liabilities | 2,513 | [1] | € 3,941 |
Discontinued operations [member] | Shares [member] | |||
Disclosure of Financial Assets Transferred During Period Which Do Not Qualify for Derecognition Relating to Discontinued Operations Explanatory [Line Items] | |||
Carrying amount of transferred assets | 40 | ||
Carrying amount of associated liabilities | 43 | ||
Discontinued operations [member] | Debt securities [member] | |||
Disclosure of Financial Assets Transferred During Period Which Do Not Qualify for Derecognition Relating to Discontinued Operations Explanatory [Line Items] | |||
Carrying amount of transferred assets | 656 | ||
Carrying amount of associated liabilities | € 676 | ||
[1]2022 excludes the assets and liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations. |
Discontinued operations - Su_32
Discontinued operations - Summary of Fair Value Measurement of Assets Relating to Discontinued Operations (Detail) - Securities lending [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Measurement Of Assets Relating to Discontinued Operations [Line Items] | |||
Carrying amount of transferred financial assets | € 2,190 | [1] | € 3,083 |
Fair value of non-cash collateral received | 74 | [1] | 1,102 |
Net exposure | (301) | [1] | (190) |
Non-cash collateral that can be sold or repledged in the absence of default | 0 | [1] | € 1,004 |
Discontinued operations [member] | |||
Disclosure Of Fair Value Measurement Of Assets Relating to Discontinued Operations [Line Items] | |||
Carrying amount of transferred financial assets | 696 | ||
Fair value of non-cash collateral received | 719 | ||
Net exposure | (23) | ||
Non-cash collateral that can be sold or repledged in the absence of default | € 719 | ||
[1]2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
Discontinued operations - Su_33
Discontinued operations - Summary of Repurchase and Reverse Repurchase Agreements Relating to Discontinued Operations (Detail) - Reverse repurchase agreements [member] - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Repurchase and Reverse Repurchase Agreements Relating to Discontinued Operations [Line Items] | |||
Cash paid for reverse repurchase agreements | € 312 | [1] | € 1,004 |
Fair value of non-cash collateral received | 335 | [1] | 1,025 |
Non-cash collateral that can be sold or repledged in the absence of default | 0 | [1] | € 695 |
Discontinued operations [member] | |||
Disclosure of Repurchase and Reverse Repurchase Agreements Relating to Discontinued Operations [Line Items] | |||
Cash paid for reverse repurchase agreements | 220 | ||
Fair value of non-cash collateral received | 220 | ||
Non-cash collateral that can be sold or repledged in the absence of default | € 220 | ||
[1]2022 excludes the disposal group, which is separately disclosed in note 51 Discontinued operations. |
Discontinued operations - Su_34
Discontinued operations - Summary of Offsetting of Financial Assets and Financial Liabilities Relating to Discontinued Operations (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Gross amounts of recognized financial assets | € 2,733 | € 8,811 |
Net amounts of financial assets presented in the statement of financial position | 2,733 | 8,811 |
Related amounts not set off in the statements of financial position, Financial instruments | 2,589 | 6,045 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 5,115 | 7,043 |
Net amounts of financial liabilities presented in the statement of financial position | 5,115 | 7,043 |
Related amounts not set off in the statements of financial position, Financial instruments | 3,359 | 6,768 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,668 | 224 |
Derivatives [member] | ||
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Gross amounts of recognized financial assets | 2,733 | 8,811 |
Net amounts of financial assets presented in the statement of financial position | 2,733 | 8,811 |
Related amounts not set off in the statements of financial position, Financial instruments | 2,589 | 6,045 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 5,115 | 7,043 |
Net amounts of financial liabilities presented in the statement of financial position | 5,115 | 7,043 |
Related amounts not set off in the statements of financial position, Financial instruments | 3,359 | 6,768 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,668 | € 224 |
Discontinued operations [member] | ||
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Gross amounts of recognized financial assets | 8,394 | |
Net amounts of financial assets presented in the statement of financial position | 8,394 | |
Related amounts not set off in the statements of financial position, Financial instruments | 8,394 | |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 8,485 | |
Net amounts of financial liabilities presented in the statement of financial position | 8,485 | |
Related amounts not set off in the statements of financial position, Financial instruments | 8,419 | |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 66 | |
Discontinued operations [member] | Derivatives [member] | ||
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities Relating to Discontinued Operations [Line Items] | ||
Gross amounts of recognized financial assets | 8,394 | |
Net amounts of financial assets presented in the statement of financial position | 8,394 | |
Related amounts not set off in the statements of financial position, Financial instruments | 8,394 | |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 8,485 | |
Net amounts of financial liabilities presented in the statement of financial position | 8,485 | |
Related amounts not set off in the statements of financial position, Financial instruments | 8,419 | |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | € 66 |
Discontinued operations - Addit
Discontinued operations - Additional Information (Detail) € in Millions | 12 Months Ended | |||||
Oct. 27, 2022 EUR (€) | Dec. 31, 2022 EUR (€) Days yr | Dec. 31, 2021 EUR (€) yr | Dec. 31, 2013 | Dec. 31, 1999 | Dec. 31, 2020 EUR (€) | |
Disclosure Of Discontinued Operation [Line Items] | ||||||
Percentage of voting interests acquired | 50% | |||||
Unquoted amount of other post employment defined benefit plans | € 328 | € 518 | ||||
Unquoted amount of defined benefit plans | 2,214 | 3,069 | ||||
Unrealized loss position | 25 | |||||
Fair value | € 75,557 | 160,187 | ||||
Minimum investment return guaranteed [member] | Bottom of range [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Effective interest rate percentage | 0% | |||||
The Netherlands [member] | Minimum investment return guaranteed [member] | Bottom of range [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Adjusted technical interest rates | 3% | |||||
The Netherlands [member] | Minimum investment return guaranteed [member] | Top of range [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Adjusted technical interest rates | 4% | |||||
Discontinued operations [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Interest income on minimum cash reserves | € 0 | |||||
Percentage of interest on minimum cash reserves | 2.50% | |||||
One time tax charge in connection with business reorganization | € 454 | |||||
Percentage of deposit with agreed maturity | 1% | |||||
Minimum balance on deposit with Dutch Central Bank | € 82 | € 74 | € 84 | |||
Unrealized loss position | 25 | |||||
Fair value | 49,452 | |||||
Mortgage loans outstanding | 387 | 319 | ||||
Discontinued operations [member] | Netherlands mortgage loan portfolio [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Fair value | € 28,477 | € 34,198 | ||||
Percentage of loan to value | 50% | 56% | ||||
Percentage of loan portfolio guaranteed by government | 39% | 42% | ||||
Assumed defaults rate on delinquent loans | 0.10% | 0.10% | ||||
Delinquency days (defined as 60 days in arrears) | Days | 60 | |||||
Impairment charges | € 1 | € 1 | ||||
Discontinued operations [member] | Aegon Nederland N.V. [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Unquoted amount of other post employment defined benefit plans | € 41 | € 57 | ||||
Remaining average duration of defined benefits obligation | yr | 10.2 | 12.7 | ||||
Discontinued operations [member] | Aegon Nederland N.V. [member] | Life insurance contracts [member] | Wholly unfunded defined benefit plans [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Remaining average duration of defined benefits obligation | yr | 14.3 | 20.9 | ||||
Unquoted amount of defined benefit plans | € 2,421 | € 3,409 | ||||
Discontinued operations [member] | The Netherlands [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Mortgage Loans Pledged As Collateral | 5,000 | 5,100 | ||||
One time tax charge in connection with business reorganization | € 454 | |||||
Cash proceeds from insurance banking and mortgage origination | € 2,200 | |||||
Percentage of voting interests acquired | 29.99% | 29.99% | ||||
Other comprehensive income related to assets and liabilities held for sale | € (1,286) | |||||
Older generation guarantee, percentage | 4% | |||||
Percentage of guarantee decreased | 0% | 3% | ||||
Deficit of insurance liability adequacy test | € 171 | 2,243 | ||||
Discontinued operations [member] | The Netherlands [member] | Minimum investment return guaranteed [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Guarantees profit sharing maximum, percentage | 0% | |||||
Contract period | 5 years | |||||
Discontinued operations [member] | The Netherlands [member] | Minimum investment return guaranteed [member] | Bottom of range [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Adjusted technical interest rates | 3% | |||||
Effective interest rate percentage | 0% | |||||
Discontinued operations [member] | The Netherlands [member] | Minimum investment return guaranteed [member] | Top of range [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Adjusted technical interest rates | 4% | |||||
Seacure Seventeen [Member] | Discontinued operations [member] | CANADA | Life insurance contracts [member] | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 600 | € 600 | ||||
Longevity Reinsurance Contract One [Member] | Seacure Seventeen [Member] | Discontinued operations [member] | CANADA | ||||||
Disclosure Of Discontinued Operation [Line Items] | ||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 295 |
Proposal for Profit Appropria_3
Proposal for Profit Appropriation - Additional Information (Detail) - Aegon N.V [member] - Dividend Distributed [member] - € / shares | 12 Months Ended | |
May 25, 2023 | Dec. 31, 2022 | |
Common shares [member] | ||
Disclosure of proposal profit appropriation [Line Items] | ||
Dividends proposed as distributions to owners per share | € 0.12 | |
Common share B [member] | ||
Disclosure of proposal profit appropriation [Line Items] | ||
Dividends proposed as distributions to owners per share | € 0.003 |
Proposal for Profit Appropria_4
Proposal for Profit Appropriation - Summary of Proposal for Profit Appropriation (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of proposal profit appropriation [Line Items] | |||||
Owners of Aegon N.V. | € (1,433) | € 1,980 | [1] | € (146) | [1] |
Aegon N.V [member] | |||||
Disclosure of proposal profit appropriation [Line Items] | |||||
Final dividend on common shares | 237 | 184 | |||
Earnings to be retained | 1,795 | ||||
To be deducted from retained earnings | (1,670) | ||||
Owners of Aegon N.V. | € (1,433) | € 1,980 | € (146) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments Other than Investments in Related Parties (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of investments [Line Items] | |||
Available-for-sale | € 59,643 | € 99,884 | |
Fair value through profit or loss | 4,567 | 8,481 | |
Financial assets | 76,766 | 155,188 | |
Investments in real estate | 59 | € 2,643 | € 2,385 |
Cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 83,306 | ||
Cost [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 192 | ||
Fair value through profit or loss | 190 | ||
Cost [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 466 | ||
Financial assets | 12,556 | ||
Other investments at fair value through profit or loss | 3,447 | ||
Cost [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 66,455 | ||
Cost [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,269 | ||
Cost [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 8,386 | ||
Cost [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Cost [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1,700 | ||
Cost [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 4,218 | ||
Cost [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 42,507 | ||
Cost [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,511 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 863 | ||
Cost [member] | Bonds [member] | Mortgages [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 10,441 | ||
Cost [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 27 | ||
Cost [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 45 | ||
Cost [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,042 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Cost [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | 0 | ||
Fair value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 75,628 | ||
Fair value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 195 | ||
Fair value through profit or loss | 193 | ||
Fair value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 554 | ||
Financial assets | 11,359 | ||
Other investments at fair value through profit or loss | 3,821 | ||
Fair value [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 59,447 | ||
Fair value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,905 | ||
Fair value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 7,226 | ||
Fair value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Fair value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1,484 | ||
Fair value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,939 | ||
Fair value [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 37,538 | ||
Fair value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,514 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 840 | ||
Fair value [member] | Bonds [member] | Mortgages [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 9,245 | ||
Fair value [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 27 | ||
Fair value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 45 | ||
Fair value [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,042 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Fair value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | 59 | ||
Book value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 76,825 | ||
Book value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Available-for-sale | 195 | ||
Fair value through profit or loss | 193 | ||
Book value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 554 | ||
Financial assets | 12,556 | ||
Other investments at fair value through profit or loss | 3,821 | ||
Book value [member] | Bonds [member] | Financial assets available-for-sale and held-to-maturity investments, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 59,447 | ||
Book value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,905 | ||
Book value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 7,226 | ||
Book value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Book value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1,484 | ||
Book value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,939 | ||
Book value [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 37,538 | ||
Book value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 5,514 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 840 | ||
Book value [member] | Bonds [member] | Mortgages [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 10,441 | ||
Book value [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 27 | ||
Book value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 45 | ||
Book value [member] | Bonds [member] | Policy loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,042 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Book value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | € 59 |
Statement of Financial Position
Statement of Financial Position of Aegon N.V. (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables | ||||
Cash and cash equivalents | € 3,407 | € 6,889 | € 8,372 | |
Assets | 401,786 | 468,252 | ||
Shareholders' equity | ||||
Share capital | 319 | 321 | 320 | |
Revaluation account | (4,477) | 6,442 | ||
Group equity | 14,190 | 26,372 | 24,661 | € 24,433 |
Long-term borrowings | 2,901 | 8,837 | ||
Other current liabilities | 10,562 | 12,233 | ||
Total liabilities | 387,596 | 441,881 | ||
Total equity and liabilities | 401,786 | 468,252 | ||
Aegon N.V [member] | ||||
Non-current assets | ||||
Shares in group companies | 13,594 | 26,042 | 24,846 | |
Loans to group companies | 1,435 | 1,829 | 1,392 | |
Other non-current assets | 109 | 138 | ||
Financial fixed assets | 15,138 | 28,009 | ||
Receivables | ||||
Receivables from group companies | 31 | 35 | ||
Other receivables | 236 | 181 | ||
Other current assets | 123 | 90 | ||
Accrued interest and rent | 9 | 6 | ||
Receivables | 398 | 312 | ||
Cash and cash equivalents | 1,619 | 1,204 | ||
Assets | 17,155 | 29,524 | ||
Shareholders' equity | ||||
Share capital | 319 | 321 | ||
Paid-in surplus | 6,853 | 7,033 | ||
Revaluation account | (4,465) | 6,453 | ||
Legal reserves – foreign currency translation reserve | 1,008 | 258 | ||
Legal reserves in respect of group companies | 2,439 | 2,316 | ||
Retained earnings, including treasury shares | 8,916 | 7,652 | ||
Remeasurement of defined benefit plans of group companies | (1,565) | (2,199) | ||
Net result | (1,433) | 1,980 | ||
Group equity | 12,071 | 23,813 | € 22,018 | |
Other equity instruments | 1,943 | 2,363 | ||
Total equity | 14,014 | 26,176 | ||
Subordinated borrowings | 1,442 | 1,396 | ||
Long-term borrowings | 1,226 | 1,266 | ||
Non-current liabilities | 2,669 | 2,662 | ||
Loans from group companies | 13 | 7 | ||
Payables to group companies | 147 | 422 | ||
Other current liabilities | 282 | 227 | ||
Accruals and deferred income | 31 | 31 | ||
Current liabilities | 472 | 686 | ||
Total liabilities | 3,141 | 3,349 | ||
Total equity and liabilities | € 17,155 | € 29,524 |
Condensed income statement of A
Condensed income statement of Aegon N.V. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Condensed Income Statements, Captions [Line Items] | |||||
Other income / (loss) | € (1,404) | € 2,029 | [1] | € (135) | [1] |
Net result | (1,433) | 1,980 | [1] | (146) | [1] |
Aegon N.V [member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net result group companies | (1,275) | 2,119 | 0 | ||
Other income / (loss) | (158) | (139) | (146) | ||
Net result | € (1,433) | € 1,980 | € (146) | ||
[1]Amounts for 2021 and 2020 have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations. |
Condensed Cash Flow Statement o
Condensed Cash Flow Statement of Aegon N.V. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of cash flow statement [Line Items] | |||||
Result before tax | € (922) | € 2,400 | € (364) | ||
Net cash flows from operating activities | 2,851 | (1,796) | [1] | (2,854) | [1] |
Other | (55) | 0 | 0 | ||
Net cash flows from investing activities | 616 | (54) | [1] | (139) | [1] |
Repayment of perpetuals | (429) | (212) | 0 | ||
Dividends paid | (167) | (121) | (63) | ||
Net cash flows from financing activities | (1,920) | 300 | [1] | (778) | [1] |
Aegon N V [member] | |||||
Disclosure of cash flow statement [Line Items] | |||||
Result before tax | (204) | (193) | (185) | ||
Adjustments | (138) | 428 | (330) | ||
Net cash flows from operating activities | (342) | 235 | (515) | ||
Dividends and capital repayments of subsidiaries, associates and joint ventures | 1,530 | 500 | 606 | ||
Other | 0 | (3) | (1) | ||
Net cash flows from investing activities | 1,530 | 497 | 605 | ||
Purchase of treasury shares | (597) | (231) | (59) | ||
Issuance and repurchase of borrowings | 469 | 197 | (58) | ||
Repayment of perpetuals | (429) | (212) | |||
Dividends paid | (167) | (121) | (63) | ||
Coupons on perpetual securities | (48) | (52) | (55) | ||
Net cash flows from financing activities | (773) | (417) | (235) | ||
Net increase / (decrease) in cash and cash equivalents | € 415 | € 316 | € (146) | ||
[1]Amounts for 2021 and 2020 includes the disposal group. |
Five-Year Schedule of Maturitie
Five-Year Schedule of Maturities of Debt (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | € 2,295 | € 2,194 |
Long-term borrowings | 2,901 | 8,837 |
Aegon N.V [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 1,442 | 1,396 |
Long-term borrowings | 1,226 | 1,266 |
Aegon N.V [member] | Not later than 1 year [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 0 | 0 |
Long-term borrowings | 499 | 0 |
Aegon N.V [member] | 12-24 months [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 0 | 0 |
Long-term borrowings | 0 | 499 |
Aegon N.V [member] | Later than two years and not later than three years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Aegon N.V [member] | Later than three years and not later than four years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Aegon N.V [member] | Later than four years and not later than five years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Aegon N.V [member] | Later than 5 years [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Subordinated borrowings | 1,442 | 1,396 |
Long-term borrowings | € 727 | € 768 |
Condensed Financial Informati_2
Condensed Financial Information of Registrant - Additional Information (Detail) - Aegon N.V [member] - Business combinations [member] - EUR (€) € in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed financial information of registrant [line items] | |||
Dividends | € 1 | € 1 | € 0.8 |
Capital contributions | € 0.1 | € 0.1 | € 0.2 |
Schedule III - Disclosure of Su
Schedule III - Disclosure of Supplementary Insurance Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | € 12,428 | € 10,070 | € 8,395 |
Future policy benefits | 270,608 | 378,907 | 348,627 |
Unearned premiums | 6,181 | 6,548 | 6,117 |
Other policy claims and benefits | 2,143 | 3,062 | 3,001 |
Premium revenue | 13,192 | 15,444 | 16,099 |
Net investment income | 5,613 | 6,967 | 7,149 |
Benefits, claims and losses | 18,617 | 21,460 | 17,505 |
Amortization of deferred policy acquisition costs | 793 | 899 | 753 |
Other operating expenses | 4,666 | 5,085 | 5,230 |
Premiums written | 11,003 | 11,926 | 13,396 |
Americas [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 12,225 | 8,648 | 7,181 |
Future policy benefits | 176,753 | 192,099 | 174,167 |
Unearned premiums | 6,058 | 6,335 | 5,897 |
Other policy claims and benefits | 2,112 | 1,934 | 1,858 |
Premium revenue | 8,742 | 8,190 | 8,326 |
Net investment income | 3,467 | 2,909 | 2,984 |
Benefits, claims and losses | 12,149 | 10,111 | 7,171 |
Amortization of deferred policy acquisition costs | 670 | 741 | 547 |
Other operating expenses | 3,476 | 3,003 | 3,127 |
Premiums written | 6,798 | 5,023 | 5,930 |
The Netherlands [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 235 | 136 | |
Future policy benefits | 67,226 | 70,915 | |
Unearned premiums | 50 | 50 | |
Other policy claims and benefits | 1,019 | 1,026 | |
Premium revenue | 1,713 | 1,994 | |
Net investment income | 3 | 2,088 | 2,083 |
Benefits, claims and losses | 3,249 | 3,244 | |
Amortization of deferred policy acquisition costs | 0 | ||
Other operating expenses | 75 | 806 | 837 |
Premiums written | 1,614 | 1,931 | |
United Kingdom [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | 710 | 796 | 789 |
Future policy benefits | 92,504 | 111,458 | 95,788 |
Unearned premiums | 20 | ||
Other policy claims and benefits | 5 | ||
Premium revenue | 4,081 | 4,616 | 4,858 |
Net investment income | 1,951 | 1,691 | 1,795 |
Benefits, claims and losses | 6,058 | 7,343 | 6,278 |
Amortization of deferred policy acquisition costs | 91 | 96 | 102 |
Other operating expenses | 505 | 523 | 529 |
Premiums written | 3,880 | 4,419 | 4,670 |
International [Member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Deferred policy acquisition costs | (507) | 391 | 289 |
Future policy benefits | 8,575 | 9,735 | 9,245 |
Unearned premiums | 123 | 163 | 150 |
Other policy claims and benefits | 30 | 110 | 112 |
Premium revenue | 369 | 924 | 919 |
Net investment income | 195 | 298 | 307 |
Benefits, claims and losses | 682 | 757 | 810 |
Amortization of deferred policy acquisition costs | 31 | 62 | 105 |
Other operating expenses | 185 | 345 | 350 |
Premiums written | 325 | 870 | 860 |
Holding and other activities [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Premium revenue | 1 | ||
Net investment income | 2 | (4) | 4 |
Benefits, claims and losses | 7 | ||
Other operating expenses | 175 | 180 | 185 |
Premiums written | 5 | ||
Asset management [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Other operating expenses | 436 | 411 | 382 |
Elimination [member] | |||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | |||
Future policy benefits | (7,223) | (1,611) | (1,488) |
Net investment income | (5) | (15) | (24) |
Benefits, claims and losses | (271) | (5) | |
Other operating expenses | € (187) | € (183) | € (180) |
Schedule IV - Summary of Reinsu
Schedule IV - Summary of Reinsurance (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Reinsurance Transactions [line items] | |||
Gross amount | € 13,192 | € 15,444 | € 16,094 |
Ceded to other companies | 2,189 | 3,518 | 2,703 |
Assumed from other companies | 5 | ||
Net amount | € 11,003 | € 11,926 | € 13,396 |
% of amount assumed to net | 0% | 0% | 0% |
Life insurance in force [member] | |||
Disclosure of Reinsurance Transactions [line items] | |||
Gross amount | € 905,455 | € 977,293 | € 895,593 |
Ceded to other companies | 541,793 | 611,912 | 599,091 |
Assumed from other companies | 342,375 | 397,882 | 408,201 |
Net amount | € 706,037 | € 763,263 | € 704,703 |
% of amount assumed to net | 48% | 52% | 58% |
Life insurance [member] | |||
Disclosure of Reinsurance Transactions [line items] | |||
Gross amount | € 11,680 | € 13,400 | € 13,929 |
Ceded to other companies | 2,057 | 3,326 | 2,541 |
Assumed from other companies | 0 | ||
Net amount | € 9,623 | € 10,074 | € 11,387 |
% of amount assumed to net | 0% | 0% | 0% |
Non-Life insurance [member] | |||
Disclosure of Reinsurance Transactions [line items] | |||
Gross amount | € 1,512 | € 2,044 | € 2,165 |
Ceded to other companies | 132 | 192 | 162 |
Assumed from other companies | 5 | ||
Net amount | € 1,380 | € 1,852 | € 2,008 |
% of amount assumed to net | 0% | 0% | 0% |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | € 238 | € 276 | € 199 |
Addition charged to earnings | 18 | 12 | 154 |
Amounts written off and other changes | (45) | (57) | (70) |
Transfers to disposal groups | (81) | ||
Currency translation | 7 | 7 | (7) |
Ending balance | 138 | 238 | 276 |
Mortgages [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 6 | 6 | |
Ending balance | 4 | 6 | 6 |
Other loans [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 112 | 182 | |
Ending balance | 0 | 112 | 182 |
Receivables [member] | |||
Disclosure of details of valuation and qualifying accounts [line items] | |||
Beginning balance | 120 | 88 | |
Ending balance | € 134 | € 120 | € 88 |