Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | AEG |
Entity Registrant Name | Aegon Ltd. |
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 | D0 |
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 |
Document Financial Statement Error Correction [Flag] | false |
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 | 1,814,726,912 |
Common share B [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 389,759,240 |
Consolidated income statement o
Consolidated income statement of Aegon Ltd. - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Statement [LineItems] | ||||||
Insurance revenue | € 10,386 | € 11,251 | [1] | |||
Insurance service expenses | (10,226) | (11,097) | [1] | |||
Net income / (expenses) on reinsurance held | 182 | 275 | [1] | |||
Insurance service result | 342 | 430 | [1] | |||
Interest revenue on financial instruments measured at FVPL | 826 | 624 | ||||
Impairment (losses) / reversals | 90 | 121 | ||||
Net reinsurance finance income / (expenses) on reinsurance held | 699 | 599 | ||||
Interest expense | (182) | (182) | ||||
Net investment result | (139) | 329 | [1] | |||
Fee and commission income | 2,163 | 2,272 | [1] | |||
Other income | 35 | 341 | ||||
Other operating expenses | (3,000) | (2,786) | [1] | |||
Other income / (charges) | (57) | 341 | [1] | |||
Other result | (894) | (173) | [1] | |||
Other charges | (92) | |||||
Result before share in profit / (loss) of joint ventures, associates and tax | (691) | 585 | [1] | |||
Share in profit / (loss) of joint ventures | 196 | 252 | [1] | |||
Share in profit / (loss) of associates | 103 | (11) | [1] | |||
Result before tax from continuing operations | (391) | 827 | [1],[2] | € 1,164 | [2] | |
Income tax (expense) / benefit | 209 | (71) | [1] | |||
Net result from continuing operations | (182) | 756 | [1] | |||
Net result from discontinued operations | (17) | (1,296) | [1] | |||
Net result from continuing and discontinued operations | (199) | (540) | [1] | 2,029 | ||
Net income/ (loss) attributes to: | ||||||
Net result attributable to owners of Aegon Ltd. | (179) | (570) | [1] | |||
Non-controlling interests | € (20) | € 29 | [1] | |||
Earnings per share (EUR per share) | ||||||
Basic earnings per common share | € (0.12) | € (0.3) | [1] | |||
Diluted earnings per common share | (0.12) | (0.3) | [1] | |||
Basic earnings per common share from continuing operations | (0.11) | 0.34 | [1] | |||
Diluted earnings per common share from continuing operations | € (0.11) | € 0.34 | [1] | |||
Previously Reported [member] | ||||||
Statement [LineItems] | ||||||
Other investment income | 4,893 | |||||
Premium income | 13,731 | |||||
Fee and commission income | 2,454 | |||||
Other revenues | 13 | |||||
Total revenues | 21,091 | |||||
Income from reinsurance ceded | 4,263 | |||||
Results from financial transactions | 24,715 | |||||
Other income | 49 | |||||
Total income | 50,119 | |||||
Premiums paid to reinsurers | 3,418 | |||||
Policyholder claims and benefits | 40,097 | |||||
Profit sharing and rebates | 8 | |||||
Commissions and expenses | 5,286 | |||||
Impairment charges / (reversals) | 16 | |||||
Interest charges and related fees | 246 | |||||
Other charges | 101 | |||||
Total charges | 49,172 | |||||
Result before share in profit / (loss) of joint ventures, associates and tax | 947 | |||||
Share in profit / (loss) of joint ventures | 232 | |||||
Share in profit / (loss) of associates | (15) | |||||
Result before tax from continuing operations | 1,164 | |||||
Income tax (expense) / benefit | (95) | |||||
Net result from continuing operations | 1,069 | |||||
Net result from discontinued operations | 960 | |||||
Net result from continuing and discontinued operations | 2,029 | |||||
Net income/ (loss) attributes to: | ||||||
Net result attributable to owners of Aegon Ltd. | 1,980 | |||||
Non-controlling interests | € 50 | |||||
Earnings per share (EUR per share) | ||||||
Basic earnings per common share | € 0.94 | |||||
Diluted earnings per common share | 0.94 | |||||
Basic earnings per common share from continuing operations | 0.48 | |||||
Diluted earnings per common share from continuing operations | 0.48 | |||||
Financing Net Investment Result [Member] | ||||||
Statement [LineItems] | ||||||
Interest expense | € (182) | € (182) | [1] | |||
Other financing income | [1] | 5 | ||||
Net investment result | (182) | (178) | [1] | |||
Other Net Investment Result [Member] | ||||||
Statement [LineItems] | ||||||
Interest revenue on financial instruments calculated using the effective interest method | 599 | 409 | [1] | |||
Interest revenue on financial instruments measured at FVPL | 89 | 49 | [1] | |||
Other investment income | 550 | 411 | [1] | |||
Results from financial transactions | 6,929 | (10,656) | [1] | |||
Impairment (losses) / reversals | (33) | (43) | [1] | |||
Insurance finance income / (expenses) | (7,851) | 9,808 | [1] | |||
Interest expense | (45) | (3) | [1] | |||
Net investment result | 238 | (26) | [1] | |||
Insurance Net Investment Result [Member] | ||||||
Statement [LineItems] | ||||||
Interest revenue on financial instruments calculated using the effective interest method | 2,738 | 2,898 | [1] | |||
Interest revenue on financial instruments measured at FVPL | 737 | 575 | [1] | |||
Other investment income | 1,283 | 1,153 | [1] | |||
Results from financial transactions | 12,302 | (29,505) | [1] | |||
Impairment (losses) / reversals | (86) | (95) | [1] | |||
Insurance finance income / (expenses) | (17,650) | 25,005 | [1] | |||
Net reinsurance finance income / (expenses) on reinsurance held | 699 | 599 | [1] | |||
Interest expense | (218) | (97) | [1] | |||
Net investment result | (196) | € 532 | [1] | |||
Common share B [member] | ||||||
Earnings per share (EUR per share) | ||||||
Basic earnings per common share | [1] | € (0.01) | ||||
Diluted earnings per common share | [1] | (0.01) | ||||
Basic earnings per common share from continuing operations | [1] | 0.01 | ||||
Diluted earnings per common share from continuing operations | [1] | € 0.01 | ||||
Common share B [member] | Previously Reported [member] | ||||||
Earnings per share (EUR per share) | ||||||
Basic earnings per common share | 0.02 | |||||
Diluted earnings per common share | 0.02 | |||||
Basic earnings per common share from continuing operations | 0.01 | |||||
Diluted earnings per common share from continuing operations | € 0.01 | |||||
Aegon Ltd. [member] | ||||||
Statement [LineItems] | ||||||
Other investment income | 88 | € 21 | [3] | |||
Total revenues | 88 | 21 | [3] | |||
Results from financial transactions | 21 | (30) | [3] | |||
Total income | 108 | (9) | [3] | |||
Commissions and expenses | 104 | 68 | [3] | |||
Interest charges and related fees | 137 | 127 | [3] | |||
Total charges | 241 | 196 | [3] | |||
Result before tax from continuing operations | (133) | (204) | [3] | |||
Income tax (expense) / benefit | 19 | 47 | [3] | |||
Net result from continuing operations | (179) | (569) | ||||
Net result from continuing and discontinued operations | (114) | (158) | [3] | |||
Net result group companies | (65) | (411) | [3] | |||
Net income/ (loss) attributes to: | ||||||
Net result attributable to owners of Aegon Ltd. | € (179) | € (569) | [3] | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[3]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Consolidated statement of compr
Consolidated statement of comprehensive income of Aegon Ltd. - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement [LineItems] | |||||
Net result from continuing and discontinued operations | € (199) | € (540) | [1] | € 2,029 | |
Items that will not be reclassified to profit or loss: | |||||
Gains/ (losses) on investments in equity instruments (FVOCI) | [1] | (1) | |||
Changes in revaluation reserve real estate held for own use | (2) | (1) | [1] | ||
Remeasurements of defined benefit plans | (160) | (44) | [1] | ||
Income tax relating to items that will not be reclassified | 30 | (5) | [1] | ||
Discontinued operations that will not be reclassified | [2] | 38 | 704 | [1] | |
Insurance items that may be reclassified subsequently to profit or loss: | |||||
Gains / (losses) on financial assets measured at FVOCI | 1,311 | (14,571) | [1] | ||
Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI | 577 | 488 | [1] | ||
Insurance finance expenses / (income) | (1,626) | 18,680 | [1] | ||
Reinsurance finance income / (expenses) | 349 | (4,672) | [1] | ||
Changes in cash flow hedging reserve | (185) | (241) | [1] | ||
Income tax relating to items that may be reclassified | (95) | 108 | [1] | ||
Items that may be reclassified subsequently to profit or loss: | |||||
Gains / (losses) on financial assets measured at FVOCI | 225 | (1,703) | [1] | ||
Gains / (losses) on disposal of financial assets measured at FVOCI | 129 | 58 | [1] | ||
Changes in cash flow hedging reserve | (7) | 49 | [1] | ||
Movement in foreign currency translation and net foreign investment hedging reserves | (85) | 137 | [1] | ||
Equity movements of joint ventures | (2) | (35) | [1] | ||
Equity movements of associates | (7) | 2 | [1] | ||
Disposal of group assets | (9) | 149 | [1] | ||
Income tax relating to items that may be reclassified | (72) | 333 | [1] | ||
Discontinued operations that may be reclassified | 12 | (344) | [1] | ||
Other | [1] | 40 | |||
Total other comprehensive income / (loss) | 421 | (870) | [1] | 200 | |
Total comprehensive income / (loss) | 222 | (1,410) | [1] | 2,229 | |
Total comprehensive income/ (loss) attributable to: | |||||
Owners of Aegon Ltd. | 259 | (1,450) | [1] | ||
Non-controlling interests | € (37) | € 41 | [1] | ||
Previously stated [member] | |||||
Statement [LineItems] | |||||
Net result from continuing and discontinued operations | 2,029 | ||||
Items that will not be reclassified to profit or loss: | |||||
Changes in revaluation reserve real estate held for own use | (5) | ||||
Remeasurements of defined benefit plans | 345 | ||||
Income tax relating to items that will not be reclassified | (77) | ||||
Discontinued operations that will not be reclassified | 133 | ||||
Insurance items that may be reclassified subsequently to profit or loss: | |||||
Gains / (losses) on revaluation of available-for-sale investments | (1,328) | ||||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (336) | ||||
Items that may be reclassified subsequently to profit or loss: | |||||
Changes in cash flow hedging reserve | (228) | ||||
Movement in foreign currency translation and net foreign investment hedging reserves | 1,240 | ||||
Equity movements of joint ventures | 25 | ||||
Equity movements of associates | (5) | ||||
Disposal of group assets | 8 | ||||
Income tax relating to items that may be reclassified | 390 | ||||
Discontinued operations that may be reclassified | 23 | ||||
Other | 15 | ||||
Total other comprehensive income / (loss) | 200 | ||||
Total comprehensive income / (loss) | 2,229 | ||||
Total comprehensive income/ (loss) attributable to: | |||||
Owners of Aegon Ltd. | 2,168 | ||||
Non-controlling interests | € 61 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Consists of remeasurement of defined benefit plans |
Consolidated statement of finan
Consolidated statement of financial position of Aegon Ltd. - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Assets | |||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | [1] |
Assets held for sale / disposal groups | 432 | 88,664 | [1] | ||
Investments | 266,382 | 254,759 | [1] | 409,444 | [1] |
Derivatives | 1,429 | 2,771 | [1] | 8,843 | [1] |
Investments in joint ventures | 1,430 | 1,430 | [1] | 1,715 | [1] |
Investments in associates | 2,906 | 165 | [1] | 1,289 | [1] |
Reinsurance contract assets | 16,608 | 16,939 | [1] | 21,322 | [1] |
Insurance contract assets | 185 | 36 | [1] | 110 | [1] |
Defined benefit assets | 103 | 87 | [1] | 119 | [1] |
Reimbursement rights | 20 | ||||
Deferred tax assets | 2,350 | 2,433 | [1] | 2,164 | [1] |
Deferred expenses | 447 | 452 | [1] | 428 | [1] |
Other assets and receivables | 4,712 | 9,153 | [1] | 6,679 | [1] |
Intangible assets | 504 | 420 | [1] | 585 | [1] |
Assets | 301,581 | 380,711 | [1] | 459,560 | [1] |
Financial fixed assets | |||||
Cash and cash equivalents | 4,074 | 3,402 | [1] | 6,861 | [1] |
Assets | 301,581 | 380,711 | [1] | 459,560 | [1] |
Equity and liabilities | |||||
Shareholders' Equity | 7,475 | 8,815 | [1] | 11,018 | [1] |
Other equity instruments | 1,951 | 1,943 | [1] | 2,363 | [1] |
Issued capital and reserves attributable to owners of Aegon Ltd. | 9,426 | 10,758 | [1] | 13,381 | [1] |
Non-controlling interests | 129 | 176 | [1] | 196 | [1] |
Group equity | 9,554 | 10,935 | [1],[2] | 13,577 | [1] |
Subordinated borrowings | 2,244 | 2,295 | [1] | 2,194 | [1] |
Trust pass-through securities | 111 | 118 | [1] | 126 | [1] |
Reinsurance contract liabilities | 608 | 270 | [1] | 471 | [1] |
Insurance contract liabilities | 177,446 | 176,120 | [1] | 290,066 | [1] |
Investment contract liabilities with discretionary participating features | 21,594 | 21,055 | [1] | 27,392 | [1] |
Investment contracts without discretionary participating features | 75,266 | 65,227 | [1] | 92,364 | [1] |
Derivatives | 2,479 | 5,175 | [1] | 7,138 | [1] |
Borrowings | 2,356 | 4,051 | [1] | 9,661 | [1] |
Provisions | 83 | 100 | [1] | 193 | [1] |
Defined benefit liabilities | 669 | 496 | [1] | 3,944 | [1] |
Deferred gains | 6 | 7 | [1] | 7 | [1] |
Deferred tax liabilities | 57 | 30 | [1] | 8 | [1] |
Liabilities held for sale / disposal groups | 389 | 84,183 | [1] | ||
Other liabilities | 8,390 | 10,278 | [1] | 11,883 | [1] |
Accruals | 328 | 372 | [1] | 537 | [1] |
Total liabilities | 292,026 | 369,777 | [1] | 445,983 | [1] |
Total equity and liabilities | 301,581 | 380,711 | [1] | 459,560 | [1] |
Shareholders' equity | |||||
Share capital | 265 | 319 | |||
Group equity | 9,554 | 10,935 | [1],[2] | 13,577 | [1] |
Other equity instruments | 1,951 | 1,943 | [1] | 2,363 | [1] |
Deferred tax liability | 57 | 30 | [1] | 8 | [1] |
Subordinated borrowings | 2,244 | 2,295 | [1] | 2,194 | [1] |
Other current liabilities | 8,210 | 10,069 | |||
Total liabilities | 292,026 | 369,777 | [1] | 445,983 | [1] |
Total equity and liabilities | 301,581 | 380,711 | [1] | 459,560 | [1] |
Aegon Ltd. [member] | |||||
Assets | |||||
Cash and cash equivalents | 2,304 | 1,619 | [3] | 1,204 | [3] |
Deferred tax assets | 109 | ||||
Assets | 11,900 | 13,899 | [3] | 16,729 | [3] |
Financial fixed assets | |||||
Shares in group companies | 8,536 | 10,338 | [3] | 13,247 | [3] |
Loans to group companies | 780 | 1,435 | [3] | 1,829 | [3] |
Other non-current assets | 0 | 109 | [3] | 138 | [3] |
Non-current assets | 9,316 | 11,882 | [3] | ||
Receivables from group companies | 138 | 31 | [3] | ||
Other receivables | 77 | 236 | [3] | 181 | [3] |
Other current assets | 48 | 123 | [3] | 90 | [3] |
Accrued interest and rent | 18 | 9 | [3] | 6 | [3] |
Receivables | 281 | 398 | [3] | 312 | [3] |
Cash and cash equivalents | 2,304 | 1,619 | [3] | 1,204 | [3] |
Assets | 11,900 | 13,899 | [3] | 16,729 | [3] |
Equity and liabilities | |||||
Other equity instruments | 1,951 | 1,943 | [3] | 2,363 | [3] |
Group equity | 7,475 | 8,815 | [3] | 11,018 | [3] |
Subordinated borrowings | 1,418 | 1,442 | [3] | ||
Borrowings | 745 | 1,226 | |||
Deferred tax liabilities | 3 | ||||
Total liabilities | 2,475 | 3,141 | [3] | 3,349 | [3] |
Total equity and liabilities | 11,900 | 13,899 | [3] | 16,729 | [3] |
Shareholders' equity | |||||
Share capital | 265 | 319 | [3] | 321 | [3] |
Share premium | 6,853 | 6,853 | [3] | ||
Revaluation account | (3,760) | (4,551) | [3] | ||
Legal reserves – foreign currency translation reserve | 474 | 736 | [3] | ||
Legal reserves in respect of group companies | 1,134 | 2,821 | [3] | 2,316 | [3] |
Retained earnings, including treasury shares | 3,693 | 4,771 | [3] | 3,877 | [3] |
Remeasurement of defined benefit plans of group companies | (1,006) | (1,565) | [3] | ||
Net result | (179) | (569) | [3] | 1,980 | [3] |
Group equity | 7,475 | 8,815 | [3] | 11,018 | [3] |
Other equity instruments | 1,951 | 1,943 | [3] | 2,363 | [3] |
Total equity | 9,426 | 10,758 | [3] | 13,381 | [3] |
Deferred tax liability | 3 | ||||
Total deferred tax liability | 3 | ||||
Subordinated borrowings | 1,418 | 1,442 | [3] | ||
Long-term borrowings | 745 | 1,226 | [3] | ||
Non-current liabilities | 2,163 | 2,669 | [3] | 2,662 | [3] |
Loans from group companies | 4 | 13 | [3] | 7 | [3] |
Payables to group companies | 73 | 147 | [3] | ||
Other current liabilities | 202 | 282 | [3] | 227 | [3] |
Accruals and deferred income | 30 | 31 | [3] | 31 | [3] |
Current liabilities | 309 | 472 | [3] | 686 | [3] |
Total liabilities | 2,475 | 3,141 | [3] | 3,349 | [3] |
Total equity and liabilities | € 11,900 | € 13,899 | [3] | € 16,729 | [3] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Consolidated statement of chang
Consolidated statement of changes in equity of Aegon Ltd. - 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] | Non-controlling interests [member] | ||
Beginning balance at Dec. 31, 2020 | € 24,661 | € 7,480 | € 10,145 | € 7,480 | € (2,534) | € (553) | € 2,569 | € 24,586 | € 75 | |||
Net result recognized in the income statement | Previously stated [member] | 2,029 | |||||||||||
Net result recognized in the income statement | 2,029 | 1,980 | 1,980 | 50 | ||||||||
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 | ||||||
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 | ||||||||
Total other comprehensive income / (loss) | Previously stated [member] | 200 | |||||||||||
Total other comprehensive income / (loss) | 200 | 14 | (1,038) | 335 | 878 | 188 | 11 | |||||
Total comprehensive income / (loss) | Previously stated [member] | 2,229 | |||||||||||
Total comprehensive income / (loss) | 2,229 | 1,993 | (1,038) | 335 | 878 | 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 (Previously stated [member]) at Dec. 31, 2021 | [1] | 26,372 | 7,354 | 11,892 | 6,442 | (2,199) | 325 | 2,363 | 26,176 | 196 | ||
Ending balance (Impact of the change in accounting policies (IFRS 9 and 17) [member]) at Dec. 31, 2021 | (12,795) | 3,707 | (9,021) | (67) | (12,795) | |||||||
Ending balance (Restated [member]) at Dec. 31, 2021 | 13,577 | 7,354 | 8,185 | (2,580) | (2,199) | 258 | 2,363 | 13,381 | 196 | |||
Ending balance at Dec. 31, 2021 | 26,372 | 7,354 | 11,892 | 6,442 | (2,199) | 325 | 2,363 | 26,176 | 196 | |||
Net result recognized in the income statement | (540) | [2] | (569) | (569) | 29 | |||||||
Items that will not be reclassified to profit or loss: | ||||||||||||
Gains/ (losses) on invesments in equity instruments (FVOCI) | (1) | (1) | (1) | |||||||||
Changes in revaluation reserve real estate held for own use | (1) | 16 | (17) | (1) | ||||||||
Remeasurements of defined benefit plans | (44) | (44) | (44) | |||||||||
Income tax relating to items that will not be reclassified | (5) | (5) | (5) | |||||||||
Discontinued operations that will not be reclassified | 704 | 1,379 | € (675) | 704 | ||||||||
Insurance items that may be reclassified subsequently to profit or loss: | ||||||||||||
Gains / (losses) on financial assets measured at FVOCI | (14,571) | (14,571) | (14,571) | |||||||||
Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI | 488 | 488 | 488 | |||||||||
Insurance finance expenses / (income) | 18,680 | 18,680 | 18,680 | |||||||||
Reinsurance finance income / (expenses) | (4,672) | (4,672) | (4,672) | |||||||||
Changes in cash flow hedging reserve | (241) | (241) | (241) | |||||||||
Income tax relating to items that may be reclassified | 108 | [2] | 108 | 108 | ||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||
Gains / (losses) on financial assets measured at FVOCI | (1,703) | (1,703) | (1,703) | |||||||||
Gains / (losses) on disposal of financial assets measured at FVOCI | 58 | 58 | 58 | |||||||||
Changes in cash flow hedging reserve | 49 | 49 | 49 | |||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | 137 | (174) | (20) | 320 | 125 | 12 | ||||||
Equity movements of joint ventures | (35) | (35) | (35) | |||||||||
Equity movements of associates | 2 | 2 | 2 | |||||||||
Disposal of group assets | 149 | 14 | 135 | 149 | ||||||||
Income tax relating to items that may be reclassified | 333 | 345 | (12) | 333 | ||||||||
Discontinued operations that may be reclassified | [3] | (344) | (315) | (14) | (16) | (344) | ||||||
Other | 40 | 40 | 40 | 0 | ||||||||
Total other comprehensive income / (loss) | (870) | [2] | 57 | (1,952) | 1,310 | 395 | (691) | (881) | 12 | |||
Total comprehensive income / (loss) | (1,410) | [2] | (512) | (1,952) | 1,310 | 395 | (691) | (1,450) | 41 | |||
Shares issued | 2 | 2 | 2 | |||||||||
Shares withdrawn | (4) | (4) | (4) | |||||||||
Issuance and purchase of treasury shares | (393) | (393) | (393) | |||||||||
Redemption other equity instruments | (398) | 31 | (429) | (398) | ||||||||
Dividends paid on common shares | (346) | (180) | (167) | (346) | ||||||||
Coupons on perpetual securities | (36) | (36) | (36) | |||||||||
Incentive plans | 4 | (5) | 10 | 4 | ||||||||
Change in ownership non-controlling interest | (61) | (61) | ||||||||||
Ending balance at Dec. 31, 2022 | [4] | 10,935 | [2] | 7,172 | 7,103 | (4,532) | (890) | 653 | 1,943 | (691) | 10,758 | 176 |
Net result recognized in the income statement | (199) | (179) | (179) | (20) | ||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||
Change in fair value attributable to change in the credit risk of financial liability (FVPL) | (11) | (11) | ||||||||||
Changes in revaluation reserve real estate held for own use | (2) | (2) | (2) | |||||||||
Remeasurements of defined benefit plans | (160) | (160) | (160) | |||||||||
Disposal of group assets | (634) | 634 | ||||||||||
Income tax relating to items that will not be reclassified | 30 | 30 | 30 | |||||||||
Discontinued operations that will not be reclassified | 38 | 38 | 38 | |||||||||
Insurance items that may be reclassified subsequently to profit or loss: | ||||||||||||
Gains / (losses) on financial assets measured at FVOCI | 1,311 | 1,311 | 1,311 | |||||||||
Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI | 577 | 577 | 577 | |||||||||
Insurance finance expenses / (income) | (1,626) | (1,626) | (1,626) | |||||||||
Reinsurance finance income / (expenses) | 349 | 349 | 349 | |||||||||
Changes in cash flow hedging reserve | (185) | (185) | (185) | |||||||||
Income tax relating to items that may be reclassified | (95) | (95) | (95) | |||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||
Gains / (losses) on financial assets measured at FVOCI | 225 | 225 | 225 | |||||||||
Gains / (losses) on disposal of financial assets measured at FVOCI | 129 | 129 | 129 | |||||||||
Changes in cash flow hedging reserve | (7) | (7) | (7) | |||||||||
Movements in foreign currency translation and net foreign investment hedging reserves | (85) | 142 | 14 | (236) | (80) | (5) | ||||||
Equity movements of joint ventures | (2) | (2) | (2) | |||||||||
Equity movements of associates | (7) | 0 | (7) | (7) | ||||||||
Disposal of group assets | (9) | 9 | 20 | (32) | 7 | 4 | (12) | |||||
Income tax relating to items that may be reclassified | (72) | (75) | 3 | (72) | ||||||||
Discontinued operations that may be reclassified | [5] | 12 | 12 | 12 | ||||||||
Other | 1 | |||||||||||
Total other comprehensive income / (loss) | 421 | (625) | 762 | (116) | (274) | 691 | 438 | (17) | ||||
Total comprehensive income / (loss) | 222 | (804) | 762 | (116) | (274) | 691 | 259 | (37) | ||||
Shares withdrawn | (54) | 54 | ||||||||||
Issuance and purchase of treasury shares | (1,052) | (1,052) | (1,052) | |||||||||
Dividends paid on common shares | (495) | (495) | (495) | |||||||||
Coupons on perpetual securities | (48) | (48) | (48) | |||||||||
Incentive plans | 3 | (5) | 8 | 3 | ||||||||
Ending balance at Dec. 31, 2023 | € 9,554 | € 7,118 | € 4,753 | € (3,770) | € (1,006) | € 379 | € 1,951 | € 0 | € 9,426 | € 129 | ||
[1]Opening balance as per January 1, 2022 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]The lines “Discontinued operations that will not be reclassified” and “Discontinued operations that may be reclassified” include EUR 1,379 million and EUR (329) million respectively of reclassifications from opening reserves to the column “Reserve of discontinued operations held for sale”.[4]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[5]The lines “Discontinued operations that will not be reclassified” and “Discontinued operations that may be reclassified” include EUR 675 million and EUR 16 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 Ltd. (Parenthetical) - Discontinued Operations ValuesThat May Or May Not Be Reclassified [Member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discontinued operations will be reclassified to profit and loss | € 16 | € (329) |
Discontinued operations will not be reclassified to profit and loss | € 675 | € 1,379 |
Consolidated cash flow statemen
Consolidated cash flow statement of Aegon Ltd. - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Statement [LineItems] | ||||||
Result before tax from continuing operations | € (391) | € 827 | [1],[2] | € 1,164 | [1] | |
Result before tax from discontinued operations | 458 | 242 | [1] | 1,237 | [1] | |
Impairment loss on measurement of disposal group | (413) | (1,094) | [1] | 0 | [1] | |
Result before tax from continuing operations and discontinued operations | (346) | (25) | [1] | 2,400 | [1] | |
Results from financial transactions | (20,540) | 60,321 | [1] | (25,716) | [1] | |
Amortization and depreciation | (163) | 169 | [1] | 1,167 | [1] | |
Impairment losses | 116 | 115 | [1] | 5 | [1] | |
Results from (re)insurance contracts and investment contracts with discretionary participating features | 17,673 | (43,253) | [1] | |||
Income from joint ventures | (200) | (289) | [1] | (265) | [1] | |
Income from associates | (118) | (4) | [1] | (112) | [1] | |
Release of cash flow hedging reserve | (130) | (126) | [1] | (106) | [1] | |
Other | 892 | 479 | [1] | 248 | [1] | |
Adjustments of non-cash items | (2,469) | 17,412 | [1] | (24,778) | [1] | |
Investment contracts without discretionary participating features | 9,742 | (14,142) | [1] | |||
Insurance and investment liabilities | [1] | (1,885) | ||||
Insurance and investment liabilities for account of policyholders | [1] | 13,605 | ||||
Accrued expenses and other liabilities | (442) | (752) | [1] | (1,008) | [1] | |
Accrued income and prepayments | 1,325 | (997) | [1] | (543) | [1] | |
Changes in accruals | 10,626 | (15,891) | [1] | 10,169 | [1] | |
Insurance contracts | (11,770) | (12,163) | [1] | |||
Investment contracts with discretionary participating features | (2,030) | (1,797) | [1] | |||
Reinsurance contracts held | 923 | 1,491 | [1] | |||
Purchase of investments (other than money market investments) | (43,445) | (64,243) | [1] | (35,520) | [1] | |
Purchase of derivatives | (1,011) | (4,140) | [1] | (1,611) | [1] | |
Disposal of investments (other than money market investments) | 52,576 | 87,910 | [1] | 38,040 | [1] | |
Disposal of derivatives | (1,612) | (2,306) | [1] | 310 | [1] | |
Net purchase of investments for account of policyholders | [1] | 12,063 | ||||
Net change in cash collateral | 1,592 | (3,207) | [1] | (2,805) | [1] | |
Net purchase of money market investments | (1,853) | (340) | [1] | (85) | [1] | |
Cash flow movements on operating items not reflected in income | (6,631) | 1,206 | [1] | 10,391 | [1] | |
Tax (paid)/ received | (321) | (38) | [1] | 21 | [1] | |
Other | 4 | 6 | [1] | 0 | [1] | |
Net cash flows from operating activities | 864 | 2,672 | [1] | (1,796) | [1] | |
Purchase of individual intangible assets (other than future servicing rights) | (51) | (26) | [1] | (36) | [1] | |
Purchase of equipment and real estate for own use | (65) | (72) | [1] | (76) | [1] | |
Acquisition of subsidiaries, net of cash | (34) | (29) | [1] | 0 | [1] | |
Acquisition/capital contributions joint ventures and associates | (253) | (73) | [1] | (97) | [1] | |
Disposal of intangible asset | 3 | |||||
Disposal of equipment | 46 | 9 | [1] | 2 | [1] | |
Disposal of subsidiaries and businesses, net of cash | (1,964) | 604 | [1] | 59 | [1] | |
Disposal joint ventures and associates | 12 | 185 | [1] | 0 | [1] | |
Dividend received from joint ventures and associates | 310 | 137 | [1] | 95 | [1] | |
Other | 0 | (1) | [1] | 0 | [1] | |
Net cash flows from investing activities | (1,996) | 733 | [1] | (54) | [1] | |
Purchase of treasury shares | (1,072) | (597) | [1] | (231) | [1] | |
Proceeds from TRUPS, Subordinated borrowings and borrowings | [3] | 2,670 | 3,569 | [1] | 3,914 | [1] |
Repayment of perpetuals | 0 | (429) | [1] | (212) | [1] | |
Repayment of non-cumulative subordinated note | (4,230) | (4,086) | [1] | (3,000) | [1] | |
Dividends paid | (494) | (167) | [1] | (121) | [1] | |
Coupons on perpetual securities | (65) | (48) | [1] | (52) | [1] | |
Payment of lease liabilities | (39) | (49) | [1] | (59) | [1] | |
Change in ownership non-controlling interests | (11) | (57) | [1] | 61 | [1] | |
Other | 0 | 31 | [1] | 0 | [1] | |
Net cash flows from financing activities | (3,241) | (1,834) | [1] | 300 | [1] | |
Net increase / (decrease) in cash and cash equivalents | [4] | (4,373) | 1,570 | [1] | (1,550) | [1] |
Net cash and cash equivalents at the beginning of the year | [1] | 8,486 | 6,861 | 8,372 | ||
Effects of changes in exchange rate | (38) | 55 | [1] | 67 | [1] | |
Net cash and cash equivalents at the end of the year | € 4,074 | 8,486 | [1] | 6,861 | [1] | |
Previously Reported [Member] | ||||||
Statement [LineItems] | ||||||
Net cash and cash equivalents at the beginning of the year | [1] | € 6,889 | ||||
Net cash and cash equivalents at the end of the year | [1] | € 6,889 | ||||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Trust pass-through securities.[4]Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 5,016 million (2022: EUR 5,250 million), dividends received EUR 2,254 million (2022: EUR 1,856 million) and interest paid EUR 516 million (2022: EUR 247 million). All included in operating activities except for dividend received from joint ventures and associates EUR 310 million (2022: EUR 137 million). |
Consolidated cash flow statem_2
Consolidated cash flow statement of Aegon Ltd. (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement 1 [Line Items] | ||
Interest received | € 5,016 | € 5,250 |
Dividends received | 2,254 | 1,856 |
Interest paid | 516 | 247 |
Dividend received from joint ventures and associates | € 310 | € 137 |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
General information | 1 General information On September 29,2023 it was resolved to convert Aegon N.V. into Aegon S.A. via a cross border conversion. On September 30, 2023 the cross border conversion into Aegon S.A. was effectuated and subsequently Aegon S.A. was converted into Aegon Ltd, a Bermuda limited company, and effectuated the change of its legal seat to Bermuda. From October 1, 2023 the Bermuda Monetary Authority has been Aegon’s group supervisor. Aegon Ltd. is an exempted company with liability limited by shares organized under the laws of Bermuda and registered with the Bermuda Registrar of Companies under number 202302830 and recorded in the Commercial Register of The Hague registered under number 27076669 and with its registered address at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. Aegon Ltd. has its headquarters in the Netherlands at Aegonplein 50, 2591 TV, The Hague. As Aegon Ltd. currently qualifies as Non-Resident Aegon Ltd. serves as the holding company for the Aegon Group and has listings of its common shares on Euronext Amsterdam and on NYSE. Aegon Ltd. (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 and general insurance. Fully owned businesses by Aegon include the United States, the United Kingdom and asset management, and Aegon also operates partnerships in Spain & Portugal, China, and Brazil, and a strategic partnership in the Netherlands. The Group employs around 15,700 people worldwide (2022: around 15,500) Please note that the designation is uniformly Aegon Ltd. even if it was Aegon N.V. before October 1, 2023. 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 Ltd. [member] | |
Statement [LineItems] | |
General information | 1 General information On September 29,2023 it was resolved to convert Aegon N.V. into Aegon S.A. via a cross border conversion. On September 30, 2023 the cross border conversion into Aegon S.A. was effectuated and subsequently Aegon S.A. was converted into Aegon Ltd, a Bermuda limited company, and effectuated the change of its legal seat to Bermuda. From October 1, 2023 the Bermuda Monetary Authority has been Aegon’s group supervisor. Aegon Ltd. is an exempted company with liability limited by shares organized under the laws of Bermuda and registered with the Bermuda Registrar of Companies under number 202302830 and recorded in the Commercial Register of The Hague registered under number 27076669 and with its registered address at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. Aegon Ltd. has its headquarters in the Netherlands at Aegonplein 50, 2591 TV, The Hague. As Aegon Ltd. currently qualifies as Non-Resident Aegon Ltd. serves as the holding company for the Aegon Group and has listings of its common shares on Euronext Amsterdam and on NYSE. Aegon Ltd. (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 and general insurance. Fully owned businesses by Aegon include the United States, the United Kingdom and asset management, and Aegon also operates partnerships in Spain & Portugal, China, and Brazil, and a strategic partnership in the Netherlands. The Group employs around 15,700 people worldwide (2022: around 15,500) Please note that the designation is uniformly Aegon Ltd. even if it was Aegon N.V. before October 1, 2023. |
Material accounting policy info
Material accounting policy information | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Material accounting policy information | 2 Material accounting policy information 2.1 Basis of presentation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB and with Part 9 of Book 2 of the Dutch Civil Code. Additional disclosures have been included in the consolidated financial statements in relation to the initial adoption of IFRS 9 and IFRS 17, that became effective on January 1, 2023. The consolidated financial statements have been prepared in accordance with 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, except for the following items, which are measured on an alternative basis at each reporting date: Item Measurement basis Insurance and reinsurance contracts Fulfilment cash flows plus the CSM Net defined benefit liability / (asset) Fair value of plan assets less the present value of the defined benefit obligations Other impaired non-financial Higher of fair value less costs of disposal and value in use Financial instruments held to collect financial cash flows Amortized cost 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 from 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: insurance and reinsurance contracts as stated in the table above, fair value of certain invested assets and derivatives, purchased intangible assets, goodwill, pension plans, income taxes and the potential effects of resolving litigation matters. Aegon does not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart. The consolidated financial statements of Aegon Ltd. were approved by the Board on April 3, 2024. The financial statements will be presented to the Annual General Meeting of Shareholders on April 4, 2024. In accordance with Bermuda law, the annual accounts are not adopted by the General Meeting however pursuant to our Bye-Laws A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2023 2022 2023 2022 In accordance with IFRS 7,475 8,815 (199 ) (540 ) Adjustment of EU ‘IAS 39’ carve-out - - - (450 ) Tax effect of the adjustment - - - - Effect of the adjustment after tax - - - (450 ) In accordance with EU-IFRS 7,475 8,815 (199 ) (990 ) 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2023 The accounting policies and methods of computation applied in the consolidated financial statements are the same as those applied in the 2022 consolidated financial statements, except for the following IFRS standards and amendments that became effective for Aegon from January 1, 2023: ∎ IFRS 17 Insurance contracts ∎ Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17) ∎ IFRS 9 Financial instruments ∎ Prepayment Features with Negative Compensation (Amendments to IFRS 9) ∎ Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) ∎ Definition of Accounting Estimates (Amendments to IAS 8) ∎ Deferred tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) The amendments to IAS 12 have been introduced in response to the OECD’s Base Erosion and Profit Shifting (BEPS) Pillar Two rules and include: ∎ A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and ∎ Disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. Aegon is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the Netherlands, the jurisdiction in which Aegon Ltd. as Ultimate Parent Entity is tax resident, and will come into effect from 31 December 2023. Aegon has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Based on performed analysis, applying both the temporary safe harbors and detailed calculations, Aegon has determined that the impact, if any, of Pillar Two is currently expected to be non-material. 88A-88D The adoption of IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 respectively, have had a significant impact on the financial position of Aegon and the consolidated financial statements. Based on the amendment to IFRS 17, Aegon has decided to apply the overlay approach upon initial application of IFRS 9 and IFRS 17. This has allowed it to restate the 2022 comparative period for both new standards. IFRS 9 also significantly amended the credit risk disclosures required by IFRS 7 “Financial Instruments: Disclosures”. The consequential amendments to IFRS 7 disclosures have also been applied to the comparative period. The impact of the adoption of the amendments to other standards, listed above, was immaterial. 2.1.2 Effects of initial adoption of IFRS 9 and IFRS 17 The effects of adopting IFRS 9 and IFRS 17 on the consolidated financial statements on January 1, 2022 are presented in the statement of changes in equity. The adjustments made to the statement of financial position on transition date of January 1, 2022, and on initial application date January 1, 2023 of IFRS 9 and IFRS 17 are presented below. The transition to IFRS 9 and IFRS 17 changes Aegon’s balance sheet significantly. The main changes are: ∎ Deferred policy acquisition cost (DPAC) and Value of Business Acquired (VOBA) are no longer recognized as separate assets; ∎ Residential mortgages related to the insurance entities in the Netherlands are 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 fulfil insurance contracts, including a risk adjustment for non-financial ∎ On top of the fulfillment value, a contractual service margin (CSM), reflecting unearned profits, is added to the insurance liabilities. Opening balance sheet reconciliation December 31, 2022 Adoption of IFRS 9 and IFRS 17 January 1, 2023 Cash and cash equivalents 3,407 (5 ) 3,402 Assets held for sale 89,752 (1,088 ) 88,664 Investments 76,825 177,934 254,759 Investments for account of policyholders 180,006 (180,006 ) - Derivatives 2,760 11 2,771 Investments in joint ventures 1,443 (13 ) 1,430 Investments in associates 165 - 165 Reinsurance contract assets 21,184 (4,245 ) 16,939 Insurance contract assets - 36 36 Deferred tax assets 1,827 606 2,433 Deferred expenses 12,886 (12,434 ) 452 Other assets and receivables 10,291 (1,051 ) 9,240 Intangible assets 1,240 (820 ) 420 Total assets 401,786 (21,075 ) 380,711 Shareholders’ equity 12,071 (3,256 ) 8,815 Other equity instruments 1,943 - 1,943 Issued capital and reserves attributable to owners of Aegon Ltd. 14,014 (3,256 ) 10,758 Non-controlling 176 - 176 Group equity 14,190 (3,255 ) 10,935 Subordinated borrowings 2,295 - 2,295 Trust pass-through securities 118 - 118 Reinsurance contract liabilities - 270 270 Insurance contracts for account of policyholders 100,409 (100,409 ) - Insurance contract liabilities 87,309 88,811 176,120 Investments contracts 10,658 (10,658 ) - Investment contracts for account of policyholders 80,555 (80,555 ) - Investment contract liabilities with discretionary participating features - 21,055 21,055 Investment contracts without discretionary participating features - 65,227 65,227 Derivatives 6,094 (919 ) 5,175 Borrowings 4,051 - 4,051 Liabilities held for sale / disposal groups 84,339 (156 ) 84,183 Other liabilities 11,766 (483 ) 11,283 Total liabilities 387,596 (17,819 ) 369,777 Total equity and liabilities 401,786 (21,076 ) 380,711 Due to these transition adjustments and the different measurement of insurance contracts and financial instruments during 2022, total assets from January 1, 2023, were lower by EUR 21,075 million, total liabilities were lower by 17,819 million and shareholders’ equity was lower by EUR 3,255 million than the amounts presented in the last annual financial statements for December 31, 2022. On implementation of IFRS 9 and IFRS 17 the comparative balance of shareholders’ equity is restated due to the combination of opening balance sheet adjustments (decrease of EUR 12,795 million) of the transition date, and the cumulative differences in equity movements of 2022 arising from the application of IFRS 9 and 17 in the amount of EUR 9,540 million increase, of which 8,222 million is an adjustment to the change in the revaluation reserve. The remaining impact of EUR 1,318 million is largely attributable to the changes in CSM balance and different measurement of insurance liabilities. The decrease of EUR 12,434 million on Deferred expenses from January 1, 2023 (2022: EUR 10,076 million decrease) attributable to the elimination of deferred acquisition costs, which are no longer recognized under IFRS 17 as separate assets, but form part of the fulfillment cash-flows used in the measurement of insurance contracts. The change in the measurement basis of insurance contracts (as described under note 2.1.3) resulted in a decrease of EUR 11,598 million in the carrying amount of insurance liabilities (Insurance contract liabilities and Insurance contracts for account of policyholders combined) from January 1, 2023 (2022: EUR 16,321 million increase), and also impacted reinsurance assets resulting in a lower carrying amount by EUR 4,245 million (2022: EUR 330 million increase) and investment contracts, which decreased by EUR 4,931 (2022: EUR 6,602 million decrease). The impacts of transition from IAS 39 to IFRS 9 on the carrying amounts of financial instruments including investments, derivative assets and liabilities, investment contracts without discretionary participating features, other financial assets and liabilities are detailed in note 2.1.4. The carrying amount of assets held for sale on January 1, 2023 was lower by EUR 1,088 million compared to the balance presented in the latest annual financial statements of December 31, 2022. Regarding liabilities held for sale, the carrying amount on January 1, 2023 was lower by EUR 156 million compared to the figures previously reported. Note 45 includes details on the impacts of IFRS 9 and 17 on the measurement of the disposal group. The book value of intangible assets decreased by EUR 820 million from January 1, 2023 (2022: EUR 748 million) due to the derecognition of value of business acquired on transition, as it will not be recognized as a separate asset under IFRS 17. Opening balance sheet reconciliation December 31, 2021 Adoption of IFRS 9 and IFRS 17 January 1, 2022 Cash and cash equivalents 6,889 (28 ) 6,861 Investments 157,831 251,614 409,444 Investments for account of policyholders 250,953 (250,953 ) - Derivatives 8,827 16 8,843 Investments in joint ventures 1,743 (28 ) 1,715 Investments in associates 1,289 - 1,289 Reinsurance contract assets 20,992 330 21,322 Insurance contract assets - 110 110 Deferred tax assets 131 2,033 2,164 Deferred expenses 10,503 (10,076 ) 428 Other assets and receivables 7,761 (963 ) 6,798 Intangible assets 1,333 (748 ) 585 Total assets 468,252 (8,693 ) 459,560 Shareholders’ equity 23,813 (12,795 ) 11,018 Other equity instruments 2,363 - 2,363 Issued capital and reserves attributable to owners of Aegon Ltd. 26,176 (12,795 ) 13,381 Non-controlling 196 - 196 Group equity 26,372 (12,795 ) 13,577 Subordinated borrowings 2,194 - 2,194 Trust pass-through securities 126 - 126 Reinsurance contract liabilities - 471 471 Insurance contracts for account of policyholders 149,323 (149,323 ) - Insurance contract liabilities 124,422 165,644 290,066 Investments contracts 21,767 (21,767 ) - Investment contracts for account of policyholders 104,592 (104,592 ) - Investment contract liabilities with discretionary participating features - 27,392 27,392 Investment contracts without discretionary participating features - 92,364 92,364 Derivatives 10,639 (3,501 ) 7,138 Borrowings 9,661 - 9,661 Other liabilities 19,158 (2,586 ) 16,572 Total liabilities 441,881 4,102 445,983 Total equity and liabilities 468,252 (8,693 ) 459,560 As the result of restatement of the opening balance sheet on transition date January 1, 2022 the carrying amount of total assets decreased by EUR 8,693 million while total liabilities increased by EUR 4,102 million and as such shareholders’ equity decreased by EUR 12,795 million. The main component of this change was the net decrease of other comprehensive income by EUR 9,022 million due to the establishment of a revaluation reserve for interest rate movements on insurance liabilities under IFRS 17, and the reclassification of revaluation reserves on financial assets from other comprehensive income to retained earnings. The total decrease of retained earnings in amount of EUR 3,707 million also includes the establishment of CSM on insurance contracts, partly offset by other remeasurements arising from lower fulfillment cashflows under IFRS 17 compared to IFRS 4. The impact of restated adjustments due to the adoption of IFRS 9 and IFRS 17 on earnings per share is reflected in the table below. Impact of adoption of new accounting standards on the consolidated income statement YE 2022 (as previously reported) Adoption of IFRS 9 and IFRS 17 YE 2022 (restated) Earnings per share (EUR per share) Basic earnings per common share (0.73 ) 0.43 (0.30 ) Basic earnings per common share B (0.02 ) 0.01 (0.01 ) Diluted earnings per common share (0.73 ) 0.43 (0.30 ) Diluted earnings per common share B (0.02 ) 0.01 (0.01 ) Earnings per common share calculation Net result / (loss) attributable to owners (1,433 ) 864 (569 ) Coupons on perpetual securities (36 ) - (36 ) Net result / (loss) attributable to owners for basic earnings per share calculation (1,469 ) 864 (605 ) Weighted average number of common shares outstanding (in million) 2,010 - 2,010 Weighted average number of common shares B outstanding (in million) 536 - 536 2.1.3 IFRS 17 Insurance Contracts Aegon has adopted IFRS 17 – Insurance Contracts, including any consequential amendments to other standards, with a date of initial application of January 1, 2023 and a transition date of January 1, 2022. Aegon does not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart. 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 Under Aegon’s previous accounting policies, some minimum guarantees were separated from the host insurance contracts and classified as derivatives. The Group 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 are 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 were previously accounted for as separate assets, are now 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 introduces 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 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 is primarily applied by Aegon to non-life contracts and related reinsurance contracts held. The measurement of these contracts is similar to the previous treatment under IFRS 4, albeit that when measuring liabilities for incurred claims, Aegon now discounts cash flows expected to occur more than one year after the claim’s date and includes an explicit risk adjustment for non-financial Acquisition costs Previously, under IFRS 4, all acquisition costs were recognized and presented as separate assets (Deferred Policy Acquisition Costs or “DPAC”) until these costs were included in profit or loss. Under IFRS 17, only insurance acquisition cash flows that arise before the recognition of the related insurance contracts are included within the insurance liability as a separate asset. 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 is applied, Aegon has opted to expense acquisition costs when incurred. Aegon allocates acquisition costs to either product or business lines (where applicable) based on a study, a series of studies or a thoroughly defined rational for their allocation methodologies. Revenue and expenses Under IFRS 4, the revenues reported in the income statement included 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 reflects 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 are presented in the income statement as insurance service expenses. Insurance finance income and expenses, disaggregated between profit or loss and other comprehensive income (OCI) for certain groups of contracts, are now presented separately from insurance revenue and insurance service expenses. Income and expenses from reinsurance contracts, other than insurance finance expenses, are presented as a single net amount in the income statement. Previously, amounts recovered from reinsurers and reinsurance expenses were presented separately. b) Transition Changes in accounting policies resulting from the adoption of IFRS 17 were applied retrospectively, to the extent practicable. Aegon considered the full retrospective approach to be impracticable when its application required hindsight, for example in setting historical assumptions, or if the required historical input data could not be made available within reasonable efforts. The latter was, for example, concluded when information was no longer available electronically and incorporating it into the IFRS 17 reporting process was expected to cause high costs and efforts. If the retrospective application of IFRS 17 to a group of contracts was impracticable, either the modified retrospective approach or the fair value approach was applied. The modified retrospective approach may only be applied if there is reasonable and supportable information available to do so. For groups of contracts that in principle were eligible for both the modified retrospective and the fair value approach, the most appropriate transition method was elected based on a mix of operational and financial considerations. Notwithstanding the foregoing, Aegon applied the fair value approach to some groups of contracts with direct participating features, to which it could have applied IFRS 17 fully retrospectively. These were groups of contracts for which Aegon had mitigated financial risk prior to transition using derivatives, other financial instruments classified as fair value through profit or loss, and reinsurance contracts, and to which risk mitigation has been applied prospectively from the transition date. Fair Value Approach 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 difference between the fair value and the fulfillment cash flows at the transaction date is recognized as contractual service margin. 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. For contracts that transitioned to IFRS 17 under the fair value approach, the following assessments were generally performed at original contract inception date, with a limited number of products being assessed at the transition date: ∎ Assessment whether an insurance contract met the definition of an insurance contract with direct participating features; ∎ Assessment whether an investment contract met the definition of an investment contract with discretionary participating features; and ∎ Identification of discretionary cash flows for insurance contracts without direct participating features. The grouping of contracts to which the fair value approach is applied has been performed at the transition date. The contracts were grouped together in portfolios in accordance with IFRS 9 and IFRS 17 (as per January 1, 2023). None of the contracts were identified as being onerous at transition. The identified groups of contracts were not further segmented into cohorts based on issue date. The discount rates at which interest is accrued to the contractual service margin and at which changes in non-financial Modified Retrospective Approach The objective of a modified retrospective approach is to reach the closest outcome to the full retrospective approach using reasonable and supportable information that can be obtained without undue cost or effort. Aegon applied the modified retrospective approach to groups of contracts for which the fair value approach was not the preferred transition approach, by working back from the transition date to the date on initial recognition to gather the necessary information. Only where the information could not be made available without undue effort were modifications applied as allowed under IFRS 17. For all contracts that transitioned to IFRS 17 under the modified retrospective approach, sufficient information was available to perform the contract classifications at the original contract inception date. The grouping of contracts was performed at the original contract inception date, or if there was a lack of reasonable and supportable information, at the transition date. Contracts were grouped into cohorts not exceeding 12 months. None of the contracts to which the modified retrospective approach was applied were identified as being onerous at initial inception. Modifications applied to contracts without direct participating features To determine the contractual service margin at transition for groups of contracts without direct participating features, Aegon first estimated the contractual service margin at the original inception date. The contractual service margin at inception was then rolled forward to the transition date by deducting the estimated amount that would have been released for services provided prior to transition. In order to attribute past calendar-year cash flows (including acquisition cash flows) to issue year cohorts, appropriate allocation keys were set by cash flow type based on the information available. Examples include accumulated premiums in force and (first year) account values. The calculation of the fulfillment cash flows at inception and the subsequent accretion of interest to the contractual service margin of a group of contracts required the use of historical discount rates. In principle, Aegon determines IFRS 17 discount rates using a hybrid approach based on risk-free rates plus an illiquidity premium based on expected asset returns. Where the necessary asset portfolio data was not or no longer available, an appropriate observable yield curve plus a spread adjustment was applied to approximate historical discount rates. For cohorts that exceed 12 months, weighted-average historical discount rates were applied. The weighting was based on sales volumes, or where not available, on the expected coverage units at inception. The modified retrospective calculations were based on the assumption that Aegon had not previously prepared interim financial statements, unless sufficient information existed to roll the contractual service margin forward with Aegon’s historical reporting frequency. Modifications applied to contracts with direct participating features To determine the contractual service margin at transition for a group of insurance contracts with direct participating features, Aegon first estimated the total contractual service margin for all services to be provided for that group of contracts. It then deducted the estimated amount that would have been released for services provided prior to the transition date. The total contractual service margin for all services to be provided was estimated by taking the fair value of the underlying items at the transition date minus the fulfillment cash flows at that date and adjusting it for: ∎ Amounts charged to policyholders prior to the transition date; ∎ Excess claims and expenses paid in this period, including acquisition costs; and ∎ The estimated change in the risk adjustment for non-financial Calendar year cash flows were attributed to issue years using allocation keys that were appropriate for the cash flow types, based on available information (for example, account value, and for excess claims paid, the net amount at risk). In estimating the change in the risk adjustment for non-financial The amount released for services provided prior to transition was determined by multiplying the adjusted total contractual service margin by the ratio of the coverage units served prior to transition and the total coverage units expected to be provided over the lifetime of the group of contracts. Other Comprehensive Income Under IFRS 17, Aegon has elected to disaggregate the insurance finance income or 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 has been 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. Aegon also no longer applies shadow accounting which, ignoring the impact of any reclassifications of investments discussed below, has had a positive impact on the carrying amount of revaluation reserves presented in OCI. 2.1.4 IFRS 9 Financial instruments Aegon has adopted 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. Aegon did not early adopt IFRS 9 in previous periods. a) Changes compared to previous accounting policies The adoption of IFRS 9 resulted 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. Classification and Measurement Under IAS 39, financial assets were classified as “Available-For-Sale” 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. Aegon classifies its debt instruments into one of the following three IFRS 9 measurement categories, based on its business model for managing the asset, the asset’s cash flow characteristics, and Aegon’s intent to designate the asset at FVPL to eliminate or significantly reduce an accounting mismatch or recognition inconsistency: ∎ 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 (“ECL”) 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. Equity instruments are instruments that meet the definition of equity from the issuer’s perspective, such as basic ordinary shares. On initial recognition, IFRS 9 allows Aegon to make an irrevocable election to present changes in the fair value of equity investment in OCI or profit or loss. In both cases, the equity instruments are not subject to impairment under Expected Credit Loss model. 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 allowance 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. The allowance for instruments that are credit impaired 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 Non-credit-impaired Hedge accounting Aegon 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. Aegon has elected to continue to apply hedge accounting requirements for macro fair value hedges of IAS 39 on adoption of IFRS 9. As such, fair value hedge accounting for portfolio hedges of interest rate risk (macro hedging) under the EU “carve out” of IFRS is applied. b) IFRS 9 Transition Any adjustments to the carrying |
Aegon N.V [member] | |
Statement [LineItems] | |
Material accounting policy information | 2 Material accounting policies information 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, see the consolidated financial statements. 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 Material accounting policies information of the consolidated financial statements for the description of the accounting policies applied. Impact of the implementation of the new accounting policies effective in 2023 is provided in the following tables, including the references to the notes that are impact by the implementation of the accounting policies. Impact of changes in accounting policies on the income statement Note December 31, 2022 reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Net result group companies 8 (1,275 ) 864 (411 ) Impact on net result (1,433 ) 864 (569 ) 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. Impact of changes in accounting policies on the statement of changes in equity Note December 31, 2022 (as previously reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Share capital 13 319 - 319 Share premium 14 6,853 - 6,853 Revaluation account 14 (4,465 ) (85 ) (4,551 ) Legal reserves – foreign currency translation reserve 14 1,008 (272 ) 736 Legal reserves in respect of group companies 14 2,439 382 2,821 Retained earnings, including treasury shares 14 8,916 (4,145 ) 4,771 Remeasurement of defined benefit plans of group companies 14 (1,565 ) - (1,565 ) Net result 14 (1,433 ) 864 (569 ) Shareholders’ equity 12,071 (3,256 ) 8,815 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. Impact of changes in accounting policies on the statement of financial position Note December 31, 2022 (as previously reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Assets Shares in group companies 8 13,594 (3,256 ) 10,338 Equity and liabilities Shareholders’ equity 14 12,071 (3,256 ) 8,815 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. |
Investment income
Investment income | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Investment income | 3 Investment income 2023 2022 Interest income from short-term investments 82 - Interest income from intercompany loans 20 14 Interest income from derivatives (14 ) 7 Total 88 21 |
Critical accounting estimates a
Critical accounting estimates and judgment in applying accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Critical accounting estimates and judgment in applying accounting policies | 3 Critical accounting estimates and judgment in applying accounting policies In preparing these consolidated financial statements, Aegon has made judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Included among the material (or potentially material) reported amounts and disclosures that require extensive use of estimates are the fair value of certain invested assets and derivatives (please see note 38), the measurement of (re)insurance contracts and investment contracts with discretionary participating features (please see note 29), and the measurement of the expected credit loss allowance (please see note 4). Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Macro-economic context When making judgments, estimates and assumptions, Aegon has taken into consideration the current macro-economic context. In 2023, the war in the Ukraine continued and another conflict between Israel and Hamas began. These events 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 peaked in 2022 and first half of 2023, then it started decreasing during the second half of 2023. In the United States, the inflation risk within long-term care claims derives primarily from wage inflation, which Aegon mitigates by offering customers downgrades of the maximum daily benefit as an alternative to premium rate increases. In addition, Aegon’s expense savings program helped to mitigate the impact of rising inflation in the beginning of 2023. 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 during 2022, however in 2023 interest rates have started to stabilize. Equity markets for Aegon have shown recovery in 2023 compared to a decline of equity markets in 2022. Credit spreads have not changed significantly over 2023. 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, 2023, 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, see note 37 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 and there is no significant doubt about going concern. Actuarial and economic assumptions Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amount of insurance related assets and liabilities within the year ending December 31, 2023, is included in note 29 on Insurance contracts, reinsurance contracts held and investment contracts with discretionary participation features. Measurement of the expected credit loss allowance (“ECL”) The measurement of the expected credit loss allowance for financial assets measured at amortized cost and FVOCI is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior (e.g. the likelihood of customers defaulting and the resulting losses). Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed in note 4.2 – Credit risk, which also sets out key sensitivities of the ECL to changes in these elements. A number of significant judgments are also required in applying the accounting requirements for measuring ECL, such as: ∎ Determining criteria for significant increase in credit risk; ∎ Choosing appropriate models and assumptions for the measurement of ECL; ∎ Establishing the number and relative weightings of forward-looking scenarios for each type of product/market and the associated ECL; and ∎ Establishing groups of similar financial assets for the purposes of measuring ECL. Detailed information about the judgments and estimates made by the Group in the above areas and information incorporating the forward-looking information into the measurement of the ECL is set out in note 4.2 – Credit risk. Classification of financial assets The assessment of the business model to determine within which classification the financial assets are held, depends on whether the contractual terms of the assets are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Detailed information about the judgments and estimates made by the Group in the SPPI and business model review are set out in note 19 – Investments. The classification of financial assets is based on Aegon’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The classification of financial assets determines how they are accounted for and how they are measured on an ongoing basis. Based on business model and cash flow characteristics, instruments are accounted for in one of the following measurement categories for financial assets: ∎ Debt instruments at amortized cost (e.g. loans, debt securities, cash equivalents); ∎ Debt instruments at fair value through other comprehensive income (FVOCI) with cumulative gains and losses reclassified to profit or loss upon de-recognition ∎ Debt instruments, derivatives, and equity instruments at fair value through profit or loss (FVPL); ∎ Equity instruments designated as measured at FVOCI with gains and losses remaining in other comprehensive income (OCI), i.e. without recycling ∎ A financial asset will be measured at amortized cost if both of the following conditions are met: a. the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows (held-to-collect); b. the contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the principal amount outstanding. Determination of fair value and fair value hierarchy Note 38 Fair value determines the fair value of financial instruments with significant unobservable inputs (i.e. level 3 financial assets). 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 38 Fair Value. While Aegon believes its valuation techniques are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain instruments (both financial and non-financial) The valuation techniques applied to financial instrument affected by IBOR reforms remain consistent with those of other market participants, and the uncertainty on the outcome of the reforms has not affected the classification of the instruments. To operationalize Aegon’s fair value hierarchy, individual instruments (both financial and non-financial) |
Financial risks
Financial risks | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Financial risks | 4 Financial risks 4.1 General Insurance risks are described in note 29.4 for risk exposures arising from contracts within the scope of IFRS 17. Financial risks typically include, but are not limited to, credit risk, liquidity risk and market risk. 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 and deferred expenses. Other risks include insurance related risks, such as changes in mortality, morbidity, bond credit spread and liquidity premium, which are discussed in note 29 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 and indexed universal life.). 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 Ltd. Aegon US may use external market solutions to match projected liquidity requirements with funding. Next to guidance, the Group level policies also provide limits to Aegon’s exposure to major risks such as equity, interest rates, credit, and currency. The limits in these policies in aggregate remain within Aegon’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 Aegon’s overall risk strategy. Aegon operates a Derivative Use Policy to govern its use 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 CSM, 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. In case of insurance contracts, changes in assumptions could have immediate impact on net result, OCI and on CSM, depending on the measurement model. For each sensitivity test the impact of a reasonably possible change in a single factor is shown. Management action is taken into account to the extent that it is part of Aegon’s regular policies and procedures, such as established hedging programs. However, incidental management actions that would require a change in policies and procedures are not considered. Each sensitivity analysis reflects the extent to which the shock tested would affect management’s critical accounting estimates and judgment in applying Aegon’s accounting policies. Market-consistent assumptions underlying the measurement of non-listed The 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 nor can be interpolated 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 (note 4.2) ∎ Market risk (note 4.3) ∎ Equity market risk and other investment risks ∎ Interest rate risk ∎ Currency exchange risk ∎ Liquidity risk (note 4.4) Certain information in this note is presented per segment, please see note 5 Segment information for the definition of Aegon’s segments. 4.2 Credit risk Credit risk is the risk of financial loss to Aegon if a counterparty to a reinsurance contract or financial instrument fails to meet its contractual obligations; the risk of economic loss due to the deterioration in the financial condition of counterparties, either through fair value losses on traded securities or through defaults on traded securities, loans and mortgages. Aegon implemented policies and procedures to govern credit limits and processes to manage credit risk, concentration risk and counterparty risk with regards to all the Group’s material businesses with credit exposures in scope, including bonds, loans, cash and equivalents, collateralized assets, reinsurance assets, and assets measured at fair value. The Group uses risk gradings aligned with the major credit rating agencies, and in case of specific asset portfolios like residential mortgage loans implements internal risk gradings that reflect its assessment of the probability of default of individual counterparties. The credit grades are calibrated such that the risk of default increases exponentially at each higher risk grade. For example, this means that the difference in the Probability of Default (PD) between AAA and A grade is lower than the difference in the PD between BBB and B rating grade. 4.2.1 Aegon’s maximum exposure to credit risk As premiums and deposits are received, these funds are invested to pay for future policyholder obligations. For assets backing insurance liabilities measured under the general model and the premium allocated approach, as well as other “free” assets, 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 fixed-income portfolio (debt securities, mortgages and private placements), over-the-counter The estimates of best estimate liability for (re)insurance contracts assets represent Aegon’s maximum exposure to credit risk from these assets. Please see the cash flow information in note 29 (Insurance contracts and reinsurance contracts held). The following table contains an analysis of Aegon’s maximum credit risk exposure from financial assets. Please see note 39 and 40 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk. 2023 Maximum exposure to credit risk Cash Securities Letters of credit / guaran- tees Real estate property Master netting agree- ments Other Total collateral Surplus collateral (or overcol- Net exposure Debt securities 55,811 - - 93 - - - 93 - 55,718 Money market and other short-term investments 8,695 - 442 - - - - 442 24 8,277 Loans 10,183 31 - 20 23,711 - - 23,762 13,579 - Unconsolidated investment funds 167,411 - - - - - - - - 167,411 Deposits with financial institutes 2,289 - - - - - - - - 2,289 Other investments 5,040 - - - - - - - - 5,040 Derivative assets 1,429 832 669 - - 373 - 1,875 550 104 Reinsurance assets 16,608 - 13,416 82 - - - 13,498 - 3,110 On December 31 267,465 864 14,528 194 23,711 373 - 39,669 14,153 241,949 2022 Maximum exposure to credit risk Cash Securities Letters of credit / guaran- tees Real estate property Master netting agree- ments Other Total collateral Surplus collateral (or overcol- lateraliza- tion) Net exposure Debt securities 59,341 - - 96 - - - 96 - 59,245 Money market and other short-term investments 6,881 - 312 - - - - 312 23 6,592 Loans 10,419 40 - 22 24,763 - - 24,825 14,407 1 Unconsolidated investment funds 154,741 - - - - - - - - 154,741 Deposits with financial institutes 2,405 - - - - - - - - 2,405 Other investments 4,618 - - - 58 - - 58 35 4,595 Derivative assets 2,771 257 426 - - 2,174 - 2,858 173 86 Reinsurance assets 16,939 - 14,162 103 - - - 14,265 - 2,675 On December 31 258,116 297 14,900 221 24,822 2,174 - 42,414 14,638 230,341 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 tri-party The following table contains an analysis of Aegon’s credit risk exposure for debt instruments for which an ECL allowance is recognized. See note 4.2.6 for a more detailed description of ECL measurement. All asset categories not presented here are determined to have non-material 2023 2022 ECL staging ECL staging Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Financial assets measured at FVOCI - with recycling 12-month ECL Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Purchased credit impaired Total 12-month ECL Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Purchased credit impaired Total AAA 2,961 - - - 2,961 9,562 - - - 9,562 AA 9,217 - 2 - 9,219 4,034 - - - 4,034 A 18,410 - - - 18,411 18,224 10 2 - 18,235 BBB 17,534 11 - 1 17,547 19,696 6 - - 19,702 BB 899 136 - - 1,035 1,250 172 3 2 1,427 B 431 120 3 - 554 432 153 5 - 590 CCC and lower 120 91 319 99 629 76 72 394 123 664 Gross carrying amount 49,571 358 325 100 50,354 53,273 413 403 125 54,214 Expected credit loss (147 ) (25 ) (64 ) (2 ) (238 ) (157 ) (32 ) (86 ) (1 ) (276 ) Total 49,571 358 325 100 50,354 53,273 413 403 125 54,214 Loans The real estate collateral for mortgages includes both residential and commercial properties. The collateral for commercial mortgage loans 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. 2023 2022 ECL staging ECL staging Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Loans at amortized cost 12-month Lifetime Lifetime Purchased Total 12-month Lifetime Lifetime Purchased Total Internal grade 1 947 - - - 947 1,484 - - - 1,484 Internal grade 2 3,929 2 - - 3,930 4,438 2 - - 4,440 Internal grade 3 4,460 24 - - 4,485 3,775 - - - 3,775 Internal grade 4 778 7 - - 785 671 - - - 671 Internal grade 5 33 2 - - 35 48 - - - 48 Internal grade 6 - - - - - - - - - - Internal grade 7 or lower - - - - - - - - - - Gross carrying amount 10,147 35 - - 10,183 10,416 2 - - 10,419 Expected credit loss (24 ) (1 ) - - (26 ) (12 ) - - - (12 ) Total 10,123 33 - - 10,156 10,404 2 - - 10,407 Financial assets designated at fair value through profit or loss Significant portion of instruments have been designated as FVPL. On December 31 2023, the maximum exposure to credit risk of these financial assets was their carrying amount of EUR 1,736 million (December 2022: EUR 1,376 million). The credit risk of these financial assets has not been hedged by the use of derivatives. The following changes in fair value have been recognized for these investments: Financial assets designated at FVPL Debt securities Money market and other short-term investments Total Change in fair value attributable to changes in credit risk during the year 46 (1 ) 45 Cumulative change in fair value attributable to changes in credit risk held on December 31 20 - 20 Financial assets designated at FVPL Debt securities Money market and other short-term investments Total Change in fair value attributable to changes in credit risk during the year (24 ) - (24 ) Cumulative change in fair value attributable to changes in credit risk held on December 31 (22 ) - (22 ) The change in fair value attributable to changes in credit risk is determined as the total amount of the change in fair value that is not attributable to changes in the observable benchmark interest rate or in other market rates. This approach provides a reasonable approximation of changes attributable to credit risk because fixed income securities valuation is mainly driven by two factors – interest rates and credit spreads, and the fair value change due to credit risk can therefore be estimated by removing impacts from non-credit 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 29. Collateral and other credit enhancements Aegon employs a range of policies and practices to mitigate credit risk and the most common of these is accepting collateral for funds advanced. The Group has internal policies on the acceptability of specific classes of collateral or credit risk mitigation. Collateral and other credit enhancements obtained On December 31, 2023, the Group held no collateral that were obtained during the year (EUR 0 in 2022) by taking possession of collateral held as security against receivables. The Group’s policy is to pursue timely realization of the collateral in an orderly manner. Aegon does not generally use the non-cash 4.2.2 Credit risk management Aegon manages credit risk exposure by individual counterparty, sector and asset class, including cash positions. Normally, Aegon mitigates credit risk in derivative contracts by entering into credit support agreement, where practical, and in ISDA master netting agreements for most of Aegon’s legal entities to facilitate Aegon’s right to offset credit risk exposure. Main counterparties to these transactions are investment banks which are typically rated “A” or higher. The credit support agreement will normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon or its counterparty to post collateral are typically the result of derivative trades, comprised mostly of interest rate swaps, equity swaps, currency swaps and credit swaps. Collateral received is mainly cash (USD and EUR). The credit support agreements that outline the acceptable collateral require high-quality instruments to be posted. Over the last three years, there was no default with any derivatives counterparty. The credit risk associated with financial assets subject to a master netting agreement is eliminated only to the extent that financial liabilities due to the same counterparty will be settled after the assets are realized. Eligible derivative transactions are traded via Central Clearing Houses as required by EMIR and the Dodd-Frank act. Credit risk in these transactions is mitigated through posting of initial and variation margins. Aegon may also mitigate credit risk in reinsurance contracts by including downgrade clauses that allow the recapture of business, retaining ownership of assets required to support liabilities ceded or by requiring the reinsurer to hold assets in trust. For the resulting net credit risk exposure, Aegon employs deterministic and stochastic credit risk modeling in order to assess the Group’s credit risk profile, associated earnings and capital implications due to various credit loss scenarios. Aegon operates a Credit Name Limit Policy (CNLP) under which limits are placed on the aggregate exposure that it has to any one counterparty. Limits are placed on the exposure at both group level and individual country units. The limits also vary by a rating system, which is a composite of the main rating agencies (S&P, Moody’s and Fitch) and Aegon’s internal rating of the counterparty. If an exposure exceeds the stated limit, then the exposure must be reduced to the limit for the country unit and rating category as soon as possible. Exceptions to these limits can only be made after explicit approval from Aegon’s Group Risk and Capital Committee (GRCC). The policy is reviewed regularly. The Group offers products that cover inflation risk for policyholders. To hedge the inflation risk, the Group invests in financial instruments of which the value depends on the rate of inflation. This significantly reduces the net exposure to inflation risk. 4.2.3 Credit rating Aegon group level long-term counterparty exposure limits are as follows: Group limits per credit rating Amounts in EUR million 2023 2022 AAA 900 900 AA 900 900 A 675 675 BBB 450 450 BB 250 250 B 125 125 CCC or lower 50 50 The ratings distribution of general account portfolios of Aegon’s major reporting units, excluding reinsurance assets, are presented in the table that follows, organized by rating category and split by assets that are valued at fair value and assets that are valued at amortized cost. Aegon uses a composite rating based on a combination of the external ratings of S&P, Moody’s, Fitch and National Association of Insurance Commissioners (NAIC which is for US only) and internal ratings. The rating used is the lower of the external rating and the internal rating. Americas United Kingdom International Asset Management Total 2023 1) Financial assets Amortized Fair value Amortized Fair value Amortized Fair value Amortized Fair Amortized Fair Total AAA 947 6,836 - 38 - 35 52 123 998 7,033 8,031 AA 3,930 9,191 - 514 - 161 - - 3,930 9,866 13,796 A 4,485 19,474 - 220 1 791 - - 4,486 20,486 24,972 BBB 785 17,679 - 124 - 466 - - 803 18,269 19,072 BB 33 1,084 - 1 - 41 - - 33 1,126 1,160 B 2 570 - - - 9 - - 2 579 581 CCC or lower - 986 - - - 6 - - - 992 992 Assets not rated - 4,444 - 797 - 4 - 1 - 5,286 5,286 Total 10,182 60,264 - 1,695 1 1,514 52 124 10,253 63,638 73,891 ECL on financial assets (26 ) (228 ) - - - (10 ) - - (26 ) (238 ) (263 ) On December 31, 2023 10,156 60,264 - 1,695 1 1,514 52 124 10,227 63,638 73,865 1 Includes investments of Holding and other activities. Americas United Kingdom International Asset Management Total 2022 1) Financial assets Amortized Fair value Amortized Fair value Amortized Fair value Amortized Fair Amortized Fair Total AAA 1,484 12,243 - 55 - 91 - 135 1,522 12,523 14,046 AA 4,440 3,996 - 461 - 158 - - 4,440 4,615 9,055 A 3,775 20,233 - 262 7 921 - - 3,782 21,416 25,198 BBB 671 19,313 - 123 1 763 - - 672 20,198 20,870 BB 48 1,439 - 1 - 71 - - 48 1,512 1,560 B - 594 - - - 13 - - - 607 607 CCC or lower - 900 - - - 5 - - - 905 905 Assets not rated - 4,480 - 582 - - - 1 - 5,182 5,182 Total 10,417 63,200 - 1,483 9 2,021 - 136 10,464 66,959 77,423 ECL on financial assets (12 ) (264 ) - - - (12 ) - - (12 ) (277 ) (289 ) On December 31, 2022 10,406 63,200 - 1,483 9 2,021 - 136 10,453 66,959 77,412 1 Includes investments of Holding and other activities. The following table shows the credit quality of the reinsurance contracts included in the statement of financial position: Carrying value 2023 2022 AAA - - AA 1,245 1,609 A 14,089 14,322 Below A 4 5 Not rated 662 733 On December 31 16,000 16,669 4.2.4 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 Americas United International Asset Total 2023 1) Of which past due and / or impaired assets Residential mortgage-backed securities (RMBSs) 933 - - - 933 (13 ) Commercial mortgage-backed securities (CMBSs) 2,216 73 34 - 2,323 (17 ) Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 557 - 3 - 560 - ABSs – Other 2,905 53 28 52 3,037 (9 ) Financial - Banking 3,412 173 201 - 3,786 (14 ) Financial - Other 11,909 38 289 97 12,332 (33 ) Capital goods and other industry 3,443 24 143 - 3,609 (23 ) Communications & Technology 4,242 2 140 - 4,384 (30 ) Consumer cyclical 3,197 29 85 - 3,311 (20 ) Consumer non-cyclical 5,661 74 111 - 5,846 (24 ) Energy 2,821 20 55 - 2,896 (19 ) Transportation 1,633 - 30 - 1,663 (6 ) Utility 4,190 73 75 - 4,338 (10 ) Government bonds 7,349 338 265 17 7,969 (20 ) On December 31, 2023 54,467 898 1,458 166 56,988 (237 ) 1 Includes investments of Holding and other activities. Credit risk concentrations – debt securities and money market investments Americas United International Asset Total 2022 1) Of which past due and / or impaired assets Residential mortgage-backed securities (RMBSs) 1,136 - - 5 1,141 (9 ) Commercial mortgage-backed securities (CMBSs) 2,707 94 37 - 2,838 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 438 - 3 - 440 - ABSs – Other 2,400 53 15 9 2,478 (6 ) Financial - Banking 3,957 168 319 - 4,444 (14 ) Financial - Other 10,778 36 353 96 11,264 (31 ) Capital goods and other industry 3,769 22 132 - 3,923 (25 ) Communications & Technology 4,658 2 171 - 4,831 (51 ) Consumer cyclical 3,742 28 106 - 3,877 (25 ) Consumer non-cyclical 5,445 85 144 - 5,674 (47 ) Energy 3,205 19 102 - 3,326 (23 ) Transportation 1,728 - 43 - 1,771 (6 ) Utility 4,319 69 80 - 4,469 (11 ) Government bonds 7,962 323 488 17 8,790 (26 ) On December 31, 2022 56,243 901 1,994 128 59,265 (276 ) 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds per country of risk Americas United International Asset Total 2023 1) United States 6,632 - 62 - 6,694 Netherlands - - 2 - 2 United Kingdom - 289 - 17 307 Austria - - 10 - 10 Belgium - - 4 - 4 France - 28 8 - 36 Hungary 20 - 4 - 24 Indonesia 71 - - - 71 Luxembourg - - 1 - 1 Spain - - 153 - 153 Rest of Europe 46 - 13 - 58 Rest of world 581 21 8 - 610 On December 31, 2023 7,349 338 265 17 7,969 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds per country of risk Americas United International Asset Total 2022 1) United States 7,209 - 80 - 7,290 Netherlands - - - - - United Kingdom - 275 - 17 292 Austria - - 3 - 3 Belgium - - 3 - 3 France - 27 2 - 29 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 On December 31, 2022 7,962 323 488 17 8,790 1 Includes investments of Holding and other activities. Government Bonds Corporate bonds RMBSs CMBSs ABSs Other Total 2023 1) AAA 166 503 2,462 3,915 7,046 AA 6,444 2,262 1,160 - 9,866 A 723 16,352 2,101 - 19,176 BBB 354 17,408 404 - 18,165 BB 205 838 78 - 1,121 B 69 496 30 - 596 CCC or lower 9 245 618 - 872 Assets not rated - 2 - 144 147 On December 31, 2023 7,969 38,106 6,853 4,059 56,988 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. Government Bonds Corporate bonds RMBSs CMBSs ABSs Other Total 2022 1) 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 19,312 306 - 20,156 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 On December 31, 2022 2) 8,790 40,645 6,897 2,933 59,265 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – mortgage loans Americas United Kingdom International Asset Total 2023 Of which past due and / or impaired assets Agricultural 46 - - - 46 - Apartment 5,365 - - - 5,365 (10 ) Industrial 410 - - - 410 - Office 1,300 - - - 1,300 (14 ) Retail 1,372 - - - 1,372 (1 ) Other commercial 1,663 - 1 - 1,664 - On December 31, 2023 10,156 - 1 - 10,156 (26 ) Credit risk concentrations – mortgage loans Americas United Kingdom International Asset Total 2022 Of which past due and / or impaired assets Agricultural 49 - - - 49 - Apartment 5,517 - - - 5,517 (4 ) Industrial 402 - - - 402 - Office 1,515 - - - 1,515 (7 ) Retail 1,465 - - - 1,465 (1 ) Other commercial 1,456 - 1 - 1,457 - On December 31, 2022 10,406 - 1 - 10,406 (12 ) 4.2.5 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 39 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 Except for commitments as noted in note 39 Commitments and contingencies, Aegon did not provide, nor is required to provide financial or other support to unconsolidated structured entities. Nor does Aegon have intentions to provide financial or other support to unconsolidated structured entities in which Aegon has an interest or previously had an interest. For RMBSs, CMBSs and ABSs in which Aegon has an interest at reporting date, the following table presents total income received from those interests. The Investments column reflects the carrying values recognized in the statement of financial position of Aegon’s interests in RMBSs, CMBSs and ABSs. Total income for the year ended December 31, 2023 December 31, 2023 2023 Interest income Total gains and losses on sale of assets Total Investments Residential mortgage-backed securities 67 (15 ) 52 933 Commercial mortgage-backed securities 92 12 105 2,323 Asset-backed securities 40 14 54 560 ABSs - Other 134 57 191 3,037 Total 334 68 402 6,853 Total income for the year ended December 31, 2022 December 31, 2022 2022 Interest income Total gains and losses on sale of assets Total Investments Residential mortgage-backed securities 104 26 130 1,141 Commercial mortgage-backed securities 120 (723 ) (603 ) 2,838 Asset-backed securities 25 (34 ) (9 ) 440 ABSs - Other 92 (416 ) (324 ) 2,478 Total 341 (1,148 ) (807 ) 6,897 4.2.6 Expected credit losses Measurement The estimation of credit exposure for risk management purposes is complex and requires the use of models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of default correlations between counterparties. Aegon measures credit risk using Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). This is similar to the approach used for the purposes of measuring the Expected Credit Loss (ECL) under IFRS 9. See section on ECL developments in the reporting period later in this note for more details. Losses as a result of credit risk are a natural part of investing in fixed-income securities. The amount of and compensation for this risk are related. A significant management measure to avoid excessive credit risk is to diversify and limit exposure to individual issuers. a) Recognition of expected credit losses 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”; ∎ if a significant increase in credit risk (“SICR” |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
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 Director ∎ Americas ∎ The Netherlands ∎ United Kingdom ∎ International ∎ Asset Management ∎ Holding and other activities Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies except for its 29.99 Performance Measure Aegon uses the non-IFRS 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. 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. There have been changes in the calculation of the items excluded from operating result (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 - these items are further discussed below) due to the adoption of IFRS 9 and IFRS 17. For example: ∎ Fair value items have reduced significantly, reflecting fewer accounting mismatches under the new accounting policies. ∎ Realized gains/(losses) on investments now includes realized gains and losses on financial assets measured at amortized cost and financial assets classified at FVOCI. ∎ Impairment losses and reversals of impairment losses reflect the change in ECL for financial assets. ∎ Other non-operating ∎ the impact of changes in actuarial assumptions and model updates on onerous contracts, and ∎ the impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied. Fair value items Fair value items include the following: ∎ Over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in operating result; ∎ 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; ∎ Certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and 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; ∎ Changes in value of VFA products that result in (a reversal of) onerous contracts; ∎ Changes in discount rates for General model insurance contracts, including the revaluation of changes in non-financial Other income / (charges) Other income / (charges) include the following: ∎ Items which cannot be directly allocated to a specific line of business; ∎ The impact of changes in actuarial assumptions and model updates on onerous contracts; ∎ The impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied, and; ∎ Items that are outside the normal course of business, including restructuring charges. In the Consolidated income statement, for onerous contracts, actuarial assumption and model updates are included in “Insurance service result”. Restructuring charges are included in “Other operating expenses”. Share in earnings of joint ventures and associates Earnings from Aegon’s joint ventures in China, India, Spain & Portugal, and Aegon’s associates in France and United Kingdom are reported as part of operating result. Segment results The following table presents Aegon’s segment results. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment Joint ventures and associates eliminations Consoli- Year ended December 31, 2023 Operating result 1,107 - 214 196 145 (173 ) 10 1,498 19 1,517 Fair value items 138 - (76 ) (1 ) (8 ) 24 (1 ) 76 9 85 Realized gains / (losses) on investments (683 ) - - 24 - - - (659 ) (30 ) (689 ) Impairment losses / (reversals) (62 ) - - (23 ) - (7 ) - (92 ) 2 (90 ) Non-operating (607 ) - (76 ) (1 ) (8 ) 17 (1 ) (675 ) (19 ) (695 ) Other income / (charges) (961 ) (65 ) (85 ) (110 ) (31 ) 110 2 (1,140 ) (90 ) (1,230 ) Result before tax (460 ) (65 ) 52 85 106 (46 ) 11 (317 ) (91 ) (408 ) Income tax (expense) / benefit 214 - (23 ) (69 ) (36 ) 31 - 118 91 209 Net result (246 ) (65 ) 29 16 70 (14 ) 11 (199 ) - (199 ) Inter-segment operating result (569 ) (48 ) (75 ) 256 150 286 Revenues Insurance contracts revenue - Insurance contracts: direct part. 9,468 - 600 1,095 - - (51 ) 11,112 (1,490 ) 9,622 - Insurance contracts: without direct part. - - - 700 - - - 700 - 700 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 64 - - - - 64 - 64 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 9,468 - 663 1,795 - - (51 ) 11,876 (1,490 ) 10,386 Interest revenue on financial instruments calculated using the effective interest method 3,108 - 58 87 2 90 (6 ) 3,339 (3 ) 3,336 Interest revenue on financial instruments measured at FVPL 339 - 486 1 - - - 826 - 826 Other investment income 14 - 1,818 104 14 498 (498 ) 1,950 (116 ) 1,833 Fee and commission income 1,653 - 214 34 632 - (158 ) 2,376 (215 ) 2,160 Other revenues - - - 37 1 - - 38 (38 ) - Total revenues 14,582 - 3,239 2,058 649 589 (713 ) 20,404 (1,862 ) 18,541 Inter-segment revenues 49 - - 1 172 500 1 The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details. On July 4, 2023, Aegon announced the completion of the combination of its Dutch pension, life and non-life The other charges of the Americas in 2023 are mainly due to unfavorable assumption updates and restructuring charges. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment total Joint ventures and associates eliminations Consoli- dated Year ended December 31, 2022 Operating result 1,433 - 211 202 193 (220 ) (17 ) 1,802 (59 ) 1,743 Fair value items (85 ) - (71 ) 38 (3 ) (21 ) (76 ) (218 ) 8 (209 ) Realized gains / (losses) on investments (518 ) - - 30 - 7 - (481 ) (16 ) (497 ) Impairment losses / (reversals) (78 ) - (11 ) (14 ) - (18 ) - (122 ) 1 (121 ) Non-operating (681 ) - (83 ) 54 (3 ) (32 ) (76 ) (820 ) (7 ) (827 ) Other income / (charges) (117 ) (1,373 ) (64 ) 326 (19 ) (118 ) - (1,365 ) (19 ) (1,384 ) Result before tax 636 (1,373 ) 64 582 171 (371 ) (93 ) (384 ) (85 ) (469 ) Income tax (expense) / benefit (102 ) - 2 (57 ) (67 ) 68 - (156 ) 85 (71 ) Net result 533 (1,373 ) 67 526 104 (303 ) (93 ) (540 ) - (540 ) Inter-segment operating result (458 ) (94 ) (75 ) 236 188 203 Revenues Insurance contracts revenue - Insurance contracts: direct part. 10,174 - 628 967 - - (32 ) 11,736 (1,210 ) 10,526 - Insurance contracts: without direct part. - - - 651 - - - 651 - 651 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 74 - - - - 74 - 74 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 10,174 - 701 1,618 - - (32 ) 12,461 (1,210 ) 11,251 Interest revenue on financial instruments calculated using the effective interest method 3,105 - 12 191 - 2 (5 ) 3,306 (3 ) 3,303 Interest revenue on financial instruments measured at FVPL 228 - 399 (3 ) - - - 624 - 624 Other investment income 32 - 1,530 100 12 425 (425 ) 1,673 (110 ) 1,564 Fee and commission income 1,756 - 223 62 693 - (187 ) 2,548 (254 ) 2,294 Other revenues - - - 25 5 - - 30 (30 ) - Total revenues 15,295 - 2,865 1,993 710 427 (648 ) 20,642 (1,607 ) 19,035 Inter-segment revenues 33 - - - 208 426 1 The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details The Americas recorded other charges of EUR 117 million in 2022 mainly due to unfavorable assumption updates and restructuring charges. Operating result reconciliation The reconciliation from operating result to result before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table. Presentation Non-operating Note 2023 2022 Result before tax from continuing operations (391 ) 827 Elimination of share in earnings of joint ventures and associates (19 ) 59 Insurance revenue 6 (15 ) 1 Insurance service expenses 7 427 442 Net income / (expenses) on reinsurance held 8 (23 ) (40 ) Net fair value change of financial investments at fair value through profit or loss, other than derivatives 9.4 / 10.4 (224 ) 183 Net fair value change of derivatives (7 ) - Realized gains and losses on financial investments 9.4 / 10.4 683 670 Net fair value change on investments in real estate 9.4 / 10.4 (2 ) (1 ) Impairment (losses) reversals 9.5 / 10.5 90 121 Insurance finance income / (expenses) 9 375 (614 ) Net reinsurance finance income / (expenses) on reinsurance held 9 (85 ) 68 Investment contract income / (expenses) 10 (5 ) (2 ) Net fair value change on borrowings and other financial liabilities - (5 ) Fee and commission income 12 (11 ) (14 ) Commissions and expenses 13 596 378 Other income 14 (18 ) (341 ) Other charges 14 79 - Results of businesses disposed during reporting periods 48 70 Operating result 1,498 1,802 ∎ Insurance service expenses are mainly driven by two items: ∎ Assumption changes on onerous contracts amounting to a loss of EUR 497 million (2022: loss of EUR 93 ∎ Change in value of VFA products that result in (a reversal of) onerous contracts, amounting to a gain of EUR 129 million (2022: loss of 273 million), which is included in Fair value items. ∎ Net income / (expenses) on reinsurance held mainly consist of assumption changes that relate to (a reversal of) underlying onerous contracts, amounting to a gain of EUR 31 million (2022: gain of EUR 38 million), which is included in Other income / (charges). ∎ Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expecting long-term return is included in operating result. ∎ Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR 354 million (2022: a gain of EUR 614 million), which is included in Fair value items. ∎ Net reinsurance finance income / (expenses) on reinsurance held relate to changes in discount rates, amounting to a gain of EUR 84 million (2022: loss of EUR 70 million), which is included in Fair value items. ∎ Commissions and expenses, which are included in Other income / (charges), relate to items which can cannot be directly allocated to a specific line of business and restructuring charges. Other selected income statement items Americas United Kingdom International Asset Management Holding and other activities Total 2023 Amortization of deferred expenses and future servicing rights 24 2 1 6 - 33 Depreciation 64 12 5 2 14 97 Impairment losses / (reversals) on financial assets, excluding receivables 59 - - - - 59 Impairment losses / (reversals) on non- 32 - 21 - 7 60 2022 Amortization of deferred expenses and future servicing rights 34 2 3 - - 38 Depreciation 67 11 6 2 17 103 Impairment losses / (reversals) on financial assets, excluding receivables 78 - 13 - - 92 Impairment losses / (reversals) on non- 17 11 - - 18 46 Number of employees Number of employees Americas United Kingdom International Asset Management Holding and other activities Total 2023 Number of employees - headcount 6,967 2,591 3,654 1,409 1,037 15,658 Of which Aegon’s share of employees in joint ventures and associates 1) - 49 2,936 219 - 3,204 2022 Number of employees - headcount 6,153 2,621 4,281 1,464 958 15,478 Of which Aegon’s share of employees in joint ventures and associates - 62 3,239 206 - 3,507 1 Excludes a.s.r. as the results of this associate is not included in Operating result Summarized assets and liabilities per segment Americas United Kingdom International Asset manage- Holding and other activities Eliminations Total 2023 Assets Cash and Cash equivalents 1,042 200 106 246 2,479 - 4,074 Assets held for sale - 432 - - - - 432 Investments 161,715 102,795 1,678 176 18 - 266,382 Investments in joint ventures - - 1,034 397 - - 1,430 Investments in associates - - 5 279 2,622 - 2,906 Reinsurance contract assets 16,563 2 5,656 - - (5,613 ) 16,608 Insurance contract assets 181 - 3 - - - 185 Deferred expenses 428 19 - - - - 447 Other assets 6,486 1,818 183 359 8,095 (7,823 ) 9,118 Total assets 186,415 105,265 8,664 1,457 13,215 (13,436 ) 301,581 Liabilities Reinsurance contract liabilities 396 - 211 - - - 608 Insurance contract liabilities 136,116 40,329 6,628 - - (5,626 ) 177,446 Investment contracts with discretionary participating features - 21,594 - - - - 21,594 Investment contracts without discretionary participating features 35,181 40,085 - - - - 75,266 Liabilities held for sale / disposal groups - 389 - - - - 389 Other liabilities 11,257 1,418 219 397 3,660 (228 ) 16,723 Total liabilities 182,950 103,815 7,058 397 3,660 (5,854 ) 292,026 Americas The Nether- lands United Kingdom Interna- tional Asset manage- ment Holding and other activities Elimina- tions Total 2022 Assets Cash and Cash equivalents 1,097 - 182 116 367 1,639 - 3,402 Assets held for sale - 88,664 - - - - - 88,664 Investments 160,624 - 91,463 2,497 136 39 - 254,759 Investments in joint ventures - - - 959 471 - - 1,430 Investments in associates - 11 - 20 129 16 (11 ) 165 Reinsurance contract assets 16,520 - 369 6,273 - - (6,223 ) 16,939 Insurance contract assets 36 - - - - - - 36 Deferred expenses 432 - 20 - - - - 452 Other assets 9,652 1,076 1,973 336 146 16,455 (14,774 ) 14,864 Total assets 188,362 89,751 94,007 10,201 1,249 18,148 (21,008 ) 380,711 Liabilities Reinsurance contract liabilities 62 - - 208 - - - 270 Insurance contract liabilities 137,195 (0 ) 37,621 7,570 - - (6,266 ) 176,120 Investment contracts with discretionary participating features - - 21,055 - - - - 21,055 Investment contracts without discretionary participating features 32,788 - 32,440 - - - - 65,227 Liabilities held for sale / disposal groups - 84,183 - - - - - 84,183 Other liabilities 14,920 934 1,344 281 424 7,213 (2,196 ) 22,922 Total liabilities 184,965 85,117 92,460 8,059 424 7,213 (8,462 ) 369,777 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 United Kingdom International Asset Management Holding and other activities Eliminations Total 2023 Shares 267 16,192 23 9 - - 16,491 Debt securities 47,547 6,916 1,295 52 - - 55,811 Unconsolidated investment funds 92,520 74,719 173 - - - 167,411 Loans 10,156 2,269 3 - 18 - 12,446 Other financial assets 11,187 2,266 166 115 - - 13,735 Investments in real estate 38 433 17 - - - 488 Total investments on balance sheet 161,715 102,795 1,678 176 18 - 266,382 Off-balance 225,090 135,270 3,711 195,304 - - 559,375 Total revenue-generating investments 386,806 238,064 5,389 195,480 18 - 825,757 Investments Financial assets measured at FVOCI Backing insurance contracts without direct participation 42,973 - 1,439 - - - 44,412 Backing investment contracts without direct participation 5,854 - - - - - 5,854 Non-insurance - - 1 97 - - 98 Financial assets measured at FVPL Backing direct participation insurance contracts 67,532 40,008 173 - - - 107,714 Backing insurance contracts without direct participation 9,696 1,243 27 - - - 10,967 Backing direct participation investment contracts 24,988 22,771 - - - - 47,759 Backing investment contracts without direct participation 386 - 19 - - - 405 Non-insurance 92 38,339 - 27 - - 38,458 Financial assets measured at amortized cost 10,156 - 1 52 18 - 10,227 Investments in real estate 38 433 17 - - - 488 Total investments on balance sheet 161,715 102,795 1,678 176 18 - 266,382 Investments in joint ventures - - 1,034 397 - - 1,430 Investments in associates - - 5 279 2,622 - 2,906 Other assets 24,700 2,470 5,948 606 10,575 (13,436 ) 30,863 Consolidated total assets 186,415 105,265 8,664 1,457 13,215 (13,436 ) 301,581 Americas The United International Asset Holding and Eliminations Total 2022 Shares 315 - 15,518 21 7 1 - 15,863 Debt securities 51,008 - 6,455 1,864 15 - - 59,341 Unconsolidated investment funds 89,535 - 64,776 431 - - - 154,741 Loans 10,406 - 2,354 14 - 38 - 12,812 Other financial assets 9,318 - 1,917 150 114 - - 11,500 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 160,624 - 91,463 2,497 136 39 - 254,759 Off-balance 216,060 - 122,742 3,384 141,067 - - 483,253 Total revenue-generating investments 376,684 - 214,205 5,881 141,203 39 - 738,013 Investments Financial assets measured at FVOCI Backing insurance contracts without direct participation 46,665 - - 1,900 - - - 48,565 Backing investment contracts without direct participation 5,482 - - - - - - 5,482 Non-insurance - - - 81 96 - - 177 Financial assets measured at FVPL Backing direct participation insurance contracts 66,344 - 36,843 140 - - - 103,327 Backing insurance contracts without direct participation 8,164 - 1,083 305 - - - 9,552 Backing direct participation investment contracts 23,191 - 22,262 - - - - 45,453 Backing investment contracts without direct participation 285 - - 47 - - - 331 Non-insurance 46 - 30,832 - 40 1 - 30,918 Financial assets measured at amortized cost 10,406 - - 9 - 38 - 10,453 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 160,624 - 91,463 2,497 136 39 - 254,759 Investments in joint ventures - - - 959 471 - - 1,430 Investments in associates - 11 - 20 129 16 (11 ) 165 Other assets 27,399 89,740 2,544 6,726 513 18,094 (20,658 ) 124,357 Consolidated total assets 188,023 89,751 94,007 10,201 1,249 18,148 (20,669 ) 380,711 Insurance, reinsurance and investment contracts with discretionary participation feature Summarized assets and liabilities per segment Americas United International Eliminations Total 2023 Insurance contracts Direct participating contracts 70,436 39,687 193 - 110,315 Without direct participation contracts 65,499 642 6,393 (5,626 ) 66,907 Contracts measured under the PAA - - 39 - 39 Investment contracts with DPF Direct participating contracts - 21,594 - - 21,594 Insurance contracts and investment contracts without participation features 135,934 61,922 6,625 (5,626 ) 198,855 Reinsurance contracts held 16,166 2 5,445 (5,613 ) 16,000 Summarized assets and liabilities per segment Americas United International Eliminations Total 2022 Insurance contracts Direct participating contracts 69,163 36,694 187 - 106,044 Without direct participation contracts 67,996 927 6,944 (6,266 ) 69,600 Contracts measured under the PAA - - 439 - 439 Investment contracts with DPF Direct participating contracts - 21,055 - - 21,055 Insurance contracts and investment contracts without participation features 137,159 58,676 7,570 (6,266 ) 197,139 Reinsurance contracts held 16,458 369 6,065 (6,223 ) 16,669 |
Insurance revenue
Insurance revenue | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Insurance revenue | 6 Insurance revenue 2023 2022 Amounts related to changes in liability for remaining coverage Insurance Investment Insurance Investment Expected insurance claims and expenses 8,383 32 9,092 49 Earnings released from contractual service margin 952 17 1,029 11 Release of risk adjustment for non-financial 340 15 320 14 Allocated portion of consideration that relates to recovery acquisition costs 558 - 545 - Other (39 ) - (42 ) - Contracts not measured under the PAA 10,195 64 10,944 74 Contracts measured under the PAA 127 - 233 - Total Insurance revenue 10,322 64 11,178 74 The following table shows the revenue recognized on insurance and investments contracts with discretionary participating features by transition method. Other contracts comprise contracts transitioned under the full retrospective approach and contracts issued after the transition to IFRS 17. Revenue recognized on contracts in-force 2023 2022 Insurance contracts Related to contracts transitioned under the modified retrospective method 514 559 Related to contracts transitioned under the fair value approach 8,707 9,513 Other contracts 1,101 1,105 Total revenue reported in the period 10,322 11,178 Investment contracts with discretionary participating features Related to contracts transitioned under the fair value approach 64 74 Total revenue reported in the period 64 74 |
Insurance service expense
Insurance service expense | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Insurance service expense | 7 Insurance service expenses 2023 2022 Insurance Investment Insurance Investment Incurred claims and other incurred insurance service expenses (8,404 ) (36 ) (9,030 ) (54 ) Changes in fulfilment cash flows relating to incurred claims (17 ) - 8 - Onerous contract losses (and reversals) (1,079 ) - (1,247 ) - Amortization of insurance acquisition costs (558 ) - (545 ) - Contracts not measured under the PAA (10,058 ) (36 ) (10,815 ) (54 ) Contracts measured under the PAA (132 ) - (228 ) - Total insurance service expenses (10,190 ) (36 ) (11,043 ) (54 ) |
Net income _ (expenses) on rein
Net income / (expenses) on reinsurance held | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Net income / (expenses) on reinsurance held | 8 Net income / (expenses) on reinsurance held 2023 2022 Assumption changes that relate to (a reversal of) underlying onerous contracts 31 38 Experience adjustments that relate to (a reversal of) underlying onerous contracts 516 562 Release of the contractual service margin for services received (26 ) 63 Release of risk adjustment for non-financial (118 ) (134 ) Experience adjustments on current service (217 ) (280 ) Changes in fulfilment cash flows relating to incurred claims (2 ) (12 ) Loss on retrospective reinsurance (reinsurance purchased relating to incurred claims) (17 ) - New contracts issued/acquired: loss on initial recognition of underlying contracts 12 31 Establishing of loss recovery component from onerous underlying contracts 7 8 Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held (3 ) (2 ) Contracts not measured under the PAA 181 274 Contracts measured under the PAA 1 1 Net income / (expenses) on reinsurance held 182 275 |
Insurance Net Investment Result
Insurance Net Investment Result | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Insurance net investment result | 9 Insurance net investment result Insurance contracts Investment 2023 Note Direct Part Without Direct Part Total Insurance investment return Interest revenue on financial instruments calculated using the effective interest method 9.1 - 2,738 - 2,738 Interest revenue on financial instruments measured at FVPL 9.2 231 369 137 737 Other investment income 9.3 845 11 427 1,283 Results from financial transactions 9.4 11,446 (467 ) 1,322 12,302 Impairment (losses) / reversals 9.5 - (86 ) - (86 ) Interest expenses - (218) - (218) P&L impacts 12,523 2,347 1,886 16,756 Gains / (losses) on financial assets measured at FVOCI - 1,311 - 1,311 Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI - 577 - 577 OCI impacts - 1,888 - 1,888 Total insurance investment return 12,523 4,235 1,886 18,644 Insurance finance income / (expenses) – General model Interest accreted to insurance contracts - (3,098 ) - (3,098 ) Changes in interest rates and other financial assumptions - (1,587 ) - (1,587 ) Revaluation of changes in non-financial - (421 ) - (421 ) Insurance finance income / (expenses) – Variable fee approach Change in fair value of underlying assets of products with direct participating features (13,730 ) - (1,921 ) (15,651 ) Change in fulfilment value not recognized in CSM due to risk mitigation option 1,493 - - 1,493 Insurance finance income / (expenses) – Premium allocation approach Insurance finance expenses from PAA contracts - (12 ) - (12 ) Total insurance finance income / (expenses) (12,237 ) (5,118 ) (1,921 ) (19,276 ) Represented by: Amounts recognized in profit or loss (12,244 ) (3,485 ) (1,921 ) (17,650 ) Amounts recognized in OCI 7 (1,633 ) - (1,626 ) Reinsurance finance income / (expenses) on reinsurance held Interest accreted to reinsurance contracts - 630 - 630 Changes in interest rates and other financial assumptions - 283 - 283 Revaluation of changes in non-financial - 148 - 148 Changes in risk of non-performance - (12 ) - (12 ) Reinsurance finance income / (expenses) on reinsurance held - 1,048 - 1,048 Represented by: Amounts recognized in profit or loss - 699 - 699 Amounts recognized in OCI - 349 - 349 Insurance net investment result 285 165 (34 ) 415 Represented by: Amounts recognized in profit or loss 278 (440 ) (34 ) (196 ) Amounts recognized in OCI 7 604 - 611 Insurance contracts Investment 2022 Note Direct Part Without Direct Part Total Insurance investment return Interest revenue on financial instruments calculated using the effective interest method 9.1 - 2,898 - 2,898 Interest revenue on financial instruments measured at FVPL 9.2 182 265 128 575 Other investment income 9.3 701 31 421 1,153 Results from financial transactions 9.4 (24,716 ) (909 ) (3,880 ) (29,505 ) Impairment (losses) / reversals 9.5 - (95 ) - (95 ) Interest expenses - (97 ) - (97 ) P&L impacts (23,833 ) 2,092 (3,331 ) (25,072 ) Gains / (losses) on investments in equity instruments designated at FVOCI - 2 - 2 Gains / (losses) on financial assets measured at FVOCI - (14,571 ) - (14,571 ) Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI - 488 - 488 OCI impacts - (14,081 ) - (14,081 ) Total insurance investment return (23,833 ) (11,989 ) (3,331 ) (39,153 ) Insurance finance income / (expenses) – General model Interest accreted to insurance contracts - (3,045 ) - (3,045 ) Changes in interest rates and other financial assumptions - 18,495 - 18,495 Revaluation of changes in non-financial - 786 - 786 Insurance finance income / (expenses) – Variable fee approach Change in fair value of underlying assets of products with direct participating features 20,886 - 3,247 24,133 Change in fulfilment value not recognized in CSM due to risk mitigation option 3,323 - - 3,323 Insurance finance income / (expenses) – Premium allocation approach Insurance finance expenses from PAA contracts - (7 ) - (7 ) Total insurance finance income / (expenses) 24,208 16,230 3,247 43,685 Represented by: Amounts recognized in profit or loss 24,233 (2,475 ) 3,247 25,005 Amounts recognized in OCI (25 ) 18,705 - 18,680 Reinsurance finance income / (expenses) on reinsurance held Interest accreted to reinsurance contracts - 660 - 660 Changes in interest rates and other financial assumptions - (4,469 ) - (4,469 ) Revaluation of changes in non-financial - (267 ) - (267 ) Changes in risk of non-performance - 3 - 3 Reinsurance finance income / (expenses) on reinsurance held - (4,073 ) - (4,073 ) Represented by: Amounts recognized in profit or loss - 599 - 599 Amounts recognized in OCI - (4,672 ) - (4,672 ) Insurance net investment result 375 168 (84 ) 458 Represented by: Amounts recognized in profit or loss 400 217 (84 ) 532 Amounts recognized in OCI (25 ) (49 ) - (74 ) During the reporting period, Aegon did not change the basis of disaggregation of insurance finance income / (expenses) between the Income statement and OCI. 9.1 Interest revenue on financial instruments calculated using the effective interest method 2023 Without direct Total Debt securities and money market instruments 2,166 2,166 Loans 433 433 Other 139 139 At December 31 2,738 2,738 2022 Without direct Total Debt securities and money market instruments 2,479 2,479 Loans 425 425 Other (6 ) (6 ) At December 31 2,898 2,898 9.2 Interest revenue on financial instruments measured at FVPL Insurance contracts Investment 2023 Direct Part Without direct part. Direct Part Total Non-derivative 231 54 137 422 Non-derivative - 315 - 315 On December 31 231 369 137 737 Insurance contracts Investment 2022 Direct Part Without direct part. Direct Part Total Non-derivative 188 48 128 364 Non-derivative - 217 - 217 Non-derivative (5 ) - - (5 ) On December 31 182 265 128 575 9.3 Other investment income Insurance contracts Investment 2023 Direct Part Without direct part. Direct Part Total Dividend income 828 12 417 1,257 Rental income 17 (2 ) 11 26 On December 31 845 11 427 1,283 Insurance contracts Investment 2022 Direct Part Without direct part. Direct Part Total Dividend income 680 28 407 1,115 Rental income 20 4 14 38 On December 31 701 31 421 1,153 9.4 Results from financial transactions Insurance contracts Investment contracts with DPF 2023 Direct Part Without direct Direct Part Total Net fair value change of financial investments at fair value through profit or loss, other than derivatives Shares 800 13 413 1,225 Debt securities and money market investments 55 1,366 36 1,457 Unconsolidated investment funds 11,800 11 939 12,750 Other - 15 - 15 12,655 1,404 1,388 15,447 Net fair value change of derivatives Economic hedges where no hedge accounting is applied (95 ) 29 (48 ) (114 ) Bifurcated embedded derivatives - (1 ) - (1 ) Change in fair value of hedges on guarantees in products with direct participating features (1,085 ) - - (1,085 ) Ineffective portion of hedge transactions to which hedge accounting is applied - 3 - 3 (1,181 ) 31 (48 ) (1,197 ) Realized gains and (losses) on financial investments Debt securities and money market investments - (15 ) - (15 ) - (16 ) - (16 ) Realized gains and (losses) on financial investments comprised of: Investments measured at fair value through other comprehensive income (“FVOCI”) - (15 ) - (15 ) Other Gains and (losses) on investments in real estate (28 ) - (18 ) (46 ) Net fair value change on investments in real estate - 2 - 2 (28 ) 2 (18 ) (44 ) On December 31 11,446 1,421 1,322 14,190 Represented by: Assets designated at FVPL 12,627 (562 ) 1,370 13,435 Assets mandatorily measured at FVPL (1,181 ) 95 (48 ) (1,134 ) Other (i.e. FVOCI) - 1,888 - 1,888 Insurance contracts Investment 2022 Direct Part Without direct Direct Part Total Net fair value change of financial investments at fair value through profit or loss, other than derivatives Shares (1,566 ) (33 ) (950 ) (2,548 ) Debt securities and money market investments (1,153 ) (14,958 ) (737 ) (16,847 ) Unconsolidated investment funds (18,538 ) (38 ) (1,785 ) (20,360 ) Other - 329 - 329 (21,256 ) (14,699 ) (3,471 ) (39,427 ) Net fair value change of derivatives Economic hedges where no hedge accounting is applied (333 ) (361 ) (385 ) (1,080 ) Bifurcated embedded derivatives - (1 ) - (1 ) Change in fair value of hedges on guarantees in products with direct participating features (3,093 ) - - (3,093 ) Ineffective portion of hedge transactions to which hedge accounting is applied - (3 ) - (3 ) (3,427 ) (364 ) (385 ) (4,176 ) Realized gains and (losses) on financial investments Loans - 36 - 36 - 35 - 35 Realized gains and (losses) on financial investments comprised of: Investments measured at amortized cost - 36 - 36 Other Gains and (losses) on investments in real estate (33 ) - (23 ) (56 ) Net fair value change on investments in real estate - 1 - 1 Net foreign currency gains and (losses) - 37 - 37 (33 ) 38 (23 ) (18 ) On December 31 (24,716 ) (14,990 ) (3,880 ) (43,586 ) Represented by: Assets designated at FVPL (21,289 ) (714 ) (3,495 ) (25,498 ) Assets mandatorily measured at FVPL (3,427 ) (194 ) (385 ) (4,006 ) Other (i.e. FVOCI) - (14,081 ) - (14,081 ) 9.5 Impairment (losses) / reversals 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (77 ) (121 ) Loans (15 ) 10 Other - 6 Impairment reversals on financial assets, excluding receivables Debt securities and money market investments 37 26 Impairment losses and reversals on non-financial (31 ) (17 ) On December 31 (86 ) (95 ) |
Other net investment result
Other net investment result | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Other net investment result | 10 Other net investment result Note 2023 2022 Interest revenue on financial instruments calculated using the effective interest method 10.1 599 409 Interest revenue on financial instruments measured at FVPL 10.2 89 49 Other investment income 10.3 550 411 Results from financial transactions 10.4 6,929 (10,656 ) Impairment (losses) / reversals 10.5 (33 ) (43 ) Investment contract income / (expenses) (7,851 ) 9,808 Interest expenses (45 ) (3 ) On December 31 238 (26 ) 10.1 Interest revenue on financial instruments calculated using the effective interest method 2023 2022 Debt securities and money market instruments 457 405 Other 142 3 On December 31 599 409 10.2 Interest revenue on financial instruments measured at FVPL 2023 2022 Non-derivative 89 49 On December 31 89 49 10.3 Other investment income 2023 2022 Dividend income 547 410 Rental income 3 1 On December 31 550 411 10.4 Results from financial transactions Net fair value change of financial investments at fair value through profit or loss, other than derivatives 2023 2022 Shares 195 (281 ) Debt securities and money market investments 46 (222 ) Unconsolidated investment funds 6,805 (9,961 ) 7,047 (10,463 ) Net fair value change of derivatives Economic hedges where no hedge accounting is applied (8 ) (162 ) Bifurcated embedded derivatives 5 29 Ineffective portion of hedge transactions to which hedge accounting is applied 3 4 - (129 ) Realized gains and (losses) on financial investments Debt securities and money market investments (113 ) (58 ) (113 ) (58 ) Comprised of: Investments measured at fair value through other comprehensive income (“FVOCI”) (113 ) (58 ) Other Net fair value change on investments in real estate (6 ) (5 ) Net foreign currency gains and (losses) 2 (1 ) (4 ) (6 ) On December 31 6,929 (10,656 ) Represented by: Assets designated at FVPL 7,043 (10,466 ) Assets mandatorily measured at FVPL 3 3 Other (i.e. FVOCI) (117 ) (192 ) 10.5 Impairment (losses) / reversals 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (4 ) (13 ) Impairment losses and reversals on non-financial (29 ) (30 ) On December 31 (33 ) (43 ) |
Financing net investment result
Financing net investment result | 12 Months Ended |
Dec. 31, 2023 | |
Statement 1 [Line Items] | |
Financing net investment result | 11 Financing net investment result Note 2023 2022 Interest charges 11.1 (182 ) (182 ) Other financing income - 5 On December 31 (182 ) (178 ) 11.1 Interest charges 2023 2022 Subordinated loans (115 ) (119 ) Trust pass-through securities (9 ) (9 ) Borrowings (58 ) (54 ) On December 31 (182 ) (182 ) |
Aegon Ltd. [member] | |
Statement 1 [Line Items] | |
Financing net investment result | 4 Results from financial transactions 2023 2022 Net fair value change of derivatives 19 (30 ) Net foreign currency gains and (losses) 1 - Total 21 (30 ) 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. |
Fees and commission income
Fees and commission income | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Fees and commission income | 12 Fees and commission income 2023 2022 Fee income from asset management 1,967 2,079 Commission income 21 23 Other fee and commission income 174 171 On December 31 2,163 2,272 Included in fees and commission income: Fees on trust and fiduciary activities 220 248 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Operating Expense [Abstract] | |
Other operating expenses | 13 Other operating expenses 2023 2022 Insurance related Non-Insurance related Insurance related Non-Insurance related Policyholder claims and benefits 6,965 - 7,736 - Onerous contract losses (and reversals) 1,081 - 1,250 - Commissions 1,403 1,069 1,214 1,011 Handling and clearing fees - 32 1 31 Right of use assets - interest expense - 7 - 7 Employee expenses 604 1,107 637 1,059 Administration expenses 551 780 594 669 Deferred transaction expenses - (29 ) - (28 ) Amortization of deferred expenses - 21 - 28 Amortization of other intangibles - 13 - 9 Total 10,604 3,000 11,433 2,786 Amounts attributed to insurance acquisition cash flows (see cash flow in note 29) (956 ) - (903 ) - Amortization of insurance acquisition cash flows (see note 6/7) 558 - 545 - Amortization of insurance acquisition cash flows PAA 19 - 22 - Total other operating expenses 10,226 3,000 11,097 2,786 Employee expenses 2023 2022 Salaries 1,131 1,138 Post-employment benefit costs 125 117 Social security charges 107 101 Other personnel costs 294 292 Shares 54 48 Total 1,711 1,696 Included in employee expenses: Defined contribution expenses 57 48 Other operating expenses that arise directly from or can be allocated to the fulfillment of insurance contracts or investment contracts with discretionary participating features, are considered insurance service expenses and recognized in the income statement as the services under the contract are provided (see Notes 6 and 7). Other operating expenses that do not meet the definition of fulfillment cash flows, including unexpected amounts of waste labor and other resources (e.g. start-up 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 pay-out pay-out ex-ante ex-post Variable Compensation Material Risk Takers The Executive Director, members of the Executive Committee and certain other senior employees are classified as Material Risk Takers in accordance with BMA Insurance Code of Conduct, and through 2023 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 paid-out pay-out pay-out ex-ante ex-post Shares as Fixed Compensation Selected members of the Executive Committee 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 vest following approval of the Company’s Annual Accounts by the Board of Directors, or the payout is deferred until the Company’s Annual Accounts have been approved by the Board three years after the plan year. In the former case, these paid-out pay-out. Shares as part of a Sign-on Employees may be offered a sign-on sign-on 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 Number of shares per plan year 2019 2020 2021 2022 2023 Total Conditionally granted 1) 7,378,113 8,381,086 9,449,451 7,495,307 7,932,942 40,636,899 Allocated 2) 6,761,360 6,522,324 13,297,242 10,953,082 1,511,212 39,045,220 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 2019 2020 2021 2022 2023 Total Unvested on January 1, 2022 6,796,979 6,997,435 11,825,532 - - 25,619,946 Conditionally granted as variable compensation 1) - - - 7,495,307 - 7,495,307 Allocated 2) 3,445 1,832 3,847,791 2,136,074 - 5,989,142 Forfeited (103,121 ) (262,567 ) (1,050,197 ) - - (1,415,885 ) Vested (2,899,400 ) (327,134 ) (835,534 ) (183,739 ) - (4,245,807 ) Unvested on December 31, 2022 3,797,903 6,409,566 13,787,592 9,447,642 - 33,442,703 Conditionally granted as variable compensation 1) - - - - 7,932,942 7,932,942 Allocated 2) 95,653 130,020 (16,864 ) 1,321,701 1,511,212 3,041,722 Forfeited (142,634 ) (232,905 ) (437,677 ) (182,796 ) (49,968 ) (1,045,980 ) Vested (3,750,922 ) (2,645,290 ) (747,687 ) (663,161 ) (31,033 ) (7,838,093 ) Unvested on December 31, 2023 - 3,661,391 12,585,364 9,923,386 9,363,153 35,533,294 Grant price (in EUR) 3) 4.162 4.083 3.293 4.491 4.833 Fair value of shares at grant date (in EUR) 4) 2.741 to 1.794 to 1.625 to 3.341 to 3.555 to 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 2023 plan year, this is the VWAP for the period December 15, 2022 to January 15, 2023. 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. See the Remuneration Report for detailed information on conditional shares granted to the Executive Director. |
Commissions and expenses
Commissions and expenses | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Commissions and expenses | 5 Commissions and expenses 2023 2022 Employee expenses 82 82 Administration expenses 80 63 Cost sharing to group companies (58 ) (76 ) Total 104 68 |
Interest charges and related fe
Interest charges and related fees | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Interest charges and related fees | 6 Interest charges and related fees 2023 2022 Subordinated borrowings 69 72 Borrowings 53 52 Other 14 3 Total 137 127 |
Other income _ (charges)
Other income / (charges) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Other income / (charges) | 14 Other income / (charges) 2023 2022 Other income 35 341 Other charges (92) - On December 31 (57) 341 The other charges in 2023 mainly relate to the book loss of the divestment of Aegon’s businesses in Poland and Romania to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), amounting to EUR 78 million. 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 237 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 91 million. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Income tax | 15 Income tax 2023 2022 Current tax Current year 4 (6 ) Adjustments to prior years (9 ) (3 ) Total current tax (5 ) (9 ) Deferred tax Origination / (reversal) of temporary differences (247 ) 43 Changes in tax rates / bases 1 5 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 9 8 Non-recognition 61 9 Adjustments to prior years (27 ) 16 Total deferred tax (204 ) 80 Income tax for the period (income) / charge (209 ) 71 Reconciliation between standard and effective income tax: 2023 2022 Result before tax (391 ) 827 Income tax calculated using weighted average applicable statutory tax rates (94 ) 188 Difference due to the effects of: Non-taxable (39 ) (103 ) Non-tax 12 15 Changes in tax rate/base 1 24 Different tax rates on overseas earnings 3 3 Tax credits (34 ) (43 ) Other taxes - (17 ) Adjustments to prior years (36 ) 12 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 9 8 Non-recognition 20 9 Tax effect of (profit) / losses from joint ventures and associates (47 ) (19 ) Other (3 ) (7 ) (115 ) (118 ) Income tax for the period (income) / charge (209 ) 71 In September 2023, the legal seat of Aegon N.V. was redomiciled to Bermuda. Headquarters remained in the Netherlands and the company remained a Dutch tax resident. The weighted average applicable statutory tax rate for 2023 is 24.1% (2022: 22.8%). The weighted average applicable statutory tax rate increased compared to 2022 due to the relatively high contribution of negative income before tax in the United States versus positive income from equity accounted joint ventures and associates which is presented net of tax in the consolidated income statement. Non-taxable non-taxable non-taxable In the United Kingdom, the corporate income tax rate increased from 19% to 25% as of April 1, 2023. The beneficial impact of this tax rate change was included in the 2022 change in tax rate/base. 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 higher compared to 2022 due to favorable investment markets which yielded higher policyholder taxes in the United Kingdom, offset against state tax benefits in the United States due to pretax losses. In 2023, adjustments to prior years mainly consist of adjustments to the 2022 dividend received deduction in the United States. Non-recognition The following tables present income tax related to components of other comprehensive income and retained earnings. 2023 2022 Items that will not be reclassified to profit and loss: Remeasurements of defined benefit plans 17 (249 ) Total items that will not be reclassified to profit and loss 17 (249 ) Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of FVOCI investments (487 ) 3,499 Revaluation reserve - Insurance contracts 397 (4,211 ) Revaluation reserve - Reinsurance contracts (126 ) 1,243 Changes in cash flow hedging reserve 42 42 Movement in foreign currency translation and net foreign investment hedging reserve 3 (12 ) Total items that may be reclassified subsequently to profit and loss (171 ) 561 Total income tax related to components of other comprehensive income (154 ) 312 Note 2023 2022 Income tax related to equity instruments and other Income tax related to equity instruments 26 17 2 Other 1 1 Total income tax recognized directly in retained earnings 18 3 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Income tax | 7 Income tax 2023 2022 Current tax Current tax 19 47 Income tax for the period (result) / charge 19 47 Reconciliation between standard and effective tax Result before tax (133 ) (204 ) Tax on result at Dutch corporate result tax rate 34 53 Differences due to the effect of: Prior year adjustments (2 ) - Non deductible expenses (14 ) (7 ) Total 19 47 |
Shares in group companies
Shares in group companies | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Shares in group companies | 8 Shares in group companies 2023 2022 On January 1 10,338 26,042 Restated opening balance 1) - (12,795 ) On January 1 (restated) 10,338 13,247 Capital contributions and acquisitions 3,752 36 Dividend received (6,613 ) (1,634 ) Net result for the financial year (65 ) (411 ) Revaluations 1,124 (900 ) On December 31 8,536 10,338 1 Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Capital contributions and acquisitions relates to executed capital contributions from the parent company to the business units and also reflects the impact of legal changes within the Group. The movement in 2023 is predominantly reflecting the completion of the combination with a.s.r. Dividend received is reflecting the upstream of dividends from the business units to the parent company. The movement in 2023 is largely related to the upstream of the proceeds from the divestment of Aegon the Netherlands. For a list of names and locations of the most important group companies, see note 43 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, 2023 | |
Text block [abstract] | |
Earnings per share | 16 Earnings per share The Group has applied the option from IAS 32 to recognize some of the Group’s ordinary shares held as underlying items of direct participating contracts as if they were financial assets. These shares are treated as outstanding shares (i.e. not treasury shares) and therefore not deducted from the number of shares outstanding. 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 Continuing and discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing and discontinued operations (179 ) (570 ) Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations (227 ) (606 ) Net result attributable to common shareholders from continuing and discontinued operations (225 ) (602 ) Net result attributable to common shareholders B from continuing and discontinued operations (1 ) (4 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing and discontinued operations (0.12 ) (0.30 ) Basic earnings per common share B (EUR per share) from continuing and discontinued operations - (0.01 ) Continuing operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing operations (162 ) 727 Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing operations (210 ) 691 Net result attributable to common shareholders from continuing operations (209 ) 686 Net result attributable to common shareholders B from continuing operations (1 ) 5 Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing operations (0.11 ) 0.34 Basic earnings per common share B (EUR per share) from continuing operations - 0.01 Discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from discontinued operations (17 ) (1,296 ) Net result attributable to owners for basic earnings per share calculation from discontinued operations (17 ) (1,296 ) Net result attributable to common shareholders from discontinued operations (16 ) (1,288 ) Net result attributable to common shareholders B from discontinued operations - (9 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from discontinued operations (0.01 ) (0.64 ) Basic earnings per common share B (EUR per share) from discontinued operations - (0.02 ) 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, 2023 | |
Text block [abstract] | |
Dividend per common share | 17 Dividend per common share Final dividend 2023 Aegon aims to pay a sustainable dividend to allow equity investors to participate in the company’s performance. The Board of Directors will, in the absence of unforeseen circumstances, propose a final dividend for 2023 of EUR 0.16 per common share at the Annual General Meeting of Shareholders to be held on June 12, 2024. Although not formally required under Aegon’s current bye-laws, bye-laws If the proposed dividend is approved by shareholders, Aegon’s shares will be quoted ex-dividend In addition to the 2023 final dividend, it is proposed to execute a EUR 35 million share buyback to avoid diluting the stock related to long-term incentive compensation (LTIC) share rewards. This share buyback will be added to the final tranche of the running EUR 1.5 billion share buyback program, bringing the total size of the program to EUR 1.535 billion. The execution of the final tranche is aimed to start on April 8, 2024 and to be completed on or before June 30, 2024. The Board of Directors is authorized to execute this share buyback, based on the authorization granted to it during the 2023 AGM. Interim dividend 2023 Aegon paid a 2023 interim dividend of EUR 0.14 per common share and EUR 0.0035 per common share B. The dividend was paid on September 27, 2023. Final dividend 2022 At the Annual General Meeting of Shareholders held on May 25 2023, the Executive Board of Aegon N.V. proposed a final dividend for the year 2022 of EUR 0.12 per common share and EUR 0.003 per common share B. In combination with the interim dividend 2022 of EUR 0.11 per common share, Aegon’s total dividend over 2022 amounted to EUR 0.23 per common share and EUR 0.00575 per common share B. Aegon has moved to a cash-only dividend. 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. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Cash and cash equivalents | 18 Cash and cash equivalents 2023 2022 2021 Cash at bank and in hand 1,614 1,827 3,638 Short-term deposits 340 345 1,576 Money market investments 2,120 1,230 1,675 On December 31 4,074 3,402 6,889 Cash collateral related to securities lending, repurchase agreements and margins on derivatives transactions 3,416 5,072 5,776 Income from security lending programs 7 7 3 Weighted effective interest rate on short-term deposits 3.90% 1.70% (0.72% ) Average maturity on short-term deposits (in days) 11 17 16 The carrying amounts disclosed reasonably approximate the fair values at 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 (see note 35 Other liabilities). Also, see note 40 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. Cash and cash equivalent balances that are not available for use by the group is EUR 98 million (2022: EUR 93 million). Note 2023 2022 2021 Cash and cash equivalents 4,074 3,402 6,889 Cash classified as Assets held for sale - 5,085 - Net cash and cash equivalents 4,074 8,486 6,889 Summary cash flow statement 2023 2022 2021 Net cash flows from operating activities 864 2,672 (1,796 ) Net cash flows from investing activities (1,996 ) 733 (54 ) Net cash flows from financing activities (3,241 ) (1,834 ) 300 Net increase / (decrease) in cash and cash equivalents (4,373 ) 1,570 (1,550 ) Net cash and cash equivalents on December 31, are impacted by: Positive (negative) effects of changes in exchange rates (38 ) 55 67 Analysis of cash flows 2023 compared to 2022 Net cash flows from operating activities Total net cash flow from operating activities decreased by EUR 1,808 million to a EUR 864 million inflow (2022: EUR 2,672 million inflow). Mainly due to: ∎ Changes in results from financial transactions (see note 9 Insurance net investment result and note 10 Other net investment result), partly offset by changes in financial results from insurance and investment contracts (see note 29 on (re-) ∎ The net disposal of investments (see note 19 Investments). Net cash flows from investing activities Net cash flows from investing activities decreased by EUR 2,729 million to a EUR 1,996 million outflow (2022: EUR 733 million inflow). This is mainly driven by net cash outflows related to the disposal of Aegon the Netherlands (see note 42 Companies and businesses acquired and divested and note 45 Held for sale and discontinued operations). Net cash flows from financing activities Net cash flow from financing activities decreased by EUR 1,407 million to a EUR 3,241 million outflow (2022: EUR 1,834 million outflow). The decrease is mainly driven by proceeds of borrowings (see note 31 Borrowings). 2022 compared to 2021 Based on IFRS the 2022 comparative information is restated for IFRS 9 and IFRS 17. In line with IFRS, the 2021 comparative information is not restated for IFRS 9 and IFRS 17 and therefore the analysis presented below is based on IFRS 4 and IAS 39 classifications. Net cash flows from operating activities Total net cash flow from operating activities increased by EUR 4,918 million to a EUR 2,672 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, partially offset by outflow from insurance and investment liabilities and by the increased outflow from results from financial transactions. Net cash flows from investing activities Net cash flows from investing activities increased by EUR 787 million to a EUR 733 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. Net cash flows from financing activities Net cash flow from financing activities decreased by EUR 2,134 million to a EUR 1,834 million outflow (2021: EUR 300 million inflow). The increase is a result of lower repayments of borrowings and higher proceeds, partially offset by higher purchases of treasury shares. Reconciliation of liabilities arising from financing activities The table below shows the reconciliation between the net cash flows from financing activities and the liabilities as included in the consolidated statement of financial position. Cash flows Non-cash changes Reconciliation of debt from financing activities January 1, 2023 Addition Repayment Disposal of a business Realized gains / losses in income statement Move- ments related to fair value hedges Amortiza- tion Transfers to disposal groups Net exchange difference December 31, 2023 Subordinated borrowings 2,295 - - - - - 3 - (54 ) 2,244 Trust pass-through securities 118 - - - - (3 ) (1 ) - (4 ) 111 Borrowings 4,051 1,604 (3,239 ) (8 ) - - 2 - (54 ) 2,356 Assets held to hedge Trust pass-through securities (11 ) - - - (3 ) - - - - (14 ) Cash flows Non-cash changes Reconciliation of debt from financing activities January 1, 2022 Addition Repayment Disposal of a business Realized gains / losses in income statement Move- ments related to fair value hedges Amortiza- tion Transfers to disposal groups Net exchange difference December 31, 2022 Subordinated borrowings 2,194 - - - - - 3 - 98 2,295 Trust pass-through securities 126 - - - - (15 ) (1 ) - 8 118 Borrowings 9,661 3,569 (4,086 ) - - - 1 (5,227 ) 133 4,051 Assets held to hedge Trust pass-through securities 3 - - - (15 ) - - - - (11 ) |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Investments | 19 Investments Insurance related 2023 Insurance contracts Investment contracts with DPF Investments Direct Part. Without direct part. Direct Part. Without direct part. Non-Insur- ance related Total Financial assets measured at FVOCI – with recycling - 44,404 - 5,854 97 50,354 Financial assets measured at FVOCI – no recycling - 9 - - 1 10 Financial assets measured at amortized cost - 7,941 - 2,216 70 10,227 Financial assets measured at FVPL – designated 107,714 2,078 47,759 19 38,347 195,916 Financial assets measured at FVPL – mandatory - 8,889 - 386 111 9,386 Total financial assets, excluding derivatives 107,714 63,321 47,759 8,474 38,626 265,894 Investments in real estate 227 55 152 - 54 488 Total investments 107,941 63,376 47,911 8,474 38,680 266,382 Insurance related 2022 Insurance contracts Investment contracts with DPF Investments Direct Part. Without direct part. Direct Part. Without direct part. Non-Insur- ance related Total Financial assets measured at FVOCI – with recycling - 48,556 - 5,482 176 54,214 Financial assets measured at FVOCI – no recycling - 9 - - 1 10 Financial assets measured at amortized cost - 8,254 - 2,159 39 10,453 Financial assets measured at FVPL – designated 103,327 1,833 45,453 47 30,843 181,503 Financial assets measured at FVPL – mandatory - 7,719 - 285 75 8,079 Total financial assets, excluding derivatives 103,327 66,371 45,453 7,972 31,134 254,257 Investments in real estate 236 59 168 - 40 502 Total investments 103,562 66,430 45,620 7,972 31,174 254,759 Of the debt securities, money market and other short-term investments, mortgage loans and private loans EUR 8,727 million is current (December 2022: EUR 7,305 million). See note 38 “Fair Value” for information on fair value measurement, including loans that are held at amortized cost. 19.1 Financial assets, excluding derivatives, by measurement category 2023 Financial assets, excluding derivatives, by measurement category FVOCI (With recycling) FVOCI (no recycling) Amortized cost FVPL (designated) FVPL (mandatory) Total Fair value Investments where Aegon bears the risk for investment performance Shares - 10 - - 291 300 300 Debt securities 47,191 - 52 1,538 858 49,639 49,639 Money market and other short-term investments 3,135 - - 215 3,999 7,349 7,349 Deposits with financial institutions - - 18 - - 18 18 Mortgage loans - - 10,157 - - 10,157 9,025 Other 29 - 1 773 4,239 5,040 5,040 Total 50,354 10 10,227 2,526 9,386 72,504 71,371 2022 Financial assets, excluding derivatives, by measurement category FVOCI (With recycling) FVOCI (no recycling) Amortized cost FVPL (designated) FVPL (mandatory) Total Fair value Investments where Aegon bears the risk for investment performance Shares - 10 - - 348 358 358 Debt securities 51,607 - - 1,241 799 53,647 53,647 Money market and other short-term investments 2,576 - - 167 2,876 5,618 5,618 Deposits with financial institutions - - 45 - - 45 45 Mortgage loans - - 10,406 - - 10,406 9,218 Other 31 - 1 532 4,056 4,619 4,619 Total 54,214 10 10,453 1,940 8,079 74,694 73,505 In both 2022 and 2023 no significant transactions took place with respect to Shares recognized at FVOCI. No 0 2023 2022 Financial assets, excluding derivatives, by measurement category FVPL (designated) FVPL (designated) Investments where policyholders bear the risk for investment performance Shares 16,191 15,505 Debt securities 6,172 5,694 Money market and other short-term investments 1,346 1,263 Unconsolidated investment funds 167,411 154,741 Deposits with financial institutions 2,271 2,360 Total 193,390 179,563 During the period ended December 31, 2023 the Group has not made changes to its business model or reclassified financial assets. See note 38 “Fair Value” for a summary of all financial assets and financial liabilities measured at fair value through profit or loss. See note 40 Transfers of financial assets for a discussion of collateral received and paid. 19.2 Investment properties 2023 2022 On January 1 502 3,206 Additions 42 41 Subsequent expenditure capitalized 2 12 Disposals (18 ) (83 ) Fair value gains / (losses) (50 ) (112 ) Transfers to disposal groups - (2,545 ) Transfers to other headings - 7 Net exchange differences 9 (24 ) On December 31 488 502 Value of Aegon’s properties, which were appraised in the current year 99 % 99 % Appraisals performed by independent external appraisers 95 % 95 % |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Derivatives | 20 Derivatives Derivative assets Derivative liabilities Insurance related Insurance related 2023 Insurance contracts Invest- ment contracts with DPF Insurance contracts Invest- ment contracts with DPF Derivatives Direct Part. Without direct part. Direct Part. Non- Insurance related Total Direct Part. Without direct part. Direct Part. Non-Insur- ance related Total FVPL - mandatorily Derivatives not designated in a hedge 35 1,171 25 7 1,238 296 823 300 47 1,466 Derivatives designated as fair value hedges - 4 - 1 4 - 4 - - 4 Derivatives designated as cash flow hedges - 147 - - 147 - 961 - - 961 Derivatives designated as net foreign investment hedges - - - 39 39 - - - 48 48 Total 35 1,322 25 46 1,429 296 1,788 300 96 2,479 Segregated by: Derivatives where Aegon bears the risk for financial performance - 1,322 - 40 1,361 - 1,788 - 90 1,878 Derivatives where the policyholder bears the risk for financial performance 35 - 25 7 67 296 - 300 5 601 Derivative assets Derivative liabilities Insurance related Insurance related 2022 Insurance contracts Invest- ment contracts with DPF Insurance contracts Invest- ment contracts with DPF Derivatives Direct Part. Without direct part. Direct Part. Non- Insurance related Total Direct Part. Without direct part. Direct Part. Non-Insur- ance related Total FVPL - mandatorily Derivatives not designated in a hedge 29 2,392 20 5 2,445 344 3,182 366 65 3,958 Derivatives designated as fair value hedges - 3 - - 4 - 4 - - 4 Derivatives designated as cash flow hedges - 204 - - 204 - 1,108 - - 1,108 Derivatives designated as net foreign investment hedges - - - 118 118 - - - 104 104 Total 29 2,599 20 123 2,771 344 4,295 366 170 5,175 Segregated by: Derivatives where Aegon bears the risk for financial performance - 2,599 - 119 2,718 - 4,295 - 165 4,459 Derivatives where the policyholder bears the risk for financial performance 29 - 20 5 53 344 - 366 5 715 Where Aegon hedges minimum guarantees embedded in VFA products, the change in the fulfillment cash flows relating to the hedged position is recognized in income rather than being booked to the Contractual Service Margin. In 2023, the amount booked to income was EUR 1,481 million (2022: EUR 3,341 million). The decrease in derivatives assets and derivative liabilities is mainly the result of increasing interest rates in 2023. The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. For more details on fair value measurement of derivatives see note 38 Fair value. Use of derivatives Derivatives not designated in a hedge Derivative asset Derivative liability Derivatives not designated in a hedge – where Aegon bears the risk 2023 2022 2023 2022 Derivatives held as an economic hedge 1,171 2,392 812 3,197 Bifurcated embedded derivatives - - 53 46 Total 1,171 2,392 865 3,242 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. Credit Default Swaps Aegon has entered into free-standing credit derivative transactions. The positions outstanding at the end of the year were: 2023 2022 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 3 - 5 - AA 97 1 177 2 A 1,021 16 964 9 BBB 2,746 52 3,446 18 BB 119 1 144 (1 ) B or lower 57 - 86 - Total 4,043 71 4,820 28 The use of credit default swaps (CDS) is to create synthetic bonds. Aegon US uses credit default swaps to replicate or synthesize bonds, this is done via Replication (Synthetic Asset) Transactions (RSAT). This is an insurance industry concept which allows insurance companies to use a derivative in conjunction with a cash investment to reproduce the investment characteristics of an otherwise permissible investment. There are three main types of RSAT transactions: ∎ single asset replications ∎ RSATs involving indices ∎ RSATs involving baskets of assets In each case the approach allows Aegon US to access credit risk in derivative form by using credit default swaps in conjunction with cash or sovereign bonds to replicate (synthetically create) corporate bonds. The table above provides a breakdown in credit quality of these credit derivatives. Derivatives designated as fair value hedges Aegon’s fair value hedges include 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. 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. 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 21 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 20 years. The cash flows from these hedging instruments are expected to affect the profit and loss for approximately the next 39 years. For the year ended December 31, 2023, the contracts for which cash flow hedge accounting was terminated resulted in deferred gains of EUR 75 million (2022: EUR 12 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, 2023, none of Aegon’s active 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. All reported discontinued cash flow hedges are a product of completed forecasted transactions at which point the hedges were unwound. 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 33 years. These agreements involve the exchange of the underlying principal amounts. Hedge ineffectiveness and reclassification of gains (losses) 2023 2022 Hedge ineffectiveness on cash flow hedges 3 (3 ) Gains (losses) reclassified from equity into the income statement 20 (102 ) Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 114 116 The periods when the cash flows are expected to occur are as follows: < 1yr 1 < 2 yrs 2 < 3 yrs 3 < 4 yrs 4 < 5 yrs > 5 yrs Total 2023 Cash inflows 282 253 260 286 341 7,509 8,930 Cash outflows 560 224 244 266 271 12,248 13,813 Net cash flows (277 ) 28 16 19 70 (4,740 ) (4,883 ) < 1yr 1 < 2 yrs 2 < 3 yrs 3 < 4 yrs 4 < 5 yrs > 5 yrs Total 2022 Cash inflows 1,552 1,295 1,060 964 933 10,039 15,843 Cash outflows 1,937 1,285 1,037 962 934 17,914 24,068 Net cash flows (385 ) 10 23 3 (2 ) (7,875 ) (8,225 ) 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. Actions as described in the transition plan have been implemented. In July 2020, the discount rates of EUR cleared derivatives switched from EONIA to € € The majority of the fair value and cash flow hedges were 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 was implemented via the International Swaps and Derivatives (“ISDA”) fallback protocol and rulebook changes by the clearing houses. The relevant USD LIBOR benchmark rates were available for existing contracts until mid-2023 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. Terms and conditions of hedging instruments The following table sets out the maturity profile and average price/rate of the hedging instruments used in Aegon’s hedging strategies: 2023 Maturity Up to 1 month 1-3 months 3-12 months 1-5 years > 5 years Fair value hedges Interest rate contracts Notional - - - 88 21 Foreign exchange contracts Notional - - - - 8 Cash flow hedges Interest rate contracts Notional - - - - 5,540 Average fixed interest rate - - - - 2.83 % Foreign exchange contracts Notional - - - 121 835 Average exchange rate EUR/USD - - - 1.16 1.13 Average exchange rate EUR/GBP - - - - - Average exchange rate USD/EUR - - - 0.87 0.88 Average exchange rate USD/GBP - - - 0.74 0.76 Average exchange rate GBP/EUR - - - 1.35 1.32 Average exchange rate GBP/USD - - - - - Net investment hedges Foreign exchange - FX forward Notional (8 ) (1 ) - - - Average exchange rate EUR/USD 0.91 0.91 - - - Average exchange rate EUR/GBP 1.15 - - - - 2022 Maturity Up to 1 month 1-3 months 3-12 months 1-5 years > 5 years Fair value hedges Interest rate contracts Notional - - - 87 26 Foreign exchange contracts Notional - - - - 8 Cash flow hedges Interest rate contracts Notional - - - - 6,738 Average fixed interest rate - - - - 2.90% Foreign exchange contracts Notional - - - 88 788 Average exchange rate EUR/USD - - - 1.18 1.14 Average exchange rate EUR/GBP - - - - - Average exchange rate USD/EUR - - - 0.85 0.88 Average exchange rate USD/GBP - - - 0.75 0.75 Average exchange rate GBP/EUR - - - - - Average exchange rate GBP/USD - - - 1.34 1.34 Net investment hedges Foreign exchange - FX forward Notional (4 ) 23 (5 ) - - Average exchange rate EUR/USD 0.94 0.94 0.94 - - Average exchange rate EUR/GBP 1.13 1.13 1.13 - - Impacts of hedge accounting in the statement of financial position, statement of comprehensive income and statement of changes in equity The following table contains details of the hedging instruments used in Aegon’s hedging strategies that are booked under line item “Derivatives” in the consolidated statement of financial position: 2023 Carrying amounts Notional Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Fair value hedges Interest rate contracts 109 1 4 - Foreign exchange contracts 8 4 - 1 Cash flow hedges Interest rate contracts 5,540 42 950 106 Foreign exchange contracts 956 105 11 (44 ) Net investment hedges Foreign exchange - FX forward (9 ) 39 48 - 2022 Carrying amounts Notional Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Fair value hedges Interest rate contracts 113 - 4 (3 ) Foreign exchange contracts 8 3 - - Cash flow hedges Interest rate contracts 6,738 55 1,102 (383 ) Foreign exchange contracts 876 149 6 116 Net investment hedges Foreign exchange - FX forward 14 118 104 - The following table contains details of the hedged exposures covered by Aegon’s hedging strategies that are booked under line item “Derivatives” in the consolidated statement of financial position: 2023 Carrying amounts Accumulated amount of fair value adjustments on the hedged item Cash flow hedge / currency translation reserve Assets Liabilities Assets Liabilities Balance sheet line item Change in fair value of hedged item for ineffec- tiveness assessment Continuing hedges Discontinued hedges Fair value hedges Corporate Debt Hedge Program - 67 - (13 ) Trust pass-through securities 3 n.a. n.a. Offshore Liability Hedge Program - 12 - 2 Investment contracts without discretionary participating features - n.a. n.a. Synthetic Asset Fair value hedges 34 - 4 - Investments 1 n.a. n.a. Cash flow hedges Synethetic Asset Cash flow hedges 2,672 - - - Investments 11 87 - Life & Health Liability Investment Risk Hedge Program n.a. n.a. n.a. n.a. n.a. 5 (348 ) 232 Long Term Care (LTC) Liability Hedge Program n.a. n.a. n.a. n.a. n.a. 1 (15 ) 1,085 IMD Payout Hedge n.a. n.a. n.a. n.a. n.a. - - 29 TRS (Vivendi) Hedge n.a. n.a. n.a. n.a. n.a. - - 3 Net investment hedges Investments in foreign operations n.a. n.a. n.a. n.a. n.a. - (324 ) - 1 n.a. in above table should be read as “not applicable”. 2022 Carrying amounts Accumulated amount of fair value adjustments on the hedged item Cash flow hedge / currency translation reserve Assets Liabilities Assets Liabilities Balance sheet line item Change in fair value of hedged item for ineffec- tiveness assessment Continuing Discontinued Fair value hedges Corporate Debt Hedge Program - 72 - (10 ) Trust pass-through 15 n.a. n.a. Offshore Liability Hedge Program - 12 - 2 Investment contracts without discretionary participating features (3 ) n.a. n.a. Synthetic Asset Fair value hedges 34 - 3 - Investments (8 ) n.a. n.a. Cash flow hedges Synethetic Asset Cash flow hedges 3,127 n.a. n.a. n.a. Investments (1,667 ) 82 Life & Health Liability Investment Risk Hedge Program n.a. n.a. n.a. n.a. n.a. (586 ) (365 ) 393 Long Term Care (LTC) Liability Hedge Program n.a. n.a. n.a. n.a. n.a. (129 ) (17 ) 1,177 IMD Payout Hedge n.a. n.a. n.a. n.a. n.a. - - 31 TRS (Vivendi) Hedge 4 Net investment hedges Investments in foreign operations n.a. n.a. n.a. n.a. n.a. - (371 ) - 1 n.a. in above table should be read as “not applicable”. Potential sources of hedge ineffectiveness Macro hedge on mortgage portfolio in the Netherlands Aegon held a portfolio of long-term fixed rate mortgages and therefore was exposed to changes in fair value due to movements in market interest rates. Aegon managed this risk exposure by entering into interest rate swaps. Only the interest rate risk element was hedged and therefore other risks, such as credit risk, were managed but not hedged by Aegon. The interest risk component was determined as the change in fair value of the long-term fixed rate mortgages arising solely from changes in 3-month ∎ Differences between the expected and actual volume of prepayments, as Aegon hedged to the expected repayment date taking into account expected prepayments based on past experience; ∎ Difference in the discounting between the hedged item and the hedging instrument, as cash collateralized interest rate swaps were discounted using Overnight Indexed Swaps (OIS) discount curves, which were not applied to the fixed rate mortgages; ∎ Hedging derivatives with a non-zero ∎ Counterparty credit risk which impacted the fair value of uncollateralized interest rate swaps but not the hedged items. Aegon had not identified any other sources of hedge ineffectiveness in the period. Aegon the Netherlands managed the interest rate risk arising from fixed rate mortgages by entering into interest rate swaps on a monthly basis. The exposure from this portfolio frequently changed due to new loans originated, contractual repayments and early prepayments made by customers in each period. As a result, Aegon the Netherlands adopted a dynamic hedging strategy to hedge the exposure profile by closing and entering into new swap arrangements at each month-end. Corporate debt hedge ∎ If there is a mismatch between critical terms of hedging instruments and hedged items, changes in fair value may not be offset. The qualitative hedge effectiveness test assures all critical terms align. ∎ Counterparty default: If the counterparty fails to fulfill the contract, the hedge would not be highly effective. All derivatives in this program are collateralized or cleared, so impact from this credit risk will not dominate the hedge relationship. Life & Health liability investment risk hedge ∎ Counterparty default: If the counterparty fails to fulfill the contract, the hedge would not be highly effective. All derivatives in this program are collateralized or cleared, so impact from this credit risk will not dominate the hedge relationship. ∎ Expected future transactions fail to occur as projected: the hedging instrument (i.e. FSS) terms are already known and easily valued. However, the hedged item consists of one or more forecasted asset purchases for which we are unable to project exactly the dates, coupon rates, and other underlying terms. Given these unknown variables in the hedged item, for the period in which the FSS remains in inventory and the forecasted transactions have not been completed, the hedged item portion of this relationship will be setup assuming identical dates and rates as outlined in the hedging instrument. ∎ When the forecasted transaction (i.e. bond purchase) is completed and the terms of the underlying hedged item are known, hedge ineffectiveness would possibly arise if the timing of the asset being purchased differs from the unwind date of the swaps designated as the hedging instrument, or the coupon rate of the asset being purchased differs from the coupon rate on the receive leg of the swap, or a combination of both. Long Term Care (LTC) liability hedge ∎ The hedge ineffectiveness would possibly arise if the timing of the asset being purchased differs from the unwind date of the swaps designated as the hedging instrument, or the coupon rate of the asset being purchased differs from the coupon rate on the receive leg of the swap, or a combination of both. Synthetic asset cash flow hedge ∎ Mismatch of critical terms: If critical terms do not match between the hedged item and the hedged instrument, hedge ineffectiveness can arise. ∎ Counterparty default: If the counterparty fails to fulfill the contract, the hedge would not be highly effective. All derivatives in this program are collateralized or cleared, so impact from this credit risk will not dominate the hedge relationship. The following table contains information regarding the effectiveness of the hedging relationships designated by Aegon, as well as the impacts on profit or loss and other comprehensive income that are booked under line item “Results from financial transactions” (including the reclassified amount where applicable): 2023 Amounts reclassified from reserves to P&L as Gains / (loss) recognized in OCI Hedge ineffective- ness recognized in P&L P&L line item that includes hedge ineffectiveness hedged cash flows will no longer occur hedged item affected P&L Fair value hedges Interest rate contracts n.a. (3 ) Results from financial transactions n.a. n.a. Foreign exchange contracts n.a. - Results from financial transactions n.a. n.a. Cash flow hedges Interest rate contracts - - Results from financial transactions - - Foreign exchange contracts - (2 ) Results from financial transactions - - Net investment hedges Foreign exchange - FX forward - - Results from financial transactions - - 1 n.a. in above table should be read as “not applicable”. 2022 Amounts reclassified from reserves to P&L as Gains / (loss) recognized in OCI Hedge ineffectiveness recognized in P&L P&L line item that includes hedge ineffectiveness hedged cash flows will no longer occur hedged item affected P&L Fair value hedges Interest rate contracts n.a. 1 Results from financial transactions n.a. n.a. Foreign exchange contracts n.a. (4 ) Results from financial transactions n.a. n.a. Cash flow hedges Interest rate contracts - 1 Results from financial transactions - - Foreign exchange contracts - 2 Results from financial transactions - - Net investment hedges Foreign exchange - FX forward - - Results from financial transactions - - 1 n.a. in above table should be read as “not applicable”. Aegon recognizes the separate line items: “Changes in cash flow hedging reserve” and “Movement in foreign currency translation and net foreign investment hedging reserves” in the statement of comprehensive income related to hedges of net positions gains and losses. Refer to note 25 Shareholders’ equity for more details on these items. Financial instruments designated and measured at FVPL The following table shows reconciliation of nominal amount and fair value of credit derivatives that have been used to manage the credit risk of financial instruments designated as FVPL: CDSs Credit derivative disclosure by quality Nominal amount Fair value On January 1, 2023 4,820 28 Increase/(Decrease) during the year (778 ) 43 On December 31, 2023 4,043 71 CDSs Credit derivative disclosure by quality Nominal amount Fair value On January 1, 2022 4,449 70 Increase/(Decrease) during the year 371 (42 ) On December 31, 2022 4,820 28 |
Investments in joint ventures a
Investments in joint ventures and associates | 12 Months Ended |
Dec. 31, 2023 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
Disclosure Of Investments In Associates Subsidaries And Joint Venture | 21 Investments in joint ventures and associates Joint ventures Associates 2023 2022 2023 2022 On January 1 1,430 1,715 165 1,289 Additions 49 30 2,765 40 Disposals - (81 ) (12 ) (8 ) Share in net income 196 289 103 4 Share in changes in equity (note 25.6) (2 ) (33 ) (9 ) 3 Impairment losses - - (25 ) (9 ) Dividend (211 ) (79 ) (81 ) (58 ) Net exchange difference (32 ) (28 ) - (1 ) Transfers to disposal groups - (382 ) - (1,096 ) On December 31 1,430 1,430 2,906 165 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, see note 42 Companies and businesses acquired and divested. The joint ventures and associates 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 2023 2022 2023 2022 2023 2022 Summarized statement of financial position Cash and cash equivalents 18 23 421 392 47 99 Other current assets 76 73 654 836 840 561 Total current assets 94 96 1,075 1,229 887 660 Non-current 1,056 1,068 - 200 6,234 5,325 Total assets 1,150 1,164 1,075 1,429 7,121 5,985 Other current liabilities 64 95 (149 ) 526 643 499 Total current liabilities 64 95 (149 ) 526 643 500 Non-current - - - - 64 67 Other non-current 403 410 414 - 5,257 4,351 Total non-current 403 410 414 - 5,321 4,418 Total liabilities 467 506 265 526 5,964 4,918 Net assets 683 658 810 903 1,157 1,067 Summarized statement of comprehensive income Revenue 482 265 478 644 2,586 2,267 Results from financial transactions - - - - - (2 ) Depreciation and amortization (32 ) (30 ) (5 ) (4 ) (27 ) (28 ) Interest income 4 1 10 9 117 103 Interest expense - - - - (10 ) (7 ) Profit or loss 97 79 193 330 259 258 Income tax (expense) or income (24 ) (18 ) (53 ) (92 ) (88 ) (53 ) Post-tax 73 61 140 238 170 205 Other comprehensive income 9 (24 ) - - 32 (41 ) Total comprehensive income 82 37 140 238 203 164 Dividends received 58 30 122 - 211 54 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 2023 2022 2023 2022 2023 2022 Net assets of joint venture as presented above 683 658 810 903 1,157 1,067 Net assets of joint venture excluding goodwill 603 578 809 902 1,030 972 Group share of net assets of joint venture, excluding goodwill 308 295 397 471 518 488 Goodwill on acquisition 80 80 1 1 128 95 Carrying amount 387 375 397 471 646 584 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 2023 2022 2023 2022 2023 2022 Post-tax 37 31 69 116 90 105 Other comprehensive income 4 (12 ) - - 17 (21 ) Total comprehensive income 42 19 69 116 107 84 Summarized financial information of associates The summarized financial information of associates presented below is based on the Group’s relative holding. The following tables reflect the condensed statement of financial position and income statement of Aegon’s material associate a.s.r. at 100%. a.s.r. is a listed company in the Netherlands in which Aegon holds a stake of 29,98 The income statement includes the a.s.r. results for the period July 4, 2023 to December 31, 2023. a.s.r. 2023 Summarized statement of financial position Investments 92,177 Derivatives 12,907 Other assets 45,673 Total assets 150,758 Insurance liabilities 99,475 Borrowings and subordinated liabilities 8,386 Derivatives 10,132 Other liabilities 23,467 Total liabilities 141,460 Non-controlling 35 Other equity instruments 974 Total other equity components 1,008 Net assets 8,289 a.s.r. 2023 Summarized statement of comprehensive income Insurance revenues 4,944 Insurance service result 274 Profit or loss from continuing operations 450 Income tax expense or income (103 ) Post-tax 347 Post-tax - Other comprehensive income - that may be recycled to profit or loss 17 Other comprehensive income - that will not be recycled to profit or loss (58 ) Total comprehensive income 306 Dividends received 68 Group share 29,98 Group share of post-tax 110 Group share of other comprehensive income (12 ) a.s.r. 2023 Net assets of a.s.r. as presented above 8,289 Net assets of a.s.r., excluding goodwill, fair value adjustments and other equity transactions 8,180 Group share of net assets of a.s.r., excluding goodwill, fair value adjustments and other equity transactions 2,453 Fair value adjustments 47 Goodwill on acquisition 117 Carrying amount of investment in a.s.r. 2,618 The following tables includes associates that Aegon considered immaterial. Other Associates 2023 2022 Summarized statement of financial position Current assets 309 105 Non-current 725 139 Total assets 1,034 244 Current liabilities 217 37 Non-current 17 45 Total current liabilities 235 82 Net assets 799 162 Summarized statement of comprehensive income Post-tax (7 ) (11 ) Other comprehensive income 6 2 Total comprehensive income (1 ) (9 ) Dividends received 11 28 Carrying amount 288 165 |
Deferred expenses
Deferred expenses | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deferred expenses | 22 Deferred expenses 2023 2022 Deferred transaction costs for investment management services 447 452 Current 20 29 Non-current 427 424 Deferred transaction costs On January 1, 2023 452 Costs deferred during the year 29 Amortization through income statement (21 ) Net exchange differences (14 ) On December 31, 2023 447 On January 1, 2022 428 Costs deferred during the year 28 Amortization through income statement (28 ) Net exchange differences 25 On December 31, 2022 452 |
Other assets and receivables
Other assets and receivables | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Other assets and receivables | 23 Other assets and receivables Note 2023 2022 Real estate held for own use and equipment 23.1 258 324 Receivables 23.2 3,567 7,857 Accrued income 23.3 736 814 Right-of-use 23.4 150 158 On December 31 4,712 9,153 23.1 Real estate held for own use and equipment Total real estate held for own use and equipment 2023 2022 Real estate held for own use 64 73 Equipment 194 251 On December 31 258 324 Real estate held for own use 2023 2022 Cost On January 1 73 185 Capitalized subsequent expenditure 1 1 Disposals - (32 ) Unrealized gains/(losses) through equity (2 ) (1 ) Depreciation through income statement (2 ) (4 ) Impairment losses (3 ) - Transfers to disposal groups - (76 ) Net exchange differences (2 ) 4 Other - (4 ) On December 31 64 73 Gross carrying value 87 96 Accumulated depreciation and impairments (23 ) (23 ) Net book value on December 31 64 73 Real estate held for own use: Carrying amount under a historical cost model 70 72 % of real estate appraised in the current year 76% 7% % of appraisals performed by independent external appraisers 100% 100% 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 note 13 “Other operating expenses” in the income statement. The useful lives of buildings range between 40 and 50 years. Equipment 2023 2022 Cost On January 1 251 270 Additions 62 72 Acquisitions through business combinations - 2 Disposals (47 ) (6 ) Depreciation through income statement (66 ) (71 ) Transfers to disposal groups - (27 ) Net exchange differences (6 ) 13 Other - (1 ) On December 31 194 251 Gross carrying value 602 636 Accumulated depreciation and impairments (408 ) (386 ) Net book value on December 31 194 251 None of the equipment is held for lease (2022: none). Equipment has not been pledged as security for liabilities, nor are there any restrictions on title. Depreciation expenses have been recorded in note 13 “Other operating expenses” in the income statement. Equipment is generally depreciated over a period of three 23.2 Receivables 2023 2022 Loans to associates 8 8 Receivables from policyholders 137 142 Receivables from brokers and agents 239 256 Cash outstanding from assets sold 133 134 Trade receivables 178 881 Cash collateral 516 3,372 Income tax receivable 172 294 Other 2,194 2,899 Expected credit losses (10 ) (129 ) On December 31 3,567 7,857 Current 3,564 7,843 Non-current 2 13 With the exception of receivables from reinsurers, the receivables balances presented above are mostly not externally rated. The decrease in cash collateral at December 31, 2023 compared to December 31, 2022 is mainly due to the decrease in the volume of derivative transactions as a result of the transaction with a.s.r. The movements in the expected credit losses for receivables during the year were as follows: 2023 2022 On January 1 (129 ) (113 ) Expected credit losses (29 ) (18 ) Reversal of expected credit losses - 2 Transfers to disposal groups - 4 Other movements 148 (5 ) On December 31 (10 ) (129 ) Other movements in 2023 reflect that ECL balances related to insurance and reinsurance receivables 23.3 Accrued income 2023 2022 Accrued interest 736 813 Other - 1 On December 31 736 814 Current 736 814 23.4 Right-of-use Real estate for own use Equipment Other Total Net Book Value On January 1, 2023 143 14 1 158 Additions 19 4 3 26 Disposals (1 ) - - (1 ) Modification of lease contracts 2 - - 2 Depreciation through income statement (24 ) (8 ) (1 ) (32 ) On December 31, 2023 138 10 3 150 Gross carrying value 247 37 7 290 Accumulated depreciation (109 ) (27 ) (3 ) (140 ) Net book value 2023 138 10 3 150 Net Book Value On 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 to disposal groups (28 ) - - (28 ) Net exchange differences (2 ) 1 - (2 ) Other 2 - - 2 On December 31, 2022 143 14 1 158 Gross carrying value 256 35 4 295 Accumulated depreciation (113 ) (21 ) (3 ) (138 ) Net book value 2022 143 14 1 158 Right-of-use For information on the Lease liabilities and respective maturity analysis, please see note 35 Other liabilities and note 4 Financial risks, respectively. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Intangible assets | 24 Intangible assets Goodwill Future servicing rights Software Other Total Net book value On January 1, 2023 316 59 21 25 420 Additions - 122 41 3 166 Amortization through income statement - (11 ) (8 ) (2 ) (21 ) Business combinations, disposals and other changes (18 ) (38 ) (5 ) 8 (54 ) Net exchange differences (6 ) - - - (7 ) On December 31, 2023 291 131 48 33 504 Gross carrying value 411 298 71 56 835 Accumulated amortization, depreciation and impairment losses (120 ) (166 ) (23 ) (23 ) (331 ) Net book value 2023 291 131 48 33 504 Net book value On January 1, 2022 391 68 83 43 585 Additions - - 20 6 26 Amortization through income statement - (9 ) (16 ) (5 ) (30 ) Business combinations, disposals and other changes 11 (1 ) (27 ) 12 (5 ) Net exchange differences 10 1 (2 ) - 9 Transfers to disposal groups (97 ) - (37 ) (32 ) (165 ) On December 31, 2022 316 59 21 25 420 Gross carrying value 487 344 85 46 963 Accumulated amortization, depreciation and impairment losses (171 ) (286 ) (64 ) (21 ) (543 ) Net book value 2022 316 59 21 25 420 Amortization and depreciation through income statement is included in Note 13 “Other operating 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 within the Americas have a finite useful life and are amortized accordingly. 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. Future servicing rights are amortized over a period of 10 to 30 years of which 12 years remain at December 31, 2023 (2022: 12 years). Software is generally depreciated over an average period of 3 to 5 years (no changes compared to 2022). 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 summary of the cash-generating units to which the goodwill is allocated is as follows: 2023 2022 Americas 201 208 United Kingdom 56 54 International - 18 Asset Management 34 35 On December 31 291 316 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 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 In the UK, the cash-generating unit for the goodwill impairment assessment is Aegon UK. The value in use of Scottish Equitable plc is the most material part of the Aegon UK value in use calculation The value in use of SE plc was determined using SE plc’s Solvency II own funds value with adjustments for contract boundaries, and risk margin. An allowance has also been made for the present value of profits from expected new business in the next 3 years. A key variable is the present value of profits from expected new business in the next 3 years, which if this does not arise would reduce the value in use by EUR 79 million, however there would still be over EUR 1,385 million headroom. Future servicing rights The additions in Future servicing rights reflect the investment mandates received by Aegon Asset Management following the closure of the transaction with a.s.r.. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Shareholders' equity | 25 Shareholders’ equity Issued share capital and reserves attributable to shareholders of Aegon Ltd. Note 2023 2022 Share capital – par value 25.1 265 319 Share premium 25.2 6,853 6,853 Total share capital 7,118 7,172 Retained earnings 5,099 7,770 Treasury shares 25.3 (346 ) (668 ) Total retained earnings 4,753 7,103 Revaluation reserves 1) 25.4 (3,770 ) (4,563 ) Remeasurement of defined benefit plans 2) 25.5 (1,006 ) (1,565 ) Other reserves 3) 25.6 379 669 Total shareholders’ equity 7,475 8,815 1 Included in the 2022 Revaluation reserves is an amount of EUR (31) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 2 Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (675) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 3 Included in the 2022 Other reserves is an amount of EUR 15 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 2023 2022 Share capital transactions relating to common shares Number of shares (thousands) Number of shares (thousands) Transactions in 2023: Cancellation of shares (451,140 ) 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 1 Dividend distribution paid from treasury shares (note 25.3) In 2023, Aegon cancelled a total of 294,703,317 common shares and 156,436,840 common shares B. The purpose of the share cancellation is to reduce the number of threasury shares that are not used to cover obligations arising from share-based incentive plans or other obligations. 25.1 Share capital – par value 2023 2022 Common shares 218 253 Common shares B 47 66 On December 31 265 319 Common shares 2023 2022 Authorized share capital 480 720 Number of authorized shares (in million) 4,000 6,000 Par value in cents per share 12 12 Common shares B 2023 2022 Authorized share capital 240 360 Number of authorized shares (in million) 2,000 3,000 Par value in cents per share 12 12 Common shares Common shares B Number of shares (thousands) Total amount Number of shares (thousands) Total amount On December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - On December 31, 2022 2,109,430 253 546,196 66 Shares withdrawn (294,703 ) (35 ) (156,437 ) (19 ) Dividend - - - - On December 31, 2023 1,814,727 218 389,759 47 The withdrawal of common shares was executed in two transactions during 2023. In July 2023, 79,703,317 common shares and 43,817,400 common shares B; while in December 2023, 215,000,000 common shares and 112,619,440 common shares B were cancelled. 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. The table below represents weighted average number of common shares including treasury shares attributable to Aegon Ltd.: Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2022 2,107,315 559,906 2023 2,067,119 523,149 All issued common shares and common shares B each have a nominal value of EUR 0.12 and are fully paid up. The Board is authorized, subject to certain restrictions of Bermuda law and the Bye-Laws, Vereniging Aegon, based in The Hague, the Netherlands, holds all the issued and outstanding common shares B. For detailed information on the transaction between Aegon Ltd. and Vereniging Aegon, see note 44 Related party transactions in the consolidated financial statements. 25.2 Share premium 2023 2022 On January 1 6,853 7,033 Share dividend - (180 ) On December 31 6,853 6,853 Share premium relating to: - Common shares 5,200 5,200 - Common shares B 1,653 1,653 Total share premium 6,853 6,853 The share premium account reflects the balance of paid-in 25.3 Treasury shares On the reporting date, Aegon Ltd. held 72,319,889 (2022: 145,821,347) of its own common shares and 7,945,440 (2022: 51,762,840) own common shares B with a par value of EUR 0.12 each. In 2023, on July 6, Aegon announced the beginning of a EUR 1.5 billion share buyback program. This follows the completion of the combination of its Dutch pension, life and non-life On June 2, 2023, Aegon completed its share buyback program, as announced on February 9, 2023, aimed at returning EUR 200 million of surplus cash capital to shareholders. Between February 10, 2023 and June 2, 2023, a total of 46,797,567 common shares were repurchased at an average price of EUR 4.2737 per share. Movements in the number of treasury common shares held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 145,821 662 70,958 262 Transactions in 2023: Purchase: 1 transaction, average price EUR 5.00 8,516 43 Sale: 2 transactions, average price EUR 4.46 (4,924 ) (22 ) Purchase: 1 transaction, average price EUR 4.27 46,798 200 Sale: 1 transaction, average price EUR 4.46 (69 ) - Share withdrawn: 1 transaction, average price EUR 4.59 (79,703 ) (366 ) Purchase: 2 transactions, average price EUR 4.77 170,881 815 Share Withdrawn: 1 transaction, average price EUR 4.59 (215,000 ) (986 ) 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 On December 31 72,320 346 145,821 662 Movements in the number of treasury common shares B held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 51,763 6 30,589 3 Transactions in 2023: Share withdrawn: 1 transaction, average price EUR 0.11 (43,817 ) (5 ) Purchase: 1 transaction, average price EUR 0.13 112,619 15 Share withdrawn: 1 transaction, average price EUR 0.13 (112,619 ) (15 ) 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 On December 31 7,945 1 51,763 6 Weighted average number of treasury shares, including treasury shares held by subsidiaries (thousands) Weighted average number of treasury shares B (thousands) 2022 97,807 23,696 2023 188,403 33,035 25.4 Revaluation reserves Investments measured at fair value through OCI Real estate held for own use Cash flow hedging reserve Insurance contracts Reinsurance contracts held Total On January 1, 2023 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) Gross revaluation 1,552 (2 ) (62 ) (1,626 ) 349 211 Net (gains) / losses transferred to income statement 706 - (130 ) - - 577 Foreign currency translation differences 138 - (31 ) (47 ) 82 142 Tax effect (487 ) - 42 397 (126 ) (174 ) Disposal of group assets 42 (3 ) - - - 38 On December 31, 2023 (3,300 ) 9 842 939 (2,261 ) (3,770 ) On January 1, 2022 6,810 32 1,100 (11,291 ) 768 (2,580 ) Gross revaluation (16,743 ) (1 ) (66 ) 18,680 (4,672 ) (2,803 ) Net (gains) / losses transferred to income statement 541 - (126 ) - - 415 Foreign currency translation differences 588 - 74 (931 ) 95 (174 ) Tax effect 3,499 - 42 (4,211 ) 1,243 574 Disposal of group assets 46 (16 ) - (31 ) - (2 ) Other 7 - - - - 7 On December 31, 2022 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) The revaluation accounts for both investments measured at FVOCI and for real estate held for own use include unrealized gains and losses on these investments, net of tax. Upon sale, the amounts realized are recognized in the income statement (for FVOCI investments with recycling) or transferred to retained earnings (for real estate held for own use). The revaluation reserve also includes the loss allowance recognized for financial assets measured at FVOCI. The closing balances of the revaluation reserve for investments measured at FVOCI relate to the following instruments: 2023 2022 Shares 2 2 Debt securities (3,297 ) (5,249 ) Money market and other short-term investments (5 ) (5 ) Revaluation reserve for investments measured at FVOCI (3,300 ) (5,251 ) 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 25.5 Remeasurement of defined benefit plans 2023 2022 On January 1 (1,565 ) (2,199 ) Remeasurements of defined benefit plans (110 ) 904 Tax effect 17 (250 ) Net exchange differences 14 (20 ) Disposal of a business 638 - Total remeasurement of defined benefit plans (1,006 ) (1,565 ) 25.6 Other reserves Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total On January 1, 2023 1,108 (371 ) (68 ) 669 Movement in foreign currency translation and net foreign investment hedging reserves (290 ) 54 - (236 ) Disposal of a business (29 ) - (15 ) (45 ) Tax effect 10 (6 ) - 3 Equity movements of joint ventures - - (2 ) (2 ) Equity movements of associates - - (9 ) (9 ) On December 31, 2023 798 (324 ) (95 ) 379 On January 1, 2022 596 (338 ) - 258 Movement in foreign currency translation and net foreign investment hedging reserves 436 (116 ) (2 ) 318 Disposal of a business 104 67 (36 ) 135 Tax effect (28 ) 16 - (12 ) Equity movements of joint ventures - - (33 ) (33 ) Equity movements of associates - - 3 3 On December 31, 2022 1,108 (371 ) (68 ) 669 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 Ltd. [member] | |
Statement [LineItems] | |
Shareholders' equity | 14 Shareholders’ equity Share capital Share premium Revaluation account Legal reserves FCTR Legal reserves group companies Retained earnings Remeasurement of defined benefit plans of group companies Treasury shares Net result Total On January 1, 2023 1) 319 6,853 (4,551 ) 736 2,821 5,439 (1,565 ) (668 ) (569 ) 8,815 Net result 2022 retained - - - - - (569 ) - - 569 - Net result 2023 recognized in the income statement - - - - - - - (179 ) (179 ) Total net result - - - - - (569 ) - - 390 (179 ) Foreign currency translation differences and movement in foreign investment hedging reserves - - - (262 ) - - 14 - - (248 ) Changes in revaluation in subsidiaries - - 799 - - - - - - 799 Changes in revaluation reserve real estate held for own use - - (6 ) - - - - - - (6 ) Remeasurement of defined benefit plans of group companies - - - - - - 545 - - 545 Disposal of group assets - - - - - (634 ) - - - (634 ) Changes and transfer to legal reserve - - (2 ) - (1,687 ) 1,662 - - - (27 ) Other - - - - - 9 - - - 9 Total other comprehensive income / (loss) - - 791 (262 ) (1,687 ) 1,037 559 - - 438 Shares withdrawn (54 ) - - - - 54 - - - - Dividends paid on common shares - - - - - (495 ) - - - (495 ) Issuance and purchase of treasury shares - - - - - (1,374 ) - 322 - (1,052 ) Dividend withholding tax reduction - - - - - 1 - - - 1 Coupons on perpetual securities - - - - - (48 ) - - - (48 ) Incentive plans - - - - - (5 ) - - - (5 ) On December 31, 2023 265 6,853 (3,760 ) 474 1,134 4,039 (1,006 ) (346 ) (179 ) 7,475 1 Opening balance as per January 1, 2023, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Share capital Share premium Revaluation account Legal reserves FCTR Legal reserves group companies Retained earnings Remeasurement of defined benefit plans of group companies Treasury shares Net result Total Opening balance (IAS 39 / IFRS 4 on January 1, 2022 1) 321 7,033 6,453 258 2,316 7,924 (2,199 ) (273 ) 1,980 23,813 IFRS 9/17 opening balance impacts - - (9,021 ) - - (3,782 ) 8 - 12,795 Restated opening balance on January 1, 2022 321 7,033 (2,568 ) 258 2,316 4,142 (2,199 ) (265 ) 1,980 11,018 Net result 2021 retained - - - - - 1,980 - - (1,980 ) - Net result 2022 recognized in the income statement - - - - - - - - (569 ) (569 ) Total net result - - - - - 1,980 - - (2,549 ) (569 ) Foreign currency translation differences and movement in foreign investment hedging reserves - - - 478 - - (20 ) - - 458 Changes in revaluation in subsidiaries - - (1,966 ) - - - - - - (1,966 ) 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 - - - - 506 (573 ) - - - (68 ) Other - - - - - 40 - - - 40 Total other comprehensive income / (loss) - - (1,983 ) 478 506 (517 ) 635 - - (881 ) 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 ) On December 31, 2022 319 6,853 (4,551 ) 736 2,821 5,439 (1,565 ) (668 ) (569 ) 8,815 1 Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. For on reserves see Movements in the number of treasury common shares held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 145,821 662 70,958 262 Transactions in 2023: Purchase: 1 transaction, average price EUR 5.00 8,516 43 Sale: 2 transactions, average price EUR 4.46 (4,924 ) (22 ) Purchase: 1 transaction, average price EUR 4.27 46,798 200 Sale: 1 transaction, average price EUR 4.46 (69 ) (0 ) Share withdrawn: 1 transaction, average price EUR 4.59 (79,703 ) (366 ) Purchase: 2 transactions, average price EUR 4.77 170,881 815 Share Withdrawn: 1 transaction, average price EUR 4.59 (215,000 ) (986 ) 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 On December 31 72,320 345 145,821 662 Movements in the number of treasury common shares B held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 51,763 6 30,589 3 Transactions in 2023: Share withdrawn: 1 transaction, average price EUR 0.11 (43,817 ) (5 ) Purchase: 1 transaction, average price EUR 0.13 112,619 15 Share withdrawn: 1 transaction, average price EUR 0.13 (112,619 ) (15 ) 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 On December 31 7,945 1 51,763 6 |
Other equity instruments
Other equity instruments | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Other equity instruments | 26 Other equity instruments Perpetual contingent convertible securities Junior perpetual capital securities Perpetual cumulative subordinated bonds Share options and incentive plans 1) Total On January 1, 2023 500 923 454 66 1,943 Shares granted / Share options cost incurred - - - 33 33 Shares vested / Share options forfeited - - - (25 ) (25 ) On December 31, 2023 500 923 454 74 1,951 On January 1, 2022 500 1,352 454 57 2,363 Shares granted / Share options cost incurred - - - 32 32 Shares vested / Share options forfeited - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) On December 31, 2022 500 923 454 66 1,943 1 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 2023 2022 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 On December 31 500 500 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 coupon payment deferral. 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. Junior perpetual capital securities Coupon rate Coupon date Year of next call 2023 2022 USD 500 million floating CMS 1) Quarterly, July 15 2024 402 402 EUR 950 million 3) floating DSL rate 2) Quarterly, July 15 2024 521 521 On December 31 923 923 1 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year 29 ten 2 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year ten 3 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. The interest rate exposure on some of these securities has been swapped to a SOFR or EURIBOR based yield. 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 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 2023 2022 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 On 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 85 These bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for coupon payment 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 Ltd. [member] | |
Statement [LineItems] | |
Other equity instruments | 15 Other equity instruments Perpetual contingent convertible securities Junior perpetual capital securities Perpetual cumulative subordinated bonds Share options and incentive plans 1) Total On January 1, 2023 500 923 454 66 1,943 Shares granted / Share options cost incurred - - - 33 33 Shares vested / Share options forfeited - - - (25 ) (25 ) On December 31, 2023 500 923 454 74 1,951 On January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) On December 31, 2022 500 923 454 66 1,943 1 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 2023 2022 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 On December 31 500 500 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 coupon payment deferral. 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. Junior perpetual capital securities Coupon rate Coupon date Year of next call 2023 2022 USD 500 million floating CMS rate 1) Quarterly, July 15 2024 402 402 EUR 950 million 3) floating DSL rate 2) Quarterly, July 15 2024 521 521 On December 31 923 923 1 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year 29 ten 2 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year ten 3 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. The interest rate exposure on some of these securities has been swapped to a SOFR or EURIBOR based yield. 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 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 2023 2022 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 On 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 These bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for coupon payment defe rra ll |
Subordinated borrowings
Subordinated borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Subordinated borrowings | 27 Subordinated borrowings Fixed to floating subordinated notes Coupon rate Coupon date Issue / Maturity Year of next call 2023 2022 EUR 700 million 4% 2) Annually, April 25 2014/ 44 2024 700 699 USD 800 million 5.5% 3) Semi-annually, April 11 2018/ 48 2028 718 743 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2019/ 49 2024 826 852 On December 31 2,244 2,295 Fair value of subordinated borrowings 2,122 2,035 1 Issued by a subsidiary of, and guaranteed by Aegon Ltd. 2 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335 3 The coupon is fixed at 5.5% until the first call date in 2028 and floating thereafter with a 6 month USD LIBOR (subject to US LIBOR Act) 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 coupon payment deferral. There have been no defaults or breaches of conditions during the period. |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Subordinated borrowings | 16 Subordinated borrowings Coupon rate Coupon date Issue /Maturity Year of next call 2023 2022 Fixed to floating subordinated notes EUR 700 million 4% 1) Annually, April 25 2014/ 44 2024 700 699 USD 800 million 5.5% 2) Semi-annually, April 11 2018/ 48 2028 718 743 On December 31 1,418 1,442 Fair value of subordinated borrowings 1,392 1,372 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 in 2028 and floating thereafter with a 6 month USD LIBOR (subject to US LIBOR Act) 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 coupon payment deferral. 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, 2023 | |
Text block [abstract] | |
Trust pass-through securities | 28 Trust pass-through securities Coupon rate Coupon date Issue / Maturity Year of 2023 2022 USD 225 million 1) 7.65% Semi-annually, December 1 1996/2026 n.a. 67 72 USD 190 million 1) 7.625% Semi-annually, November 15 1997/2037 n.a. 44 46 On December 31 111 118 Fair value of trust pass-through securities 125 133 1 Issued by a subsidiary of, and guaranteed by Aegon Ltd. 2 n.a. in above table should be read as “not applicable”. 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, reinsuranc
Insurance contracts, reinsurance contracts held and investment contracts with discretionary participating features | 12 Months Ended |
Dec. 31, 2023 | |
Insurance reinsurance including contracts held and investment contracts with discretionary participating features [Abstract] | |
Insurance contracts, reinsurance contracts held and investment contracts with discretionary participating features | 29 Insurance contracts, reinsurance contracts held and investment contracts with discretionary participating features 29.1 Contracts by measurement model The following tables show the assets and liabilities for groups of insurance contracts issued and reinsurance contracts held by measurement model. Insurance contracts Contracts not measured under the PAA Contracts measured under the PAA Total Portfolios in an asset position 185 - 185 Portfolios in a liability position 177,407 39 177,446 Net balance, on December 31, 2023 177,222 39 177,262 Portfolios in an asset position 36 - 36 Portfolios in a liability position 175,681 439 176,120 Net balance, on December 31, 2022 175,645 439 176,083 Reinsurance contracts held Contracts not measured under the PAA Contracts measured Total Portfolios in an asset position 16,601 7 16,608 Portfolios in a liability position 608 - 608 On December 31, 2023 15,993 7 16,000 Portfolios in an asset position 16,934 6 16,939 Portfolios in a liability position 270 - 270 On December 31, 2022 16,664 6 16,669 All groups of investment contracts with discretionary participating features were not measured under the PAA and were in a liability position at the reporting and comparative dates. 29.2 Movements in carrying amounts on insurance contracts, investment contracts with discretionary participation features and reinsurance contracts held The following tables show the movement in the net carrying amounts of insurance contracts issued, investment contracts with discretionary participating features issued and reinsurance contracts held. Two types of tables are presented: ∎ Tables that analyze movements by type of liabilities and reconciles them to the condensed income statement and the condensed statement of comprehensive income ∎ Tables that analyze movements by measurement component 29.2.1 Movement schedules by type of liability Remaining coverage Insurance contracts not measured under PAA - by type Excluding loss component Loss component Incurred claims Total Opening assets 40 (1 ) (2 ) 36 Opening liabilities 163,758 1,455 10,468 175,681 Net opening balance, on January 1, 2023 163,719 1,456 10,470 175,645 Insurance revenue (10,195 ) - - (10,195 ) Incurred claims and other insurance service expenses - (186 ) 8,593 8,407 Amortization of insurance acquisition cash flows 558 - - 558 Losses (and reversal of losses) on onerous contracts - 1,084 - 1,084 Adjustments to liabilities for incurred claims - - 9 9 Insurance service expenses 558 899 8,601 10,058 Investment components (4,834 ) - 4,834 - Insurance service result (14,471 ) 898 13,436 (137 ) Insurance finance (income) / expenses (P&L and OCI) 17,262 81 - 17,343 Cash flows (4,892 ) (150 ) (5,582 ) (10,624 ) Contracts disposed during the period (347 ) - - (347 ) Transfers to disposal groups (1 ) (211 ) (133 ) (345 ) Other movements 20 - - 20 Transfer (to)/from other headings (514 ) (33 ) 36 (512 ) Net exchange differences (3,252 ) (54 ) (515 ) (3,821 ) Net closing balance, on December 31, 2023 157,524 1,987 17,711 177,222 Closing assets 1,589 (1,042 ) (362 ) 185 Closing liabilities 159,113 945 17,349 177,407 Remaining coverage Insurance contracts not measured under PAA - by type Excluding loss Loss component Incurred claims Total Opening assets 780 - (669 ) 110 Opening liabilities 286,352 343 1,407 288,102 Net opening balance, on January 1, 2022 285,572 343 2,076 287,991 Insurance revenue (13,522 ) - - (13,522 ) Incurred claims and other insurance service expenses - (51 ) 11,372 11,321 Amortization of insurance acquisition cash flows 547 - - 547 Losses (and reversal of losses) on onerous contracts - 1,335 - 1,335 Adjustments to liabilities for incurred claims - - 8 8 Insurance service expenses 547 1,284 11,381 13,212 Investment components (4,820 ) (50 ) 4,870 - Insurance service result (17,795 ) 1,234 16,251 (309 ) Insurance finance (income) / expenses (P&L and OCI) (57,191 ) (49 ) - (57,240 ) Cash flows (4,031 ) (33 ) (7,866 ) (11,930 ) Contracts disposed during the period (278 ) - - (278 ) Transfers to disposal groups (51,983 ) (54 ) - (52,037 ) Other movements (28 ) 33 - 5 Net exchange differences 9,453 (19 ) 9 9,442 Net closing balance, on December 31, 2022 163,719 1,456 10,470 175,645 Closing assets 40 (1 ) (2 ) 36 Closing liabilities 163,758 1,455 10,468 175,681 Remaining coverage Liability for incurred claims Insurance contracts PAA - by type Excluding loss Loss component Best estimate Risk Total Opening assets - - - - - Opening liabilities 404 2 33 - 439 Net opening balance, on January 1, 2023 404 2 33 - 439 Insurance revenue (127 ) - - - (127 ) Incurred claims and other insurance service expenses - - 96 - 96 Amortization of insurance acquisition cash flows 19 - - - 19 Losses (and reversals of losses) on onerous contracts - 2 - - 2 Adjustments to liabilities for incurred claims - - 14 - 14 Insurance service expenses 19 2 110 - 132 Investment components - - - - - Insurance service result (108 ) 2 110 - 5 Insurance finance (income) / expenses (P&L and OCI) 12 - - - 12 Cash flows 95 - (114 ) - (19 ) Disposal of a business (407 ) - - - (407 ) Net exchange differences 9 - - - 9 Net closing balance, on December 31, 2023 6 4 29 - 39 Closing assets - - - - - Closing liabilities 6 4 29 - 39 262 | Annual Report on Form 20-F 2023 Remaining coverage Liability for incurred claims Insurance contracts PAA - by type Excluding loss Loss Best estimate Risk Total Opening assets - - - - - Opening liabilities 1,242 - 712 10 1,964 Net opening balance, on January 1, 2022 1,242 - 712 10 1,964 Insurance revenue (563 ) - - - (563 ) Incurred claims and other insurance service expenses - - 254 - 253 Amortization of insurance acquisition cash flows 22 - - - 22 Losses (and reversals of losses) on onerous contracts - 2 - - 2 Adjustments to liabilities for incurred claims - - 259 (3 ) 257 Insurance service expenses 22 2 513 (3 ) 534 Investment components - - - - - Insurance service result (542 ) 2 513 (3 ) (29 ) Insurance finance (income) / expenses (P&L and OCI) 7 - (110 ) - (103 ) Cash flows 515 - (470 ) - 45 Disposal of a business (729 ) - (75 ) - (804 ) Transfers to disposal groups (15 ) - (532 ) (7 ) (554 ) Net exchange differences (75 ) - (5 ) - (80 ) Net closing balance, on December 31, 2022 404 2 33 - 439 Closing assets - - - - - Closing liabilities 404 2 33 - 439 Asset for remaining coverage Reinsurance contracts held - Analysis by type, no PAA Excluding loss Loss recovery Asset for Total Opening assets 14,801 1,607 526 16,934 Opening liabilities (217 ) (57 ) 5 (270 ) Net opening balance, on January 1, 2023 14,584 1,549 530 16,664 Changes in the statements of P&L and OCI Net expenses from reinsurance contracts 453 (235 ) (38 ) 181 Other reinsurance finance income / (expenses) 1,026 34 - 1,060 Effect of changes in risk of non-performance (12 ) - - (12 ) Total changes in the statements of P&L and OCI 1,467 (200 ) (37 ) 1,229 Cash flows (397 ) (158 ) (425 ) (979 ) Other movements (424 ) 139 (86 ) (371 ) Net exchange differences (511 ) (34 ) (4 ) (550 ) Net closing balance, on 31 December 31, 2023 14,719 1,296 (22 ) 15,993 Closing assets 16,457 349 (205 ) 16,601 Closing liabilities 1,738 (947 ) (183 ) 608 Asset for remaining coverage Reinsurance contracts held - Analysis by type, no PAA Excluding loss Loss recovery Asset for Total Opening assets 20,704 202 383 21,288 Opening liabilities (1,116 ) - 645 (471 ) Net opening balance, on January 1, 2022 19,588 202 1,028 20,818 Changes in the statements of P&L and OCI Net expenses from reinsurance contracts (1,028 ) 1,380 (103 ) 248 Other reinsurance finance income / (expenses) (3,956 ) 10 - (3,945 ) Investment components (6 ) (2 ) 8 - Effect of changes in risk of non-performance 1 - - 1 Total changes in the statements of P&L and OCI (4,988 ) 1,388 (96 ) (3,696 ) Cash flows (1,021 ) (12 ) (466 ) (1,498 ) Other movements (322 ) (1 ) - (323 ) Net exchange differences 1,327 (28 ) 64 1,363 Net closing balance, on 31 December 31, 2022 14,584 1,549 530 16,664 Closing assets 14,801 1,607 526 16,934 Closing liabilities 217 57 5 270 Remaining coverage Investment contracts with DPF - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 21,055 - - 21,055 Net balance, on January 1, 2023 21,055 - - 21,055 Insurance revenue (64 ) - - (64 ) Incurred claims and other insurance service expenses - - 36 36 Insurance service expenses - - 36 36 Investment components (2,417 ) - 2,418 - Insurance service result (2,481 ) - 2,453 (28 ) Insurance finance (income) / expenses (P&L and OCI) 1,921 - - 1,921 Cash flows 423 - (2,453 ) (2,030 ) Other movements 172 - - 172 Net exchange differences 503 - - 503 Net closing balance, on December 31, 2023 21,594 - - 21,594 Closing assets - - - - Closing liabilities 21,594 - - 21,594 Remaining coverage Investment contracts with DPF - by type Excluding loss Loss component Incurred claims Total Opening assets - - - - Opening liabilities 27,392 - - 27,392 Net balance, on January 1, 2023 27,392 - - 27,392 Insurance revenue (74 ) - - (74 ) Incurred claims and other insurance service expenses - - 58 58 Losses (and reversal of losses) on onerous contracts - (5 ) - (5 ) Insurance service expenses - (5 ) 58 54 Investment components (2,254 ) 5 2,250 - Insurance service result (2,328 ) - 2,308 (20 ) Insurance finance (income) / expenses (P&L and OCI) (3,247 ) - - (3,247 ) Cash flows 511 - (2,308 ) (1,797 ) Net exchange differences (1,273 ) - - (1,273 ) Net closing balance, on December 31, 2023 21,055 - - 21,055 Closing assets - - - - Closing liabilities 21,055 - - 21,055 29.2.2 Movement schedules by measurement component Insurance contracts not measured under PAA - by component Best estimate Risk adjustment Contractual Total Opening assets 100 - (64 ) 36 Opening liabilities 163,381 3,436 8,865 175,681 Net opening balance, on January 1, 2023 163,280 3,435 8,929 175,645 Changes in estimates that adjust contractual service margin (204 ) 380 (176 ) - Changes in estimates that result in (a reversal of) onerous contracts 974 51 - 1,025 New contracts issued – non-onerous (563 ) 90 473 - New contracts issued – onerous 38 22 - 60 Changes that relate to future service 245 542 297 1,084 Earnings released from contractual service margin - - (952 ) (952 ) Release of risk adjustment - (345 ) - (345 ) Experience adjustments on current service 75 - - 75 Revenue recognized for incurred policyholder tax expenses (15 ) - - (15 ) Changes that relate to current service 60 (345 ) (952 ) (1,238 ) Experience adjustments on claims incurred 17 - - 17 Changes that relate to past service 17 - - 17 Insurance service result 322 197 (656 ) (137 ) General model Interest accreted to insurance contracts 2,680 195 223 3,098 Changes in interest rates and other financial assumptions 1,573 14 - 1,587 Revaluation of changes in non-financial 425 (4 ) - 421 Variable fee approach Change in fair value of the underlying assets of products with direct participating features 13,730 - - 13,730 Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option (1,493 ) - - (1,493 ) Insurance finance (income) / expenses 16,915 205 223 17,343 Premiums received 14,203 - - 14,203 Claims, benefits and expenses paid (23,862 ) - - (23,862 ) Acquisition costs paid (936 ) - - (936 ) Other (30 ) - - (30 ) Cash flows (10,624 ) - - (10,624 ) Contracts disposed during the period (283 ) (5 ) (59 ) (347 ) Transfers to disposal groups (59 ) (197 ) (89 ) (345 ) Other 41 - (21 ) 20 Transfer (to)/from other headings (511 ) (1 ) (1 ) (512 ) Other movements (811 ) (203 ) (169 ) (1,184 ) Net exchange differences (3,520 ) (98 ) (203 ) (3,821 ) Net closing balance, on December 31, 2023 165,562 3,537 8,124 177,222 Closing assets 475 (286 ) (4 ) 185 Closing liabilities 166,036 3,251 8,120 177,407 Insurance contracts not measured under PAA - by component Best estimate Risk adjustment Contractual Total Opening assets 1,086 (510 ) (465 ) 110 Opening liabilities 271,870 4,831 11,401 288,102 Net opening balance, on January 1, 2022 270,784 5,341 11,866 287,991 Changes in estimates that adjust contractual service margin 909 (1,232 ) 323 - Changes in estimates that result in (a reversal of) onerous contracts 1,408 (131 ) - 1,277 New contracts issued – non-onerous (595 ) 103 493 - New contracts issued – onerous 27 29 - 56 Changes that relate to future service 1,749 (1,231 ) 816 1,333 Earnings released from contractual service margin - - (1,229 ) (1,229 ) Release of risk adjustment - (359 ) - (359 ) Experience adjustments on current service (47 ) 1 - (46 ) Revenue recognized for incurred policyholder tax expenses 1 - - 1 Changes that relate to current service (46 ) (359 ) (1,229 ) (1,634 ) Experience adjustments on claims incurred (7 ) - - (8 ) Changes that relate to past service (7 ) - - (8 ) Insurance service result 1,695 (1,591 ) (414 ) (309 ) General model Interest accreted to insurance contracts 2,548 156 221 2,925 Changes in interest rates and other financial assumptions (28,114 ) (58 ) - (28,172 ) Revaluation of changes in non-financial (862 ) 19 - (843 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features (25,351 ) - - (25,351 ) Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option (5,799 ) - - (5,799 ) Insurance finance (income) / expenses (57,578 ) 117 221 (57,240 ) Premiums received 15,444 - - 15,444 Claims, benefits and expenses paid (26,454 ) - - (26,454 ) Acquisition costs paid (892 ) - - (892 ) Other (28 ) - - (28 ) Cash flows (11,930 ) - - (11,930 ) Contracts disposed during the period (177 ) (5 ) (96 ) (278 ) Transfers to disposal groups (48,338 ) (659 ) (3,040 ) (52,037 ) Other - - 5 5 Other movements (48,515 ) (663 ) (3,131 ) (52,310 ) Net exchange differences 8,825 231 387 9,442 Net closing balance, on December 31, 2022 163,280 3,435 8,929 175,645 Closing assets 100 - (64 ) 36 Closing liabilities 163,381 3,436 8,865 175,681 Reinsurance contracts held - Movement schedule by component, no PAA Best estimate Risk adjustment Contractual Total Opening assets 16,233 1,010 (309 ) 16,934 Opening liabilities (371 ) (101 ) 202 (270 ) Net opening balance, on January 1, 2023 15,862 909 (107 ) 16,664 Changes in estimates that adjust the contractual service margin (3 ) 6 (4 ) - Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts 477 67 6 550 New reinsurance contracts issued / acquired recognized in the year (330 ) 42 271 (17 ) Initial recognition of onerous underlying contracts - - 12 12 Changes that relate to future service 144 114 286 544 CSM recognized for service received - - (26 ) (26 ) Release of risk adjustment - (118 ) - (118 ) Experience adjustment on current service (217 ) - - (217 ) Changes that relate to current service (217 ) (118 ) (26 ) (361 ) Experience adjustment on claims component (2 ) - - (2 ) Changes that relate to past service (2 ) - - (2 ) Net income/expenses of reinsurance held (76 ) (3 ) 260 181 Reinsurance finance income / (expenses) 1,013 48 (13 ) 1,048 Premiums paid, net of received fixed commission 2,642 - - 2,642 Amounts received (3,622 ) - - (3,622 ) Cash flows (979 ) - - (979 ) Other movements (132 ) (176 ) (63 ) (371 ) Other movements (132 ) (176 ) (63 ) (371 ) Net exchange difference (528 ) (23 ) 2 (550 ) Net closing balance, on December 31, 2023 15,160 755 78 15,993 Closing assets 16,184 423 (7 ) 16,601 Closing liabilities (1,024 ) 332 85 (608 ) Notes to the consolidated financial statements Note 29 Reinsurance contracts held - Movement schedule by component, no PAA Best estimate Risk adjustment Contractual Total Opening assets 20,608 1,009 (328 ) 21,288 Opening liabilities (1,617 ) 585 561 (471 ) Net opening balance, on January 1, 2022 18,991 1,594 233 20,818 Changes in estimates that adjust the contractual service margin 244 (408 ) 164 - Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts 655 (58 ) 10 607 New reinsurance contracts issued / acquired recognized in the year (8 ) 21 (13 ) - Initial recognition of onerous underlying contracts - - 31 31 Changes that relate to future service 891 (444 ) 192 638 CSM recognized for service received - - 42 42 Release of risk adjustment - (147 ) - (147 ) Experience adjustment on current service (274 ) - - (274 ) Changes that relate to current service (274 ) (147 ) 42 (379 ) Experience adjustment on claims component (12 ) - - (12 ) Changes that relate to past service (12 ) - - (12 ) Net income/expenses of reinsurance held 605 (591 ) 234 248 Reinsurance finance income / (expenses) (3,954 ) 47 (37 ) (3,944 ) Premiums paid, net of received fixed commission 3,005 - - 3,005 Amounts received (4,503 ) - - (4,503 ) Cash flows (1,498 ) - - (1,498 ) Other movements 403 (206 ) (520 ) (323 ) Other movements 403 (206 ) (520 ) (323 ) Net exchange difference 1,316 65 (17 ) 1,363 Net closing balance, on December 31, 2022 15,862 909 (107 ) 16,664 Closing assets 16,233 1,010 (309 ) 16,934 Closing liabilities (371 ) (101 ) 202 (270 ) Investment contracts with DPF - by component Best estimate Risk adjustment Contractual Total Opening assets - - - - Opening liabilities 20,874 109 72 21,055 Net balance, on January 1, 2023 20,874 109 72 21,055 Changes in estimates that adjust contractual service margin (152 ) 31 121 - Changes that relate to future service (152 ) 31 121 - Earnings released from contractual service margin - - (17 ) (17 ) Release of risk adjustment - (15 ) - (15 ) Experience adjustments on current service 4 - - 4 Changes that relate to current service 4 (15 ) (17 ) (28 ) Changes that relate to past service - - - - Insurance service result (148 ) 16 104 (28 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features 1,921 - - 1,921 Insurance finance (income) / expenses 1,921 - - 1,921 Premiums received 475 - - 475 Claims, benefits and expenses paid (2,506 ) - - (2,506 ) Cash flows (2,030 ) - - (2,030 ) Other 170 - 1 172 Other movements 170 - 1 172 Net exchange differences 498 3 2 503 Net closing balance, on December 31, 2023 21,285 128 180 21,594 Closing assets - - - - Closing liabilities 21,285 128 180 21,594 270 | Annual Report on Form 20-F 2023 Investment contracts with DPF - by component Best estimate Risk adjustment Contractual Total Opening assets - - - - Opening liabilities 27,064 133 195 27,392 Net balance, on January 1, 2022 27,064 133 195 27,392 Changes in estimates that adjust contractual service margin 110 (3 ) (106 ) - Changes that relate to future service 110 (3 ) (106 ) - Earnings released from contractual service margin - - (11 ) (11 ) Release of risk adjustment - (14 ) - (14 ) Experience adjustments on current service 5 - - 5 Changes that relate to current service 5 (14 ) (11 ) (20 ) Changes that relate to past service - - - - Insurance service result 114 (17 ) (117 ) (20 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features (3,247 ) - - (3,247 ) Insurance finance (income) / expenses (3,247 ) - - (3,247 ) Premiums received 511 - - 511 Claims, benefits and expenses paid (2,308 ) - - (2,308 ) Cash flows (1,797 ) - - (1,797 ) Net exchange differences (1,261 ) (6 ) (6 ) (1,273 ) Net closing balance, on December 31, 2022 20,874 109 72 21,055 Closing assets - - - - Closing liabilities 20,874 109 72 21,055 29.2.3 New contracts recognized New insurance contracts recognized, no PAA 2023 New contracts recognized Issued non-onerous Issued onerous Total Present value of cash inflows (5,155 ) (545 ) (5,701 ) Present value of cash outflows, excl. acquisition costs 4,593 583 5,176 Risk adjustment for non-financial 90 22 112 Contractual service margin 473 - 473 (Gain) / loss recognized on initial recognition - 60 60 2022 New contracts recognized Issued non-onerous Issued onerous Total Present value of cash inflows (5,020 ) (475 ) (5,494 ) Present value of cash outflows, excl. acquisition costs 4,447 504 4,951 Risk adjustment for non-financial 98 27 125 Contractual service margin 474 - 474 (Gain) / loss recognized on initial recognition - 57 57 1 The table do not hold results from Aegon the Netherlands; therefore, numbers differ from 29.2.2 Movement schedules by measurement component table New reinsurance contracts recognized, no PAA 2023 Reinsurance Present value of cash inflows 201 Present value of cash outflows (531 ) Risk adjustment for non-financial 42 Contractual service margin 271 Income recognized on initial recognition (17 ) 2022 Present value of cash inflows 251 Present value of cash outflows (259 ) Risk adjustment for non-financial 21 Contractual service margin (13 ) Income recognized on initial recognition (0 ) 29.2.4 Maturity analysis contractual service margin 2023 2022 Maturity analysis CSM insurance contracts Discounted Discounted <1 year 839 1,076 1-2 756 802 2-3 684 723 3-4 618 654 4-5 559 591 5-10 2,071 2,210 10-20 1,850 2,024 > 20 years 748 849 On December 31 8,124 8,929 2023 2022 Maturity analysis CSM reinsurance contracts held, no PAA Discounted Discounted < 1yr 8 (22 ) 1 < 2 yrs 7 (15 ) 2 < 3 yrs 6 (13 ) 3 < 4 yrs 6 (12 ) 4 < 5 yrs 5 (10 ) 5 < 10 yrs 18 (32 ) 10 - 20 yrs 17 (16 ) > 20 yrs 12 13 On December 31 78 (107 ) 272 | Annual Report on Form 20-F 2023 29.2.5 Movement schedules contractual service margin by transition method Contractual service margin recognized on contracts in-force Insurance contracts Investment contracts with DPF Reinsurance contracts held MRA 1) FVA 2) Other Total CSM MRA FVA Other Total CSM MRA FVA Other Total CSM On January 1, 2023 1,836 4,673 2,420 8,929 - 72 - 72 1 (129 ) 21 (107 ) Changes in estimates that adjust CSM (40 ) (105 ) (32 ) (176 ) - 121 - 121 - 11 (14 ) (4 ) Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts - - - - - - - - - 4 2 6 New contracts issued: non-onerous - - 473 473 - - - - - - 283 283 Earnings released from contractual service margin (191 ) (498 ) (264 ) (952 ) - (17 ) - (17 ) - 9 (34 ) (26 ) Insurance finance income / (expense) 8 159 57 223 - - - - - (21 ) 8 (13 ) Cash flow - contracts disposed - (59 ) - (59 ) - - - - - - - - Net exchange differences (57 ) (128 ) (17 ) (203 ) - 2 - 2 - 6 (5 ) 2 Other 1 (42 ) (68 ) (110 ) - 1 - 1 - (30 ) (33 ) (63 ) On December 31, 2023 1,557 4,000 2,568 8,124 - 180 - 180 - (149 ) 227 78 1 MRA: Modified Retrospective Approach 2 FVA: Fair Value Approach Insurance contracts Investment contracts with DPF Reinsurance contracts held MRA 1) FVA 2) Other Total CSM MRA FVA Other Total CSM MRA FVA Other Total CSM On January 1, 2022 2,639 7,036 2,191 11,866 - 195 - 195 - 238 (5 ) 233 Changes in estimates that adjust CSM (792 ) 1,101 15 323 - (106 ) - (106 ) - 167 (3 ) 164 Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts - - - - - - - — - 3 8 10 New contracts issued: non-onerous - - 493 493 - - - — - (8 ) 26 18 Earnings released from contractual service margin (205 ) (764 ) (260 ) (1,229 ) - (11 ) - (11 ) - 45 (4 ) 42 Insurance finance income / (expense) 9 179 33 221 - - - - - (37 ) - (37 ) Cash flow - contracts disposed - (96 ) - (96 ) - - - - - - - - Net exchange differences 186 246 (45 ) 387 - (6 ) - (6 ) - (17 ) - (17 ) Other - (3,028 ) (7 ) (3,035 ) - - - - - (520 ) - (520 ) On December 31, 2022 1,836 4,673 2,420 8,929 - 72 - 72 1 (129 ) 21 (107 ) 1 MRA: Modified Retrospective Approach 2 FVA: Fair Value Approach Other in the table above relates to derecognition of liabilities following the completion of the transaction with a.s.r. 29.2.6 Investments and other assets allocated to contracts that were not transitioned fully retrospectively On transition to IFRS 17, amounts were recognized in the revaluation reserve for insurance contracts, investment contracts with discretionary features and reinsurance contracts held using the modified retrospective approach and/or the fair value approach. Part of the assets backing these groups of insurance contracts are measured at fair value through other comprehensive income. The movement in the period in the cumulative amount recognized in OCI for these assets is reflected in the table below: Assets backing up: Insurance Contracts On January 1, 2023 (2,375 ) Gross revaluation 1,137 Net gains/losses transferred to income statement 309 Foreign currency translation differences 55 Tax effect (322 ) Other 47 On December 31, 2023 (1,147 ) Assets backing up: Insurance Contracts On January 1, 2022 6,456 Gross revaluation (12,445 ) Net gains/losses transferred to income statement 425 Foreign currency translation differences 540 Tax effect 2,578 Other 72 On December 31, 2022 (2,375 ) Of the Gross revaluation, EUR 1,211 million was unrealized gains through equity (2022: loss of EUR 12,434 million). The Net gains/losses transferred to the income statement include EUR 437 million due to transfer disposal (2022: EUR 549 million). 29.3 Critical judgments and estimates 29.3.1 Fulfilment cash flows The fulfillment cash flows comprise: ∎ Estimates of future cash flows; ∎ An adjustment to reflect time value of money and the financial risks related to future cash flows, to the extent that the financial risks are not included in the estimates of future cash flows and ∎ A risk adjustment for non-financial Each measurement element requires the use of significant judgment and estimates. 29.3.1.1 Valuation methods Aegon’s objective in estimating future cash flows is to determine a range of scenarios that reflects the full range of possible outcomes. Each scenario specifies the amount and timing of the cash flows for a particular outcome, and the estimated probability of that outcome. The cash flows from each scenario are discounted and weighted by the estimated probability of that outcome to derive an expected present value. When determining the expected value of the full range of possible outcomes, the objective is to incorporate all reasonable and supportable information available without undue cost or effort in an unbiased way, rather than to identify every possible scenario. In some cases, relatively simple modeling provides an answer within an acceptable range of precision. In other cases, more complex valuation methods are required to satisfy the measurement objective. For example, if cash flows reflect a series of interrelated (implicit or explicit) options and respond in a non-linear 274 | Annual Report on Form 20-F 2023 equity returns. Other methods that are used to measure non-linear 29.3.1.2 Actuarial assumptions When estimating future cash flows, Aegon sets actuarial assumptions for underwriting risk including policy claims (such as mortality, longevity or morbidity), policyholder behavior (such as lapses, surrender of policies or partial withdrawals), property & casualty loss ratios and expenses. Actuarial assumptions are reviewed annually, with the exception of expense assumptions which might be updated more frequently as a result on the quarterly monitoring of actual expenses. Underwriting assumptions 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 for in-force Surrender and lapse rates depend on product features, policy duration and external circumstances such as the interest rate environment and competitor behavior. For policies where policyholders are expected to have financial incentive to choose a favorable lapse timing based on the market conditions, a dynamic lapse assumption is utilized to reflect expected policyholder behavior when applying multiple scenarios in measurement. Own experience, as well as industry published data, are used to 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. Policyholder benefits that are directly linked to asset performance are projected at rates that are consistent with the discount rates applied. For cash flows like crediting rates, the projected cash flows reflect how the reporting unit would determine crediting rates in a given scenario based on the Group’s crediting policies. Other management actions are taken into account to the extent that they are part of Aegon’s regular policies and procedures. Given that Aegon applies the premium allocation approach to most of its non-life Expense assumptions Expenses that are attributable to the fulfillment cash flows include acquisition expenses, maintenance expenses and claims settlement costs, as well as overhead costs that Aegon considers to be unavoidable when fulfilling the in-force one-off not-at-scale When allocating the attributable expenses to groups of contracts, Aegon leverages allocation approaches used for pricing or regulatory reporting. Where IFRS requires a greater level of granularity, additional allocation keys are applied that have been defined based on, for example, further expense studies. The expense inflation assumption is split into a financial component that is calibrated to market observables and a non-financial non-financial Discount rates and other financial assumptions Aegon adjusts the estimated future cash flows of a group of contracts to reflect the time value of money and the financial risks related to those cash flows, to the extent that the financial risks are not included in the estimates of cash flows. The discount rates applied to the estimates of the future cash flows: ∎ Reflect the time value of money, the characteristics of the cash flows and the liquidity characteristics of the insurance contracts; ∎ Are consistent with observable current market prices (if any) for financial instruments with cash flows whose characteristics are consistent with those of the insurance contracts, in terms of, for example, timing, currency and liquidity; and ∎ Exclude the effect of factors that influence observable market prices but do not affect the future cash flows of the insurance contracts. No implicit adjustments for non-financial non-financial When determining the discount rates at the date of initial recognition of a group of contracts, Aegon uses weighted-average discount rates over the period that contracts in that group are issued. IFRS explicitly mentions two calibration options for the discount rate, namely the “top-down “bottom-up” Risk-free yield curve Aegon has identified various rates available in the EUR, GBP and USD markets that can be used as a basis for the risk-free yield curve, including EURIBOR swap rates for EUR, reformed Sterling Overnight Index Average (SONIA) for GBP, and Secured Overnight Funding Rates (SOFR) and US Treasury rates for USD. EURIBOR rates are adjusted for credit risk by subtracting a credit risk allowance. No adjustment is made to overnight swap rates and US Treasury rates, as the credit risk of these instruments is deemed negligible. A full risk-free yield curve is derived by first interpolating between tenors for which market data is available, and then extrapolating the yield curve beyond market observable maturities. Discount rates converge linearly in 10 years to an ultimate forward rate. A uniform last liquid point for EUR and USD is set at 30 years, GBP is set at 50 years. The ultimate forward rates reflect a long-term view on nominal interest rates and is set by management per currency, considering expected real interest rates and long-term inflation together with the current market environment. The ultimate forward rates have been reviewed as part of the annual Group economic assumptions update and revised to a common level of 3.45% effective December 31, 2023. (December 31, 2022: 3.50%,3.65% and 3.45% for the USD, EUR, and GBP respectively.) Aegon reviews the risk-free last liquid point and ultimate forward rates quarterly which, although expected to be infrequent, may lead to assumption updates if there are significant changes in market conditions. Yield curves (zero coupon ra |
Investment contracts without di
Investment contracts without discretionary participating features | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Investment contracts without discretionary participating features | 30 Investment contracts without discretionary participating features 30.1 Investment contracts without DPF where Aegon bears the risk 2023 2022 On January 1 9,597 20,674 Deposits 1,606 22,638 Withdrawals (1,405 ) (23,118 ) Interest credited 221 232 Net exchange differences (345 ) 582 Transfer to/from other headings 567 797 Transfers to disposal groups - (12,179 ) Other (18 ) (29 ) On December 31 10,222 9,597 Investment contracts consist of the following: 2023 2022 Institutional guaranteed products 169 179 Fixed annuities 10,024 9,418 Other 29 - On December 31 10,222 9,597 30.2 Investment contracts without DPF where the policyholder bears the risk 2023 2022 On January 1 55,631 71,690 Gross premium and deposits – existing and new business 12,648 11,261 Withdrawals (9,840 ) (15,233 ) Interest credited 7,636 (9,864 ) Fund charges released (313 ) (324 ) Net exchange differences (40 ) 437 Transfers to disposal groups - (1,396 ) Transfer to/from other headings (680 ) (943 ) Other 2 2 On December 31 65,044 55,631 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Borrowings | 31 Borrowings 2023 2022 Capital funding 763 1,245 Operational funding 1,593 2,806 On December 31 2,356 4,051 Current 32 1,150 Non-current 2,325 2,901 On December 31 2,356 4,051 Fair value of borrowings 2,459 4,114 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 6 million positive (2022: EUR 7 million positive). Capital funding A detailed composition of capital funding is included in the following table: (sorted at maturity) Coupon rate Coupon date Issue / Maturity 2023 2022 EUR 500 million Senior Unsecured Notes 1.000% December 8 2016 / 23 - 499 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 287 281 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually, December 16 2009 / 39 457 446 Other 18 19 On December 31 763 1,245 During 2023, the EUR 500 million senior unsecured notes with a coupon rate of 1% was redeemed. These loans are considered senior debt in calculating financial leverage in note 37 Capital management and solvency. Operational funding During 2023, the operational funding decreased by EUR 1.2 billion mainly due to the partial redemption of the FHLB borrowing. Coupon rate Coupon date Issue / Maturity 2023 2022 FHLB Secured borrowings 1) Floating Quarterly 2021 / 24 1,562 2,806 North Westerly VI Note 1) Floating Quarterly 2020 / 32 15 - North Westerly VII Note 1) Floating Quarterly 2021 / 34 16 - On December 31 1,593 2,806 1 Issued by a subsidiary of Aegon Ltd. Other Undrawn committed borrowing facilities: 2023 2022 Floating-rate - Expiring beyond one year 2,623 3,435 On December 31 2,623 3,435 There were no defaults or breaches of conditions during the period. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Provisions | 32 Provisions 2023 2022 On January 1 100 193 Additional provisions 77 28 Disposal of a business (13 ) (8 ) Unused amounts reversed through the income statement (25 ) (10 ) Used during the year (54 ) (57 ) Net exchange differences (2 ) 5 Transfers to disposal groups - (52 ) On December 31 83 100 Current 78 90 Non-current 5 10 The provisions on December 31, 2023 consisted of litigation provisions of EUR 65 million (2022: EUR 71 million) mainly related to settlement in the United States in case alleging mischaracterization of agents as independent contractors instead of employees (see note 39 Commitments and contingencies), restructuring provisions of EUR 9 million |
Defined benefit plans
Defined benefit plans | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Defined benefit plans | 33 Defined benefit plans 2023 2022 Retirement benefit plans 368 225 Other post-employment benefit plans 178 184 Total defined benefit plans 546 409 Retirement benefit plans in surplus 103 87 Reimbursement rights 20 - Total defined benefit assets 123 87 Retirement benefit plans in deficit 491 312 Other post-employment benefit plans in deficit 178 184 Total defined benefit liabilities 669 496 2023 2022 Movements during the year in defined benefit plans Retirement Other post-employ- Total Retirement Other post-employ- Total On January 1 225 184 409 3,547 277 3,824 Defined benefit expenses 113 19 132 68 17 85 Remeasurements of defined benefit plans 167 (7 ) 160 (837 ) (67 ) (904 ) Contributions paid (83 ) - (83 ) (38 ) - (38 ) Benefits paid (39 ) (12 ) (51 ) (117 ) (17 ) (134 ) Net exchange differences (15 ) (6 ) (21 ) 21 15 36 Transfers to disposal groups - - - (2,421 ) (41 ) (2,462 ) Other - - - 1 - 1 On December 31 368 178 546 225 184 409 The amounts recognized in the statement of financial position are determined as follows: 2023 2022 Retirement Other post-employ- Total Retirement Other post-employ- Total Present value of wholly or partly funded obligations 3,165 - 3,165 3,098 - 3,098 Fair value of plan assets (3,051 ) - (3,051 ) (3,083 ) - (3,083 ) Fair value of reimbursement rights (20 ) 2 (19 ) - - - 93 2 95 15 - 15 Present value of wholly unfunded obligations 275 176 451 210 184 394 On December 31 368 178 546 225 184 409 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 2023 and 2022. 2023 2022 Defined benefit expenses Retirement Other post-employ- Total Retirement Other post-employ- Total Current year service cost 38 6 44 32 11 43 Net interest on the net defined benefit liability (asset) 10 9 19 38 6 45 Past service cost 66 4 69 (3 ) - (3 ) Total defined benefit expenses 113 19 132 68 17 85 Defined benefit expenses are included in “Post-employment benefit costs” in note 13 Other operating expenses. Movements during the year of the present value of the defined benefit obligations 2023 2022 On January 1 3,491 8,541 Current year service cost 46 43 Interest expense 172 158 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions 53 (3 ) - Actuarial gains and losses arising from changes in financial assumptions 61 (2,420 ) Past service cost 109 (3 ) Benefits paid (252 ) (529 ) Net exchange differences (65 ) 164 Transfer to disposal groups - (2,462 ) Other - 1 On December 31 3,616 3,491 Movements during the year in plan assets for retirement benefit plans 2023 2022 On January 1 3,083 4,717 Interest income (based on discount rate) 153 114 Remeasurements of the net defined liability (asset) (21 ) (1,518 ) Contributions by employer 83 38 Benefits paid (203 ) (395 ) Net exchange differences (44 ) 127 On December 31 3,051 3,083 2023 2022 Breakdown of plan assets for retirement benefit plans Quoted Unquoted Total in % of total plan assets Quoted Unquoted Total in % of total plan assets Debt instrument 424 177 601 20 % 336 154 490 16 % Derivatives - (143 ) (143 ) (5 %) - (218 ) (218 ) (7 %) Investment funds - 2,142 2,142 70 % - 2,214 2,214 72 % Structured securities - 200 200 7 % - 268 268 9 % Other - 252 252 8 % - 328 328 11 % On December 31 424 2,627 3,051 100 % 336 2,746 3,083 100 % Movements during the year of the fair value of the reimbursement rights 2023 2022 On January 1 - - Current year service cost 2 - Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions - - - Actuarial gains and losses arising from changes in financial assumptions (25 ) - Past service cost 40 - Benefits paid 2 - On December 31 20 - Defined benefit plans are mainly operated by Transamer ic 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 216 million on December 31, 2023 (2022: EUR 102 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 2023 or 2022. However, with the Aegon Ltd. Transamerica Management Board approval of a proposal from Transamerica Corporation, Transamerica Corporation made a pension plan contribution of EUR 45 million in September 2023 that was over and above the minimum required funding levels as set forth by the Internal Revenue Code. In 2022, Transamerica Corporation did not make a pension plan contribution. 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 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 174 million (2022: EUR 197 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 176 million (2022: EUR 184 million). The weighted average duration of the defined benefit obligation is 9.0 years (2022: 9.8 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 2023 2022 Demographic actuarial assumptions Mortality US mortality 1) US mortality 1) Financial actuarial assumptions Discount rate 5.00%/4.93% 5.22%/5.14% Salary increase rate 4.00% 4.00% Health care trend rate 6,80% 6.30% 1 2023 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 the defined benefit obligation 2023 2022 Demographic actuarial assumptions 10% increase in mortality rates (47 ) (50 ) 10% decrease in mortality rates 53 54 Financial actuarial assumptions 100 basis points increase in discount rate (205 ) (222 ) 100 basis points decrease in discount rate 250 277 100 basis points increase in salary increase rate 5 4 100 basis points decrease in salary increase rate (4 ) (3 ) 100 basis points increase in health care trend rate 10 10 100 basis points decrease in health care trend rate (9 ) (9 ) 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 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 on 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 United Kingdom. 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 103 million on December 31, 2023 (2022: EUR 87 million surplus). During 2023, EUR 37 million (2022: EUR 38 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 16% of assets are invested in growth assets (i.e. primarily equities) and 84% 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 14.9 years (2022: 15.3 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 2023 2022 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 4.79 % 4.96 % Price inflation 3.10 % 3.20 % 1 Club Vita tables based on analysis of Scheme membership CMI 2022 1.5%/1.25% p.a. (males/females) 2 Club Vita tables based on analysis of Scheme membership CMI 2021 1.5%/1.25% p.a. (males/females) The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2023 2022 Demographic actuarial assumptions 10% increase in mortality rates (20) (19 ) 10% decrease in mortality rates 23 22 Financial actuarial assumptions 100 basis points increase in discount rate (131) (130 ) 100 basis points decrease in discount rate 166 164 100 basis points increase in price inflation 62 55 100 basis points decrease in price inflation (128) (113 ) 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 16.1% Debt instruments 83.9% Aegon Employees Netherlands B.V. Until July 1, 2023, Aegon Nederland N.V. was the employer of the employees of Aegon in the Netherlands. Following the transaction with a.s.r., the remaining employees of Aegon located in the Netherlands were transferred to Aegon Employees Netherlands B.V. (AEN), an Aegon subsidiary included in the Holdings segment, per July 1, 2023. AEN offers a defined contribution pension scheme to all employees in the Netherlands. Aegon Nederland N.V. operated a defined benefit pension plan under a pension contract. 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 pension contract was updated as AEN was added as an employer upon the date of the transfer of employees to AEN. The defined benefit plans cover retirement benefits, disability, death and survivor pensions and the defined benefit obligation amounts to EUR 90 million at December 31, 2023. The defined benefit obligation are backed by investments owned by Aegon Nederland N.V. The obligation of Aegon Nederland N.V. to fund the defined benefit obligation through these investments is reported as a reimbursement right on the balance sheet of AEN. The average remaining duration of the defined benefits obligation is 21.9 years. Also included in the reimbursement rights is the present value of the expected guaranteed premiums and management fees to be paid to Aegon Nederland N.V. by AEN. The present value as of December 31, 2023 amounts to EUR 69 million, discounted at a rate of 3.42%. The average remaining duration of the expected guaranteed premium and management fee is 16.9 years. The liabilities related to other post-employment benefit plans, consisting of former Board of Directors unconditional indexation, jubilee and mortgage discount liabilities, are wholly unfunded and amount to EUR 5 million at December 31, 2023. The weighted average duration of the other post-employment benefit plans is 12.0 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 2023 Demographic actuarial assumptions Mortality AEGON 1) Financial actuarial assumptions Discount rate 3.42% Price inflation 2.36% 1 During 2023 the mortality table is adjusted, based on experience adjustments. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end: Estimated approximate effects on the defined benefit obligation 2023 Demographic actuarial assumptions 10% increase in mortality rates (1 ) 10% decrease in mortality rates 1 Financial actuarial assumptions 100 basis points increase in discount rate (14 ) 100 basis points decrease in discount rate 18 The above sensitivity analysis is based on a change in one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit obligation recognized within the statement of financial position. All other operating segments Businesses included in all other operating segments mostly operate defined contribution plans. Please see note 13 Other operating expenses for the employee expenses regarding these contribution plans. |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Deferred tax | 34 Deferred tax Deferred tax 2023 2022 Deferred tax assets 2,350 2,433 Deferred tax liabilities (57 ) (30 ) On December 31 2,293 2,403 Deferred tax assets comprise temporary differences on: 2023 2022 Real estate (2 ) (15 ) Financial assets 803 1,569 Insurance and investment contracts (599 ) (1,416 ) Deferred expenses, VOBA and other intangible assets 539 573 Defined benefit plans 214 196 Tax losses and credits carried forward 1,112 1,287 Other 283 239 On December 31 2,350 2,433 Deferred tax liabilities comprise temporary differences on: 2023 2022 Financial assets (6 ) (6 ) Insurance and investment contracts 62 33 Deferred expenses, VOBA and other intangible assets 2 - Other (1 ) 3 On December 31 57 30 290 | Annual Report on Form 20-F 2023 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 Financial Insurance and investment contracts Deferred expenses, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total On January 1, 2023 15 (1,574 ) 1,449 (573 ) (196 ) (1,287 ) (235 ) (2,403 ) Charged to income statement (12 ) 170 (479 ) 12 6 49 51 (204 ) Charged to OCI - 436 (271 ) - (31 ) - - 134 Net exchange differences - 38 (32 ) 19 7 26 18 76 Disposal of a business - 2 (4 ) - - (8 ) 2 (8 ) Transfers to disposal groups - - - - - (1 ) 1 - Transfer to/from other headings - 118 - - - - (118 ) - Transfer to/from current income tax - - - - - 109 - 109 Other - - (1 ) 5 - (1 ) (2 ) 2 On December 31, 2023 2 (809 ) 661 (537 ) (214 ) (1,112 ) (284 ) (2,293 ) On January 1, 2022 776 3,336 (4,452 ) (448 ) (154 ) (988 ) (45 ) (1,974 ) Charged to income statement (75 ) (2,928 ) 3,380 (217 ) (191 ) 180 (105 ) 45 Charged to OCI - (2,770 ) 2,256 - 252 - (56 ) (319 ) Net exchange differences 1 139 (163 ) (28 ) (12 ) (24 ) (22 ) (109 ) Disposal of a business (1 ) 1 (2 ) - - - (3 ) (5 ) Transfers to disposal groups (685 ) 841 306 (1 ) (94 ) (454 ) 26 (61 ) Transfer to/from other headings - (194 ) 122 121 3 (27 ) (26 ) (1 ) Transfer to/from current income tax - - - - - 25 - 25 Other - - - - - - (4 ) (4 ) On December 31, 2022 15 (1,574 ) 1,449 (573 ) (196 ) (1,287 ) (235 ) (2,403 ) 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 2,564 million; an amount of tax EUR 573 million related to tax losses carried forward (2022: gross EUR 2,858 million; tax EUR 635 million) and an amount of tax EUR 583 million related to tax credits carried forward (2022: tax EUR 595 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 2023 2022 2023 2022 < 5 years 28 58 13 16 ≥ 1 7 (0 ) 2 ≥ - - 65 59 ≥ - - - - Indefinitely 939 651 231 169 On December 31 969 716 308 246 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 2023 2022 2023 2022 Deferred corporate income tax asset dependent on retaining bond and similar investments until the earlier of market recovery or maturity 4,729 6,166 993 1,295 Deferred corporate income tax asset dependent on future taxable profits 1,717 27 362 7 On December 31 6,446 6,193 1,355 1,302 In 2022 Aegon did not recognize deferred tax assets in respect of deductible temporary differences relating to Financial assets and Other items for the amount. The amount of gross EUR 29 million; tax EUR 5 million is no longer accounted for since this relates to the divested business of Poland. The non-recognized Deferred taxes are non-current |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Other liabilities | 35 Other liabilities 2023 2022 Payables due to policyholders 1,632 684 Payables due to brokers and agents 482 454 Social security and taxes payable 59 49 Income tax payable 1 10 Investment creditors 995 970 Cash collateral on derivative transactions 964 2,483 Cash collateral on securities lent 2,357 2,417 Cash collateral - other 68 64 Repurchase agreements 28 107 Lease liabilities 205 210 Other creditors 1,599 2,828 On December 31 8,390 10,278 Current 8,210 10,069 Non-current 180 208 The decrease in other liabilities is mainly the result of lower cash collateral on derivative transactions which is driven by the divestment of Aegon the Netherlands. The carrying amounts disclosed are reasonable approximations of the fair values at year-end, |
Aegon Ltd. [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 90 million (2022: EUR 189 million). |
Accruals
Accruals | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Accruals | 36 Accruals 2023 2022 Accrued interest 47 129 Accrued expenses 281 243 On December 31 328 372 The carrying amounts disclosed reasonably approximate the fair values at year-end. |
Capital management and solvency
Capital management and solvency | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Capital management and solvency | 37 Capital management and solvency The Group’s lead regulator, the Bermuda Monetary Authority (BMA), monitors capital requirements for the Group as a whole. The Group’s individual subsidiaries are directly supervised by their local regulators. The Group is required by the BMA to hold an excess of its assets over its insurance contract liabilities calculated on a regulatory basis. Aegon’s group solvency ratio under the Bermuda solvency framework is broadly aligned with that under the previously applied Solvency II framework during a transition period until the end of 2027. This includes the method to translate Transamerica’s capital position into the group solvency position. The Group and its individual subsidiaries may also be subject to supervisory intervention by their local regulators at local entity level. The Group and its individually regulated subsidiaries complied with all externally imposed capital requirements during 2023 and 2022. Strategic importance Aegon’s approach toward 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 toward 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 toward policyholders and debtholders are always adequately met and provide 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 toward 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 2023, Aegon achieved its goal to reduce its gross financial leverage to around EUR 5.0 billion, as announced during the June 2023 Capital Markets Day. Gross financial leverage was EUR 5.1 billion per December 31, 2023, after a EUR 500 million reduction in gross financial leverage in December 2023 funded from the proceeds of the a.s.r. transaction. 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 toward 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, 2023 1) December 31, 2022 US RBC ratio 432 % 425% Scottish Equitable Plc (UK) Solvency II ratio 187 % 169% 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 increased from 425% on December 31, 2022, to 432% on December 31, 2023, and remained above the operating level of 400%. Markets had beneficial impacts driven by credit spread narrowing and default experience. The strong operating performances and one-off The Solvency II ratio for Scottish Equitable Plc increased from 169% on December 31, 2022, to 187% on December 31, 2023, and remained above the operating level of 150%. This is driven by the UK Risk Margin reform, as the unfavorable impacts from markets and remittances to Aegon UK were offset by operating capital generation. 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, including the UK, 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 1.6 billion on December 31, 2022 to EUR 2.4 billion on December 31, 2023. This increase was largely due to EUR 2.2 billion of cash proceeds from completing the transaction with a.s.r., as announced on July 4, 2023. The proceeds from this divestiture provided Aegon surplus cash to return capital to its shareholders via a EUR 1,500 million share buyback (of which over EUR 750 million in 2023) and to have the contractual redemption of EUR 500 Group Solvency Ratio Aegon’s group solvency ratio and surplus under the Bermuda solvency framework is broadly in line with that under the Solvency II framework during a transition period until the end of 2027. The method to translate Transamerica’s capital position into the group solvency position is also similar to the methodology previously applied under Solvency II. Aegon’s UK insurance subsidiaries have been included in the Aegon’s Solvency calculation in accordance with UK Solvency II standards, including Aegon UK’s approved Partial Internal Model. After the transition period, Aegon will fully adopt the Bermudian solvency framework. The Group solvency 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. December 31, 2023 1) December 31, 2022 Group Eligible Own Funds 14,250 16,332 Group SCR 7,366 7,844 Group solvency ratio 193% 208% 1 The solvency ratios are estimates and are not final until filed with the respective supervisory authority. Aegon’s Group solvency ratio was 193% on December 31, 2023, compared to 208% on December 31, 2022. The decrease in Group solvency ratio is mainly driven by the transaction with a.s.r. Minimum regulatory requirements Insurance laws and regulations in local regulatory jurisdictions often contain minimum regulatory capital requirements. Bermuda and the BMA, as group supervisor and local entity supervisor of Bermuda subsidiaries, defined a minimum solvency margin. For insurance companies in the European Union and the UK also, minimum capital requirement is defined, being the Minimum Capital Requirement. An irreparable breach of the minimum regulatory capital requirements 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 Aegon views the higher capital requirement, 120 % of the SCR for the Group or % of local entity SCR CAL as the level around which supervisors will formally require management to provide regulatory recovery plans. During 2023, 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 leverage Aegon’s total capitalization reflects the capital employed in the business units and consists adjusted valuation equity1 and total gross financial leverage. Aegon assesses its gross financial leverage position based on various leverage metrics, including the 1 Adjusted valuation equity is defined as the sum of shareholders’ equity, non-controlling 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 based on IFRS as adopted by the EU; ∎ Non-controlling ∎ Contractual service margin net of tax; and ∎ 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 2023 2022 Total shareholders’ equity - based on IFRS as adopted by the EU 25 7,475 8,815 Non-controlling 26, SOFP 2) 203 243 CSM after tax 29 6,403 7,227 Adjusted valuation equity 14,080 16,285 Perpetual contingent convertible securities 26 500 500 Junior perpetual capital securities 26 923 923 Perpetual cumulative subordinated bonds 26 454 454 Subordinated Borrowings 27 2,244 2,295 Trust pass-through securities 28 111 118 Currency revaluation other equity instruments 1) 50 66 Hybrid leverage 4,282 4,356 Senior debt 31 3) 782 1,265 Senior leverage 782 1,265 Total gross financial leverage 5,064 5,621 Total capitalization 19,144 21,906 Gross financial leverage ratio 26.5% 25.7% Fixed Charge Coverage 6.5 x 8.7 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 19 million (2022: EUR 20 million). Distributable reserves Aegon Ltd. is subject to legal restrictions with regard to the amount of dividends it can pay to its shareholders. Aegon shall only declare or pay a dividend or make a distribution from contributed surplus in accordance with Bermuda law. Among other things this means that Aegon shall not declare or pay a dividend or make a distribution from contributed surplus in the event that there are reasonable grounds for believing that (i) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) the realizable value of the company’s assets would thereby be less than its liabilities. In accordance to the Dutch act Non-residential |
Fair value
Fair value | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Fair value | 38 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 following table sets out the fair values of financial instruments by the level of the fair value hierarchy into which each fair value measurement is categorized. It does not include fair value information for cash and cash equivalents, receivables, and payables, whose carrying amounts are a reasonable approximation of fair value, or for lease liabilities. 2023 Fair value hierarchy Level I Level II Level III Total Assets measured at FVOCI Shares 5 - 4 10 Debt securities 5,644 41,031 516 47,191 Money market and other short-term investments 3,028 97 9 3,135 Other investments at fair value - 29 - 29 8,678 41,157 530 50,364 Financial assets measured at fair value through profit or loss Shares 153 43 94 291 Debt securities 302 2,009 86 2,396 Money market and other short-term investments 4,041 173 - 4,215 Other investments at fair value 1 773 4,237 5,011 Derivatives 47 1,374 8 1,429 Investments in real estate - - 55 55 Investments in real estate for policyholders - - 433 433 Investments where the policyholder bears the risk 90,027 103,022 342 193,390 94,570 107,395 5,255 207,220 Revalued amounts Real estate held for own use - - 61 61 Total financial assets measured at fair value 103,248 148,551 5,846 257,645 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - 65,044 - 65,044 Derivatives 39 2,434 6 2,479 Total financial liabilities measured at fair value 39 67,478 6 67,523 2022 Fair value hierarchy Level I Level II Level III Total Assets measured at FVOCI Shares 5 - 4 10 Debt securities 6,353 45,073 181 51,607 Money market and other short-term investments 1,597 973 5 2,576 Other investments at fair value - 31 - 31 7,956 46,077 191 54,223 Financial assets measured at fair value through profit or loss Shares 160 61 127 348 Debt securities 282 1,722 35 2,040 Money market and other short-term investments 2,084 957 1 3,042 Other investments at fair value 1 537 4,050 4,588 Derivatives 33 2,728 11 2,771 Investments in real estate - - 59 59 Investments in real estate for policyholders - - 443 443 Investments where the policyholder bears the risk 87,362 91,799 402 179,563 89,922 97,804 5,128 192,855 Revalued amounts Real estate held for own use - - 73 73 Total financial assets measured at fair value 97,878 143,881 5,392 247,151 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - 55,631 - 55,631 Derivatives 51 5,111 12 5,175 Total financial liabilities measured at fair value 51 60,742 12 60,806 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 from 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. 2023 2022 Significant transfers between level I, level II and level III Transfers Level I to Level II Transfers Level II to Level I Transfers Level I to Level II Transfers Level II to Level I Assets measured at FVOCI Debt securities - 141 23 5 Money market and other short-term investments 45 245 - 460 45 386 23 464 Financial assets measured at fair value through profit or loss Shares - - 10 128 Money market and other short-term investments - 795 - 275 Investments where the policyholder bears the risk 1 - - 28 1 795 10 431 Revalued amounts Real estate held for own use - - - - Total financial assets measured at fair value 46 1,182 34 895 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. Financial assets carried at fair value 2023 Disposal of a business Total gains / losses in income statement 1) Total gains / losses in 2) Purchases Sales Settle- Net exchange difference Reclas- sification Transfers from levels I and II Transfers to Transfers to disposal groups On December 31, 2023 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2023 3) FVOCI Shares 4 - - - - - - - - - - - 4 - Debt securities 181 - (1 ) 11 263 (124 ) (15 ) (12 ) - 214 (1 ) - 516 - Money markets and other short-term investments 5 - - 4 - - - - - - - - 9 - 191 - (1 ) 15 263 (124 ) (15 ) (12 ) - 214 (1 ) - 530 - FVPL Shares 127 - 2 - 12 (47 ) - (4 ) - 5 - - 94 3 Debt securities 35 - 17 - 38 (43 ) (4 ) (2 ) - 46 - - 86 (8 ) Money markets and other short-term investments 1 - - - - - - - - - (1 ) - - - Other investments at fair value 4,050 - (65 ) - 652 (254 ) - (144 ) - - - - 4,237 (70 ) Derivatives 11 - (3 ) - - (1 ) - - - - - - 8 (3 ) Investments in real estate 59 - 2 - 2 (6 ) - (1 ) - - - - 55 - Investments in real estate for policyholders 443 - (52 ) - 42 (12 ) - 11 - - - - 433 (42 ) Investments where the policyholder bears the risk 402 - (37 ) - 37 (59 ) - (1 ) - - - - 342 - 5,128 - (136 ) - 782 (422 ) (4 ) (142 ) - 51 (2 ) - 5,255 (120 ) Revalued amounts Real estate held for own use 73 - (3 ) (2 ) (1 ) - - (2 ) - - - - 64 - 73 - (3 ) (2 ) (1 ) - - (2 ) - - - - 64 - Total financial assets measured at fair value 5,392 - (141 ) 13 1,044 (546 ) (19 ) (157 ) - 265 (3 ) - 5,849 (120 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - - - - - - - - - - - - - - Derivatives 12 - (6 ) - - - - - - - - - 6 - 12 - (6 ) - - - - - - - - - 6 - 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 financial assets measured at FVOCI and Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI of the statement of comprehensive income. 3 Total gains / (losses) for the period during which the financial instrument was in Level III. Financial assets carried at fair value 2022 Disposal of a business Total gains / losses in income statement 1) Total gains / losses in 2) Purchases Sales Settle- Net exchange difference Reclas- sification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups On December 31, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2022 3) FVOCI Shares 4 - - - - - - - - - - - 4 - Debt securities 365 - (1 ) (73 ) 98 (47 ) (16 ) 23 - 37 (207 ) - 181 - Money markets and other short-term investments 28 - - (23 ) - - - - - - - - 5 - 398 - (1 ) (95 ) 98 (47 ) (16 ) 23 - 37 (207 ) - 191 - FVPL Shares 1,530 - 137 - 191 (365 ) - 12 - - - (1,378 ) 127 (41 ) Debt securities 242 - (11 ) - 45 (3 ) (5 ) 3 - 2 (140 ) (98 ) 35 (12 ) Money markets and other short-term investments - - 1 - - - - - - - - - 1 1 Loans 22,727 - (4,529 ) - 1,802 (1,825 ) - - - - - (18,175 ) - - Other investments at fair value 3,548 - 247 - 627 (587 ) (14 ) 229 - - - - 4,050 159 Derivatives 1 - 10 - - - - - - - - - 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 ) Investments where the policyholder bears the risk 895 - 43 - (468 ) 876 - (14 ) - 2 - (932 ) 402 (55 ) 32,149 - (4,214 ) - 2,249 (1,986 ) (19 ) 205 7 4 (140 ) (23,128 ) 5,128 (6 ) Revalued amounts Real estate held for own use 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 - 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 - Total financial assets measured at fair value 32,732 (24 ) (4,218 ) (95 ) 2,346 (2,042 ) (34 ) 232 2 41 (347 ) (23,203 ) 5,392 (7 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk (33 ) - (23 ) - (559 ) 721 - - - 1 - (105 ) - - Derivatives 41 - (31 ) - - - - 3 - - - (1 ) 12 - Total financial liabilities measured at fair value 8 - (54 ) - (559 ) 721 - 3 - 1 - (106 ) 12 - 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 financial assets measured at FVOCI and Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI of the statement of comprehensive income. 3 Total gains / (losses) for the period during which the financial instrument was in Level III. During 2022 and 2023, 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, internal models 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 and 2023, 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 Range (weighted average) December 31, 2022 Range (weighted average) Assets carried at fair value Fair value through OCI Shares Net asset value n.a. - n.a. - n.a. Other n.a. 4 n.a. 4 n.a. 4 4 Debt securities Broker quote n.a. 416 n.a. 33 n.a. Discounted cash flow Constant Prepayment Rate 2 1.81% 2 40.53% Discounted cash flow Constant Prepayment Rate - Other n.a. 98 n.a. 147 n.a. 516 181 Other investments at fair value Investment funds Net asset value n.a. - n.a. - n.a. Other Other n.a. 9 n.a. 5 n.a. 9 5 On December 31 530 191 Fair value through profit or loss Shares Net asset value n.a. 91 n.a. 126 n.a. Shares Broker quote n.a. 4 n.a. 1 n.a. Debt securities Broker quote n.a. 80 n.a. 5 n.a. Debt securities Discounted cash flow Constant prepayment rate - 7.10% - 7.80% Debt securities Other n.a. 6 n.a. 30 n.a. 180 161 Other investments at fair value Investment funds Net asset value n.a. 3,532 3,439 n.a. Tax credit investments Discounted cash flow Discount rate 705 6.88% 610 7.10% Other Other n.a. - - n.a. 4,237 4,050 Total assets at fair value 3) 4,947 4,403 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 3 n.a 8 0.45% Other Discounted cash flow Other 3 n.a 4 n.a Total liabilities at fair value 6 12 - 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 where the policyholder bears the risk are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Assets where the policyholder bears the risk, 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. For reference purposes, the valuation techniques included in the table above are described in more detail on the following pages. 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. Carrying amount December 31, 2023 Estimated fair value hierarchy Total estimated fair value December 31, 2023 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,157 - 1 9,024 9,025 Other loans - held at amortized cost 70 70 1 - 70 Liabilities Subordinated borrowings - held at amortized cost 2,244 1,392 730 - 2,122 Trust pass-through securities - held at amortized cost 111 - 125 - 125 Borrowings – held at amortized cost 2,356 879 1,580 - 2,459 Investment contracts - held at amortized cost 10,222 - - 8,755 8,755 Carrying amount December 31, 2022 Estimated fair value Total estimated fair value December 31, 2022 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,407 - 1 9,218 9,218 Other loans - held at amortized cost 46 39 7 - 46 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 9,597 - - 8,416 8,416 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. Included in this category are shares in a Federal Home Loan Bank (FHLB) for an amount of EUR 82 million (2022: EUR 124 million), which are reported as part of the line-item Net asset value. A FHLB has implicit financial support from the United States government. The redemption value of the shares is fixed at par and they can only be redeemed by the FHLB. 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. In addition, 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 fair value through OCI or fair value through profit or loss) is valued using a matrix pricing methodology. The pricing matrix is obtained from a third-party service provider and indicates current spreads for securities based on weighted average life, credit rating, and industry sector. Each month, Aegon’s asset specialists review the matrix to ensure the spreads are reasonable by comparing them to observed spreads for similar bonds traded in the market. Other inputs to the valuation include coupon rate, the current interest rate curve used for discounting and a liquidity premium to account for the illiquid nature of these securities. The liquidity premiums are determined based upon the pricing of recent transactions in the private placements market; comparing the value of the privately offered security to a similar public security. The impact of the liquidity premium for private placement securities to the overall valuation is insignificant. 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 2023, 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 marketplace. The discount rate used in valuation of tax credit investments was 6.9% (December 31, 2022: 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. 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 been rented to a third party. Trust pass-through securities and subordinated borrowings Trust pass-through securities and subordinated borrowings are either carried at fair value (if they are designated as financial liabilities at fair value through profit or loss) or amortized cost (with fair value being disclosed in the notes to the consolidated financial statements). For the determination of the fair value of these instruments, the level hierarchy as described by IFRS is used. The preferred method of obtaining the fair value of the fair value option bonds is the quoted price (Level I). In case markets are less liquid or the quoted prices are not available, Aegon’s valuation policy utilizes a pricing hierarchy which dictates that publicly available prices are initially sought from indices and third-party pricing services. The US trust pass-through securities and subordinated borrowings are classified as Level II of the fair value hierarchy. Investment contracts Investment contracts issued by Aegon are either carried at fair value (if they are designated as financial liabilities at fair value through profit or loss) or amortized cost (with fair value being disclosed in the notes to the consolidated financial statements). These contracts are not quoted in active markets and their fair values are determined by using valuation techniques, such as discounted cash flow methods and stochastic modeling or in relation to the unit price of the underlying assets. All models are validated and calibrated. A variety of factors are considered, including time value, volatility, policyholder behavior, servicing costs and fair values of similar instruments. Certain investment products are not quoted in active markets and their fair values are determined by using valuation techniques. Because of the dynamic and complex nature of these cash flows, stochastic or similar techniques under a variety of market return scenarios are often used. A variety of factors are |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Commitments and contingencies | 39 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 2024. 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. 2023 2022 Purchase Sale Purchase Sale Real estate - 2 - 1 Mortgage loans 421 - 468 - Private loans 89 - 150 - Other 1,292 - 1,408 - 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, 2023. Mortgage loan commitments represent undrawn mortgage loan facilities provided and outstanding proposals on mortgages. The sale of mortgage loans relates to pre-announced Other commitments and contingencies 2023 2022 Guarantees 773 611 Other guarantees 7 8 Guarantees include those guarantees associated with the sale of investments in low-income commitment notional amounts. In addition to the guarantees shown in the table, guarantees have been given for fulfillment of contractual obligations such as investment mandates related to investment funds. Amount of collaterals on financial guarantees is EUR 0 million on December 31, 2023 (EUR 0 million on December 31, 2022), while other commitments have EUR 1 million collateral at the end of 2023 (EUR 1 million cash collateral at the end of 2022). Contractual obligations In March 2019, affiliates of Transamerica Corporation and Illumifin, entered into a series of agreements to which Transamerica transferred to Illumifin 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 Illumifin. 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 Illumifin, 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 was 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. In May of 2023, due to the then current macro environment and the parties’ respective business priorities, Transamerica and TCS mutually agreed to end the administration arrangement for life, annuity and voluntary benefits lines of business. Transamerica and TCS agreed to work together to ensure a smooth transition of the administration to a new servicing model which aims to take approximately 30 months. 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 An Aegon Ltd. 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 has guaranteed and is severally liable for the following: ∎ Due and punctual payment of payables under letter of credit agreements applied for by Aegon 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 1,007 million (2022: EUR 1,042 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 from December 31, 2023. 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 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. Over time, Aegon has made a number of acquisitions and divestments around the world, including in the Netherlands, Central and Eastern Europe, the United States, and the United Kingdom. Acquisitions and divestments involve risks, including the risk of losses resulting from claims or litigation related to contractual terms such as representations, warranties, and indemnifications. 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 United States settled two such class actions that had been venued in California federal court. The settlement in the first of these cases, approved in January 2019, arose from increases implemented in 2015-2016. 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. A number of policyowners opted-out opt-out Transamerica subsidiaries may face employment-related lawsuits from time to time. For example, several US-based litigation. Litigation provisions have been adjusted to account for this pending resolution. Depending on the outcome, legal or regulatory claims like this against Transamerica subsidiaries and other companies 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 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Commitments and contingencies | 19 Commitments and contingencies Aegon Ltd. has guaranteed and is severally liable for the following: ∎ Due and punctual payment of payables under letter of credit agreements applied for by Aegon 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 1,007 million (2022: EUR 1,042 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 from December 31, 2023. |
Transfers of financial assets
Transfers of financial assets | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Transfers of financial assets | 40 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 collateral. The transferred assets are not derecognized. The obligation to repay the cash collateral is recognized as a liability. The 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. 40.1 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 the transferred financial assets do not qualify for derecognition. Furthermore, it reflects the carrying amounts of the associated liabilities. 2023 FVOCI financial assets FVPL financial assets Shares Debt securities Money market and other short-term invest- ments Other Debt securi- ties Invest- ments where the PH bears risk Money market and other short-term invest- ments Other Carrying amount of transferred assets - 2,068 - - 5 15 - - Carrying amount of associated liabilities - 2,382 - - 9 - - - 2022 FVOCI financial assets FVPL financial assets Shares Debt securities Money market and other short-term invest- ments Other Debt securities Invest- ments where the PH bears risk Money market and other short-term invest- ments Other Carrying amount of transferred assets - 2,200 - - 16 72 - - Carrying amount of associated liabilities - 2,513 - - 17 - - - In transactions in which the Group neither retains nor transfers substantially all the risks and rewards of ownership of a financial asset and it retains control over the asset, the Group continues to recognize the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset. 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 40.2 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 40.3 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 2023 2022 Carrying amount of transferred financial assets 2,063 2,190 Fair value of cash collateral received 2,357 2,417 Fair value of non-cash 16 74 Net exposure (309 ) (301 ) Reverse repurchase agreements 2023 2022 Cash paid for reverse repurchase agreements 442 312 Fair value of non-cash 467 335 Net exposure (24 ) (23 ) 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. For 2022 and 2023 there is no Non-cash Non-cash 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 40.4 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. 2023 2022 Assets pledged for general account and contingent liabilities Where Aegon bears the risk Where the PH bears the risk Where Aegon bears the risk Where the PH bears the risk Contingent liabilities 2,290 - 3,559 - Collateral pledged 4,171 - 5,745 - Net exposure (1,881 ) - (2,186 ) - For 2022 and 2023 there is no Non-cash Assets pledged for repurchase agreements 2023 2022 Cash received on repurchase agreements 29 107 Collateral pledged (transferred financial assets) 25 99 Net exposure 3 8 In order to trade derivatives on the various exchanges, Aegon posts margin as collat era The amo |
Offsetting, enforceable master
Offsetting, enforceable master netting arrangements and similar agreements | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Offsetting, enforceable master netting arrangements and similar agreements | 41 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 see note 40 Transfer of financial assets. The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, Financial assets subject to offsetting, enforceable master netting arrange- ments and similar agreements Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities set off in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amounts not set off in the statements of financial position Financial instruments Cash collateral received (excluding surplus collateral) Net amount 2023 Derivatives 1,341 - 1,341 631 707 2 On December 31 1,341 - 1,341 631 707 2 2022 Derivatives 2,733 - 2,733 2,589 111 34 On December 31 2,733 - 2,733 2,589 111 34 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets set off in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amounts not set off in the statements of financial position Financial instruments Cash collateral pledged (excluding surplus collateral) Net amount 2023 Derivatives 2,361 - 2,361 1,245 1,026 90 On December 31 2,361 - 2,361 1,245 1,026 90 2022 Derivatives 5,115 - 5,115 3,359 1,668 89 On December 31 5,115 - 5,115 3,359 1,668 89 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 2023 and 2022. The line Derivatives includes both derivatives for general account and derivatives where the policyholder bears the risk. 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, 2023 | |
Companies and Businesses Acquired and Divested [Abstract] | |
Companies and businesses acquired and divested | 42 Companies and businesses acquired and divested Companies and businesses acquired 2023 There were no significant acquisitions in 2023. 2022 On February 28, 2022, Transamerica acquired 100% equity interest in TAG Resources, LLC (TAG). TAG aggregates small to mid-market Companies and businesses divested 2023 On April 4, 2023 Aegon announced the sale of its UK individual protection book to Royal London. Under the terms of the agreement, Aegon UK will initially reinsure the portfolio to Royal London, followed by a Part VII transfer of the legal ownership of the individual protection book in 2024. The transfer is subject to court approval. Aegon UK’s individual protection business is a portfolio of life, critical illness, and income protection policies for 400,000 high-net On June 1, 2023 Aegon announced the completion of the divestment of its businesses in Poland and Romania to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) for EUR 125 million. The book loss on the transaction is EUR 78 million and is recorded in Aegon’s 2023 results. This was the final step to complete the full sale of Aegon’s insurance, pension and asset management business in Central and Eastern Europe to VIG, following the closings of the divestments of the Hungarian and Turkish businesses in 2022. On July 4, 2023, Aegon announced the completion of the combination of its Dutch pension, life and non-life On July 21, 2023 Aegon announced the sale of its 56% stake in its associate in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company. The completion of the proposed transaction is subject to customary regulatory approvals which have been received in 2023. The divestment does not have a material impact on Aegon’s capital position or results. See note “46 Events after the reporting period” on the close of the sale in 2024. 2022 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). 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 was completed on June 1, 2023. 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. The book gain on the transaction is EUR 87 million and is recorded in Aegon’s 2022 results. |
Group companies
Group companies | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Group companies | 43 Group companies Subsidiaries The principal subsidiaries of the parent company Aegon Ltd. 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 Casualty Insurance Company, Cedar Rapids, Iowa (United States) ∎ Transamerica Corporation, Wilmington, Delaware (United States) ∎ Transamerica Financial Life Insurance Company, Harrison, New York (United States) ∎ Transamerica Life Insurance Company, Cedar Rapids, Iowa (United States) ∎ World Financial Group Insurance Agency, LLC, Cedar Rapids, Iowa (United States) United Kingdom ∎ Aegon Investment Solutions Ltd., Edinburgh ∎ Aegon Investments Ltd., London ∎ Cofunds Limited, London ∎ Scottish Equitable plc, Edinburgh International ∎ Aegon España S.A.U. de Seguros y Reaseguros, Madrid (Spain) ∎ Transamerica Life (Bermuda) Ltd., Hamilton (Bermuda) Asset Management ∎ Aegon Asset Management Holding B.V., The Hague (The Netherlands) ∎ Aegon Asset Management UK plc, Edinburgh (United Kingdom) ∎ Aegon Investment Management B.V., The Hague (The Netherlands) ∎ Aegon USA Investment Management, LLC, Cedar Rapids (United States) ∎ Aegon USA Realty Advisors, LLC, Des Moines (United States) 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 Ltd. 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. 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) (59.2%, where Aegon has 50% voting rights) ∎ Sicoob Seguradode de Vida e Previdência S.A., Rio de Janeiro (Brazil) (29.6%) Asset Management ∎ Aegon Industrial Fund Management Co., Ltd., Shanghai (China) (49%) See note 21 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. Holding ∎ ASR Nederland N.V., Utrecht (29.98%) With respect to a.s.r., for a period of 5 years post closing. Aegon also has an exclusive right to nominate up to two members of the Supervisory Board (if Aegon holds more than 20% of the shares it may nominate two members, if it holds 20% or less but more than 10% of the shares it may nominate one member). In addition, Aegon has the right to designate its nominees for the Audit and Risk Committee and the ESG Committee if certain conditions are met. Furthermore, in case the incumbent CEO of a.s.r. does not serve the full term due to earlier resignation or dismissal, the appointment of the successor requires the unanimous vote of all Supervisory Directors in office. For as long as Aegon holds more than 20% of the shares, the affirmative vote of the non-independent ∎ significant changes to dividend policy (as per current stated a.s.r. policies); ∎ certain dilutive transactions (issuance of equity or debt instruments); ∎ M&A transactions (acquisitions and divestments, joint ventures and long term co-operations) Furthermore, for as long as Aegon holds more than 20% of the shares, the below needs the unanimous vote of all Supervisory Directors in office and the affirmative vote of the non-independent ∎ material decisions on capital management, material reinsurance, and capital allocation / distribution, in each case to the extent this would result in a material change to the characteristics of the risk profile of (the enterprise of) a.s.r. and other than in the ordinary course of business. Except for significant changes to the dividend policy, the same applies when Aegon holds 20 10 Asset Management ∎ La Banque Postale Asset Management, Paris (France) (25%) See note 21 Investments in joint ventures and associates for further details on these investments. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Related party transactions | 44 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, among other things, 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 Ltd. and Vereniging Aegon. On December 18, 2023, Aegon repurchased 112,619,440 common shares B from Vereniging Aegon for the amount of EUR 14,804,951.58 based on 1/40 five trading days On December 8, 2023, Aegon entered into a share repurchase agreement with Vereniging Aegon, pursuant to which the Vereniging Aegon agreed to participate in the second and third tranche of the Aegon’s current 1.5 billion Euro share buyback program and Aegon agreed to repurchase a certain number of Common Shares from Vereniging Aegon for an aggregate consideration equal to EUR 139.5 million Euro which will be equally distributed over the total number of trading days during the remainder of the current share buy back program of Aegon. The number of Common Shares that Aegon will repurchase from Vereniging Aegon will be determined based on the daily volume-weighted average price per common share on Euronext Amsterdam on a weekly basis. On August 16, 2023, 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 common shares B) at Aegon N.V.’s extraordinary general meeting of September 29, 2023 and at Aegon S.A.’s extraordinary meeting of September 30, 2023 in favor the change in legal domicile of Aegon from The Netherlands to Bermuda by means of the cross-border conversion of Aegon N.V. into Aegon S.A. and the subsequent cross-border conversion of Aegon S.A. into Aegon Ltd (the “Redomiciliation”). Following such vote of the members of Vereniging Aegon, the board of Vereniging Aegon is obligated, pursuant to the terms of a voting undertaking agreement, dated June 29, 2023, between Aegon N.V. and Vereniging Aegon, and subject to the board’s fiduciary duties, to vote all of such shares in favor of the Redomiciliation. 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 1/40th 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 Remuneration of the Executive Director, Non-Executive The following table includes the expenses for remuneration, with amounts reflective of time spent on the Board. Remuneration expenses 2023 2022 2021 Non-Executive 1 ) 1.3 1.3 0.9 Executive Director 2 ) 0.9 n.a. n.a. Executive Board 3 ) 4.3 5.2 4.9 Key Management 4 ) 27.9 27.7 27.5 in fixed compensation 13.8 16.0 16.8 in cash based variable compensation 4.6 4.0 3.6 in share based variable compensation 5.0 3.5 3.2 in pension contributions 3.1 3.0 2.8 in other benefits 1.3 1.2 1.1 1 Previously reported as ‘Supervisory Board’. 2 Classification established September 30, 2023. In 2023, this represents Mr. Lard Friese from October 1, 2023. 3 Classification ended September 30, 2023. In 2023, this represents Mr. Lard Friese and Mr. Matt Rider through September 30, 2023. 4 Key Management is inclusive of Non-Executive 5 n.a. in above table should be read as “not applicable”. Fixed compensation of Key Management included severance payments was EUR 2.2 million in 2021, no such payments were paid in 2022 and 2023. Key Management consisted of the Non-Executive Additional information on the remuneration of the Executive Director and Non-Executive Interests in Aegon Ltd. held by the Executive Director Shares held in Aegon on December 31, 2023 by Mr. Friese amount to 83,122 (2022: 72,081) and by Mr. Rider to 130,620 (2022: 120,962). 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 Mr. Friese and Mr. Rider. Common shares held by Non-Executive Shares held in Aegon on December 31 2023 2022 2021 Ben J. Noteboom 1 ) - 23,500 23,500 Dona D. Young 13,260 13,260 13,260 Total 13,260 36,760 36,760 1 Mr. Ben J. Noteboom stepped down in May 2023 Shares held by the Non-Executive Non-Executive |
Loans to group companies
Loans to group companies | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Loans to group companies | 9 Loans to group companies 2023 2022 On January 1 1,435 1,829 Additions / (redemptions) (605 ) (502 ) Other changes (52 ) 109 On December 31 780 1,435 Current 520 932 Non-current 260 503 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, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Non-current assets | 10 Non-current There were no other non-current |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Receivables | 11 Receivables Receivables from group companies and other receivables have a maturity of less than one year. Until September 30, 2023, Aegon N.V., together with certain of its subsidiaries, was part of a fiscal unity for Dutch corporate income tax purposes. Taxes payable were immediately settled with Aegon N.V., being the head of the fiscal unity. The members of the fiscal unity were jointly and severally liable for any tax payable by the fiscal unity. Following the conversion from Aegon N.V. into Aegon Ltd. in 2023, the Dutch tax authorities deemed the Aegon N.V. fiscal unity to be terminated per September 30, 2023. Other receivables included an income tax receivable of EUR 20 million (2022: EUR 189 million). |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Other current assets | 12 Other current assets Other current assets include derivatives with positive fair values of EUR 39 million (2022: EUR 118 million). |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Share capital | 13 Share capital Issued and outstanding capital 2023 2022 Common shares 218 253 Common shares B 47 66 Total share capital 265 319 Common shares 2023 2022 Authorized share capital 480 720 Number of authorized shares (in million) 4,000 6,000 Par value in cents per share 12 12 Common shares B 2023 2022 Authorized share capital 240 360 Number of authorized shares (in million) 2,000 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. The Board is authorized, subject to certain restrictions of Bermuda law and the Bye-Laws, Vereniging Aegon, based in The Hague, the Netherlands, holds all the issued and outstanding common shares B. For detailed information on the transactions between Aegon Ltd. and Vereniging Aegon, see note 44 Related party transactions to 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 (thousands) Total amount On January 1, 2022 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - On December 31, 2022 2,109,430 253 546,196 66 Shares withdrawn (294,703 ) (35 ) (156,437 ) (19 ) On December 31, 2023 1,814,727 218 389,759 47 The following table shows the weighted average number of common shares and common shares B: Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2022 2,107,315 559,906 2023 2,067,119 523,149 The shares repurchased by Aegon Ltd. during the share buyback 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, see note 13 Other operating expenses to the consolidated financial statements of the Group. Board remuneration Detailed information on remuneration of active and retired members of the Board of Directors including their share plans, along with information about shares held in Aegon by the members of the Boards is included in note 44 Related party transactions to the consolidated financial statements of the Group and in the remuneration report on page 62. |
Long-term borrowings
Long-term borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Long-term borrowings | 17 Long-term borrowings 2023 2022 Remaining terms less than 1 year - 499 Remaining terms 1 - 5 years - - Remaining terms 5 - 10 years 287 281 Remaining terms over 10 years 457 446 On December 31 745 1,226 Fair value of long-term borrowings 847 1,289 During 2023, the EUR 500 million senior unsecured notes with a coupon rate of 1% was redeemed. The redemption periods of borrowings vary from 8 year up to 16 years. The interest rates vary from 6.125% to 6.625% per annum. |
Number of employees
Number of employees | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Number of employees | 20 Number of employees There were no employees employed by Aegon Ltd. in 2023 (2022: nil). |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Auditor's remuneration | 21 Auditor’s remuneration Total remuneration of the group Of which PricewaterhouseCoopers Accountants N.V. (NL) 2023 2022 2023 2022 Audit fees 33 35 4 10 Audit-related service fees 11 10 - 1 Tax - 1 - - Other services - - - - Total 44 45 4 12 Audit fees consist of fees billed for the annual financial statements audit 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. Decrease in audit fees of PricewaterhouseCoopers Accountants N.V. (NL) is due to the transaction with a.s.r. to combine Aegon’s Dutch pension, life and non-life |
Held for Sale and Discontinued
Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Held for sale and discontinued operations | 45 Held for sale and discontinued operations This following disposal groups are classified as held for sale and/or discontinued operation. 45.1 Aegon the Netherlands On October 27, 2022, Aegon announced it had reached an agreement with a.s.r. to combine its Dutch pension, life and non-life Up to the close of the transaction, Aegon the Netherlands qualified as held for sale and discontinued operations. This paragraph provides information on the discontinued operations up to the point of combining Aegon’s Dutch pension, life and non-life Income statement of discontinued operations EUR million 2023 2022 Discontinued operations Insurance revenue 1,400 2,907 Insurance service expenses (1,327 ) (2,703 ) Net expenses on reinsurance held (20 ) (15 ) Insurance service result 52 189 Interest revenue on financial instruments calculated using the effective interest method 42 4 Interest revenue on financial instruments measured at FVPL 582 1,281 Other investment income 168 263 Results from financial transactions 614 (20,328 ) Impairment (losses) / reversals - 5 Insurance finance income / (expenses) (1,110 ) 16,906 Net reinsurance finance income / (expenses) on reinsurance held (6 ) 125 Insurance net investment result 289 (1,745 ) Interest revenue on financial instruments calculated using the effective interest method 273 496 Interest revenue on financial instruments measured at FVPL 137 (340 ) Other investment income 11 11 Results from financial transactions (208 ) 1,638 Impairment (losses) / reversals 3 - Investment contract income / (expenses) (25 ) 136 Interest expenses (10 ) (2 ) Other net investment result 180 1,939 Interest charges (55 ) (49 ) Financing net investment result (55 ) (49 ) Total net investment result (414 ) 145 Fees and commission income 165 311 Other operating expenses (288 ) (474 ) Other income / (charges) 96 20 Other result (28 ) (142 ) Result before share in profit / (loss) of joint ventures, associates and tax 438 191 Share in profit / (loss) of joint ventures 4 37 Share in profit / (loss) of associates 15 15 Result before tax 458 242 Income tax (expense) / benefi t (62 ) (445 ) Net result from discontinued operations 396 (203 ) Impairment loss on remeasurement of the disposal group (413 ) (1,094 ) Net result from discontinued operations after remeasurement (17 ) (1,296 ) Upon the completion of the transaction the difference between the carrying amount of the disposal group and the fair value of the consideration received was a net gain of EUR 93 Statement of comprehensive income of discontinued operations Amounts in EUR millions 2023 2022 Net result from discontinued operations (17 ) (1,296 ) Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use Remeasurements of defined benefit plans 51 948 Income tax relating to items that will not be reclassified (13 ) (245 ) Items that may be reclassified subsequently to profit or loss: Gains / (losses) on financial assets measured at FVOCI 16 (461 ) (Gains) / losses transferred to income statement on disposal of financial assets measured at FVOCI - (5 ) Equity movements of associates (2 ) 2 Income tax relating to items that may be reclassified (4 ) 120 Other Total other comprehensive income / (loss) from discontinued operations 48 359 Total comprehensive income / (loss) from discontinued operations 31 (937 ) Impairment loss Upon classification as held for sale, as per December 31, 2022, the carrying amount of Aegon the Netherlands was compared to the fair value less cost to sell, which is estimated by reference to the fair value of the consideration to which Aegon Ltd. is entitled under the terms and conditions of the business combination 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 impairment loss has been recalculated at the closing date of the transaction, as both the fair value of the consideration to be received and the carrying value of Aegon the Netherlands where subject to change. The consideration to be received includes a 29.99% stake in a.s.r. and was therefore contingent on the development of the a.s.r. share price. The carrying amount of Aegon the Netherlands has continued to be updated for assets and liabilities which were not included in the measurement scope of IFRS 5. The table includes the recalculated impairment loss per the closing date of the transaction. The table below shows the calculated impairment loss under IFRS 9 and IFRS 17 as per December 31, 2022 and as per December 31, 2023. 2023 2022 (IFRS9/17) (IFRS9/17) Net cash receivable after costs to sell 2,184 2,175 Fair value of 29.99% share in a.s.r. 2,588 2,700 Fair value less costs to sell 4,772 4,875 Carrying amount of Aegon the Netherlands 5,185 5,969 Fair value less costs to sell minus carrying amo u (413 ) (1,094 ) Assets in scope for impairment 1,775 1,775 Cumulative Impairment loss recognized 1,507 1,094 The impairment loss takes into account contingent payables and receivables between Aegon Ltd. and Aegon the Netherlands that have been recognized prior to the closing date. These are included in the carrying amount of Aegon the Netherlands. Financial assets and liabilities in the scope of IFRS 9 “Financial instruments” The adoption of IFRS 9 “Financial instruments” by Aegon the Netherlands impacted the measurement category and carrying amount of the financial assets and liabilities. The measurement category and the carrying amount of financial assets and liabilities in accordance with IAS 39 and IFRS 9 on January 1, 2023 are detailed in the table below, together with a reconciliation of the carrying amounts of financial assets, from their previous measurement category in accordance with IAS 39 to their new measurement categories upon transition: Reconciliation of financial instruments, January 1, 2023 IAS 39 IAS 39 Reclassifi- cation Remeasurement - ECL Remeasurement - Other IFRS 9 category 1) IFRS 9 amount Financial assets: Shares FVPL 8,256 37 - - FVPL (designated) 8,293 Shares AFS 21 (21 ) - - FVOCI (designated) - Debt securities AFS 14,109 (12,225 ) - - FVOCI 1,884 Debt securities FVPL 9,609 12,209 - - FVPL (designated) 21,819 Loans L&R 35,916 (20,004 ) (82 ) 58 AC 15,888 Loans FVPL - 20,918 - (1,892 ) FVPL (designated) 18,175 Deposits with financial institutions L&R 1,527 - - - AC 1,527 Unconsolidated investment funds FVPL 631 - - - FVPL (designated) 631 Other investments FVPL 3,464 (64 ) - - FVPL (designated) 3,400 Other investments AFS 13 (13 ) - - FVOCI - Cash and cash equivalents L&R 3,557 - - - AC 3,557 Other financial assets and receivables L&R 1,520 114 - - AC 1,634 Derivatives FVPL 8,395 - - - FVPL (mandatorily) 8,395 Total 86,169 103 (82 ) (1,853 ) 84,336 Financial liabilities: Investment contracts AC (12,179 ) - - - AC (12,179 ) Investment contracts FVPL (1,396 ) - - - FVPL (designated) (1,396 ) Long-term borrowings and group loans AC (5,227 ) - - - AC (5,227 ) Derivatives FVPL (9,239 ) 753 - - FVPL (mandatorily) (8,486 ) Other liabilities AC (1,663 ) 378 - - AC (1,285 ) Total (29,704 ) 1,131 - - (28,573 ) 1 m: mandatorily; d: designated From January 1, 2023, EUR 103 million has been reclassified out of financial assets, and EUR 1,131 million has been reclassified out of financial liabilities which moved in scope of IFRS 17 and classified and measured as (re)insurance contracts from January 1, 2022. Remeasurement impacts included the reversal of impairments of financial assets recognized under IAS 39 in amount of EUR 39 million and the recognition of expected credit losses of EUR 82 million in line with the impairment requirements of IFRS 9. An additional remeasurement loss of EUR 1,892 was the result of the designation of loans and receivables in (previously measured at amortized cost) to measurement at fair value through profit or loss. Cashflow from discontinued operations Amounts in EUR millions 2023 2022 Net cash inflow (outflow) from operating activities (519 ) 4,646 Net cash inflow (outflow) from investing activities (11 ) (4 ) Net cash inflow (outflow) from financing activities (95 ) (3,275 ) Net cash inflow (outflow) from discontinued operations (625 ) 1,367 Held for sale assets and liabilities The below table shows the assets held for sale and liabilities held for sale on July 4, 2023 and December 31, 2022. Amounts in EUR millions 2023 2022 Assets Cash and cash equivalents 4,460 5,085 Investments 72,345 71,991 Derivatives 8,107 8,395 Investments in joint ventures 382 382 Investments in associates 1,096 1,096 Reinsurance contract assets 395 365 Deferred tax assets 339 - Other assets and receivables 1,216 1,185 Intangible assets 165 165 Total assets held for sale 88,505 88,664 Liabilities Insurance contract liabilities 52,849 52,591 Investment contracts without discretionary participating features 13,239 13,575 Derivatives 7,700 8,486 Borrowings 5,333 5,227 Provisions 44 52 Defined benefit liabilities 2,412 2,462 Deferred tax liabilities 6 62 Other liabilities 1,951 1,510 Accruals 294 218 Total liabilities held for sale / disposal groups 83,828 84,183 Insurance contracts Insurance contracts Contracts not measured under the PAA Contracts measured under the PAA Total Portfolios in an asset position - - - Portfolios in a liability position 52,215 633 52,849 Net balance, on June 30, 2023 52,215 633 52,849 Portfolios in an asset position - - - Portfolios in a liability position 52,037 554 52,591 Net balance, on December 31, 2022 52,037 554 52,591 Remaining coverage Asset for Incurred claims Insurance contracts PAA - by type Excluding loss recovery component Loss recovery component Best estimate liability Risk adjustment Total Opening assets - - - - - Opening liabilities 15 - 532 7 554 Net balance, on January 1, 2023 15 - 532 7 554 Insurance revenue (167 ) - - - (167 ) Incurred claims and other insurance service expenses - - 74 2 75 Amortization of insurance acquisition cash flows 4 - - - 4 Adjustments to liabilities for incurred claims - - 83 - 82 Insurance service expenses 4 - 156 2 162 Investment components - - - - - Insurance service result (163 ) - 156 2 (6 ) Insurance finance (income) / expenses (P&L and OCI) - - 7 - 7 Cash flows 220 - (143 ) - 77 Net balance, on June 30, 2023 71 - 553 9 633 Closing assets - - - - - Closing liabilities 71 - 553 9 633 Remaining coverage Asset for Incurred claims Insurance contracts PAA - by type Excluding loss recovery component Loss recovery component Best estimate liability Risk adjustment Total Opening assets - - - - - Opening liabilities 16 - 601 10 627 Net balance, on January 1, 2022 16 - 601 10 627 Insurance revenue (330 ) - - - (330 ) Incurred claims and other insurance service expenses - - 74 - 74 Adjustments to liabilities for incurred claims - - 235 (3 ) 233 Insurance service expenses - - 309 (3 ) 306 Investment components - - - - - Insurance service result (330 ) - 309 (3 ) (24 ) Insurance finance (income) / expenses (P&L and OCI) - - (110 ) - (110 ) Cash flows 329 - (268 ) - 61 Net balance, on December 31, 2022 15 - 532 7 554 Closing assets - - - - - Closing liabilities 15 - 532 7 554 Remaining coverage Insurance contracts - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 51,983 54 - 52,037 Net balance, on January 1, 2023 51,983 54 - 52,037 Insurance revenue (1,232 ) - - (1,232 ) Incurred claims and other insurance service expenses - (2 ) 1,159 1,156 Amortization of insurance acquisition cash flows 2 - - 2 Losses (and reversal of losses) on onerous contracts - 7 - 7 Insurance service expenses 2 5 1,159 1,166 Investment components (313 ) - 313 - Insurance service result (1,543 ) 5 1,471 (67 ) Insurance finance (income) / expenses (P&L and OCI) 1,104 (1 ) - 1,103 Cash flows 614 - (1,471 ) (858 ) Net balance, on June 30, 2023 52,158 58 - 52,215 Closing assets - - - - Closing liabilities 52,158 58 - 52,215 Remaining coverage Insurance contracts - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 71,041 - - 71,041 Net balance, on January 1, 2022 71,041 - - 71,041 Insurance revenue (2,577 ) - - (2,577 ) Incurred claims and other insurance service expenses - (4 ) 2,316 2,311 Amortization of insurance acquisition cash flows 2 - - 2 Losses (and reversal of losses) on onerous contracts - 84 - 84 Insurance service expenses 2 79 2,316 2,397 Investment components (736 ) - 736 - Insurance service result (3,312 ) 79 3,052 (180 ) Insurance finance (income) / expenses (P&L and OCI) (16,770 ) (26 ) - (16,796 ) Cash flows 1,051 - (3,052 ) (2,001 ) Contracts disposed during the period (27 ) - - (27 ) - - - - Net balance, on December 31, 2022 51,983 54 - 52,037 Closing assets - - - - Closing liabilities 51,983 54 - 52,037 Income tax The income tax of Aegon the Netherlands is calculated against the enacted applicable tax rate and includes a one-time Fair value Carrying amount June 30, 2023 Total estimated fair value June 30, 2023 Assets Mortgage loans - held at amortized cost 15,849 13,544 Private loans - held at amortized cost 389 393 Other loans - held at amortized cost 12 12 Liabilities Borrowings – held at amortized cost 5,333 5,059 Investment contracts - held at amortized cost 11,736 11,448 Carrying amount December 31, 2022 Total estimated fair value December 31, 2022 Assets Mortgage loans - held at amortized cost 15,385 13,000 Private loans - held at amortized cost 500 446 Other loans - held at amortized cost 3 3 Liabilities Borrowings – held at amortized cost 5,227 4,920 Investment contracts - held at amortized cost 12,179 11,826 Financial assets carried at fair value On January 1, 2023 Total gains / losses in income statement Purchases Sales On June 30, 2023 Total unrealized gains and losses for the period recorded in the P&L for instru- ments held on June 30, 2023 FVPL Shares 1,378 (17 ) 190 (120 ) 1,431 (17 ) Debt securities 98 1 - (45 ) 53 1 Loans 18,175 26 965 (617 ) 18,549 26 Investments where the policyholder bears the risk 932 2 157 (451 ) 639 2 20,583 11 1,312 (1,234 ) 20,672 11 Total financial assets measured at fair value 20,583 11 1,312 (1,234 ) 20,672 11 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk 105 - 3 (19 ) 90 - Derivatives 1 (1 ) - - - (1 ) 106 - 3 (19 ) 90 - Financial assets carried at fair value On January 1, 2022 Total gains / losses in income statement Purchases Sales Transfers from levels I and II Transfers to levels I and II On December 31, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2022 FVPL Shares 1,364 175 190 (350 ) - - 1,378 123 Debt securities 196 - 44 (3 ) - (140 ) 98 (7 ) Loans 22,727 (4,529 ) 1,802 (1,825 ) - - 18,175 (4,529 ) Investments where the policyholder bears the risk 572 (62 ) (562 ) 982 2 - 932 (53 ) 24,859 (4,415 ) 1,473 (1,196 ) 2 (140 ) 20,583 (4,466 ) Total financial assets measured at fair value 24,859 (4,415 ) 1,473 (1,196 ) 2 (140 ) 20,583 (4,466 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk (33 ) (23 ) (559 ) 721 1 - 105 (18 ) Derivatives 3 (2 ) - - - - 1 (2 ) Total financial liabilities measured at fair value (31 ) (25 ) (559 ) 721 1 - 106 (19 ) 45.2 Aegon UK On April 04, 2023, Aegon announced the sale of its UK individual protection book to Royal London. Under the terms of the agreement, Aegon UK will initially reinsure the portfolio to Royal London, followed by a Part VII transfer of the legal ownership of the individual protection book in 2024. The transfer is subject to court approval. Up to the close of the sale, the UK individual protection book is classified as held for sale. As at 31 December 2023 the held for sale assets amount to EUR 432 million and consist of reinsurance contract assets. The held for sale liabilities as at 31 December 2023 amount to EUR 389 million and consist of insurance-, and reinsurance contract liabilities. |
Comparative information 2021
Comparative information 2021 | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Comparative information 2021 | 46 Comparative information 2021 The 2022 comparatives in this 2023 Annual Report on Form 20-F 20-F Notes to the consolidated financial statements 46.1 Material accounting policy information 46.1.1 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. A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2021 2021 In accordance with IFRS 23,813 2,029 Adjustment of EU ‘IAS 39’ carve-out 632 (422 ) Tax effect of the adjustment (163 ) 93 Effect of the adjustment after tax 469 (328 ) In accordance with EU-IFRS 24,282 1,701 46.1.2 Basis of consolidation Subsidiaries The consolidated financial statements include the financial statements of Aegon Ltd. 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 Ltd. 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. Noncontrolling 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 The excess of the consideration paid to acquire the interest and the fair value of any interest already owned, over the Group’s share in the net fair value of assets, liabilities and contingent liabilities acquired is recognized as goodwill. Negative goodwill is recognized directly in the income statement. If the fair value of the assets, liabilities and contingent liabilities acquired in the business combination has been determined provisionally, adjustments to these values resulting from the emergence of new evidence within 12 months after the acquisition date are made against goodwill. Aegon recognized contingent considerations either as provision or as financial liability depending on the characteristics. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in the income statement. The identifiable assets, liabilities and contingent liabilities are stated at fair value when control is obtained. Subsidiaries are deconsolidated when control ceases to exist. Any difference between the net proceeds plus the fair value of any retained interest and the carrying amount of the subsidiary including non-controlling Transactions with non-controlling Transactions with non-controlling non-controlling Investment funds Investment funds managed by the Group in which the Group holds an interest are consolidated in the financial statements if the Group has power over that investment fund and it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, all interests held by the Group in the fund are considered, regardless of whether the financial risk related to the investment is borne by the Group or by the policyholders (unless a direct link between the policyholder and the fund can be assumed). In determining whether Aegon has power over an investment fund all facts and circumstances are considered, including the following: ∎ Control structure of the asset manager (i.e. whether an Aegon subsidiary); ∎ The investment constraints posed by investment mandate; ∎ Legal rights held by the policyholder to the separate assets in the investment vehicle (e.g. policyholders could have the voting rights related to these investments); ∎ The governance structure, such as an independent Board of Directors, representing the policyholders, which has substantive rights (e.g. to elect or remove the asset manager); and ∎ Rights held by other parties (e.g. voting rights of policyholders that are substantive or not). Exposure or rights to variability of returns can be the result of, for example: ∎ General account investment of Aegon; ∎ Aegon’s investments held for policyholder; ∎ Guarantees provided by Aegon on return of policyholders in specific investment vehicles; ∎ Fees dependent on fund value (including, but not limited to, asset management fees); and ∎ Fees dependent on performance of the fund (including, but not limited to, performance fees). Investment funds where Aegon acts as an agent are not consolidated due to lack of control of the funds. In particular, for some separate accounts, the independent Board of Directors has substantive rights and therefore Aegon does not have power over these separate accounts but acts as an agent. For limited partnerships, the assessment takes into account Aegon’s legal position (i.e. limited partner or general partner) and any substantive removal rights held by other parties. Professional judgment is applied concerning the substantiveness of the removal rights and the magnitude of the exposure to variable returns, leading to the conclusion that Aegon controls some, but not all, of the limited partnerships in which it participates. Upon consolidation of an investment fund, a liability is recognized to the extent that the Group is legally obliged to buy back participations held by third parties. The liability is presented in the consolidated financial statements as investment contracts for account of policyholders. Where no repurchase obligation exists, the participations held by third parties are presented as non-controlling Equity instruments issued by the Group that are held by investment funds are eliminated on consolidation. However, the elimination is reflected in equity and not in the measurement of the related financial liabilities towards policyholders or other third parties. Structured entities A structured entity is defined in IFRS 12 as “An entity that has been designed so that voting rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.” In these instances the tests and indicators to assess control provided by IFRS 10 have more focus on the purpose and design of the investee (with relation to the relevant activities that most significantly affect the structured entity) and the exposure to variable returns, which for structured entities lies in interests through e.g. derivatives, and will not be focused on entities that are controlled by voting rights. Structured entities that are consolidated include certain mortgage backed securitization deals, where Aegon was involved in the design of the structured entities and also has the ability to use its power to affect the amount of the investee’s returns. Other factors that contribute to the conclusion that consolidation of these entities is required includes consideration of whether Aegon fully services the investees and can therefore influence the defaults of the mortgage portfolios and the fact that in these cases the majority of risks are maintained by Aegon. Structured entities that are not consolidated include general account investments in non-affiliated Non-current Disposal groups are classified as held for sale if they are available for immediate sale in their present condition, subject only to the customary sales terms of such assets and disposal groups and their sale is considered highly probable. Management must be committed to the sale, which is expected to occur within one year from the date of classification as held for sale. Upon classification as held for sale, the carrying amount of the disposal group (or group of assets) is compared to their fair value less cost to sell. If the fair value less cost to sell is lower than the carrying value, this expected loss is recognized through a reduction of the carrying value of any goodwill related to the disposal group or the carrying value of certain other non-current, non-financial Classification into or out of held for sale does not result in restating comparative amounts in the statement of financial position. 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 46.1.3 Foreign exchange translation a. Translation of foreign currency transactions The Group’s consolidated financial statements are presented in euros. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Transactions in foreign currencies are initially recorded at the exchange rate prevailing at the date of the transaction. At the reporting date, monetary assets and monetary liabilities in foreign currencies are translated to the functional currency at the closing rate of exchange prevailing on that date, except for own equity instruments in foreign currencies which are translated using historical exchange rates. Non-monetary Exchange differences on monetary items are recognized in the income statement when they arise, except when they are deferred in other comprehensive income as a result of a qualifying cash flow or net investment hedge. Exchange differences on non-monetary b. Translation of foreign currency operations On consolidation, the financial statements of group entities with a foreign functional currency are translated to euro, the currency in which the consolidated financial statements are presented. Assets and liabilities are translated at the closing rates on the reporting date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date, if more appropriate. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are translated at the closing rates on the reporting date. The resulting exchange differences are recognized in the ‘foreign currency translation reserve’, which is part of shareholders’ equity. On disposal of a foreign entity the related cumulative exchange differences included in the reserve are recognized in the income statement. 46.1.4 Segment reporting Reporting segments and segment measures are explained and disclosed in note 46.3 Segment information. 46.1.5 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. 46.1.6 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 46.1.19.f Liability adequacy testing. When unrealized gains or losses arise on available-for-sale c. Future servicing rights On the acquisition of a portfolio of investment contracts without discretionary participation features under which Aegon will render investment management services, the present value of future servicing rights is recognized as an intangible asset. Future servicing rights can also be recognized on the sale of a loan portfolio or the acquisition of insurance agency activities. The present value of the future servicing rights is amortized over the servicing period and is subject to impairment testing. It is derecognized when the related contracts are settled or disposed. Where applicable, Aegon recognizes other intangibles on the acquisition of a business combination such as those related to customer relationships. This can include customer contracts, distribution agreements and client portfolios. For these intangibles the present value of future cash flows are recognized and amortized in the period when future economic benefits arise from these intangibles. These intangible assets are also presented under future servicing rights. d. Software and other intangible assets Software and other intangible assets are recognized to the extent that the assets can be identified, are controlled by the Group, are expected to provide future economic benefits and can be measured reliably. The Group does not recognize internally generated intangible assets arising from research or internally generated goodwill, brands, customer lists and similar items. Software and other intangible assets are carried at cost less accumulated depreciation and impairment losses. Depreciation of the asset is over its useful life as the future economic benefits emerge and is recognized in the income statement as an expense. The depreciation period and pattern are reviewed at each reporting date, with any changes recognized in the income statement. An intangible asset is derecognized when it is disposed of or when no future economic benefits are expected from its use or disposal. 46.1.7 Investments General account investments comprise financial assets, excluding derivatives, as well as investments in real estate. a. Financial assets, excluding derivatives Financial assets are recognized at trade date (except for Private placements that are recognized at settlement date) when the Group becomes a party to the contractual provisions of the instruments. All financial assets are classified for accounting purposes depending on the characteristics of the instruments and the purpose for which they were purchased. Classification The following financial assets are measured at fair value through profit or loss: financial assets held for trading, financial assets managed on a fair value basis in accordance with the Group’s investment strategy and financial assets containing an embedded derivative that is not closely related and that cannot be reliably bifurcated. In addition, in certain instances the Group designates financial assets to this category when by doing so a potential accounting mismatch in the financial statements is eliminated or significantly reduced. Financial assets with fixed or determinable payments, that are not quoted in an active market and that the Group does not intend to sell in the near future are classified as loans. Those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, are accounted for as available-for-sale. All remaining non-derivative available-for-sale. Measurement Financial assets are initially recognized at fair value plus, in the case of a financial asset not at fair value through profit or loss, any directly attributable incremental transaction costs. Loans and financial assets held-to-maturity Available-for-sale Amortized cost The amortized cost of a debt instrument is the amount at which it is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization of any difference between the initial amount and the maturity amount, and minus any reduction for impairment. The effective interest rate method is a method of calculating the amortized cost and of allocating the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the debt instrument or, when appropriate, a shorter period to the net carrying amount of the instrument. When calculating the effective interest rate, all contractual terms are considered. Possible future credit losses are not taken into account. Charges and interest paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts are included in the calculation. Fair value The consolidated financial statements provide information on the fair value of all financial assets, including those carried at amortized cost where the values are provided in the notes to the financial statements. Fair value is defined as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). For quoted financial assets for which there is an active market, the fair value is the bid price at the reporting date. In the absence of an active market, fair value is estimated by using present value based or other valuation techniques. Where discounting techniques are applied, the discount rate is based on current market rates applicable to financial instruments with similar characteristics. The valuation techniques that include unobservable inputs can result in a different outcome than the actual transaction price at which the asset was acquired. Such differences are not recognized in the income statement immediately but are deferred. They are released over time to the income statement in line with the change in factors (including time) that market participants would consider in setting a price for the asset. Interest accrued to date is not included in the fair value of the financial asset. Derecognition A financial asset is derecognized when the contractual rights to the asset’s cash flows expire or when the Group retains the right to receive cash flows from the asset but has an obligation to pay any received cash flows in full without delay to a third party and either: has transferred the asset and substantially all the risks and rewards of ownership, or has neither transferred nor retained all the risks and rewards but has transferred control of the asset. Financial assets of which the Group has neither transferred nor retained significantly all the risk and rewards and retained control are recognized to the extent of the Group’s continuing involvement. If significantly all risks are retained, the assets are not derecognized. On derecognition, the difference between the disposal proceeds and the carrying amount is recognized in the income statement as a realized gain or loss. Any cumulative unrealized gain or loss previously recognized in the revaluation reserve in shareholders’ equity is also recognized in the income statement. Security lending and repurchase agreements Financial assets that are lent to a third party or that are transferred subject to a repurchase agreement at a fixed price are not derecognized as the Group retains substantially all the risks and rewards of the asset. A liability is recognized for cash (collateral) received, on which interest is accrued. A security that has been received under a borrowing or reverse repurchase agreement is not recognized as an asset. A receivable is recognized for any related cash (collateral) paid by Aegon. The difference between sale and repurchase price is treated as investment income. If the Group subsequently sells that security, a liability to repurchase the asset is recognized and initially measured at fair value. Collateral With the exception of cash collateral, assets received as collateral are not separately recognized as an asset until the financial asset they secure defaults. When cash collateral is recognized, a liability is recorded for the same amount. b. Real estate Investments in real estate include property held to earn rentals or for capital appreciation, or both. Investments in real estate are presented as ‘Investments’. Property that is occupied by the Group and that is not intended to be sold in the near future is classified as real estate held for own use and is presented in ‘Other assets and receivables’. All property is initially recognized at cost. Such cost includes the cost of replacing part of the real estate and borrowing cost for long-term construction projects if recognition criteria are met. Subsequently, investments in real estate are measured at fair value with the changes in fair value recognized in the income statement. Real estate held for own use is carried at its revalued amount, which is the fair value at the date of revaluation less subsequent accumulated depreciation and impairment losses. Depreciation is calculated on a straight line basis over the useful life of a building. Land is not depreciated. Revaluation of real estate for own use is recognized in 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. 46.1.8 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. 46.1.9 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 Ltd. 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% ∎ 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 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 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Events after the reporting period | 47 Events after the reporting period On February 26, 2024 Aegon announced the completion of the sale of its 56% stake in its joint venture in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company. The sale was announced in July 2023 and following the receipt of the relevant regulatory approvals, the transaction was closed on February 23, 2024. |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Events after the reporting period | 22 Events after the reporting period On February 26, 2024 Aegon announced the completion of the sale of its 56% stake in its joint venture in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company. The sale was announced in July 2023 and following the receipt of the relevant regulatory approvals, the transaction was closed on February 23, 2024. |
Proposal for profit appropriati
Proposal for profit appropriation | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Proposal for profit appropriation | 23 Proposal for profit appropriation Aegon aims to pay a sustainable dividend to allow equity investors to participate in the company’s performance. The Board of Directors will, in the absence of unforeseen circumstances, propose a final dividend for 2023 of EUR 0.16 per common share and EUR 0.004 per common share B at the Annual General Meeting of Shareholders to be held on June 12, 2024. Although not formally required under Aegon’s current bye-laws, bye-laws If the proposed dividend is approved by shareholders, Aegon’s shares will be quoted ex-dividend 2023 2022 1) Final dividend on common shares 280 237 To be deducted from retained earnings (459 ) (806 ) Net result attributable to owners of Aegon Ltd. (179 ) (569 ) 1 Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Summary of investments other th
Summary of investments other than investments in related parties | 12 Months Ended |
Dec. 31, 2023 | |
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 On December 31, 2023 Cost 1) Fair value Book value Shares: Fair value through profit or loss 279 10 10 Fair value through other comprehensive income 6 291 291 Bonds: Fair value through other comprehensive income: US government 7,562 6,562 6,562 Dutch government 2 2 2 Other government 1,007 906 906 Mortgage backed 3,085 2,840 2,840 Asset backed 3,360 3,102 3,102 Corporate 36,617 33,779 33,779 Money market investments 3,135 3,135 3,135 Other 35 29 29 Subtotal - Fair value through other comprehensive income 54,803 50,354 50,354 Bonds: Fair value through profit or loss 1,648 2,396 2,396 Other investments at fair value through profit or loss 8,287 9,226 9,226 Mortgages 10,157 9,025 10,157 Private loans (0 ) (0 ) (0 ) Deposits with financial institutions 18 18 18 Other 1 1 1 Subtotal 10,175 9,044 10,175 Real estate: Investments in real estate 55 55 55 Total 75,254 71,376 72,508 |
Condensed financial information
Condensed financial information of registrant | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | Schedule II Condensed financial information of registrant Statement of financial position of Aegon Ltd. As at December 31 Before profit appropriation, amounts in EUR million 2023 2022 1) January 1, 2022 1) Non-current Financial fixed assets Shares in group companies 8,536 10,338 13.247 Loans to group companies 780 1,435 1,829 Other non-current - 109 138 9,316 11,882 15,214 Current assets Receivables Receivables from group companies 138 31 35 Other receivables 77 236 181 Other current assets 48 123 90 Accrued interest and rent 18 9 6 281 398 312 Cash and cash equivalents Cash and cash equivalents 2,304 1,619 1,204 Total assets 11,900 13,899 16,729 Shareholders’ equity Share capital 265 319 321 Paid-in 6,853 6,853 7,033 Revaluation account (3,760 ) (4,551 ) (2,568 ) Legal reserves – foreign currency translation reserve 474 736 258 Legal reserves in respect of group companies 1,134 2,821 2,316 Retained earnings, including treasury shares 3,693 4,771 3,877 Remeasurement of defined benefit plans of group companies (1,006 ) (1,565 ) (2,199 ) Net result (179 ) (569 ) 1,980 7,475 8,815 11,018 Other equity instruments 1,951 1,943 2,363 Total equity 9,426 10,758 13,381 Provisions D eferred tax l iability 3 - - 3 - - Non-current Subordinated borrowings 1,418 1,442 1,396 Long-term borrowings 745 1,226 1,266 2,163 2,669 2,662 Current liabilities Loans from group companies 4 13 7 Payables to group companies 73 147 422 Other current liabilities 202 282 227 Accruals and deferred income 30 31 31 309 472 686 Total liabilities 2,475 3,141 3,349 Total equity and liabilities 11,900 13,899 16,729 1 Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Condensed income statement of Aegon Ltd. For the year ended December 31 Amounts in EUR million 2023 2022 1) Net result group companies (65 ) (411 ) Other income / (loss) (114 ) (158 ) Net result (179 ) (569 ) 1 Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Condensed cash flow statement of Aegon Ltd. For the year ended December 31 Amounts in EUR millions 2023 2022 1) Result before tax (133 ) (204 ) Adjustments (264 ) (138 ) Net cash flows from operating activities (397 ) (342 ) Dividends and capital repayments of subsidiaries, associates and joint ventures 2,567 1,530 Net cash flows from investing activities 2,567 1,530 Purchase of treasury shares (1,072 ) (597 ) Issuance and repurchase of borrowings 145 469 Repayment of perpetuals - (429 ) Dividends paid (494 ) (169 ) Coupons on perpetual securities (65 ) (48 ) Net cash flows from financing activities (1,485 ) (773 ) Net increase / (decrease) in cash and cash equivalents 685 415 1 Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Five-year schedule of maturities of debt As at December 31 2023 2022 Amounts in EUR million Subordinated borrowings Long-term Borrowings Subordinated borrowings Long-term Borrowings Remaining terms less than 1 year - - - 499 Remaining terms 1 - 2 years - - - - Remaining terms 2 - 3 years - - - - Remaining terms 3 - 4 years - - - - Remaining terms 4 - 5 years - - - - Remaining terms longer than 5 years 1,418 745 1,442 727 At December 31 1,418 745 1,442 1,226 Remittances from and capital contributions to business units During 2023, Aegon received EUR 1.0 billion of remittances from its business units the Americas, United Kingdom, International, and Asset Management, as well as dividend from a.s.r. Aegon spent EUR 0.1 billion on capital contributions to International and Asset Management. During 2022, Aegon received EUR 1.0 billion of remittances from its business units from the Americas, the Netherlands, United Kingdom, International, and Asset Management. Aegon spent EUR 0.1 billion on capital contributions, mainly on International. |
Supplementary insurance informa
Supplementary insurance information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary insurance information | Schedule III Supplementary insurance information Segment Amounts in EUR million Insurance liability - CSM Insurance liability - BEL Insurance liability - RA Insurance liability - PAA contracts Insurance revenue 2023 Americas 6,494 126,762 2,860 - 9,468 United Kingdom 1,595 59,898 429 - 663 International 247 6,177 165 39 305 Asset Management - - - - - Holding and other activities - - - - - Eliminations (36 ) (5,515 ) (76 ) - (51 ) Total 8,300 187,322 3,379 39 10,386 2022 Americas 7,038 127,245 2,912 - 10,174 United Kingdom 1,657 56,453 566 - 701 International 421 6,586 124 439 408 Asset Management - - - - - Holding and other activities - - - - - Eliminations (180 ) (6,029 ) (57 ) - (32 ) Total 8,937 184,255 3,545 439 11,251 The numbers included in Schedule III are based on IFRS and excludes the proportionate share in Aegon’s joint ventures and Aegon’s associates. Amounts in EUR million Investment income 1) Insurance service expenses Other operating expenses 2023 Americas 3,461 9,578 2,148 United Kingdom 2,362 406 353 International 86 275 93 Asset Management 2 - 440 Holding and other activities 90 - 85 Eliminations (6 ) (33 ) (158 ) Total 5,995 10,226 2,961 2022 Americas 3,365 10,324 1,916 United Kingdom 1,940 443 287 International 187 350 103 Asset Management - - 437 Holding and other activities 2 - 155 Eliminations (5 ) (20 ) (187 ) Total 5,490 11,097 2,712 1 Sum of Interest revenue on financial instruments calculated using the effective interest method, Interest revenue on financial instruments measured at FVPL and Other investment income. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Reinsurance | Schedule IV Reinsurance Amounts in EUR millions December 31, 2023 December 31, 2022 Life insurance in force Gross amount 813,550 905,455 Ceded to other companies (366,577 ) (541,793 ) Assumed from other companies 273,421 342,375 Net amount 720,394 706,037 % of amount assumed to net 38% 48% Net insurance revenue & insurance service expenses Net insurance revenue & insurance service expenses - Life (121 ) 188 Net insurance revenue & insurance service expenses - Non life 281 (33 ) Total net insurance revenue & insurance service expenses 160 155 Net income / (expenses) on reinsurance held Net income / (expenses) on reinsurance held - Life 221 306 Net income / (expenses) on reinsurance held - Non life (39 ) (31 ) Total net income / (expenses) on reinsurance held 182 275 |
Valuation and qualifying accoun
Valuation and qualifying accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and qualifying accounts | Schedule V Valuation and qualifying accounts Amounts in EUR millions 2023 2022 Loss allowance on January 1 (287 ) (364 ) Impact on year end ECL of exposures transferred between stages during the year (5 ) (69 ) Financial assets derecognized during the period 74 103 New financial assets originated or purchased (26 ) (56 ) Change in models (28 ) 30 Net exchange differences 9 (15 ) Transfers to disposal groups - 84 Loss allowance on December 31 (263 ) (287 ) ECL per asset type Mortgage loans (26 ) (12 ) Debt securities (237 ) (276 ) Total ECL on December 31 (263 ) (287 ) Impairment charge in P&L of IFRS 9 instruments and non-financial Mortgage loans measured at amortized cost (15 ) 10 Debt securities measured at FVOCI (44 ) (108 ) Other (60 ) (41 ) Net impairment charge in P&L (119 ) (138 ) |
Material accounting policy in_2
Material accounting policy information (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Basis of presentation | 2.1 Basis of presentation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB and with Part 9 of Book 2 of the Dutch Civil Code. Additional disclosures have been included in the consolidated financial statements in relation to the initial adoption of IFRS 9 and IFRS 17, that became effective on January 1, 2023. The consolidated financial statements have been prepared in accordance with 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, except for the following items, which are measured on an alternative basis at each reporting date: Item Measurement basis Insurance and reinsurance contracts Fulfilment cash flows plus the CSM Net defined benefit liability / (asset) Fair value of plan assets less the present value of the defined benefit obligations Other impaired non-financial Higher of fair value less costs of disposal and value in use Financial instruments held to collect financial cash flows Amortized cost 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 from 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: insurance and reinsurance contracts as stated in the table above, fair value of certain invested assets and derivatives, purchased intangible assets, goodwill, pension plans, income taxes and the potential effects of resolving litigation matters. Aegon does not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart. The consolidated financial statements of Aegon Ltd. were approved by the Board on April 3, 2024. The financial statements will be presented to the Annual General Meeting of Shareholders on April 4, 2024. In accordance with Bermuda law, the annual accounts are not adopted by the General Meeting however pursuant to our Bye-Laws A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2023 2022 2023 2022 In accordance with IFRS 7,475 8,815 (199 ) (540 ) Adjustment of EU ‘IAS 39’ carve-out - - - (450 ) Tax effect of the adjustment - - - - Effect of the adjustment after tax - - - (450 ) In accordance with EU-IFRS 7,475 8,815 (199 ) (990 ) 2.1.1 Adoption of new IFRS accounting standards and amendments effective in 2023 The accounting policies and methods of computation applied in the consolidated financial statements are the same as those applied in the 2022 consolidated financial statements, except for the following IFRS standards and amendments that became effective for Aegon from January 1, 2023: ∎ IFRS 17 Insurance contracts ∎ Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17) ∎ IFRS 9 Financial instruments ∎ Prepayment Features with Negative Compensation (Amendments to IFRS 9) ∎ Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) ∎ Definition of Accounting Estimates (Amendments to IAS 8) ∎ Deferred tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) The amendments to IAS 12 have been introduced in response to the OECD’s Base Erosion and Profit Shifting (BEPS) Pillar Two rules and include: ∎ A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and ∎ Disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. Aegon is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the Netherlands, the jurisdiction in which Aegon Ltd. as Ultimate Parent Entity is tax resident, and will come into effect from 31 December 2023. Aegon has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Based on performed analysis, applying both the temporary safe harbors and detailed calculations, Aegon has determined that the impact, if any, of Pillar Two is currently expected to be non-material. 88A-88D The adoption of IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 respectively, have had a significant impact on the financial position of Aegon and the consolidated financial statements. Based on the amendment to IFRS 17, Aegon has decided to apply the overlay approach upon initial application of IFRS 9 and IFRS 17. This has allowed it to restate the 2022 comparative period for both new standards. IFRS 9 also significantly amended the credit risk disclosures required by IFRS 7 “Financial Instruments: Disclosures”. The consequential amendments to IFRS 7 disclosures have also been applied to the comparative period. The impact of the adoption of the amendments to other standards, listed above, was immaterial. 2.1.2 Effects of initial adoption of IFRS 9 and IFRS 17 The effects of adopting IFRS 9 and IFRS 17 on the consolidated financial statements on January 1, 2022 are presented in the statement of changes in equity. The adjustments made to the statement of financial position on transition date of January 1, 2022, and on initial application date January 1, 2023 of IFRS 9 and IFRS 17 are presented below. The transition to IFRS 9 and IFRS 17 changes Aegon’s balance sheet significantly. The main changes are: ∎ Deferred policy acquisition cost (DPAC) and Value of Business Acquired (VOBA) are no longer recognized as separate assets; ∎ Residential mortgages related to the insurance entities in the Netherlands are 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 fulfil insurance contracts, including a risk adjustment for non-financial ∎ On top of the fulfillment value, a contractual service margin (CSM), reflecting unearned profits, is added to the insurance liabilities. Opening balance sheet reconciliation December 31, 2022 Adoption of IFRS 9 and IFRS 17 January 1, 2023 Cash and cash equivalents 3,407 (5 ) 3,402 Assets held for sale 89,752 (1,088 ) 88,664 Investments 76,825 177,934 254,759 Investments for account of policyholders 180,006 (180,006 ) - Derivatives 2,760 11 2,771 Investments in joint ventures 1,443 (13 ) 1,430 Investments in associates 165 - 165 Reinsurance contract assets 21,184 (4,245 ) 16,939 Insurance contract assets - 36 36 Deferred tax assets 1,827 606 2,433 Deferred expenses 12,886 (12,434 ) 452 Other assets and receivables 10,291 (1,051 ) 9,240 Intangible assets 1,240 (820 ) 420 Total assets 401,786 (21,075 ) 380,711 Shareholders’ equity 12,071 (3,256 ) 8,815 Other equity instruments 1,943 - 1,943 Issued capital and reserves attributable to owners of Aegon Ltd. 14,014 (3,256 ) 10,758 Non-controlling 176 - 176 Group equity 14,190 (3,255 ) 10,935 Subordinated borrowings 2,295 - 2,295 Trust pass-through securities 118 - 118 Reinsurance contract liabilities - 270 270 Insurance contracts for account of policyholders 100,409 (100,409 ) - Insurance contract liabilities 87,309 88,811 176,120 Investments contracts 10,658 (10,658 ) - Investment contracts for account of policyholders 80,555 (80,555 ) - Investment contract liabilities with discretionary participating features - 21,055 21,055 Investment contracts without discretionary participating features - 65,227 65,227 Derivatives 6,094 (919 ) 5,175 Borrowings 4,051 - 4,051 Liabilities held for sale / disposal groups 84,339 (156 ) 84,183 Other liabilities 11,766 (483 ) 11,283 Total liabilities 387,596 (17,819 ) 369,777 Total equity and liabilities 401,786 (21,076 ) 380,711 Due to these transition adjustments and the different measurement of insurance contracts and financial instruments during 2022, total assets from January 1, 2023, were lower by EUR 21,075 million, total liabilities were lower by 17,819 million and shareholders’ equity was lower by EUR 3,255 million than the amounts presented in the last annual financial statements for December 31, 2022. On implementation of IFRS 9 and IFRS 17 the comparative balance of shareholders’ equity is restated due to the combination of opening balance sheet adjustments (decrease of EUR 12,795 million) of the transition date, and the cumulative differences in equity movements of 2022 arising from the application of IFRS 9 and 17 in the amount of EUR 9,540 million increase, of which 8,222 million is an adjustment to the change in the revaluation reserve. The remaining impact of EUR 1,318 million is largely attributable to the changes in CSM balance and different measurement of insurance liabilities. The decrease of EUR 12,434 million on Deferred expenses from January 1, 2023 (2022: EUR 10,076 million decrease) attributable to the elimination of deferred acquisition costs, which are no longer recognized under IFRS 17 as separate assets, but form part of the fulfillment cash-flows used in the measurement of insurance contracts. The change in the measurement basis of insurance contracts (as described under note 2.1.3) resulted in a decrease of EUR 11,598 million in the carrying amount of insurance liabilities (Insurance contract liabilities and Insurance contracts for account of policyholders combined) from January 1, 2023 (2022: EUR 16,321 million increase), and also impacted reinsurance assets resulting in a lower carrying amount by EUR 4,245 million (2022: EUR 330 million increase) and investment contracts, which decreased by EUR 4,931 (2022: EUR 6,602 million decrease). The impacts of transition from IAS 39 to IFRS 9 on the carrying amounts of financial instruments including investments, derivative assets and liabilities, investment contracts without discretionary participating features, other financial assets and liabilities are detailed in note 2.1.4. The carrying amount of assets held for sale on January 1, 2023 was lower by EUR 1,088 million compared to the balance presented in the latest annual financial statements of December 31, 2022. Regarding liabilities held for sale, the carrying amount on January 1, 2023 was lower by EUR 156 million compared to the figures previously reported. Note 45 includes details on the impacts of IFRS 9 and 17 on the measurement of the disposal group. The book value of intangible assets decreased by EUR 820 million from January 1, 2023 (2022: EUR 748 million) due to the derecognition of value of business acquired on transition, as it will not be recognized as a separate asset under IFRS 17. Opening balance sheet reconciliation December 31, 2021 Adoption of IFRS 9 and IFRS 17 January 1, 2022 Cash and cash equivalents 6,889 (28 ) 6,861 Investments 157,831 251,614 409,444 Investments for account of policyholders 250,953 (250,953 ) - Derivatives 8,827 16 8,843 Investments in joint ventures 1,743 (28 ) 1,715 Investments in associates 1,289 - 1,289 Reinsurance contract assets 20,992 330 21,322 Insurance contract assets - 110 110 Deferred tax assets 131 2,033 2,164 Deferred expenses 10,503 (10,076 ) 428 Other assets and receivables 7,761 (963 ) 6,798 Intangible assets 1,333 (748 ) 585 Total assets 468,252 (8,693 ) 459,560 Shareholders’ equity 23,813 (12,795 ) 11,018 Other equity instruments 2,363 - 2,363 Issued capital and reserves attributable to owners of Aegon Ltd. 26,176 (12,795 ) 13,381 Non-controlling 196 - 196 Group equity 26,372 (12,795 ) 13,577 Subordinated borrowings 2,194 - 2,194 Trust pass-through securities 126 - 126 Reinsurance contract liabilities - 471 471 Insurance contracts for account of policyholders 149,323 (149,323 ) - Insurance contract liabilities 124,422 165,644 290,066 Investments contracts 21,767 (21,767 ) - Investment contracts for account of policyholders 104,592 (104,592 ) - Investment contract liabilities with discretionary participating features - 27,392 27,392 Investment contracts without discretionary participating features - 92,364 92,364 Derivatives 10,639 (3,501 ) 7,138 Borrowings 9,661 - 9,661 Other liabilities 19,158 (2,586 ) 16,572 Total liabilities 441,881 4,102 445,983 Total equity and liabilities 468,252 (8,693 ) 459,560 As the result of restatement of the opening balance sheet on transition date January 1, 2022 the carrying amount of total assets decreased by EUR 8,693 million while total liabilities increased by EUR 4,102 million and as such shareholders’ equity decreased by EUR 12,795 million. The main component of this change was the net decrease of other comprehensive income by EUR 9,022 million due to the establishment of a revaluation reserve for interest rate movements on insurance liabilities under IFRS 17, and the reclassification of revaluation reserves on financial assets from other comprehensive income to retained earnings. The total decrease of retained earnings in amount of EUR 3,707 million also includes the establishment of CSM on insurance contracts, partly offset by other remeasurements arising from lower fulfillment cashflows under IFRS 17 compared to IFRS 4. The impact of restated adjustments due to the adoption of IFRS 9 and IFRS 17 on earnings per share is reflected in the table below. Impact of adoption of new accounting standards on the consolidated income statement YE 2022 (as previously reported) Adoption of IFRS 9 and IFRS 17 YE 2022 (restated) Earnings per share (EUR per share) Basic earnings per common share (0.73 ) 0.43 (0.30 ) Basic earnings per common share B (0.02 ) 0.01 (0.01 ) Diluted earnings per common share (0.73 ) 0.43 (0.30 ) Diluted earnings per common share B (0.02 ) 0.01 (0.01 ) Earnings per common share calculation Net result / (loss) attributable to owners (1,433 ) 864 (569 ) Coupons on perpetual securities (36 ) - (36 ) Net result / (loss) attributable to owners for basic earnings per share calculation (1,469 ) 864 (605 ) Weighted average number of common shares outstanding (in million) 2,010 - 2,010 Weighted average number of common shares B outstanding (in million) 536 - 536 2.1.3 IFRS 17 Insurance Contracts Aegon has adopted IFRS 17 – Insurance Contracts, including any consequential amendments to other standards, with a date of initial application of January 1, 2023 and a transition date of January 1, 2022. Aegon does not use the optional exemption provided under IFRS to group together specific insurance contracts that were issued more than 12 months apart. 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 Under Aegon’s previous accounting policies, some minimum guarantees were separated from the host insurance contracts and classified as derivatives. The Group 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 are 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 were previously accounted for as separate assets, are now 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 introduces 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 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 is primarily applied by Aegon to non-life contracts and related reinsurance contracts held. The measurement of these contracts is similar to the previous treatment under IFRS 4, albeit that when measuring liabilities for incurred claims, Aegon now discounts cash flows expected to occur more than one year after the claim’s date and includes an explicit risk adjustment for non-financial Acquisition costs Previously, under IFRS 4, all acquisition costs were recognized and presented as separate assets (Deferred Policy Acquisition Costs or “DPAC”) until these costs were included in profit or loss. Under IFRS 17, only insurance acquisition cash flows that arise before the recognition of the related insurance contracts are included within the insurance liability as a separate asset. 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 is applied, Aegon has opted to expense acquisition costs when incurred. Aegon allocates acquisition costs to either product or business lines (where applicable) based on a study, a series of studies or a thoroughly defined rational for their allocation methodologies. Revenue and expenses Under IFRS 4, the revenues reported in the income statement included 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 reflects 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 are presented in the income statement as insurance service expenses. Insurance finance income and expenses, disaggregated between profit or loss and other comprehensive income (OCI) for certain groups of contracts, are now presented separately from insurance revenue and insurance service expenses. Income and expenses from reinsurance contracts, other than insurance finance expenses, are presented as a single net amount in the income statement. Previously, amounts recovered from reinsurers and reinsurance expenses were presented separately. b) Transition Changes in accounting policies resulting from the adoption of IFRS 17 were applied retrospectively, to the extent practicable. Aegon considered the full retrospective approach to be impracticable when its application required hindsight, for example in setting historical assumptions, or if the required historical input data could not be made available within reasonable efforts. The latter was, for example, concluded when information was no longer available electronically and incorporating it into the IFRS 17 reporting process was expected to cause high costs and efforts. If the retrospective application of IFRS 17 to a group of contracts was impracticable, either the modified retrospective approach or the fair value approach was applied. The modified retrospective approach may only be applied if there is reasonable and supportable information available to do so. For groups of contracts that in principle were eligible for both the modified retrospective and the fair value approach, the most appropriate transition method was elected based on a mix of operational and financial considerations. Notwithstanding the foregoing, Aegon applied the fair value approach to some groups of contracts with direct participating features, to which it could have applied IFRS 17 fully retrospectively. These were groups of contracts for which Aegon had mitigated financial risk prior to transition using derivatives, other financial instruments classified as fair value through profit or loss, and reinsurance contracts, and to which risk mitigation has been applied prospectively from the transition date. Fair Value Approach 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 difference between the fair value and the fulfillment cash flows at the transaction date is recognized as contractual service margin. 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. For contracts that transitioned to IFRS 17 under the fair value approach, the following assessments were generally performed at original contract inception date, with a limited number of products being assessed at the transition date: ∎ Assessment whether an insurance contract met the definition of an insurance contract with direct participating features; ∎ Assessment whether an investment contract met the definition of an investment contract with discretionary participating features; and ∎ Identification of discretionary cash flows for insurance contracts without direct participating features. The grouping of contracts to which the fair value approach is applied has been performed at the transition date. The contracts were grouped together in portfolios in accordance with IFRS 9 and IFRS 17 (as per January 1, 2023). None of the contracts were identified as being onerous at transition. The identified groups of contracts were not further segmented into cohorts based on issue date. The discount rates at which interest is accrued to the contractual service margin and at which changes in non-financial Modified Retrospective Approach The objective of a modified retrospective approach is to reach the closest outcome to the full retrospective approach using reasonable and supportable information that can be obtained without undue cost or effort. Aegon applied the modified retrospective approach to groups of contracts for which the fair value approach was not the preferred transition approach, by working back from the transition date to the date on initial recognition to gather the necessary information. Only where the information could not be made available without undue effort were modifications applied as allowed under IFRS 17. For all contracts that transitioned to IFRS 17 under the modified retrospective approach, sufficient information was available to perform the contract classifications at the original contract inception date. The grouping of contracts was performed at the original contract inception date, or if there was a lack of reasonable and supportable information, at the transition date. Contracts were grouped into cohorts not exceeding 12 months. None of the contracts to which the modified retrospective approach was applied were identified as being onerous at initial inception. Modifications applied to contracts without direct participating features To determine the contractual service margin at transition for groups of contracts without direct participating features, Aegon first estimated the contractual service margin at the original inception date. The contractual service margin at inception was then rolled forward to the transition date by deducting the estimated amount that would have been released for services provided prior to transition. In order to attribute past calendar-year cash flows (including acquisition cash flows) to issue year cohorts, appropriate allocation keys were set by cash flow type based on the information available. Examples include accumulated premiums in force and (first year) account values. The calculation of the fulfillment cash flows at inception and the subsequent accretion of interest to the contractual service margin of a group of contracts required the use of historical discount rates. In principle, Aegon determines IFRS 17 discount rates using a hybrid approach based on risk-free rates plus an illiquidity premium based on expected asset returns. Where the necessary asset portfolio data was not or no longer available, an appropriate observable yield curve plus a spread adjustment was applied to approximate historical discount rates. For cohorts that exceed 12 months, weighted-average historical discount rates were applied. The weighting was based on sales volumes, or where not available, on the expected coverage units at inception. The modified retrospective calculations were based on the assumption that Aegon had not previously prepared interim financial statements, unless sufficient information existed to roll the contractual service margin forward with Aegon’s historical reporting frequency. Modifications applied to contracts with direct participating features To determine the contractual service margin at transition for a group of insurance contracts with direct participating features, Aegon first estimated the total contractual service margin for all services to be provided for that group of contracts. It then deducted the estimated amount that would have been released for services provided prior to the transition date. The total contractual service margin for all services to be provided was estimated by taking the fair value of the underlying items at the transition date minus the fulfillment cash flows at that date and adjusting it for: ∎ Amounts charged to policyholders prior to the transition date; ∎ Excess claims and expenses paid in this period, including acquisition costs; and ∎ The estimated change in the risk adjustment for non-financial Calendar year cash flows were attributed to issue years using allocation keys that were appropriate for the cash flow types, based on available information (for example, account value, and for excess claims paid, the net amount at risk). In estimating the change in the risk adjustment for non-financial The amount released for services provided prior to transition was determined by multiplying the adjusted total contractual service margin by the ratio of the coverage units served prior to transition and the total coverage units expected to be provided over the lifetime of the group of contracts. Other Comprehensive Income Under IFRS 17, Aegon has elected to disaggregate the insurance finance income or 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 has been 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. Aegon also no longer applies shadow accounting which, ignoring the impact of any reclassifications of investments discussed below, has had a positive impact on the carrying amount of revaluation reserves presented in OCI. 2.1.4 IFRS 9 Financial instruments Aegon has adopted 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. Aegon did not early adopt IFRS 9 in previous periods. a) Changes compared to previous accounting policies The adoption of IFRS 9 resulted 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. Classification and Measurement Under IAS 39, financial assets were classified as “Available-For-Sale” 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. Aegon classifies its debt instruments into one of the following three IFRS 9 measurement categories, based on its business model for managing the asset, the asset’s cash flow characteristics, and Aegon’s intent to designate the asset at FVPL to eliminate or significantly reduce an accounting mismatch or recognition inconsistency: ∎ 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 (“ECL”) 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. Equity instruments are instruments that meet the definition of equity from the issuer’s perspective, such as basic ordinary shares. On initial recognition, IFRS 9 allows Aegon to make an irrevocable election to present changes in the fair value of equity investment in OCI or profit or loss. In both cases, the equity instruments are not subject to impairment under Expected Credit Loss model. 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 allowance 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. The allowance for instruments that are credit impaired 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 Non-credit-impaired Hedge accounting Aegon 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. Aegon has elected to continue to apply hedge accounting requirements for macro fair value hedges of IAS 39 on adoption of IFRS 9. As such, fair value hedge accounting for portfolio hedges of interest rate risk (macro hedging) under the EU “carve out” of IFRS is applied. b) IFRS 9 Transition Any adjustments to the carrying amounts of financial assets and liabilit |
Basis of consolidation | 2.2 Basis of consolidation Subsidiaries The consolidated financial statements include the financial information of Aegon Ltd. 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 Ltd. 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 non-controlling The excess of the consideration paid to acquire the interest and the fair value of any interest already owned over the Group’s share in the net fair value of assets, liabilities and contingent liabilities acquired is recognized as goodwill. Negative goodwill is recognized directly in the income statement. If the fair value of the assets, liabilities and contingent liabilities acquired in the business combination has been determined provisionally, adjustments to these values resulting from the emergence of new evidence within 12 months after the acquisition date are made against goodwill. Aegon recognized contingent considerations either as provision or as financial liability depending on the characteristics. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in the income statement. The identifiable assets, liabilities and contingent liabilities are stated at fair value when control is obtained. Subsidiaries are deconsolidated when control ceases to exist. Any difference between the net proceeds plus the fair value of any retained interest and the carrying amount of the subsidiary including non-controlling Transactions with non-controlling Transactions with non-controlling non-controlling non-controlling Investment funds Investment funds managed by the Group in which the Group holds an interest are consolidated in the financial statements if the Group has power over that investment fund and it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, all interests held by the Group in the fund are considered, regardless of whether the financial risk related to the investment is borne by the Group or by the policyholders (unless a direct link between the policyholder and the fund can be assumed). In determining whether Aegon has power over an investment fund all facts and circumstances are considered, including the following: ∎ Control structure of the asset manager (i.e. whether an Aegon subsidiary); ∎ The investment constraints posed by investment mandate; ∎ Legal rights held by the policyholder to the separate assets in the investment vehicle (e.g. policyholders could have the voting rights related to these investments); ∎ The governance structure, such as an independent Board of Directors, representing the policyholders, which has substantive rights (e.g. to elect or remove the asset manager); and ∎ Rights held by other parties (e.g. voting rights of policyholders that are substantive or not). Exposure or rights to variability of returns can be the result of, for example: ∎ General account investment of Aegon; ∎ Aegon’s investments held for policyholder; ∎ Guarantees provided by Aegon on return of policyholders in specific investment vehicles; ∎ Fees dependent on fund value (including, but not limited to, asset management fees); and ∎ Fees dependent on performance of the fund (including, but not limited to, performance fees). Investment funds where Aegon acts as an agent are not consolidated due to lack of control of the funds. In particular, for some separate accounts, the independent Board of Directors has substantive rights and therefore Aegon does not have power over these separate accounts but acts as an agent. For limited partnerships, the assessment takes into account Aegon’s legal position (i.e. limited partner or general partner) and any substantive removal rights held by other parties. Professional judgment is applied concerning the substantiveness of the removal rights and the magnitude of the exposure to variable returns, leading to the conclusion that Aegon controls some, but not all, of the limited partnerships in which it participates. Upon consolidation of an investment fund, a liability is recognized to the extent that the Group is legally obliged to buy back participations held by third parties. The liability is presented in the consolidated financial statements as investment contracts for account of policyholders. Where no repurchase obligation exists, the participations held by third parties are presented as non-controlling Equity instruments issued by the Group that are held by investment funds are eliminated on consolidation. However, the elimination is reflected in equity and not in the measurement of the related financial liabilities toward 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 for example derivatives, and will not be focused on entities that are controlled by voting rights. Structured entities that are consolidated include certain mortgage backed securitization deals, where Aegon was involved in the design of the structured entities and also has the ability to use its power to affect the amount of the investee’s returns. Other factors that contribute to the conclusion that consolidation of these entities is required includes consideration of whether Aegon fully services the investees and can therefore influence the defaults of the mortgage portfolios and the fact that in these cases the majority of risks are maintained by Aegon. Structured entities that are not consolidated include general account investments in non-affiliated Non-current Disposal groups are classified as held for sale if they are available for immediate sale in their present condition, subject only to the customary sales terms of such assets and disposal groups and their sale is considered highly probable. Management must be committed to the sale, which is expected to occur within one year from the date of classification as held for sale. Upon classification as held for sale, the carrying amount of the disposal group (or group of assets) is compared to their fair value less cost to sell. If the fair value less cost to sell is lower than the carrying value, this expected loss is recognized through a reduction of the carrying value of any goodwill related to the disposal group or the carrying value of certain other non-current, non-financial Classification into or out of held for sale does not result in restating comparative amounts in the statement of financial position. 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 |
Foreign exchange translation | 2.3 Foreign exchange translation a. Translation of foreign currency transactions The Group’s consolidated financial statements are presented in euros. Items included in the financial statements of individual group companies are recorded in their respective functional currency which is the currency of the primary economic environment in which each entity operates. Transactions in foreign currencies are initially recorded at the exchange rate prevailing at the date of the transaction. At the reporting date, monetary assets and monetary liabilities in foreign currencies are translated to the functional currency at the closing rate of exchange prevailing on that date, except for own equity instruments in foreign currencies which are translated using historical exchange rates. Non-monetary Exchange differences on monetary items are recognized in the income statement when they arise, except when they are deferred in other comprehensive income as a result of a qualifying cash flow or net investment hedge. Exchange differences on non-monetary Insurance contracts and investment contracts with discretionary participating features are monetary items. Exchange differences on changes in the carrying amount of groups of insurance contracts are recognized in the income statement, unless they relate to changes in the carrying amount of the groups of insurance contracts included in other comprehensive income, in which case that are included in other comprehensive income. 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. |
Insurance contracts | 2.6 Insurance contracts a) Scope 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. Significant insurance risk is determined on a present-value basis, where at least one scenario with commercial substance can be identified in which the Group has to pay significant additional benefits to the policyholder or his or her beneficiaries. Contracts that do not meet the definition of insurance contracts are accounted for as financial instruments or as service contracts, depending on the nature of the agreement. Insurance contracts include products that provide policyholders with the option to take out insurance coverage at predetermined prices, provided this option is shown to have commercial substance. b) Combining a set or series of insurance contracts Aegon accounts for a set or series of insurance contracts together as if they were issued as one contract, where this reflects the substance of the transaction. This may, for example, be the case if the insurance contracts are negotiated as a package with a single commercial objective and the measurement of the contracts is highly interrelated. c) Separating components from insurance contracts At inception, the following components are separated from an insurance contract and accounted for as if they were standalone financial instruments: ∎ Embedded derivatives whose economic characteristics and risks are not closely related to those of the host contract, and whose terms would not meet the definition of an insurance contract as a standalone instrument; and ∎ Investment components (i.e. amounts that an insurance contract requires Aegon to repay to a policyholder, even if the insured event does not occur) that are distinct. In other words, investment components that: ∎ Do not meet the definition of an investment contract with discretionary participation features; ∎ Are not highly interrelated with the insurance component; and ∎ For which contracts with equivalent terms are sold, or could be sold, separately in the same market or jurisdiction. Promises to transfer to a policyholder distinct goods or services other than insurance contract services, are also separated from the host contract and accounted for as a service contract. Aegon has not identified any components of the insurance contracts recognized at the balance sheet date that require separation when publishing these financial statements. d) Level of aggregation Insurance contracts are grouped together for measurement and income recognition purposes. The groups are established at initial recognition and are not reassessed subsequently. Portfolios Aegon classifies contracts as belonging to one portfolio, when they are subject to similar risks and are managed together. When identifying similar risks, Aegon considers all insurance and financial risks that are transferred from the policyholder to the Group. This does not include lapse risk or expense risk, as these are not risks that a policyholder transfers to an insurer. Generally, contracts in the same product line are included within the same portfolio if they are managed together, and contracts in different product lines with dissimilar risks are included in different portfolios. To be grouped together, contracts must be managed together from the perspective of either the management of Aegon Ltd. or the management of its operating segments. Information that is used to assess how risks are managed includes Aegon’s internal management reporting, as well as asset-liability management and asset allocation strategies. Groups Contracts within a portfolio are segregated into: ∎ Groups of insurance contracts that are onerous at initial recognition. ∎ Groups of insurance contracts that are not onerous at initial recognition, subdivided into: ∎ Groups of insurance contracts that have no significant possibility of becoming onerous subsequently; and ∎ A group of remaining contracts in the portfolio, if any. Aegon uses two approaches to identify groups of contracts. The first approach consists of a bottom-up contract-by-contract Both approaches involve qualitative factors, quantitative factors, or a combination of both, for example product pricing, assumption setting reviews, key performance indicators (such as market-consistent value of the new business and expected loss ratios) and asset liability management and hedging strategies. In assessing whether a profitable group of contracts could subsequently become onerous, Aegon considers the size of the estimated profit at inception and its sensitivity to changes in the underlying assumptions. Typically, Aegon would expect that any insurance contract could become lossmaking if the insured event occurs. Nonetheless, there may be indicators based on which Aegon concludes that a group of contracts has no significant possibility of subsequently becoming onerous. For example, there may be pricing information demonstrating that products are sold at very favorable premiums due to specific market conditions (e.g. niche markets) or a product may contain embedded guarantees that are strongly out of the money. If contracts within a portfolio would fall into different groups only because law or regulation specifically constrains Aegon’s practical ability to set a different price or level of benefits for policyholders with different characteristics, the contracts are included in the same group. Cohorts Aegon follows a quarterly reporting frequency on a locked-in period-to-date year-to-date e) Recognition A group of insurance contracts is recognized from the earliest of the following dates: the beginning of the coverage period, the date when the first payment from a policyholder in the group of insurance contracts becomes due, and the date when the group of insurance contracts becomes onerous. f) Insurance acquisition cashflows Insurance acquisition cash flows arise from selling, underwriting and starting a group of insurance contracts. They comprise not only the incremental costs of originating insurance contracts but also other (in)direct costs and include cash flows relating to both successful and unsuccessful acquisition efforts. Insurance acquisition cash flows must be directly attributable to a portfolio of contracts. At initial recognition, Aegon allocates them to groups of contracts as follows: ∎ Insurance acquisition cash flows that can be directly attributable to a specific group of insurance contracts (e.g. acquisition commissions) are allocated to that group, as well as to groups that are expected to include the renewals of those contracts. ∎ Insurance acquisition cash flows that are directly attributable to a portfolio of insurance contracts, other than those in described in the above bullet, are allocated to the groups of contracts in the portfolio on a systematic and rational basis. g) Insurance contract types For presentation and analysis purposes, Aegon distinguishes between life and non-life Non-life For measurement and income recognition purposes, Aegon distinguishes between insurance contracts with and without direct participating features. Contracts are classified at the initial recognition date and not subsequently reassessed. Aegon’s non-life While the initial measurement of both types of insurance contracts is the same, the subsequent accounting differs. The Variable Fee Approach is applied to life insurance contracts with direct participating features. Other life and non-life Insurance contracts with direct participating features Insurance contracts with direct participating features are defined as life insurance contracts for which, at inception: ∎ The contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items; ∎ Aegon expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items, and ∎ Aegon expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items. Insurance contracts with direct participating features provide both insurance services and investment-related services. They are viewed as creating an obligation to pay policyholders an amount that is equal to the fair value of the underlying items, less a variable fee for future services. The variable fee reflects the unrealized gain or loss that Aegon expects to make on the contract. It comprises Aegon’s share in the fair value of the underlying items less the fulfillment cash flows that do not vary based on the returns on underlying items, such as expense cash flows and the cost of financial guarantees. A pool of underlying items can comprise any items, for example a reference portfolio of assets, a pool of funds, the net assets of an Aegon group company or a specified subset of the net assets of the entity. In determining whether the pool has been clearly identified to the policyholder, Aegon considers all contractual terms and conditions as well as other policyholder communications. Aegon does not need to hold the identified pool of underlying items for a product to qualify as an insurance contract with direct participating features, nor does the existence of Aegon’s discretion to vary the amounts paid to the policyholder preclude qualification. However, the link between policyholder benefits and underlying items must be enforceable and Aegon must not have the ability to change the underlying items with retrospective effect. Once the presence of a clearly identified pool of underlying items has been established, Aegon uses a methodology for product classification that builds on a two-step ∎ The initial assessment based on product characteristics is performed using multiple qualitative indicators. For example, Aegon considers whether a contract includes substantial contractual profit-sharing rates and the degree to which these can subsequently be reset. It also considers the extent to which asset management fees and other charges are commensurate with the services provided and in line with market terms, and whether a product guarantees a minimum return on investment. ∎ If the qualitative step is not conclusive on its own, the product undergoes quantitative analysis. Different calculation methods are used, depending on the product characteristics and the market conditions at the inception of the contract. ∎ The policyholder’s share in the fair value returns is assessed by comparing the expected total return on the underlying items, net of the asset management fees, with the expected payments to the policyholder that are based on those underlying items. Variable fees and charges that cover multiple services are split into an insurance component and investment management component, with only the latter being deducted from total returns. As a critical judgment, the threshold for a substantial share of the fair value returns is in the range of 50% (or higher). ∎ The assessment of the variability in policyholder benefits often requires the use of probability-weighted models, factoring all scenarios where returns are impacted by the allocation of clearly identifiable assets, variable fees and guarantees. The determination of one scenario where there is no variability does not automatically disqualify a product for the variable fee approach but is assessed together with the scenarios in which the guarantee is not in-the-money Examples of insurance contracts with direct participating features include unit-linked contracts issued by Aegon UK, and variable annuities issued in the Americas. Insurance contracts without direct participating features A product is considered to provide an investment-return service if, and only if, the following apply: ∎ The contract contains a non-distinct ∎ Aegon expects that this amount will include an investment return; and ∎ Aegon expects to perform investment activity to generate that investment return. Insurance contracts without direct participating features include all non-life US-style h) Initial measurement On initial recognition, Aegon measures a group of contracts at a risk-adjusted, current and probability-weighted estimate of the present value of the future cash flows (“fulfillment cash flows”) plus or minus the unearned profit on the group of contracts (“contractual service margin”). Fulfilment cash flows The fulfillment cash flows comprise: ∎ Estimates of future cash flows that are within the contract boundary; ∎ An adjustment to reflect time value of money and the financial risks related to future cash flows, to the extent that the financial risks are not included in the estimates of future cash flows and ∎ A risk adjustment for non-financial The fulfillment cash flows reflect Aegon’s view of the current condition at the reporting date, consistent with observable market prices and considering all contractual terms and conditions with commercial substance that are within the contract boundary. Future changes in legislation that would change or discharge a present obligation or create new obligations under existing contracts, are only considered when the legislation is substantively enacted. The methods used to calculate the fulfillment cash flows and the process to estimate the inputs to those methods are discussed in note 29.3. Contract boundary Cash flows are within the boundary of an insurance contract if they arise from rights and obligations that exist during the period in which Aegon can either compel the policyholder to pay premiums or has a substantive obligation to provide insurance contract services to the policyholder. A substantive obligation to provide insurance contract services ends when: ∎ Aegon has the practical ability to reassess the risks of a particular policyholder, and as a result, can set a price or level of benefits that fully reflects those risks; or ∎ Both of the following apply: ∎ Aegon has the practical ability to reassess the risks of the portfolio that contains the contract and can set a price or level of benefits that fully reflects the risks of that portfolio; and ∎ The pricing of the premiums up to the date when the risks are reassessed, does not take into account any risks that relate to periods after the reassessment date. In determining whether a contract can be repriced, all insurance and financial risks that are transferred from the policyholder to Aegon are considered. Risks that result from the contract itself, such as expense risk or lapse risk, are ignored. If Aegon provides investment-related services to insurance policyholders, the ability to reprice the fees or charges for these services to prevailing rates is also considered in setting the contract boundary. In some jurisdictions, regulatory requirements limit Aegon’s ability to fully reprice contracts on renewal and are therefore relevant when setting the contract boundary. Regulatory price caps that apply equally to existing and new policyholders do not extend the contract boundary, because they do not result in a valuable policyholder renewal option. Some contracts that have a long contract boundary based on long-term guaranteed benefits, also include policyholder options that can be repriced. For example, the contract may allow the policyholder to take out additional insurance coverage at current market rates at the time of uptake. While the policyholder option can be repriced, Aegon cannot reprice or reassess the benefits of the entire policy. Therefore, the policyholder option is considered within the long contract boundary of the host contract, provided it can reasonably be expected to be utilized. Contract boundaries are based on current facts and circumstances and may therefore change over time. Contractual service margin The contractual service margin represents the unearned profit Aegon will recognize as it provides insurance contract services in the future. On initial recognition of a group of non-onerous ∎ The initial recognition of the fulfillment cash flows; ∎ Any cash flows arising from the contracts in the group at that date; and ∎ The derecognition of any asset for insurance acquisition cash flows and any other asset or liability previously recognized for cash flows related to the group of contracts. For onerous insurance contracts, the calculation above results in a loss that is recognized in the income statement immediately and for which a corresponding loss component is established as part of the insurance liabilities. More information on the loss component is provided in section j) of this note. i) Subsequent measurement The carrying amount of a group of insurance contracts at the end of each reporting period is the sum of the liability for remaining coverage and the liability for incurred claims. The liability for remaining coverage comprises the fulfillment cash flows related to future service allocated to that group and the contractual service margin of the group. The liability for incurred claims comprises the fulfillment cash flows related to past service allocated to the group. Cash flows that remain subject to insurance risk after the occurrence of the insured event are included in the liability for remaining coverage. The fulfillment cash flows are remeasured at each reporting date to reflect current estimates. The measurement of the contractual service margin differs for contracts with and without direct participating features and is described below. Some changes in the contractual service margin are offset by changes in the fulfillment cash flows, resulting in no change in the total carrying amount of the liability for remaining coverage. To the extent that changes in the contractual service margin and changes in the fulfillment cash flows do not offset, income or expenses are recognized. Insurance contracts without direct participating features (general measurement model) For a group of insurance contracts without direct participating features, the carrying amount of the contractual service margin at the end of each reporting period is the carrying amount at the start of the period, adjusted for: ∎ The effect of any new contracts added to the group; ∎ Interest accreted on the carrying amount of the contractual service margin during the period; ∎ Changes in the fulfillment cash flows that relate to future services, except to the extent that: ∎ Such increases in the fulfillment cash flows exceed the carrying amount of the contractual service margin, giving rise to a loss, or ∎ Such decreases in the fulfillment cash flows are allocated to the loss component. ∎ The effect of any currency exchange differences on the contractual service margin; and ∎ The amount recognized as insurance revenue because of the insurance contract services provided in the period. Interest accretion Aegon accretes interest to the contractual service margin based on either the one-year one-year The amount of interest is calculated on a time-weighted basis, allowing for the timing of the movements in the contractual service margin over the reporting period. Changes in fulfillment cash flows relating to future services Changes in the fulfillment cash flows that relate to future services comprise: ∎ Experience adjustments arising from premiums received in the period that relate to future services and related cash flows, measured at the discount rates determined on initial recognition; ∎ Changes in estimates of the present value of future cash flows in the liability for remaining coverage (other than those that relate to the effects of the time value of the money and changes in financial risks), measured at the discount rates determined on initial recognition; ∎ Differences between any non-distinct non-distinct ∎ Differences between any loan to a policyholder expected to become repayable in the period and the actual loan to a policyholder that becomes repayable in the period; and ∎ Changes in the risk adjustment for non-financial The change in fulfillment cash flows that relates to future service is calculated using discount rates derived from the discount rate curve used to determine the contractual service margin on initial recognition of the group of contracts. Changes in discretionary cash flows are regarded as relating to future services, and accordingly, adjust the contractual service margin. Changes in the contractual service margin recognized as insurance revenue Part of the contractual service margin of a group of contracts is recognized as insurance revenue in each period to reflect the insurance contract services provided under the group of insurance contracts in that period. The amount of revenue is determined by allocating the contractual service margin remaining at the end of the reporting period equally to each coverage unit provided in the reporting period and expected to be provided in the future. More information on the coverage units is provided in note 29.3.2.1. The numbers of coverage units in a group of contracts is determined by considering, for each contract, the quantity of the benefits provided and its expected coverage period. If a contract provides coverage for more than one insured event or if it provides additional investment-return services, the coverage unit reflects all material benefits. The coverage period is defined as the period during which Aegon provides insurance coverage and/or investment services. The expected coverage period takes account of the expected survivorship of contracts and so considers expected lapses and deaths. Aegon has defined coverage units that differ per product type to best reflect a product’s characteristics and the nature of the services provided to the policyholder. Insurance services are typically depicted by a metric that is based on the maximum amount that a policyholder would receive if the insured event were to occur, such as the total benefits amount or the death benefit amount. For investment-type services, coverage units are based on the total return that Aegon expects to provide the policyholder over the lifetime of the contract. Aegon applies the following formula to determine the amount of contractual service margin to release in each reporting period: Proportion of CSM released as insurance revenue = A [A + B] Where: A = coverage units provided in the period B = present value of coverage units to be provided in the future The coverage units provided in the period are determined as an average of the coverage units at the beginning and end of the quarterly reporting period. Future coverage units are discounted using rates locked-in Insurance contracts with direct participating features (variable fee approach) For the measurement of direct participating contracts, Aegon adjusts the fulfillment cash flows for changes in the obligation to pay policyholders an amount equal to the fair value of the underlying items. These changes do not relate to future services and are recognized in the profit or loss. Aegon adjusts the carrying amount of the contractual service margin for each group of contracts to equal the carrying amount at the start of the reporting period adjusted for: ∎ The effect of any new contracts added to the group of contracts; ∎ The change in the amount of Aegon’s share of the fair value of the underlying items and changes in fulfillment cash flows relating to future services, except to the extent that: ∎ For groups of contracts, there is a policy of excluding from the contractual service margin changes in the impact of financial risk on its share of the underlying items (“risk mitigation”); ∎ The decrease in the amount of the group of contracts share of the fair value of the underlying items, or an increase in the fulfillment cash flows relating to future services, exceeds the carrying amount of the contractual service margin, giving rise to a loss in the income statement; or ∎ The increase in the amount of the group of contracts share of the fair value of the underlying items, or a decrease in the fulfillment cash flows relating to future services, is allocated to a loss component, reversing losses previously recognized in the income statement; ∎ The effect of any currency exchange differences on the contractual service margin; and ∎ The amount recognized as insurance revenue because of the insurance contract services provided in the period. Changes in fulfillment cash flows relating to future services Changes in Aegon’s share in the fair value of the underlying items, by definition, relates to future service and therefore adjusted the contractual service margin. In addition to the fulfillment cash flows movements that have been defined in the general measurement model as relating to future services, the variable fee approach requires changes in fulfillment cash flows to be booked to the contractual service margin if they are the result of a change in the effect of the time value of money or financial risks not arising from the underlying items. Examples include the interest accrued to projected fixed benefits and expense cash flows, and the change in the value of financial guarantees. Changes in the contractual service margin recognized as insurance revenue The policy on the recognition of revenue for insurance contracts with direct participating features is the same as under the general measurement model, except that references to “investment-return services” should be read as “investment-related services”. Risk mitigation For certain groups of contracts, Aegon has a documented risk management objective and strategy for mitigating financial risk arising from insurance contracts with participating features, using derivatives, reinsurance contracts held and other FVPL financial instruments. Risk mitigation involves the hedging of one or a combination of financial risks (e.g. interest rate, financial instrument price, currency exchange rate, index of prices or rates, inflation rate) and can cover multiple groups of contracts in different portfolios. For these contracts, Aegon does not recognize the entire change in the amount of Aegon’s share of the fair value of the underlying items and changes in fulfillment cash flows relating to future services in the contractual service margin. Instead, the change in the hedged position is recognized as part of insurance finance expense in the income statement or in other comprehensive income. Prior to the reporting period, Aegon demonstrates that an economic offset exists between the insurance contracts and the risk mitigating items (i.e. the values of both are generally expected to move in opposite directions because they respond in a similar way to the changes in the risk being mitigated), and demonstrates this is not dominated by credit risk. If these conditions cease to be met, risk mitigation accounting is discontinued. In this instance, any amounts previously recognized as insurance finance expense in the income statement or in other comprehensive income, are not adjusted. j) Loss component A group of insurance contracts can be onerous at inception, namely when the fulfillment cash flows allocated to the contract, any previously recognized insurance acquisition cash flows and any cash flows arising from the contract at the date of initial recognition in total are a net outflow. It can also become onerous at subsequent measurement due to unfavorable changes relating to future service in the fulfillment cash flows arising from changes in estimates of future cash flows and the risk adjustment for non-financial When a group of insurance contracts becomes onerous, a loss component of the liability for remaining coverage for that group is established. Except for changes in non-financial Additional unfavorable changes in the fulfillment cash flows that exceed the contractual service margin are recognized in the income statement immediately. Favorable changes in the fulfillment cash flows are recognized in the income statement to the extent that they reverse the loss component, after which the contractual service margin is re-established. k) Premium allocation approach Aegon applies the premium allocation approach to certain groups of predominantly non-life Level of aggregation Contracts to which the premium allocation approach is applied are grouped together using the same principles as described in paragraph (c) above, with the following modifications: ∎ Contracts to the premium allocation approach is applied, are assumed not to be onerous at inception, unless facts and circumstances indicate otherwise. ∎ Contracts to which the premium allocation approach are grouped together in annual cohorts, which is more aligned with the nature of the products. Acquisition costs Insurance acquisition cashflows that relate to some (but not all) groups of contracts to which Aegon applies the premium allocation approach are expensed when incurred, provided the coverage period does not exceed 12 months. Initial recognition and measurement On initial recognition, Aegon measures the carrying amount of the liability for remaining coverage as premiums received at initial recognition, if any, plus or minus any amounts arising from the derecognition of other assets or liabilities previously recognized for cash flows related to the group of contracts. Subsequent measurement, including loss component The carrying amount of a group of insurance contracts at the end of each reporting period is the sum of the liability for remaining coverage and the liability for incurred claims. The liability for remaining coverage is increased by any premiums received in the period and decreased by the amount recognized as insurance revenue for insurance contract service provided and any non-distinct If at any time during the coverage period facts and circumstances indicate that a group of insurance contracts is onerous, Aegon calculates the difference between the carrying amount of the liability for remaining coverage and the fulfillment cash flow that relate to the remaining coverage of the group. In case this difference is negative, Aegon recognizes a loss in the income statement and increases the liability for remaining coverage. Aegon recognizes the liability for incurred claims of a group of insurance contracts at the amount of the fulfillment cash flows relating to incurred claims. The fulfillment cash flows are discounted at current rates unless the cash flows are expected to be paid in one year or less from the date the claims are incurred. l) Derecognition and contract modification Aegon derecognizes a contract when it is extinguished (i.e. when the specified obligations in the contract expire or are discharged or cancelled). On the derecognition of a contract from within a group of contracts: ∎ The fulfillment cash flows allocated to the group are adjusted to eliminate those that relate to the rights and obligations derecognized; ∎ The contractual service margin of the group is adjusted for the change in the fulfillment cash flows, except where such changes are allocated to a loss component; and ∎ The number of coverage units for the expected remaining insurance contract services is adjusted to reflect the coverage units derecognized from the group. If a contract is derecognized because it is transferred to a third party, then the contractual service margin is also adjusted for the premium charged by the third party, unless the group is onerous. A contract is also derecognized if its terms are modified in a such way that would have changed the accounting for the contract significantly had the new terms always existed, in which case a new contract based on the modified terms is recognized. In this instance, the contractual service margin of the group is adjusted for the premium that would have been charged had the Group entered into a contract with the new contract’s terms at the date of modification, less any additional premium charged for the modification. The new contract recognized is measured assuming that, at the end of modification, the issuer received the premium that it would have charged less any additional premium charged for the modification. If a contract modification does not result in derecognition, Aegon treats the changes in cash flows caused by the modification as changes in estimates of fulfillment cash flows. m) Insurance contracts acquired in a portfolio transfer or business combination Insurance contracts acquired in a business combination or portfolio transfer after the transition to IFRS 17 (January 1, 2022) are accounted for in accordance with Aegon’s accounting policy on insurance contracts, with the exc |
Reinsurance contracts | 2.7 Reinsurance contracts Reinsurance contracts held are contracts entered into by Aegon in order to receive compensation for claims arising from one or more insurance contracts issued by the Group. Reinsurance contracts that do not transfer insurance risk are accounted for as financial instruments or as service contracts, depending on the nature of the agreement. Aegon is not relieved of its legal liabilities when entering into reinsurance transactions. Therefore, the liabilities 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. To the extent possible, the accounting model applied to reinsurance contracts held is consistent with that of the underlying insurance contracts. Differences will arise when underlying contracts have direct participating features, as the variable fee approach cannot be applied to reinsurance contracts held. Furthermore, reinsurance contracts with a coverage period exceeding 12 months may not be eligible for the premium allocation approach. a) Separating components from insurance contracts Similarly to the analysis for insurance contracts (see note 2.6), Aegon has assessed that its reinsurance contracts held do not include components that need to be separated for accounting purposes. b) Level of aggregation Reinsurance contracts are grouped for measurement and income recognition purposes, based on the similarity of risk, the manner in which the contracts are managed, the expected profitability of the contracts at inception, and the period in which the contracts are issued. The process for dividing reinsurance contracts into groups is similar to that used for insurance contracts (note 2.6), except that references to “onerous contracts” should be replaced with a reference to “contracts on which there is a net gain on initial recognition”. When grouping reinsurance contracts, Aegon considers the type of reinsurance cover received (e.g. yearly renewable term, stop loss, or coinsurance). A group of reinsurance contracts can comprise a single contract, for example when the contracts are managed on an individual treaty basis. c) Reinsurance contracts measured under the general measurement model The Group applies the accounting policies disclosed in note 2.6 for insurance contracts without direct participating features to measure a group of reinsurance contracts held, albeit with the following modifications: Recognition Aegon recognizes reinsurance contracts held at the earlier of the following: ∎ The beginning of the coverage period; or ∎ The date that an onerous group of underlying insurance contracts is recognized, if Aegon entered into the related reinsurance contract held at or before that date. Notwithstanding the foregoing, Aegon delays the recognition of a group of reinsurance contracts held that provide proportionate coverage (e.g. coinsurance, modified coinsurance and yearly renewable treaties) until the date that any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held. Initial measurement Aegon estimates the present value of the future cash flows of the group of reinsurance contracts held, using assumptions that are consistent with those used to measure the underlying insurance contracts. The estimate includes an adjustment for the risk of non-performance The risk adjustment for non-financial On initial recognition, the contractual service margin of a group of reinsurance contracts held represents a net cost or a net gain on purchasing reinsurance. It is measured as the equal and opposite amount of the total of the fulfillment cash flows, any derecognized assets for cash flows occurring before the recognition of the group, any cash flows arising from the contracts in the group at that date, and any income recognized in profit or loss for the recovery of losses recorded on initial recognition of onerous underlying contracts. If the net cost on purchasing reinsurance coverage relates to insured events that occurred before the purchase of the group of reinsurance contracts, it is immediately expensed in the income statement. Contract boundary Cash flows are within the contract boundary of a reinsurance contract held if they arise from substantive rights and obligations that exist during the period in which Aegon is either compelled to pay amounts to the reinsurer or in which it has a substantive right to receive services from that reinsurer. A substantive right to receive services from a reinsurer ends when the reinsurer has the right to terminate coverage or when he has the practical ability to reassess the risks transferred by Aegon and can set a price or level of benefits that fully reflects those reassessed risks. For treaties with open attaching periods, the cessions within the termination window (typically 90 days) are treated as a separate contract for accounting purposes. Cessions that take place after the termination window are treated as a new contract. Contractual service margin On initial recognition, the contractual service margin of a group of reinsurance contracts held represents a net cost or a net gain on purchasing reinsurance. It is measured as the equal and opposite amount of the total of the fulfillment cash flows, any derecognized assets for cash flows occurring before the recognition of the group, any cash flows arising from the contracts in the group at that date, and any income recognized in profit or loss for the recovery of losses recorded on initial recognition of onerous underlying contracts. If the net cost on purchasing reinsurance coverage relates to insured events that occurred before the purchase of the group of reinsurance contracts, it is immediately expensed in the income statement. Subsequent measurement The carrying amount of a group of reinsurance contracts held at each reporting date is the sum of the asset for remaining coverage and the asset for incurred claims. The asset for remaining coverage comprises: (i) the fulfillment cash flows that relate to services that will be received under the contracts in future periods; plus (ii) any remaining contractual service margin at that date. The asset for incurred claims comprises the fulfillment cash flows that relate to services received in the current and past period. The fulfillment cash flows are remeasured at each reporting date to reflect current estimates. The carrying amount of the contractual service margin at the end of each period is the carrying amount at the start of the period, adjusted for: ∎ The contractual service margin of any new contracts that are added to the group in the period; ∎ Interest accreted on the carrying amount of the contractual service margin during the period; ∎ Income recognized in profit or loss in the reporting period to coincide with the initial recognition of an onerous group of underlying insurance contracts or on addition of onerous contracts to that group; ∎ Reversals of a loss-recovery component to the extent those reversals are not changes in the fulfillment cash flows of the group of reinsurance contracts held; ∎ Changes in fulfillment cash flows, measured at discount rates at initial recognition, to the extent that the change relates to future services, except for the extent that: ∎ The change results from a change in fulfillment cash flows allocated to a group of underlying insurance contracts that does not adjust the contractual service margin of the group of underlying contracts; ∎ The change results from the remeasurement of the liability for remaining coverage of an onerous group of underlying contracts to which the premium allocation approach is applied; ∎ The effect of any currency exchange differences on the contractual service margin; and ∎ The amount recognized in the profit or loss because of the services received in the period. The rate at which interest in accreted to the contractual service margin is determined at the initial inception date of the group of reinsurance contracts, in the same way as the interest accretion rates for insurance contracts without direct participating features. Some changes in the contractual service margin are offset by changes in the fulfillment cash flows, resulting in no change in the total carrying amount of the asset for remaining coverage. To the extent that changes in the contractual service margin and changes in the fulfillment cash flows do not offset, income and expenses are recognized. Changes in the fulfillment cash flows that result from changes in the risk of non-performance Loss recovery component Aegon establishes a loss recovery component for a group of reinsurance contracts, when a change in the fulfillment cash flows that relates to future services does not adjust the contractual service margin. It reflects the income recognized in the income statement to offsets the reinsured loss reported on the underlying insurance contracts. The adjusted amount, and resulting income, is determined by multiplying: ∎ The loss recognized on the group of underlying insurance contracts; and ∎ The recovery percentage, which is the percentage of claims on the group of underlying insurance contracts that Aegon expects to recover from the reinsurance contracts held. The calculation of the recovery percentage is based on discounted claims and recovery amounts, using current discount rates. No allowance is made for reinsurance non-performance non-financial If an onerous group of insurance contracts is only partially reinsured, systematic and rational allocation methods are used to determine the portion of subsequent movements in the loss component that relates to insurance contracts covered by the group of reinsurance contracts held. d) Reinsurance contracts held measured under the premium allocation approach Aegon applies the premium allocation approach to a group of reinsurance contracts held, if the approach is also applied to the underlying insurance contracts and: ∎ The coverage period of each reinsurance contract in the group is one year or less; or ∎ Aegon reasonably expects the resulting measurement will not differ materially from the results when applying the general measurement model. If a loss recovery component is created for a group of reinsurance contracts measured under the premium allocation approach, Aegon adjusts the carrying amount of the asset for remaining coverage instead of adjusting the contractual service margin. Please see note 2.6(k) for a description of the accounting policies concerning the premium allocation approach. e) Derecognition and contract modification Aegon applies the same accounting policies for derecognition and contract modifications to reinsurance contract held as to insurance contracts. Please see note 2.6(l). |
Insurance revenue | 2.8 Insurance revenue Aegon recognizes insurance revenue as it provides services under groups of insurance contracts and under groups of contracts with discretionary participating features. The total insurance revenue recognized over the duration of a group of contracts is equal to the amount of premiums received, adjusted for a financing effect and excluding any non-distinct The revenue recognized in the period represents the total of the changes in the liability for remaining coverage that relate to services for which the Group expects to receive compensation and includes: ∎ The release of contractual service margin for services provided in the period; ∎ Changes in the risk adjustments for non-financial ∎ The claims and other insurance service expenses expected to be incurred in the period, excluding amounts allocated to the loss component; ∎ Other amounts, such as experience adjustments for premium receipts that do not relate to future service and income tax that is specifically chargeable to the policyholder. In addition, the insurance revenue recognized in the period includes an allocation of the portion of the premiums that are related to recovering insurance acquisition cash flows. The allocation is based on the passage of time, without interest accumulation. The same amount is also recognized as insurance service expenses (see note 2.9). For insurance contracts to which the premium allocation approach is applied, insurance revenue is equal to the total premiums that are expected to be received for the services provided, excluding any non-distinct |
Insurance service expenses | 2.9 Insurance service expenses Insurance service expenses arise as Aegon provides coverage and other services under issued insurance contracts and investment contracts with discretionary participating features. It comprises ∎ The incurred claims, excluding repayments of non-distinct ∎ Adjustments to the liabilities for incurred claims that do not arise from the effects of the time value of money, financial risk and changes therein; ∎ Amortization of insurance acquisition cash flows; ∎ Losses on onerous contracts and the reversals of such losses; and ∎ Impairment losses on assets for insurance acquisition cash flows and reversals of such impairment losses. |
Net income / (expenses) on reinsurance held | 2.10 Net income / (expenses) on reinsurance held With the exception of reinsurance finance income, all other income and expenses from a group of reinsurance contracts are presented as a single amount. Aegon recognizes an allocation of reinsurance premiums paid in profit or loss as it receives services under groups of reinsurance contracts. For contracts not measured under the premium allocation approach (PAA), the allocation of reinsurance premiums paid relating to services received for each period represents the total of the changes in the asset for remaining coverage that relate to services for which Aegon expects to pay consideration. For contracts measured under the PAA, the allocation of reinsurance premiums paid for each period is the amount of expected premium payments for receiving services in that period. |
Insurance finance expenses | 2.11 Insurance finance expenses Insurance finance expenses comprise the change in the carrying amount of the group of insurance contracts or reinsurance contracts arising from the effect of the time value of money and changes in the time value of money, as well as the effect of financial risk and changes in financial risk. It also includes the changes in the measurement of group of insurance contracts that are caused by changes in the value of underlying items (excluding additions and withdrawals). For groups of contracts with direct participating features, insurance finance expenses exclude any changes that adjust the contractual service margin (See note 2.6). If a group of contracts with direct participating features becomes onerous due to changes in the time value of money or financial risk, the loss is recognized as insurance service expense rather than insurance finance expenses. a) Defining financial risk Financial risk can relate to one or more of a ∎ specified interest rate, ∎ financial instrument price, ∎ commodity price, currency exchange rate, ∎ index of prices or rates, ∎ credit rating or credit index, or ∎ other variable, provided in the case of a non-financial As an example of variables not specific to a party to the contract, assumptions about inflation are considered to relate to financial risk, to the extent that they are based on an index of prices or on prices of assets with inflation-linked returns. Assumptions about inflation that are based on Aegon’s own expectations of specific price changes, do not relate to financial risk and are considered to be actuarial assumptions. For contracts with discretionary participating features, Aegon uses the basis on which, at inception, it expected to determine its commitment under the contract to distinguish between the effect of changes in assumptions that relate to financial risk on that commitment and the effect of discretionary changes to that commitment (which adjust the contractual service margin). Aegon considers, per portfolio, whether the risk adjustment for financial risks should be disaggregated in an insurance service component and an insurance finance component, taking into account the extent to which the carrying amount of the is affected by changes in interest rate and other financial risks. At the current reporting date, the changes in the risk adjustment for non-financial b) Disaggregation of insurance finance expenses Insurance finance expenses for the period are included in profit or loss, unless Aegon has chosen to apply the option to disaggregate these expenses between profit or loss and other comprehensive income. This option is set by insurance portfolio and applied consistently for all underlying groups of contracts. In assessing the appropriate accounting policy for a portfolio of insurance contracts, Aegon considers the investments and other assets that it holds for each portfolio and how it accounts for those assets. Aegon disaggregates insurance finance expenses for insurance contracts without direct participating features issued in the United States, insurance contracts issued in Asia that are internally reinsured in the United States and certain life insurance products in Spain. The amount of insurance finance expenses included in profit or loss is determined by a systematic allocation of the expected total insurance finance income and expenses over the duration of the group of contracts, using the following rates: ∎ Discount rates determined at the date of initial recognition of the group of contracts; ∎ A rate that allocates the remaining revised expected finance income or expenses over the remaining duration of the group of contracts at a constant rate (expected yield approach); or ∎ For contracts that use a crediting rate to determine amounts due to the policyholders using an allocation that is based on the amounts credited in the period and expected to be credited in future periods (projected crediting rate approach). The expected yield approach and projected crediting rate approach are applied to designated groups of contracts for which changes in financial assumptions have a substantial effect on the amounts paid by the policyholder (“indirect participating products”). Indirect participating products include variable annuity products that do not qualify for the variable fee approach due to minimum guarantees. US-style In the United States, Aegon has elected to apply the projected crediting rate approach to indexed universal life and fixed indexed annuities. Other indirect participating contracts, such as variable universal life and fixed annuities, are accounted for under the expected yield approach. |
Investment contracts | 2.13 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. Investment contract liabilities are recognized when the contract is entered into and are derecognized when the contract expires, is discharged or is cancelled. 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. Recognition and measurement The accounting for investment contracts with discretionary participating features is the same as insurance contracts, with the following exceptions: ∎ The date of initial recognition is the date that Aegon becomes party to the contract; ∎ Cash flows are within the contract boundary if they result from a substantive obligation of the entity to deliver cash at a present or future date. Aegon has no substantive obligation to deliver cash if it has the practical ability to set a price for the promise to deliver the cash that fully reflects the amount of cash promised and related risks; and ∎ The contractual service margin is recognized over the duration of the group of contracts in a systematic way that reflects the transfer of investment services under the contract. 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 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. |
Reinsurance finance income | 2.12 Reinsurance finance income Finance income related to reinsurance contracts held is presented separately in the income statement and OCI. They are not netted with the finance expenses related to insurance contracts issued. |
Financial assets and liabilities | 2.14 Financial assets and liabilities 2.14.1 Initial recognition and measurement Financial assets and financial liabilities are recognized when Aegon becomes a party to the contractual provisions of the instrument and are classified for accounting purposes depending on the characteristics and the business model under which they were purchased. At initial recognition, Aegon measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions. Immediately after initial recognition, an expected credit loss allowance (ECL) is recognized for financial assets measured at amortized cost and investments in debt instruments measured at fair value through other comprehensive income (FVOCI), as described in note 4.2.6 (Expected credit losses), which results in an accounting loss being recognized in profit or loss when an asset is newly originated. When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, Aegon recognizes the difference as follows: ∎ When the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognized as a gain or loss. ∎ In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortized over the life of the instrument, deferred until the instrument’s fair value can be determined using market observable inputs, or realized through settlement. 2.14.2 Classification and subsequent measurement of financial assets Under IFRS 9, Aegon classifies its financial assets in the following measurement categories: ∎ Fair value through profit or loss (“FVPL”); ∎ Fair value through other comprehensive income (“FVOCI”); or ∎ Amortized cost (“AC”). Aegon has classified the majority of its mortgage, consumer and private loan portfolios as measured at amortized cost, given that the cash flows on these contracts represent solely payment of principal and interest, and they fit the business model hold-to-collect. hold-to-collect (a) Equity instruments 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 FVPL treatment and not be subject to impairment under the 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 the Expected Credit Loss model. When equity investments measured at FVOCI are disposed, the unrealized gains or losses, including the OCI resulting from foreign currency translation, will stay as a part of the equity and cannot be “recycled” into profit and loss. If applicable, dividends should be recognized in profit or loss with or without such election. Gains and losses on equity investments at FVPL are included in the ‘Results from financial transactions’ line in the consolidated income statement. (b) Debt 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 of debt instruments 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. Based on these factors, Aegon classifies its debt instruments into one of the following three measurement categories: ∎ Amortized cost: 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 (see note 4.2.6 Expected credit losses). Interest revenue from these financial assets is included in “Interest revenue on financial instruments calculated using the effective interest rate method”. ∎ 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. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instrument’s amortized cost which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in “Net Investment result”. Interest revenue from these financial assets is included in “Interest revenue on financial instruments calculated using the effective interest rate method”. ∎ 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. The Group has designated certain debt instruments as measured at FVPL because they relate to insurance contracts that are measured in a way that incorporates current information and all related insurance finance income and expenses are recognized in profit or loss, by which designation the Group eliminates accounting mismatches. A gain or loss on a debt investment that is subsequently measured at FVPL and is not part of a hedging relationship is recognized in profit or loss and presented in the profit or loss statement within “Net trading income” in the period in which it arises, unless it arises from debt instruments that were designated at fair value or which are not held for trading, in which case they are presented separately in “Net investment result”. Interest revenue from these financial assets is included in “Interest revenue from financial instruments measured at FV”. Business model 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 ∎ 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. The business model assessment is based on reasonably expected scenarios without taking “worst case” or “stress case” scenarios into account. If cash flows after initial recognition are realized in a way that is different from the Group’s original expectations, the Group does not change the classification of the remaining financial assets held in that business model but incorporates such information when assessing newly originated or newly purchased financial assets going forward. Sales in themselves do not determine the business model and therefore cannot be considered in isolation. An entity must consider information about sales within the context of the reasons for those sales and the conditions that existed at that time as compared to current conditions. Solely payment of principal and interest (“SPPI”) 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. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Aegon reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent and none occurred during the period. (c) Amortized cost and effective interest rate The amortized cost of a debt instrument is the amount at which it is measured at initial recognition plus accrued interest minus principal repayments, plus or minus the cumulative amortization of any difference between the book value at initial recognition and the nominal amount and minus any allowance for impairment. The effective interest rate method is a method of calculating the amortized cost and of allocating the interest revenue 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. For purchased or originated credit-impaired (“POCI”) financial assets – assets that are credit-impaired (see definition in note 4.2.6 Expected credit losses) at initial recognition – Aegon calculates the credit-adjusted effective interest rate, which is calculated based on the amortized cost of the financial asset instead of its gross carrying amount and incorporates the impact of expected credit losses in estimated future cash flows. For assets determined to be POCI, the general impairment model would not apply. Instead, impairment is determined based on lifetime expected credit loss (ECL) since the losses are reflected in the fair value at initial recognition. No separate loss allowance is recognized. The effective interest rate for interest recognition throughout the life of the asset is a credit-adjusted effective interest rate (EIR) since lifetime ECL is already reflected in the estimated cash flows when calculating the effective interest rate on initial recognition. On a regular basis, the Group assesses the estimate of cash flows made at acquisition of the POCI instrument. The assessment is performed by recalculating the gross carrying amount of the asset as the present value of the estimated future cash flows, discounted using the initial credit-adjusted effective interest rate. As a result of this assessment, in an instance where the payments received by the Group exceed or fall short of the initial cash flow estimate booked at acquisition, the gain is recorded directly in the P&L as impairment (losses) / reversals. (d) Interest revenue Interest revenue is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for: ∎ POCI financial assets, for which the original credit-adjusted effective interest rate is applied to the amortized cost of the financial asset. ∎ Financial assets that are not POCI but have subsequently become credit-impaired (or “Stage 3”), for which interest revenue is calculated by applying the effective interest rate to their amortized cost (i.e. net of the expected credit loss provision). For the definition of “Stage 3”, see note 4.2.6 Expected credit losses. IFRS 9 resulted in changes to IAS 1 for the presentation of Interest revenue for instruments calculated using the effective interest rate method. The revised presentation requires it be shown as a separate line item in the consolidated income statement. Interest revenue calculated using the effective interest rate relates to all financial assets, which are measured at amortized cost or FVOCI. Interest revenue on financial assets and financial liabilities that are measured at fair value through profit or loss are presented as “Interest revenue on financial instruments measured at FVPL”. The new interest presentation was applied together with the other requirements of IFRS 9. (e) Modification of financial assets Aegon sometimes renegotiates or otherwise modifies the contractual cash flows of financial assets. When this happens, Aegon assesses whether or not the new terms are substantially different to the original terms. Aegon does this by considering, among other things, the following qualitative and quantitative factors: ∎ If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay. ∎ Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affects the risk profile of the loan or equity conversion option. ∎ Significant extension of the loan term when the borrower is not in financial difficulty. ∎ Significant change in the interest rate. ∎ Change in the currency the loan is denominated in. ∎ Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan. ∎ Change in seniority or subordination. ∎ Any change in SPPI assessment of the asset. ∎ Significant change in the present value of the instrument. If the terms are substantially different, Aegon derecognizes the original financial asset and recognizes a “new” asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining whether a significant increase in credit risk has occurred. However, Aegon also assesses whether the new financial asset recognized is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Differences in the carrying amount are also recognized in profit or loss as a gain or loss on derecognition (Results from financial transactions). If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and Aegon recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognizes a modification gain or loss in profit or loss as result from financial transactions. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). The impact of modifications of financial assets on the expected credit loss calculation is discussed in note 4.2.6 Expected credit losses. (f) Derecognition other than a modification of financial assets A financial asset is derecognized when ∎ the contractual rights to the asset’s cash flows expire; and ∎ when Aegon retains the right to receive cash flows from the asset or has an obligation to pay 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 Aegon has neither transferred nor retained significantly all the risk and rewards are recognized to the extent of Aegon’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 within results from financial transactions. (g) Derivatives and hedge accounting Definition of derivatives Derivatives are financial instruments classified as held for trading assets of which the value changes in response to an underlying variable, which require little or no net initial investment and are settled at a future date. Measurement of derivatives Derivatives are initially recognized at fair value on the date on which the derivative contract is entered into and are subsequently remeasured at fair value. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Net fair value changes of derivatives are recognized in the income statement as result from financial transactions, 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 result from financial transactions. Embedded derivatives and hybrid contracts Certain derivatives are embedded in hybrid contracts, such as the conversion option in a convertible bond. If the hybrid contract contains a host that is a financial asset, then the Group assesses the entire contract for classification and measurement purposes. Otherwise, the embedded derivatives are treated as separate derivatives when: ∎ Their economic characteristics and risks are not closely related to those of the host contract; ∎ A separate instrument with the same terms would meet the definition of a derivative; and ∎ The hybrid contract is not measured at fair value through profit or loss. These embedded derivatives are separately accounted for at fair value, with changes in fair value recognized in the income statement as result from financial transactions, unless the Group chooses to designate the hybrid contracts at fair value through profit or loss. Hedge accounting The method of recognizing the resulting fair value gain or loss depends on whether the derivative is designated and qualifies as a hedging instrument and if so, the nature of the item being hedged. Aegon designates certain derivatives as either: ∎ Hedges of the fair value of recognized assets or liabilities or firm commitments (fair value hedges); ∎ Hedges of highly probable future cash flows attributable to a recognized asset or liability (cash flow hedges); or ∎ Hedges of a net investment in a foreign operation (net investment hedges). Aegon documents, at the inception of the hedge, the relationship between hedged items and hedging instruments, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Fair value hedge Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with changes in the fair value of the hedged assets or liabilities that are attributable to the hedged risk as result from financial transactions. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of hedged items for which the effective interest method is used is amortized to profit or loss over the period to maturity and recorded as “Interest revenue on financial instruments calculated using the effective interest method”. Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. The gain or loss relating to the ineffective portion is recognized immediately in the P&L as result from financial transactions. Amounts accumulated in equity are recycled to the P&L in the periods when the hedged item affects profit or loss. They are recorded in the income or expense lines in which the revenue or expense associated with the hedged item is reported. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized in the periods when the hedged item effects profit or loss. When a forecast transaction is no longer expected to occur (e.g. the recognized hedged assets is disposed of), the cumulative gains or losses previously recognized in OCI is immediately reclassified to the P&L. Aegon designates and accounts for cash flow hedges when effectiveness requirements are achieved. The following cash flow hedge type relationships are currently utilized by Aegon: ∎ An interest rate swap that converts a floating rate asset to a fixed rate asset (e.g. combining Treasury Inflation Protected Securities asset and inflation swap to synthetically create fixed rate treasury asset). ∎ A cross currency interest rate swap that converts a foreign denominated floating rate asset to a USD fixed rate asset. ∎ A cross currency interest rate swap that converts a foreign denominated fixed rate asset to a USD fixed rate asset. ∎ A forward starting interest rate swap to hedge the forecasted purchases of fixed rate assets. Net investment hedge Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized directly in OCI; the gains or losses relating to the ineffective portion is recognized immediately in the P&L. Gains and losses accumulated in equity are included in the P&L when the foreign operation is disposed of as part of the gain or loss of the disposal. Additional details on derivatives is disclosed in note 20 ‘Derivatives’. 2.14.3 Impairment of financial assets Aegon assesses 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. Note 4.2.6 Expected credit losses provides more detail of how the expected credit loss allowance is measured. 2.14.4 Financial liabilities (a) Classification and subsequent measurement In both the current and prior period, financial liabilities are classified as subsequently measured at amortized cost, except for: ∎ Financial liabilities measured at fair value through profit or loss: this classification is applied to derivatives, financial liabilities held for trading and other financial liabilities designated as such at initial recognition. This is because these liabilities, as well as the related assets, are managed and their performance evaluated on a fair value basis. Gains or losses on financial liabilities designated at FVPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability, which is determined as the amount that is not attributable to changes in market conditions that give rise to market risk) and partially in profit or loss (the remaining amount of change in the fair value of the liability). This is unless such a presentation would create, or enlarge an accounting mismatch, in which case the gains and losses attributable to changes in the credit risk of the liability are also presented in profit or loss; ∎ Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognized for the consideration received for the transfer. In subsequent periods, Aegon recognizes any expense incurred on the financial liability; and ∎ Financial guarantee contracts and loan commitments. The following sections provide more detail on the most significant classes of financial liabilities held by Aegon, their substance and their accounting treatment. 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 fair value through profit or loss to eliminate, or significantly reduce, an accounting mismatch, or specific borrowings which are carried at fair value through profit or loss as they are managed and evaluated on a fair value basis. Interest expense on trust pass-through securities and other borrowings carried at amortized cost is recognized in profit or loss as “interest charges” using the effective interest method. The liability is derecognized when the Group’s obligation under the contract expires, is discharged or is cancelled. Subordinated borrowings include the liability component of non-cumulative non-cumulative Investment contracts without discretionary participation features Investment contracts without discretionary participation features are financial liabilities carried at amortized cost or designated at fair value through profit or loss. For more information on the accounting treatment of these contracts, see note 2.13 Investment contracts. Savings deposits Savings deposits are stated at amortized cost (net of accrued interest). Accrued interest is recognized in the consolidated statement of financial position under “other liabilities and accruals”. Interest expenses of savings deposits are presented in the statement of comprehensive income as “interest expense” under other net investment result. The balances are largely repayable on demand. The initial valuation of this item reasonably approximates fair value. Derivatives To the extent that derivatives have a negative fair value at the end of the reporting period these are classified as financial liabilities at fair value through profit or loss. Interest incomes and expenses of derivatives are presented in the statement of comprehensive income as “interest expense” or “Interest revenue on financial instruments measured at FVPL”. Financial guarantee contracts and loan commitments Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and others on behalf of customers to secure loans, overdrafts and other banking facilities. Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of: ∎ The amount of the loss allowance (calculated as described in note 4.2.6); and ∎ The premium received on initial recognition less income recognized in accordance with the principles of IFRS 15. Loan commitments provided by Aegon are measured as the amount of the loss allowance (calculated as described in note 4.2.6 Expected credit losses). Aegon has not provided any commitment to provide loans at a below-market interest rate, or that can be settled net in cash or by delivering or issuing another financial instrument. For loan commitments and financial guarantee contracts, the loss allowance is recognized as a provision. However, for contracts that include both a loan and an undrawn commitment and Aegon cannot separately identify the expected credit losses on the undrawn commitment component from those on the loan component, the expected credit losses on the undrawn commitment are recognized together with the loss allowance for the loan. To the extent that the combined expected credit losses exceed the gross carrying amount of the loan, the expected credit losses are recognized as a provision. (b) Derecognition Financial liabilities are derecognized when they are extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires). The exchange between Aegon and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative factors, such as the cu rrency |
Fee and commission income | 2.15 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. |
Intangible assets | 2.16 Intangible assets The Group does not recognize as intangible assets those costs that are directly incurred in fulfilling the insurance contracts and they comprise (both direct costs and an allocation of fixed and variable overheads). (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) 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. (c) 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. |
Investment properties | 2.17 Investment properties 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. |
Investments in joint arrangements | 2.18 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 Ltd. 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. The Group’s interests in some joint arrangements are underlying items of participating contracts. The Group has elected to measure these investments at FVPL because it manages them on a fair value basis. |
Investments in associates | 2.19 Investments in associates The Group’s interests in some associates are underlying items of participating contracts. The Group has elected to measure these investments at FVPL because it manages them on a fair value basis. 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 investm ent fun |
Deferred expenses | 2.20 Deferred expenses 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 | 2.21 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. |
Cash and cash equivalents | 2.22 Cash and cash equivalents Cash comprises cash at banks and in-hand. |
Impairment of assets | 2.23 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, 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. 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. See note 24 Intangible assets for more details. |
Equity | 2.24 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. Treasury shares are deducted from Group equity. Non-cumulative non-cumulative non-cumulative non-cumulative When the Group reacquires its own equity instrument and includes the share as an underlying item of direct participating contracts, the Group may elect not to deduct the reacquired instrument from equity and instead account for the reacquired instrument as if it were a financial asset and measure it at FVPL. This election is irrevocable and is made on an instrument-by-instrument |
Trust pass-through securities and (subordinated) borrowings | 2.25 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 at fair value through profit or loss to eliminate, or significantly reduce, an accounting mismatch, or specific borrowings which are carried at fair value through profit or loss as they are managed and evaluated on a fair value basis. The liability is derecognized when the Group’s obligation under the contract expires, is discharged, or is cancelled. Subordinated borrowings include the liability component of non-cumulative non-cumulative non-cumulative |
Provisions | 2.26 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. |
Assets and liabilities relating to employee benefits | 2.27 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. For reimbursements by associated third parties of some or all of the expenditure required to settle a defined benefit obligation, a reimbursement asset is recognized on the basis of the present value of the related obligation, subject to any reduction required if the reimbursement is not recoverable in full. 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). Any movements during the period related to reimbursement assets, will be partly recognized in the income statement (interest cost on the reimbursement right) and partly through other comprehensive income for the difference between the actual return and the interest cost. (c) Share-based payments The Group has issued share-based plans that entitle selected employees to receive Aegon Ltd. common shares, subject to pre-defined The expenses recognized for these plans are based on the fair value on the grant date of the shares. The fair value is measured at the market price of Aegon Ltd. common shares, adjusted to take into account the non-vesting The cost for long-term incentive plans are recognized in the income statement, together with a corresponding increase in shareholders’ equity, as the services are rendered. During this period the cumulative expense recognized at the reporting date reflects management’s best estimate of the number of shares expected to vest ultimately. The withholding of shares to fund the payment to the tax 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 | 2.28 Deferred gains Initial fees and front-end |
Taxation | 2.29 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 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 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 | 2.30 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 reliab stim |
Leases | 2.31 Leases As a lessee The Group recognizes a right-of-use right-of-use right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. The Group presents right-of-use Short-term leases and leases of low-value right-of-use low-value As a lessor Where the Group is the lessor under an operating lease, the assets subject to the operating lease arrangement are presented in the statement of financial position according to the nature of the asset. Income from these leases 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. |
Other operating expenses | 2.32 Other operating expenses With the exception of expenses made to acquire insurance contracts and investment contracts with discretionary participating features, all expenses are incurred as the related activities are performed. |
Events after the reporting period | 2.33 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. |
Material accounting policy in_3
Material accounting policy information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Reconciliation Between IFRS and IFRS-EU | A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2023 2022 2023 2022 In accordance with IFRS 7,475 8,815 (199 ) (540 ) Adjustment of EU ‘IAS 39’ carve-out - - - (450 ) Tax effect of the adjustment - - - - Effect of the adjustment after tax - - - (450 ) In accordance with EU-IFRS 7,475 8,815 (199 ) (990 ) |
Disclosure of Detailed Information About New Impairment Allowance Measured in Accordance with the IFRS 9 | The following table reconciles the prior period’s closing impairment allowance measured in accordance with the IAS 39 incurred loss model to the new impairment allowance measured in accordance with the IFRS 9 expected loss model on January 1, 2022, and January 1, 2023. Impairment / ECL reconciliation Loss allowance under Reclassifications Remeasurements ECL under IFRS 9 Measurement category Loans and receivables (IAS 39) to Financial assets at amortized cost (IFRS 9) (9 ) 2 (4 ) (12 ) Available for sale financial instruments (IAS 39) to Financial assets at FVOCI (IFRS 9) (374 ) 187 (89 ) (276 ) Total on January 1, 2023 (383 ) 189 (93 ) (287 ) Impairment / ECL reconciliation Loss allowance under IAS 39 / Provision under IAS 37 Reclassifications Remeasurements ECL under IFRS 9 Measurement category Loans and receivables (IAS 39) to Financial assets at amortized cost (IFRS 9) (125 ) 6 (31 ) (150 ) Available for sale financial instruments (IAS 39) to Financial assets at FVOCI (IFRS 9) (376 ) 190 (33 ) (219 ) Total on January 1, 2022 (501 ) 196 (63 ) (369 ) |
Disclosure of Financial Assets and Liabilities at Date of Initial Application of IFRS 9 | The transition to IFRS 9 impacted the classification and measurement of financial assets. The measurement category and the carrying amount of financial assets and liabilities in accordance with IAS 39 and IFRS 9 at January 1, 2022 and January 1, 2023 are detailed in the table below by type of instrument, together with a reconciliation of the carrying amounts of financial instruments, from their previous measurement category in accordance with IAS 39 to their new measurement categories upon transition: Reconciliation of financial instruments, January 1, 2023 IAS 39 IAS 39 amount Reclassifi- cation Remea- surement - ECL Remea- surement - Other IFRS 9 category 3) IFRS 9 amount Financial assets Shares FVPL 15,698 (193 ) - - FVPL (d) 15,505 Shares AFS 348 - - FVPL (m) 348 Shares 195 (186 ) - - FVOCI (d) 10 Debt securities AFS 53,093 (1,486 ) - - FVOCI 51,607 Debt securities FVPL 6,248 (5,449 ) - - FVPL (m) 799 Debt securities 6,935 - - FVPL (d) 6,935 Money market and other short-term investments AFS 5,514 (2,938 ) - - FVOCI 2,576 Money market and other short-term investments FVPL 1,362 1,514 - - FVPL (m) 2,876 Money market and other short-term investments 1,429 - - FVPL (d) 1,429 Loans L&R 12,511 (2,095 ) (12 ) 4 AC 10,408 Deposits with financial institutions L&R 45 - - - AC 45 Deposits with financial institutions FVPL 2,360 - - - FVPL (d) 2,360 Unconsolidated investment funds FVPL 154,741 - - - FVPL (d) 154,741 Other investments FVPL 3,722 (3,190 ) - - FVPL (d) 532 Other investments AFS 4,056 FVPL (m) 4,056 Other investments 840 (810 ) - - FVOCI 31 IAS 39 / IFRS 9 Investments 1) 256,328 (2,065 ) (12 ) 4 254,257 Cash and cash equivalents L&R 3,407 (4 ) - - AC 3,402 Other financial assets and receivables 2) L&R 9,722 (1,050 ) - - AC 8,671 Derivatives FVPL 2,760 11 - - FVPL (m) 2,771 Total financial assets 272,217 (3,108 ) (12 ) 4 269,102 Financial liabilities: Investment contracts AC 10,485 (888 ) - - AC 9,597 Investment contracts FVPL 55,254 376 - - FVPL (d) 55,631 Investment contracts without discretionary participating features 65,739 (512 ) 65,227 Long-term borrowings and group loans AC 4,051 - - - AC 4,051 Derivatives FVPL 6,094 (919 ) - - FVPL (m) 5,175 Other liabilities AC 10,785 (507 ) - - AC 10,278 Total financial liabilities 86,668 (1,938 ) - - 84,730 1 Investments and other assets include financial assets and non-financial 2 Other assets and receivables under IAS 39 contains EUR 9,722 million other financial assets and receivables and EUR 482 million own used real estates and right of use assets on December 31, 2022. Other assets and receivables under IFRS 9 contains EUR 8,671 million other financial assets and receivables and EUR 482 million own used real estates and right of use assets on January 1, 2023 3 m: mandatorily; d: designated Reconciliation of financial instruments, January 1, 2022 IAS 39 category IAS 39 amount Reclassifi- cation Remeasure- ment- ECL Remeasure- ment - Other IFRS 9 category 3) IFRS 9 amount Financial assets: Shares FVPL 31,203 (1,660) - - FVPL (d) 29,543 Shares AFS - 1,912 - - FVPL (m) 1,912 Shares 350 (279) - - FVOCI (d) 72 Debt securities AFS 93,899 (22,925) - - FVOCI 70,974 Debt securities FVPL 23,117 (22,387) - - FVPL (m) 730 Debt securities 45,312 - - FVPL (d) 45,312 Money market and other short-term investments AFS 4,790 (2,289) - - FVOCI 2,501 Money market and other short-term investments FVPL 1,602 694 - - FVPL (m) 2,296 Money market and other short-term investments 1,624 - - FVPL (d) 1,624 Loans L&R 46,770 (21,971) (150) 110 AC 24,760 Loans 20,106 - 2,594 FVPL (d) 22,700 Deposits with financial institutions L&R 52 - - - AC 52 Deposits with financial institutions FVPL 4,105 - - - FVPL (d) 4,105 Unconsolidated investment funds FVPL 191,950 - - - FVPL (d) 191,950 Other investments FVPL 6,893 (2,800) - - FVPL (d) 4,093 Other investments 3,572 - - FVPL (m) 3,572 Other investments AFS 844 (800) - - FVOCI 44 IAS 39 / IFRS 9 Investments 1) 405,578 (1,891) (150) 2,704 406,239 Cash and cash equivalents L&R 6,889 (28) - - AC 6,861 Other financial assets and receivables 2) L&R 6,988 (963) - - AC 6,025 Derivatives FVPL 8,827 16 - - FVPL (m) 8,843 Total financial assets 428,281 (2,868) (150) 2,704 427,967 Financial liabilities: Investment contracts AC 21,573 (899) - - AC 20,674 Investment contracts FVPL 71,242 448 - - FVPL (d) 71,690 Investment contracts without discretionary participating features 92,815 (451) - - 92,364 Long-term borrowings and group loans AC 9,661 - - - AC 9,661 Derivatives FVPL 10,639 (3,501) - - FVPL (m) 7,138 Other liabilities AC 12,916 (1,033) - - AC 11,883 Total financial liabilities 126,030 (4,985) - - 121,046 1 Investments and other assets include financial assets and non-financial 2 Other assets and receivables under IAS 39 contains EUR 6,988 million other financial assets and receivables and EUR 654 million own used real estates and right of use assets on December 31, 2022. Other assets and receivables under IFRS 9 contains EUR 6,025 million other financial assets and receivables and EUR 654 million own used real estates and right of use assets on January 1, 2023. 3 m: mandatorily; d: designated |
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Earnings Per Share | The impact of restated adjustments due to the adoption of IFRS 9 and IFRS 17 on earnings per share is reflected in the table below. Impact of adoption of new accounting standards on the consolidated income statement YE 2022 (as previously reported) Adoption of IFRS 9 and IFRS 17 YE 2022 (restated) Earnings per share (EUR per share) Basic earnings per common share (0.73 ) 0.43 (0.30 ) Basic earnings per common share B (0.02 ) 0.01 (0.01 ) Diluted earnings per common share (0.73 ) 0.43 (0.30 ) Diluted earnings per common share B (0.02 ) 0.01 (0.01 ) Earnings per common share calculation Net result / (loss) attributable to owners (1,433 ) 864 (569 ) Coupons on perpetual securities (36 ) - (36 ) Net result / (loss) attributable to owners for basic earnings per share calculation (1,469 ) 864 (605 ) Weighted average number of common shares outstanding (in million) 2,010 - 2,010 Weighted average number of common shares B outstanding (in million) 536 - 536 |
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet | ∎ On top of the fulfillment value, a contractual service margin (CSM), reflecting unearned profits, is added to the insurance liabilities. Opening balance sheet reconciliation December 31, 2022 Adoption of IFRS 9 and IFRS 17 January 1, 2023 Cash and cash equivalents 3,407 (5 ) 3,402 Assets held for sale 89,752 (1,088 ) 88,664 Investments 76,825 177,934 254,759 Investments for account of policyholders 180,006 (180,006 ) - Derivatives 2,760 11 2,771 Investments in joint ventures 1,443 (13 ) 1,430 Investments in associates 165 - 165 Reinsurance contract assets 21,184 (4,245 ) 16,939 Insurance contract assets - 36 36 Deferred tax assets 1,827 606 2,433 Deferred expenses 12,886 (12,434 ) 452 Other assets and receivables 10,291 (1,051 ) 9,240 Intangible assets 1,240 (820 ) 420 Total assets 401,786 (21,075 ) 380,711 Shareholders’ equity 12,071 (3,256 ) 8,815 Other equity instruments 1,943 - 1,943 Issued capital and reserves attributable to owners of Aegon Ltd. 14,014 (3,256 ) 10,758 Non-controlling 176 - 176 Group equity 14,190 (3,255 ) 10,935 Subordinated borrowings 2,295 - 2,295 Trust pass-through securities 118 - 118 Reinsurance contract liabilities - 270 270 Insurance contracts for account of policyholders 100,409 (100,409 ) - Insurance contract liabilities 87,309 88,811 176,120 Investments contracts 10,658 (10,658 ) - Investment contracts for account of policyholders 80,555 (80,555 ) - Investment contract liabilities with discretionary participating features - 21,055 21,055 Investment contracts without discretionary participating features - 65,227 65,227 Derivatives 6,094 (919 ) 5,175 Borrowings 4,051 - 4,051 Liabilities held for sale / disposal groups 84,339 (156 ) 84,183 Other liabilities 11,766 (483 ) 11,283 Total liabilities 387,596 (17,819 ) 369,777 Total equity and liabilities 401,786 (21,076 ) 380,711 The book value of intangible assets decreased by EUR 820 million from January 1, 2023 (2022: EUR 748 million) due to the derecognition of value of business acquired on transition, as it will not be recognized as a separate asset under IFRS 17. Opening balance sheet reconciliation December 31, 2021 Adoption of IFRS 9 and IFRS 17 January 1, 2022 Cash and cash equivalents 6,889 (28 ) 6,861 Investments 157,831 251,614 409,444 Investments for account of policyholders 250,953 (250,953 ) - Derivatives 8,827 16 8,843 Investments in joint ventures 1,743 (28 ) 1,715 Investments in associates 1,289 - 1,289 Reinsurance contract assets 20,992 330 21,322 Insurance contract assets - 110 110 Deferred tax assets 131 2,033 2,164 Deferred expenses 10,503 (10,076 ) 428 Other assets and receivables 7,761 (963 ) 6,798 Intangible assets 1,333 (748 ) 585 Total assets 468,252 (8,693 ) 459,560 Shareholders’ equity 23,813 (12,795 ) 11,018 Other equity instruments 2,363 - 2,363 Issued capital and reserves attributable to owners of Aegon Ltd. 26,176 (12,795 ) 13,381 Non-controlling 196 - 196 Group equity 26,372 (12,795 ) 13,577 Subordinated borrowings 2,194 - 2,194 Trust pass-through securities 126 - 126 Reinsurance contract liabilities - 471 471 Insurance contracts for account of policyholders 149,323 (149,323 ) - Insurance contract liabilities 124,422 165,644 290,066 Investments contracts 21,767 (21,767 ) - Investment contracts for account of policyholders 104,592 (104,592 ) - Investment contract liabilities with discretionary participating features - 27,392 27,392 Investment contracts without discretionary participating features - 92,364 92,364 Derivatives 10,639 (3,501 ) 7,138 Borrowings 9,661 - 9,661 Other liabilities 19,158 (2,586 ) 16,572 Total liabilities 441,881 4,102 445,983 Total equity and liabilities 468,252 (8,693 ) 459,560 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Impact of Changes in Accounting Policies on Consolidated Financial Statements | Impact of changes in accounting policies on the income statement Note December 31, 2022 reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Net result group companies 8 (1,275 ) 864 (411 ) Impact on net result (1,433 ) 864 (569 ) 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. Impact of changes in accounting policies on the statement of changes in equity Note December 31, 2022 (as previously reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Share capital 13 319 - 319 Share premium 14 6,853 - 6,853 Revaluation account 14 (4,465 ) (85 ) (4,551 ) Legal reserves – foreign currency translation reserve 14 1,008 (272 ) 736 Legal reserves in respect of group companies 14 2,439 382 2,821 Retained earnings, including treasury shares 14 8,916 (4,145 ) 4,771 Remeasurement of defined benefit plans of group companies 14 (1,565 ) - (1,565 ) Net result 14 (1,433 ) 864 (569 ) Shareholders’ equity 12,071 (3,256 ) 8,815 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. Impact of changes in accounting policies on the statement of financial position Note December 31, 2022 (as previously reported) 1) Impact of the change in account- ing policies (IFRS 9 and 17) December 31, 2022 (restated) Assets Shares in group companies 8 13,594 (3,256 ) 10,338 Equity and liabilities Shareholders’ equity 14 12,071 (3,256 ) 8,815 1 As reported in Aegon’s 2022 Integrated Annual Report dated March 15, 2023. |
Investment income (Tables)
Investment income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Investment Income | 2023 2022 Interest income from short-term investments 82 - Interest income from intercompany loans 20 14 Interest income from derivatives (14 ) 7 Total 88 21 |
Financial risks (Tables)
Financial risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Schedule of Maximum Exposure to Credit Risk | The following table contains an analysis of Aegon’s maximum credit risk exposure from financial assets. Please see note 39 and 40 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk. 2023 Maximum exposure to credit risk Cash Securities Letters of credit / guaran- tees Real estate property Master netting agree- ments Other Total collateral Surplus collateral (or overcol- Net exposure Debt securities 55,811 - - 93 - - - 93 - 55,718 Money market and other short-term investments 8,695 - 442 - - - - 442 24 8,277 Loans 10,183 31 - 20 23,711 - - 23,762 13,579 - Unconsolidated investment funds 167,411 - - - - - - - - 167,411 Deposits with financial institutes 2,289 - - - - - - - - 2,289 Other investments 5,040 - - - - - - - - 5,040 Derivative assets 1,429 832 669 - - 373 - 1,875 550 104 Reinsurance assets 16,608 - 13,416 82 - - - 13,498 - 3,110 On December 31 267,465 864 14,528 194 23,711 373 - 39,669 14,153 241,949 2022 Maximum exposure to credit risk Cash Securities Letters of credit / guaran- tees Real estate property Master netting agree- ments Other Total collateral Surplus collateral (or overcol- lateraliza- tion) Net exposure Debt securities 59,341 - - 96 - - - 96 - 59,245 Money market and other short-term investments 6,881 - 312 - - - - 312 23 6,592 Loans 10,419 40 - 22 24,763 - - 24,825 14,407 1 Unconsolidated investment funds 154,741 - - - - - - - - 154,741 Deposits with financial institutes 2,405 - - - - - - - - 2,405 Other investments 4,618 - - - 58 - - 58 35 4,595 Derivative assets 2,771 257 426 - - 2,174 - 2,858 173 86 Reinsurance assets 16,939 - 14,162 103 - - - 14,265 - 2,675 On December 31 258,116 297 14,900 221 24,822 2,174 - 42,414 14,638 230,341 |
Summary of Changes in Fair Value have been Recognized for these Investments | The following changes in fair value have been recognized for these investments: Financial assets designated at FVPL Debt securities Money market and other short-term investments Total Change in fair value attributable to changes in credit risk during the year 46 (1 ) 45 Cumulative change in fair value attributable to changes in credit risk held on December 31 20 - 20 Financial assets designated at FVPL Debt securities Money market and other short-term investments Total Change in fair value attributable to changes in credit risk during the year (24 ) - (24 ) Cumulative change in fair value attributable to changes in credit risk held on December 31 (22 ) - (22 ) |
Summary of Group Limits Per Credit Rating | Aegon group level long-term counterparty exposure limits are as follows: Group limits per credit rating Amounts in EUR million 2023 2022 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 | Americas United Kingdom International Asset Management Total 2023 1) Financial assets Amortized Fair value Amortized Fair value Amortized Fair value Amortized Fair Amortized Fair Total AAA 947 6,836 - 38 - 35 52 123 998 7,033 8,031 AA 3,930 9,191 - 514 - 161 - - 3,930 9,866 13,796 A 4,485 19,474 - 220 1 791 - - 4,486 20,486 24,972 BBB 785 17,679 - 124 - 466 - - 803 18,269 19,072 BB 33 1,084 - 1 - 41 - - 33 1,126 1,160 B 2 570 - - - 9 - - 2 579 581 CCC or lower - 986 - - - 6 - - - 992 992 Assets not rated - 4,444 - 797 - 4 - 1 - 5,286 5,286 Total 10,182 60,264 - 1,695 1 1,514 52 124 10,253 63,638 73,891 ECL on financial assets (26 ) (228 ) - - - (10 ) - - (26 ) (238 ) (263 ) On December 31, 2023 10,156 60,264 - 1,695 1 1,514 52 124 10,227 63,638 73,865 1 Includes investments of Holding and other activities. Americas United Kingdom International Asset Management Total 2022 1) Financial assets Amortized Fair value Amortized Fair value Amortized Fair value Amortized Fair Amortized Fair Total AAA 1,484 12,243 - 55 - 91 - 135 1,522 12,523 14,046 AA 4,440 3,996 - 461 - 158 - - 4,440 4,615 9,055 A 3,775 20,233 - 262 7 921 - - 3,782 21,416 25,198 BBB 671 19,313 - 123 1 763 - - 672 20,198 20,870 BB 48 1,439 - 1 - 71 - - 48 1,512 1,560 B - 594 - - - 13 - - - 607 607 CCC or lower - 900 - - - 5 - - - 905 905 Assets not rated - 4,480 - 582 - - - 1 - 5,182 5,182 Total 10,417 63,200 - 1,483 9 2,021 - 136 10,464 66,959 77,423 ECL on financial assets (12 ) (264 ) - - - (12 ) - - (12 ) (277 ) (289 ) On December 31, 2022 10,406 63,200 - 1,483 9 2,021 - 136 10,453 66,959 77,412 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 reinsurance contracts included in the statement of financial position: Carrying value 2023 2022 AAA - - AA 1,245 1,609 A 14,089 14,322 Below A 4 5 Not rated 662 733 On December 31 16,000 16,669 |
Schedule of Credit Risk Concentration | 4.2.4 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 Americas United International Asset Total 2023 1) Of which past due and / or impaired assets Residential mortgage-backed securities (RMBSs) 933 - - - 933 (13 ) Commercial mortgage-backed securities (CMBSs) 2,216 73 34 - 2,323 (17 ) Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 557 - 3 - 560 - ABSs – Other 2,905 53 28 52 3,037 (9 ) Financial - Banking 3,412 173 201 - 3,786 (14 ) Financial - Other 11,909 38 289 97 12,332 (33 ) Capital goods and other industry 3,443 24 143 - 3,609 (23 ) Communications & Technology 4,242 2 140 - 4,384 (30 ) Consumer cyclical 3,197 29 85 - 3,311 (20 ) Consumer non-cyclical 5,661 74 111 - 5,846 (24 ) Energy 2,821 20 55 - 2,896 (19 ) Transportation 1,633 - 30 - 1,663 (6 ) Utility 4,190 73 75 - 4,338 (10 ) Government bonds 7,349 338 265 17 7,969 (20 ) On December 31, 2023 54,467 898 1,458 166 56,988 (237 ) 1 Includes investments of Holding and other activities. Credit risk concentrations – debt securities and money market investments Americas United International Asset Total 2022 1) Of which past due and / or impaired assets Residential mortgage-backed securities (RMBSs) 1,136 - - 5 1,141 (9 ) Commercial mortgage-backed securities (CMBSs) 2,707 94 37 - 2,838 - Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans 438 - 3 - 440 - ABSs – Other 2,400 53 15 9 2,478 (6 ) Financial - Banking 3,957 168 319 - 4,444 (14 ) Financial - Other 10,778 36 353 96 11,264 (31 ) Capital goods and other industry 3,769 22 132 - 3,923 (25 ) Communications & Technology 4,658 2 171 - 4,831 (51 ) Consumer cyclical 3,742 28 106 - 3,877 (25 ) Consumer non-cyclical 5,445 85 144 - 5,674 (47 ) Energy 3,205 19 102 - 3,326 (23 ) Transportation 1,728 - 43 - 1,771 (6 ) Utility 4,319 69 80 - 4,469 (11 ) Government bonds 7,962 323 488 17 8,790 (26 ) On December 31, 2022 56,243 901 1,994 128 59,265 (276 ) 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds per country of risk Americas United International Asset Total 2023 1) United States 6,632 - 62 - 6,694 Netherlands - - 2 - 2 United Kingdom - 289 - 17 307 Austria - - 10 - 10 Belgium - - 4 - 4 France - 28 8 - 36 Hungary 20 - 4 - 24 Indonesia 71 - - - 71 Luxembourg - - 1 - 1 Spain - - 153 - 153 Rest of Europe 46 - 13 - 58 Rest of world 581 21 8 - 610 On December 31, 2023 7,349 338 265 17 7,969 1 Includes investments of Holding and other activities. Credit risk concentrations – Government bonds per country of risk Americas United International Asset Total 2022 1) United States 7,209 - 80 - 7,290 Netherlands - - - - - United Kingdom - 275 - 17 292 Austria - - 3 - 3 Belgium - - 3 - 3 France - 27 2 - 29 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 On December 31, 2022 7,962 323 488 17 8,790 1 Includes investments of Holding and other activities. Government Bonds Corporate bonds RMBSs CMBSs ABSs Other Total 2023 1) AAA 166 503 2,462 3,915 7,046 AA 6,444 2,262 1,160 - 9,866 A 723 16,352 2,101 - 19,176 BBB 354 17,408 404 - 18,165 BB 205 838 78 - 1,121 B 69 496 30 - 596 CCC or lower 9 245 618 - 872 Assets not rated - 2 - 144 147 On December 31, 2023 7,969 38,106 6,853 4,059 56,988 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. Government Bonds Corporate bonds RMBSs CMBSs ABSs Other Total 2022 1) 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 19,312 306 - 20,156 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 On December 31, 2022 2) 8,790 40,645 6,897 2,933 59,265 1 Includes investments of Holding and other activities. 2 CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s. Credit risk concentrations – mortgage loans Americas United Kingdom International Asset Total 2023 Of which past due and / or impaired assets Agricultural 46 - - - 46 - Apartment 5,365 - - - 5,365 (10 ) Industrial 410 - - - 410 - Office 1,300 - - - 1,300 (14 ) Retail 1,372 - - - 1,372 (1 ) Other commercial 1,663 - 1 - 1,664 - On December 31, 2023 10,156 - 1 - 10,156 (26 ) Credit risk concentrations – mortgage loans Americas United Kingdom International Asset Total 2022 Of which past due and / or impaired assets Agricultural 49 - - - 49 - Apartment 5,517 - - - 5,517 (4 ) Industrial 402 - - - 402 - Office 1,515 - - - 1,515 (7 ) Retail 1,465 - - - 1,465 (1 ) Other commercial 1,456 - 1 - 1,457 - On December 31, 2022 10,406 - 1 - 10,406 (12 ) |
Summary of Income Received From Investments in RMBSs, SMBSs and ABSs | Total income for the year ended December 31, 2023 December 31, 2023 2023 Interest income Total gains and losses on sale of assets Total Investments Residential mortgage-backed securities 67 (15 ) 52 933 Commercial mortgage-backed securities 92 12 105 2,323 Asset-backed securities 40 14 54 560 ABSs - Other 134 57 191 3,037 Total 334 68 402 6,853 Total income for the year ended December 31, 2022 December 31, 2022 2022 Interest income Total gains and losses on sale of assets Total Investments Residential mortgage-backed securities 104 26 130 1,141 Commercial mortgage-backed securities 120 (723 ) (603 ) 2,838 Asset-backed securities 25 (34 ) (9 ) 440 ABSs - Other 92 (416 ) (324 ) 2,478 Total 341 (1,148 ) (807 ) 6,897 |
Summary of Economic Variable Assumptions | Economic variable assumptions The most significant period-end Economic variable assumptions, December 31, 2023 2024 2025 2026 2027 Units Interest rates Base 4.11 4.04 4.02 4.03 Interest Rates: 10-Year 1) Interest rates Upside 4.21 4.13 4.02 4.03 Interest Rates: 10-Year 1) Interest rates Downside 2.31 3.24 3.71 3.89 Interest Rates: 10-Year 1) Unemployment rate Base 4.03 4.06 3.97 3.94 (%, SA) Unemployment rate Upside 3.08 3.41 3.34 3.35 (%, SA) Unemployment rate Downside 7.56 6.90 5.70 4.88 (%, SA) House Price Index Base 400.12 393.70 394.21 403.50 Existing Single-Family Home Price: Median, (Ths. USD, SA) House Price Index Upside 419.87 423.62 428.16 439.72 Existing Single-Family Home Price: Median, (Ths. USD, SA) House Price Index Downside 339.91 347.29 352.66 363.59 Existing Single-Family Home Price: Median, (Ths. USD, SA) Domestic GDP Base 22,900.95 23,303.78 23,825.37 24,397.71 Bil. Ch. 2012 USD, SAAR 2) Domestic GDP Upside 23,354.42 23,883.09 24,451.63 25,020.82 Bil. Ch. 2012 USD, SAAR 2) Domestic GDP Downside 22,039.64 22,368.94 23,099.22 23,768.80 Bil. Ch. 2012 USD, SAAR 2) Equity Base 4,672.66 4,796.24 5,043.19 5,368.63 Standard & Poor’s (S&P); Moody’s Analytics Forecasted Equity Upside 4,950.59 5,058.20 5,256.09 5,490.26 Standard & Poor’s (S&P); Moody’s Analytics Forecasted Equity Downside 2,904.90 3,226.25 3,942.26 4,603.90 Standard & Poor’s (S&P); Moody’s Analytics Forecasted 1 NSA: National Security Agency 2 SAAR: Seasonally adjusted annual rate Economic variable assump- tions, December 31, 2022 2023 2024 2025 2026 Units Interest rates Base 3.94 3.86 3.86 3.99 Interest Rates: 10-Year 1) Interest rates Upside 4.04 3.96 3.86 3.98 Interest Rates: 10-Year 1) Interest rates Downside 2.13 2.59 3.34 3.78 Interest Rates: 10-Year 1) Unemployment rate Base 3.82 4.22 4.19 4.15 (%, SA) Unemployment rate Upside 3.04 3.33 3.59 3.53 (%, SA) Unemployment rate Downside 6.52 7.64 6.34 5.48 (%, SA) House Price Index Base 385.74 372.68 371.61 379.79 Existing Single-Family Home Price: Median, (Ths. USD, SA) House Price Index Upside 396.53 400.29 399.99 413.28 Existing Single-Family Home Price: Median, (Ths. USD, SA) House Price Index Downside 341.01 331.35 339.24 347.82 Existing Single-Family Home Price: Median, (Ths. USD, SA) Domestic GDP Base 20,410.05 20,741.30 21,301.03 21,891.77 Bil. Ch. 2012 USD, SAAR 2) Domestic GDP Upside 20,705.70 21,265.32 21,796.25 22,379.68 Bil. Ch. 2012 USD, SAAR 2) Domestic GDP Downside 20,009.19 19,956.30 20,566.77 21,238.89 Bil. Ch. 2012 USD, SAAR 2) Equity Base 4,343.49 4,498.93 4,655.70 4,905.28 Standard & Poor’s (S&P); Moody’s Analytics Forecasted Equity Upside 4,690.53 4,727.85 4,923.08 5,047.37 Standard & Poor’s (S&P); Moody’s Analytics Forecasted Equity Downside 3,062.99 2,836.89 3,326.54 4,000.34 Standard & Poor’s (S&P); Moody’s Analytics Forecasted 1 NSA: National Security Agency 2 SAAR: Seasonally adjusted annual rate |
Summary of Weighted Assigned to Each Economic Scenario | The weightings assigned to each economic scenario were as follows: Weightings Base Upside Downside On December 31, 2023 40 30 30 On December 31, 2022 40 30 30 |
Summary of Reconciliation of the Loss Allowance Movements with an Impact on the Income Statement with the Net Impairment Charge | Based on the tables above, the following is a reconciliation of the loss allowance movements with an impact on the income statement with the net impairment charge presented in the income statement. Other represents impairment charges on asset types which are not individually material. 2023 2022 Mortgage loans measured at amortized cost (15 ) 10 Debt securities measured at FVOCI (44 ) (108 ) Other (60 ) (41 ) Net impairment charge in P&L (119 ) (138 ) |
Summary of Equity Real Estate and Other Non-fixed-income Portfolio | The equity, real estate and other non-fixed-income Equity, real estate and non-fixed exposure Americas United Kingdom International Asset Holding and Total 2023 1) Equity funds 133 - - 9 - 141 Common shares 1) 106 14 5 - - 126 Preferred shares 29 - - - - 29 Investments in real estate 38 - 17 - - 55 Hedge funds 6 - - - - 6 Other alternative investments 2,404 - - - - 2,404 Other financial assets 1,856 772 4 1 - 2,633 On December 31 4,573 786 27 10 - 5,395 1 Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million. Equity, real estate and non-fixed exposure Americas United Kingdom International Asset Holding and Total 2022 1) Equity funds 141 - 3 7 - 151 Common shares 1) 148 25 5 - 1 179 Preferred shares 26 - - - - 26 Investments in real estate 42 - 17 - - 59 Hedge funds 10 - - - - 10 Other alternative investments 2,169 - - - - 2,169 Other financial assets 1,904 531 5 1 - 2,441 On December 31 4,440 556 30 9 1 5,035 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 Management Total 2023 Communication 2 - - - 2 Consumer 4 - - - 4 Financials 136 - 5 - 142 Funds 30 14 - - 45 Industries 11 - - - 11 Other 84 - 4 9 97 On December 31 267 14 10 9 300 Market risk concentrations – shares Americas United Kingdom International Asset Management Total 2022 Communication 2 - - - 2 Consumer 13 - - - 13 Financials 154 - 5 - 159 Funds 19 25 - - 45 Industries 4 - - - 4 Other 123 - 4 7 135 On December 31 315 25 10 7 358 |
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. 2023 2022 2021 2020 2019 S&P 500 4,770 3,840 4,766 3,756 3,231 Nasdaq 15,011 10,466 15,645 12,888 8,973 FTSE 100 7,733 7,452 7,385 6,461 7,542 AEX 787 689 798 625 605 |
Summary of Sensitivity Analysis of Contractual Service Margin, Net Income and Shareholders' Equity to Equity Markets | An analysis of Aegon’s sensitivity to a 10% and 25% increase or decrease in equity prices at the reporting date, assuming that all other variables remain constant, is presented below. 2023 2022 Estimated approximate effects on: CSM Net result Shareholders’ equity CSM Net result Shareholders’ equity Equity 10% increase Financial instruments (5 ) (13 ) (10 ) 29 Insurance and reinsurance assets - (271 ) (265 ) - (325 ) (320 ) Insurance and reinsurance liabilities 310 422 397 291 415 397 Equity 10% decrease Financial instruments 4 11 16 (28 ) Insurance and reinsurance assets - 229 225 - 344 340 Insurance and reinsurance liabilities (316 ) (465 ) (431 ) (274 ) (522 ) (509 ) Equity 25% increase Financial instruments (31 ) (50 ) (43 ) 59 Insurance and reinsurance assets - (737 ) (721 ) - (699 ) (690 ) Insurance and reinsurance liabilities 775 1,035 989 723 917 872 Equity 25% decrease Financial instruments 35 53 55 (53 ) Insurance and reinsurance assets - 965 945 - 1,010 997 Insurance and reinsurance liabilities (804 ) (1,499 ) (1,434 ) (618 ) (1,539 ) (1,505 ) |
Schedule of Interest Rate | The following table shows interest rates at the end of each of the last five years. 2023 2022 2021 2020 2019 3-month 5.59% 4.77% 0.21% 0.24% 1.91% 3-month 3.91% 2.13% (0.57%) (0.55%) (0.38%) 10-year 3.86% 3.83% 1.78% 0.91% 1.91% 10-year 2.32% 2.91% (0.03%) (0.48%) (0.06%) |
Schedule of Parallel Movement of Yield Curve | An analysis of Aegon’s sensitivity to a 100 basis points parallel increase or decrease in market interest rates at the reporting date, assuming that all other variables remain constant, is presented below: 2023 2022 Estimated approximate effects on: CSM Net result Shareholders’ equity CSM Net result Shareholders’ equity 100 bps increase - Yield curve Financial instruments (114 ) (652 ) (153 ) (605 ) Insurance and reinsurance assets (4 ) (1,029 ) (3,876 ) (2 ) (1,217 ) (4,190 ) Insurance and reinsurance liabilities 126 1,008 4,158 185 1,149 4,123 100 bps decrease - Yield curve Financial instruments 35 655 55 570 Insurance and reinsurance assets 6 1,258 4,625 4 1,482 5,149 Insurance and reinsurance liabilities (133 ) (1,306 ) (5,303 ) (208 ) (1,480 ) (5,527 ) |
Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities | The table below summarize the exposures of non-derivative non-derivative 2023 2022 Non derivative financial instruments to transition to alternative benchmark Financial assets non-derivatives Financial liabilities non-derivatives Financial assets non-derivatives Financial liabilities non-derivatives By benchmark rate GBP LIBOR 27 - 27 - USD LIBOR 66 - 814 1,218 Total 93 - 841 1,218 |
Summary of Information on Historical Net Result and Shareholders' Equity | Information on Aegon’s historical net result and shareholders’ equity in functional currency are shown in the table below: 2023 2022 Net result Americas (in USD) (266 ) 562 United Kingdom (in GBP) 26 57 Equity in functional currency Americas (in USD) 3,690 3,456 United Kingdom (in GBP) 1,256 1,373 |
Summary of Quantitative Information about Financial Exposure to Currency Risk | The summary quantitative information about Aegon’s exposure to currency risk arising from insurance and reinsurance contracts and financial instruments was as follows: 2023 2022 EUR GBP USD Other Total EUR GBP USD Other Total Financial instruments - assets 722 1,713 70,557 928 73,921 733 1,501 73,745 1,493 77,471 Financial instruments - liabilities 2,823 40,242 38,387 - 81,452 3,304 32,595 39,781 - 75,681 Insurance and reinsurance contract - assets 7 2 16,744 39 16,793 5 369 16,557 45 16,976 Insurance and reinsurance contract - liabilities 715 61,922 130,886 6,124 199,648 690 58,676 130,991 7,088 197,445 |
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 2023 2022 2021 2020 2019 USD 1.10 1.07 1.14 1.22 1.12 GBP 0.87 0.89 0.84 0.90 0.85 |
Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity | Sensitivity analysis of net result and shareholders’ equity to translation risk The sensitivity analysis in the following table shows an estimate of the translation effect of movements in the exchange rates of functional currencies of foreign subsidiaries against the euro presentation currency of the Group’s financial statements, on net income and shareholders’ equity. Movement of markets 1) Estimated approximate effects on net income Estimated approximate effects on shareholders’ equity 2023 Increase by 15% of USD currencies relative to the euro (27 ) 769 Increase by 15% of GBP currencies relative to the euro (2 ) 264 Increase by 15% of non-euro (49 ) 1,145 Decrease by 15% of USD currencies relative to the euro 20 (569 ) Decrease by 15% of GBP currencies relative to the euro 2 (195 ) Decrease by 15% of non-euro 36 (847 ) 2022 Increase by 15% of USD currencies relative to the euro 116 761 Increase by 15% of GBP currencies relative to the euro 4 281 Increase by 15% of non-euro 108 1,190 Decrease by 15% of USD currencies relative to the euro (86 ) (562 ) Decrease by 15% of GBP currencies relative to the euro (3 ) (208 ) Decrease by 15% of non-euro (80 ) (880 ) 1 The effect of currency exchange movements is reflected as a one-time non-euro |
Summary of Maturity Analysis - Insurance and Reinsurance Contracts | Maturity analysis - insurance and reinsurance contracts The following tables provides a maturity analysis of Aegon’s insurance and reinsurance contracts, which reflects the dates on which the cash flows are expected to occur. The cash flows presented below represent the undiscounted best estimate liability for the relevant periods. Undiscounted best estimate liability (i.e. Remaining contractual undiscounted net cash flows) < 1 yr amount 1 < 2 yrs amount 2 < 3 yrs 3 < 4 yrs amount 4 < 5 yrs > 5 yrs amount Total amount 2023 Insurance contracts: - Direct participating contracts 8,737 8,287 8,186 7,823 7,187 127,351 167,571 - Without direct participation contracts 9,105 8,651 8,041 7,541 6,960 103,939 144,237 Investment contracts with DPF: - Direct participating contracts 1,717 1,637 1,788 1,732 1,511 21,407 29,793 Reinsurance contracts held, in a liability position 46 43 41 39 39 1,370 1,578 Total 19,605 18,618 18,056 17,136 15,698 254,067 343,179 2022 Insurance contracts: - Direct participating contracts 7,900 8,062 7,876 7,475 7,319 136,457 175,089 - Without direct participation contracts 4,313 3,619 3,350 3,217 3,201 141,794 159,494 Investment contracts with DPF: - Direct participating contracts 1,764 1,894 1,835 1,615 1,590 20,934 29,632 Reinsurance contracts held, in a liability position 18 18 18 18 19 782 874 Total 13,996 13,594 13,079 12,325 12,129 299,967 365,089 |
Summary of Maturity Analysis - Insurance and Reinsurance Contracts - Expected Release of Risk Adjustment | Expected release of risk adjustment < 1 yr amount 1 < 2 yrs amount 2 < 3 yrs 3 < 4 yrs 4 < 5 yrs > 5 yrs Total 2023 Insurance contracts: - Direct participating contracts 30 35 32 29 29 413 568 - Without direct participation contracts 72 63 60 57 58 2,373 2,683 Investment contracts with DPF: - Direct participating contracts 9 12 10 8 9 81 128 - Without direct participation contracts - - - - - - - Reinsurance contracts held, in a liability position (12 ) (11 ) (11 ) (10 ) (10 ) (278 ) (332 ) Total 98 99 92 85 85 2,589 3,047 2022 Insurance contracts: - Direct participating contracts 28 28 25 25 25 383 514 - Without direct participation contracts 91 80 74 70 69 2,539 2,922 Investment contracts with DPF: - Direct participating contracts 9 9 7 8 7 69 109 - Without direct participation contracts - - - - - - - Reinsurance contracts held, in a liability position 5 4 3 3 3 83 101 Total 133 120 110 106 104 3,073 3,646 |
Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows | Maturity analysis – financial instruments Maturity analysis – gross undiscounted contractual cash flows (for non-derivatives) On demand < 1 yr amount 1 < 2 yrs amount 2 < 3 yrs amount 3 < 4 yrs amount 4 < 5 yrs amount < 5 yrs amount Total amount 2023 Trust pass-through securities - 9 9 88 3 3 71 184 Subordinated loans - 111 83 83 83 63 3,158 3,579 Borrowings - 123 1,057 726 48 48 1,140 3,143 Investment contracts 34,464 40,059 11 8 110 23 74 74,749 Lease liabilities - 34 29 24 21 18 114 240 Other financial liabilities 4,582 930 52 7 - 4 - 5,575 2022 Trust pass-through securities - 10 10 10 92 3 77 200 Subordinated loans - 113 113 85 85 85 3,309 3,792 Borrowings - 1,312 155 2,867 61 47 594 5,036 Investment contracts 32,104 32,452 9 16 13 117 113 64,824 Lease liabilities - 35 32 26 21 19 117 251 Other financial liabilities 4,259 623 284 54 17 - 81 5,318 |
Summary of information about probability default rate explanatory | As Aegon US represents the Group the best, PD amounts of Americas is presented below. PD range 2023 Maximum AAA 0.0002 0.0024 AA 0.0003 0.0037 A 0.0007 0.0057 BBB 0.0020 0.0085 BB 0.0055 0.0085 B 0.0138 0.0308 CCC or lower 0.0205 1.0000 PD range 2022 Maximum AAA 0.0003 0.0016 AA 0.0004 0.0029 A 0.0011 0.0051 BBB 0.0030 0.0088 BB 0.0081 0.0172 B 0.0160 0.0436 CCC or lower 0.0279 1.0000 |
Derivatives [member] | |
Statement [LineItems] | |
Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows | 2023 Maturity analysis relating to derivatives 1) On demand < 1 yr amount 1 < 2 yrs amount 2 < 3 yrs amount 3 < 4 yrs amount 4 < 5 yrs amount > 5 yr amount Total amount Gross settled Cash inflows - 9,757 170 171 202 145 2,560 13,004 Cash outflows - (9,710 ) (121 ) (134 ) (191 ) (134 ) (2,458 ) (12,748 ) Net settled Cash inflows - 282 253 260 286 341 7,509 8,930 Cash outflows - (560 ) (224 ) (244 ) (266 ) (271 ) (12,248 ) (13,813 ) 2022 Maturity analysis relating to derivatives 1) On demand < 1 yr amount 1 < 2 yrs amount 2 < 3 yrs amount 3 < 4 yrs amount 4 < 5 yrs amount > 5 yr amount Total Gross settled Cash inflows - 15,315 156 146 155 188 2,570 18,530 Cash outflows - (15,250 ) (104 ) (103 ) (123 ) (180 ) (2,385 ) (18,146 ) Net settled Cash inflows - 1,552 1,295 1,060 964 933 10,039 15,843 Cash outflows - (1,937 ) (1,285 ) (1,037 ) (962 ) (934 ) (17,914 ) (24,068 ) |
Debt securities [member] | |
Statement [LineItems] | |
Summary of Credit Risk Exposure | The following table contains an analysis of Aegon’s credit risk exposure for debt instruments for which an ECL allowance is recognized. 2023 2022 ECL staging ECL staging Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Financial assets measured at FVOCI - with recycling 12-month ECL Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Purchased credit impaired Total 12-month ECL Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Purchased credit impaired Total AAA 2,961 - - - 2,961 9,562 - - - 9,562 AA 9,217 - 2 - 9,219 4,034 - - - 4,034 A 18,410 - - - 18,411 18,224 10 2 - 18,235 BBB 17,534 11 - 1 17,547 19,696 6 - - 19,702 BB 899 136 - - 1,035 1,250 172 3 2 1,427 B 431 120 3 - 554 432 153 5 - 590 CCC and lower 120 91 319 99 629 76 72 394 123 664 Gross carrying amount 49,571 358 325 100 50,354 53,273 413 403 125 54,214 Expected credit loss (147 ) (25 ) (64 ) (2 ) (238 ) (157 ) (32 ) (86 ) (1 ) (276 ) Total 49,571 358 325 100 50,354 53,273 413 403 125 54,214 |
Summary of Reconciliation of Changes in Loss Allowance | 2023 ECL staging Stage 1 Stage 2 Stage 3 Debt securities 12-month Lifetime ECL not Lifetime ECL credit-impaired Purchased credit Total Loss allowance on January 1 (156 ) (32 ) (86 ) (1 ) (276 ) Transfers: - Transfer from Stage 1 to Stage 2 2 (2 ) - - - - Transfer from Stage 1 to Stage 3 2 - (2 ) - - - Transfer from Stage 2 to Stage 1 (3 ) 3 - - - - Transfer from Stage 2 to Stage 3 - 3 (3 ) - - - Transfer from Stage 3 to Stage 2 - (4 ) 4 - - - Transfer from Stage 3 to Stage 1 (39 ) - 39 - - Impact on year-end 36 (2 ) (39 ) - (5 ) Financial assets derecognized during the period 26 3 44 - 73 New financial assets originated or purchased (16 ) (1 ) (9 ) - (26 ) Change in models (5 ) 6 (14 ) (1 ) (13 ) Net exchange differences 5 1 2 - 9 Loss allowance on December 31 (147 ) (25 ) (64 ) (2 ) (238 ) 2022 ECL staging Stage 1 Stage 2 Stage 3 Debt securities 12-month Lifetime ECL not Lifetime ECL credit- Purchased credit Total Loss allowance on January 1 (161 ) (13 ) (38 ) (2 ) (214 ) Transfers: - Transfer from Stage 1 to Stage 2 7 (7 ) - - - - Transfer from Stage 1 to Stage 3 3 - (3 ) - - - Transfer from Stage 2 to Stage 1 (10 ) 10 - - - - Transfer from Stage 2 to Stage 3 - 1 (1 ) - - - Transfer from Stage 3 to Stage 2 - (8 ) 8 - - - Transfer from Stage 3 to Stage 1 (21 ) - 21 - - Impact on year-end 26 (16 ) (82 ) - (72 ) Financial assets derecognized during the period 33 6 20 - 58 New financial assets originated or purchased (29 ) (2 ) (24 ) - (56 ) Change in models 5 (2 ) 16 1 20 Net exchange differences (11 ) (1 ) (2 ) - (13 ) Transfers to disposal groups 1 - - - 1 Loss allowance on December 31 (156 ) (32 ) (86 ) (1 ) (276 ) |
Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets | 2023 ECL staging Stage 1 Stage 2 Stage 3 Debt securities 12-month Lifetime ECL not Lifetime ECL credit-impaired Purchased credit Total Gross carrying amount on January 1 50,666 413 403 125 51,607 Transfers: - Transfer from Stage 1 to Stage 2 (80 ) 80 - - - - Transfer from Stage 1 to Stage 3 (45 ) - 45 - - - Transfer from Stage 2 to Stage 3 - (23 ) 23 - - - Transfer from Stage 3 to Stage 2 - 6 (6 ) - - - Transfer from Stage 2 to Stage 1 76 (76 ) - - - - Transfer from Stage 3 to Stage 1 59 - (59 ) - - Financial assets derecognized during the period other than write-offs (7,836 ) (83 ) (111 ) (27 ) (8,057 ) New financial assets originated or purchased 3,672 37 22 - 3,731 Unrealized gains/losses through equity 1,488 16 1 (10 ) 1,495 Amortizations through income statement 113 - 19 17 148 Net exchange differences (1,637 ) (13 ) (12 ) (4 ) (1,666 ) Other movements (9 ) - - - (9 ) Transfer to/from other headings (6 ) - - - (6 ) Gross carrying amount on December 31 46,461 357 325 100 47,242 Expected credit losses on December 31 (147 ) (25 ) (64 ) (2 ) (237 ) 2022 ECL staging Stage 1 Stage 2 Stage 3 Debt securities 12-month Lifetime ECL not Lifetime ECL credit-impaired Purchased credit Total Gross carrying amount on January 1 70,132 259 433 150 70,974 Transfers: - Transfer from Stage 1 to Stage 2 (228 ) 228 - - - - Transfer from Stage 1 to Stage 3 (77 ) - 77 - - - Transfer from Stage 2 to Stage 3 - (15 ) 15 - - - Transfer from Stage 3 to Stage 2 - 2 (2 ) - - - Transfer from Stage 2 to Stage 1 33 (33 ) - - - - Transfer from Stage 3 to Stage 1 6 - (6 ) - - Financial assets derecognized during the period other than write-offs (11,855 ) (47 ) (112 ) (30 ) (12,043 ) New financial assets originated or purchased 6,411 45 45 - 6,501 Unrealized gains/losses through equity (16,599 ) (94 ) (123 ) (26 ) (16,842 ) Amortizations through income statement 267 2 38 20 327 Movements related to fair value hedges (12 ) - - - (12 ) Net exchange differences 4,525 15 29 10 4,580 Other movements (52 ) 50 10 - 7 Transfers to disposal groups (1,884 ) - - - (1,884 ) Gross carrying amount on December 31 50,666 413 403 125 51,607 Expected credit losses on December 31 (156 ) (32 ) (86 ) (1 ) (276 ) |
Mortgage loans [member] | |
Statement [LineItems] | |
Summary of Credit Risk Exposure | 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. 2023 2022 ECL staging ECL staging Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Loans at amortized cost 12-month Lifetime Lifetime Purchased Total 12-month Lifetime Lifetime Purchased Total Internal grade 1 947 - - - 947 1,484 - - - 1,484 Internal grade 2 3,929 2 - - 3,930 4,438 2 - - 4,440 Internal grade 3 4,460 24 - - 4,485 3,775 - - - 3,775 Internal grade 4 778 7 - - 785 671 - - - 671 Internal grade 5 33 2 - - 35 48 - - - 48 Internal grade 6 - - - - - - - - - - Internal grade 7 or lower - - - - - - - - - - Gross carrying amount 10,147 35 - - 10,183 10,416 2 - - 10,419 Expected credit loss (24 ) (1 ) - - (26 ) (12 ) - - - (12 ) Total 10,123 33 - - 10,156 10,404 2 - - 10,407 |
Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets | 2023 ECL staging Stage 1 Stage 2 Stage 3 Mortgage loans 12-month Lifetime ECL not Lifetime ECL credit-impaired Purchased credit Total Gross carrying amount on January 1 10,416 2 - - 10,418 Transfers: - Transfer from Stage 1 to Stage 2 (39 ) 39 - - - Financial assets derecognized during the period other than write-offs (566 ) (5 ) - - (571 ) New financial assets originated or purchased 691 - - - 691 Net exchange differences (354 ) (1 ) - - (355 ) Gross carrying amount on December 31 10,147 35 - - 10,182 (-) Expected credit losses on December 31 (24 ) (1 ) - - (26 ) Net carrying amount on December 31 10,123 33 - - 10,156 2022 ECL staging Stage 1 Stage 2 Stage 3 Mortgage loans 12-month Lifetime ECL not Lifetime ECL credit-impaired Purchased credit Total Gross carrying amount on January 1 24,032 391 14 - 24,437 Transfers: - Transfer from Stage 1 to Stage 2 (508 ) 508 - - - - Transfer from Stage 1 to Stage 3 (1 ) - 1 - - - Transfer from Stage 2 to Stage 1 29 (29 ) - - - Financial assets derecognized during the period other than write-offs (2,456 ) (62 ) (3 ) - (2,521 ) New financial assets originated or purchased 3,738 109 - - 3,848 Amortizations through income statement (2 ) - - - (2 ) Realized gains and losses through income statement 36 - - - 36 Net exchange differences 615 2 - - 617 Other movements (1,474 ) - - - (1,474 ) Transfer to/from other headings (2 ) - - - (2 ) Transfers to disposal groups (13,590 ) (918 ) (13 ) - (14,521 ) Gross carrying amount on December 31 10,416 2 - - 10,418 (-) Expected credit losses on December 31 (12 ) - - - (12 ) Net carrying amount on December 31 10,405 2 - - 10,407 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Segment Results | The following table presents Aegon’s segment results. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment Joint ventures and associates eliminations Consoli- Year ended December 31, 2023 Operating result 1,107 - 214 196 145 (173 ) 10 1,498 19 1,517 Fair value items 138 - (76 ) (1 ) (8 ) 24 (1 ) 76 9 85 Realized gains / (losses) on investments (683 ) - - 24 - - - (659 ) (30 ) (689 ) Impairment losses / (reversals) (62 ) - - (23 ) - (7 ) - (92 ) 2 (90 ) Non-operating (607 ) - (76 ) (1 ) (8 ) 17 (1 ) (675 ) (19 ) (695 ) Other income / (charges) (961 ) (65 ) (85 ) (110 ) (31 ) 110 2 (1,140 ) (90 ) (1,230 ) Result before tax (460 ) (65 ) 52 85 106 (46 ) 11 (317 ) (91 ) (408 ) Income tax (expense) / benefit 214 - (23 ) (69 ) (36 ) 31 - 118 91 209 Net result (246 ) (65 ) 29 16 70 (14 ) 11 (199 ) - (199 ) Inter-segment operating result (569 ) (48 ) (75 ) 256 150 286 Revenues Insurance contracts revenue - Insurance contracts: direct part. 9,468 - 600 1,095 - - (51 ) 11,112 (1,490 ) 9,622 - Insurance contracts: without direct part. - - - 700 - - - 700 - 700 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 64 - - - - 64 - 64 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 9,468 - 663 1,795 - - (51 ) 11,876 (1,490 ) 10,386 Interest revenue on financial instruments calculated using the effective interest method 3,108 - 58 87 2 90 (6 ) 3,339 (3 ) 3,336 Interest revenue on financial instruments measured at FVPL 339 - 486 1 - - - 826 - 826 Other investment income 14 - 1,818 104 14 498 (498 ) 1,950 (116 ) 1,833 Fee and commission income 1,653 - 214 34 632 - (158 ) 2,376 (215 ) 2,160 Other revenues - - - 37 1 - - 38 (38 ) - Total revenues 14,582 - 3,239 2,058 649 589 (713 ) 20,404 (1,862 ) 18,541 Inter-segment revenues 49 - - 1 172 500 1 The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment total Joint ventures and associates eliminations Consoli- dated Year ended December 31, 2022 Operating result 1,433 - 211 202 193 (220 ) (17 ) 1,802 (59 ) 1,743 Fair value items (85 ) - (71 ) 38 (3 ) (21 ) (76 ) (218 ) 8 (209 ) Realized gains / (losses) on investments (518 ) - - 30 - 7 - (481 ) (16 ) (497 ) Impairment losses / (reversals) (78 ) - (11 ) (14 ) - (18 ) - (122 ) 1 (121 ) Non-operating (681 ) - (83 ) 54 (3 ) (32 ) (76 ) (820 ) (7 ) (827 ) Other income / (charges) (117 ) (1,373 ) (64 ) 326 (19 ) (118 ) - (1,365 ) (19 ) (1,384 ) Result before tax 636 (1,373 ) 64 582 171 (371 ) (93 ) (384 ) (85 ) (469 ) Income tax (expense) / benefit (102 ) - 2 (57 ) (67 ) 68 - (156 ) 85 (71 ) Net result 533 (1,373 ) 67 526 104 (303 ) (93 ) (540 ) - (540 ) Inter-segment operating result (458 ) (94 ) (75 ) 236 188 203 Revenues Insurance contracts revenue - Insurance contracts: direct part. 10,174 - 628 967 - - (32 ) 11,736 (1,210 ) 10,526 - Insurance contracts: without direct part. - - - 651 - - - 651 - 651 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 74 - - - - 74 - 74 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 10,174 - 701 1,618 - - (32 ) 12,461 (1,210 ) 11,251 Interest revenue on financial instruments calculated using the effective interest method 3,105 - 12 191 - 2 (5 ) 3,306 (3 ) 3,303 Interest revenue on financial instruments measured at FVPL 228 - 399 (3 ) - - - 624 - 624 Other investment income 32 - 1,530 100 12 425 (425 ) 1,673 (110 ) 1,564 Fee and commission income 1,756 - 223 62 693 - (187 ) 2,548 (254 ) 2,294 Other revenues - - - 25 5 - - 30 (30 ) - Total revenues 15,295 - 2,865 1,993 710 427 (648 ) 20,642 (1,607 ) 19,035 Inter-segment revenues 33 - - - 208 426 1 The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details |
Summary of Reconciliation from Operating Result Before Tax to Income Before Tax | Presentation Non-operating Note 2023 2022 Result before tax from continuing operations (391 ) 827 Elimination of share in earnings of joint ventures and associates (19 ) 59 Insurance revenue 6 (15 ) 1 Insurance service expenses 7 427 442 Net income / (expenses) on reinsurance held 8 (23 ) (40 ) Net fair value change of financial investments at fair value through profit or loss, other than derivatives 9.4 / 10.4 (224 ) 183 Net fair value change of derivatives (7 ) - Realized gains and losses on financial investments 9.4 / 10.4 683 670 Net fair value change on investments in real estate 9.4 / 10.4 (2 ) (1 ) Impairment (losses) reversals 9.5 / 10.5 90 121 Insurance finance income / (expenses) 9 375 (614 ) Net reinsurance finance income / (expenses) on reinsurance held 9 (85 ) 68 Investment contract income / (expenses) 10 (5 ) (2 ) Net fair value change on borrowings and other financial liabilities - (5 ) Fee and commission income 12 (11 ) (14 ) Commissions and expenses 13 596 378 Other income 14 (18 ) (341 ) Other charges 14 79 - Results of businesses disposed during reporting periods 48 70 Operating result 1,498 1,802 ∎ Insurance service expenses are mainly driven by two items: ∎ Assumption changes on onerous contracts amounting to a loss of EUR 497 million (2022: loss of EUR 93 ∎ Change in value of VFA products that result in (a reversal of) onerous contracts, amounting to a gain of EUR 129 million (2022: loss of 273 million), which is included in Fair value items. ∎ Net income / (expenses) on reinsurance held mainly consist of assumption changes that relate to (a reversal of) underlying onerous contracts, amounting to a gain of EUR 31 million (2022: gain of EUR 38 million), which is included in Other income / (charges). ∎ Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expecting long-term return is included in operating result. ∎ Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR 354 million (2022: a gain of EUR 614 million), which is included in Fair value items. ∎ Net reinsurance finance income / (expenses) on reinsurance held relate to changes in discount rates, amounting to a gain of EUR 84 million (2022: loss of EUR 70 million), which is included in Fair value items. ∎ Commissions and expenses, which are included in Other income / (charges), relate to items which can cannot be directly allocated to a specific line of business and restructuring charges. |
Summary of Other Selected Income Statement Items | Other selected income statement items Americas United Kingdom International Asset Management Holding and other activities Total 2023 Amortization of deferred expenses and future servicing rights 24 2 1 6 - 33 Depreciation 64 12 5 2 14 97 Impairment losses / (reversals) on financial assets, excluding receivables 59 - - - - 59 Impairment losses / (reversals) on non- 32 - 21 - 7 60 2022 Amortization of deferred expenses and future servicing rights 34 2 3 - - 38 Depreciation 67 11 6 2 17 103 Impairment losses / (reversals) on financial assets, excluding receivables 78 - 13 - - 92 Impairment losses / (reversals) on non- 17 11 - - 18 46 |
Summary of Number of Employees | Number of employees Number of employees Americas United Kingdom International Asset Management Holding and other activities Total 2023 Number of employees - headcount 6,967 2,591 3,654 1,409 1,037 15,658 Of which Aegon’s share of employees in joint ventures and associates 1) - 49 2,936 219 - 3,204 2022 Number of employees - headcount 6,153 2,621 4,281 1,464 958 15,478 Of which Aegon’s share of employees in joint ventures and associates - 62 3,239 206 - 3,507 1 Excludes a.s.r. as the results of this associate is not included in Operating result |
Summary of Assets and Liabilities Per Segment | Summarized assets and liabilities per segment Americas United Kingdom International Asset manage- Holding and other activities Eliminations Total 2023 Assets Cash and Cash equivalents 1,042 200 106 246 2,479 - 4,074 Assets held for sale - 432 - - - - 432 Investments 161,715 102,795 1,678 176 18 - 266,382 Investments in joint ventures - - 1,034 397 - - 1,430 Investments in associates - - 5 279 2,622 - 2,906 Reinsurance contract assets 16,563 2 5,656 - - (5,613 ) 16,608 Insurance contract assets 181 - 3 - - - 185 Deferred expenses 428 19 - - - - 447 Other assets 6,486 1,818 183 359 8,095 (7,823 ) 9,118 Total assets 186,415 105,265 8,664 1,457 13,215 (13,436 ) 301,581 Liabilities Reinsurance contract liabilities 396 - 211 - - - 608 Insurance contract liabilities 136,116 40,329 6,628 - - (5,626 ) 177,446 Investment contracts with discretionary participating features - 21,594 - - - - 21,594 Investment contracts without discretionary participating features 35,181 40,085 - - - - 75,266 Liabilities held for sale / disposal groups - 389 - - - - 389 Other liabilities 11,257 1,418 219 397 3,660 (228 ) 16,723 Total liabilities 182,950 103,815 7,058 397 3,660 (5,854 ) 292,026 Americas The Nether- lands United Kingdom Interna- tional Asset manage- ment Holding and other activities Elimina- tions Total 2022 Assets Cash and Cash equivalents 1,097 - 182 116 367 1,639 - 3,402 Assets held for sale - 88,664 - - - - - 88,664 Investments 160,624 - 91,463 2,497 136 39 - 254,759 Investments in joint ventures - - - 959 471 - - 1,430 Investments in associates - 11 - 20 129 16 (11 ) 165 Reinsurance contract assets 16,520 - 369 6,273 - - (6,223 ) 16,939 Insurance contract assets 36 - - - - - - 36 Deferred expenses 432 - 20 - - - - 452 Other assets 9,652 1,076 1,973 336 146 16,455 (14,774 ) 14,864 Total assets 188,362 89,751 94,007 10,201 1,249 18,148 (21,008 ) 380,711 Liabilities Reinsurance contract liabilities 62 - - 208 - - - 270 Insurance contract liabilities 137,195 (0 ) 37,621 7,570 - - (6,266 ) 176,120 Investment contracts with discretionary participating features - - 21,055 - - - - 21,055 Investment contracts without discretionary participating features 32,788 - 32,440 - - - - 65,227 Liabilities held for sale / disposal groups - 84,183 - - - - - 84,183 Other liabilities 14,920 934 1,344 281 424 7,213 (2,196 ) 22,922 Total liabilities 184,965 85,117 92,460 8,059 424 7,213 (8,462 ) 369,777 |
Summary of Investments | Investments Americas United Kingdom International Asset Management Holding and other activities Eliminations Total 2023 Shares 267 16,192 23 9 - - 16,491 Debt securities 47,547 6,916 1,295 52 - - 55,811 Unconsolidated investment funds 92,520 74,719 173 - - - 167,411 Loans 10,156 2,269 3 - 18 - 12,446 Other financial assets 11,187 2,266 166 115 - - 13,735 Investments in real estate 38 433 17 - - - 488 Total investments on balance sheet 161,715 102,795 1,678 176 18 - 266,382 Off-balance 225,090 135,270 3,711 195,304 - - 559,375 Total revenue-generating investments 386,806 238,064 5,389 195,480 18 - 825,757 Investments Financial assets measured at FVOCI Backing insurance contracts without direct participation 42,973 - 1,439 - - - 44,412 Backing investment contracts without direct participation 5,854 - - - - - 5,854 Non-insurance - - 1 97 - - 98 Financial assets measured at FVPL Backing direct participation insurance contracts 67,532 40,008 173 - - - 107,714 Backing insurance contracts without direct participation 9,696 1,243 27 - - - 10,967 Backing direct participation investment contracts 24,988 22,771 - - - - 47,759 Backing investment contracts without direct participation 386 - 19 - - - 405 Non-insurance 92 38,339 - 27 - - 38,458 Financial assets measured at amortized cost 10,156 - 1 52 18 - 10,227 Investments in real estate 38 433 17 - - - 488 Total investments on balance sheet 161,715 102,795 1,678 176 18 - 266,382 Investments in joint ventures - - 1,034 397 - - 1,430 Investments in associates - - 5 279 2,622 - 2,906 Other assets 24,700 2,470 5,948 606 10,575 (13,436 ) 30,863 Consolidated total assets 186,415 105,265 8,664 1,457 13,215 (13,436 ) 301,581 214 | Annual Report on Form 20-F 2023 Americas The United International Asset Holding and Eliminations Total 2022 Shares 315 - 15,518 21 7 1 - 15,863 Debt securities 51,008 - 6,455 1,864 15 - - 59,341 Unconsolidated investment funds 89,535 - 64,776 431 - - - 154,741 Loans 10,406 - 2,354 14 - 38 - 12,812 Other financial assets 9,318 - 1,917 150 114 - - 11,500 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 160,624 - 91,463 2,497 136 39 - 254,759 Off-balance 216,060 - 122,742 3,384 141,067 - - 483,253 Total revenue-generating investments 376,684 - 214,205 5,881 141,203 39 - 738,013 Investments Financial assets measured at FVOCI Backing insurance contracts without direct participation 46,665 - - 1,900 - - - 48,565 Backing investment contracts without direct participation 5,482 - - - - - - 5,482 Non-insurance - - - 81 96 - - 177 Financial assets measured at FVPL Backing direct participation insurance contracts 66,344 - 36,843 140 - - - 103,327 Backing insurance contracts without direct participation 8,164 - 1,083 305 - - - 9,552 Backing direct participation investment contracts 23,191 - 22,262 - - - - 45,453 Backing investment contracts without direct participation 285 - - 47 - - - 331 Non-insurance 46 - 30,832 - 40 1 - 30,918 Financial assets measured at amortized cost 10,406 - - 9 - 38 - 10,453 Investments in real estate 42 - 443 17 - - - 502 Total investments on balance sheet 160,624 - 91,463 2,497 136 39 - 254,759 Investments in joint ventures - - - 959 471 - - 1,430 Investments in associates - 11 - 20 129 16 (11 ) 165 Other assets 27,399 89,740 2,544 6,726 513 18,094 (20,658 ) 124,357 Consolidated total assets 188,023 89,751 94,007 10,201 1,249 18,148 (20,669 ) 380,711 |
Summary of Detailed Information About Insurance, Reinsurance and Investment Contracts | Insurance, reinsurance and investment contracts with discretionary participation feature Summarized assets and liabilities per segment Americas United International Eliminations Total 2023 Insurance contracts Direct participating contracts 70,436 39,687 193 - 110,315 Without direct participation contracts 65,499 642 6,393 (5,626 ) 66,907 Contracts measured under the PAA - - 39 - 39 Investment contracts with DPF Direct participating contracts - 21,594 - - 21,594 Insurance contracts and investment contracts without participation features 135,934 61,922 6,625 (5,626 ) 198,855 Reinsurance contracts held 16,166 2 5,445 (5,613 ) 16,000 Summarized assets and liabilities per segment Americas United International Eliminations Total 2022 Insurance contracts Direct participating contracts 69,163 36,694 187 - 106,044 Without direct participation contracts 67,996 927 6,944 (6,266 ) 69,600 Contracts measured under the PAA - - 439 - 439 Investment contracts with DPF Direct participating contracts - 21,055 - - 21,055 Insurance contracts and investment contracts without participation features 137,159 58,676 7,570 (6,266 ) 197,139 Reinsurance contracts held 16,458 369 6,065 (6,223 ) 16,669 |
Insurance revenue (Tables)
Insurance revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Amounts Related to Changes in Liability for Remaining Coverage | 2023 2022 Amounts related to changes in liability for remaining coverage Insurance Investment Insurance Investment Expected insurance claims and expenses 8,383 32 9,092 49 Earnings released from contractual service margin 952 17 1,029 11 Release of risk adjustment for non-financial 340 15 320 14 Allocated portion of consideration that relates to recovery acquisition costs 558 - 545 - Other (39 ) - (42 ) - Contracts not measured under the PAA 10,195 64 10,944 74 Contracts measured under the PAA 127 - 233 - Total Insurance revenue 10,322 64 11,178 74 |
Summary of Revenue Recognized on Insurance and Investments Contracts | The following table shows the revenue recognized on insurance and investments contracts with discretionary participating features by transition method. Other contracts comprise contracts transitioned under the full retrospective approach and contracts issued after the transition to IFRS 17. Revenue recognized on contracts in-force 2023 2022 Insurance contracts Related to contracts transitioned under the modified retrospective method 514 559 Related to contracts transitioned under the fair value approach 8,707 9,513 Other contracts 1,101 1,105 Total revenue reported in the period 10,322 11,178 Investment contracts with discretionary participating features Related to contracts transitioned under the fair value approach 64 74 Total revenue reported in the period 64 74 |
Insurance service expense (Tabl
Insurance service expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Insurance Service Expenses | 2023 2022 Insurance Investment Insurance Investment Incurred claims and other incurred insurance service expenses (8,404 ) (36 ) (9,030 ) (54 ) Changes in fulfilment cash flows relating to incurred claims (17 ) - 8 - Onerous contract losses (and reversals) (1,079 ) - (1,247 ) - Amortization of insurance acquisition costs (558 ) - (545 ) - Contracts not measured under the PAA (10,058 ) (36 ) (10,815 ) (54 ) Contracts measured under the PAA (132 ) - (228 ) - Total insurance service expenses (10,190 ) (36 ) (11,043 ) (54 ) |
Net income _ (expenses) on re_2
Net income / (expenses) on reinsurance held (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of net income / (expenses) on reinsurance held | 2023 2022 Assumption changes that relate to (a reversal of) underlying onerous contracts 31 38 Experience adjustments that relate to (a reversal of) underlying onerous contracts 516 562 Release of the contractual service margin for services received (26 ) 63 Release of risk adjustment for non-financial (118 ) (134 ) Experience adjustments on current service (217 ) (280 ) Changes in fulfilment cash flows relating to incurred claims (2 ) (12 ) Loss on retrospective reinsurance (reinsurance purchased relating to incurred claims) (17 ) - New contracts issued/acquired: loss on initial recognition of underlying contracts 12 31 Establishing of loss recovery component from onerous underlying contracts 7 8 Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held (3 ) (2 ) Contracts not measured under the PAA 181 274 Contracts measured under the PAA 1 1 Net income / (expenses) on reinsurance held 182 275 |
Insurance Net Investment Resu_2
Insurance Net Investment Result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of adjustments made when entity changed basis of disaggregation of insurance finance income (expenses) between profit or loss and other comprehensive income for contracts with direct participation features [line items] | |
Summary of interest revenue on financial instruments calculated using the effective interest method | 10.1 Interest revenue on financial instruments calculated using the effective interest method 2023 2022 Debt securities and money market instruments 457 405 Other 142 3 On December 31 599 409 |
Summary of interest revenue on financial instruments measured at fair value through profit or loss | 10.2 Interest revenue on financial instruments measured at FVPL 2023 2022 Non-derivative 89 49 On December 31 89 49 |
Summary of other investment income explanatory | 10.3 Other investment income 2023 2022 Dividend income 547 410 Rental income 3 1 On December 31 550 411 |
Summary of impairment charges / (reversals) | 10.5 Impairment (losses) / reversals 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (4 ) (13 ) Impairment losses and reversals on non-financial (29 ) (30 ) On December 31 (33 ) (43 ) |
Income or loss from Insurance and Investment contracts [member] | |
Disclosure of adjustments made when entity changed basis of disaggregation of insurance finance income (expenses) between profit or loss and other comprehensive income for contracts with direct participation features [line items] | |
Summary of insurance net investment result | Insurance contracts Investment 2023 Note Direct Part Without Direct Part Total Insurance investment return Interest revenue on financial instruments calculated using the effective interest method 9.1 - 2,738 - 2,738 Interest revenue on financial instruments measured at FVPL 9.2 231 369 137 737 Other investment income 9.3 845 11 427 1,283 Results from financial transactions 9.4 11,446 (467 ) 1,322 12,302 Impairment (losses) / reversals 9.5 - (86 ) - (86 ) Interest expenses - (218) - (218) P&L impacts 12,523 2,347 1,886 16,756 Gains / (losses) on financial assets measured at FVOCI - 1,311 - 1,311 Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI - 577 - 577 OCI impacts - 1,888 - 1,888 Total insurance investment return 12,523 4,235 1,886 18,644 Insurance finance income / (expenses) – General model Interest accreted to insurance contracts - (3,098 ) - (3,098 ) Changes in interest rates and other financial assumptions - (1,587 ) - (1,587 ) Revaluation of changes in non-financial - (421 ) - (421 ) Insurance finance income / (expenses) – Variable fee approach Change in fair value of underlying assets of products with direct participating features (13,730 ) - (1,921 ) (15,651 ) Change in fulfilment value not recognized in CSM due to risk mitigation option 1,493 - - 1,493 Insurance finance income / (expenses) – Premium allocation approach Insurance finance expenses from PAA contracts - (12 ) - (12 ) Total insurance finance income / (expenses) (12,237 ) (5,118 ) (1,921 ) (19,276 ) Represented by: Amounts recognized in profit or loss (12,244 ) (3,485 ) (1,921 ) (17,650 ) Amounts recognized in OCI 7 (1,633 ) - (1,626 ) Reinsurance finance income / (expenses) on reinsurance held Interest accreted to reinsurance contracts - 630 - 630 Changes in interest rates and other financial assumptions - 283 - 283 Revaluation of changes in non-financial - 148 - 148 Changes in risk of non-performance - (12 ) - (12 ) Reinsurance finance income / (expenses) on reinsurance held - 1,048 - 1,048 Represented by: Amounts recognized in profit or loss - 699 - 699 Amounts recognized in OCI - 349 - 349 Insurance net investment result 285 165 (34 ) 415 Represented by: Amounts recognized in profit or loss 278 (440 ) (34 ) (196 ) Amounts recognized in OCI 7 604 - 611 Insurance contracts Investment 2022 Note Direct Part Without Direct Part Total Insurance investment return Interest revenue on financial instruments calculated using the effective interest method 9.1 - 2,898 - 2,898 Interest revenue on financial instruments measured at FVPL 9.2 182 265 128 575 Other investment income 9.3 701 31 421 1,153 Results from financial transactions 9.4 (24,716 ) (909 ) (3,880 ) (29,505 ) Impairment (losses) / reversals 9.5 - (95 ) - (95 ) Interest expenses - (97 ) - (97 ) P&L impacts (23,833 ) 2,092 (3,331 ) (25,072 ) Gains / (losses) on investments in equity instruments designated at FVOCI - 2 - 2 Gains / (losses) on financial assets measured at FVOCI - (14,571 ) - (14,571 ) Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI - 488 - 488 OCI impacts - (14,081 ) - (14,081 ) Total insurance investment return (23,833 ) (11,989 ) (3,331 ) (39,153 ) Insurance finance income / (expenses) – General model Interest accreted to insurance contracts - (3,045 ) - (3,045 ) Changes in interest rates and other financial assumptions - 18,495 - 18,495 Revaluation of changes in non-financial - 786 - 786 Insurance finance income / (expenses) – Variable fee approach Change in fair value of underlying assets of products with direct participating features 20,886 - 3,247 24,133 Change in fulfilment value not recognized in CSM due to risk mitigation option 3,323 - - 3,323 Insurance finance income / (expenses) – Premium allocation approach Insurance finance expenses from PAA contracts - (7 ) - (7 ) Total insurance finance income / (expenses) 24,208 16,230 3,247 43,685 Represented by: Amounts recognized in profit or loss 24,233 (2,475 ) 3,247 25,005 Amounts recognized in OCI (25 ) 18,705 - 18,680 Reinsurance finance income / (expenses) on reinsurance held Interest accreted to reinsurance contracts - 660 - 660 Changes in interest rates and other financial assumptions - (4,469 ) - (4,469 ) Revaluation of changes in non-financial - (267 ) - (267 ) Changes in risk of non-performance - 3 - 3 Reinsurance finance income / (expenses) on reinsurance held - (4,073 ) - (4,073 ) Represented by: Amounts recognized in profit or loss - 599 - 599 Amounts recognized in OCI - (4,672 ) - (4,672 ) Insurance net investment result 375 168 (84 ) 458 Represented by: Amounts recognized in profit or loss 400 217 (84 ) 532 Amounts recognized in OCI (25 ) (49 ) - (74 ) |
Summary of interest revenue on financial instruments calculated using the effective interest method | 2023 Without direct Total Debt securities and money market instruments 2,166 2,166 Loans 433 433 Other 139 139 At December 31 2,738 2,738 2022 Without direct Total Debt securities and money market instruments 2,479 2,479 Loans 425 425 Other (6 ) (6 ) At December 31 2,898 2,898 |
Summary of interest revenue on financial instruments measured at fair value through profit or loss | Insurance contracts Investment 2023 Direct Part Without direct part. Direct Part Total Non-derivative 231 54 137 422 Non-derivative - 315 - 315 On December 31 231 369 137 737 Insurance contracts Investment 2022 Direct Part Without direct part. Direct Part Total Non-derivative 188 48 128 364 Non-derivative - 217 - 217 Non-derivative (5 ) - - (5 ) On December 31 182 265 128 575 |
Summary of other investment income explanatory | Insurance contracts Investment 2023 Direct Part Without direct part. Direct Part Total Dividend income 828 12 417 1,257 Rental income 17 (2 ) 11 26 On December 31 845 11 427 1,283 Insurance contracts Investment 2022 Direct Part Without direct part. Direct Part Total Dividend income 680 28 407 1,115 Rental income 20 4 14 38 On December 31 701 31 421 1,153 |
Summary of financial transactions results | Insurance contracts Investment contracts with DPF 2023 Direct Part Without direct Direct Part Total Net fair value change of financial investments at fair value through profit or loss, other than derivatives Shares 800 13 413 1,225 Debt securities and money market investments 55 1,366 36 1,457 Unconsolidated investment funds 11,800 11 939 12,750 Other - 15 - 15 12,655 1,404 1,388 15,447 Net fair value change of derivatives Economic hedges where no hedge accounting is applied (95 ) 29 (48 ) (114 ) Bifurcated embedded derivatives - (1 ) - (1 ) Change in fair value of hedges on guarantees in products with direct participating features (1,085 ) - - (1,085 ) Ineffective portion of hedge transactions to which hedge accounting is applied - 3 - 3 (1,181 ) 31 (48 ) (1,197 ) Realized gains and (losses) on financial investments Debt securities and money market investments - (15 ) - (15 ) - (16 ) - (16 ) Realized gains and (losses) on financial investments comprised of: Investments measured at fair value through other comprehensive income (“FVOCI”) - (15 ) - (15 ) Other Gains and (losses) on investments in real estate (28 ) - (18 ) (46 ) Net fair value change on investments in real estate - 2 - 2 (28 ) 2 (18 ) (44 ) On December 31 11,446 1,421 1,322 14,190 Represented by: Assets designated at FVPL 12,627 (562 ) 1,370 13,435 Assets mandatorily measured at FVPL (1,181 ) 95 (48 ) (1,134 ) Other (i.e. FVOCI) - 1,888 - 1,888 Insurance contracts Investment 2022 Direct Part Without direct Direct Part Total Net fair value change of financial investments at fair value through profit or loss, other than derivatives Shares (1,566 ) (33 ) (950 ) (2,548 ) Debt securities and money market investments (1,153 ) (14,958 ) (737 ) (16,847 ) Unconsolidated investment funds (18,538 ) (38 ) (1,785 ) (20,360 ) Other - 329 - 329 (21,256 ) (14,699 ) (3,471 ) (39,427 ) Net fair value change of derivatives Economic hedges where no hedge accounting is applied (333 ) (361 ) (385 ) (1,080 ) Bifurcated embedded derivatives - (1 ) - (1 ) Change in fair value of hedges on guarantees in products with direct participating features (3,093 ) - - (3,093 ) Ineffective portion of hedge transactions to which hedge accounting is applied - (3 ) - (3 ) (3,427 ) (364 ) (385 ) (4,176 ) Realized gains and (losses) on financial investments Loans - 36 - 36 - 35 - 35 Realized gains and (losses) on financial investments comprised of: Investments measured at amortized cost - 36 - 36 Other Gains and (losses) on investments in real estate (33 ) - (23 ) (56 ) Net fair value change on investments in real estate - 1 - 1 Net foreign currency gains and (losses) - 37 - 37 (33 ) 38 (23 ) (18 ) On December 31 (24,716 ) (14,990 ) (3,880 ) (43,586 ) Represented by: Assets designated at FVPL (21,289 ) (714 ) (3,495 ) (25,498 ) Assets mandatorily measured at FVPL (3,427 ) (194 ) (385 ) (4,006 ) Other (i.e. FVOCI) - (14,081 ) - (14,081 ) |
Summary of impairment charges / (reversals) | 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (77 ) (121 ) Loans (15 ) 10 Other - 6 Impairment reversals on financial assets, excluding receivables Debt securities and money market investments 37 26 Impairment losses and reversals on non-financial (31 ) (17 ) On December 31 (86 ) (95 ) |
Other net investment result (Ta
Other net investment result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of other net investment result | Note 2023 2022 Interest revenue on financial instruments calculated using the effective interest method 10.1 599 409 Interest revenue on financial instruments measured at FVPL 10.2 89 49 Other investment income 10.3 550 411 Results from financial transactions 10.4 6,929 (10,656 ) Impairment (losses) / reversals 10.5 (33 ) (43 ) Investment contract income / (expenses) (7,851 ) 9,808 Interest expenses (45 ) (3 ) On December 31 238 (26 ) |
Summary of interest revenue on financial instruments calculated using the effective interest method | 10.1 Interest revenue on financial instruments calculated using the effective interest method 2023 2022 Debt securities and money market instruments 457 405 Other 142 3 On December 31 599 409 |
Summary of interest revenue on financial instruments measured at fair value through profit or loss | 10.2 Interest revenue on financial instruments measured at FVPL 2023 2022 Non-derivative 89 49 On December 31 89 49 |
Summary of other investment income explanatory | 10.3 Other investment income 2023 2022 Dividend income 547 410 Rental income 3 1 On December 31 550 411 |
Summary Of Results From Financial Transactions | 10.4 Results from financial transactions Net fair value change of financial investments at fair value through profit or loss, other than derivatives 2023 2022 Shares 195 (281 ) Debt securities and money market investments 46 (222 ) Unconsolidated investment funds 6,805 (9,961 ) 7,047 (10,463 ) Net fair value change of derivatives Economic hedges where no hedge accounting is applied (8 ) (162 ) Bifurcated embedded derivatives 5 29 Ineffective portion of hedge transactions to which hedge accounting is applied 3 4 - (129 ) Realized gains and (losses) on financial investments Debt securities and money market investments (113 ) (58 ) (113 ) (58 ) Comprised of: Investments measured at fair value through other comprehensive income (“FVOCI”) (113 ) (58 ) Other Net fair value change on investments in real estate (6 ) (5 ) Net foreign currency gains and (losses) 2 (1 ) (4 ) (6 ) On December 31 6,929 (10,656 ) Represented by: Assets designated at FVPL 7,043 (10,466 ) Assets mandatorily measured at FVPL 3 3 Other (i.e. FVOCI) (117 ) (192 ) |
Summary of Impairment (losses) / reversals | 10.5 Impairment (losses) / reversals 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (4 ) (13 ) Impairment losses and reversals on non-financial (29 ) (30 ) On December 31 (33 ) (43 ) |
Financing net investment resu_2
Financing net investment result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement 1 [Line Items] | |
Summary of Financing Net Investment Result | Note 2023 2022 Interest charges 11.1 (182 ) (182 ) Other financing income - 5 On December 31 (182 ) (178 ) |
Summary of Interest Charges | 11.1 Interest charges 2023 2022 Subordinated loans (115 ) (119 ) Trust pass-through securities (9 ) (9 ) Borrowings (58 ) (54 ) On December 31 (182 ) (182 ) |
Aegon Ltd. [member] | |
Statement 1 [Line Items] | |
Summary of Financing Net Investment Result | 2023 2022 Net fair value change of derivatives 19 (30 ) Net foreign currency gains and (losses) 1 - Total 21 (30 ) |
Fees and commission income (Tab
Fees and commission income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Fees and Commission Income | 2023 2022 Fee income from asset management 1,967 2,079 Commission income 21 23 Other fee and commission income 174 171 On December 31 2,163 2,272 Included in fees and commission income: Fees on trust and fiduciary activities 220 248 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Operating Expense [Abstract] | |
Summary of Detailed Information of Other Operating Expense | 2023 2022 Insurance related Non-Insurance related Insurance related Non-Insurance related Policyholder claims and benefits 6,965 - 7,736 - Onerous contract losses (and reversals) 1,081 - 1,250 - Commissions 1,403 1,069 1,214 1,011 Handling and clearing fees - 32 1 31 Right of use assets - interest expense - 7 - 7 Employee expenses 604 1,107 637 1,059 Administration expenses 551 780 594 669 Deferred transaction expenses - (29 ) - (28 ) Amortization of deferred expenses - 21 - 28 Amortization of other intangibles - 13 - 9 Total 10,604 3,000 11,433 2,786 Amounts attributed to insurance acquisition cash flows (see cash flow in note 29) (956 ) - (903 ) - Amortization of insurance acquisition cash flows (see note 6/7) 558 - 545 - Amortization of insurance acquisition cash flows PAA 19 - 22 - Total other operating expenses 10,226 3,000 11,097 2,786 |
Summary of Employee Expenses | Employee expenses 2023 2022 Salaries 1,131 1,138 Post-employment benefit costs 125 117 Social security charges 107 101 Other personnel costs 294 292 Shares 54 48 Total 1,711 1,696 Included in employee expenses: Defined contribution expenses 57 48 |
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 Number of shares per plan year 2019 2020 2021 2022 2023 Total Conditionally granted 1) 7,378,113 8,381,086 9,449,451 7,495,307 7,932,942 40,636,899 Allocated 2) 6,761,360 6,522,324 13,297,242 10,953,082 1,511,212 39,045,220 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 2019 2020 2021 2022 2023 Total Unvested on January 1, 2022 6,796,979 6,997,435 11,825,532 - - 25,619,946 Conditionally granted as variable compensation 1) - - - 7,495,307 - 7,495,307 Allocated 2) 3,445 1,832 3,847,791 2,136,074 - 5,989,142 Forfeited (103,121 ) (262,567 ) (1,050,197 ) - - (1,415,885 ) Vested (2,899,400 ) (327,134 ) (835,534 ) (183,739 ) - (4,245,807 ) Unvested on December 31, 2022 3,797,903 6,409,566 13,787,592 9,447,642 - 33,442,703 Conditionally granted as variable compensation 1) - - - - 7,932,942 7,932,942 Allocated 2) 95,653 130,020 (16,864 ) 1,321,701 1,511,212 3,041,722 Forfeited (142,634 ) (232,905 ) (437,677 ) (182,796 ) (49,968 ) (1,045,980 ) Vested (3,750,922 ) (2,645,290 ) (747,687 ) (663,161 ) (31,033 ) (7,838,093 ) Unvested on December 31, 2023 - 3,661,391 12,585,364 9,923,386 9,363,153 35,533,294 Grant price (in EUR) 3) 4.162 4.083 3.293 4.491 4.833 Fair value of shares at grant date (in EUR) 4) 2.741 to 1.794 to 1.625 to 3.341 to 3.555 to 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 2023 plan year, this is the VWAP for the period December 15, 2022 to January 15, 2023. 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). |
Commissions and expenses (Table
Commissions and expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Commissions and Expenses | 2023 2022 Employee expenses 82 82 Administration expenses 80 63 Cost sharing to group companies (58 ) (76 ) Total 104 68 |
Interest charges and related _2
Interest charges and related fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Interest charges and related fees | 2023 2022 Subordinated borrowings 69 72 Borrowings 53 52 Other 14 3 Total 137 127 |
Other income _ (charges) (Table
Other income / (charges) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Other Income / (Charges) | 2023 2022 Other income 35 341 Other charges (92) - On December 31 (57) 341 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | 2023 2022 Current tax Current year 4 (6 ) Adjustments to prior years (9 ) (3 ) Total current tax (5 ) (9 ) Deferred tax Origination / (reversal) of temporary differences (247 ) 43 Changes in tax rates / bases 1 5 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 9 8 Non-recognition 61 9 Adjustments to prior years (27 ) 16 Total deferred tax (204 ) 80 Income tax for the period (income) / charge (209 ) 71 |
Summary of Reconciliation Between Standard and Effective Income Tax | Reconciliation between standard and effective income tax: 2023 2022 Result before tax (391 ) 827 Income tax calculated using weighted average applicable statutory tax rates (94 ) 188 Difference due to the effects of: Non-taxable (39 ) (103 ) Non-tax 12 15 Changes in tax rate/base 1 24 Different tax rates on overseas earnings 3 3 Tax credits (34 ) (43 ) Other taxes - (17 ) Adjustments to prior years (36 ) 12 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 9 8 Non-recognition 20 9 Tax effect of (profit) / losses from joint ventures and associates (47 ) (19 ) Other (3 ) (7 ) (115 ) (118 ) Income tax for the period (income) / charge (209 ) 71 |
Summary of Income Tax Related to Components of Other Comprehensive Income | 2023 2022 Items that will not be reclassified to profit and loss: Remeasurements of defined benefit plans 17 (249 ) Total items that will not be reclassified to profit and loss 17 (249 ) Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of FVOCI investments (487 ) 3,499 Revaluation reserve - Insurance contracts 397 (4,211 ) Revaluation reserve - Reinsurance contracts (126 ) 1,243 Changes in cash flow hedging reserve 42 42 Movement in foreign currency translation and net foreign investment hedging reserve 3 (12 ) Total items that may be reclassified subsequently to profit and loss (171 ) 561 Total income tax related to components of other comprehensive income (154 ) 312 |
Summary of Income Tax Recognized Directly in Retained Earnings | Note 2023 2022 Income tax related to equity instruments and other Income tax related to equity instruments 26 17 2 Other 1 1 Total income tax recognized directly in retained earnings 18 3 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Components of Income Tax for Period (Income) / Charge | 2023 2022 Current tax Current tax 19 47 Income tax for the period (result) / charge 19 47 Reconciliation between standard and effective tax Result before tax (133 ) (204 ) Tax on result at Dutch corporate result tax rate 34 53 Differences due to the effect of: Prior year adjustments (2 ) - Non deductible expenses (14 ) (7 ) Total 19 47 |
Shares in group companies (Tabl
Shares in group companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Shares in Group Companies | 2023 2022 On January 1 10,338 26,042 Restated opening balance 1) - (12,795 ) On January 1 (restated) 10,338 13,247 Capital contributions and acquisitions 3,752 36 Dividend received (6,613 ) (1,634 ) Net result for the financial year (65 ) (411 ) Revaluations 1,124 (900 ) On December 31 8,536 10,338 1 Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Basic Earnings Per Share | Continuing and discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing and discontinued operations (179 ) (570 ) Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations (227 ) (606 ) Net result attributable to common shareholders from continuing and discontinued operations (225 ) (602 ) Net result attributable to common shareholders B from continuing and discontinued operations (1 ) (4 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing and discontinued operations (0.12 ) (0.30 ) Basic earnings per common share B (EUR per share) from continuing and discontinued operations - (0.01 ) Continuing operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing operations (162 ) 727 Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing operations (210 ) 691 Net result attributable to common shareholders from continuing operations (209 ) 686 Net result attributable to common shareholders B from continuing operations (1 ) 5 Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing operations (0.11 ) 0.34 Basic earnings per common share B (EUR per share) from continuing operations - 0.01 Discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from discontinued operations (17 ) (1,296 ) Net result attributable to owners for basic earnings per share calculation from discontinued operations (17 ) (1,296 ) Net result attributable to common shareholders from discontinued operations (16 ) (1,288 ) Net result attributable to common shareholders B from discontinued operations - (9 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from discontinued operations (0.01 ) (0.64 ) Basic earnings per common share B (EUR per share) from discontinued operations - (0.02 ) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Detailed Information about Cash and Cash Equivalents | 2023 2022 2021 Cash at bank and in hand 1,614 1,827 3,638 Short-term deposits 340 345 1,576 Money market investments 2,120 1,230 1,675 On December 31 4,074 3,402 6,889 Cash collateral related to securities lending, repurchase agreements and margins on derivatives transactions 3,416 5,072 5,776 Income from security lending programs 7 7 3 Weighted effective interest rate on short-term deposits 3.90% 1.70% (0.72% ) Average maturity on short-term deposits (in days) 11 17 16 |
Summary of Net Cash and Cash Equivalents | Note 2023 2022 2021 Cash and cash equivalents 4,074 3,402 6,889 Cash classified as Assets held for sale - 5,085 - Net cash and cash equivalents 4,074 8,486 6,889 |
Disclosure of Detailed Information of Cash Flow Statement | Summary cash flow statement 2023 2022 2021 Net cash flows from operating activities 864 2,672 (1,796 ) Net cash flows from investing activities (1,996 ) 733 (54 ) Net cash flows from financing activities (3,241 ) (1,834 ) 300 Net increase / (decrease) in cash and cash equivalents (4,373 ) 1,570 (1,550 ) Net cash and cash equivalents on December 31, are impacted by: Positive (negative) effects of changes in exchange rates (38 ) 55 67 |
Summary of Reconciliation of Liabilities Arising from Financing Activities | Cash flows Non-cash changes Reconciliation of debt from financing activities January 1, 2023 Addition Repayment Disposal of a business Realized gains / losses in income statement Move- ments related to fair value hedges Amortiza- tion Transfers to disposal groups Net exchange difference December 31, 2023 Subordinated borrowings 2,295 - - - - - 3 - (54 ) 2,244 Trust pass-through securities 118 - - - - (3 ) (1 ) - (4 ) 111 Borrowings 4,051 1,604 (3,239 ) (8 ) - - 2 - (54 ) 2,356 Assets held to hedge Trust pass-through securities (11 ) - - - (3 ) - - - - (14 ) Cash flows Non-cash changes Reconciliation of debt from financing activities January 1, 2022 Addition Repayment Disposal of a business Realized gains / losses in income statement Move- ments related to fair value hedges Amortiza- tion Transfers to disposal groups Net exchange difference December 31, 2022 Subordinated borrowings 2,194 - - - - - 3 - 98 2,295 Trust pass-through securities 126 - - - - (15 ) (1 ) - 8 118 Borrowings 9,661 3,569 (4,086 ) - - - 1 (5,227 ) 133 4,051 Assets held to hedge Trust pass-through securities 3 - - - (15 ) - - - - (11 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Investments for General Accounts Comprise Financial Assets Excluding Derivatives And Investments in Real Estate | Insurance related 2023 Insurance contracts Investment contracts with DPF Investments Direct Part. Without direct part. Direct Part. Without direct part. Non-Insur- ance related Total Financial assets measured at FVOCI – with recycling - 44,404 - 5,854 97 50,354 Financial assets measured at FVOCI – no recycling - 9 - - 1 10 Financial assets measured at amortized cost - 7,941 - 2,216 70 10,227 Financial assets measured at FVPL – designated 107,714 2,078 47,759 19 38,347 195,916 Financial assets measured at FVPL – mandatory - 8,889 - 386 111 9,386 Total financial assets, excluding derivatives 107,714 63,321 47,759 8,474 38,626 265,894 Investments in real estate 227 55 152 - 54 488 Total investments 107,941 63,376 47,911 8,474 38,680 266,382 Insurance related 2022 Insurance contracts Investment contracts with DPF Investments Direct Part. Without direct part. Direct Part. Without direct part. Non-Insur- ance related Total Financial assets measured at FVOCI – with recycling - 48,556 - 5,482 176 54,214 Financial assets measured at FVOCI – no recycling - 9 - - 1 10 Financial assets measured at amortized cost - 8,254 - 2,159 39 10,453 Financial assets measured at FVPL – designated 103,327 1,833 45,453 47 30,843 181,503 Financial assets measured at FVPL – mandatory - 7,719 - 285 75 8,079 Total financial assets, excluding derivatives 103,327 66,371 45,453 7,972 31,134 254,257 Investments in real estate 236 59 168 - 40 502 Total investments 103,562 66,430 45,620 7,972 31,174 254,759 |
Summary of Financial Assets Excluding Derivatives | 2023 Financial assets, excluding derivatives, by measurement category FVOCI (With recycling) FVOCI (no recycling) Amortized cost FVPL (designated) FVPL (mandatory) Total Fair value Investments where Aegon bears the risk for investment performance Shares - 10 - - 291 300 300 Debt securities 47,191 - 52 1,538 858 49,639 49,639 Money market and other short-term investments 3,135 - - 215 3,999 7,349 7,349 Deposits with financial institutions - - 18 - - 18 18 Mortgage loans - - 10,157 - - 10,157 9,025 Other 29 - 1 773 4,239 5,040 5,040 Total 50,354 10 10,227 2,526 9,386 72,504 71,371 2022 Financial assets, excluding derivatives, by measurement category FVOCI (With recycling) FVOCI (no recycling) Amortized cost FVPL (designated) FVPL (mandatory) Total Fair value Investments where Aegon bears the risk for investment performance Shares - 10 - - 348 358 358 Debt securities 51,607 - - 1,241 799 53,647 53,647 Money market and other short-term investments 2,576 - - 167 2,876 5,618 5,618 Deposits with financial institutions - - 45 - - 45 45 Mortgage loans - - 10,406 - - 10,406 9,218 Other 31 - 1 532 4,056 4,619 4,619 Total 54,214 10 10,453 1,940 8,079 74,694 73,505 In both 2022 and 2023 no significant transactions took place with respect to Shares recognized at FVOCI. No 0 2023 2022 Financial assets, excluding derivatives, by measurement category FVPL (designated) FVPL (designated) Investments where policyholders bear the risk for investment performance Shares 16,191 15,505 Debt securities 6,172 5,694 Money market and other short-term investments 1,346 1,263 Unconsolidated investment funds 167,411 154,741 Deposits with financial institutions 2,271 2,360 Total 193,390 179,563 |
Summary of Investments in Real Estate | 2023 2022 On January 1 502 3,206 Additions 42 41 Subsequent expenditure capitalized 2 12 Disposals (18 ) (83 ) Fair value gains / (losses) (50 ) (112 ) Transfers to disposal groups - (2,545 ) Transfers to other headings - 7 Net exchange differences 9 (24 ) On December 31 488 502 Value of Aegon’s properties, which were appraised in the current year 99 % 99 % Appraisals performed by independent external appraisers 95 % 95 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Derivative Asset and Liability | Derivative assets Derivative liabilities Insurance related Insurance related 2023 Insurance contracts Invest- ment contracts with DPF Insurance contracts Invest- ment contracts with DPF Derivatives Direct Part. Without direct part. Direct Part. Non- Insurance related Total Direct Part. Without direct part. Direct Part. Non-Insur- ance related Total FVPL - mandatorily Derivatives not designated in a hedge 35 1,171 25 7 1,238 296 823 300 47 1,466 Derivatives designated as fair value hedges - 4 - 1 4 - 4 - - 4 Derivatives designated as cash flow hedges - 147 - - 147 - 961 - - 961 Derivatives designated as net foreign investment hedges - - - 39 39 - - - 48 48 Total 35 1,322 25 46 1,429 296 1,788 300 96 2,479 Segregated by: Derivatives where Aegon bears the risk for financial performance - 1,322 - 40 1,361 - 1,788 - 90 1,878 Derivatives where the policyholder bears the risk for financial performance 35 - 25 7 67 296 - 300 5 601 Derivative assets Derivative liabilities Insurance related Insurance related 2022 Insurance contracts Invest- ment contracts with DPF Insurance contracts Invest- ment contracts with DPF Derivatives Direct Part. Without direct part. Direct Part. Non- Insurance related Total Direct Part. Without direct part. Direct Part. Non-Insur- ance related Total FVPL - mandatorily Derivatives not designated in a hedge 29 2,392 20 5 2,445 344 3,182 366 65 3,958 Derivatives designated as fair value hedges - 3 - - 4 - 4 - - 4 Derivatives designated as cash flow hedges - 204 - - 204 - 1,108 - - 1,108 Derivatives designated as net foreign investment hedges - - - 118 118 - - - 104 104 Total 29 2,599 20 123 2,771 344 4,295 366 170 5,175 Segregated by: Derivatives where Aegon bears the risk for financial performance - 2,599 - 119 2,718 - 4,295 - 165 4,459 Derivatives where the policyholder bears the risk for financial performance 29 - 20 5 53 344 - 366 5 715 |
Derivatives Not Designated In Hedge | Derivatives not designated in a hedge Derivative asset Derivative liability Derivatives not designated in a hedge – where Aegon bears the risk 2023 2022 2023 2022 Derivatives held as an economic hedge 1,171 2,392 812 3,197 Bifurcated embedded derivatives - - 53 46 Total 1,171 2,392 865 3,242 |
Credit Derivative Disclosure By Quality | 2023 2022 Credit derivative disclosure by quality Notional Fair value Notional Fair value AAA 3 - 5 - AA 97 1 177 2 A 1,021 16 964 9 BBB 2,746 52 3,446 18 BB 119 1 144 (1 ) B or lower 57 - 86 - Total 4,043 71 4,820 28 |
Disclosure of gain (loss) on fair value hedge ineffectiveness | Hedge ineffectiveness and reclassification of gains (losses) 2023 2022 Hedge ineffectiveness on cash flow hedges 3 (3 ) Gains (losses) reclassified from equity into the income statement 20 (102 ) Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 114 116 |
Summary of Cash Flows are Expected to Occur | The periods when the cash flows are expected to occur are as follows: < 1yr 1 < 2 yrs 2 < 3 yrs 3 < 4 yrs 4 < 5 yrs > 5 yrs Total 2023 Cash inflows 282 253 260 286 341 7,509 8,930 Cash outflows 560 224 244 266 271 12,248 13,813 Net cash flows (277 ) 28 16 19 70 (4,740 ) (4,883 ) < 1yr 1 < 2 yrs 2 < 3 yrs 3 < 4 yrs 4 < 5 yrs > 5 yrs Total 2022 Cash inflows 1,552 1,295 1,060 964 933 10,039 15,843 Cash outflows 1,937 1,285 1,037 962 934 17,914 24,068 Net cash flows (385 ) 10 23 3 (2 ) (7,875 ) (8,225 ) |
Summary of Information about Terms and Conditions of Hedging Instruments | The following table sets out the maturity profile and average price/rate of the hedging instruments used in Aegon’s hedging strategies: 2023 Maturity Up to 1 month 1-3 months 3-12 months 1-5 years > 5 years Fair value hedges Interest rate contracts Notional - - - 88 21 Foreign exchange contracts Notional - - - - 8 Cash flow hedges Interest rate contracts Notional - - - - 5,540 Average fixed interest rate - - - - 2.83 % Foreign exchange contracts Notional - - - 121 835 Average exchange rate EUR/USD - - - 1.16 1.13 Average exchange rate EUR/GBP - - - - - Average exchange rate USD/EUR - - - 0.87 0.88 Average exchange rate USD/GBP - - - 0.74 0.76 Average exchange rate GBP/EUR - - - 1.35 1.32 Average exchange rate GBP/USD - - - - - Net investment hedges Foreign exchange - FX forward Notional (8 ) (1 ) - - - Average exchange rate EUR/USD 0.91 0.91 - - - Average exchange rate EUR/GBP 1.15 - - - - 2022 Maturity Up to 1 month 1-3 months 3-12 months 1-5 years > 5 years Fair value hedges Interest rate contracts Notional - - - 87 26 Foreign exchange contracts Notional - - - - 8 Cash flow hedges Interest rate contracts Notional - - - - 6,738 Average fixed interest rate - - - - 2.90% Foreign exchange contracts Notional - - - 88 788 Average exchange rate EUR/USD - - - 1.18 1.14 Average exchange rate EUR/GBP - - - - - Average exchange rate USD/EUR - - - 0.85 0.88 Average exchange rate USD/GBP - - - 0.75 0.75 Average exchange rate GBP/EUR - - - - - Average exchange rate GBP/USD - - - 1.34 1.34 Net investment hedges Foreign exchange - FX forward Notional (4 ) 23 (5 ) - - Average exchange rate EUR/USD 0.94 0.94 0.94 - - Average exchange rate EUR/GBP 1.13 1.13 1.13 - - |
Summary of Detailed Information about Hedging Instruments | 2023 Carrying amounts Notional Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Fair value hedges Interest rate contracts 109 1 4 - Foreign exchange contracts 8 4 - 1 Cash flow hedges Interest rate contracts 5,540 42 950 106 Foreign exchange contracts 956 105 11 (44 ) Net investment hedges Foreign exchange - FX forward (9 ) 39 48 - 2022 Carrying amounts Notional Assets Liabilities Changes in fair value used for calculating hedge ineffectiveness Fair value hedges Interest rate contracts 113 - 4 (3 ) Foreign exchange contracts 8 3 - - Cash flow hedges Interest rate contracts 6,738 55 1,102 (383 ) Foreign exchange contracts 876 149 6 116 Net investment hedges Foreign exchange - FX forward 14 118 104 - |
Summary of Detailed Information About Hedged Items | The following table contains details of the hedged exposures covered by Aegon’s hedging strategies that are booked under line item “Derivatives” in the consolidated statement of financial position: 2023 Carrying amounts Accumulated amount of fair value adjustments on the hedged item Cash flow hedge / currency translation reserve Assets Liabilities Assets Liabilities Balance sheet line item Change in fair value of hedged item for ineffec- tiveness assessment Continuing hedges Discontinued hedges Fair value hedges Corporate Debt Hedge Program - 67 - (13 ) Trust pass-through securities 3 n.a. n.a. Offshore Liability Hedge Program - 12 - 2 Investment contracts without discretionary participating features - n.a. n.a. Synthetic Asset Fair value hedges 34 - 4 - Investments 1 n.a. n.a. Cash flow hedges Synethetic Asset Cash flow hedges 2,672 - - - Investments 11 87 - Life & Health Liability Investment Risk Hedge Program n.a. n.a. n.a. n.a. n.a. 5 (348 ) 232 Long Term Care (LTC) Liability Hedge Program n.a. n.a. n.a. n.a. n.a. 1 (15 ) 1,085 IMD Payout Hedge n.a. n.a. n.a. n.a. n.a. - - 29 TRS (Vivendi) Hedge n.a. n.a. n.a. n.a. n.a. - - 3 Net investment hedges Investments in foreign operations n.a. n.a. n.a. n.a. n.a. - (324 ) - 1 n.a. in above table should be read as “not applicable”. 2022 Carrying amounts Accumulated amount of fair value adjustments on the hedged item Cash flow hedge / currency translation reserve Assets Liabilities Assets Liabilities Balance sheet line item Change in fair value of hedged item for ineffec- tiveness assessment Continuing Discontinued Fair value hedges Corporate Debt Hedge Program - 72 - (10 ) Trust pass-through 15 n.a. n.a. Offshore Liability Hedge Program - 12 - 2 Investment contracts without discretionary participating features (3 ) n.a. n.a. Synthetic Asset Fair value hedges 34 - 3 - Investments (8 ) n.a. n.a. Cash flow hedges Synethetic Asset Cash flow hedges 3,127 n.a. n.a. n.a. Investments (1,667 ) 82 Life & Health Liability Investment Risk Hedge Program n.a. n.a. n.a. n.a. n.a. (586 ) (365 ) 393 Long Term Care (LTC) Liability Hedge Program n.a. n.a. n.a. n.a. n.a. (129 ) (17 ) 1,177 IMD Payout Hedge n.a. n.a. n.a. n.a. n.a. - - 31 TRS (Vivendi) Hedge 4 Net investment hedges Investments in foreign operations n.a. n.a. n.a. n.a. n.a. - (371 ) - 1 n.a. in above table should be read as “not applicable”. |
Summary of Information Regarding the Effectiveness of the Hedging | The following table contains information regarding the effectiveness of the hedging relationships designated by Aegon, as well as the impacts on profit or loss and other comprehensive income that are booked under line item “Results from financial transactions” (including the reclassified amount where applicable): 2023 Amounts reclassified from reserves to P&L as Gains / (loss) recognized in OCI Hedge ineffective- ness recognized in P&L P&L line item that includes hedge ineffectiveness hedged cash flows will no longer occur hedged item affected P&L Fair value hedges Interest rate contracts n.a. (3 ) Results from financial transactions n.a. n.a. Foreign exchange contracts n.a. - Results from financial transactions n.a. n.a. Cash flow hedges Interest rate contracts - - Results from financial transactions - - Foreign exchange contracts - (2 ) Results from financial transactions - - Net investment hedges Foreign exchange - FX forward - - Results from financial transactions - - 1 n.a. in above table should be read as “not applicable”. 2022 Amounts reclassified from reserves to P&L as Gains / (loss) recognized in OCI Hedge ineffectiveness recognized in P&L P&L line item that includes hedge ineffectiveness hedged cash flows will no longer occur hedged item affected P&L Fair value hedges Interest rate contracts n.a. 1 Results from financial transactions n.a. n.a. Foreign exchange contracts n.a. (4 ) Results from financial transactions n.a. n.a. Cash flow hedges Interest rate contracts - 1 Results from financial transactions - - Foreign exchange contracts - 2 Results from financial transactions - - Net investment hedges Foreign exchange - FX forward - - Results from financial transactions - - 1 n.a. in above table should be read as “not applicable”. |
Summary of Nominal Amount and Fair Value of Credit Derivatives | The following table shows reconciliation of nominal amount and fair value of credit derivatives that have been used to manage the credit risk of financial instruments designated as FVPL: CDSs Credit derivative disclosure by quality Nominal amount Fair value On January 1, 2023 4,820 28 Increase/(Decrease) during the year (778 ) 43 On December 31, 2023 4,043 71 CDSs Credit derivative disclosure by quality Nominal amount Fair value On January 1, 2022 4,449 70 Increase/(Decrease) during the year 371 (42 ) On December 31, 2022 4,820 28 |
Investments in joint ventures_2
Investments in joint ventures and associates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments In Associates Subsidaries And Joint Venture | Joint ventures Associates 2023 2022 2023 2022 On January 1 1,430 1,715 165 1,289 Additions 49 30 2,765 40 Disposals - (81 ) (12 ) (8 ) Share in net income 196 289 103 4 Share in changes in equity (note 25.6) (2 ) (33 ) (9 ) 3 Impairment losses - - (25 ) (9 ) Dividend (211 ) (79 ) (81 ) (58 ) Net exchange difference (32 ) (28 ) - (1 ) Transfers to disposal groups - (382 ) - (1,096 ) On December 31 1,430 1,430 2,906 165 |
Summary of Financial Information of Joint Ventures | Santander Spain Life AIFMC Other Joint ventures 2023 2022 2023 2022 2023 2022 Summarized statement of financial position Cash and cash equivalents 18 23 421 392 47 99 Other current assets 76 73 654 836 840 561 Total current assets 94 96 1,075 1,229 887 660 Non-current 1,056 1,068 - 200 6,234 5,325 Total assets 1,150 1,164 1,075 1,429 7,121 5,985 Other current liabilities 64 95 (149 ) 526 643 499 Total current liabilities 64 95 (149 ) 526 643 500 Non-current - - - - 64 67 Other non-current 403 410 414 - 5,257 4,351 Total non-current 403 410 414 - 5,321 4,418 Total liabilities 467 506 265 526 5,964 4,918 Net assets 683 658 810 903 1,157 1,067 Summarized statement of comprehensive income Revenue 482 265 478 644 2,586 2,267 Results from financial transactions - - - - - (2 ) Depreciation and amortization (32 ) (30 ) (5 ) (4 ) (27 ) (28 ) Interest income 4 1 10 9 117 103 Interest expense - - - - (10 ) (7 ) Profit or loss 97 79 193 330 259 258 Income tax (expense) or income (24 ) (18 ) (53 ) (92 ) (88 ) (53 ) Post-tax 73 61 140 238 170 205 Other comprehensive income 9 (24 ) - - 32 (41 ) Total comprehensive income 82 37 140 238 203 164 Dividends received 58 30 122 - 211 54 |
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 2023 2022 2023 2022 2023 2022 Net assets of joint venture as presented above 683 658 810 903 1,157 1,067 Net assets of joint venture excluding goodwill 603 578 809 902 1,030 972 Group share of net assets of joint venture, excluding goodwill 308 295 397 471 518 488 Goodwill on acquisition 80 80 1 1 128 95 Carrying amount 387 375 397 471 646 584 |
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 2023 2022 2023 2022 2023 2022 Post-tax 37 31 69 116 90 105 Other comprehensive income 4 (12 ) - - 17 (21 ) Total comprehensive income 42 19 69 116 107 84 |
Schedule Of Financial Information Of Associates | The income statement includes the a.s.r. results for the period July 4, 2023 to December 31, 2023. a.s.r. 2023 Summarized statement of financial position Investments 92,177 Derivatives 12,907 Other assets 45,673 Total assets 150,758 Insurance liabilities 99,475 Borrowings and subordinated liabilities 8,386 Derivatives 10,132 Other liabilities 23,467 Total liabilities 141,460 Non-controlling 35 Other equity instruments 974 Total other equity components 1,008 Net assets 8,289 a.s.r. 2023 Summarized statement of comprehensive income Insurance revenues 4,944 Insurance service result 274 Profit or loss from continuing operations 450 Income tax expense or income (103 ) Post-tax 347 Post-tax - Other comprehensive income - that may be recycled to profit or loss 17 Other comprehensive income - that will not be recycled to profit or loss (58 ) Total comprehensive income 306 Dividends received 68 Group share 29,98 Group share of post-tax 110 Group share of other comprehensive income (12 ) a.s.r. 2023 Net assets of a.s.r. as presented above 8,289 Net assets of a.s.r., excluding goodwill, fair value adjustments and other equity transactions 8,180 Group share of net assets of a.s.r., excluding goodwill, fair value adjustments and other equity transactions 2,453 Fair value adjustments 47 Goodwill on acquisition 117 Carrying amount of investment in a.s.r. 2,618 The following tables includes associates that Aegon considered immaterial. Other Associates 2023 2022 Summarized statement of financial position Current assets 309 105 Non-current 725 139 Total assets 1,034 244 Current liabilities 217 37 Non-current 17 45 Total current liabilities 235 82 Net assets 799 162 Summarized statement of comprehensive income Post-tax (7 ) (11 ) Other comprehensive income 6 2 Total comprehensive income (1 ) (9 ) Dividends received 11 28 Carrying amount 288 165 |
Deferred expenses (Tables)
Deferred expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Amounts Arising From Insurance Contracts | 2023 2022 Deferred transaction costs for investment management services 447 452 Current 20 29 Non-current 427 424 |
Summary of Deferred Costs Arising From Insurance Contracts | Deferred transaction costs On January 1, 2023 452 Costs deferred during the year 29 Amortization through income statement (21 ) Net exchange differences (14 ) On December 31, 2023 447 On January 1, 2022 428 Costs deferred during the year 28 Amortization through income statement (28 ) Net exchange differences 25 On December 31, 2022 452 |
Other assets and receivables (T
Other assets and receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Other Assets and Receivables | Note 2023 2022 Real estate held for own use and equipment 23.1 258 324 Receivables 23.2 3,567 7,857 Accrued income 23.3 736 814 Right-of-use 23.4 150 158 On December 31 4,712 9,153 |
Summary of Real Estate Held for Own Use and Equipment | Total real estate held for own use and equipment 2023 2022 Real estate held for own use 64 73 Equipment 194 251 On December 31 258 324 Real estate held for own use 2023 2022 Cost On January 1 73 185 Capitalized subsequent expenditure 1 1 Disposals - (32 ) Unrealized gains/(losses) through equity (2 ) (1 ) Depreciation through income statement (2 ) (4 ) Impairment losses (3 ) - Transfers to disposal groups - (76 ) Net exchange differences (2 ) 4 Other - (4 ) On December 31 64 73 Gross carrying value 87 96 Accumulated depreciation and impairments (23 ) (23 ) Net book value on December 31 64 73 Real estate held for own use: Carrying amount under a historical cost model 70 72 % of real estate appraised in the current year 76% 7% % of appraisals performed by independent external appraisers 100% 100% Equipment 2023 2022 Cost On January 1 251 270 Additions 62 72 Acquisitions through business combinations - 2 Disposals (47 ) (6 ) Depreciation through income statement (66 ) (71 ) Transfers to disposal groups - (27 ) Net exchange differences (6 ) 13 Other - (1 ) On December 31 194 251 Gross carrying value 602 636 Accumulated depreciation and impairments (408 ) (386 ) Net book value on December 31 194 251 |
Summary of Receivables | 2023 2022 Loans to associates 8 8 Receivables from policyholders 137 142 Receivables from brokers and agents 239 256 Cash outstanding from assets sold 133 134 Trade receivables 178 881 Cash collateral 516 3,372 Income tax receivable 172 294 Other 2,194 2,899 Expected credit losses (10 ) (129 ) On December 31 3,567 7,857 Current 3,564 7,843 Non-current 2 13 |
Summary of Movements in the Expected Credit Losses | 2023 2022 On January 1 (129 ) (113 ) Expected credit losses (29 ) (18 ) Reversal of expected credit losses - 2 Transfers to disposal groups - 4 Other movements 148 (5 ) On December 31 (10 ) (129 ) |
Summary of Accrued Income | 2023 2022 Accrued interest 736 813 Other - 1 On December 31 736 814 Current 736 814 |
Summary of information about right of use assets | Real estate for own use Equipment Other Total Net Book Value On January 1, 2023 143 14 1 158 Additions 19 4 3 26 Disposals (1 ) - - (1 ) Modification of lease contracts 2 - - 2 Depreciation through income statement (24 ) (8 ) (1 ) (32 ) On December 31, 2023 138 10 3 150 Gross carrying value 247 37 7 290 Accumulated depreciation (109 ) (27 ) (3 ) (140 ) Net book value 2023 138 10 3 150 Net Book Value On 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 to disposal groups (28 ) - - (28 ) Net exchange differences (2 ) 1 - (2 ) Other 2 - - 2 On December 31, 2022 143 14 1 158 Gross carrying value 256 35 4 295 Accumulated depreciation (113 ) (21 ) (3 ) (138 ) Net book value 2022 143 14 1 158 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Intangible Assets | Goodwill Future servicing rights Software Other Total Net book value On January 1, 2023 316 59 21 25 420 Additions - 122 41 3 166 Amortization through income statement - (11 ) (8 ) (2 ) (21 ) Business combinations, disposals and other changes (18 ) (38 ) (5 ) 8 (54 ) Net exchange differences (6 ) - - - (7 ) On December 31, 2023 291 131 48 33 504 Gross carrying value 411 298 71 56 835 Accumulated amortization, depreciation and impairment losses (120 ) (166 ) (23 ) (23 ) (331 ) Net book value 2023 291 131 48 33 504 Net book value On January 1, 2022 391 68 83 43 585 Additions - - 20 6 26 Amortization through income statement - (9 ) (16 ) (5 ) (30 ) Business combinations, disposals and other changes 11 (1 ) (27 ) 12 (5 ) Net exchange differences 10 1 (2 ) - 9 Transfers to disposal groups (97 ) - (37 ) (32 ) (165 ) On December 31, 2022 316 59 21 25 420 Gross carrying value 487 344 85 46 963 Accumulated amortization, depreciation and impairment losses (171 ) (286 ) (64 ) (21 ) (543 ) Net book value 2022 316 59 21 25 420 |
Summary of Geographically Cash-generating Units to Goodwill | A summary of the cash-generating units to which the goodwill is allocated is as follows: 2023 2022 Americas 201 208 United Kingdom 56 54 International - 18 Asset Management 34 35 On December 31 291 316 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Issued Share Capital and Reserves Attributable to Shareholders | Issued share capital and reserves attributable to shareholders of Aegon Ltd. Note 2023 2022 Share capital – par value 25.1 265 319 Share premium 25.2 6,853 6,853 Total share capital 7,118 7,172 Retained earnings 5,099 7,770 Treasury shares 25.3 (346 ) (668 ) Total retained earnings 4,753 7,103 Revaluation reserves 1) 25.4 (3,770 ) (4,563 ) Remeasurement of defined benefit plans 2) 25.5 (1,006 ) (1,565 ) Other reserves 3) 25.6 379 669 Total shareholders’ equity 7,475 8,815 1 Included in the 2022 Revaluation reserves is an amount of EUR (31) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 2 Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (675) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 3 Included in the 2022 Other reserves is an amount of EUR 15 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations |
Schedule of Share Capital Transactions Relating To Common Shares A | 2023 2022 Share capital transactions relating to common shares Number of shares (thousands) Number of shares (thousands) Transactions in 2023: Cancellation of shares (451,140 ) 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 1 Dividend distribution paid from treasury shares (note 25.3) |
Summary of Share Capital - Par Value | 2023 2022 Common shares 218 253 Common shares B 47 66 On December 31 265 319 Common shares 2023 2022 Authorized share capital 480 720 Number of authorized shares (in million) 4,000 6,000 Par value in cents per share 12 12 Common shares B 2023 2022 Authorized share capital 240 360 Number of authorized shares (in million) 2,000 3,000 Par value in cents per share 12 12 Common shares Common shares B Number of shares (thousands) Total amount Number of shares (thousands) Total amount On December 31, 2021 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - On December 31, 2022 2,109,430 253 546,196 66 Shares withdrawn (294,703 ) (35 ) (156,437 ) (19 ) Dividend - - - - On December 31, 2023 1,814,727 218 389,759 47 Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2022 2,107,315 559,906 2023 2,067,119 523,149 |
Summary of Share Premium | 2023 2022 On January 1 6,853 7,033 Share dividend - (180 ) On December 31 6,853 6,853 Share premium relating to: - Common shares 5,200 5,200 - Common shares B 1,653 1,653 Total share premium 6,853 6,853 |
Summary of Movements in the Number of Treasury Common Shares | Movements in the number of treasury common shares held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 145,821 662 70,958 262 Transactions in 2023: Purchase: 1 transaction, average price EUR 5.00 8,516 43 Sale: 2 transactions, average price EUR 4.46 (4,924 ) (22 ) Purchase: 1 transaction, average price EUR 4.27 46,798 200 Sale: 1 transaction, average price EUR 4.46 (69 ) - Share withdrawn: 1 transaction, average price EUR 4.59 (79,703 ) (366 ) Purchase: 2 transactions, average price EUR 4.77 170,881 815 Share Withdrawn: 1 transaction, average price EUR 4.59 (215,000 ) (986 ) 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 On December 31 72,320 346 145,821 662 Movements in the number of treasury common shares B held by Aegon Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 51,763 6 30,589 3 Transactions in 2023: Share withdrawn: 1 transaction, average price EUR 0.11 (43,817 ) (5 ) Purchase: 1 transaction, average price EUR 0.13 112,619 15 Share withdrawn: 1 transaction, average price EUR 0.13 (112,619 ) (15 ) 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 On December 31 7,945 1 51,763 6 |
Summary of Weighted Average Number of Treasury Shares | Weighted average number of treasury shares, including treasury shares held by subsidiaries (thousands) Weighted average number of treasury shares B (thousands) 2022 97,807 23,696 2023 188,403 33,035 |
Summary of Revaluation Reserves | Investments measured at fair value through OCI Real estate held for own use Cash flow hedging reserve Insurance contracts Reinsurance contracts held Total On January 1, 2023 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) Gross revaluation 1,552 (2 ) (62 ) (1,626 ) 349 211 Net (gains) / losses transferred to income statement 706 - (130 ) - - 577 Foreign currency translation differences 138 - (31 ) (47 ) 82 142 Tax effect (487 ) - 42 397 (126 ) (174 ) Disposal of group assets 42 (3 ) - - - 38 On December 31, 2023 (3,300 ) 9 842 939 (2,261 ) (3,770 ) On January 1, 2022 6,810 32 1,100 (11,291 ) 768 (2,580 ) Gross revaluation (16,743 ) (1 ) (66 ) 18,680 (4,672 ) (2,803 ) Net (gains) / losses transferred to income statement 541 - (126 ) - - 415 Foreign currency translation differences 588 - 74 (931 ) 95 (174 ) Tax effect 3,499 - 42 (4,211 ) 1,243 574 Disposal of group assets 46 (16 ) - (31 ) - (2 ) Other 7 - - - - 7 On December 31, 2022 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) |
Summary of Revaluation Reserve for Investments Measured at FVOCI | The closing balances of the revaluation reserve for investments measured at FVOCI relate to the following instruments: 2023 2022 Shares 2 2 Debt securities (3,297 ) (5,249 ) Money market and other short-term investments (5 ) (5 ) Revaluation reserve for investments measured at FVOCI (3,300 ) (5,251 ) |
Summary of Remeasurement of Defined Benefit Plans | 2023 2022 On January 1 (1,565 ) (2,199 ) Remeasurements of defined benefit plans (110 ) 904 Tax effect 17 (250 ) Net exchange differences 14 (20 ) Disposal of a business 638 - Total remeasurement of defined benefit plans (1,006 ) (1,565 ) |
Summary of Other Reserves | 25.6 Other reserves Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total On January 1, 2023 1,108 (371 ) (68 ) 669 Movement in foreign currency translation and net foreign investment hedging reserves (290 ) 54 - (236 ) Disposal of a business (29 ) - (15 ) (45 ) Tax effect 10 (6 ) - 3 Equity movements of joint ventures - - (2 ) (2 ) Equity movements of associates - - (9 ) (9 ) On December 31, 2023 798 (324 ) (95 ) 379 On January 1, 2022 596 (338 ) - 258 Movement in foreign currency translation and net foreign investment hedging reserves 436 (116 ) (2 ) 318 Disposal of a business 104 67 (36 ) 135 Tax effect (28 ) 16 - (12 ) Equity movements of joint ventures - - (33 ) (33 ) Equity movements of associates - - 3 3 On December 31, 2022 1,108 (371 ) (68 ) 669 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Shareholders' Equity | Share capital Share premium Revaluation account Legal reserves FCTR Legal reserves group companies Retained earnings Remeasurement of defined benefit plans of group companies Treasury shares Net result Total On January 1, 2023 1) 319 6,853 (4,551 ) 736 2,821 5,439 (1,565 ) (668 ) (569 ) 8,815 Net result 2022 retained - - - - - (569 ) - - 569 - Net result 2023 recognized in the income statement - - - - - - - (179 ) (179 ) Total net result - - - - - (569 ) - - 390 (179 ) Foreign currency translation differences and movement in foreign investment hedging reserves - - - (262 ) - - 14 - - (248 ) Changes in revaluation in subsidiaries - - 799 - - - - - - 799 Changes in revaluation reserve real estate held for own use - - (6 ) - - - - - - (6 ) Remeasurement of defined benefit plans of group companies - - - - - - 545 - - 545 Disposal of group assets - - - - - (634 ) - - - (634 ) Changes and transfer to legal reserve - - (2 ) - (1,687 ) 1,662 - - - (27 ) Other - - - - - 9 - - - 9 Total other comprehensive income / (loss) - - 791 (262 ) (1,687 ) 1,037 559 - - 438 Shares withdrawn (54 ) - - - - 54 - - - - Dividends paid on common shares - - - - - (495 ) - - - (495 ) Issuance and purchase of treasury shares - - - - - (1,374 ) - 322 - (1,052 ) Dividend withholding tax reduction - - - - - 1 - - - 1 Coupons on perpetual securities - - - - - (48 ) - - - (48 ) Incentive plans - - - - - (5 ) - - - (5 ) On December 31, 2023 265 6,853 (3,760 ) 474 1,134 4,039 (1,006 ) (346 ) (179 ) 7,475 1 Opening balance as per January 1, 2023, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. Share capital Share premium Revaluation account Legal reserves FCTR Legal reserves group companies Retained earnings Remeasurement of defined benefit plans of group companies Treasury shares Net result Total Opening balance (IAS 39 / IFRS 4 on January 1, 2022 1) 321 7,033 6,453 258 2,316 7,924 (2,199 ) (273 ) 1,980 23,813 IFRS 9/17 opening balance impacts - - (9,021 ) - - (3,782 ) 8 - 12,795 Restated opening balance on January 1, 2022 321 7,033 (2,568 ) 258 2,316 4,142 (2,199 ) (265 ) 1,980 11,018 Net result 2021 retained - - - - - 1,980 - - (1,980 ) - Net result 2022 recognized in the income statement - - - - - - - - (569 ) (569 ) Total net result - - - - - 1,980 - - (2,549 ) (569 ) Foreign currency translation differences and movement in foreign investment hedging reserves - - - 478 - - (20 ) - - 458 Changes in revaluation in subsidiaries - - (1,966 ) - - - - - - (1,966 ) 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 - - - - 506 (573 ) - - - (68 ) Other - - - - - 40 - - - 40 Total other comprehensive income / (loss) - - (1,983 ) 478 506 (517 ) 635 - - (881 ) 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 ) On December 31, 2022 319 6,853 (4,551 ) 736 2,821 5,439 (1,565 ) (668 ) (569 ) 8,815 1 Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Aegon Ltd. [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 Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 145,821 662 70,958 262 Transactions in 2023: Purchase: 1 transaction, average price EUR 5.00 8,516 43 Sale: 2 transactions, average price EUR 4.46 (4,924 ) (22 ) Purchase: 1 transaction, average price EUR 4.27 46,798 200 Sale: 1 transaction, average price EUR 4.46 (69 ) (0 ) Share withdrawn: 1 transaction, average price EUR 4.59 (79,703 ) (366 ) Purchase: 2 transactions, average price EUR 4.77 170,881 815 Share Withdrawn: 1 transaction, average price EUR 4.59 (215,000 ) (986 ) 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 On December 31 72,320 345 145,821 662 |
Aegon Ltd. [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 Ltd. were as follows: 2023 2022 Number of shares (thousands) Amount Number of shares (thousands) Amount On January 1 51,763 6 30,589 3 Transactions in 2023: Share withdrawn: 1 transaction, average price EUR 0.11 (43,817 ) (5 ) Purchase: 1 transaction, average price EUR 0.13 112,619 15 Share withdrawn: 1 transaction, average price EUR 0.13 (112,619 ) (15 ) 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 On December 31 7,945 1 51,763 6 |
Other equity instruments (Table
Other equity instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual contingent convertible securities Junior perpetual capital securities Perpetual cumulative subordinated bonds Share options and incentive plans 1) Total On January 1, 2023 500 923 454 66 1,943 Shares granted / Share options cost incurred - - - 33 33 Shares vested / Share options forfeited - - - (25 ) (25 ) On December 31, 2023 500 923 454 74 1,951 On January 1, 2022 500 1,352 454 57 2,363 Shares granted / Share options cost incurred - - - 32 32 Shares vested / Share options forfeited - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) On December 31, 2022 500 923 454 66 1,943 1 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 2023 2022 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 On December 31 500 500 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 2023 2022 USD 500 million floating CMS 1) Quarterly, July 15 2024 402 402 EUR 950 million 3) floating DSL rate 2) Quarterly, July 15 2024 521 521 On December 31 923 923 1 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year 29 ten 2 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year ten 3 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. |
Perpetual cumulative subordinated bonds [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next call 2023 2022 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 On 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 85 |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Disclosure - Other Equity Instruments - Summary of Other Equity Instruments | Perpetual contingent convertible securities Junior perpetual capital securities Perpetual cumulative subordinated bonds Share options and incentive plans 1) Total On January 1, 2023 500 923 454 66 1,943 Shares granted / Share options cost incurred - - - 33 33 Shares vested / Share options forfeited - - - (25 ) (25 ) On December 31, 2023 500 923 454 74 1,951 On January 1, 2022 500 1,352 454 57 2,363 Shares granted - - - 32 32 Shares vested - - - (23 ) (23 ) Securities redeemed - (429 ) - - (429 ) On December 31, 2022 500 923 454 66 1,943 1 Incentive plans include the shares granted to personnel which are not yet vested. |
Aegon Ltd. [member] | Perpetual contingent convertible securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual contingent convertible securities Coupon rate Coupon date Year of next call 2023 2022 EUR 500 million 5.625% 1) Semi-annually, April 15 2029 500 500 On December 31 500 500 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%. |
Aegon Ltd. [member] | Junior perpetual capital securities [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Junior perpetual capital securities Coupon rate Coupon date Year of next call 2023 2022 USD 500 million floating CMS rate 1) Quarterly, July 15 2024 402 402 EUR 950 million 3) floating DSL rate 2) Quarterly, July 15 2024 521 521 On December 31 923 923 1 The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year 29 ten 2 The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year ten 3 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 Ltd. [member] | Perpetual cumulative subordinated bonds [member] | |
Statement [LineItems] | |
Summary of Coupon Details | Perpetual cumulative subordinated bonds Coupon rate Coupon date Year of next call 2023 2022 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 On 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 |
Subordinated borrowings (Tables
Subordinated borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Fixed to floating subordinated notes Coupon rate Coupon date Issue / Maturity Year of next call 2023 2022 EUR 700 million 4% 2) Annually, April 25 2014/ 44 2024 700 699 USD 800 million 5.5% 3) Semi-annually, April 11 2018/ 48 2028 718 743 Fixed subordinated notes USD 925 million 1) 5.1% Quarterly, March 15 2019/ 49 2024 826 852 On December 31 2,244 2,295 Fair value of subordinated borrowings 2,122 2,035 1 Issued by a subsidiary of, and guaranteed by Aegon Ltd. 2 The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335 3 The coupon is fixed at 5.5% until the first call date in 2028 and floating thereafter with a 6 month USD LIBOR (subject to US LIBOR Act) plus a margin of 3.539%. |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Subordinated Borrowings | Coupon rate Coupon date Issue /Maturity Year of next call 2023 2022 Fixed to floating subordinated notes EUR 700 million 4% 1) Annually, April 25 2014/ 44 2024 700 699 USD 800 million 5.5% 2) Semi-annually, April 11 2018/ 48 2028 718 743 On December 31 1,418 1,442 Fair value of subordinated borrowings 1,392 1,372 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 in 2028 and floating thereafter with a 6 month USD LIBOR (subject to US LIBOR Act) plus a margin of 3.539%. |
Trust pass-through securities (
Trust pass-through securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Trust Pass-through Securities | Coupon rate Coupon date Issue / Maturity Year of 2023 2022 USD 225 million 1) 7.65% Semi-annually, December 1 1996/2026 n.a. 67 72 USD 190 million 1) 7.625% Semi-annually, November 15 1997/2037 n.a. 44 46 On December 31 111 118 Fair value of trust pass-through securities 125 133 1 Issued by a subsidiary of, and guaranteed by Aegon Ltd. 2 n.a. in above table should be read as “not applicable”. |
Insurance contracts, reinsura_2
Insurance contracts, reinsurance contracts held and investment contracts with discretionary participating features (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items] | |
Summary of New Contracts Recognized | 2023 New contracts recognized Issued non-onerous Issued onerous Total Present value of cash inflows (5,155 ) (545 ) (5,701 ) Present value of cash outflows, excl. acquisition costs 4,593 583 5,176 Risk adjustment for non-financial 90 22 112 Contractual service margin 473 - 473 (Gain) / loss recognized on initial recognition - 60 60 2022 New contracts recognized Issued non-onerous Issued onerous Total Present value of cash inflows (5,020 ) (475 ) (5,494 ) Present value of cash outflows, excl. acquisition costs 4,447 504 4,951 Risk adjustment for non-financial 98 27 125 Contractual service margin 474 - 474 (Gain) / loss recognized on initial recognition - 57 57 1 The table do not hold results from Aegon the Netherlands; therefore, numbers differ from 29.2.2 Movement schedules by measurement component table New reinsurance contracts recognized, no PAA 2023 Reinsurance Present value of cash inflows 201 Present value of cash outflows (531 ) Risk adjustment for non-financial 42 Contractual service margin 271 Income recognized on initial recognition (17 ) 2022 Present value of cash inflows 251 Present value of cash outflows (259 ) Risk adjustment for non-financial 21 Contractual service margin (13 ) Income recognized on initial recognition (0 ) |
Summary of Contractual Service Margin by Transition Method | Contractual service margin recognized on contracts in-force Insurance contracts Investment contracts with DPF Reinsurance contracts held MRA 1) FVA 2) Other Total CSM MRA FVA Other Total CSM MRA FVA Other Total CSM On January 1, 2023 1,836 4,673 2,420 8,929 - 72 - 72 1 (129 ) 21 (107 ) Changes in estimates that adjust CSM (40 ) (105 ) (32 ) (176 ) - 121 - 121 - 11 (14 ) (4 ) Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts - - - - - - - - - 4 2 6 New contracts issued: non-onerous - - 473 473 - - - - - - 283 283 Earnings released from contractual service margin (191 ) (498 ) (264 ) (952 ) - (17 ) - (17 ) - 9 (34 ) (26 ) Insurance finance income / (expense) 8 159 57 223 - - - - - (21 ) 8 (13 ) Cash flow - contracts disposed - (59 ) - (59 ) - - - - - - - - Net exchange differences (57 ) (128 ) (17 ) (203 ) - 2 - 2 - 6 (5 ) 2 Other 1 (42 ) (68 ) (110 ) - 1 - 1 - (30 ) (33 ) (63 ) On December 31, 2023 1,557 4,000 2,568 8,124 - 180 - 180 - (149 ) 227 78 1 MRA: Modified Retrospective Approach 2 FVA: Fair Value Approach Insurance contracts Investment contracts with DPF Reinsurance contracts held MRA 1) FVA 2) Other Total CSM MRA FVA Other Total CSM MRA FVA Other Total CSM On January 1, 2022 2,639 7,036 2,191 11,866 - 195 - 195 - 238 (5 ) 233 Changes in estimates that adjust CSM (792 ) 1,101 15 323 - (106 ) - (106 ) - 167 (3 ) 164 Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts - - - - - - - — - 3 8 10 New contracts issued: non-onerous - - 493 493 - - - — - (8 ) 26 18 Earnings released from contractual service margin (205 ) (764 ) (260 ) (1,229 ) - (11 ) - (11 ) - 45 (4 ) 42 Insurance finance income / (expense) 9 179 33 221 - - - - - (37 ) - (37 ) Cash flow - contracts disposed - (96 ) - (96 ) - - - - - - - - Net exchange differences 186 246 (45 ) 387 - (6 ) - (6 ) - (17 ) - (17 ) Other - (3,028 ) (7 ) (3,035 ) - - - - - (520 ) - (520 ) On December 31, 2022 1,836 4,673 2,420 8,929 - 72 - 72 1 (129 ) 21 (107 ) 1 MRA: Modified Retrospective Approach 2 FVA: Fair Value Approach |
Summary of Information about Expected Recognition of Contractual Service Margin in Profit or Loss | 2023 2022 Maturity analysis CSM insurance contracts Discounted Discounted <1 year 839 1,076 1-2 756 802 2-3 684 723 3-4 618 654 4-5 559 591 5-10 2,071 2,210 10-20 1,850 2,024 > 20 years 748 849 On December 31 8,124 8,929 2023 2022 Maturity analysis CSM reinsurance contracts held, no PAA Discounted Discounted < 1yr 8 (22 ) 1 < 2 yrs 7 (15 ) 2 < 3 yrs 6 (13 ) 3 < 4 yrs 6 (12 ) 4 < 5 yrs 5 (10 ) 5 < 10 yrs 18 (32 ) 10 - 20 yrs 17 (16 ) > 20 yrs 12 13 On December 31 78 (107 ) |
Summary of Assets and Liabilities for Groups of Insurance Contracts Issued and Reinsurance Contracts Held by Measurement Model | The following tables show the assets and liabilities for groups of insurance contracts issued and reinsurance contracts held by measurement model. Insurance contracts Contracts not measured under the PAA Contracts measured under the PAA Total Portfolios in an asset position 185 - 185 Portfolios in a liability position 177,407 39 177,446 Net balance, on December 31, 2023 177,222 39 177,262 Portfolios in an asset position 36 - 36 Portfolios in a liability position 175,681 439 176,120 Net balance, on December 31, 2022 175,645 439 176,083 Reinsurance contracts held Contracts not measured under the PAA Contracts measured Total Portfolios in an asset position 16,601 7 16,608 Portfolios in a liability position 608 - 608 On December 31, 2023 15,993 7 16,000 Portfolios in an asset position 16,934 6 16,939 Portfolios in a liability position 270 - 270 On December 31, 2022 16,664 6 16,669 |
Summary of Investment Contracts with Discretionary Participating Features | Remaining coverage Investment contracts with DPF - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 21,055 - - 21,055 Net balance, on January 1, 2023 21,055 - - 21,055 Insurance revenue (64 ) - - (64 ) Incurred claims and other insurance service expenses - - 36 36 Insurance service expenses - - 36 36 Investment components (2,417 ) - 2,418 - Insurance service result (2,481 ) - 2,453 (28 ) Insurance finance (income) / expenses (P&L and OCI) 1,921 - - 1,921 Cash flows 423 - (2,453 ) (2,030 ) Other movements 172 - - 172 Net exchange differences 503 - - 503 Net closing balance, on December 31, 2023 21,594 - - 21,594 Closing assets - - - - Closing liabilities 21,594 - - 21,594 Remaining coverage Investment contracts with DPF - by type Excluding loss Loss component Incurred claims Total Opening assets - - - - Opening liabilities 27,392 - - 27,392 Net balance, on January 1, 2023 27,392 - - 27,392 Insurance revenue (74 ) - - (74 ) Incurred claims and other insurance service expenses - - 58 58 Losses (and reversal of losses) on onerous contracts - (5 ) - (5 ) Insurance service expenses - (5 ) 58 54 Investment components (2,254 ) 5 2,250 - Insurance service result (2,328 ) - 2,308 (20 ) Insurance finance (income) / expenses (P&L and OCI) (3,247 ) - - (3,247 ) Cash flows 511 - (2,308 ) (1,797 ) Net exchange differences (1,273 ) - - (1,273 ) Net closing balance, on December 31, 2023 21,055 - - 21,055 Closing assets - - - - Closing liabilities 21,055 - - 21,055 |
Summary of Investments and Other Assets Allocated to Contracts that were not Transitioned Fully Retrospectively | Assets backing up: Insurance Contracts On January 1, 2023 (2,375 ) Gross revaluation 1,137 Net gains/losses transferred to income statement 309 Foreign currency translation differences 55 Tax effect (322 ) Other 47 On December 31, 2023 (1,147 ) Assets backing up: Insurance Contracts On January 1, 2022 6,456 Gross revaluation (12,445 ) Net gains/losses transferred to income statement 425 Foreign currency translation differences 540 Tax effect 2,578 Other 72 On December 31, 2022 (2,375 ) |
Summary of Yield Curve Used to Discount Cash Flows that do not Vary Based on Returns on Underlying Items | Aegon reviews the risk-free last liquid point and ultimate forward rates quarterly which, although expected to be infrequent, may lead to assumption updates if there are significant changes in market conditions. Yield curves (zero coupon rates excluding ILP) December 31, 2023 1 year 5 years 10 years 15 years 20 years EUR 3.36% 2.33% 2.39% 2.47% 2.40% GBP 4.74% 3.35% 3.28% 3.40% 3.43% USD 4.83% 3.89% 3.90% 4.00% 4.39% Yield curves (zero coupon rates excluding ILP) December 31, 2022 1 year 5 years 10 years 15 years 20 years EUR 3.18% 3.10% 3.05% 2.98% 2.73% GBP 4.46% 4.06% 3.71% 3.62% 3.54% USD 4.97% 4.03% 3.83% 3.94% 4.31% |
Summary of Detailed Information about Llliquidity Premium Per Portfolio | Aegon updates the reference portfolio quarterly, and the ILP last liquid point and ILP ultimate forward rate are revised accordingly. The most significant products of Aegon Ltd. are presented below. ILP per portfolio, December 31, 2023 1 year 5 years 10 years 15 years 20 years 30 years Fixed Deferred Annuity 1.15% 1.21% 1.12% 1.11% 1.11% 1.11% Indexed Universal Life 1.20% 1.24% 1.20% 1.18% 1.18% 1.21% Long-Term Care 0.97% 0.98% 0.98% 1.15% 1.20% 1.30% Traditional Life 0.99% 1.01% 1.02% 1.15% 1.19% 1.28% Universal Life 1.01% 1.03% 1.02% 1.13% 1.17% 1.26% Variable Annuities 0.69% 0.69% 0.68% 0.67% 0.64% 0.67% Annuities 0.89% 0.89% 0.89% 0.89% 0.89% 0.76% Individual Protection 0.49% 0.49% 0.49% 0.49% 0.49% 0.40% ILP per portfolio, December 31, 2022 1 year 5 years 10 years 15 years 20 years 30 years Fixed Deferred Annuity 1.44% 1.48% 1.31% 1.12% 1.12% 1.12% Indexed Universal Life 1.48% 1.45% 1.33% 1.22% 1.22% 1.21% Long-Term Care 1.37% 1.38% 1.38% 1.32% 1.32% 1.32% Traditional Life 1.41% 1.42% 1.40% 1.31% 1.31% 1.31% Universal Life 1.43% 1.44% 1.39% 1.29% 1.28% 1.28% Variable Annuities 0.67% 0.67% 0.67% 0.67% 0.67% 0.68% Annuities 1.08% 1.08% 1.08% 1.08% 1.08% 1.03% Individual Protection 0.50% 0.50% 0.50% 0.50% 0.50% 0.42% |
Summary of Morbidity Sensitivity has the Largest Impact and in Aggregate | At the same time, local reinsurers are utilized to ensure a balance for local capacity and diversification. Concentration of underwriting risk Americas United Kingdom International Total Insurance contracts Direct participating contracts 70,436 39,687 193 110,315 Without direct participation contracts 59,873 642 6,432 66,946 Investment contracts with DPF Direct participating contracts - 21,594 - 21,594 On December 31, 2023 130,308 61,922 6,625 198,855 Concentration of underwriting risk Americas United Kingdom International Total Insurance contracts Direct participating contracts 69,163 36,694 187 106,044 Without direct participation contracts 61,730 927 7,383 70,039 Investment contracts with DPF Direct participating contracts - 21,055 - 21,055 On December 31, 2022 130,892 58,676 7,570 197,139 |
Summary of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks | 2023 On net result On shareholders’ equity On CSM Estimated approximate effect Gross of reinsurance Net of reinsurance Gross of reinsurance Net of reinsurance Gross of reinsurance Net of reinsurance Without direct participation contracts 20% increase in lapse rates (95 ) (58 ) (43 ) (7 ) (126 ) (151 ) 20% decrease in lapse rates 57 35 41 18 117 169 5% increase in mortality rates (520 ) (87 ) (443 ) (19 ) (86 ) 11 5% decrease in mortality rates 419 11 338 (62 ) 177 55 10% increase in morbidity rates (139 ) (138 ) (153 ) (152 ) (759 ) (746 ) 10% decrease in morbidity rates 53 53 75 77 908 894 5% increase in expenses (14 ) (12 ) (12 ) (10 ) (133 ) (134 ) 5% decrease in expenses 36 36 35 35 163 164 Direct participating contracts 20% increase in lapse rates 55 48 56 58 (32 ) (336 ) 20% decrease in lapse rates (70 ) (53 ) (65 ) (62 ) 123 428 5% increase in mortality rates (84 ) (78 ) (71 ) (67 ) (699 ) (314 ) 5% decrease in mortality rates (5 ) (16 ) (15 ) (23 ) 835 436 10% increase in morbidity rates - - - - - - 10% decrease in morbidity rates - - - - - - 5% increase in expenses (13 ) (13 ) (13 ) (14 ) (205 ) (201 ) 5% decrease in expenses 12 12 13 13 206 203 Non-life 10% increase in claims (6 ) (5 ) (8 ) (6 ) - - 10% decrease in claims 6 5 9 6 - - 2022 On net result On shareholders’ equity On CSM Estimated approximate effect Gross of Net of Gross of Net of Gross of Net of Without direct participation contracts 20% increase in lapse rates (94 ) (61 ) (34 ) (2 ) 67 (172 ) 20% decrease in lapse rates 72 42 46 15 (83 ) 205 5% increase in mortality rates (507 ) (84 ) (451 ) (33 ) (343 ) (14 ) 5% decrease in mortality rates 422 11 362 (43 ) 430 78 10% increase in morbidity rates (121 ) (119 ) (94 ) (92 ) (833 ) (819 ) 10% decrease in morbidity rates 33 28 11 8 980 969 5% increase in expenses (7 ) (6 ) (2 ) (1 ) (157 ) (152 ) 5% decrease in expenses 5 4 1 - 183 153 Direct participating contracts 20% increase in lapse rates 43 29 69 50 187 29 20% decrease in lapse rates (106 ) (72 ) (125 ) (92 ) 68 188 5% increase in mortality rates (47 ) (22 ) (37 ) (15 ) (565 ) (365 ) 5% decrease in mortality rates 10 (14 ) - (21 ) 623 411 10% increase in morbidity rates - - - - - - 10% decrease in morbidity rates - - - - - - 5% increase in expenses (8 ) (7 ) (7 ) (7 ) (220 ) (219 ) 5% decrease in expenses 5 5 5 5 221 220 Non-life 10% increase in claims (1 ) (1 ) (1 ) (1 ) - - 10% decrease in claims 1 1 1 1 - - |
Investment contract with discretionary participation features [member] | |
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items] | |
Summary of Movement Schedules by Measurement Component | Investment contracts with DPF - by component Best estimate Risk adjustment Contractual Total Opening assets - - - - Opening liabilities 20,874 109 72 21,055 Net balance, on January 1, 2023 20,874 109 72 21,055 Changes in estimates that adjust contractual service margin (152 ) 31 121 - Changes that relate to future service (152 ) 31 121 - Earnings released from contractual service margin - - (17 ) (17 ) Release of risk adjustment - (15 ) - (15 ) Experience adjustments on current service 4 - - 4 Changes that relate to current service 4 (15 ) (17 ) (28 ) Changes that relate to past service - - - - Insurance service result (148 ) 16 104 (28 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features 1,921 - - 1,921 Insurance finance (income) / expenses 1,921 - - 1,921 Premiums received 475 - - 475 Claims, benefits and expenses paid (2,506 ) - - (2,506 ) Cash flows (2,030 ) - - (2,030 ) Other 170 - 1 172 Other movements 170 - 1 172 Net exchange differences 498 3 2 503 Net closing balance, on December 31, 2023 21,285 128 180 21,594 Closing assets - - - - Closing liabilities 21,285 128 180 21,594 270 | Annual Report on Form 20-F 2023 Investment contracts with DPF - by component Best estimate Risk adjustment Contractual Total Opening assets - - - - Opening liabilities 27,064 133 195 27,392 Net balance, on January 1, 2022 27,064 133 195 27,392 Changes in estimates that adjust contractual service margin 110 (3 ) (106 ) - Changes that relate to future service 110 (3 ) (106 ) - Earnings released from contractual service margin - - (11 ) (11 ) Release of risk adjustment - (14 ) - (14 ) Experience adjustments on current service 5 - - 5 Changes that relate to current service 5 (14 ) (11 ) (20 ) Changes that relate to past service - - - - Insurance service result 114 (17 ) (117 ) (20 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features (3,247 ) - - (3,247 ) Insurance finance (income) / expenses (3,247 ) - - (3,247 ) Premiums received 511 - - 511 Claims, benefits and expenses paid (2,308 ) - - (2,308 ) Cash flows (1,797 ) - - (1,797 ) Net exchange differences (1,261 ) (6 ) (6 ) (1,273 ) Net closing balance, on December 31, 2022 20,874 109 72 21,055 Closing assets - - - - Closing liabilities 20,874 109 72 21,055 |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items] | |
Summary of Insurance Contracts and Reinsurance Contracts by Type | Remaining coverage Insurance contracts not measured under PAA - by type Excluding loss component Loss component Incurred claims Total Opening assets 40 (1 ) (2 ) 36 Opening liabilities 163,758 1,455 10,468 175,681 Net opening balance, on January 1, 2023 163,719 1,456 10,470 175,645 Insurance revenue (10,195 ) - - (10,195 ) Incurred claims and other insurance service expenses - (186 ) 8,593 8,407 Amortization of insurance acquisition cash flows 558 - - 558 Losses (and reversal of losses) on onerous contracts - 1,084 - 1,084 Adjustments to liabilities for incurred claims - - 9 9 Insurance service expenses 558 899 8,601 10,058 Investment components (4,834 ) - 4,834 - Insurance service result (14,471 ) 898 13,436 (137 ) Insurance finance (income) / expenses (P&L and OCI) 17,262 81 - 17,343 Cash flows (4,892 ) (150 ) (5,582 ) (10,624 ) Contracts disposed during the period (347 ) - - (347 ) Transfers to disposal groups (1 ) (211 ) (133 ) (345 ) Other movements 20 - - 20 Transfer (to)/from other headings (514 ) (33 ) 36 (512 ) Net exchange differences (3,252 ) (54 ) (515 ) (3,821 ) Net closing balance, on December 31, 2023 157,524 1,987 17,711 177,222 Closing assets 1,589 (1,042 ) (362 ) 185 Closing liabilities 159,113 945 17,349 177,407 Remaining coverage Insurance contracts not measured under PAA - by type Excluding loss Loss component Incurred claims Total Opening assets 780 - (669 ) 110 Opening liabilities 286,352 343 1,407 288,102 Net opening balance, on January 1, 2022 285,572 343 2,076 287,991 Insurance revenue (13,522 ) - - (13,522 ) Incurred claims and other insurance service expenses - (51 ) 11,372 11,321 Amortization of insurance acquisition cash flows 547 - - 547 Losses (and reversal of losses) on onerous contracts - 1,335 - 1,335 Adjustments to liabilities for incurred claims - - 8 8 Insurance service expenses 547 1,284 11,381 13,212 Investment components (4,820 ) (50 ) 4,870 - Insurance service result (17,795 ) 1,234 16,251 (309 ) Insurance finance (income) / expenses (P&L and OCI) (57,191 ) (49 ) - (57,240 ) Cash flows (4,031 ) (33 ) (7,866 ) (11,930 ) Contracts disposed during the period (278 ) - - (278 ) Transfers to disposal groups (51,983 ) (54 ) - (52,037 ) Other movements (28 ) 33 - 5 Net exchange differences 9,453 (19 ) 9 9,442 Net closing balance, on December 31, 2022 163,719 1,456 10,470 175,645 Closing assets 40 (1 ) (2 ) 36 Closing liabilities 163,758 1,455 10,468 175,681 |
Summary of Movement Schedules by Measurement Component | Insurance contracts not measured under PAA - by component Best estimate Risk adjustment Contractual Total Opening assets 100 - (64 ) 36 Opening liabilities 163,381 3,436 8,865 175,681 Net opening balance, on January 1, 2023 163,280 3,435 8,929 175,645 Changes in estimates that adjust contractual service margin (204 ) 380 (176 ) - Changes in estimates that result in (a reversal of) onerous contracts 974 51 - 1,025 New contracts issued – non-onerous (563 ) 90 473 - New contracts issued – onerous 38 22 - 60 Changes that relate to future service 245 542 297 1,084 Earnings released from contractual service margin - - (952 ) (952 ) Release of risk adjustment - (345 ) - (345 ) Experience adjustments on current service 75 - - 75 Revenue recognized for incurred policyholder tax expenses (15 ) - - (15 ) Changes that relate to current service 60 (345 ) (952 ) (1,238 ) Experience adjustments on claims incurred 17 - - 17 Changes that relate to past service 17 - - 17 Insurance service result 322 197 (656 ) (137 ) General model Interest accreted to insurance contracts 2,680 195 223 3,098 Changes in interest rates and other financial assumptions 1,573 14 - 1,587 Revaluation of changes in non-financial 425 (4 ) - 421 Variable fee approach Change in fair value of the underlying assets of products with direct participating features 13,730 - - 13,730 Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option (1,493 ) - - (1,493 ) Insurance finance (income) / expenses 16,915 205 223 17,343 Premiums received 14,203 - - 14,203 Claims, benefits and expenses paid (23,862 ) - - (23,862 ) Acquisition costs paid (936 ) - - (936 ) Other (30 ) - - (30 ) Cash flows (10,624 ) - - (10,624 ) Contracts disposed during the period (283 ) (5 ) (59 ) (347 ) Transfers to disposal groups (59 ) (197 ) (89 ) (345 ) Other 41 - (21 ) 20 Transfer (to)/from other headings (511 ) (1 ) (1 ) (512 ) Other movements (811 ) (203 ) (169 ) (1,184 ) Net exchange differences (3,520 ) (98 ) (203 ) (3,821 ) Net closing balance, on December 31, 2023 165,562 3,537 8,124 177,222 Closing assets 475 (286 ) (4 ) 185 Closing liabilities 166,036 3,251 8,120 177,407 Insurance contracts not measured under PAA - by component Best estimate Risk adjustment Contractual Total Opening assets 1,086 (510 ) (465 ) 110 Opening liabilities 271,870 4,831 11,401 288,102 Net opening balance, on January 1, 2022 270,784 5,341 11,866 287,991 Changes in estimates that adjust contractual service margin 909 (1,232 ) 323 - Changes in estimates that result in (a reversal of) onerous contracts 1,408 (131 ) - 1,277 New contracts issued – non-onerous (595 ) 103 493 - New contracts issued – onerous 27 29 - 56 Changes that relate to future service 1,749 (1,231 ) 816 1,333 Earnings released from contractual service margin - - (1,229 ) (1,229 ) Release of risk adjustment - (359 ) - (359 ) Experience adjustments on current service (47 ) 1 - (46 ) Revenue recognized for incurred policyholder tax expenses 1 - - 1 Changes that relate to current service (46 ) (359 ) (1,229 ) (1,634 ) Experience adjustments on claims incurred (7 ) - - (8 ) Changes that relate to past service (7 ) - - (8 ) Insurance service result 1,695 (1,591 ) (414 ) (309 ) General model Interest accreted to insurance contracts 2,548 156 221 2,925 Changes in interest rates and other financial assumptions (28,114 ) (58 ) - (28,172 ) Revaluation of changes in non-financial (862 ) 19 - (843 ) Variable fee approach Change in fair value of the underlying assets of products with direct participating features (25,351 ) - - (25,351 ) Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option (5,799 ) - - (5,799 ) Insurance finance (income) / expenses (57,578 ) 117 221 (57,240 ) Premiums received 15,444 - - 15,444 Claims, benefits and expenses paid (26,454 ) - - (26,454 ) Acquisition costs paid (892 ) - - (892 ) Other (28 ) - - (28 ) Cash flows (11,930 ) - - (11,930 ) Contracts disposed during the period (177 ) (5 ) (96 ) (278 ) Transfers to disposal groups (48,338 ) (659 ) (3,040 ) (52,037 ) Other - - 5 5 Other movements (48,515 ) (663 ) (3,131 ) (52,310 ) Net exchange differences 8,825 231 387 9,442 Net closing balance, on December 31, 2022 163,280 3,435 8,929 175,645 Closing assets 100 - (64 ) 36 Closing liabilities 163,381 3,436 8,865 175,681 |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | |
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items] | |
Summary of Insurance Contracts and Reinsurance Contracts by Type | Asset for remaining coverage Reinsurance contracts held - Analysis by type, no PAA Excluding loss Loss recovery Asset for Total Opening assets 14,801 1,607 526 16,934 Opening liabilities (217 ) (57 ) 5 (270 ) Net opening balance, on January 1, 2023 14,584 1,549 530 16,664 Changes in the statements of P&L and OCI Net expenses from reinsurance contracts 453 (235 ) (38 ) 181 Other reinsurance finance income / (expenses) 1,026 34 - 1,060 Effect of changes in risk of non-performance (12 ) - - (12 ) Total changes in the statements of P&L and OCI 1,467 (200 ) (37 ) 1,229 Cash flows (397 ) (158 ) (425 ) (979 ) Other movements (424 ) 139 (86 ) (371 ) Net exchange differences (511 ) (34 ) (4 ) (550 ) Net closing balance, on 31 December 31, 2023 14,719 1,296 (22 ) 15,993 Closing assets 16,457 349 (205 ) 16,601 Closing liabilities 1,738 (947 ) (183 ) 608 Asset for remaining coverage Reinsurance contracts held - Analysis by type, no PAA Excluding loss Loss recovery Asset for Total Opening assets 20,704 202 383 21,288 Opening liabilities (1,116 ) - 645 (471 ) Net opening balance, on January 1, 2022 19,588 202 1,028 20,818 Changes in the statements of P&L and OCI Net expenses from reinsurance contracts (1,028 ) 1,380 (103 ) 248 Other reinsurance finance income / (expenses) (3,956 ) 10 - (3,945 ) Investment components (6 ) (2 ) 8 - Effect of changes in risk of non-performance 1 - - 1 Total changes in the statements of P&L and OCI (4,988 ) 1,388 (96 ) (3,696 ) Cash flows (1,021 ) (12 ) (466 ) (1,498 ) Other movements (322 ) (1 ) - (323 ) Net exchange differences 1,327 (28 ) 64 1,363 Net closing balance, on 31 December 31, 2022 14,584 1,549 530 16,664 Closing assets 14,801 1,607 526 16,934 Closing liabilities 217 57 5 270 |
Summary of Movement Schedules by Measurement Component | Reinsurance contracts held - Movement schedule by component, no PAA Best estimate Risk adjustment Contractual Total Opening assets 16,233 1,010 (309 ) 16,934 Opening liabilities (371 ) (101 ) 202 (270 ) Net opening balance, on January 1, 2023 15,862 909 (107 ) 16,664 Changes in estimates that adjust the contractual service margin (3 ) 6 (4 ) - Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts 477 67 6 550 New reinsurance contracts issued / acquired recognized in the year (330 ) 42 271 (17 ) Initial recognition of onerous underlying contracts - - 12 12 Changes that relate to future service 144 114 286 544 CSM recognized for service received - - (26 ) (26 ) Release of risk adjustment - (118 ) - (118 ) Experience adjustment on current service (217 ) - - (217 ) Changes that relate to current service (217 ) (118 ) (26 ) (361 ) Experience adjustment on claims component (2 ) - - (2 ) Changes that relate to past service (2 ) - - (2 ) Net income/expenses of reinsurance held (76 ) (3 ) 260 181 Reinsurance finance income / (expenses) 1,013 48 (13 ) 1,048 Premiums paid, net of received fixed commission 2,642 - - 2,642 Amounts received (3,622 ) - - (3,622 ) Cash flows (979 ) - - (979 ) Other movements (132 ) (176 ) (63 ) (371 ) Other movements (132 ) (176 ) (63 ) (371 ) Net exchange difference (528 ) (23 ) 2 (550 ) Net closing balance, on December 31, 2023 15,160 755 78 15,993 Closing assets 16,184 423 (7 ) 16,601 Closing liabilities (1,024 ) 332 85 (608 ) Notes to the consolidated financial statements Note 29 Reinsurance contracts held - Movement schedule by component, no PAA Best estimate Risk adjustment Contractual Total Opening assets 20,608 1,009 (328 ) 21,288 Opening liabilities (1,617 ) 585 561 (471 ) Net opening balance, on January 1, 2022 18,991 1,594 233 20,818 Changes in estimates that adjust the contractual service margin 244 (408 ) 164 - Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts 655 (58 ) 10 607 New reinsurance contracts issued / acquired recognized in the year (8 ) 21 (13 ) - Initial recognition of onerous underlying contracts - - 31 31 Changes that relate to future service 891 (444 ) 192 638 CSM recognized for service received - - 42 42 Release of risk adjustment - (147 ) - (147 ) Experience adjustment on current service (274 ) - - (274 ) Changes that relate to current service (274 ) (147 ) 42 (379 ) Experience adjustment on claims component (12 ) - - (12 ) Changes that relate to past service (12 ) - - (12 ) Net income/expenses of reinsurance held 605 (591 ) 234 248 Reinsurance finance income / (expenses) (3,954 ) 47 (37 ) (3,944 ) Premiums paid, net of received fixed commission 3,005 - - 3,005 Amounts received (4,503 ) - - (4,503 ) Cash flows (1,498 ) - - (1,498 ) Other movements 403 (206 ) (520 ) (323 ) Other movements 403 (206 ) (520 ) (323 ) Net exchange difference 1,316 65 (17 ) 1,363 Net closing balance, on December 31, 2022 15,862 909 (107 ) 16,664 Closing assets 16,233 1,010 (309 ) 16,934 Closing liabilities (371 ) (101 ) 202 (270 ) |
Insurance contracts to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items] | |
Summary of Insurance Contracts and Reinsurance Contracts by Type | Remaining coverage Liability for incurred claims Insurance contracts PAA - by type Excluding loss Loss component Best estimate Risk Total Opening assets - - - - - Opening liabilities 404 2 33 - 439 Net opening balance, on January 1, 2023 404 2 33 - 439 Insurance revenue (127 ) - - - (127 ) Incurred claims and other insurance service expenses - - 96 - 96 Amortization of insurance acquisition cash flows 19 - - - 19 Losses (and reversals of losses) on onerous contracts - 2 - - 2 Adjustments to liabilities for incurred claims - - 14 - 14 Insurance service expenses 19 2 110 - 132 Investment components - - - - - Insurance service result (108 ) 2 110 - 5 Insurance finance (income) / expenses (P&L and OCI) 12 - - - 12 Cash flows 95 - (114 ) - (19 ) Disposal of a business (407 ) - - - (407 ) Net exchange differences 9 - - - 9 Net closing balance, on December 31, 2023 6 4 29 - 39 Closing assets - - - - - Closing liabilities 6 4 29 - 39 262 | Annual Report on Form 20-F 2023 Remaining coverage Liability for incurred claims Insurance contracts PAA - by type Excluding loss Loss Best estimate Risk Total Opening assets - - - - - Opening liabilities 1,242 - 712 10 1,964 Net opening balance, on January 1, 2022 1,242 - 712 10 1,964 Insurance revenue (563 ) - - - (563 ) Incurred claims and other insurance service expenses - - 254 - 253 Amortization of insurance acquisition cash flows 22 - - - 22 Losses (and reversals of losses) on onerous contracts - 2 - - 2 Adjustments to liabilities for incurred claims - - 259 (3 ) 257 Insurance service expenses 22 2 513 (3 ) 534 Investment components - - - - - Insurance service result (542 ) 2 513 (3 ) (29 ) Insurance finance (income) / expenses (P&L and OCI) 7 - (110 ) - (103 ) Cash flows 515 - (470 ) - 45 Disposal of a business (729 ) - (75 ) - (804 ) Transfers to disposal groups (15 ) - (532 ) (7 ) (554 ) Net exchange differences (75 ) - (5 ) - (80 ) Net closing balance, on December 31, 2022 404 2 33 - 439 Closing assets - - - - - Closing liabilities 404 2 33 - 439 |
Investment contracts without _2
Investment contracts without discretionary participating features (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Investment Contracts for General Account | 2023 2022 On January 1 9,597 20,674 Deposits 1,606 22,638 Withdrawals (1,405 ) (23,118 ) Interest credited 221 232 Net exchange differences (345 ) 582 Transfer to/from other headings 567 797 Transfers to disposal groups - (12,179 ) Other (18 ) (29 ) On December 31 10,222 9,597 Investment contracts consist of the following: 2023 2022 Institutional guaranteed products 169 179 Fixed annuities 10,024 9,418 Other 29 - On December 31 10,222 9,597 |
Summary of Investment Contracts for Account of PolicyHolders | 2023 2022 On January 1 55,631 71,690 Gross premium and deposits – existing and new business 12,648 11,261 Withdrawals (9,840 ) (15,233 ) Interest credited 7,636 (9,864 ) Fund charges released (313 ) (324 ) Net exchange differences (40 ) 437 Transfers to disposal groups - (1,396 ) Transfer to/from other headings (680 ) (943 ) Other 2 2 On December 31 65,044 55,631 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Borrowings | 2023 2022 Capital funding 763 1,245 Operational funding 1,593 2,806 On December 31 2,356 4,051 Current 32 1,150 Non-current 2,325 2,901 On December 31 2,356 4,051 Fair value of borrowings 2,459 4,114 |
Summary of Undrawn Committed Borrowings Facilities | Undrawn committed borrowing facilities: 2023 2022 Floating-rate - Expiring beyond one year 2,623 3,435 On December 31 2,623 3,435 |
Capital funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | A detailed composition of capital funding is included in the following table: (sorted at maturity) Coupon rate Coupon date Issue / Maturity 2023 2022 EUR 500 million Senior Unsecured Notes 1.000% December 8 2016 / 23 - 499 GBP 250 million Medium-Term Notes 6.125% December 15 1999 / 31 287 281 GBP 400 million Senior Unsecured Notes 6.625% Semi-annually, December 16 2009 / 39 457 446 Other 18 19 On December 31 763 1,245 |
Operational funding [member] | |
Statement [LineItems] | |
Summary of Borrowings | Coupon rate Coupon date Issue / Maturity 2023 2022 FHLB Secured borrowings 1) Floating Quarterly 2021 / 24 1,562 2,806 North Westerly VI Note 1) Floating Quarterly 2020 / 32 15 - North Westerly VII Note 1) Floating Quarterly 2021 / 34 16 - On December 31 1,593 2,806 1 Issued by a subsidiary of Aegon Ltd. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Provisions | 2023 2022 On January 1 100 193 Additional provisions 77 28 Disposal of a business (13 ) (8 ) Unused amounts reversed through the income statement (25 ) (10 ) Used during the year (54 ) (57 ) Net exchange differences (2 ) 5 Transfers to disposal groups - (52 ) On December 31 83 100 Current 78 90 Non-current 5 10 |
Defined benefit plans (Tables)
Defined benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Defined Benefit Plans | 2023 2022 Retirement benefit plans 368 225 Other post-employment benefit plans 178 184 Total defined benefit plans 546 409 Retirement benefit plans in surplus 103 87 Reimbursement rights 20 - Total defined benefit assets 123 87 Retirement benefit plans in deficit 491 312 Other post-employment benefit plans in deficit 178 184 Total defined benefit liabilities 669 496 |
Summary of Movements of Defined Benefit Plans | 2023 2022 Movements during the year in defined benefit plans Retirement Other post-employ- Total Retirement Other post-employ- Total On January 1 225 184 409 3,547 277 3,824 Defined benefit expenses 113 19 132 68 17 85 Remeasurements of defined benefit plans 167 (7 ) 160 (837 ) (67 ) (904 ) Contributions paid (83 ) - (83 ) (38 ) - (38 ) Benefits paid (39 ) (12 ) (51 ) (117 ) (17 ) (134 ) Net exchange differences (15 ) (6 ) (21 ) 21 15 36 Transfers to disposal groups - - - (2,421 ) (41 ) (2,462 ) Other - - - 1 - 1 On December 31 368 178 546 225 184 409 |
Summary of Amounts Recognized in Statement of Financial Positions | The amounts recognized in the statement of financial position are determined as follows: 2023 2022 Retirement Other post-employ- Total Retirement Other post-employ- Total Present value of wholly or partly funded obligations 3,165 - 3,165 3,098 - 3,098 Fair value of plan assets (3,051 ) - (3,051 ) (3,083 ) - (3,083 ) Fair value of reimbursement rights (20 ) 2 (19 ) - - - 93 2 95 15 - 15 Present value of wholly unfunded obligations 275 176 451 210 184 394 On December 31 368 178 546 225 184 409 |
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 2023 and 2022. 2023 2022 Defined benefit expenses Retirement Other post-employ- Total Retirement Other post-employ- Total Current year service cost 38 6 44 32 11 43 Net interest on the net defined benefit liability (asset) 10 9 19 38 6 45 Past service cost 66 4 69 (3 ) - (3 ) Total defined benefit expenses 113 19 132 68 17 85 |
Summary of Breakdown of Plan Assets for Retirement of Benefit Plans | 2023 2022 Breakdown of plan assets for retirement benefit plans Quoted Unquoted Total in % of total plan assets Quoted Unquoted Total in % of total plan assets Debt instrument 424 177 601 20 % 336 154 490 16 % Derivatives - (143 ) (143 ) (5 %) - (218 ) (218 ) (7 %) Investment funds - 2,142 2,142 70 % - 2,214 2,214 72 % Structured securities - 200 200 7 % - 268 268 9 % Other - 252 252 8 % - 328 328 11 % On December 31 424 2,627 3,051 100 % 336 2,746 3,083 100 % |
Commissions and expenses [member] | |
Statement [LineItems] | |
Summary of Movements of Defined Benefit Plans | Defined benefit expenses are included in “Post-employment benefit costs” in note 13 Other operating expenses. Movements during the year of the present value of the defined benefit obligations 2023 2022 On January 1 3,491 8,541 Current year service cost 46 43 Interest expense 172 158 Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions 53 (3 ) - Actuarial gains and losses arising from changes in financial assumptions 61 (2,420 ) Past service cost 109 (3 ) Benefits paid (252 ) (529 ) Net exchange differences (65 ) 164 Transfer to disposal groups - (2,462 ) Other - 1 On December 31 3,616 3,491 Movements during the year in plan assets for retirement benefit plans 2023 2022 On January 1 3,083 4,717 Interest income (based on discount rate) 153 114 Remeasurements of the net defined liability (asset) (21 ) (1,518 ) Contributions by employer 83 38 Benefits paid (203 ) (395 ) Net exchange differences (44 ) 127 On December 31 3,051 3,083 Movements during the year of the fair value of the reimbursement rights 2023 2022 On January 1 - - Current year service cost 2 - Remeasurements of the defined benefit obligations: - Actuarial gains and losses arising from changes in demographic assumptions - - - Actuarial gains and losses arising from changes in financial assumptions (25 ) - Past service cost 40 - Benefits paid 2 - On December 31 20 - |
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 2023 2022 Demographic actuarial assumptions Mortality UK mortality table 1) UK mortality table 2) Financial actuarial assumptions Discount rate 4.79 % 4.96 % Price inflation 3.10 % 3.20 % 1 Club Vita tables based on analysis of Scheme membership CMI 2022 1.5%/1.25% p.a. (males/females) 2 Club Vita tables based on analysis of Scheme membership CMI 2021 1.5%/1.25% p.a. (males/females) The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end: Estimated approximate effects on the defined benefit obligation 2023 2022 Demographic actuarial assumptions 10% increase in mortality rates (20) (19 ) 10% decrease in mortality rates 23 22 Financial actuarial assumptions 100 basis points increase in discount rate (131) (130 ) 100 basis points decrease in discount rate 166 164 100 basis points increase in price inflation 62 55 100 basis points decrease in price inflation (128) (113 ) |
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 16.1% Debt instruments 83.9% |
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 2023 2022 Demographic actuarial assumptions Mortality US mortality 1) US mortality 1) Financial actuarial assumptions Discount rate 5.00%/4.93% 5.22%/5.14% Salary increase rate 4.00% 4.00% Health care trend rate 6,80% 6.30% 1 2023 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 the defined benefit obligation 2023 2022 Demographic actuarial assumptions 10% increase in mortality rates (47 ) (50 ) 10% decrease in mortality rates 53 54 Financial actuarial assumptions 100 basis points increase in discount rate (205 ) (222 ) 100 basis points decrease in discount rate 250 277 100 basis points increase in salary increase rate 5 4 100 basis points decrease in salary increase rate (4 ) (3 ) 100 basis points increase in health care trend rate 10 10 100 basis points decrease in health care trend rate (9 ) (9 ) |
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% |
Aegon Nederland N.V. [member] | |
Statement [LineItems] | |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | The principal actuarial assumptions that apply for the year-ended December 31 are as follows: Actuarial assumptions used to determine defined benefit obligations at year-end 2023 Demographic actuarial assumptions Mortality AEGON 1) Financial actuarial assumptions Discount rate 3.42% Price inflation 2.36% 1 During 2023 the mortality table is adjusted, based on experience adjustments. The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end: Estimated approximate effects on the defined benefit obligation 2023 Demographic actuarial assumptions 10% increase in mortality rates (1 ) 10% decrease in mortality rates 1 Financial actuarial assumptions 100 basis points increase in discount rate (14 ) 100 basis points decrease in discount rate 18 |
Deferred tax (Tables)
Deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Schedule of Net Deferred Tax Assets and Liabilities has been Recognized | Deferred tax 2023 2022 Deferred tax assets 2,350 2,433 Deferred tax liabilities (57 ) (30 ) On December 31 2,293 2,403 Deferred tax assets comprise temporary differences on: 2023 2022 Real estate (2 ) (15 ) Financial assets 803 1,569 Insurance and investment contracts (599 ) (1,416 ) Deferred expenses, VOBA and other intangible assets 539 573 Defined benefit plans 214 196 Tax losses and credits carried forward 1,112 1,287 Other 283 239 On December 31 2,350 2,433 Deferred tax liabilities comprise temporary differences on: 2023 2022 Financial assets (6 ) (6 ) Insurance and investment contracts 62 33 Deferred expenses, VOBA and other intangible assets 2 - Other (1 ) 3 On December 31 57 30 |
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 Financial Insurance and investment contracts Deferred expenses, VOBA and other intangible assets Defined benefit plans Tax losses and credits carried forward Other Total On January 1, 2023 15 (1,574 ) 1,449 (573 ) (196 ) (1,287 ) (235 ) (2,403 ) Charged to income statement (12 ) 170 (479 ) 12 6 49 51 (204 ) Charged to OCI - 436 (271 ) - (31 ) - - 134 Net exchange differences - 38 (32 ) 19 7 26 18 76 Disposal of a business - 2 (4 ) - - (8 ) 2 (8 ) Transfers to disposal groups - - - - - (1 ) 1 - Transfer to/from other headings - 118 - - - - (118 ) - Transfer to/from current income tax - - - - - 109 - 109 Other - - (1 ) 5 - (1 ) (2 ) 2 On December 31, 2023 2 (809 ) 661 (537 ) (214 ) (1,112 ) (284 ) (2,293 ) On January 1, 2022 776 3,336 (4,452 ) (448 ) (154 ) (988 ) (45 ) (1,974 ) Charged to income statement (75 ) (2,928 ) 3,380 (217 ) (191 ) 180 (105 ) 45 Charged to OCI - (2,770 ) 2,256 - 252 - (56 ) (319 ) Net exchange differences 1 139 (163 ) (28 ) (12 ) (24 ) (22 ) (109 ) Disposal of a business (1 ) 1 (2 ) - - - (3 ) (5 ) Transfers to disposal groups (685 ) 841 306 (1 ) (94 ) (454 ) 26 (61 ) Transfer to/from other headings - (194 ) 122 121 3 (27 ) (26 ) (1 ) Transfer to/from current income tax - - - - - 25 - 25 Other - - - - - - (4 ) (4 ) On December 31, 2022 15 (1,574 ) 1,449 (573 ) (196 ) (1,287 ) (235 ) (2,403 ) |
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 2023 2022 2023 2022 < 5 years 28 58 13 16 ≥ 1 7 (0 ) 2 ≥ - - 65 59 ≥ - - - - Indefinitely 939 651 231 169 On December 31 969 716 308 246 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 2023 2022 2023 2022 Deferred corporate income tax asset dependent on retaining bond and similar investments until the earlier of market recovery or maturity 4,729 6,166 993 1,295 Deferred corporate income tax asset dependent on future taxable profits 1,717 27 362 7 On December 31 6,446 6,193 1,355 1,302 |
Proposal for profit appropria_2
Proposal for profit appropriation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Proposal for Profit Appropriation | 2023 2022 1) Final dividend on common shares 280 237 To be deducted from retained earnings (459 ) (806 ) Net result attributable to owners of Aegon Ltd. (179 ) (569 ) 1 Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Other Liabilities | 2023 2022 Payables due to policyholders 1,632 684 Payables due to brokers and agents 482 454 Social security and taxes payable 59 49 Income tax payable 1 10 Investment creditors 995 970 Cash collateral on derivative transactions 964 2,483 Cash collateral on securities lent 2,357 2,417 Cash collateral - other 68 64 Repurchase agreements 28 107 Lease liabilities 205 210 Other creditors 1,599 2,828 On December 31 8,390 10,278 Current 8,210 10,069 Non-current 180 208 |
Accruals (Tables)
Accruals (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Accruals | 2023 2022 Accrued interest 47 129 Accrued expenses 281 243 On December 31 328 372 |
Capital management and solven_2
Capital management and solvency (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Capital Ratios of Aegon's Operating Units | Capital ratios of Aegon’s main operating units December 31, 2023 1) December 31, 2022 US RBC ratio 432 % 425% Scottish Equitable Plc (UK) Solvency II ratio 187 % 169% 1 The capital ratios are estimates and are not final until filed with the respective supervisory authority. |
Summary of Composition of Available Own Funds Across Tiers | The Eligible Own Funds equal to the Available Own Funds after applying any Own Funds eligibility restrictions. December 31, 2023 1) December 31, 2022 Group Eligible Own Funds 14,250 16,332 Group SCR 7,366 7,844 Group solvency ratio 193% 208% 1 The solvency ratios are estimates and are not final until filed with the respective supervisory authority. |
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 2023 2022 Total shareholders’ equity - based on IFRS as adopted by the EU 25 7,475 8,815 Non-controlling 26, SOFP 2) 203 243 CSM after tax 29 6,403 7,227 Adjusted valuation equity 14,080 16,285 Perpetual contingent convertible securities 26 500 500 Junior perpetual capital securities 26 923 923 Perpetual cumulative subordinated bonds 26 454 454 Subordinated Borrowings 27 2,244 2,295 Trust pass-through securities 28 111 118 Currency revaluation other equity instruments 1) 50 66 Hybrid leverage 4,282 4,356 Senior debt 31 3) 782 1,265 Senior leverage 782 1,265 Total gross financial leverage 5,064 5,621 Total capitalization 19,144 21,906 Gross financial leverage ratio 26.5% 25.7% Fixed Charge Coverage 6.5 x 8.7 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 19 million (2022: EUR 20 million). |
Fair value (Tables)
Fair value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 following table sets out the fair values of financial instruments by the level of the fair value hierarchy into which each fair value measurement is categorized. It does not include fair value information for cash and cash equivalents, receivables, and payables, whose carrying amounts are a reasonable approximation of fair value, or for lease liabilities. 2023 Fair value hierarchy Level I Level II Level III Total Assets measured at FVOCI Shares 5 - 4 10 Debt securities 5,644 41,031 516 47,191 Money market and other short-term investments 3,028 97 9 3,135 Other investments at fair value - 29 - 29 8,678 41,157 530 50,364 Financial assets measured at fair value through profit or loss Shares 153 43 94 291 Debt securities 302 2,009 86 2,396 Money market and other short-term investments 4,041 173 - 4,215 Other investments at fair value 1 773 4,237 5,011 Derivatives 47 1,374 8 1,429 Investments in real estate - - 55 55 Investments in real estate for policyholders - - 433 433 Investments where the policyholder bears the risk 90,027 103,022 342 193,390 94,570 107,395 5,255 207,220 Revalued amounts Real estate held for own use - - 61 61 Total financial assets measured at fair value 103,248 148,551 5,846 257,645 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - 65,044 - 65,044 Derivatives 39 2,434 6 2,479 Total financial liabilities measured at fair value 39 67,478 6 67,523 2022 Fair value hierarchy Level I Level II Level III Total Assets measured at FVOCI Shares 5 - 4 10 Debt securities 6,353 45,073 181 51,607 Money market and other short-term investments 1,597 973 5 2,576 Other investments at fair value - 31 - 31 7,956 46,077 191 54,223 Financial assets measured at fair value through profit or loss Shares 160 61 127 348 Debt securities 282 1,722 35 2,040 Money market and other short-term investments 2,084 957 1 3,042 Other investments at fair value 1 537 4,050 4,588 Derivatives 33 2,728 11 2,771 Investments in real estate - - 59 59 Investments in real estate for policyholders - - 443 443 Investments where the policyholder bears the risk 87,362 91,799 402 179,563 89,922 97,804 5,128 192,855 Revalued amounts Real estate held for own use - - 73 73 Total financial assets measured at fair value 97,878 143,881 5,392 247,151 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - 55,631 - 55,631 Derivatives 51 5,111 12 5,175 Total financial liabilities measured at fair value 51 60,742 12 60,806 |
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. 2023 2022 Significant transfers between level I, level II and level III Transfers Level I to Level II Transfers Level II to Level I Transfers Level I to Level II Transfers Level II to Level I Assets measured at FVOCI Debt securities - 141 23 5 Money market and other short-term investments 45 245 - 460 45 386 23 464 Financial assets measured at fair value through profit or loss Shares - - 10 128 Money market and other short-term investments - 795 - 275 Investments where the policyholder bears the risk 1 - - 28 1 795 10 431 Revalued amounts Real estate held for own use - - - - Total financial assets measured at fair value 46 1,182 34 895 |
Disclosures of Changes in Level 3 Assets | The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period. Financial assets carried at fair value 2023 Disposal of a business Total gains / losses in income statement 1) Total gains / losses in 2) Purchases Sales Settle- Net exchange difference Reclas- sification Transfers from levels I and II Transfers to Transfers to disposal groups On December 31, 2023 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2023 3) FVOCI Shares 4 - - - - - - - - - - - 4 - Debt securities 181 - (1 ) 11 263 (124 ) (15 ) (12 ) - 214 (1 ) - 516 - Money markets and other short-term investments 5 - - 4 - - - - - - - - 9 - 191 - (1 ) 15 263 (124 ) (15 ) (12 ) - 214 (1 ) - 530 - FVPL Shares 127 - 2 - 12 (47 ) - (4 ) - 5 - - 94 3 Debt securities 35 - 17 - 38 (43 ) (4 ) (2 ) - 46 - - 86 (8 ) Money markets and other short-term investments 1 - - - - - - - - - (1 ) - - - Other investments at fair value 4,050 - (65 ) - 652 (254 ) - (144 ) - - - - 4,237 (70 ) Derivatives 11 - (3 ) - - (1 ) - - - - - - 8 (3 ) Investments in real estate 59 - 2 - 2 (6 ) - (1 ) - - - - 55 - Investments in real estate for policyholders 443 - (52 ) - 42 (12 ) - 11 - - - - 433 (42 ) Investments where the policyholder bears the risk 402 - (37 ) - 37 (59 ) - (1 ) - - - - 342 - 5,128 - (136 ) - 782 (422 ) (4 ) (142 ) - 51 (2 ) - 5,255 (120 ) Revalued amounts Real estate held for own use 73 - (3 ) (2 ) (1 ) - - (2 ) - - - - 64 - 73 - (3 ) (2 ) (1 ) - - (2 ) - - - - 64 - Total financial assets measured at fair value 5,392 - (141 ) 13 1,044 (546 ) (19 ) (157 ) - 265 (3 ) - 5,849 (120 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk - - - - - - - - - - - - - - Derivatives 12 - (6 ) - - - - - - - - - 6 - 12 - (6 ) - - - - - - - - - 6 - 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 financial assets measured at FVOCI and Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI of the statement of comprehensive income. 3 Total gains / (losses) for the period during which the financial instrument was in Level III. Financial assets carried at fair value 2022 Disposal of a business Total gains / losses in income statement 1) Total gains / losses in 2) Purchases Sales Settle- Net exchange difference Reclas- sification Transfers from levels I and II Transfers to levels I and II Transfers to disposal groups On December 31, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2022 3) FVOCI Shares 4 - - - - - - - - - - - 4 - Debt securities 365 - (1 ) (73 ) 98 (47 ) (16 ) 23 - 37 (207 ) - 181 - Money markets and other short-term investments 28 - - (23 ) - - - - - - - - 5 - 398 - (1 ) (95 ) 98 (47 ) (16 ) 23 - 37 (207 ) - 191 - FVPL Shares 1,530 - 137 - 191 (365 ) - 12 - - - (1,378 ) 127 (41 ) Debt securities 242 - (11 ) - 45 (3 ) (5 ) 3 - 2 (140 ) (98 ) 35 (12 ) Money markets and other short-term investments - - 1 - - - - - - - - - 1 1 Loans 22,727 - (4,529 ) - 1,802 (1,825 ) - - - - - (18,175 ) - - Other investments at fair value 3,548 - 247 - 627 (587 ) (14 ) 229 - - - - 4,050 159 Derivatives 1 - 10 - - - - - - - - - 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 ) Investments where the policyholder bears the risk 895 - 43 - (468 ) 876 - (14 ) - 2 - (932 ) 402 (55 ) 32,149 - (4,214 ) - 2,249 (1,986 ) (19 ) 205 7 4 (140 ) (23,128 ) 5,128 (6 ) Revalued amounts Real estate held for own use 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 - 185 (23 ) (3 ) - (1 ) (8 ) - 4 (5 ) - - (76 ) 73 - Total financial assets measured at fair value 32,732 (24 ) (4,218 ) (95 ) 2,346 (2,042 ) (34 ) 232 2 41 (347 ) (23,203 ) 5,392 (7 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk (33 ) - (23 ) - (559 ) 721 - - - 1 - (105 ) - - Derivatives 41 - (31 ) - - - - 3 - - - (1 ) 12 - Total financial liabilities measured at fair value 8 - (54 ) - (559 ) 721 - 3 - 1 - (106 ) 12 - 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 financial assets measured at FVOCI and Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI of the statement of comprehensive income. 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 Range (weighted average) December 31, 2022 Range (weighted average) Assets carried at fair value Fair value through OCI Shares Net asset value n.a. - n.a. - n.a. Other n.a. 4 n.a. 4 n.a. 4 4 Debt securities Broker quote n.a. 416 n.a. 33 n.a. Discounted cash flow Constant Prepayment Rate 2 1.81% 2 40.53% Discounted cash flow Constant Prepayment Rate - Other n.a. 98 n.a. 147 n.a. 516 181 Other investments at fair value Investment funds Net asset value n.a. - n.a. - n.a. Other Other n.a. 9 n.a. 5 n.a. 9 5 On December 31 530 191 Fair value through profit or loss Shares Net asset value n.a. 91 n.a. 126 n.a. Shares Broker quote n.a. 4 n.a. 1 n.a. Debt securities Broker quote n.a. 80 n.a. 5 n.a. Debt securities Discounted cash flow Constant prepayment rate - 7.10% - 7.80% Debt securities Other n.a. 6 n.a. 30 n.a. 180 161 Other investments at fair value Investment funds Net asset value n.a. 3,532 3,439 n.a. Tax credit investments Discounted cash flow Discount rate 705 6.88% 610 7.10% Other Other n.a. - - n.a. 4,237 4,050 Total assets at fair value 3) 4,947 4,403 Liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Discounted cash flow Own credit spread 3 n.a 8 0.45% Other Discounted cash flow Other 3 n.a 4 n.a Total liabilities at fair value 6 12 - 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 where the policyholder bears the risk are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Assets where the policyholder bears the risk, 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. |
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. Carrying amount December 31, 2023 Estimated fair value hierarchy Total estimated fair value December 31, 2023 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,157 - 1 9,024 9,025 Other loans - held at amortized cost 70 70 1 - 70 Liabilities Subordinated borrowings - held at amortized cost 2,244 1,392 730 - 2,122 Trust pass-through securities - held at amortized cost 111 - 125 - 125 Borrowings – held at amortized cost 2,356 879 1,580 - 2,459 Investment contracts - held at amortized cost 10,222 - - 8,755 8,755 Carrying amount December 31, 2022 Estimated fair value Total estimated fair value December 31, 2022 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,407 - 1 9,218 9,218 Other loans - held at amortized cost 46 39 7 - 46 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 9,597 - - 8,416 8,416 |
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 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 fair value through profit or loss. 2023 2022 Trading Designated Trading Designated Investments where Aegon bears the risk 9,386 2,526 8,079 1,940 Investments where the policyholder bears the risk - 193,823 - 180,006 Derivatives with positive values not designated as hedges 1,238 - 2,445 Total financial assets at fair value through profit or loss 10,625 196,349 10,524 181,946 Investment contracts without DPF where the policyholder bears the risk - 65,044 - 55,631 Derivatives with negative values not designated as hedges 1,466 - 3,958 - Total financial liabilities at fair value through profit or loss 1,466 65,044 3,958 55,631 |
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 fair value through profit or loss can be summarized as follows: 2023 2022 Trading Designated Trading Designated Net gains and (losses) (1,244) 21,207 (4,431) (35,205) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Commitments through Purchase and Sale Transactions of Investments | 2023 2022 Purchase Sale Purchase Sale Real estate - 2 - 1 Mortgage loans 421 - 468 - Private loans 89 - 150 - Other 1,292 - 1,408 - |
Summary of Other Commitments and Contingencies | Other commitments and contingencies 2023 2022 Guarantees 773 611 Other guarantees 7 8 |
Transfers of financial assets (
Transfers of financial assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 the transferred financial assets do not qualify for derecognition. Furthermore, it reflects the carrying amounts of the associated liabilities. 2023 FVOCI financial assets FVPL financial assets Shares Debt securities Money market and other short-term invest- ments Other Debt securi- ties Invest- ments where the PH bears risk Money market and other short-term invest- ments Other Carrying amount of transferred assets - 2,068 - - 5 15 - - Carrying amount of associated liabilities - 2,382 - - 9 - - - 2022 FVOCI financial assets FVPL financial assets Shares Debt securities Money market and other short-term invest- ments Other Debt securities Invest- ments where the PH bears risk Money market and other short-term invest- ments Other Carrying amount of transferred assets - 2,200 - - 16 72 - - Carrying amount of associated liabilities - 2,513 - - 17 - - - |
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 2023 2022 Carrying amount of transferred financial assets 2,063 2,190 Fair value of cash collateral received 2,357 2,417 Fair value of non-cash 16 74 Net exposure (309 ) (301 ) |
Summary of Reverse Repurchase Agreements | Reverse repurchase agreements 2023 2022 Cash paid for reverse repurchase agreements 442 312 Fair value of non-cash 467 335 Net exposure (24 ) (23 ) |
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. 2023 2022 Assets pledged for general account and contingent liabilities Where Aegon bears the risk Where the PH bears the risk Where Aegon bears the risk Where the PH bears the risk Contingent liabilities 2,290 - 3,559 - Collateral pledged 4,171 - 5,745 - Net exposure (1,881 ) - (2,186 ) - For 2022 and 2023 there is no Non-cash Assets pledged for repurchase agreements 2023 2022 Cash received on repurchase agreements 29 107 Collateral pledged (transferred financial assets) 25 99 Net exposure 3 8 |
Offsetting, enforceable maste_2
Offsetting, enforceable master netting arrangements and similar agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, Financial assets subject to offsetting, enforceable master netting arrange- ments and similar agreements Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities set off in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amounts not set off in the statements of financial position Financial instruments Cash collateral received (excluding surplus collateral) Net amount 2023 Derivatives 1,341 - 1,341 631 707 2 On December 31 1,341 - 1,341 631 707 2 2022 Derivatives 2,733 - 2,733 2,589 111 34 On December 31 2,733 - 2,733 2,589 111 34 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets set off in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amounts not set off in the statements of financial position Financial instruments Cash collateral pledged (excluding surplus collateral) Net amount 2023 Derivatives 2,361 - 2,361 1,245 1,026 90 On December 31 2,361 - 2,361 1,245 1,026 90 2022 Derivatives 5,115 - 5,115 3,359 1,668 89 On December 31 5,115 - 5,115 3,359 1,668 89 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Remuneration Expenses | The following table includes the expenses for remuneration, with amounts reflective of time spent on the Board. Remuneration expenses 2023 2022 2021 Non-Executive 1 ) 1.3 1.3 0.9 Executive Director 2 ) 0.9 n.a. n.a. Executive Board 3 ) 4.3 5.2 4.9 Key Management 4 ) 27.9 27.7 27.5 in fixed compensation 13.8 16.0 16.8 in cash based variable compensation 4.6 4.0 3.6 in share based variable compensation 5.0 3.5 3.2 in pension contributions 3.1 3.0 2.8 in other benefits 1.3 1.2 1.1 1 Previously reported as ‘Supervisory Board’. 2 Classification established September 30, 2023. In 2023, this represents Mr. Lard Friese from October 1, 2023. 3 Classification ended September 30, 2023. In 2023, this represents Mr. Lard Friese and Mr. Matt Rider through September 30, 2023. 4 Key Management is inclusive of Non-Executive 5 n.a. in above table should be read as “not applicable”. |
Common Shares Held by Board of Directors | Common shares held by Non-Executive Shares held in Aegon on December 31 2023 2022 2021 Ben J. Noteboom 1 ) - 23,500 23,500 Dona D. Young 13,260 13,260 13,260 Total 13,260 36,760 36,760 1 Mr. Ben J. Noteboom stepped down in May 2023 |
Loans to group companies (Table
Loans to group companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Loans to Group Companies | 2023 2022 On January 1 1,435 1,829 Additions / (redemptions) (605 ) (502 ) Other changes (52 ) 109 On December 31 780 1,435 Current 520 932 Non-current 260 503 |
Share capital (Tables)
Share capital (Tables) - Aegon Ltd. [member] | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Detailed Information of Issued and outstanding Capital | Issued and outstanding capital 2023 2022 Common shares 218 253 Common shares B 47 66 Total share capital 265 319 Common shares 2023 2022 Authorized share capital 480 720 Number of authorized shares (in million) 4,000 6,000 Par value in cents per share 12 12 Common shares B 2023 2022 Authorized share capital 240 360 Number of authorized shares (in million) 2,000 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 (thousands) Total amount On January 1, 2022 2,106,313 253 568,839 68 Shares withdrawn (10,665 ) (1 ) (22,643 ) (3 ) Dividend 13,782 2 - - On December 31, 2022 2,109,430 253 546,196 66 Shares withdrawn (294,703 ) (35 ) (156,437 ) (19 ) On December 31, 2023 1,814,727 218 389,759 47 The following table shows the weighted average number of common shares and common shares B: Weighted average number of common shares (thousands) Weighted average number of common shares B (thousands) 2022 2,107,315 559,906 2023 2,067,119 523,149 |
Long-term borrowings (Tables)
Long-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Long-term Borrowings | 2023 2022 Remaining terms less than 1 year - 499 Remaining terms 1 - 5 years - - Remaining terms 5 - 10 years 287 281 Remaining terms over 10 years 457 446 On December 31 745 1,226 Fair value of long-term borrowings 847 1,289 |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Aegon Ltd. [member] | |
Statement [LineItems] | |
Summary of Accountants Remuneration | Total remuneration of the group Of which PricewaterhouseCoopers Accountants N.V. (NL) 2023 2022 2023 2022 Audit fees 33 35 4 10 Audit-related service fees 11 10 - 1 Tax - 1 - - Other services - - - - Total 44 45 4 12 |
Held for Sale and Discontinue_2
Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [LineItems] | |
Summary of Statement of Comprehensive Income | Amounts in EUR millions 2021 Net result from discontinued operations 960 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 156 Income tax relating to items that will not be reclassified (24 ) Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale 155 (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale (114 ) Equity movements of joint ventures - Equity movements of associates (1 ) Income tax relating to items that may be reclassified (18 ) Other 1 Total other comprehensive income / (loss) from discontinued operations 156 Total comprehensive income / (loss) from discontinued operations 1,117 |
Summary of Cash Flow from Discontinued Operations | Amounts in EUR millions 2021 Net cash inflow (outflow) from operating activities (167 ) Net cash inflow (outflow) from investing activities 31 Net cash inflow (outflow) from financing activities (1,835 ) Net cash inflow (outflow) from discontinued operations (1,972 ) |
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. Carrying amount December 31, 2023 Estimated fair value hierarchy Total estimated fair value December 31, 2023 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,157 - 1 9,024 9,025 Other loans - held at amortized cost 70 70 1 - 70 Liabilities Subordinated borrowings - held at amortized cost 2,244 1,392 730 - 2,122 Trust pass-through securities - held at amortized cost 111 - 125 - 125 Borrowings – held at amortized cost 2,356 879 1,580 - 2,459 Investment contracts - held at amortized cost 10,222 - - 8,755 8,755 Carrying amount December 31, 2022 Estimated fair value Total estimated fair value December 31, 2022 Level I Level II Level III Assets Mortgage loans - held at amortized cost 10,407 - 1 9,218 9,218 Other loans - held at amortized cost 46 39 7 - 46 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 9,597 - - 8,416 8,416 |
Discontinued operations [member] | |
Statement [LineItems] | |
Summary of Income statement of discontinued operations | Income statement of discontinued operations EUR million 2023 2022 Discontinued operations Insurance revenue 1,400 2,907 Insurance service expenses (1,327 ) (2,703 ) Net expenses on reinsurance held (20 ) (15 ) Insurance service result 52 189 Interest revenue on financial instruments calculated using the effective interest method 42 4 Interest revenue on financial instruments measured at FVPL 582 1,281 Other investment income 168 263 Results from financial transactions 614 (20,328 ) Impairment (losses) / reversals - 5 Insurance finance income / (expenses) (1,110 ) 16,906 Net reinsurance finance income / (expenses) on reinsurance held (6 ) 125 Insurance net investment result 289 (1,745 ) Interest revenue on financial instruments calculated using the effective interest method 273 496 Interest revenue on financial instruments measured at FVPL 137 (340 ) Other investment income 11 11 Results from financial transactions (208 ) 1,638 Impairment (losses) / reversals 3 - Investment contract income / (expenses) (25 ) 136 Interest expenses (10 ) (2 ) Other net investment result 180 1,939 Interest charges (55 ) (49 ) Financing net investment result (55 ) (49 ) Total net investment result (414 ) 145 Fees and commission income 165 311 Other operating expenses (288 ) (474 ) Other income / (charges) 96 20 Other result (28 ) (142 ) Result before share in profit / (loss) of joint ventures, associates and tax 438 191 Share in profit / (loss) of joint ventures 4 37 Share in profit / (loss) of associates 15 15 Result before tax 458 242 Income tax (expense) / benefi t (62 ) (445 ) Net result from discontinued operations 396 (203 ) Impairment loss on remeasurement of the disposal group (413 ) (1,094 ) Net result from discontinued operations after remeasurement (17 ) (1,296 ) |
Summary of Statement of Comprehensive Income | Statement of comprehensive income of discontinued operations Amounts in EUR millions 2023 2022 Net result from discontinued operations (17 ) (1,296 ) Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use Remeasurements of defined benefit plans 51 948 Income tax relating to items that will not be reclassified (13 ) (245 ) Items that may be reclassified subsequently to profit or loss: Gains / (losses) on financial assets measured at FVOCI 16 (461 ) (Gains) / losses transferred to income statement on disposal of financial assets measured at FVOCI - (5 ) Equity movements of associates (2 ) 2 Income tax relating to items that may be reclassified (4 ) 120 Other Total other comprehensive income / (loss) from discontinued operations 48 359 Total comprehensive income / (loss) from discontinued operations 31 (937 ) |
Summary of Discontinued Operations at the Lower of Fair Value and Carrying Amount Immediately | 2023 2022 (IFRS9/17) (IFRS9/17) Net cash receivable after costs to sell 2,184 2,175 Fair value of 29.99% share in a.s.r. 2,588 2,700 Fair value less costs to sell 4,772 4,875 Carrying amount of Aegon the Netherlands 5,185 5,969 Fair value less costs to sell minus carrying amo u (413 ) (1,094 ) Assets in scope for impairment 1,775 1,775 Cumulative Impairment loss recognized 1,507 1,094 |
Summary of Reconciliation of Financial Instruments | Financial assets and liabilities in the scope of IFRS 9 “Financial instruments” The adoption of IFRS 9 “Financial instruments” by Aegon the Netherlands impacted the measurement category and carrying amount of the financial assets and liabilities. The measurement category and the carrying amount of financial assets and liabilities in accordance with IAS 39 and IFRS 9 on January 1, 2023 are detailed in the table below, together with a reconciliation of the carrying amounts of financial assets, from their previous measurement category in accordance with IAS 39 to their new measurement categories upon transition: Reconciliation of financial instruments, January 1, 2023 IAS 39 IAS 39 Reclassifi- cation Remeasurement - ECL Remeasurement - Other IFRS 9 category 1) IFRS 9 amount Financial assets: Shares FVPL 8,256 37 - - FVPL (designated) 8,293 Shares AFS 21 (21 ) - - FVOCI (designated) - Debt securities AFS 14,109 (12,225 ) - - FVOCI 1,884 Debt securities FVPL 9,609 12,209 - - FVPL (designated) 21,819 Loans L&R 35,916 (20,004 ) (82 ) 58 AC 15,888 Loans FVPL - 20,918 - (1,892 ) FVPL (designated) 18,175 Deposits with financial institutions L&R 1,527 - - - AC 1,527 Unconsolidated investment funds FVPL 631 - - - FVPL (designated) 631 Other investments FVPL 3,464 (64 ) - - FVPL (designated) 3,400 Other investments AFS 13 (13 ) - - FVOCI - Cash and cash equivalents L&R 3,557 - - - AC 3,557 Other financial assets and receivables L&R 1,520 114 - - AC 1,634 Derivatives FVPL 8,395 - - - FVPL (mandatorily) 8,395 Total 86,169 103 (82 ) (1,853 ) 84,336 Financial liabilities: Investment contracts AC (12,179 ) - - - AC (12,179 ) Investment contracts FVPL (1,396 ) - - - FVPL (designated) (1,396 ) Long-term borrowings and group loans AC (5,227 ) - - - AC (5,227 ) Derivatives FVPL (9,239 ) 753 - - FVPL (mandatorily) (8,486 ) Other liabilities AC (1,663 ) 378 - - AC (1,285 ) Total (29,704 ) 1,131 - - (28,573 ) 1 m: mandatorily; d: designated |
Summary of Cash Flow from Discontinued Operations | Cashflow from discontinued operations Amounts in EUR millions 2023 2022 Net cash inflow (outflow) from operating activities (519 ) 4,646 Net cash inflow (outflow) from investing activities (11 ) (4 ) Net cash inflow (outflow) from financing activities (95 ) (3,275 ) Net cash inflow (outflow) from discontinued operations (625 ) 1,367 |
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 on July 4, 2023 and December 31, 2022. Amounts in EUR millions 2023 2022 Assets Cash and cash equivalents 4,460 5,085 Investments 72,345 71,991 Derivatives 8,107 8,395 Investments in joint ventures 382 382 Investments in associates 1,096 1,096 Reinsurance contract assets 395 365 Deferred tax assets 339 - Other assets and receivables 1,216 1,185 Intangible assets 165 165 Total assets held for sale 88,505 88,664 Liabilities Insurance contract liabilities 52,849 52,591 Investment contracts without discretionary participating features 13,239 13,575 Derivatives 7,700 8,486 Borrowings 5,333 5,227 Provisions 44 52 Defined benefit liabilities 2,412 2,462 Deferred tax liabilities 6 62 Other liabilities 1,951 1,510 Accruals 294 218 Total liabilities held for sale / disposal groups 83,828 84,183 |
Summary of Insurance Contracts | Insurance contracts Insurance contracts Contracts not measured under the PAA Contracts measured under the PAA Total Portfolios in an asset position - - - Portfolios in a liability position 52,215 633 52,849 Net balance, on June 30, 2023 52,215 633 52,849 Portfolios in an asset position - - - Portfolios in a liability position 52,037 554 52,591 Net balance, on December 31, 2022 52,037 554 52,591 |
Summary of Insurance Contract by Type | Remaining coverage Asset for Incurred claims Insurance contracts PAA - by type Excluding loss recovery component Loss recovery component Best estimate liability Risk adjustment Total Opening assets - - - - - Opening liabilities 15 - 532 7 554 Net balance, on January 1, 2023 15 - 532 7 554 Insurance revenue (167 ) - - - (167 ) Incurred claims and other insurance service expenses - - 74 2 75 Amortization of insurance acquisition cash flows 4 - - - 4 Adjustments to liabilities for incurred claims - - 83 - 82 Insurance service expenses 4 - 156 2 162 Investment components - - - - - Insurance service result (163 ) - 156 2 (6 ) Insurance finance (income) / expenses (P&L and OCI) - - 7 - 7 Cash flows 220 - (143 ) - 77 Net balance, on June 30, 2023 71 - 553 9 633 Closing assets - - - - - Closing liabilities 71 - 553 9 633 Remaining coverage Asset for Incurred claims Insurance contracts PAA - by type Excluding loss recovery component Loss recovery component Best estimate liability Risk adjustment Total Opening assets - - - - - Opening liabilities 16 - 601 10 627 Net balance, on January 1, 2022 16 - 601 10 627 Insurance revenue (330 ) - - - (330 ) Incurred claims and other insurance service expenses - - 74 - 74 Adjustments to liabilities for incurred claims - - 235 (3 ) 233 Insurance service expenses - - 309 (3 ) 306 Investment components - - - - - Insurance service result (330 ) - 309 (3 ) (24 ) Insurance finance (income) / expenses (P&L and OCI) - - (110 ) - (110 ) Cash flows 329 - (268 ) - 61 Net balance, on December 31, 2022 15 - 532 7 554 Closing assets - - - - - Closing liabilities 15 - 532 7 554 Remaining coverage Insurance contracts - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 51,983 54 - 52,037 Net balance, on January 1, 2023 51,983 54 - 52,037 Insurance revenue (1,232 ) - - (1,232 ) Incurred claims and other insurance service expenses - (2 ) 1,159 1,156 Amortization of insurance acquisition cash flows 2 - - 2 Losses (and reversal of losses) on onerous contracts - 7 - 7 Insurance service expenses 2 5 1,159 1,166 Investment components (313 ) - 313 - Insurance service result (1,543 ) 5 1,471 (67 ) Insurance finance (income) / expenses (P&L and OCI) 1,104 (1 ) - 1,103 Cash flows 614 - (1,471 ) (858 ) Net balance, on June 30, 2023 52,158 58 - 52,215 Closing assets - - - - Closing liabilities 52,158 58 - 52,215 Remaining coverage Insurance contracts - by type Excluding loss component Loss component Incurred claims Total Opening assets - - - - Opening liabilities 71,041 - - 71,041 Net balance, on January 1, 2022 71,041 - - 71,041 Insurance revenue (2,577 ) - - (2,577 ) Incurred claims and other insurance service expenses - (4 ) 2,316 2,311 Amortization of insurance acquisition cash flows 2 - - 2 Losses (and reversal of losses) on onerous contracts - 84 - 84 Insurance service expenses 2 79 2,316 2,397 Investment components (736 ) - 736 - Insurance service result (3,312 ) 79 3,052 (180 ) Insurance finance (income) / expenses (P&L and OCI) (16,770 ) (26 ) - (16,796 ) Cash flows 1,051 - (3,052 ) (2,001 ) Contracts disposed during the period (27 ) - - (27 ) - - - - Net balance, on December 31, 2022 51,983 54 - 52,037 Closing assets - - - - Closing liabilities 51,983 54 - 52,037 |
Carrying Values and Estimated Fair Values of Assets and Liabilities | Fair value Carrying amount June 30, 2023 Total estimated fair value June 30, 2023 Assets Mortgage loans - held at amortized cost 15,849 13,544 Private loans - held at amortized cost 389 393 Other loans - held at amortized cost 12 12 Liabilities Borrowings – held at amortized cost 5,333 5,059 Investment contracts - held at amortized cost 11,736 11,448 Carrying amount December 31, 2022 Total estimated fair value December 31, 2022 Assets Mortgage loans - held at amortized cost 15,385 13,000 Private loans - held at amortized cost 500 446 Other loans - held at amortized cost 3 3 Liabilities Borrowings – held at amortized cost 5,227 4,920 Investment contracts - held at amortized cost 12,179 11,826 |
Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis | Financial assets carried at fair value On January 1, 2023 Total gains / losses in income statement Purchases Sales On June 30, 2023 Total unrealized gains and losses for the period recorded in the P&L for instru- ments held on June 30, 2023 FVPL Shares 1,378 (17 ) 190 (120 ) 1,431 (17 ) Debt securities 98 1 - (45 ) 53 1 Loans 18,175 26 965 (617 ) 18,549 26 Investments where the policyholder bears the risk 932 2 157 (451 ) 639 2 20,583 11 1,312 (1,234 ) 20,672 11 Total financial assets measured at fair value 20,583 11 1,312 (1,234 ) 20,672 11 Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk 105 - 3 (19 ) 90 - Derivatives 1 (1 ) - - - (1 ) 106 - 3 (19 ) 90 - Financial assets carried at fair value On January 1, 2022 Total gains / losses in income statement Purchases Sales Transfers from levels I and II Transfers to levels I and II On December 31, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held on December 31, 2022 FVPL Shares 1,364 175 190 (350 ) - - 1,378 123 Debt securities 196 - 44 (3 ) - (140 ) 98 (7 ) Loans 22,727 (4,529 ) 1,802 (1,825 ) - - 18,175 (4,529 ) Investments where the policyholder bears the risk 572 (62 ) (562 ) 982 2 - 932 (53 ) 24,859 (4,415 ) 1,473 (1,196 ) 2 (140 ) 20,583 (4,466 ) Total financial assets measured at fair value 24,859 (4,415 ) 1,473 (1,196 ) 2 (140 ) 20,583 (4,466 ) Financial liabilities carried at fair value Investment contracts without DPF where the policyholder bears the risk (33 ) (23 ) (559 ) 721 1 - 105 (18 ) Derivatives 3 (2 ) - - - - 1 (2 ) Total financial liabilities measured at fair value (31 ) (25 ) (559 ) 721 1 - 106 (19 ) |
Comparative information 2021 (T
Comparative information 2021 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Summary of reconciliation between IFRS and IFRS-EU | A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2023 2022 2023 2022 In accordance with IFRS 7,475 8,815 (199 ) (540 ) Adjustment of EU ‘IAS 39’ carve-out - - - (450 ) Tax effect of the adjustment - - - - Effect of the adjustment after tax - - - (450 ) In accordance with EU-IFRS 7,475 8,815 (199 ) (990 ) |
Summary of information on three year historical net income (loss) and shareholders' equity | Information on Aegon’s historical net result and shareholders’ equity in functional currency are shown in the table below: 2023 2022 Net result Americas (in USD) (266 ) 562 United Kingdom (in GBP) 26 57 Equity in functional currency Americas (in USD) 3,690 3,456 United Kingdom (in GBP) 1,256 1,373 |
Summary of Segment Results | The following table presents Aegon’s segment results. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment Joint ventures and associates eliminations Consoli- Year ended December 31, 2023 Operating result 1,107 - 214 196 145 (173 ) 10 1,498 19 1,517 Fair value items 138 - (76 ) (1 ) (8 ) 24 (1 ) 76 9 85 Realized gains / (losses) on investments (683 ) - - 24 - - - (659 ) (30 ) (689 ) Impairment losses / (reversals) (62 ) - - (23 ) - (7 ) - (92 ) 2 (90 ) Non-operating (607 ) - (76 ) (1 ) (8 ) 17 (1 ) (675 ) (19 ) (695 ) Other income / (charges) (961 ) (65 ) (85 ) (110 ) (31 ) 110 2 (1,140 ) (90 ) (1,230 ) Result before tax (460 ) (65 ) 52 85 106 (46 ) 11 (317 ) (91 ) (408 ) Income tax (expense) / benefit 214 - (23 ) (69 ) (36 ) 31 - 118 91 209 Net result (246 ) (65 ) 29 16 70 (14 ) 11 (199 ) - (199 ) Inter-segment operating result (569 ) (48 ) (75 ) 256 150 286 Revenues Insurance contracts revenue - Insurance contracts: direct part. 9,468 - 600 1,095 - - (51 ) 11,112 (1,490 ) 9,622 - Insurance contracts: without direct part. - - - 700 - - - 700 - 700 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 64 - - - - 64 - 64 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 9,468 - 663 1,795 - - (51 ) 11,876 (1,490 ) 10,386 Interest revenue on financial instruments calculated using the effective interest method 3,108 - 58 87 2 90 (6 ) 3,339 (3 ) 3,336 Interest revenue on financial instruments measured at FVPL 339 - 486 1 - - - 826 - 826 Other investment income 14 - 1,818 104 14 498 (498 ) 1,950 (116 ) 1,833 Fee and commission income 1,653 - 214 34 632 - (158 ) 2,376 (215 ) 2,160 Other revenues - - - 37 1 - - 38 (38 ) - Total revenues 14,582 - 3,239 2,058 649 589 (713 ) 20,404 (1,862 ) 18,541 Inter-segment revenues 49 - - 1 172 500 1 The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details. Income statement - Operating result Americas The Nether- lands 1) United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment total Joint ventures and associates eliminations Consoli- dated Year ended December 31, 2022 Operating result 1,433 - 211 202 193 (220 ) (17 ) 1,802 (59 ) 1,743 Fair value items (85 ) - (71 ) 38 (3 ) (21 ) (76 ) (218 ) 8 (209 ) Realized gains / (losses) on investments (518 ) - - 30 - 7 - (481 ) (16 ) (497 ) Impairment losses / (reversals) (78 ) - (11 ) (14 ) - (18 ) - (122 ) 1 (121 ) Non-operating (681 ) - (83 ) 54 (3 ) (32 ) (76 ) (820 ) (7 ) (827 ) Other income / (charges) (117 ) (1,373 ) (64 ) 326 (19 ) (118 ) - (1,365 ) (19 ) (1,384 ) Result before tax 636 (1,373 ) 64 582 171 (371 ) (93 ) (384 ) (85 ) (469 ) Income tax (expense) / benefit (102 ) - 2 (57 ) (67 ) 68 - (156 ) 85 (71 ) Net result 533 (1,373 ) 67 526 104 (303 ) (93 ) (540 ) - (540 ) Inter-segment operating result (458 ) (94 ) (75 ) 236 188 203 Revenues Insurance contracts revenue - Insurance contracts: direct part. 10,174 - 628 967 - - (32 ) 11,736 (1,210 ) 10,526 - Insurance contracts: without direct part. - - - 651 - - - 651 - 651 Investment contracts with discretionary participation features revenue - Insurance contracts: direct part. - - 74 - - - - 74 - 74 - Insurance contracts: without direct part. - - - - - - - - - - Insurance revenue 10,174 - 701 1,618 - - (32 ) 12,461 (1,210 ) 11,251 Interest revenue on financial instruments calculated using the effective interest method 3,105 - 12 191 - 2 (5 ) 3,306 (3 ) 3,303 Interest revenue on financial instruments measured at FVPL 228 - 399 (3 ) - - - 624 - 624 Other investment income 32 - 1,530 100 12 425 (425 ) 1,673 (110 ) 1,564 Fee and commission income 1,756 - 223 62 693 - (187 ) 2,548 (254 ) 2,294 Other revenues - - - 25 5 - - 30 (30 ) - Total revenues 15,295 - 2,865 1,993 710 427 (648 ) 20,642 (1,607 ) 19,035 Inter-segment revenues 33 - - - 208 426 1 The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details |
Summary of Reconciliation from Operating Result Before Tax to Income Before Tax | Presentation Non-operating Note 2023 2022 Result before tax from continuing operations (391 ) 827 Elimination of share in earnings of joint ventures and associates (19 ) 59 Insurance revenue 6 (15 ) 1 Insurance service expenses 7 427 442 Net income / (expenses) on reinsurance held 8 (23 ) (40 ) Net fair value change of financial investments at fair value through profit or loss, other than derivatives 9.4 / 10.4 (224 ) 183 Net fair value change of derivatives (7 ) - Realized gains and losses on financial investments 9.4 / 10.4 683 670 Net fair value change on investments in real estate 9.4 / 10.4 (2 ) (1 ) Impairment (losses) reversals 9.5 / 10.5 90 121 Insurance finance income / (expenses) 9 375 (614 ) Net reinsurance finance income / (expenses) on reinsurance held 9 (85 ) 68 Investment contract income / (expenses) 10 (5 ) (2 ) Net fair value change on borrowings and other financial liabilities - (5 ) Fee and commission income 12 (11 ) (14 ) Commissions and expenses 13 596 378 Other income 14 (18 ) (341 ) Other charges 14 79 - Results of businesses disposed during reporting periods 48 70 Operating result 1,498 1,802 ∎ Insurance service expenses are mainly driven by two items: ∎ Assumption changes on onerous contracts amounting to a loss of EUR 497 million (2022: loss of EUR 93 ∎ Change in value of VFA products that result in (a reversal of) onerous contracts, amounting to a gain of EUR 129 million (2022: loss of 273 million), which is included in Fair value items. ∎ Net income / (expenses) on reinsurance held mainly consist of assumption changes that relate to (a reversal of) underlying onerous contracts, amounting to a gain of EUR 31 million (2022: gain of EUR 38 million), which is included in Other income / (charges). ∎ Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expecting long-term return is included in operating result. ∎ Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR 354 million (2022: a gain of EUR 614 million), which is included in Fair value items. ∎ Net reinsurance finance income / (expenses) on reinsurance held relate to changes in discount rates, amounting to a gain of EUR 84 million (2022: loss of EUR 70 million), which is included in Fair value items. ∎ Commissions and expenses, which are included in Other income / (charges), relate to items which can cannot be directly allocated to a specific line of business and restructuring charges. |
Summary of Other Selected Income Statement Items | Other selected income statement items Americas United Kingdom International Asset Management Holding and other activities Total 2023 Amortization of deferred expenses and future servicing rights 24 2 1 6 - 33 Depreciation 64 12 5 2 14 97 Impairment losses / (reversals) on financial assets, excluding receivables 59 - - - - 59 Impairment losses / (reversals) on non- 32 - 21 - 7 60 2022 Amortization of deferred expenses and future servicing rights 34 2 3 - - 38 Depreciation 67 11 6 2 17 103 Impairment losses / (reversals) on financial assets, excluding receivables 78 - 13 - - 92 Impairment losses / (reversals) on non- 17 11 - - 18 46 |
Summary of Fee and Commission Income | 2023 2022 Fee income from asset management 1,967 2,079 Commission income 21 23 Other fee and commission income 174 171 On December 31 2,163 2,272 Included in fees and commission income: Fees on trust and fiduciary activities 220 248 |
Summary of Employee Expenses | Employee expenses 2023 2022 Salaries 1,131 1,138 Post-employment benefit costs 125 117 Social security charges 107 101 Other personnel costs 294 292 Shares 54 48 Total 1,711 1,696 Included in employee expenses: Defined contribution expenses 57 48 |
Summary of impairment charges / (reversals) | 10.5 Impairment (losses) / reversals 2023 2022 Impairment losses on financial assets, excluding receivables Debt securities and money market investments (4 ) (13 ) Impairment losses and reversals on non-financial (29 ) (30 ) On December 31 (33 ) (43 ) |
Summary of Other Charges | 2021 Other charges 101 |
Summary of Basic Earnings Per Share | Continuing and discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing and discontinued operations (179 ) (570 ) Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations (227 ) (606 ) Net result attributable to common shareholders from continuing and discontinued operations (225 ) (602 ) Net result attributable to common shareholders B from continuing and discontinued operations (1 ) (4 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing and discontinued operations (0.12 ) (0.30 ) Basic earnings per common share B (EUR per share) from continuing and discontinued operations - (0.01 ) Continuing operations 2023 2022 Net result attributable to owners of Aegon Ltd. from continuing operations (162 ) 727 Coupons on perpetual securities (48 ) (36 ) Net result attributable to owners for basic earnings per share calculation from continuing operations (210 ) 691 Net result attributable to common shareholders from continuing operations (209 ) 686 Net result attributable to common shareholders B from continuing operations (1 ) 5 Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from continuing operations (0.11 ) 0.34 Basic earnings per common share B (EUR per share) from continuing operations - 0.01 Discontinued operations 2023 2022 Net result attributable to owners of Aegon Ltd. from discontinued operations (17 ) (1,296 ) Net result attributable to owners for basic earnings per share calculation from discontinued operations (17 ) (1,296 ) Net result attributable to common shareholders from discontinued operations (16 ) (1,288 ) Net result attributable to common shareholders B from discontinued operations - (9 ) Weighted average number of common shares outstanding (in million) 1,879 2,010 Weighted average number of common shares B outstanding (in million) 490 536 Basic earnings per common share (EUR per share) from discontinued operations (0.01 ) (0.64 ) Basic earnings per common share B (EUR per share) from discontinued operations - (0.02 ) |
Disclosure of gain (loss) on fair value hedge ineffectiveness | Hedge ineffectiveness and reclassification of gains (losses) 2023 2022 Hedge ineffectiveness on cash flow hedges 3 (3 ) Gains (losses) reclassified from equity into the income statement 20 (102 ) Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 114 116 |
Summary of Issued Share Capital and Reserves Attributable to Shareholders | Issued share capital and reserves attributable to shareholders of Aegon Ltd. Note 2023 2022 Share capital – par value 25.1 265 319 Share premium 25.2 6,853 6,853 Total share capital 7,118 7,172 Retained earnings 5,099 7,770 Treasury shares 25.3 (346 ) (668 ) Total retained earnings 4,753 7,103 Revaluation reserves 1) 25.4 (3,770 ) (4,563 ) Remeasurement of defined benefit plans 2) 25.5 (1,006 ) (1,565 ) Other reserves 3) 25.6 379 669 Total shareholders’ equity 7,475 8,815 1 Included in the 2022 Revaluation reserves is an amount of EUR (31) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 2 Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (675) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations 3 Included in the 2022 Other reserves is an amount of EUR 15 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations |
Summary of Revaluation Reserves | Investments measured at fair value through OCI Real estate held for own use Cash flow hedging reserve Insurance contracts Reinsurance contracts held Total On January 1, 2023 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) Gross revaluation 1,552 (2 ) (62 ) (1,626 ) 349 211 Net (gains) / losses transferred to income statement 706 - (130 ) - - 577 Foreign currency translation differences 138 - (31 ) (47 ) 82 142 Tax effect (487 ) - 42 397 (126 ) (174 ) Disposal of group assets 42 (3 ) - - - 38 On December 31, 2023 (3,300 ) 9 842 939 (2,261 ) (3,770 ) On January 1, 2022 6,810 32 1,100 (11,291 ) 768 (2,580 ) Gross revaluation (16,743 ) (1 ) (66 ) 18,680 (4,672 ) (2,803 ) Net (gains) / losses transferred to income statement 541 - (126 ) - - 415 Foreign currency translation differences 588 - 74 (931 ) 95 (174 ) Tax effect 3,499 - 42 (4,211 ) 1,243 574 Disposal of group assets 46 (16 ) - (31 ) - (2 ) Other 7 - - - - 7 On December 31, 2022 (5,251 ) 15 1,024 2,215 (2,566 ) (4,563 ) |
Summary of Remeasurement of Defined Benefit Plans | 2023 2022 On January 1 (1,565 ) (2,199 ) Remeasurements of defined benefit plans (110 ) 904 Tax effect 17 (250 ) Net exchange differences 14 (20 ) Disposal of a business 638 - Total remeasurement of defined benefit plans (1,006 ) (1,565 ) |
Summary of Other Reserves | 25.6 Other reserves Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total On January 1, 2023 1,108 (371 ) (68 ) 669 Movement in foreign currency translation and net foreign investment hedging reserves (290 ) 54 - (236 ) Disposal of a business (29 ) - (15 ) (45 ) Tax effect 10 (6 ) - 3 Equity movements of joint ventures - - (2 ) (2 ) Equity movements of associates - - (9 ) (9 ) On December 31, 2023 798 (324 ) (95 ) 379 On January 1, 2022 596 (338 ) - 258 Movement in foreign currency translation and net foreign investment hedging reserves 436 (116 ) (2 ) 318 Disposal of a business 104 67 (36 ) 135 Tax effect (28 ) 16 - (12 ) Equity movements of joint ventures - - (33 ) (33 ) Equity movements of associates - - 3 3 On December 31, 2022 1,108 (371 ) (68 ) 669 |
Summary of Remuneration Explanatory | The following table includes the expenses for remuneration, with amounts reflective of time spent on the Board. Remuneration expenses 2023 2022 2021 Non-Executive 1 ) 1.3 1.3 0.9 Executive Director 2 ) 0.9 n.a. n.a. Executive Board 3 ) 4.3 5.2 4.9 Key Management 4 ) 27.9 27.7 27.5 in fixed compensation 13.8 16.0 16.8 in cash based variable compensation 4.6 4.0 3.6 in share based variable compensation 5.0 3.5 3.2 in pension contributions 3.1 3.0 2.8 in other benefits 1.3 1.2 1.1 1 Previously reported as ‘Supervisory Board’. 2 Classification established September 30, 2023. In 2023, this represents Mr. Lard Friese from October 1, 2023. 3 Classification ended September 30, 2023. In 2023, this represents Mr. Lard Friese and Mr. Matt Rider through September 30, 2023. 4 Key Management is inclusive of Non-Executive 5 n.a. in above table should be read as “not applicable”. |
Summary of statement of comprehensive income | Amounts in EUR millions 2021 Net result from discontinued operations 960 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 156 Income tax relating to items that will not be reclassified (24 ) Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale 155 (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale (114 ) Equity movements of joint ventures - Equity movements of associates (1 ) Income tax relating to items that may be reclassified (18 ) Other 1 Total other comprehensive income / (loss) from discontinued operations 156 Total comprehensive income / (loss) from discontinued operations 1,117 |
Summary of details on cashflow from discontinued operations | Amounts in EUR millions 2021 Net cash inflow (outflow) from operating activities (167 ) Net cash inflow (outflow) from investing activities 31 Net cash inflow (outflow) from financing activities (1,835 ) Net cash inflow (outflow) from discontinued operations (1,972 ) |
Summary of supplementary insurance information for insurance companies | Supplementary insurance information Segment Amounts in EUR million Deferred policy acquisition costs Future policy benefits Unearned premiums Other policy claims and benefits Premium revenue 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 Amounts in EUR million Net investment income Benefits, claims and losses Amortization of deferred policy acquisition costs Other operating expenses Premiums written 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 |
Disclosure of changes in reinsurance assets information | Reinsurance Amounts in EUR million Gross amount Ceded to Assumed from other companies Net amount % of amount assumed to net 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 - Non-life insurance 2,044 192 - 1,852 - Total premiums 15,444 3,518 - 11,926 - |
Schedule of valuation and qualifying accounts | Valuation and qualifying accounts Amounts in EUR million 2021 Balance at January 1 276 Addition charged to earnings 12 Amounts written off and other changes (57 ) Transfers to disposal groups - Currency translation 7 Balance at December 31 238 The provisions can be analyzed as follows: Mortgages 6 Other loans 112 Receivables 120 Total 238 |
IFRS4 and IAS39 [member] | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Summary of reconciliation between IFRS and IFRS-EU | A reconcilliation between IFRS and EU-IFRS Shareholders’ equity Net result 2021 2021 In accordance with IFRS 23,813 2,029 Adjustment of EU ‘IAS 39’ carve-out 632 (422 ) Tax effect of the adjustment (163 ) 93 Effect of the adjustment after tax 469 (328 ) In accordance with EU-IFRS 24,282 1,701 |
Summary of information on three year historical net income (loss) and shareholders' equity | Information on Aegon’s historical net result and shareholders’ equity in functional currency are shown in the table below. 2021 Net result Americas (in USD) 1,195 United Kingdom (in GBP) 104 Equity in functional currency Americas (in USD) 18,324 United Kingdom (in GBP) 1,260 |
Summary of Segment Results | The following table presents Aegon’s segment results: Income statement - Operating result Americas The Nether- lands United Kingdom International Asset Manage- ment Holding and other activities Eliminations Segment total Joint ventures and associates eliminations Consoli- dated 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 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 |
Summary of Reconciliation from Operating Result Before Tax to Income Before Tax | Presentation Non-Operating Note 2021 Result before tax from continuing operations 1,164 Result before tax from discontinued operations 46.22 1,237 Impairment loss on remeasurement of disposal group 46.22 - Result before tax from continuing operations and discontinued operations 2,400 Elimination of share in earnings of joint ventures and associates (42 ) Premium income 46.4 5 Rental income 46.5 71 Dividend income 46.5 (76 ) Fee and commission income 46.6 (30 ) Recovered claims and benefits 46.7 31 Change in valuation of reinsurance ceded 46.7 43 Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 46.8 4 Net fair value change on borrowings and other financial liabilities 46.8 13 Realized gains and losses on financial investments 46.8 (463 ) Gains and (losses) on investments in real estate 46.8 (253 ) Net fair value change of derivatives 46.8 471 Other income 46.9 (77 ) Benefits and claims paid life 46.10 217 Change in valuation of liabilities for insurance contracts 46.10 (994 ) Change in valuation of liabilities for investment contracts 46.10 8 Policyholder claims and benefits - Other 46.10 (38 ) Commissions and expenses 46.12 715 Impairment (charges) reversals 46.13 (53 ) Interest charges and related fees 46.14 - Other charges 46.15 37 Results of CEE businesses which were previously reported in operating results (85 ) Operating result 1,906 ∎ 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 46.8 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 46.8 and includes: 1) the over- or underperformance of derivatives of EUR 8 million loss 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 466 million loss; 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 2 million gain. ∎ Net foreign currency gains and (losses) are reported as part of the respective line in note 46.8. ∎ Benefits and claims paid life relate to the lump-sum buy-out ∎ Change in valuation of liabilities for insurance contracts is reported as part of the respective line in note 46.10. ∎ Change in valuation of liabilities for investment contracts is reported as part of the respective line in note 46.10. ∎ Policyholder claims and benefits - Other are reported as part of the ‘Other’ line in note 46.10 and is related to policyholder tax. ∎ Commissions and expenses include: 1) Restructuring charges of EUR 240 million charge which are reported as part of Employee and Administration expenses lines in note 46.12; 2) Amortization of deferred expenses of EUR 260 million income which is reported as part of the respective line in note 46.12. This is offset against realized gains and losses and impairments on financial investments; 3) Amortization of VOBA and future servicing rights of EUR 87 million charge which is reported as part of the respective line in note 46.12. Commissions and expenses include a DPAC/VOBA fair value adjustment of EUR 51 million). ∎ Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 45 million reversal, as shown in note 46.13; 2) Impairment charges and reversals on non-financial ∎ There are no interest charges and related fees that are classified for segment reporting purposes as non-operating |
Summary of Other Selected Income Statement Items | Other selected income statement items Americas The Netherlands United Kingdom International Asset Management Holding and other activities Total 2021 Amortization of deferred expenses, VOBA and future servicing rights 929 - 113 61 - - 1,103 Depreciation 56 20 6 15 2 1 99 Impairment charges / (reversals) on financial assets, excluding receivables (23 ) (14 ) - - - (8 ) (45 ) Impairment charges / (reversals) on non-financial assets and receivables 37 12 - - 1 11 60 |
Summary of Premium Income | 2021 Life insurance 12,077 Non-life 1,654 Total premium income 13,731 Accident and health insurance 1,389 General insurance 265 Non-life 1,654 |
Summary of Premiums Paid to Reinsurers | 2021 Life insurance 3,292 Non-life 126 Total premiums paid to reinsurers 3,418 Accident and health insurance 118 General insurance 8 Non-life 126 |
Summary of Investment Income | 2021 Interest income 3,536 Dividend income 1,327 Rental income 29 Total investment income 4,893 Interest income accrued on impaired financial assets 53 Interest income on financial assets that are not carried at Fair value through profit or loss 3,047 |
Summary of Investment Income | Total investment income from: 2021 Shares 1,327 Debt securities and money market instruments 2,970 Loans 499 Real estate 29 Other 68 Total 4,893 Investment income is split into: 2021 Investment income related to general account 3,249 Investment income for account of policyholders 1,644 Total 4,893 Investment income from financial assets held for general account: Available-for-sale 2,674 Loans 499 Financial assets designated at fair value through profit or loss 97 Real estate (1 ) Derivatives (4 ) Other (15 ) Total 3,249 |
Summary of Fee and Commission Income | 2021 Fee income from asset management 1,647 Commission income 640 Other 168 Total fee and commission income 2,454 Included in fee and commission income: Fees on trust and fiduciary activities 259 |
Summary of Income From Reinsurance Ceded | 2021 Recovered claims and benefits 3,377 Change in technical provisions 738 Commissions 147 Amortization charges 2 Total 4,263 |
Summary of financial transactions results | Results from financial transactions comprise: 2021 Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives 807 Realized gains and (losses) on financial investments 392 Gains and (losses) on investments in real estate - Net fair value change of derivatives 761 Net fair value change on account of policyholder financial assets at fair value through profit or loss 22,539 Net fair value change on investments in real estate for account of policyholders 46 Net foreign currency gains and (losses) 182 Net fair value change on borrowings and other financial liabilities (13 ) Total 24,715 |
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 through profit or loss, other than derivatives comprise: 2021 Shares 27 Debt securities and money market investments (26 ) Other 807 Total 807 |
Summary of Realized Gains and Losses on Financial Investments | Realized gains and losses on financial investments comprise: 2021 Shares 16 Debt securities and money market investments 281 Loans 125 Other (30 ) Total 392 Realized gains and losses on financial investments comprise: 2021 Available-for-sale 268 Loans 125 Total 392 |
Summary of Net Fair Value Change of Derivatives | Net fair value change of derivatives comprise: 2021 Net fair value change on economic hedges where no hedge accounting is applied (265 ) Net fair value change on bifurcated embedded derivatives 1,023 Ineffective portion of hedge transactions to which hedge accounting is applied 4 Total 761 |
Summary of Ineffective Portion of Hedge Transactions | The ineffective portion of hedge transactions to which hedge accounting is applied comprises: 2021 Fair value change on hedging instruments in a fair value hedge (3 ) Fair value change on hedged items in a fair value hedge 6 Ineffectiveness fair value hedge 3 Ineffectiveness cash flow hedges 1 Total 4 |
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 through profit or loss comprise: 2021 Shares 2,661 Debt securities and money market investments (557 ) Unconsolidated investment funds 20,833 Derivatives (398 ) Total 22,539 |
Summary of Net Fair Value on Borrowings and Other Financial Liabilities | Net fair value change on borrowings and other financial liabilities 2021 Borrowings - Other financial liabilities (13 ) Total (13 ) |
Summary of Other Income | 2021 Other income 49 |
Summary of Policyholder Claims and Benefits | 2021 Benefits and claims paid life 16,971 Benefits and claims paid non-life 1,240 Change in valuation of liabilities for insurance contracts 19,504 Change in valuation of liabilities for investment contracts 2,420 Other (38 ) Total 40,097 |
Summary of Profit Sharing and Rebates | 2021 Surplus interest bonuses 1 Profit appropriated to policyholders 7 Total 8 |
Summary of Commissions and Expenses | 2021 Commissions 2,539 Employee expenses 1,511 Administration expenses 1,294 Deferred expenses (1,160 ) Amortization of deferred expenses 933 Amortization of VOBA and future servicing rights 171 Total 5,286 Included in administration expenses: Depreciation of equipment, software and real estate held for own use 80 |
Summary of Employee Expenses | Employee expenses 2021 Salaries 1,092 Post-employment benefit costs 126 Social security charges 100 Other personnel costs 150 Shares 43 Total 1,511 Included in employee expenses: Defined contribution expenses 35 |
Summary of impairment charges / (reversals) | Impairment charges / (reversals) comprise: 2021 Impairment charges on financial assets, excluding receivables 11 Impairment reversals on financial assets, excluding receivables (42 ) Impairment charges and reversals on non-financial 48 Total 16 |
Summary of Impairment Charges on Financial Assets, Excluding Receivables | Impairment charges on financial assets, excluding receivables, from: 2021 Shares 1 Debt securities and money market instruments 9 Loans - Total 11 |
Summary of Impairment Reversals on Financial Assets, Excluding Receivables | Impairment reversals on financial assets, excluding receivables, from: 2021 Shares (8 ) Debt securities and money market instruments (30 ) Loans (0 ) Other (4 ) Total (42 ) |
Summary of Interest Charges and Related Fees | 2021 Subordinated loans 110 Trust pass-through securities 8 Borrowings 65 Other 64 Total 246 Included in interest charges and related fees: Interest charges accrued on financial liabilities not carried at fair value through profit or loss 121 |
Summary of Components of Income Tax for Period (Income) / Charge | 2021 Current tax Current year (18 ) Adjustments to prior years (6 ) (24 ) Deferred tax Origination / (reversal) of temporary differences 163 Changes in tax rates / bases (39 ) 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 (5 ) Non-recognition 9 Adjustments to prior years (9 ) 119 Income tax for the period (income) / charge 95 |
Summary of Reconciliation Between Standard and Effective Income Tax | Reconciliation between standard and effective income tax: 2021 Result before tax from continuing operations 1,164 Income tax calculated using weighted average applicable statutory tax rates 231 Difference due to the effects of: Non-taxable (57 ) Non-tax 21 Changes in tax rate/base (39 ) Different tax rates on overseas earnings - Tax credits (48 ) Other taxes 38 Adjustments to prior years (15 ) Change in uncertain tax positions (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 (5 ) Non-recognition 9 Tax effect of (profit) / losses from joint ventures and associates (18 ) Other (5 ) (136 ) Income tax for the period (result) / charge 95 |
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. 2021 Items that will not be reclassified to profit and loss: Changes in revaluation reserve real estate held for own use 1 Remeasurements of defined benefit plans (78 ) (77 ) Items that may be reclassified subsequently to profit and loss: (Gains) / losses on revaluation of available-for-sale 269 (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale 71 Changes in cash flow hedging reserve 47 Movement in foreign currency translation and net foreign investment hedging reserve 3 390 Total income tax related to components of other comprehensive income 313 2021 Income tax related to equity instruments and other Income tax related to equity instruments 13 Other 3 Total income tax recognized directly in retained earnings 16 |
Summary of Basic Earnings Per Share | 2021 Continuing and discontinued operations Net result attributable to owners of Aegon Ltd from continuing and discontinued operations 1,980 Coupons on perpetual securities (39 ) Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations 1,941 Net result attributable to common shareholders from continuing and discontinued operations 1,928 Net result attributable to common shareholders B from continuing and discontinued operations 13 Weighted average number of common shares outstanding (in million) 2,043 Weighted average number of common shares B outstanding (in million) 559 Basic earnings per common share (EUR per share) from continuing and discontinued operations 0.94 Basic earnings per common share B (EUR per share) from continuing and discontinued operations 0.02 Continuing operations Net result attributable to owners of Aegon Ltd from continuing operations 1,019 Coupons on perpetual securities (39 ) Net result attributable to owners for basic earnings per share calculation from continuing operations 981 Net result attributable to common shareholders from continuing operations 974 Net result attributable to common shareholders B from continuing operations 7 Weighted average number of common shares outstanding (in million) 2,043 Weighted average number of common shares B outstanding (in million) 559 Basic earnings per common share (EUR per share) from continuing operations 0.48 Basic earnings per common share B (EUR per share) from continuing operations 0.01 Discontinued operations Net result attributable to owners of Aegon Ltd from discontinued operations 960 Coupons on perpetual securities - Net result attributable to owners for basic earnings per share calculation from discontinued operations 960 Net result attributable to common shareholders from discontinued operations 954 Net result attributable to common shareholders B from discontinued operations 7 Weighted average number of common shares outstanding (in million) 2,043 Weighted average number of common shares B outstanding (in million) 559 Basic earnings per common share (EUR per share) from discontinued operations 0.47 Basic earnings per common share B (EUR per share) from discontinued operations 0.01 |
Disclosure of gains (losses) on cash flow hedge ineffectiveness | For the years ended December 31, 2021, the gains and (losses) related to the ineffectiveness portion of designated fair value hedges Aegon recognized are as follows: 2021 Gains (losses) related to the ineffectiveness portion of designated fair value hedges 3 |
Disclosure of gain (loss) on fair value hedge ineffectiveness | Hedge ineffectiveness and reclassification of gains (losses) 2021 Hedge ineffectiveness on cash flow hedges 1 Gains (losses) reclassified from equity into the income statement (38 ) Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months 113 |
Summary of Issued Share Capital and Reserves Attributable to Shareholders | Note 2021 Share capital – par value 321 Share premium 7,033 Total share capital 7,354 Retained earnings 12,166 Treasury shares (273 ) Total retained earnings 11,892 Revaluation reserves 46.19.1 6,442 Remeasurement of defined benefit plans 46.19.2 (2,199 ) Other reserves 46.19.3 325 Total shareholders’ equity 23,813 |
Summary of Revaluation Reserves | Available-for-sale investments Real estate held for own use Cash flow hedging reserve Total 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 |
Summary of Revaluation Reserve for Available-for-sale Investments | The closing balances of the revaluation reserve for available-for-sale 2021 Shares 49 Debt securities 5,276 Other (15 ) Revaluation reserve for available-for-sale 5,309 |
Summary of Remeasurement of Defined Benefit Plans | 2021 At January 1 (2,534 ) Remeasurements of defined benefit plans 501 Tax effect (102 ) Net exchange differences (65 ) At December 31, 2021 (2,199 ) |
Summary of Other Reserves | Foreign currency translation reserve Net foreign investment hedging reserve Equity movements of joint ventures and associates Total 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 |
Summary of Remuneration Explanatory | 2021 Board of Directors 1) 0.9 CEO Meeting 4.9 Key Management 27.5 - In fixed compensation 16.8 - In cash based variable compensation 3.6 - In share based variable compensation 3.2 - In pension contributions 2.8 - In other benefits 1.1 1 Based on a Decree of the Dutch State Secretary of Finance which came into force as from May 7, 2021, the Board of Directors 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 Board of Directors Members as from Q2 2021. Additionally, Aegon reclaimed VAT for the period Q1 2020 - Q1 2021, except for its Board of Directors members based in the Netherlands for practical reasons. |
Summary of Income statement of discontinued operations | Amounts in EUR millions 2021 Discontinued operations Premium income 1,713 Investment income 2,074 Fee and commission income 331 Other revenues - Total revenues 4,118 Income from reinsurance ceded 26 Results from financial transactions (444 ) Other income 27 Total income 3,727 Premiums paid to reinsurers 99 Policyholder claims and benefits 1,755 Profit sharing and rebates 7 Commissions and expenses 698 Impairment charges / (reversals) (2 ) Interest charges and related fees 89 Other charges 3 Total charges 2,649 Result from discontinued operations before share in profit / (loss) of joint ventures, associates and tax 1,078 Share in profit / (loss) of joint ventures 33 Share in profit / (loss) of associates 127 Result before tax from discontinued operations 1,237 Income tax (expense) / benefit (276 ) Result after tax from discontinued operations 960 Impairment loss on remeasurement of the disposal group - Net result from discontinued operations after remeasurement 960 |
General Information - Additiona
General Information - Additional Information (Detail) - Employees | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of general information [Line Items] | ||
Country of Incorporation | Bermuda | |
Address of entity | Aegonplein 50, 2591 TV, The Hague | |
Description of nature operations and principal activities | Aegon Ltd. (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 and general insurance. | |
Number of employees | 15,658 | 15,478 |
Aegon N.V [member] | ||
Disclosure of general information [Line Items] | ||
Country of Incorporation | Bermuda | |
Address of entity | Aegonplein 50, 2591 TV, The Hague | |
Description of nature operations and principal activities | Aegon Ltd. (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 and general insurance. | |
Number of employees | 0 | |
Bottom of range [member] | ||
Disclosure of general information [Line Items] | ||
Number of employees | 15,700 | 15,500 |
Bottom of range [member] | Aegon N.V [member] | ||
Disclosure of general information [Line Items] | ||
Number of employees | 15,700 | 15,500 |
Material Accounting Policy In_4
Material Accounting Policy Information - Summary of Reconciliation Between IFRS and IFRS-EU (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of changes in accounting estimates [line items] | |||||||
Equity | € 9,554 | € 10,935 | [1],[2] | € 13,577 | € 26,372 | € 24,661 | |
Shareholders' equity, adjustment of EU 'IAS 39' carve-out | 0 | 0 | |||||
Shareholders' equity, tax effect of the adjustment | 0 | 0 | |||||
Shareholders' equity, effect of the adjustment after tax | 0 | 0 | |||||
Net income, adjustment of EU 'IAS 39' carve-out | 0 | (450) | |||||
Net income, tax effect of the adjustment | 0 | 0 | |||||
Net income, effect of the adjustment after tax | 0 | (450) | |||||
In accordance with IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Equity | 7,475 | 8,815 | |||||
Net income | (199) | (540) | |||||
In accordance with EU-IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Equity | 7,475 | 8,815 | |||||
Net income | € (199) | € (990) | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Material Accounting Policy In_5
Material Accounting Policy Information - Summary of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | [1] | € 6,889 | |||
Assets held for sale | 432 | 88,664 | [1] | ||||||
Investments | 266,382 | 254,759 | [1] | 409,444 | [1] | ||||
Derivatives | 1,429 | 2,771 | [1] | 8,843 | [1] | ||||
Investments in joint ventures | 1,430 | 1,430 | [1] | 1,715 | [1] | 1,715 | |||
Investments in associates | 2,906 | 165 | [1] | 1,289 | [1] | 1,289 | |||
Reinsurance contract assets | 16,608 | 16,939 | [1] | 21,322 | [1] | 3,518 | |||
Insurance contract assets | 185 | 36 | [1] | 110 | [1] | ||||
Deferred tax assets | 2,350 | 2,433 | [1] | 2,164 | [1] | ||||
Deferred expenses | 447 | 452 | [1] | 428 | [1] | ||||
Other assets and receivables | 4,712 | 9,153 | [1] | 6,679 | [1] | ||||
Intangible assets | 504 | 420 | [1] | 585 | [1] | 585 | |||
Assets | 301,581 | 380,711 | [1] | 459,560 | [1] | ||||
Shareholders' equity | 7,475 | 8,815 | [1] | 11,018 | [1] | ||||
Other equity instruments | 1,951 | 1,943 | [1] | 2,363 | [1] | ||||
Issued capital and reserves attributable to owners of Aegon Ltd. | 9,426 | 10,758 | [1] | 13,381 | [1] | ||||
Non-controlling interests | 129 | 176 | [1] | 196 | [1] | ||||
Group equity | 9,554 | 10,935 | [1],[2] | 13,577 | [1] | 26,372 | € 24,661 | ||
Subordinated borrowings | 2,244 | 2,295 | [1] | 2,194 | [1] | ||||
Trust pass-through securities | 111 | 118 | [1] | 126 | [1] | ||||
Reinsurance contract liabilities | 608 | 270 | [1] | 471 | [1] | ||||
Insurance contract liabilities | 177,446 | 176,120 | [1] | 290,066 | [1] | ||||
Investment contract liabilities with discretionary participating features | 21,594 | 21,055 | [1] | 27,392 | [1] | ||||
Investment contracts without discretionary participating features | 75,266 | 65,227 | [1] | 92,364 | [1] | ||||
Derivatives | 2,479 | 5,175 | [1] | 7,138 | [1] | ||||
Borrowings | 2,356 | 4,051 | [1] | 9,661 | [1] | ||||
Liabilities held for sale / disposal groups | 389 | 84,183 | [1] | ||||||
Other liabilities | 8,390 | 10,278 | [1] | 11,883 | [1] | ||||
Total liabilities | 292,026 | 369,777 | [1] | 445,983 | [1] | ||||
Total equity and liabilities | € 301,581 | 380,711 | [1] | 459,560 | [1] | ||||
Previously stated [member] | |||||||||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Group equity | [3] | 26,372 | |||||||
Previously stated [member] | Initial Adoption of IFRS 9 and IFRS 17 [member] | |||||||||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Cash and cash equivalents | 3,407 | 6,889 | |||||||
Assets held for sale | 89,752 | ||||||||
Investments | 76,825 | 157,831 | |||||||
Investments for account of policyholders | 180,006 | 250,953 | |||||||
Derivatives | 2,760 | 8,827 | |||||||
Investments in joint ventures | 1,443 | 1,743 | |||||||
Investments in associates | 165 | 1,289 | |||||||
Reinsurance contract assets | 21,184 | 20,992 | |||||||
Insurance contract assets | 0 | 0 | |||||||
Deferred tax assets | 1,827 | 131 | |||||||
Deferred expenses | 12,886 | 10,503 | |||||||
Other assets and receivables | 10,291 | 7,761 | |||||||
Intangible assets | 1,240 | 1,333 | |||||||
Assets | 401,786 | 468,252 | |||||||
Shareholders' equity | 12,071 | 23,813 | |||||||
Other equity instruments | 1,943 | 2,363 | |||||||
Issued capital and reserves attributable to owners of Aegon Ltd. | 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 | |||||||
Reinsurance contract liabilities | 0 | 0 | |||||||
Insurance contracts for account of policyholders | 100,409 | 149,323 | |||||||
Insurance contract liabilities | 87,309 | 124,422 | |||||||
Investment contracts | 10,658 | 21,767 | |||||||
Investment contracts for account of policyholders | 80,555 | 104,592 | |||||||
Investment contract liabilities with discretionary participating features | 0 | 0 | |||||||
Investment contracts without discretionary participating features | 0 | 0 | |||||||
Derivatives | 6,094 | 10,639 | |||||||
Borrowings | 4,051 | 9,661 | |||||||
Liabilities held for sale / disposal groups | 84,339 | ||||||||
Other liabilities | 11,766 | 19,158 | |||||||
Total liabilities | 387,596 | 441,881 | |||||||
Total equity and liabilities | € 401,786 | 468,252 | |||||||
Impact of the change in accounting policies (IFRS 9 and 17) [member] | |||||||||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Group equity | € (12,795) | ||||||||
Impact of the change in accounting policies (IFRS 9 and 17) [member] | Initial Adoption of IFRS 9 and IFRS 17 [member] | |||||||||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Cash and cash equivalents | € (5) | (28) | |||||||
Assets held for sale | (1,088) | ||||||||
Investments | 177,934 | 251,614 | |||||||
Investments for account of policyholders | (180,006) | (250,953) | |||||||
Derivatives | 11 | 16 | |||||||
Investments in joint ventures | (13) | (28) | |||||||
Investments in associates | 0 | 0 | |||||||
Reinsurance contract assets | (4,245) | 330 | |||||||
Insurance contract assets | 36 | 110 | |||||||
Deferred tax assets | 606 | 2,033 | |||||||
Deferred expenses | (12,434) | (10,076) | |||||||
Other assets and receivables | (1,051) | (963) | |||||||
Intangible assets | (820) | (748) | |||||||
Assets | (21,075) | (8,693) | |||||||
Shareholders' equity | (3,256) | (12,795) | |||||||
Other equity instruments | 0 | 0 | |||||||
Issued capital and reserves attributable to owners of Aegon Ltd. | (3,256) | (12,795) | |||||||
Non-controlling interests | 0 | 0 | |||||||
Group equity | (3,255) | (12,795) | |||||||
Subordinated borrowings | 0 | 0 | |||||||
Trust pass-through securities | 0 | 0 | |||||||
Reinsurance contract liabilities | 270 | 471 | |||||||
Insurance contracts for account of policyholders | (100,409) | (149,323) | |||||||
Insurance contract liabilities | 88,811 | 165,644 | |||||||
Investment contracts | (10,658) | (21,767) | |||||||
Investment contracts for account of policyholders | (80,555) | (104,592) | |||||||
Investment contract liabilities with discretionary participating features | 21,055 | 27,392 | |||||||
Investment contracts without discretionary participating features | 65,227 | 92,364 | |||||||
Derivatives | (919) | (3,501) | |||||||
Borrowings | 0 | 0 | |||||||
Liabilities held for sale / disposal groups | (156) | ||||||||
Other liabilities | (483) | (2,586) | |||||||
Total liabilities | (17,819) | 4,102 | |||||||
Total equity and liabilities | (21,076) | (8,693) | |||||||
As Restated [Member] | Initial Adoption of IFRS 9 and IFRS 17 [member] | |||||||||
Disclosure of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Balance Sheet [Line Items] | |||||||||
Cash and cash equivalents | 3,402 | 6,861 | |||||||
Assets held for sale | 88,664 | ||||||||
Investments | 254,759 | 409,444 | |||||||
Investments for account of policyholders | 0 | 0 | |||||||
Derivatives | 2,771 | 8,843 | |||||||
Investments in joint ventures | 1,430 | 1,715 | |||||||
Investments in associates | 165 | 1,289 | |||||||
Reinsurance contract assets | 16,939 | 21,322 | |||||||
Insurance contract assets | 36 | 110 | |||||||
Deferred tax assets | 2,433 | 2,164 | |||||||
Deferred expenses | 452 | 428 | |||||||
Other assets and receivables | 9,240 | 6,798 | |||||||
Intangible assets | 420 | 585 | |||||||
Assets | 380,711 | 459,560 | |||||||
Shareholders' equity | 8,815 | 11,018 | |||||||
Other equity instruments | 1,943 | 2,363 | |||||||
Issued capital and reserves attributable to owners of Aegon Ltd. | 10,758 | 13,381 | |||||||
Non-controlling interests | 176 | 196 | |||||||
Group equity | 10,935 | 13,577 | |||||||
Subordinated borrowings | 2,295 | 2,194 | |||||||
Trust pass-through securities | 118 | 126 | |||||||
Reinsurance contract liabilities | 270 | 471 | |||||||
Insurance contracts for account of policyholders | 0 | 0 | |||||||
Insurance contract liabilities | 176,120 | 290,066 | |||||||
Investment contracts | 0 | 0 | |||||||
Investment contracts for account of policyholders | 0 | 0 | |||||||
Investment contract liabilities with discretionary participating features | 21,055 | 27,392 | |||||||
Investment contracts without discretionary participating features | 65,227 | 92,364 | |||||||
Derivatives | 5,175 | 7,138 | |||||||
Borrowings | 4,051 | 9,661 | |||||||
Liabilities held for sale / disposal groups | 84,183 | ||||||||
Other liabilities | 11,283 | 16,572 | |||||||
Total liabilities | 369,777 | 445,983 | |||||||
Total equity and liabilities | € 380,711 | € 459,560 | |||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Opening balance as per January 1, 2022 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Material Accounting Policy In_6
Material Accounting Policy Information - Summary of Detailed Information about Effects of Initial Adoption of IFRS 9 and IFRS 17 on Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.12) | € (0.3) | [1] | ||
Diluted earnings per common share | € (0.12) | € (0.3) | [1] | ||
Net result / (loss) attributable to owners | € (179) | € (570) | [1] | ||
Coupons on perpetual securities | 48 | 36 | € 39 | ||
Net result / (loss) attributable to owners for basic earnings per share calculation | € (209) | € 686 | |||
Weighted average shares | 1,879 | 2,010 | |||
IFRS 9 and IFRS 17 [member] | Previously stated [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.73) | ||||
Diluted earnings per common share | € (0.73) | ||||
Net result / (loss) attributable to owners | € (1,433) | ||||
Coupons on perpetual securities | (36) | ||||
Net result / (loss) attributable to owners for basic earnings per share calculation | € (1,469) | ||||
Weighted average shares | 2,010 | ||||
IFRS 9 and IFRS 17 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € 0.43 | ||||
Diluted earnings per common share | € 0.43 | ||||
Net result / (loss) attributable to owners | € 864 | ||||
Coupons on perpetual securities | 0 | ||||
Net result / (loss) attributable to owners for basic earnings per share calculation | € 864 | ||||
Weighted average shares | 0 | ||||
IFRS 9 and IFRS 17 [member] | Restated after adjustment initial application of accounting standards [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.3) | ||||
Diluted earnings per common share | € (0.3) | ||||
Net result / (loss) attributable to owners | € (569) | ||||
Coupons on perpetual securities | (36) | ||||
Net result / (loss) attributable to owners for basic earnings per share calculation | € (605) | ||||
Weighted average shares | 2,010 | ||||
Common share B [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | [1] | € (0.01) | |||
Diluted earnings per common share | [1] | € (0.01) | |||
Net result / (loss) attributable to owners for basic earnings per share calculation | € (1) | € 5 | |||
Weighted average shares | 490 | 536 | |||
Common share B [member] | IFRS 9 and IFRS 17 [member] | Previously stated [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.02) | ||||
Diluted earnings per common share | € (0.02) | ||||
Weighted average shares | 536 | ||||
Common share B [member] | IFRS 9 and IFRS 17 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € 0.01 | ||||
Diluted earnings per common share | € 0.01 | ||||
Weighted average shares | 0 | ||||
Common share B [member] | IFRS 9 and IFRS 17 [member] | Restated after adjustment initial application of accounting standards [member] | |||||
Earnings per share (EUR per share) | |||||
Basic earnings per common share | € (0.01) | ||||
Diluted earnings per common share | € (0.01) | ||||
Weighted average shares | 536 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Material Accounting Policy In_7
Material Accounting Policy Information - Summary of Detailed Information about New Impairment Allowance Measured in Accordance with the IFRS 9 (Detail) - EUR (€) € in Millions | Jan. 01, 2023 | Jan. 01, 2022 |
Disclosure of Detailed Information About New Impairment Allowance Measured in Accordance with the IFRS 9 [Line Items] | ||
Loss allowance under IAS 39 / Provision under IAS 37 | € (383) | € (501) |
Reclassifications | 189 | 196 |
Remeasurements | (93) | (63) |
ECL under IFRS 9 | (287) | (369) |
Financial assets at amortised cost, category [member] | ||
Disclosure of Detailed Information About New Impairment Allowance Measured in Accordance with the IFRS 9 [Line Items] | ||
Loss allowance under IAS 39 / Provision under IAS 37 | (9) | (125) |
Reclassifications | 2 | 6 |
Remeasurements | (4) | (31) |
ECL under IFRS 9 | (12) | (150) |
Fair value through other comprehensive income [member] | ||
Disclosure of Detailed Information About New Impairment Allowance Measured in Accordance with the IFRS 9 [Line Items] | ||
Loss allowance under IAS 39 / Provision under IAS 37 | (374) | (376) |
Reclassifications | 187 | 190 |
Remeasurements | (89) | (33) |
ECL under IFRS 9 | € (276) | € (219) |
Material Accounting Policy In_8
Material Accounting Policy Information - Summary of Financial Assets and Liabilites At Date Of Initial Application Of IFRS9 (Detail) - EUR (€) € in Millions | Jan. 01, 2023 | Jan. 01, 2022 |
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 amount | € 272,217 | € 428,281 |
Reclassification | (3,108) | (2,868) |
Remeasurement - ECL | (12) | (150) |
Remeasurement - Other | 4 | 2,704 |
IFRS 9 amount | 269,102 | 427,967 |
IAS 39 amount | 86,668 | 126,030 |
Reclassification | (1,938) | (4,985) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | 0 | 0 |
IFRS 9 amount | 84,730 | 121,046 |
Loans one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Remeasurement - Other | 4 | 110 |
Loans Two [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Remeasurement - Other | 2,594 | |
IAS 39 and IFRS 9 investments [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 amount | 256,328 | 405,578 |
Reclassification | (2,065) | (1,891) |
Remeasurement - ECL | (12) | (150) |
Remeasurement - Other | 4 | 2,704 |
IFRS 9 amount | € 254,257 | € 406,239 |
Financial liabilities at amortised cost, category [member] | Investment contracts one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AC | AC |
IAS 39 amount | € 10,485 | € 21,573 |
Reclassification | (888) | (899) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 9,597 | € 20,674 |
Financial liabilities at amortised cost, category [member] | Long-term borrowings and group loans [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AC | AC |
IAS 39 amount | € 4,051 | € 9,661 |
Reclassification | 0 | 0 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 4,051 | € 9,661 |
Financial liabilities at amortised cost, category [member] | Other Liabilities [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AC | AC |
IAS 39 amount | € 10,785 | € 12,916 |
Reclassification | (507) | (1,033) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 10,278 | € 11,883 |
Financial liabilities at fair value through profit or loss, category [member] | Investment contracts two [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 55,254 | € 71,242 |
Reclassification | 376 | 448 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 55,631 | € 71,690 |
Financial liabilities at fair value through profit or loss, category [member] | Derivatives Liabilities [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 6,094 | € 10,639 |
Reclassification | (919) | (3,501) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 5,175 | € 7,138 |
Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | Investment contracts without discretionary participating features [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 amount | 65,739 | 92,815 |
Reclassification | (512) | (451) |
Remeasurement - ECL | 0 | |
Remeasurement - Other | 0 | |
IFRS 9 amount | € 65,227 | € 92,364 |
Financial assets at fair value through profit or loss, category [member] | Shares One [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 15,698 | € 31,203 |
Reclassification | (193) | (1,660) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 15,505 | € 29,543 |
Financial assets at fair value through profit or loss, category [member] | Shares Two [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AFS | AFS |
IAS 39 amount | € 0 | |
Reclassification | € 348 | 1,912 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 348 | € 1,912 |
Financial assets at fair value through profit or loss, category [member] | Debt securities member two [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 6,248 | € 23,117 |
Reclassification | (5,449) | (22,387) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 799 | € 730 |
Financial assets at fair value through profit or loss, category [member] | Debt securities member three [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Reclassification | 6,935 | 45,312 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 6,935 | € 45,312 |
Financial assets at fair value through profit or loss, category [member] | Money market and other short term investments two [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 1,362 | € 1,602 |
Reclassification | 1,514 | 694 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 2,876 | € 2,296 |
Financial assets at fair value through profit or loss, category [member] | Money market and other short term investments three [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Reclassification | 1,429 | 1,624 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 1,429 | € 1,624 |
Financial assets at fair value through profit or loss, category [member] | Loans Two [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Reclassification | 20,106 | |
Remeasurement - ECL | 0 | |
Remeasurement - Other | € 2,594 | |
IFRS 9 category | FVPL (d) | |
IFRS 9 amount | € 22,700 | |
Financial assets at fair value through profit or loss, category [member] | Deposits With Financial Institutions Two [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 2,360 | € 4,105 |
Reclassification | 0 | 0 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 2,360 | € 4,105 |
Financial assets at fair value through profit or loss, category [member] | Unconsolidated Investment Funds [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 154,741 | € 191,950 |
Reclassification | 0 | 0 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 154,741 | € 191,950 |
Financial assets at fair value through profit or loss, category [member] | Other investments one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 3,722 | € 6,893 |
Reclassification | (3,190) | (2,800) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (d) | FVPL (d) |
IFRS 9 amount | € 532 | € 4,093 |
Financial assets at fair value through profit or loss, category [member] | Other investments two [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AFS | |
Reclassification | € 4,056 | 3,572 |
Remeasurement - ECL | 0 | |
Remeasurement - Other | € 0 | |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 4,056 | € 3,572 |
Financial assets at fair value through profit or loss, category [member] | Derivatives assets [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | FVPL | FVPL |
IAS 39 amount | € 2,760 | € 8,827 |
Reclassification | 11 | 16 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVPL (m) | FVPL (m) |
IFRS 9 amount | € 2,771 | € 8,843 |
Fair value through other comprehensive income [member] | Shares [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 amount | 195 | 350 |
Reclassification | (186) | (279) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVOCI (d) | FVOCI (d) |
IFRS 9 amount | € 10 | € 72 |
Fair value through other comprehensive income [member] | Debt securities member one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AFS | AFS |
IAS 39 amount | € 53,093 | € 93,899 |
Reclassification | (1,486) | (22,925) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVOCI | FVOCI |
IFRS 9 amount | € 51,607 | € 70,974 |
Fair value through other comprehensive income [member] | Money market and other short term investments one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AFS | AFS |
IAS 39 amount | € 5,514 | € 4,790 |
Reclassification | (2,938) | (2,289) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVOCI | FVOCI |
IFRS 9 amount | € 2,576 | € 2,501 |
Fair value through other comprehensive income [member] | Other Investments three [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | AFS | |
IAS 39 amount | 840 | € 844 |
Reclassification | (810) | (800) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | FVOCI | FVOCI |
IFRS 9 amount | € 31 | € 44 |
Financial assets at amortised cost, class [member] | Loans one [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | L&R | L&R |
IAS 39 amount | € 12,511 | € 46,770 |
Reclassification | (2,095) | (21,971) |
Remeasurement - ECL | (12) | (150) |
Remeasurement - Other | € 4 | € 110 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 10,408 | € 24,760 |
Financial assets at amortised cost, class [member] | Deposits With Financial Institutions One [Member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | L&R | L&R |
IAS 39 amount | € 45 | € 52 |
Reclassification | 0 | 0 |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 45 | € 52 |
Financial assets at amortised cost, class [member] | Cash and cash equivalents [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | L&R | L&R |
IAS 39 amount | € 3,407 | € 6,889 |
Reclassification | (4) | (28) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 3,402 | € 6,861 |
Financial assets at amortised cost, class [member] | Other financial assets and receivables [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
IAS 39 category | L&R | L&R |
IAS 39 amount | € 9,722 | € 6,988 |
Reclassification | (1,050) | (963) |
Remeasurement - ECL | 0 | 0 |
Remeasurement - Other | € 0 | € 0 |
IFRS 9 category | AC | AC |
IFRS 9 amount | € 8,671 | € 6,025 |
Material Accounting Policy In_9
Material Accounting Policy Information - Summary of Financial Assets and Liabilites At Date Of Initial Application Of IFRS9 (Parenthetical) (Detail) - EUR (€) € in Millions | Jan. 01, 2023 | Jan. 01, 2022 |
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Financial assets, carrying amount immediately before initial application of IFRS 9 | € 272,217 | € 428,281 |
IAS 39 and IFRS 9 investments [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Financial assets, carrying amount immediately before initial application of IFRS 9 | 256,328 | 405,578 |
Financial assets, carrying amount immediately after initial application of IFRS 9 | 254,257 | 406,871 |
IAS 39 and IFRS 9 investments in real estates [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Financial assets, carrying amount immediately before initial application of IFRS 9 | 502 | 3,206 |
Financial assets, carrying amount immediately after initial application of IFRS 9 | 502 | 3,206 |
Other assets and receivables [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Financial assets, carrying amount immediately before initial application of IFRS 9 | 9,722 | 6,988 |
Financial assets, carrying amount immediately after initial application of IFRS 9 | 8,671 | 6,025 |
Other assets and receivables own used real estates and right of use assets [member] | ||
Disclosure of Financial Assets and Liabilites at Date of Initial Application of IFRS9 [Line Items] | ||
Financial assets, carrying amount immediately before initial application of IFRS 9 | 482 | 654 |
Financial assets, carrying amount immediately after initial application of IFRS 9 | € 482 | € 654 |
Material Accounting Policy I_10
Material Accounting Policy Information - Summary of Impact of Changes in Accounting Policies on Consolidated Financial Statements (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Impact on net result | € (179) | € (570) | [1] | |||||
Share capital | 265 | 319 | ||||||
Share premium | 6,853 | 6,853 | € 7,033 | |||||
Shareholders' equity | 9,554 | 10,935 | [1],[2] | € 13,577 | [1] | 26,372 | € 24,661 | |
Previously reported [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Shareholders' equity | [3] | 26,372 | ||||||
Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Shareholders' equity | (12,795) | |||||||
Aegon Ltd. [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Net result group companies | (65) | (411) | [4] | |||||
Impact on net result | (179) | (569) | [4] | |||||
Share capital | 265 | 319 | [4] | 321 | [4] | |||
Revaluation account | 3,760 | 4,551 | [4] | |||||
Legal reserves – foreign currency translation reserve | 474 | 736 | [4] | |||||
Legal reserves in respect of group companies | 1,134 | 2,821 | [4] | 2,316 | [4] | |||
Retained earnings, including treasury shares | 3,693 | 4,771 | [4] | 3,877 | [4] | |||
Remeasurement of defined benefit plans of group companies | (1,006) | (1,565) | [4] | (2,199) | [4] | |||
Net result | (179) | (569) | [4] | 1,980 | [4] | |||
Shareholders' equity | 7,475 | 8,815 | [4] | 11,018 | [4] | 11,018 | ||
Shares in group companies | 8,536 | 10,338 | [4] | 13,247 | [4] | 13,247 | ||
Shareholders' equity | € 9,426 | 10,758 | [4] | € 13,381 | [4] | |||
Aegon Ltd. [member] | Previously reported [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Shareholders' equity | [5] | 23,813 | ||||||
Shares in group companies | 10,338 | 26,042 | ||||||
Aegon Ltd. [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 | € 12,795 | |||||||
Aegon Ltd. [member] | After Initial Adoption of IFRS 9 and IFRS 17 [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Net result group companies | (411) | |||||||
Impact on net result | (569) | |||||||
Share capital | 319 | |||||||
Share premium | 6,853 | |||||||
Revaluation account | (4,551) | |||||||
Legal reserves – foreign currency translation reserve | 736 | |||||||
Legal reserves in respect of group companies | 2,821 | |||||||
Retained earnings, including treasury shares | 4,771 | |||||||
Remeasurement of defined benefit plans of group companies | (1,565) | |||||||
Net result | (569) | |||||||
Shareholders' equity | 8,815 | |||||||
Shares in group companies | 10,338 | |||||||
Shareholders' equity | 8,815 | |||||||
Aegon Ltd. [member] | After Initial Adoption of IFRS 9 and IFRS 17 [member] | Previously reported [member] | ||||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||||
Net result group companies | (1,275) | |||||||
Impact on net result | (1,433) | |||||||
Share capital | 319 | |||||||
Share premium | 6,853 | |||||||
Revaluation account | (4,465) | |||||||
Legal reserves – foreign currency translation reserve | 1,008 | |||||||
Legal reserves in respect of group companies | 2,439 | |||||||
Retained earnings, including treasury shares | 8,916 | |||||||
Remeasurement of defined benefit plans of group companies | (1,565) | |||||||
Net result | (1,433) | |||||||
Shareholders' equity | 12,071 | |||||||
Shares in group companies | 13,594 | |||||||
Shareholders' equity | 12,071 | |||||||
Aegon Ltd. [member] | After 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] | ||||||||
Net result group companies | 864 | |||||||
Impact on net result | 864 | |||||||
Revaluation account | (85) | |||||||
Legal reserves – foreign currency translation reserve | (272) | |||||||
Legal reserves in respect of group companies | 382 | |||||||
Retained earnings, including treasury shares | (4,145) | |||||||
Net result | 864 | |||||||
Shareholders' equity | (3,256) | |||||||
Shares in group companies | (3,256) | |||||||
Shareholders' equity | € (3,256) | |||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Opening balance as per January 1, 2022 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[4]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies.[5]Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Material Accounting Policy I_11
Material Accounting Policy Information - Additional Information (Detail) - EUR (€) € in Millions | Jan. 01, 2023 | Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Financial assets carrying amount remeasurement expected credit loss allowance on initial application of IFRS 9 | € (12) | € (150) | ||||||
Financial assets carrying amount remeasurement other on initial application of IFRS 9 | 4 | 2,704 | ||||||
Financial liabilities carrying amount reclassification on initial application of IFRS 9 | (1,938) | (4,985) | ||||||
Financial assets carrying amount reclassification on initial application of IFRS 9 | (3,108) | (2,868) | ||||||
Intangible assets | 585 | [1] | € 504 | € 420 | € 585 | |||
Total liabilities | 445,983 | [1] | 292,026 | 369,777 | ||||
Total assets | 459,560 | [1] | 301,581 | 380,711 | ||||
Reinsurance contract assets | 21,322 | [1] | 16,608 | 16,939 | 3,518 | |||
Equity | 13,577 | [1] | € 9,554 | € 10,935 | [2] | € 26,372 | € 24,661 | |
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Total liabilities | 17,819 | 4,102 | ||||||
Total assets | 21,075 | (8,693) | ||||||
Equity | 3,255 | (12,795) | ||||||
IFRS 17 [member] | Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Intangible assets | (820) | (748) | ||||||
IFRS 9 and IFRS 17 [member] | Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Decrease of other comprehensive income due to revaluation reserve for interest rate movements on insurance liabilities | (9,022) | |||||||
Reinsurance contract assets | 4,245 | 330 | ||||||
Cumulative decrease in carrying amount of insurance liabilities | (11,598) | 16,321 | ||||||
Cumulative decrease in carrying amount of insurance contracts | (4,931) | (6,602) | ||||||
Impact on equity largely due to changes in contractual service margin | 1,318 | |||||||
Impact on equity due to adjustment to the changes in revaluation reserve | 8,222 | |||||||
Equity | 9,540 | |||||||
Decrease of retained earnings | (3,707) | |||||||
Increase (decrease) in deferred expenses | (12,434) | (10,076) | ||||||
Assets and liabilities classified as held for sale [member] | IFRS 9 and IFRS 17 [member] | Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Total liabilities | (156) | |||||||
Total assets | (1,088) | |||||||
Loans one [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Financial assets carrying amount remeasurement other on initial application of IFRS 9 | € 4 | 110 | ||||||
Loans two [member] | ||||||||
Disclosure Of Summary Of Material Accounting Policy Information [Line Items] | ||||||||
Financial assets carrying amount remeasurement other on initial application of IFRS 9 | € 2,594 | |||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - Aegon Ltd. [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of investment income [line items] | |||
Interest income from short-term investments | € 82 | € 0 | |
Interest income from intercompany loans | 20 | 14 | |
Interest income from derivatives | (14) | 7 | |
Investment income | € 88 | € 21 | [1] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Financial Risks - Schedule of M
Financial Risks - Schedule of Maximum Exposure to Credit Risk (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Master netting agreements collateral | € 2 | € 34 |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 267,465 | 258,116 |
Cash collateral | 864 | 297 |
Securities collateral | 14,528 | 14,900 |
Letters of credit / guarantees | 194 | 221 |
Real estate property collateral | 23,711 | 24,822 |
Master netting agreements collateral | 373 | 2,174 |
Total collateral | 39,669 | 42,414 |
Surplus collateral (or overcollateralization) | 14,153 | 14,638 |
Net exposure | 241,949 | 230,341 |
Credit risk [member] | Debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 55,811 | 59,341 |
Letters of credit / guarantees | 93 | 96 |
Total collateral | 93 | 96 |
Net exposure | 55,718 | 59,245 |
Credit risk [member] | Money market and other short-term instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 8,695 | 6,881 |
Securities collateral | 442 | 312 |
Total collateral | 442 | 312 |
Surplus collateral (or overcollateralization) | 24 | 23 |
Net exposure | 8,277 | 6,592 |
Credit risk [member] | Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 10,183 | 10,419 |
Cash collateral | 31 | 40 |
Letters of credit / guarantees | 20 | 22 |
Real estate property collateral | 23,711 | 24,763 |
Total collateral | 23,762 | 24,825 |
Surplus collateral (or overcollateralization) | 13,579 | 14,407 |
Net exposure | 1 | |
Credit risk [member] | Unconsolidated investment funds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 167,411 | 154,741 |
Net exposure | 167,411 | 154,741 |
Credit risk [member] | Deposits with financial institutes [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,289 | 2,405 |
Net exposure | 2,289 | 2,405 |
Credit risk [member] | Other investments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 5,040 | 4,618 |
Real estate property collateral | 58 | |
Total collateral | 58 | |
Surplus collateral (or overcollateralization) | 35 | |
Net exposure | 5,040 | 4,595 |
Credit risk [member] | Derivatives assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,429 | 2,771 |
Cash collateral | 832 | 257 |
Securities collateral | 669 | 426 |
Master netting agreements collateral | 373 | 2,174 |
Total collateral | 1,875 | 2,858 |
Surplus collateral (or overcollateralization) | 550 | 173 |
Net exposure | 104 | 86 |
Credit risk [member] | Reinsurance assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 16,608 | 16,939 |
Securities collateral | 13,416 | 14,162 |
Letters of credit / guarantees | 82 | 103 |
Total collateral | 13,498 | 14,265 |
Net exposure | € 3,110 | € 2,675 |
Financial Risks - Summary of Cr
Financial Risks - Summary of Credit Risk Exposure - Debt Securities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | € 113 | € 58 |
Financial assets measured at FVOCI - with recycling [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 50,354 | 54,214 |
Financial assets measured at FVOCI - with recycling [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 358 | 413 |
Financial assets measured at FVOCI - with recycling [member] | Purchased credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 100 | 125 |
Financial assets measured at FVOCI - with recycling [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 49,571 | 53,273 |
Financial assets measured at FVOCI - with recycling [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 325 | 403 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 50,354 | 54,214 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 2,961 | 9,562 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 9,219 | 4,034 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 18,411 | 18,235 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 17,547 | 19,702 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 1,035 | 1,427 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 554 | 590 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | CCC and lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 629 | 664 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 358 | 413 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 10 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 11 | 6 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 136 | 172 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 120 | 153 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | CCC and lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 91 | 72 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Purchased credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 100 | 125 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Purchased credit impaired [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 1 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Purchased credit impaired [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 2 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Purchased credit impaired [member] | CCC and lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 99 | 123 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 49,571 | 53,273 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | AAA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 2,961 | 9,562 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 9,217 | 4,034 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 18,410 | 18,224 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | BBB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 17,534 | 19,696 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 899 | 1,250 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 431 | 432 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | 12-month ECL [member] | CCC and lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 120 | 76 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 325 | 403 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | AA [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 2 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | A [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 2 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | BB [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 3 | |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | B [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 3 | 5 |
Financial assets measured at FVOCI - with recycling [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | CCC and lower [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | 319 | 394 |
Financial assets measured at FVOCI - with recycling [member] | Expected credit loss [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | (238) | (276) |
Financial assets measured at FVOCI - with recycling [member] | Expected credit loss [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | (25) | (32) |
Financial assets measured at FVOCI - with recycling [member] | Expected credit loss [member] | Purchased credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | (2) | (1) |
Financial assets measured at FVOCI - with recycling [member] | Expected credit loss [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | (147) | (157) |
Financial assets measured at FVOCI - with recycling [member] | Expected credit loss [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets measured at FVOCI | € (64) | € (86) |
Financial Risks - Summary of _2
Financial Risks - Summary of Credit Risk Exposure - Mortgages (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | € 73,865 | € 77,412 |
Mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 10,156 | 10,407 |
Mortgage loans [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 33 | 2 |
Mortgage loans [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 10,123 | 10,404 |
Mortgage loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 10,183 | 10,419 |
Mortgage loans [member] | Gross carrying amount [member] | Internal grade 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 947 | 1,484 |
Mortgage loans [member] | Gross carrying amount [member] | Internal grade 2 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 3,930 | 4,440 |
Mortgage loans [member] | Gross carrying amount [member] | Internal grade 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 4,485 | 3,775 |
Mortgage loans [member] | Gross carrying amount [member] | Internal grade 4 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 785 | 671 |
Mortgage loans [member] | Gross carrying amount [member] | Internal grade 5 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 35 | 48 |
Mortgage loans [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 35 | 2 |
Mortgage loans [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | Internal grade 2 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 2 | 2 |
Mortgage loans [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | Internal grade 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 24 | |
Mortgage loans [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | Internal grade 4 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 7 | |
Mortgage loans [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | Internal grade 5 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 2 | |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 10,147 | 10,416 |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | Internal grade 1 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 947 | 1,484 |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | Internal grade 2 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 3,929 | 4,438 |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | Internal grade 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 4,460 | 3,775 |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | Internal grade 4 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 778 | 671 |
Mortgage loans [member] | Gross carrying amount [member] | 12-month ECL [member] | Internal grade 5 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | 33 | 48 |
Mortgage loans [member] | Expected credit loss [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | (26) | (12) |
Mortgage loans [member] | Expected credit loss [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | (1) | |
Mortgage loans [member] | Expected credit loss [member] | 12-month ECL [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans at amortized cost | € (24) | € (12) |
Financial Risks - Additional In
Financial Risks - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial risk management [line items] | |||
Description of how management determines concentrations | The watchlist approach means exposure of instruments on the watchlist are intensively monitored. Financial assets are added to the watchlist based on if their relative change in fair value has surpassed a predetermined threshold: ∎ The fair value either drops to 80% and below the (amortized) cost price and stays there for six months; or ∎ The fair value falls by 20% over 3 months; or ∎ The fair value falls to 60% and below the (amortized) cost price. | ||
Allowance account for credit losses of financial assets | € 10 | € 129 | € 113 |
Amount of undiscounted expected credit losses at initial recognition | 2 | 1 | |
Amount held in general account investment readily redeemable and saleable | 19,399 | 17,166 | |
Undrawn committed borrowing facilities | 2,623 | 3,435 | |
Notional amount | 950 | ||
Alternative Benchmark Rate [Member] | |||
Disclosure of financial risk management [line items] | |||
Notional amount | 39,752 | ||
Debt securities [member] | |||
Disclosure of financial risk management [line items] | |||
Allowance account for credit losses of financial assets | 237 | 276 | |
Mortgage loans [member] | |||
Disclosure of financial risk management [line items] | |||
Allowance account for credit losses of financial assets | 238 | 276 | € 214 |
Increase Decrease Through Transfers Financial Assets Allowance Account For Credit Losses Of Financial Assets | (14) | 10 | |
Recognization Of Allowance Account Of Credit Losses Of Financial Assets | (24) | (12) | |
Increase (decrease) in allowance account for credit losses of financial assets | (12) | ||
Mortgage loans [member] | Bottom of range [member] | |||
Disclosure of financial risk management [line items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | (14) | ||
Mortgage loans [member] | Top of range [member] | |||
Disclosure of financial risk management [line items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | (26) | ||
Gross carrying amount [member] | |||
Disclosure of financial risk management [line items] | |||
Modification of financial assets | € 0 | 0 | |
Credit risk [member] | |||
Disclosure of financial risk management [line items] | |||
Expected credit loss rate | 80% | ||
Credit risk [member] | Later than three months and not later than six months [member] | |||
Disclosure of financial risk management [line items] | |||
Expected credit loss rate | 60% | ||
Credit risk [member] | Not later than three months [member] | |||
Disclosure of financial risk management [line items] | |||
Expected credit loss rate | 20% | ||
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; | ||
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; | ||
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; | ||
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 | ||
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. | ||
Financial assets at fair value through profit or loss [member] | |||
Disclosure of financial risk management [line items] | |||
Maximum exposure to credit risk of financial assets | € 1,736 | 1,376 | |
Collateral and other credit enhancements obtained | € 0 |
Financial Risks - Summary of Ch
Financial Risks - Summary of Changes in Fair Value have been Recognized for these Investments (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of changes in the fair value of financial assets designated at fair value through profit or loss [line items] | ||
Change in fair value attributable to changes in credit risk during the year | € 45 | € (24) |
Cumulative change in fair value attributable to changes in credit risk held at 31 December | 20 | (22) |
Debt securities [member] | ||
Disclosure of changes in the fair value of financial assets designated at fair value through profit or loss [line items] | ||
Change in fair value attributable to changes in credit risk during the year | 46 | (24) |
Cumulative change in fair value attributable to changes in credit risk held at 31 December | 20 | (22) |
Money market and other short-term investments [member] | ||
Disclosure of changes in the fair value of financial assets designated at fair value through profit or loss [line items] | ||
Change in fair value attributable to changes in credit risk during the year | (1) | |
Cumulative change in fair value attributable to changes in credit risk held at 31 December | € 0 |
Financial Risks - Summary of Gr
Financial Risks - Summary of Group Limits Per Credit Rating (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
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, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | € 10,227 | € 10,453 |
Fair value | 63,638 | 66,959 |
Total | 73,865 | 77,412 |
AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 998 | 1,522 |
Fair value | 7,033 | 12,523 |
Total | 8,031 | 14,046 |
AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,930 | 4,440 |
Fair value | 9,866 | 4,615 |
Total | 13,796 | 9,055 |
A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 4,486 | 3,782 |
Fair value | 20,486 | 21,416 |
Total | 24,972 | 25,198 |
BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 803 | 672 |
Fair value | 18,269 | 20,198 |
Total | 19,072 | 20,870 |
BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 33 | 48 |
Fair value | 1,126 | 1,512 |
Total | 1,160 | 1,560 |
B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 2 | |
Fair value | 579 | 607 |
Total | 581 | 607 |
CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 992 | 905 |
Total | 992 | 905 |
Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 5,286 | 5,182 |
Total | 5,286 | 5,182 |
Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 10,253 | 10,464 |
Fair value | 63,638 | 66,959 |
Total | 73,891 | 77,423 |
ECL on financial assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | (26) | (12) |
Fair value | (238) | (277) |
Total | (263) | (289) |
Americas [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 10,156 | 10,406 |
Fair value | 60,264 | 63,200 |
Americas [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 947 | 1,484 |
Fair value | 6,836 | 12,243 |
Americas [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 3,930 | 4,440 |
Fair value | 9,191 | 3,996 |
Americas [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 4,485 | 3,775 |
Fair value | 19,474 | 20,233 |
Americas [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 785 | 671 |
Fair value | 17,679 | 19,313 |
Americas [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 33 | 48 |
Fair value | 1,084 | 1,439 |
Americas [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 2 | |
Fair value | 570 | 594 |
Americas [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 986 | 900 |
Americas [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 4,444 | 4,480 |
Americas [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 10,182 | 10,417 |
Fair value | 60,264 | 63,200 |
Americas [member] | ECL on financial assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | (26) | (12) |
Fair value | (228) | (264) |
United Kingdom [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1,695 | 1,483 |
United Kingdom [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 38 | 55 |
United Kingdom [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 514 | 461 |
United Kingdom [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 220 | 262 |
United Kingdom [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 124 | 123 |
United Kingdom [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1 | 1 |
United Kingdom [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 0 | |
United Kingdom [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 0 | |
United Kingdom [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 797 | 582 |
United Kingdom [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1,695 | 1,483 |
International [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | 9 |
Fair value | 1,514 | 2,021 |
International [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 35 | 91 |
International [member] | AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 161 | 158 |
International [member] | A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | 7 |
Fair value | 791 | 921 |
International [member] | BBB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | |
Fair value | 466 | 763 |
International [member] | BB [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 41 | 71 |
International [member] | B [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 9 | 13 |
International [member] | CCC or lower [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 6 | 5 |
International [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 4 | |
International [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 1 | 9 |
Fair value | 1,514 | 2,021 |
International [member] | ECL on financial assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | (10) | (12) |
Asset management [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 52 | |
Fair value | 124 | 136 |
Asset management [member] | AAA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 52 | |
Fair value | 123 | 135 |
Asset management [member] | Assets not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | 1 | 1 |
Asset management [member] | Credit rating general account investments [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Amortized cost | 52 | |
Fair value | 124 | € 136 |
Asset management [member] | ECL on financial assets [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Fair value | € 0 |
Financial Risks - Summary of _3
Financial Risks - Summary of Credit Quality of Gross Positions of Reinsurance Assets (Detail) - Carrying value [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about credit rating [line items] | ||
Reinsurance contract assets | € 16,000 | € 16,669 |
AA [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Reinsurance contract assets | 1,245 | 1,609 |
A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Reinsurance contract assets | 14,089 | 14,322 |
Below A [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Reinsurance contract assets | 4 | 5 |
Not rated [member] | ||
Disclosure of detailed information about credit rating [line items] | ||
Reinsurance contract assets | € 662 | € 733 |
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] - Credit risk [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | € 56,988 | € 59,265 |
Residential mortgage-backed securities (RMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 933 | 1,141 |
Commercial mortgage-backed securities (CMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 2,323 | 2,838 |
Asset-backed securities [member] | Collateralized debt obligations [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 560 | 440 |
Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 3,037 | 2,478 |
Financial - Banking [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 3,786 | 4,444 |
Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 12,332 | 11,264 |
Capital goods and other industry [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 3,609 | 3,923 |
Communications & Technology [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 4,384 | 4,831 |
Consumer cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 3,311 | 3,877 |
Consumer non-cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 5,846 | 5,674 |
Energy [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 2,896 | 3,326 |
Transportation [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 1,663 | 1,771 |
Utility [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 4,338 | 4,469 |
Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 7,969 | 8,790 |
Americas [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 54,467 | 56,243 | |
Americas [member] | Residential mortgage-backed securities (RMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 933 | 1,136 | |
Americas [member] | Commercial mortgage-backed securities (CMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 2,216 | 2,707 | |
Americas [member] | Asset-backed securities [member] | Collateralized debt obligations [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 557 | 438 | |
Americas [member] | Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 2,905 | 2,400 | |
Americas [member] | Financial - Banking [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 3,412 | 3,957 | |
Americas [member] | Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 11,909 | 10,778 | |
Americas [member] | Capital goods and other industry [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 3,443 | 3,769 | |
Americas [member] | Communications & Technology [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 4,242 | 4,658 | |
Americas [member] | Consumer cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 3,197 | 3,742 | |
Americas [member] | Consumer non-cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 5,661 | 5,445 | |
Americas [member] | Energy [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 2,821 | 3,205 | |
Americas [member] | Transportation [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 1,633 | 1,728 | |
Americas [member] | Utility [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 4,190 | 4,319 | |
Americas [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 7,349 | 7,962 | |
United Kingdom [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 898 | 901 | |
United Kingdom [member] | Commercial mortgage-backed securities (CMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 73 | 94 | |
United Kingdom [member] | Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 53 | 53 | |
United Kingdom [member] | Financial - Banking [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 173 | 168 | |
United Kingdom [member] | Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 38 | 36 | |
United Kingdom [member] | Capital goods and other industry [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 24 | 22 | |
United Kingdom [member] | Communications & Technology [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 2 | 2 | |
United Kingdom [member] | Consumer cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 29 | 28 | |
United Kingdom [member] | Consumer non-cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 74 | 85 | |
United Kingdom [member] | Energy [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 20 | 19 | |
United Kingdom [member] | Utility [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 73 | 69 | |
United Kingdom [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 338 | 323 | |
International [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 1,458 | 1,994 | |
International [member] | Commercial mortgage-backed securities (CMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 34 | 37 | |
International [member] | Asset-backed securities [member] | Collateralized debt obligations [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 3 | 3 | |
International [member] | Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 28 | 15 | |
International [member] | Financial - Banking [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 201 | 319 | |
International [member] | Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 289 | 353 | |
International [member] | Capital goods and other industry [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 143 | 132 | |
International [member] | Communications & Technology [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 140 | 171 | |
International [member] | Consumer cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 85 | 106 | |
International [member] | Consumer non-cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 111 | 144 | |
International [member] | Energy [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 55 | 102 | |
International [member] | Transportation [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 30 | 43 | |
International [member] | Utility [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 75 | 80 | |
International [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 265 | 488 | |
Asset management [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 166 | 128 | |
Asset management [member] | Residential mortgage-backed securities (RMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 5 | ||
Asset management [member] | Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 52 | 9 | |
Asset management [member] | Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 97 | 96 | |
Asset management [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 17 | 17 | |
Past due and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (237) | (276) | |
Past due and impaired [member] | Residential mortgage-backed securities (RMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (13) | (9) | |
Past due and impaired [member] | Commercial mortgage-backed securities (CMBSs) [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (17) | ||
Past due and impaired [member] | Asset-backed securities [member] | Other securities [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (9) | (6) | |
Past due and impaired [member] | Financial - Banking [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (14) | (14) | |
Past due and impaired [member] | Financial - Other [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (33) | (31) | |
Past due and impaired [member] | Capital goods and other industry [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (23) | (25) | |
Past due and impaired [member] | Communications & Technology [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (30) | (51) | |
Past due and impaired [member] | Consumer cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (20) | (25) | |
Past due and impaired [member] | Consumer non-cyclical [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (24) | (47) | |
Past due and impaired [member] | Energy [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (19) | (23) | |
Past due and impaired [member] | Transportation [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (6) | (6) | |
Past due and impaired [member] | Utility [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | (10) | (11) | |
Past due and impaired [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | € (20) | € (26) | |
[1]Includes investments of Holding and other activities. |
Financial Risks - Schedule of_2
Financial Risks - Schedule of Credit Risk Concentration - Government Bonds (Detail) - Government bonds per country of risk [member] - Credit risk [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
United States government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | € 6,694 | € 7,290 |
Netherlands government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 2 | |
United Kingdom government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 307 | 292 |
Austria government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 10 | 3 |
Belgium government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 4 | 3 |
France government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 36 | 29 |
Hungary government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 24 | 22 |
Indonesia government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 71 | 82 |
Luxembourg government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 1 | 1 |
Spain government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 153 | 152 |
Rest of Europe government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 58 | 277 |
Rest of world government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 610 | 638 |
Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | [1] | 7,969 | 8,790 |
Americas [member] | United States government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 6,632 | 7,209 | |
Americas [member] | Hungary government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 20 | 18 | |
Americas [member] | Indonesia government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 71 | 82 | |
Americas [member] | Luxembourg government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 0 | ||
Americas [member] | Spain government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 0 | ||
Americas [member] | Rest of Europe government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 46 | 48 | |
Americas [member] | Rest of world government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 581 | 604 | |
Americas [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 7,349 | 7,962 | |
United Kingdom [member] | United Kingdom government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 289 | 275 | |
United Kingdom [member] | France government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 28 | 27 | |
United Kingdom [member] | Rest of world government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 21 | 21 | |
United Kingdom [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 338 | 323 | |
International [member] | United States government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 62 | 80 | |
International [member] | Netherlands government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 2 | ||
International [member] | Austria government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 10 | 3 | |
International [member] | Belgium government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 4 | 3 | |
International [member] | France government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 8 | 2 | |
International [member] | Hungary government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 4 | 4 | |
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 | 153 | 152 | |
International [member] | Rest of Europe government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 13 | 229 | |
International [member] | Rest of world government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 8 | 13 | |
International [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 265 | 488 | |
Asset management [member] | United Kingdom government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | 17 | 17 | |
Asset management [member] | Government bonds [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk concentrations | € 17 | € 17 | |
[1]Includes investments of Holding and other activities. |
Financial Risks - Schedule of_3
Financial Risks - Schedule of Credit Risk Concentration - Credit Rating (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Government bonds [member] | AAA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | € 166 | € 5,980 | ||
Government bonds [member] | AA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 6,444 | 1,243 | ||
Government bonds [member] | A [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 723 | 753 | ||
Government bonds [member] | BBB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 354 | 538 | ||
Government bonds [member] | BB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 205 | 206 | ||
Government bonds [member] | B [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 69 | 65 | ||
Government bonds [member] | CCC or lower [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 9 | 4 | ||
Government bonds [member] | A credit rating [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 7,969 | 8,790 | [1],[2] | |
Corporate bonds [member] | AAA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 503 | 724 | ||
Corporate bonds [member] | AA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 2,262 | 2,484 | ||
Corporate bonds [member] | A [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 16,352 | 16,180 | ||
Corporate bonds [member] | BBB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 17,408 | 19,312 | ||
Corporate bonds [member] | BB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 838 | 1,204 | ||
Corporate bonds [member] | B [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 496 | 519 | ||
Corporate bonds [member] | CCC or lower [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 245 | 207 | ||
Corporate bonds [member] | Assets not rated [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 2 | 15 | ||
Corporate bonds [member] | A credit rating [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 38,106 | 40,645 | [1],[2] | |
RMBs CMBSs ABSs [member] | AAA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 2,462 | 2,997 | ||
RMBs CMBSs ABSs [member] | AA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 1,160 | 815 | ||
RMBs CMBSs ABSs [member] | A [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 2,101 | 1,960 | ||
RMBs CMBSs ABSs [member] | BBB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 404 | 306 | ||
RMBs CMBSs ABSs [member] | BB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 78 | 102 | ||
RMBs CMBSs ABSs [member] | B [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 30 | 23 | ||
RMBs CMBSs ABSs [member] | CCC or lower [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 618 | 694 | ||
RMBs CMBSs ABSs [member] | A credit rating [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 6,853 | 6,897 | [1],[2] | |
Other credit grades [member] | AAA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 3,915 | 2,780 | ||
Other credit grades [member] | AA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | A [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | BBB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | BB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | B [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | CCC or lower [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 0 | |||
Other credit grades [member] | Assets not rated [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 144 | 152 | ||
Other credit grades [member] | A credit rating [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | 4,059 | 2,933 | [1],[2] | |
Debt securities and money market investments [member] | AAA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 7,046 | 12,482 | |
Debt securities and money market investments [member] | AA [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 9,866 | 4,541 | |
Debt securities and money market investments [member] | A [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 19,176 | 18,894 | |
Debt securities and money market investments [member] | BBB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 18,165 | 20,156 | |
Debt securities and money market investments [member] | BB [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 1,121 | 1,513 | |
Debt securities and money market investments [member] | B [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 596 | 607 | |
Debt securities and money market investments [member] | CCC or lower [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 872 | 905 | |
Debt securities and money market investments [member] | Assets not rated [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | 147 | 167 | |
Debt securities and money market investments [member] | A credit rating [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Credit risk concentrations credit rating | [2] | € 56,988 | € 59,265 | [1] |
[1]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.[2]Includes investments of Holding and other activities. |
Financial Risks - Schedule of_4
Financial Risks - Schedule of Credit Risk Concentration - Mortgage Loans (Detail) - Mortgage loans [member] - Credit risk [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € 10,156 | € 10,406 |
Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 46 | 49 |
Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,365 | 5,517 |
Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 410 | 402 |
Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,300 | 1,515 |
Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,372 | 1,465 |
Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,664 | 1,457 |
Americas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 10,156 | 10,406 |
Americas [member] | Agricultural mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 46 | 49 |
Americas [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 5,365 | 5,517 |
Americas [member] | Industrial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 410 | 402 |
Americas [member] | Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,300 | 1,515 |
Americas [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,372 | 1,465 |
Americas [member] | Other commercial mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1,663 | 1,456 |
International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | 1 | 1 |
International [member] | Other commercial 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 | (26) | (12) |
Past due and impaired [member] | Apartment mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | (10) | (4) |
Past due and impaired [member] | Office mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | (14) | (7) |
Past due and impaired [member] | Retail mortgage loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk concentrations | € (1) | € (1) |
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, 2023 | Dec. 31, 2022 | |
Interest income and gains and losses on total value of investments [line items] | ||
Interest income | € 334 | € 341 |
Total gains and losses on sale of assets | 68 | (1,148) |
Total | 402 | (807) |
Investments | 6,853 | 6,897 |
Residential mortgage-backed securities [member] | ||
Interest income and gains and losses on total value of investments [line items] | ||
Interest income | 67 | 104 |
Total gains and losses on sale of assets | (15) | 26 |
Total | 52 | 130 |
Investments | 933 | 1,141 |
Commercial mortgage-backed securities [member] | ||
Interest income and gains and losses on total value of investments [line items] | ||
Interest income | 92 | 120 |
Total gains and losses on sale of assets | 12 | (723) |
Total | 105 | (603) |
Investments | 2,323 | 2,838 |
Asset-backed securities [member] | ||
Interest income and gains and losses on total value of investments [line items] | ||
Interest income | 40 | 25 |
Total gains and losses on sale of assets | 14 | (34) |
Total | 54 | (9) |
Investments | 560 | 440 |
ABSs - other [member] | ||
Interest income and gains and losses on total value of investments [line items] | ||
Interest income | 134 | 92 |
Total gains and losses on sale of assets | 57 | (416) |
Total | 191 | (324) |
Investments | € 3,037 | € 2,478 |
Financial Risks - Summary of _4
Financial Risks - Summary of information about probability default rate explanatory (Detail) - Americas [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Top of range [member] | AAA Credit Grades [Member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0024 | 0.0016 |
Top of range [member] | AA credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0037 | 0.0029 |
Top of range [member] | A credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0057 | 0.0051 |
Top of range [member] | BBB credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0085 | 0.0088 |
Top of range [member] | BB credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0085 | 0.0172 |
Top of range [member] | B Credit Grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0308 | 0.0436 |
Top of range [member] | CCC Or Lower Credit Grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 1 | 1 |
Bottom of range [member] | AAA Credit Grades [Member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0002 | 0.0003 |
Bottom of range [member] | AA credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0003 | 0.0004 |
Bottom of range [member] | A credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0007 | 0.0011 |
Bottom of range [member] | BBB credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.002 | 0.003 |
Bottom of range [member] | BB credit grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0055 | 0.0081 |
Bottom of range [member] | B Credit Grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0138 | 0.016 |
Bottom of range [member] | CCC Or Lower Credit Grades [member] | ||
Disclosure Of Information About Probability Default Rate [Line Items] | ||
Probability Default Rating | 0.0205 | 0.0279 |
Financial Risks - Summary of Ec
Financial Risks - Summary of Economic Variable Assumptions (Detail) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) |
Base [member] | Later than one year [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.11% | 4.11% | 3.94% | 3.94% |
Unemployment rate | 4.03% | 4.03% | 3.82% | 3.82% |
House Price Index | 400.12 | 400.12 | 385.74 | 385.74 |
Domestic GDP | $ | $ 22,900.95 | $ 20,410.05 | ||
Equity | € | € 4,672.66 | € 4,343.49 | ||
Base [member] | Later than one year and not later than two years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.04% | 4.04% | 3.86% | 3.86% |
Unemployment rate | 4.06% | 4.06% | 4.22% | 4.22% |
House Price Index | 393.7 | 393.7 | 372.68 | 372.68 |
Domestic GDP | $ | $ 23,303.78 | $ 20,741.3 | ||
Equity | € | € 4,796.24 | € 4,498.93 | ||
Base [member] | Later than two years and not later than three years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.02% | 4.02% | 3.86% | 3.86% |
Unemployment rate | 3.97% | 3.97% | 4.19% | 4.19% |
House Price Index | 394.21 | 394.21 | 371.61 | 371.61 |
Domestic GDP | $ | $ 23,825.37 | $ 21,301.03 | ||
Equity | € | € 5,043.19 | € 4,655.7 | ||
Base [member] | Later than three years and not later than four years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.03% | 4.03% | 3.99% | 3.99% |
Unemployment rate | 3.94% | 3.94% | 4.15% | 4.15% |
House Price Index | 403.5 | 403.5 | 379.79 | 379.79 |
Domestic GDP | $ | $ 24,397.71 | $ 21,891.77 | ||
Equity | € | € 5,368.63 | € 4,905.28 | ||
Upside [member] | Later than one year [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.21% | 4.21% | 4.04% | 4.04% |
Unemployment rate | 3.08% | 3.08% | 3.04% | 3.04% |
House Price Index | 419.87 | 419.87 | 396.53 | 396.53 |
Domestic GDP | $ | $ 23,354.42 | $ 20,705.7 | ||
Equity | € | € 4,950.59 | € 4,690.53 | ||
Upside [member] | Later than one year and not later than two years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.13% | 4.13% | 3.96% | 3.96% |
Unemployment rate | 3.41% | 3.41% | 3.33% | 3.33% |
House Price Index | 423.62 | 423.62 | 400.29 | 400.29 |
Domestic GDP | $ | $ 23,883.09 | $ 21,265.32 | ||
Equity | € | € 5,058.2 | € 4,727.85 | ||
Upside [member] | Later than two years and not later than three years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.02% | 4.02% | 3.86% | 3.86% |
Unemployment rate | 3.34% | 3.34% | 3.59% | 3.59% |
House Price Index | 428.16 | 428.16 | 399.99 | 399.99 |
Domestic GDP | $ | $ 24,451.63 | $ 21,796.25 | ||
Equity | € | € 5,256.09 | € 4,923.08 | ||
Upside [member] | Later than three years and not later than four years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 4.03% | 4.03% | 3.98% | 3.98% |
Unemployment rate | 3.35% | 3.35% | 3.53% | 3.53% |
House Price Index | 439.72 | 439.72 | 413.28 | 413.28 |
Domestic GDP | $ | $ 25,020.82 | $ 22,379.68 | ||
Equity | € | € 5,490.26 | € 5,047.37 | ||
Downside [member] | Later than one year [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 2.31% | 2.31% | 2.13% | 2.13% |
Unemployment rate | 7.56% | 7.56% | 6.52% | 6.52% |
House Price Index | 339.91 | 339.91 | 341.01 | 341.01 |
Domestic GDP | $ | $ 22,039.64 | $ 20,009.19 | ||
Equity | € | € 2,904.9 | € 3,062.99 | ||
Downside [member] | Later than one year and not later than two years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 3.24% | 3.24% | 2.59% | 2.59% |
Unemployment rate | 6.90% | 6.90% | 7.64% | 7.64% |
House Price Index | 347.29 | 347.29 | 331.35 | 331.35 |
Domestic GDP | $ | $ 22,368.94 | $ 19,956.3 | ||
Equity | € | € 3,226.25 | € 2,836.89 | ||
Downside [member] | Later than two years and not later than three years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 3.71% | 3.71% | 3.34% | 3.34% |
Unemployment rate | 5.70% | 5.70% | 6.34% | 6.34% |
House Price Index | 352.66 | 352.66 | 339.24 | 339.24 |
Domestic GDP | $ | $ 23,099.22 | $ 20,566.77 | ||
Equity | € | € 3,942.26 | € 3,326.54 | ||
Downside [member] | Later than three years and not later than four years [member] | ||||
Economic variable assumptions [line items] | ||||
Interest rates | 3.89% | 3.89% | 3.78% | 3.78% |
Unemployment rate | 4.88% | 4.88% | 5.48% | 5.48% |
House Price Index | 363.59 | 363.59 | 347.82 | 347.82 |
Domestic GDP | $ | $ 23,768.8 | $ 21,238.89 | ||
Equity | € | € 4,603.9 | € 4,000.34 |
Financial Risks - Summary of We
Financial Risks - Summary of Weighted Assigned to Each Economic Scenario (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Base [member] | ||
Disclosure of weighted assumptions on economic variables based on scenario type [line items] | ||
Weightings | 40% | 40% |
Upside [member] | ||
Disclosure of weighted assumptions on economic variables based on scenario type [line items] | ||
Weightings | 30% | 30% |
Downside [member] | ||
Disclosure of weighted assumptions on economic variables based on scenario type [line items] | ||
Weightings | 30% | 30% |
Financial Risks - Summary of Re
Financial Risks - Summary of Reconciliation of Changes in Loss Allowance - Mortgage Loans (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | € (129) | € (113) |
Impact on year end ECL of exposures transferred between stages during the year | (90) | (121) |
Transfers to disposal groups | 0 | 4 |
Ending balance | (10) | (129) |
Mortgage loans [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | (276) | (214) |
Transfers | (14) | 10 |
Impact on year end ECL of exposures transferred between stages during the year | (5) | (72) |
Financial assets derecognized during the period | 73 | 58 |
New financial assets originated or purchased | (26) | (56) |
Change in models | (13) | 20 |
Net exchange differences | 9 | (13) |
Transfers to disposal groups | 1 | |
Ending balance | (238) | (276) |
Mortgage loans [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | (32) | (13) |
Impact on year end ECL of exposures transferred between stages during the year | (2) | (16) |
Financial assets derecognized during the period | 3 | 6 |
New financial assets originated or purchased | (1) | (2) |
Change in models | 6 | (2) |
Net exchange differences | 1 | (1) |
Ending balance | (25) | (32) |
Mortgage loans [member] | Purchased credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | (1) | (2) |
Change in models | (1) | 1 |
Ending balance | (2) | (1) |
Mortgage loans [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | (156) | (161) |
Impact on year end ECL of exposures transferred between stages during the year | 36 | 26 |
Financial assets derecognized during the period | 26 | 33 |
New financial assets originated or purchased | (16) | (29) |
Change in models | (5) | 5 |
Net exchange differences | 5 | (11) |
Transfers to disposal groups | 1 | |
Ending balance | (147) | (156) |
Mortgage loans [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Beginning balance | (86) | (38) |
Impact on year end ECL of exposures transferred between stages during the year | (39) | (82) |
Financial assets derecognized during the period | 44 | 20 |
New financial assets originated or purchased | (9) | (24) |
Change in models | (14) | 16 |
Net exchange differences | 2 | (2) |
Ending balance | (64) | (86) |
Mortgage loans [member] | Transfer from Stage 1 to Stage 2 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (2) | (7) |
Mortgage loans [member] | Transfer from Stage 1 to Stage 2 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | 2 | 7 |
Mortgage loans [member] | Transfer from Stage 1 to Stage 3 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | 2 | 3 |
Mortgage loans [member] | Transfer from Stage 1 to Stage 3 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (2) | (3) |
Mortgage loans [member] | Transfer from Stage 2 to Stage 1 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | 3 | 10 |
Mortgage loans [member] | Transfer from Stage 2 to Stage 1 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (3) | (10) |
Mortgage loans [member] | Transfer from Stage 2 to Stage 3 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | 3 | 1 |
Mortgage loans [member] | Transfer from Stage 2 to Stage 3 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (3) | (1) |
Mortgage loans [member] | Transfer from Stage 3 to Stage 2 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (4) | (8) |
Mortgage loans [member] | Transfer from Stage 3 to Stage 2 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | 4 | 8 |
Mortgage loans [member] | Transfer from Stage 3 to Stage 1 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | (39) | (21) |
Mortgage loans [member] | Transfer from Stage 3 to Stage 1 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in allowance for credit losses on receivables [line items] | ||
Transfers | € 39 | € 21 |
Financial Risks - Summary of _5
Financial Risks - Summary of Reconciliation of the Loss Allowance Movements with an Impact on the Income Statement with the Net Impairment Charge (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets measured at amortized cost [Line Items] | ||
Impairment charge in P&L | € (119) | € (138) |
Other [member] | ||
Disclosure of financial assets measured at amortized cost [Line Items] | ||
Impairment charge in P&L | (60) | (41) |
Measured at amortized cost [member] | Mortgage loans [member] | ||
Disclosure of financial assets measured at amortized cost [Line Items] | ||
Impairment charge in P&L | (15) | 10 |
Measured at amortized cost [member] | Debt securities measured at FVOCI | ||
Disclosure of financial assets measured at amortized cost [Line Items] | ||
Impairment charge in P&L | € (44) | € (108) |
Financial Risks - Summary of _6
Financial Risks - Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets - Mortgage Loans (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | € 77,412 | |
Ending balance | 73,865 | € 77,412 |
Mortgages [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 10,407 | |
Ending balance | 10,156 | 10,407 |
Mortgages [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 2 | |
Ending balance | 33 | 2 |
Mortgages [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 10,405 | |
Ending balance | 10,123 | 10,405 |
Mortgages [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 10,418 | 24,437 |
Financial assets derecognized during the period other than write-offs | (571) | (2,521) |
New financial assets originated or purchased | 691 | 3,848 |
Amortizations through income statement | (2) | |
Realized gains and losses through income statement | 36 | |
Net exchange differences | (355) | 617 |
Other movements | (1,474) | |
Transfer to/from other headings | (2) | |
Transfers to disposal groups | (14,521) | |
Ending balance | 10,182 | 10,418 |
Mortgages [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 2 | 391 |
Financial assets derecognized during the period other than write-offs | (5) | (62) |
New financial assets originated or purchased | 109 | |
Net exchange differences | (1) | 2 |
Transfers to disposal groups | (918) | |
Ending balance | 35 | 2 |
Mortgages [member] | Gross carrying amount [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 10,416 | 24,032 |
Financial assets derecognized during the period other than write-offs | (566) | (2,456) |
New financial assets originated or purchased | 691 | 3,738 |
Amortizations through income statement | (2) | |
Realized gains and losses through income statement | 36 | |
Net exchange differences | (354) | 615 |
Other movements | (1,474) | |
Transfer to/from other headings | (2) | |
Transfers to disposal groups | (13,590) | |
Ending balance | 10,147 | 10,416 |
Mortgages [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 14 | |
Financial assets derecognized during the period other than write-offs | (3) | |
Transfers to disposal groups | (13) | |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 2 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 39 | 508 |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 2 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (39) | (508) |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 3 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (1) | |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 3 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 1 | |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 1 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (29) | |
Mortgages [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 1 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 29 | |
Mortgages [member] | Expected credit loss [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (12) | |
Ending balance | (26) | (12) |
Mortgages [member] | Expected credit loss [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Ending balance | (1) | |
Mortgages [member] | Expected credit loss [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (12) | |
Ending balance | € (24) | € (12) |
Financial Risks - Summary of _7
Financial Risks - Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets - Private Loans (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | € 77,412 | |
Ending balance | 73,865 | € 77,412 |
Debt securities [member] | Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 51,607 | 70,974 |
Financial assets derecognized during the period other than write-offs | (8,057) | (12,043) |
New financial assets originated or purchased | 3,731 | 6,501 |
Unrealized gains/losses through equity | 1,495 | (16,842) |
Amortizations through income statement | 148 | 327 |
Movements related to fair value hedges | (12) | |
Net exchange differences | (1,666) | 4,580 |
Other movements | (9) | 7 |
Transfer to/from other headings | (6) | |
Transfers to disposal groups | (1,884) | |
Ending balance | 47,242 | 51,607 |
Debt securities [member] | Gross carrying amount [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 413 | 259 |
Financial assets derecognized during the period other than write-offs | (83) | (47) |
New financial assets originated or purchased | 37 | 45 |
Unrealized gains/losses through equity | 16 | (94) |
Amortizations through income statement | 2 | |
Net exchange differences | (13) | 15 |
Other movements | 50 | |
Ending balance | 357 | 413 |
Debt securities [member] | Gross carrying amount [member] | Purchased credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 125 | 150 |
Financial assets derecognized during the period other than write-offs | (27) | (30) |
Unrealized gains/losses through equity | (10) | (26) |
Amortizations through income statement | 17 | 20 |
Net exchange differences | (4) | 10 |
Ending balance | 100 | 125 |
Debt securities [member] | Gross carrying amount [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 50,666 | 70,132 |
Financial assets derecognized during the period other than write-offs | (7,836) | (11,855) |
New financial assets originated or purchased | 3,672 | 6,411 |
Unrealized gains/losses through equity | 1,488 | (16,599) |
Amortizations through income statement | 113 | 267 |
Movements related to fair value hedges | (12) | |
Net exchange differences | (1,637) | 4,525 |
Other movements | (9) | (52) |
Transfer to/from other headings | (6) | |
Transfers to disposal groups | (1,884) | |
Ending balance | 46,461 | 50,666 |
Debt securities [member] | Gross carrying amount [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 403 | 433 |
Financial assets derecognized during the period other than write-offs | (111) | (112) |
New financial assets originated or purchased | 22 | 45 |
Unrealized gains/losses through equity | 1 | (123) |
Amortizations through income statement | 19 | 38 |
Net exchange differences | (12) | 29 |
Other movements | 10 | |
Ending balance | 325 | 403 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 2 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 80 | 228 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 2 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (80) | (228) |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 3 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (45) | (77) |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 1 to Stage 3 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 45 | 77 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 3 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (23) | (15) |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 3 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 23 | 15 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 3 to Stage 2 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 6 | 2 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 3 to Stage 2 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (6) | (2) |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 1 [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (76) | (33) |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 2 to Stage 1 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 76 | 33 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 3 to Stage 1 [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | 59 | 6 |
Debt securities [member] | Gross carrying amount [member] | Transfer from Stage 3 to Stage 1 [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Transfers | (59) | (6) |
Debt securities [member] | Expected credit loss [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (276) | |
Ending balance | (237) | (276) |
Debt securities [member] | Expected credit loss [member] | Lifetime ECL not credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (32) | |
Ending balance | (25) | (32) |
Debt securities [member] | Expected credit loss [member] | Purchased credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (1) | |
Ending balance | (2) | (1) |
Debt securities [member] | Expected credit loss [member] | 12-month ECL [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (156) | |
Ending balance | (147) | (156) |
Debt securities [member] | Expected credit loss [member] | Lifetime ECL credit impaired [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | (86) | |
Ending balance | € (64) | € (86) |
Financial Risks - Summary of Eq
Financial Risks - Summary of Equity Real Estate and Other Non-fixed-income Portfolio (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | € 5,395 | € 5,035 |
Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 4,573 | 4,440 |
United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 786 | 556 |
International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 27 | 30 |
Equity funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 141 | 151 |
Equity funds [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 133 | 141 |
Equity funds [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 3 | |
Common shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 126 | 179 |
Common shares [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 106 | 148 |
Common shares [member] | United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 14 | 25 |
Common shares [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 5 | 5 |
Preferred shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 29 | 26 |
Preferred shares [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 29 | 26 |
Investments in real estate [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 55 | 59 |
Investments in real estate [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 38 | 42 |
Investments in real estate [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 17 | 17 |
Hedge funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 6 | 10 |
Hedge funds [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 6 | 10 |
Other alternative investments [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 2,404 | 2,169 |
Other alternative investments [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 2,404 | 2,169 |
Other financial asset [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 2,633 | 2,441 |
Other financial asset [member] | Americas [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 1,856 | 1,904 |
Other financial asset [member] | United Kingdom [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 772 | 531 |
Other financial asset [member] | International [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 4 | 5 |
Asset management [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 10 | 9 |
Asset management [member] | Equity funds [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 9 | 7 |
Asset management [member] | Other financial asset [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | € 1 | 1 |
Holding and other activities [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | 1 | |
Holding and other activities [member] | Common shares [member] | ||
General account equity, real estate and other non-fixed-income portfolio [line items] | ||
Maximum exposure of equity market risk and other investments risk | € 1 |
Financial Risks - Summary of Ma
Financial Risks - Summary of Market Risk Concentrations in Shares (Detail) - Concentration Risk By Type [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | € 300 | € 358 |
Communication [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 2 | 2 |
Consumer [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 4 | 13 |
Financials [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 142 | 159 |
Funds [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 45 | 45 |
Industries [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 11 | 4 |
Other [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 97 | 135 |
Americas [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 267 | 315 |
Americas [member] | Communication [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 2 | 2 |
Americas [member] | Consumer [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 4 | 13 |
Americas [member] | Financials [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 136 | 154 |
Americas [member] | Funds [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 30 | 19 |
Americas [member] | Industries [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 11 | 4 |
Americas [member] | Other [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 84 | 123 |
United Kingdom [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 14 | 25 |
United Kingdom [member] | Funds [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 14 | 25 |
International [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 10 | 10 |
International [member] | Financials [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 5 | 5 |
International [member] | Other [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 4 | 4 |
Asset management [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | 9 | 7 |
Asset management [member] | Other [member] | ||
Summary of market risk concentrations in shares [Line Items] | ||
Market risk concentrations - shares | € 9 | € 7 |
Financial Risks - Summary of Cl
Financial Risks - Summary of Closing Levels of Certain Major Indices (Detail) - Counterparty | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
S&P 500 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 4,770 | 3,840 | 4,766 | 3,756 | 3,231 |
Nasdaq [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 15,011 | 10,466 | 15,645 | 12,888 | 8,973 |
FTSE 100 [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 7,733 | 7,452 | 7,385 | 6,461 | 7,542 |
AEX [member] | |||||
Disclosure of equities prices [line items] | |||||
Closing levels of major indices | 787 | 689 | 798 | 625 | 605 |
Financial Risks - Summary of Se
Financial Risks - Summary of Sensitivity Analysis of Contractual Service Margin, Net Income and Shareholders' Equity to Equity Markets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity 10% increase [member] | Financial instruments [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | € (5) | € (10) |
Shareholders' equity | (13) | 29 |
Equity 10% increase [member] | Insurance and reinsurance assets [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | (271) | (325) |
Shareholders' equity | (265) | (320) |
Equity 10% increase [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
CSM | 310 | 291 |
Net result | 422 | 415 |
Shareholders' equity | 397 | 397 |
Equity 10% decrease [member] | Financial instruments [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | 4 | 16 |
Shareholders' equity | 11 | (28) |
Equity 10% decrease [member] | Insurance and reinsurance assets [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | 229 | 344 |
Shareholders' equity | 225 | 340 |
Equity 10% decrease [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
CSM | (316) | (274) |
Net result | (465) | (522) |
Shareholders' equity | (431) | (509) |
Equity 25% increase [member] | Financial instruments [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | (31) | (43) |
Shareholders' equity | (50) | 59 |
Equity 25% increase [member] | Insurance and reinsurance assets [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | (737) | (699) |
Shareholders' equity | (721) | (690) |
Equity 25% increase [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
CSM | 775 | 723 |
Net result | 1,035 | 917 |
Shareholders' equity | 989 | 872 |
Equity 25% decrease [member] | Financial instruments [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | 35 | 55 |
Shareholders' equity | 53 | (53) |
Equity 25% decrease [member] | Insurance and reinsurance assets [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Net result | 965 | 1,010 |
Shareholders' equity | 945 | 997 |
Equity 25% decrease [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
CSM | (804) | (618) |
Net result | (1,499) | (1,539) |
Shareholders' equity | € (1,434) | € (1,505) |
Financial Risks - Schedule of I
Financial Risks - Schedule of Interest Rate (Detail) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
3-month US LIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 5.59% | 4.77% | 0.21% | 0.24% | 1.91% |
3-month EURIBOR [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 3.91% | 2.13% | (0.57%) | (0.55%) | (0.38%) |
10-year US Treasury [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 3.86% | 3.83% | 1.78% | 0.91% | 1.91% |
10-year Dutch government [member] | |||||
Disclosure of interest rates [line items] | |||||
Interest rate | 2.32% | 2.91% | (0.03%) | (0.48%) | (0.06%) |
Financial Risks - Schedule of P
Financial Risks - Schedule of Parallel Movement of Yield Curve (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
100 bps increase - Yield curve [member] | Insurance and reinsurance liabilities [member] | ||
Effect of changes in interest rates [Line items] | ||
CSM | € 126 | € 185 |
Net result | 1,008 | 1,149 |
Shareholders' equity | 4,158 | 4,123 |
100 bps increase - Yield curve [member] | Financial instruments [member] | ||
Effect of changes in interest rates [Line items] | ||
Net result | (114) | (153) |
Shareholders' equity | (652) | (605) |
100 bps increase - Yield curve [member] | Insurance and reinsurance assets [member] | ||
Effect of changes in interest rates [Line items] | ||
CSM | (4) | (2) |
Net result | (1,029) | (1,217) |
Shareholders' equity | (3,876) | (4,190) |
100 bps decrease - Yield curve [member] | Insurance and reinsurance liabilities [member] | ||
Effect of changes in interest rates [Line items] | ||
CSM | (133) | (208) |
Net result | (1,306) | (1,480) |
Shareholders' equity | (5,303) | (5,527) |
100 bps decrease - Yield curve [member] | Financial instruments [member] | ||
Effect of changes in interest rates [Line items] | ||
Net result | 35 | 55 |
Shareholders' equity | 655 | 570 |
100 bps decrease - Yield curve [member] | Insurance and reinsurance assets [member] | ||
Effect of changes in interest rates [Line items] | ||
CSM | 6 | 4 |
Net result | 1,258 | 1,482 |
Shareholders' equity | € 4,625 | € 5,149 |
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, 2023 | Dec. 31, 2022 |
Disclosure of Quantitative Information About Exposure Of Non-Derivatives Financial Instruments [Line Items] | ||
Financial assets non-derivatives | € 93 | € 841 |
Financial liabilities non-derivatives | 1,218 | |
GBP LIBOR [Member] | ||
Disclosure of Quantitative Information About Exposure Of Non-Derivatives Financial Instruments [Line Items] | ||
Financial assets non-derivatives | 27 | 27 |
USD LIBOR [Member] | ||
Disclosure of Quantitative Information About Exposure Of Non-Derivatives Financial Instruments [Line Items] | ||
Financial assets non-derivatives | € 66 | 814 |
Financial liabilities non-derivatives | € 1,218 |
Financial Risks - Summary of _8
Financial Risks - Summary of Information on Historical Net Result and Shareholders' Equity (Detail) £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | |
Americas [member] | ||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||||
Net result | $ | $ (266) | $ 562 | ||
Equity in functional currency | $ | $ 3,690 | $ 3,456 | ||
United Kingdom [member] | ||||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||||
Net result | £ | £ 26 | £ 57 | ||
Equity in functional currency | £ | £ 1,256 | £ 1,373 |
Financial Risks - Summary of Qu
Financial Risks - Summary of Quantitative Information about Financial Exposure to Currency Risk (Detail) - Currency risk [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments - assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | € 73,921 | € 77,471 |
Financial instruments - liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 81,452 | 75,681 |
Insurance and reinsurance assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 16,793 | 16,976 |
Insurance and reinsurance liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 199,648 | 197,445 |
EUR [member] | Financial instruments - assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 722 | 733 |
EUR [member] | Financial instruments - liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 2,823 | 3,304 |
EUR [member] | Insurance and reinsurance assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 7 | 5 |
EUR [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 715 | 690 |
GBP [member] | Financial instruments - assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 1,713 | 1,501 |
GBP [member] | Financial instruments - liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 40,242 | 32,595 |
GBP [member] | Insurance and reinsurance assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 2 | 369 |
GBP [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 61,922 | 58,676 |
USD [member] | Financial instruments - assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 70,557 | 73,745 |
USD [member] | Financial instruments - liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 38,387 | 39,781 |
USD [member] | Insurance and reinsurance assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 16,744 | 16,557 |
USD [member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 130,886 | 130,991 |
Other [Member] | Financial instruments - assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 928 | 1,493 |
Other [Member] | Financial instruments - liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 0 | |
Other [Member] | Insurance and reinsurance assets [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | 39 | 45 |
Other [Member] | Insurance and reinsurance liabilities [member] | ||
Disclosure of quantitative information about financial instruments and insurance and reinsurance contracts exposure to currency risk [line items] | ||
Maximum exposure to currency risk | € 6,124 | € 7,088 |
Financial Risks - Summary of _9
Financial Risks - Summary of Exchange Rates of US Dollar and UK Pound per Euro (Detail) - Counterparty | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
USD [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 1.1 | 1.07 | 1.14 | 1.22 | 1.12 |
GBP [member] | |||||
Disclosure of foreign exchange rates [line items] | |||||
Closing rates | 0.87 | 0.89 | 0.84 | 0.9 | 0.85 |
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, 2023 | Dec. 31, 2022 | |
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 | € (27) | € 116 |
Estimated approximate effects on shareholders' equity | 769 | 761 |
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 | (2) | 4 |
Estimated approximate effects on shareholders' equity | 264 | 281 |
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 | (49) | 108 |
Estimated approximate effects on shareholders' equity | 1,145 | 1,190 |
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 | 20 | (86) |
Estimated approximate effects on shareholders' equity | (569) | (562) |
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 | 2 | (3) |
Estimated approximate effects on shareholders' equity | (195) | (208) |
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 | 36 | (80) |
Estimated approximate effects on shareholders' equity | € (847) | € (880) |
Financial Risks - Summary of_10
Financial Risks - Summary of Maturity Analysis - Insurance and Reinsurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | € 343,179 | € 365,089 |
Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 167,571 | 175,089 |
Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 144,237 | 159,494 |
Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 29,793 | 29,632 |
Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,578 | 874 |
Not later than 1 year [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 19,605 | 13,996 |
Not later than 1 year [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 8,737 | 7,900 |
Not later than 1 year [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 9,105 | 4,313 |
Not later than 1 year [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,717 | 1,764 |
Not later than 1 year [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 46 | 18 |
Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 18,618 | 13,594 |
Later than one year and not later than two years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 8,287 | 8,062 |
Later than one year and not later than two years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 8,651 | 3,619 |
Later than one year and not later than two years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,637 | 1,894 |
Later than one year and not later than two years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 43 | 18 |
Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 18,056 | 13,079 |
Later than two years and not later than three years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 8,186 | 7,876 |
Later than two years and not later than three years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 8,041 | 3,350 |
Later than two years and not later than three years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,788 | 1,835 |
Later than two years and not later than three years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 41 | 18 |
Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 17,136 | 12,325 |
Later than three years and not later than four years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 7,823 | 7,475 |
Later than three years and not later than four years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 7,541 | 3,217 |
Later than three years and not later than four years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,732 | 1,615 |
Later than three years and not later than four years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 39 | 18 |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 15,698 | 12,129 |
Later than four years and not later than five years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 7,187 | 7,319 |
Later than four years and not later than five years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 6,960 | 3,201 |
Later than four years and not later than five years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 1,511 | 1,590 |
Later than four years and not later than five years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 39 | 19 |
Later than 5 years [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 254,067 | 299,967 |
Later than 5 years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 127,351 | 136,457 |
Later than 5 years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 103,939 | 141,794 |
Later than 5 years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | 21,407 | 20,934 |
Later than 5 years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure of maturity analysis for liquidity risk that arises from contracts within scope of IFRS 17 [line items] | ||
Undiscounted best estimate liability | € 1,370 | € 782 |
Financial Risks - Summary of_11
Financial Risks - Summary of Maturity Analysis - Insurance and Reinsurance Contracts - Expected Release of Risk Adjustment (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | € 3,047 | € 3,646 |
Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 568 | 514 |
Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 2,683 | 2,922 |
Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 128 | 109 |
Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (332) | 101 |
Not later than 1 year [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 98 | 133 |
Not later than 1 year [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 30 | 28 |
Not later than 1 year [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 72 | 91 |
Not later than 1 year [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 9 | 9 |
Not later than 1 year [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (12) | 5 |
Later than one year and not later than two years [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 99 | 120 |
Later than one year and not later than two years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 35 | 28 |
Later than one year and not later than two years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 63 | 80 |
Later than one year and not later than two years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 12 | 9 |
Later than one year and not later than two years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (11) | 4 |
Later than two years and not later than three years [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 92 | 110 |
Later than two years and not later than three years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 32 | 25 |
Later than two years and not later than three years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 60 | 74 |
Later than two years and not later than three years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 10 | 7 |
Later than two years and not later than three years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (11) | 3 |
Later than three years and not later than four years [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 85 | 106 |
Later than three years and not later than four years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 29 | 25 |
Later than three years and not later than four years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 57 | 70 |
Later than three years and not later than four years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 8 | 8 |
Later than three years and not later than four years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (10) | 3 |
Later than four years and not later than five years [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 85 | 104 |
Later than four years and not later than five years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 29 | 25 |
Later than four years and not later than five years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 58 | 69 |
Later than four years and not later than five years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 9 | 7 |
Later than four years and not later than five years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | (10) | 3 |
Later than 5 years [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 2,589 | 3,073 |
Later than 5 years [member] | Insurance contracts - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 413 | 383 |
Later than 5 years [member] | Insurance contracts - Without direct participation contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 2,373 | 2,539 |
Later than 5 years [member] | Investment contracts with DPF - Direct participating contracts [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | 81 | 69 |
Later than 5 years [member] | Reinsurance contracts held, in a liability position [member] | ||
Disclosure Of Maturity Analysis For Liquidity Risk That Arises From Contracts Expected Release Of Risk Adjustments [Line Items] | ||
Expected release of risk adjustment | € (278) | € 83 |
Financial Risks - Summary of_12
Financial Risks - Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |||||
Trust pass-through securities | € 111 | € 118 | [1] | € 126 | |
Borrowings | 2,356 | 4,051 | [1] | € 9,661 | |
Lease liabilities | 205 | 210 | |||
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 | 184 | 200 | |||
Subordinated loans | 3,579 | 3,792 | |||
Borrowings | 3,143 | 5,036 | |||
Investment contracts | 74,749 | 64,824 | |||
Lease liabilities | 240 | 251 | |||
Other financial liabilities | 5,575 | 5,318 | |||
On demand [member] | Contractual maturities of each category of financial liabilities [member] | |||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |||||
Investment contracts | 34,464 | 32,104 | |||
Other financial liabilities | 4,582 | 4,259 | |||
Not later than 1 year [member] | Contractual maturities of each category of financial liabilities [member] | |||||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |||||
Trust pass-through securities | 9 | 10 | |||
Subordinated loans | 111 | 113 | |||
Borrowings | 123 | 1,312 | |||
Investment contracts | 40,059 | 32,452 | |||
Lease liabilities | 34 | 35 | |||
Other financial liabilities | 930 | 623 | |||
Later than one year and not later than two 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 | 9 | 10 | |||
Subordinated loans | 83 | 113 | |||
Borrowings | 1,057 | 155 | |||
Investment contracts | 11 | 9 | |||
Lease liabilities | 29 | 32 | |||
Other financial liabilities | 52 | 284 | |||
Later than two years and not later than three 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 | 88 | 10 | |||
Subordinated loans | 83 | 85 | |||
Borrowings | 726 | 2,867 | |||
Investment contracts | 8 | 16 | |||
Lease liabilities | 24 | 26 | |||
Other financial liabilities | 7 | 54 | |||
Later than three years and not later than four 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 | 3 | 92 | |||
Subordinated loans | 83 | 85 | |||
Borrowings | 48 | 61 | |||
Investment contracts | 110 | 13 | |||
Lease liabilities | 21 | 21 | |||
Other financial liabilities | 17 | ||||
Later than four years and not later than five 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 | 3 | 3 | |||
Subordinated loans | 63 | 85 | |||
Borrowings | 48 | 47 | |||
Investment contracts | 23 | 117 | |||
Lease liabilities | 18 | 19 | |||
Other financial liabilities | 4 | ||||
Later than 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 | 71 | 77 | |||
Subordinated loans | 3,158 | 3,309 | |||
Borrowings | 1,140 | 594 | |||
Investment contracts | 74 | 113 | |||
Lease liabilities | € 114 | 117 | |||
Other financial liabilities | € 81 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Financial Risks - Summary of_13
Financial Risks - Summary of Maturity Analysis for Derivative Financial Instruments (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | € 13,004 | € 18,530 |
Gross settled cash outflows | (12,748) | (18,146) |
Net settled cash inflows | 8,930 | 15,843 |
Net settled cash outflows | (13,813) | (24,068) |
Not later than 1 year [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 9,757 | 15,315 |
Gross settled cash outflows | (9,710) | (15,250) |
Net settled cash inflows | 282 | 1,552 |
Net settled cash outflows | (560) | (1,937) |
Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 170 | 156 |
Gross settled cash outflows | (121) | (104) |
Net settled cash inflows | 253 | 1,295 |
Net settled cash outflows | (224) | (1,285) |
Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 171 | 146 |
Gross settled cash outflows | (134) | (103) |
Net settled cash inflows | 260 | 1,060 |
Net settled cash outflows | (244) | (1,037) |
Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 202 | 155 |
Gross settled cash outflows | (191) | (123) |
Net settled cash inflows | 286 | 964 |
Net settled cash outflows | (266) | (962) |
Later than four years and not later than five years [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 145 | 188 |
Gross settled cash outflows | (134) | (180) |
Net settled cash inflows | 341 | 933 |
Net settled cash outflows | (271) | (934) |
Later than 5 years [member] | ||
Disclosure of maturity analysis for derivative financial assets and derivative financial liabilities [line items] | ||
Gross settled cash inflows | 2,560 | 2,570 |
Gross settled cash outflows | (2,458) | (2,385) |
Net settled cash inflows | 7,509 | 10,039 |
Net settled cash outflows | € (12,248) | € (17,914) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) € in Millions | 12 Months Ended | ||
Jul. 04, 2023 EUR (€) | Dec. 31, 2023 EUR (€) Segment | Dec. 31, 2022 EUR (€) | |
Disclosure of operating segments [line items] | |||
Other charges | € | € (92) | ||
ASR [member] | |||
Disclosure of operating segments [line items] | |||
Proportion of ownership interest in associate | 30% | 29.98% | |
Proceeds from divestiture of business | € | € 2,200 | ||
Other Revenue [Member] | ASR [member] | |||
Disclosure of operating segments [line items] | |||
Proportion of ownership interest in associate | 29.99% | ||
Asset management [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 | ||
Holding and other activities [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 | ||
Americas [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 | ||
Other charges | € | € 117 | ||
International [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 | ||
The Netherlands [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 | ||
United Kingdom [member] | |||
Disclosure of operating segments [line items] | |||
Number of operating segments | 1 |
Segment Information - Summary o
Segment Information - Summary of Segment Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Summary of operating result per segment [Line Items] | |||||
Operating result | € 1,517 | € 1,743 | |||
Fair value items | 85 | (209) | |||
Realized gains / (losses) on investments | (689) | (497) | |||
Impairment (losses) / reversals | (90) | (121) | |||
Non-operating items | (695) | (827) | |||
Other income / (charges) | (1,230) | (1,384) | |||
Result before tax | (408) | (469) | |||
Income tax (expense) / benefit | 209 | (71) | |||
Net result from continuing and discontinued operations | (199) | (540) | [1] | € 2,029 | |
Revenues | |||||
Insurance revenue | 10,386 | 11,251 | |||
Interest revenue on financial instruments calculated using the effective interest method | 3,336 | 3,303 | |||
Interest revenue on financial instruments measured at FVPL | 826 | 624 | |||
Other investment income | 1,833 | 1,564 | |||
Fee and commission income | 2,160 | 2,294 | |||
Total revenues | 18,541 | 19,035 | |||
Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 9,622 | 10,526 | |||
Insurance contracts - Without direct participation contracts [member] | |||||
Revenues | |||||
Insurance revenue | 700 | 651 | |||
Investment contracts with DPF - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 64 | 74 | |||
Asset management [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 145 | 193 | |||
Fair value items | (8) | (3) | |||
Non-operating items | (8) | (3) | |||
Other income / (charges) | (31) | (19) | |||
Result before tax | 106 | 171 | |||
Income tax (expense) / benefit | (36) | (67) | |||
Net result from continuing and discontinued operations | 70 | 104 | |||
Inter-segment operating result | 150 | 188 | |||
Revenues | |||||
Interest revenue on financial instruments calculated using the effective interest method | 2 | ||||
Other investment income | 14 | 12 | |||
Fee and commission income | 632 | 693 | |||
Other revenues | 1 | 5 | |||
Total revenues | 649 | 710 | |||
Inter-segment revenues | 172 | 208 | |||
Holding and other activities [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | (173) | (220) | |||
Fair value items | 24 | (21) | |||
Realized gains / (losses) on investments | 7 | ||||
Impairment (losses) / reversals | (7) | (18) | |||
Non-operating items | 17 | (32) | |||
Other income / (charges) | 110 | (118) | |||
Result before tax | (46) | (371) | |||
Income tax (expense) / benefit | 31 | 68 | |||
Net result from continuing and discontinued operations | (14) | (303) | |||
Inter-segment operating result | 286 | 203 | |||
Revenues | |||||
Interest revenue on financial instruments calculated using the effective interest method | 90 | 2 | |||
Other investment income | 498 | 425 | |||
Total revenues | 589 | 427 | |||
Inter-segment revenues | 500 | 426 | |||
Segment total [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 1,498 | 1,802 | |||
Fair value items | 76 | (218) | |||
Realized gains / (losses) on investments | (659) | (481) | |||
Impairment (losses) / reversals | (92) | (122) | |||
Non-operating items | (675) | (820) | |||
Other income / (charges) | (1,140) | (1,365) | |||
Result before tax | (317) | (384) | |||
Income tax (expense) / benefit | 118 | (156) | |||
Net result from continuing and discontinued operations | (199) | (540) | |||
Revenues | |||||
Insurance revenue | 11,876 | 12,461 | |||
Interest revenue on financial instruments calculated using the effective interest method | 3,339 | 3,306 | |||
Interest revenue on financial instruments measured at FVPL | 826 | 624 | |||
Other investment income | 1,950 | 1,673 | |||
Fee and commission income | 2,376 | 2,548 | |||
Other revenues | 38 | 30 | |||
Total revenues | 20,404 | 20,642 | |||
Segment total [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 11,112 | 11,736 | |||
Segment total [member] | Insurance contracts - Without direct participation contracts [member] | |||||
Revenues | |||||
Insurance revenue | 700 | 651 | |||
Segment total [member] | Investment contracts with DPF - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 64 | 74 | |||
Joint ventures and associates eliminations [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 19 | (59) | |||
Fair value items | 9 | 8 | |||
Realized gains / (losses) on investments | (30) | (16) | |||
Impairment (losses) / reversals | 2 | 1 | |||
Non-operating items | (19) | (7) | |||
Other income / (charges) | (90) | (19) | |||
Result before tax | (91) | (85) | |||
Income tax (expense) / benefit | 91 | 85 | |||
Revenues | |||||
Insurance revenue | (1,490) | (1,210) | |||
Interest revenue on financial instruments calculated using the effective interest method | (3) | (3) | |||
Other investment income | (116) | (110) | |||
Fee and commission income | (215) | (254) | |||
Other revenues | (38) | (30) | |||
Total revenues | (1,862) | (1,607) | |||
Joint ventures and associates eliminations [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | (1,490) | (1,210) | |||
International [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 196 | 202 | |||
Fair value items | (1) | 38 | |||
Realized gains / (losses) on investments | 24 | 30 | |||
Impairment (losses) / reversals | (23) | (14) | |||
Non-operating items | (1) | 54 | |||
Other income / (charges) | (110) | 326 | |||
Result before tax | 85 | 582 | |||
Income tax (expense) / benefit | (69) | (57) | |||
Net result from continuing and discontinued operations | 16 | 526 | |||
Inter-segment operating result | 256 | 236 | |||
Revenues | |||||
Insurance revenue | 1,795 | 1,618 | |||
Interest revenue on financial instruments calculated using the effective interest method | 87 | 191 | |||
Interest revenue on financial instruments measured at FVPL | 1 | (3) | |||
Other investment income | 104 | 100 | |||
Fee and commission income | 34 | 62 | |||
Other revenues | 37 | 25 | |||
Total revenues | 2,058 | 1,993 | |||
Inter-segment revenues | 1 | ||||
International [member] | Geographical Consolidation [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 1,095 | 967 | |||
International [member] | Geographical Consolidation [member] | Insurance contracts - Without direct participation contracts [member] | |||||
Revenues | |||||
Insurance revenue | 700 | 651 | |||
Americas [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 1,107 | 1,433 | |||
Fair value items | 138 | (85) | |||
Realized gains / (losses) on investments | (683) | (518) | |||
Impairment (losses) / reversals | (62) | (78) | |||
Non-operating items | (607) | (681) | |||
Other income / (charges) | (961) | (117) | |||
Result before tax | (460) | 636 | |||
Income tax (expense) / benefit | 214 | (102) | |||
Net result from continuing and discontinued operations | (246) | 533 | |||
Inter-segment operating result | (569) | (458) | |||
Revenues | |||||
Insurance revenue | 9,468 | 10,174 | |||
Interest revenue on financial instruments calculated using the effective interest method | 3,108 | 3,105 | |||
Interest revenue on financial instruments measured at FVPL | 339 | 228 | |||
Other investment income | 14 | 32 | |||
Fee and commission income | 1,653 | 1,756 | |||
Other revenues | 0 | ||||
Total revenues | 14,582 | 15,295 | |||
Inter-segment revenues | 49 | 33 | |||
Americas [member] | Geographical Consolidation [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 9,468 | 10,174 | |||
The Netherlands [member] | |||||
Revenues | |||||
Inter-segment revenues | (17) | (1,746) | |||
The Netherlands [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Other income / (charges) | (65) | [2] | (1,373) | [3] | |
Result before tax | (65) | [2] | (1,373) | [3] | |
Net result from continuing and discontinued operations | (65) | [2] | (1,373) | [3] | |
Inter-segment operating result | (48) | [2] | (94) | [3] | |
United Kingdom [member] | Geographical Consolidation [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 214 | 211 | |||
Fair value items | (76) | (71) | |||
Impairment (losses) / reversals | (11) | ||||
Non-operating items | (76) | (83) | |||
Other income / (charges) | (85) | (64) | |||
Result before tax | 52 | 64 | |||
Income tax (expense) / benefit | (23) | 2 | |||
Net result from continuing and discontinued operations | 29 | 67 | |||
Inter-segment operating result | (75) | (75) | |||
Revenues | |||||
Insurance revenue | 663 | 701 | |||
Interest revenue on financial instruments calculated using the effective interest method | 58 | 12 | |||
Interest revenue on financial instruments measured at FVPL | 486 | 399 | |||
Other investment income | 1,818 | 1,530 | |||
Fee and commission income | 214 | 223 | |||
Total revenues | 3,239 | 2,865 | |||
United Kingdom [member] | Geographical Consolidation [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 600 | 628 | |||
United Kingdom [member] | Geographical Consolidation [member] | Investment contracts with DPF - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | 64 | 74 | |||
Eliminations [member] | |||||
Summary of operating result per segment [Line Items] | |||||
Operating result | 10 | (17) | |||
Fair value items | (1) | (76) | |||
Non-operating items | (1) | (76) | |||
Other income / (charges) | 2 | ||||
Result before tax | 11 | (93) | |||
Net result from continuing and discontinued operations | 11 | (93) | |||
Revenues | |||||
Insurance revenue | (51) | (32) | |||
Interest revenue on financial instruments calculated using the effective interest method | (6) | (5) | |||
Other investment income | (498) | (425) | |||
Fee and commission income | (158) | (187) | |||
Total revenues | (713) | (648) | |||
Eliminations [member] | Insurance contracts - Direct participating contracts [member] | |||||
Revenues | |||||
Insurance revenue | € (51) | € (32) | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details.[3]The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details |
Segment Information - Summary_2
Segment Information - Summary of Segment Results (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
The Netherlands [member] | ||
Summary of operating result per segment [Line Items] | ||
Inter-segment revenues | € (17) | € (1,746) |
Segment Information - Summary_3
Segment Information - Summary of Reconciliation from Operating Result Before Tax to Income Before Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | |||
Insurance revenue | € 10,386 | € 11,251 | [1] |
Insurance service expenses | 10,226 | 11,097 | [1] |
Net income / (expenses) on reinsurance held | 182 | 275 | [1] |
Net fair value change of derivatives | (129) | ||
Net reinsurance finance income / (expenses) on reinsurance held | 699 | 599 | |
Investment contract income / (expenses) | (7,851) | 9,808 | |
Other income | (35) | (341) | |
Other charges | 92 | ||
Segment total [member] | |||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | |||
Result before tax from continuing operations | (391) | 827 | |
Elimination of share in earnings of joint ventures and associates | (19) | 59 | |
Insurance revenue | (15) | 1 | |
Insurance service expenses | 427 | 442 | |
Net income / (expenses) on reinsurance held | (23) | (40) | |
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | (224) | 183 | |
Net fair value change of derivatives | (7) | ||
Realized gains and losses on financial investments | 683 | 670 | |
Net fair value change on investments in real estate | (2) | (1) | |
Impairment (losses) reversals | 90 | 121 | |
Insurance finance income / (expenses) | 375 | (614) | |
Net reinsurance finance income / (expenses) on reinsurance held | (85) | 68 | |
Investment contract income / (expenses) | (5) | (2) | |
Net fair value change on borrowings and other financial liabilities | (5) | ||
Fee and commission income | (11) | (14) | |
Commissions and expenses | 596 | 378 | |
Other income | (18) | (341) | |
Other charges | 79 | ||
Results of businesses disposed during reporting periods | 48 | 70 | |
Operating result | € 1,498 | € 1,802 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Segment Information - Summary_4
Segment Information - Summary of Reconciliation from Operating Result Before Tax to Income Before Tax (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||
Gain (loss) on reversal of onerous contracts | € 129 | € (273) |
Other income / (charges) [member] | ||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||
Gain (loss) on (reversal of) underlying onerous contracts | 31 | 38 |
Loss on onerous contracts | (497) | (93) |
Reinsurance contracts held [member] | ||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||
Gain (loss) on changes in discount rates | 84 | (70) |
Insurance contracts issued [member] | ||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||
Gain (loss) on changes in discount rates | € (354) | € 614 |
Segment Information - Summary_5
Segment Information - Summary of Other Selected Income Statement Items (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other selected income statement [line items] | ||
Amortization of deferred expenses and future servicing rights | € 33 | € 38 |
Depreciation | 97 | 103 |
Impairment losses / (reversals) on financial assets, excluding receivables | 59 | 92 |
Impairment losses / (reversals) on non- financial assets and receivables | 60 | 46 |
Operating segments [member] | Americas [member] | ||
Disclosure of other selected income statement [line items] | ||
Amortization of deferred expenses and future servicing rights | 24 | 34 |
Depreciation | 64 | 67 |
Impairment losses / (reversals) on financial assets, excluding receivables | 59 | 78 |
Impairment losses / (reversals) on non- financial assets and receivables | 32 | 17 |
Operating segments [member] | United Kingdom [member] | ||
Disclosure of other selected income statement [line items] | ||
Amortization of deferred expenses and future servicing rights | 2 | 2 |
Depreciation | 12 | 11 |
Impairment losses / (reversals) on non- financial assets and receivables | 0 | 11 |
Operating segments [member] | Holding and other activities [member] | ||
Disclosure of other selected income statement [line items] | ||
Depreciation | 14 | 17 |
Impairment losses / (reversals) on non- financial assets and receivables | 7 | 18 |
Operating segments [member] | Asset management [member] | ||
Disclosure of other selected income statement [line items] | ||
Amortization of deferred expenses and future servicing rights | 6 | |
Depreciation | 2 | 2 |
Impairment losses / (reversals) on non- financial assets and receivables | 0 | |
Operating segments [member] | International [member] | ||
Disclosure of other selected income statement [line items] | ||
Amortization of deferred expenses and future servicing rights | 1 | 3 |
Depreciation | 5 | 6 |
Impairment losses / (reversals) on financial assets, excluding receivables | € 13 | |
Impairment losses / (reversals) on non- financial assets and receivables | € 21 |
Segment Information - Summary_6
Segment Information - Summary of Number of Employees (Detail) - Employees | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of number of employees [line items] | ||
Number of employees | 15,658 | 15,478 |
Americas [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 6,967 | 6,153 |
United Kingdom [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 2,591 | 2,621 |
Joint ventures and associates [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 3,204 | 3,507 |
Joint ventures and associates [member] | United Kingdom [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 49 | 62 |
Asset management [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 1,409 | 1,464 |
Asset management [member] | Joint ventures and associates [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 219 | 206 |
Holding and other activities [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 1,037 | 958 |
International [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 3,654 | 4,281 |
International [member] | Joint ventures and associates [member] | ||
Disclosure of number of employees [line items] | ||
Number of employees | 2,936 | 3,239 |
Segment Information - Summary_7
Segment Information - Summary of Assets and Liabilities Per Segment (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Assets | ||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | € 6,889 | |
Assets held for sale | 432 | 88,664 | [1] | |||
Investments | 266,382 | 254,759 | ||||
Investments in joint ventures | 1,430 | 1,430 | [1] | 1,715 | 1,715 | |
Investments in associates | 2,906 | 165 | [1] | 1,289 | 1,289 | |
Reinsurance contract assets | 16,608 | 16,939 | [1] | 21,322 | € 3,518 | |
Insurance contract assets | 185 | 36 | [1] | 110 | ||
Deferred expenses | 447 | 452 | [1] | 428 | ||
Other assets | 9,118 | 14,864 | ||||
Assets | 301,581 | 380,711 | [1] | 459,560 | ||
Liabilities | ||||||
Reinsurance contract liabilities | 608 | 270 | [1] | 471 | ||
Insurance contract liabilities | 177,446 | 176,120 | [1] | 290,066 | ||
Liabilities held for sale / disposal groups | 389 | 84,183 | [1] | |||
Other liabilities | 16,723 | 22,922 | ||||
Total liabilities | 292,026 | 369,777 | [1] | € 445,983 | ||
With Discretionary Participating Features [member] | ||||||
Liabilities | ||||||
Investment contracts | 21,594 | 21,055 | ||||
Without Discretionary Participating Features [member] | ||||||
Liabilities | ||||||
Investment contracts | 75,266 | 65,227 | ||||
Americas [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 1,042 | 1,097 | ||||
Investments | 161,715 | 160,624 | ||||
Reinsurance contract assets | 16,563 | 16,520 | ||||
Insurance contract assets | 181 | 36 | ||||
Deferred expenses | 428 | 432 | ||||
Other assets | 6,486 | 9,652 | ||||
Assets | 186,415 | 188,362 | ||||
Liabilities | ||||||
Reinsurance contract liabilities | 396 | 62 | ||||
Insurance contract liabilities | 136,116 | 137,195 | ||||
Other liabilities | 11,257 | 14,920 | ||||
Total liabilities | 182,950 | 184,965 | ||||
Americas [member] | Without Discretionary Participating Features [member] | ||||||
Liabilities | ||||||
Investment contracts | 35,181 | 32,788 | ||||
The Netherlands [member] | ||||||
Assets | ||||||
Assets held for sale | 88,664 | |||||
Investments in associates | 11 | |||||
Other assets | 1,076 | |||||
Assets | 89,751 | |||||
Liabilities | ||||||
Insurance contract liabilities | 0 | |||||
Liabilities held for sale / disposal groups | 84,183 | |||||
Other liabilities | 934 | |||||
Total liabilities | 85,117 | |||||
United Kingdom [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 200 | 182 | ||||
Assets held for sale | 432 | |||||
Investments | 102,795 | 91,463 | ||||
Reinsurance contract assets | 2 | 369 | ||||
Deferred expenses | 19 | 20 | ||||
Other assets | 1,818 | 1,973 | ||||
Assets | 105,265 | 94,007 | ||||
Liabilities | ||||||
Insurance contract liabilities | 40,329 | 37,621 | ||||
Liabilities held for sale / disposal groups | 389 | |||||
Other liabilities | 1,418 | 1,344 | ||||
Total liabilities | 103,815 | 92,460 | ||||
United Kingdom [member] | With Discretionary Participating Features [member] | ||||||
Liabilities | ||||||
Investment contracts | 21,594 | 21,055 | ||||
United Kingdom [member] | Without Discretionary Participating Features [member] | ||||||
Liabilities | ||||||
Investment contracts | 40,085 | 32,440 | ||||
Asset management [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 246 | 367 | ||||
Investments | 176 | 136 | ||||
Investments in joint ventures | 397 | 471 | ||||
Investments in associates | 279 | 129 | ||||
Other assets | 359 | 146 | ||||
Assets | 1,457 | 1,249 | ||||
Liabilities | ||||||
Other liabilities | 397 | 424 | ||||
Total liabilities | 397 | 424 | ||||
Holding and other activities [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 2,479 | 1,639 | ||||
Investments | 18 | 39 | ||||
Investments in associates | 2,622 | 16 | ||||
Other assets | 8,095 | 16,455 | ||||
Assets | 13,215 | 18,148 | ||||
Liabilities | ||||||
Other liabilities | 3,660 | 7,213 | ||||
Total liabilities | 3,660 | 7,213 | ||||
International [member] | ||||||
Assets | ||||||
Cash and cash equivalents | 106 | 116 | ||||
Investments | 1,678 | 2,497 | ||||
Investments in joint ventures | 1,034 | 959 | ||||
Investments in associates | 5 | 20 | ||||
Reinsurance contract assets | 5,656 | 6,273 | ||||
Insurance contract assets | 3 | |||||
Other assets | 183 | 336 | ||||
Assets | 8,664 | 10,201 | ||||
Liabilities | ||||||
Reinsurance contract liabilities | 211 | 208 | ||||
Insurance contract liabilities | 6,628 | 7,570 | ||||
Other liabilities | 219 | 281 | ||||
Total liabilities | 7,058 | 8,059 | ||||
Eliminations [member] | ||||||
Assets | ||||||
Investments in associates | (11) | |||||
Reinsurance contract assets | (5,613) | (6,223) | ||||
Other assets | (7,823) | (14,774) | ||||
Assets | (13,436) | (21,008) | ||||
Liabilities | ||||||
Insurance contract liabilities | (5,626) | (6,266) | ||||
Other liabilities | (228) | (2,196) | ||||
Total liabilities | € (5,854) | € (8,462) | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Segment Information - Summary_8
Segment Information - Summary of Investments (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | € 266,382 | € 254,759 | ||||
Off-balance sheet investments third parties | 559,375 | 483,253 | ||||
Total revenue-generating investments | 825,757 | 738,013 | ||||
Investments in real estate | 488 | 502 | € 3,206 | |||
Financial assets measured at FVOCI | 113 | 58 | ||||
Investments in joint ventures | 1,430 | 1,430 | [1] | € 1,715 | 1,715 | |
Investments in associates | 2,906 | 165 | [1] | € 1,289 | € 1,289 | |
Financial assets measured at amortized cost | 10,227 | 10,453 | ||||
Other assets | 30,863 | 124,357 | ||||
Assets | 301,581 | 380,711 | ||||
Backing insurance contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 44,412 | 48,565 | ||||
Financial assets measured at FVPL | 10,967 | 9,552 | ||||
Backing investment contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 5,854 | 5,482 | ||||
Financial assets measured at FVPL | 405 | 331 | ||||
Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 98 | 177 | ||||
Financial assets measured at FVPL | 38,458 | 30,918 | ||||
Backing direct participation insurance contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 107,714 | 103,327 | ||||
Backing direct participation investment contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 47,759 | 45,453 | ||||
Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 502 | |||||
Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 16,491 | 15,863 | ||||
Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 55,811 | 59,341 | ||||
Unconsolidated Investment Funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 167,411 | 154,741 | ||||
Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 12,446 | 12,812 | ||||
Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 13,735 | 11,500 | ||||
Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 488 | 502 | ||||
Americas [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | 161,715 | 160,624 | ||||
Off-balance sheet investments third parties | 225,090 | 216,060 | ||||
Total revenue-generating investments | 386,806 | 376,684 | ||||
Investments in real estate | 38 | |||||
Financial assets measured at amortized cost | 10,156 | 10,406 | ||||
Other assets | 24,700 | 27,399 | ||||
Assets | 186,415 | 188,023 | ||||
Americas [member] | Backing insurance contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 42,973 | 46,665 | ||||
Financial assets measured at FVPL | 9,696 | 8,164 | ||||
Americas [member] | Backing investment contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 5,854 | 5,482 | ||||
Financial assets measured at FVPL | 386 | 285 | ||||
Americas [member] | Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 92 | 46 | ||||
Americas [member] | Backing direct participation insurance contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 67,532 | 66,344 | ||||
Americas [member] | Backing direct participation investment contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 24,988 | 23,191 | ||||
Americas [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 42 | |||||
Americas [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 267 | 315 | ||||
Americas [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 47,547 | 51,008 | ||||
Americas [member] | Unconsolidated Investment Funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 92,520 | 89,535 | ||||
Americas [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 10,156 | 10,406 | ||||
Americas [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 11,187 | 9,318 | ||||
Americas [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 38 | 42 | ||||
The Netherlands [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in associates | 11 | |||||
Other assets | 89,740 | |||||
Assets | 89,751 | |||||
United Kingdom [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | 102,795 | 91,463 | ||||
Off-balance sheet investments third parties | 135,270 | 122,742 | ||||
Total revenue-generating investments | 238,064 | 214,205 | ||||
Investments in real estate | 433 | |||||
Other assets | 2,470 | 2,544 | ||||
Assets | 105,265 | 94,007 | ||||
United Kingdom [member] | Backing insurance contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 1,243 | 1,083 | ||||
United Kingdom [member] | Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 38,339 | 30,832 | ||||
United Kingdom [member] | Backing direct participation insurance contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 40,008 | 36,843 | ||||
United Kingdom [member] | Backing direct participation investment contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 22,771 | 22,262 | ||||
United Kingdom [member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 443 | |||||
United Kingdom [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 16,192 | 15,518 | ||||
United Kingdom [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 6,916 | 6,455 | ||||
United Kingdom [member] | Unconsolidated Investment Funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 74,719 | 64,776 | ||||
United Kingdom [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 2,269 | 2,354 | ||||
United Kingdom [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 2,266 | 1,917 | ||||
United Kingdom [member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 433 | 443 | ||||
International [Member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | 1,678 | 2,497 | ||||
Off-balance sheet investments third parties | 3,711 | 3,384 | ||||
Total revenue-generating investments | 5,389 | 5,881 | ||||
Investments in real estate | 17 | |||||
Investments in joint ventures | 1,034 | 959 | ||||
Investments in associates | 5 | 20 | ||||
Financial assets measured at amortized cost | 9 | |||||
Other assets | 5,948 | 6,726 | ||||
Assets | 8,664 | 10,201 | ||||
International [Member] | Backing insurance contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 1,439 | 1,900 | ||||
Financial assets measured at FVPL | 27 | 305 | ||||
International [Member] | Backing investment contracts without direct participation [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 19 | 47 | ||||
International [Member] | Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 1 | 81 | ||||
International [Member] | Backing direct participation insurance contracts [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 173 | 140 | ||||
International [Member] | Investments in real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in real estate | 17 | |||||
International [Member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 23 | 21 | ||||
International [Member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 1,295 | 1,864 | ||||
International [Member] | Unconsolidated Investment Funds [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 173 | 431 | ||||
International [Member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 3 | 14 | ||||
International [Member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 166 | 150 | ||||
International [Member] | Real estate [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 17 | 17 | ||||
Asset management [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | 176 | 136 | ||||
Off-balance sheet investments third parties | 195,304 | 141,067 | ||||
Total revenue-generating investments | 195,480 | 141,203 | ||||
Investments in joint ventures | 397 | 471 | ||||
Investments in associates | 279 | 129 | ||||
Financial assets measured at amortized cost | 52 | |||||
Other assets | 606 | 513 | ||||
Assets | 1,457 | 1,249 | ||||
Asset management [member] | Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVOCI | 97 | 96 | ||||
Financial assets measured at FVPL | 27 | 40 | ||||
Asset management [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 9 | 7 | ||||
Asset management [member] | Debt securities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 52 | 15 | ||||
Asset management [member] | Other financial asset [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 115 | 114 | ||||
Holding and other activities [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Total investments on balance sheet | 18 | 39 | ||||
Total revenue-generating investments | 18 | 39 | ||||
Investments in associates | 2,622 | 16 | ||||
Financial assets measured at amortized cost | 18 | 38 | ||||
Other assets | 10,575 | 18,094 | ||||
Assets | 13,215 | 18,148 | ||||
Holding and other activities [member] | Non-insurance related assets [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Financial assets measured at FVPL | 1 | |||||
Holding and other activities [member] | Shares [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 1 | |||||
Holding and other activities [member] | Loans [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments | 18 | 38 | ||||
Eliminations [member] | ||||||
Disclosure of summarized investment per segment [line items] | ||||||
Investments in associates | (11) | |||||
Other assets | (13,436) | (20,658) | ||||
Assets | € (13,436) | € (20,669) | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Segment Information - Summary_9
Segment Information - Summary of Detailed Information About Insurance, Reinsurance and Investment Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | € 177,262 | € 176,083 |
Insurance contracts and investment contracts without participation features | 198,855 | 197,139 |
Reinsurance contracts held | 16,000 | 16,669 |
Eliminations [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts and investment contracts without participation features | (5,626) | (6,266) |
Reinsurance contracts held | (5,613) | (6,223) |
International [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts and investment contracts without participation features | 6,625 | 7,570 |
Reinsurance contracts held | 5,445 | 6,065 |
Americas [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts and investment contracts without participation features | 135,934 | 137,159 |
Reinsurance contracts held | 16,166 | 16,458 |
United Kingdom [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts and investment contracts without participation features | 61,922 | 58,676 |
Reinsurance contracts held | 2 | 369 |
Direct Participating Contracts [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 110,315 | 106,044 |
Direct Participating Contracts [member] | International [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 193 | 187 |
Direct Participating Contracts [member] | Americas [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 70,436 | 69,163 |
Direct Participating Contracts [member] | United Kingdom [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 39,687 | 36,694 |
Without Direct Participating Contracts [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 66,907 | 69,600 |
Without Direct Participating Contracts [member] | Eliminations [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | (5,626) | (6,266) |
Without Direct Participating Contracts [member] | International [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 6,393 | 6,944 |
Without Direct Participating Contracts [member] | Americas [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 65,499 | 67,996 |
Without Direct Participating Contracts [member] | United Kingdom [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 642 | 927 |
Contracts measured under the PAA [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 39 | 439 |
Contracts measured under the PAA [member] | International [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Insurance contracts | 39 | 439 |
Discretionary Participation Features [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Investment contracts with DPF | 21,594 | 21,055 |
Discretionary Participation Features [member] | United Kingdom [member] | ||
Disclosure Of Detailed Information About Insurance Reinsurance And Investment Contracts Assets and Liabilities Per Segment [Line Items] | ||
Investment contracts with DPF | € 21,594 | € 21,055 |
Insurance Revenue - Summary of
Insurance Revenue - Summary of Amounts Related to Changes in Liability for Remaining Coverage (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of analysis of insurance revenue [line items] | |||
Insurance revenue | € 10,386 | € 11,251 | [1] |
Insurance contracts issued [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Insurance revenue | 10,322 | 11,178 | |
Insurance contracts issued [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Expected insurance claims and expenses | 8,383 | 9,092 | |
Earnings released from contractual service margin | 952 | 1,029 | |
Release of risk adjustment for non-financial risk | 340 | 320 | |
Allocated portion of consideration that relates to recovery acquisition costs | 558 | 545 | |
Other | (39) | (42) | |
Insurance revenue | 10,195 | 10,944 | |
Insurance contracts issued [member] | Insurance contracts to which premium allocation approach has been applied [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Insurance revenue | 127 | 233 | |
Insurance contracts with DPF [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Insurance revenue | 64 | 74 | |
Insurance contracts with DPF [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Expected insurance claims and expenses | 32 | 49 | |
Earnings released from contractual service margin | 17 | 11 | |
Release of risk adjustment for non-financial risk | 15 | 14 | |
Allocated portion of consideration that relates to recovery acquisition costs | 0 | ||
Other | 0 | ||
Insurance revenue | 64 | 74 | |
Insurance contracts with DPF [member] | Insurance contracts to which premium allocation approach has been applied [member] | |||
Disclosure of analysis of insurance revenue [line items] | |||
Insurance revenue | € 0 | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Revenue - Summary o_2
Insurance Revenue - Summary of Revenue Recognized on Insurance and Investments Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | € 10,386 | € 11,251 | [1] |
Insurance contracts issued [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | 10,322 | 11,178 | |
Investment contracts with discretionary participating features [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | 64 | 74 | |
Related to contracts transitioned under the modified retrospective method [member] | Insurance contracts issued [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | 514 | 559 | |
Related to contracts transitioned under the fair value approach [member] | Insurance contracts issued [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | 8,707 | 9,513 | |
Related to contracts transitioned under the fair value approach [member] | Investment contracts with discretionary participating features [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | 64 | 74 | |
Other contracts [member] | Insurance contracts issued [member] | |||
Disclosure Of Detailed Information About Recognition Of Revenue In Transition To IFRS 17 [Line Items] | |||
Insurance revenue | € 1,101 | € 1,105 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance service expenses - Su
Insurance service expenses - Summary of Insurance Service Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Total insurance service expenses | € 10,226 | € 11,097 | [1] |
Insurance contracts issued [member] | |||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Total insurance service expenses | (10,190) | (11,043) | |
Insurance contracts issued [member] | Contracts not measured under the PAA [member] | |||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Incurred claims and other incurred insurance service expenses | (8,404) | (9,030) | |
Changes in fulfilment cash flows relating to incurred claims | (17) | 8 | |
Onerous contract losses (and reversals) | (1,079) | (1,247) | |
Amortization of insurance acquisition costs | (558) | (545) | |
Total insurance service expenses | (10,058) | (10,815) | |
Insurance contracts issued [member] | Contracts measured under the PAA [member] | |||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Total insurance service expenses | (132) | (228) | |
Investment contracts with DPF [member] | |||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Total insurance service expenses | (36) | (54) | |
Investment contracts with DPF [member] | Contracts not measured under the PAA [member] | |||
Disclosure of Detailed Information About Insurance Service Expenses [Line Items] | |||
Incurred claims and other incurred insurance service expenses | (36) | (54) | |
Total insurance service expenses | € (36) | € (54) | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Net income _ (expenses) on re_3
Net income / (expenses) on reinsurance held - Summary of net income / (expenses) on reinsurance held (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of Detailed Information About Net Expenses on Reinsurance Held [Line Items] | |||
Net income / (expenses) on reinsurance held | € 182 | € 275 | [1] |
Insurance contracts issued [member] | |||
Disclosure of Detailed Information About Net Expenses on Reinsurance Held [Line Items] | |||
Net income / (expenses) on reinsurance held | 182 | 275 | |
Insurance contracts issued [member] | Contracts not measured under the PAA [member] | |||
Disclosure of Detailed Information About Net Expenses on Reinsurance Held [Line Items] | |||
Assumption changes that relate to (a reversal of) underlying onerous contracts | 31 | 38 | |
Experience adjustments that relate to (a reversal of) underlying onerous contracts | 516 | 562 | |
Release of the contractual service margin for services received | (26) | 63 | |
Release of risk adjustment for non-financial risk | (118) | (134) | |
Experience adjustments on current service | (217) | (280) | |
Changes in fulfilment cash flows relating to incurred claims | (2) | (12) | |
Loss on retrospective reinsurance (reinsurance purchased relating to incurred claims) | (17) | 0 | |
New contracts issued/acquired: loss on initial recognition of underlying contracts | 12 | 31 | |
Establishing of loss recovery component from onerous underlying contracts | 7 | 8 | |
Reversals of a loss-recovery component other than changes in the FCF of reinsurance contracts held | (3) | (2) | |
Net income / (expenses) on reinsurance held | 181 | 274 | |
Insurance contracts issued [member] | Contracts measured under the PAA [member] | |||
Disclosure of Detailed Information About Net Expenses on Reinsurance Held [Line Items] | |||
Net income / (expenses) on reinsurance held | € 1 | € 1 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Net Investment Resu_3
Insurance Net Investment Result - Summary of Insurance Net Investment Result (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of insurance net investment result [line items] | |||
Interest revenue on financial instruments calculated using the effective interest method | € 3,336 | € 3,303 | |
Interest revenue on financial instruments measured at FVPL | 89 | 49 | |
Other investment income | 550 | 411 | |
Impairment (losses) / reversals | (90) | (121) | |
Interest expense | (182) | (182) | |
Gains / (losses) on investments in equity instruments designated at FVOCI | (1) | ||
Gains / (losses) on financial assets measured at FVOCI | (117) | (192) | |
Interest accreted to insurance / reinsurance contracts | 10,226 | 11,097 | [1] |
Amounts recognized in profit or loss | (17,650) | 25,005 | |
Amounts recognized in OCI | (1,626) | 18,680 | |
Amounts recognized in profit or loss | 699 | 599 | |
Amounts recognized in OCI | 349 | (4,672) | [1] |
Insurance net investment result | 415 | 458 | |
Amounts recognized in profit or loss | (196) | 532 | |
Amounts recognized in OCI | 611 | (74) | |
Insurance contracts issued [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest accreted to insurance / reinsurance contracts | (10,190) | (11,043) | |
Total insurance/ reinsurance finance income / (expenses) | (19,276) | 43,685 | |
Insurance contracts issued [member] | General model [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest accreted to insurance / reinsurance contracts | (3,098) | (3,045) | |
Changes in interest rates and other financial assumptions | (1,587) | 18,495 | |
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | (421) | 786 | |
Insurance contracts issued [member] | Variable fee approach [member] | |||
Disclosure of insurance net investment result [line items] | |||
Change in fair value of underlying assets of products with direct participating features | (15,651) | 24,133 | |
Change in fulfilment value not recognized in CSM due to risk mitigation option | 1,493 | 3,323 | |
Insurance contracts issued [member] | Premium allocation approach [member] | |||
Disclosure of insurance net investment result [line items] | |||
Insurance finance expenses from PAA contracts | (12) | (7) | |
Reinsurance contracts held [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest accreted to insurance / reinsurance contracts | 630 | 660 | |
Changes in interest rates and other financial assumptions | 283 | (4,469) | |
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | 148 | (267) | |
Changes in risk of non-performance of reinsurers | (12) | 3 | |
Total insurance/ reinsurance finance income / (expenses) | 1,048 | (4,073) | |
Insurance Contracts With Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Amounts recognized in profit or loss | (12,244) | 24,233 | |
Amounts recognized in OCI | 7 | (25) | |
Insurance net investment result | 285 | 375 | |
Amounts recognized in profit or loss | 278 | 400 | |
Amounts recognized in OCI | 7 | (25) | |
Insurance Contracts With Direct Participating Features [Member] | Insurance contracts issued [member] | |||
Disclosure of insurance net investment result [line items] | |||
Total insurance/ reinsurance finance income / (expenses) | (12,237) | 24,208 | |
Insurance Contracts With Direct Participating Features [Member] | Insurance contracts issued [member] | Variable fee approach [member] | |||
Disclosure of insurance net investment result [line items] | |||
Change in fair value of underlying assets of products with direct participating features | (13,730) | 20,886 | |
Change in fulfilment value not recognized in CSM due to risk mitigation option | 1,493 | 3,323 | |
Insurance Contracts Without Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Amounts recognized in profit or loss | (3,485) | (2,475) | |
Amounts recognized in OCI | (1,633) | 18,705 | |
Amounts recognized in profit or loss | 699 | 599 | |
Amounts recognized in OCI | 349 | (4,672) | |
Insurance net investment result | 165 | 168 | |
Amounts recognized in profit or loss | (440) | 217 | |
Amounts recognized in OCI | 604 | (49) | |
Insurance Contracts Without Direct Participating Features [Member] | Insurance contracts issued [member] | |||
Disclosure of insurance net investment result [line items] | |||
Total insurance/ reinsurance finance income / (expenses) | (5,118) | 16,230 | |
Insurance Contracts Without Direct Participating Features [Member] | Insurance contracts issued [member] | General model [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest accreted to insurance / reinsurance contracts | (3,098) | (3,045) | |
Changes in interest rates and other financial assumptions | (1,587) | 18,495 | |
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | (421) | 786 | |
Insurance Contracts Without Direct Participating Features [Member] | Insurance contracts issued [member] | Premium allocation approach [member] | |||
Disclosure of insurance net investment result [line items] | |||
Insurance finance expenses from PAA contracts | (12) | (7) | |
Insurance Contracts Without Direct Participating Features [Member] | Reinsurance contracts held [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest accreted to insurance / reinsurance contracts | 630 | 660 | |
Changes in interest rates and other financial assumptions | 283 | (4,469) | |
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | 148 | (267) | |
Changes in risk of non-performance of reinsurers | (12) | 3 | |
Total insurance/ reinsurance finance income / (expenses) | 1,048 | (4,073) | |
Investment Contracts With Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Amounts recognized in profit or loss | (1,921) | 3,247 | |
Amounts recognized in OCI | 0 | ||
Insurance net investment result | (34) | (84) | |
Amounts recognized in profit or loss | (34) | (84) | |
Investment Contracts With Direct Participating Features [Member] | Insurance contracts issued [member] | |||
Disclosure of insurance net investment result [line items] | |||
Total insurance/ reinsurance finance income / (expenses) | (1,921) | 3,247 | |
Investment Contracts With Direct Participating Features [Member] | Insurance contracts issued [member] | Variable fee approach [member] | |||
Disclosure of insurance net investment result [line items] | |||
Change in fair value of underlying assets of products with direct participating features | (1,921) | 3,247 | |
Insurance investment return [member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest revenue on financial instruments calculated using the effective interest method | 2,738 | 2,898 | |
Interest revenue on financial instruments measured at FVPL | 737 | 575 | |
Other investment income | 1,283 | 1,153 | |
Results from financial transactions | 12,302 | (29,505) | |
Impairment (losses) / reversals | (86) | (95) | |
Interest expense | (218) | (97) | |
P&L impacts | 16,756 | (25,072) | |
Gains / (losses) on investments in equity instruments designated at FVOCI | 2 | ||
Gains / (losses) on financial assets measured at FVOCI | 1,311 | (14,571) | |
Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI | 577 | 488 | |
OCI impacts | 1,888 | (14,081) | |
Total insurance investment return | 18,644 | (39,153) | |
Insurance investment return [member] | Insurance Contracts With Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest revenue on financial instruments measured at FVPL | 231 | 182 | |
Other investment income | 845 | 701 | |
Results from financial transactions | 11,446 | (24,716) | |
P&L impacts | 12,523 | (23,833) | |
Total insurance investment return | 12,523 | (23,833) | |
Insurance investment return [member] | Insurance Contracts Without Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest revenue on financial instruments calculated using the effective interest method | 2,738 | 2,898 | |
Interest revenue on financial instruments measured at FVPL | 369 | 265 | |
Other investment income | 11 | 31 | |
Results from financial transactions | (467) | (909) | |
Impairment (losses) / reversals | (86) | (95) | |
Interest expense | (218) | (97) | |
P&L impacts | 2,347 | 2,092 | |
Gains / (losses) on investments in equity instruments designated at FVOCI | 2 | ||
Gains / (losses) on financial assets measured at FVOCI | 1,311 | (14,571) | |
Gains / (losses) transferred to income statement on disposal of financial assets measured at FVOCI | 577 | 488 | |
OCI impacts | 1,888 | (14,081) | |
Total insurance investment return | 4,235 | (11,989) | |
Insurance investment return [member] | Investment Contracts With Direct Participating Features [Member] | |||
Disclosure of insurance net investment result [line items] | |||
Interest revenue on financial instruments measured at FVPL | 137 | 128 | |
Other investment income | 427 | 421 | |
Results from financial transactions | 1,322 | (3,880) | |
P&L impacts | 1,886 | (3,331) | |
Total insurance investment return | € 1,886 | € (3,331) | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Net Investment Resu_4
Insurance Net Investment Result - Summary of Interest Revenue on Financial Instruments Calculated Using the Effective Interest Method (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | € 3,336 | € 3,303 |
Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 2,738 | 2,898 |
Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 2,738 | 2,898 |
Debt Securities And Money Market Instruments [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 2,166 | 2,479 |
Debt Securities And Money Market Instruments [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 2,166 | 2,479 |
Loans [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 433 | 425 |
Loans [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 433 | 425 |
Other [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | 139 | (6) |
Other [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue calculated using effective interest method | € 139 | € (6) |
Insurance Net Investment Resu_5
Insurance Net Investment Result - Summary of Interest Revenue on Financial Instruments Measured at Fair Value Through Profit or Loss (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | € 89 | € 49 |
Non Derivative Assets [Member] | Applying the fair value option [member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 89 | 49 |
Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 737 | 575 |
Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 231 | 182 |
Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 369 | 265 |
Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 137 | 128 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Applying the fair value option [member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 422 | 364 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Applying the fair value option [member] | Insurance Contracts With Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 231 | 188 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Applying the fair value option [member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 54 | 48 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Applying the fair value option [member] | Investment Contracts With Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 137 | 128 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Failing the SPPI criteria [member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | 315 | 217 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | Failing the SPPI criteria [member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | € 315 | 217 |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | PH designated [member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | (5) | |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Derivative Assets [Member] | PH designated [member] | Insurance Contracts With Direct Participating Features [Member] | ||
Disclosure Of Insurance Net Investment Result In Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | € (5) |
Insurance Net Investment Resu_6
Insurance Net Investment Result - Summary of Other Investment Income Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | € 550 | € 411 |
Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 1,283 | 1,153 |
Dividend income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 1,257 | 1,115 |
Rental income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 26 | 38 |
Insurance Contracts With Direct Participating Features [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 845 | 701 |
Insurance Contracts With Direct Participating Features [Member] | Dividend income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 828 | 680 |
Insurance Contracts With Direct Participating Features [Member] | Rental income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 17 | 20 |
Insurance Contracts Without Direct Participating Features [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 11 | 31 |
Insurance Contracts Without Direct Participating Features [Member] | Dividend income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 12 | 28 |
Insurance Contracts Without Direct Participating Features [Member] | Rental income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | (2) | 4 |
Investment Contracts With Direct Participating Features [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 427 | 421 |
Investment Contracts With Direct Participating Features [Member] | Dividend income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | 417 | 407 |
Investment Contracts With Direct Participating Features [Member] | Rental income [Member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Other Investment Income [Line Items] | ||
Other Investment Income | € 11 | € 14 |
Insurance Net Investment Resu_7
Insurance Net Investment Result - Summary of Financial Transactions Results (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | € 7,043 | € (10,466) |
Net fair value change of derivatives | ||
Bifurcated embedded derivatives | 5 | 29 |
Total | (129) | |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (113) | (58) |
Realised gains and (losses) on financial investments comprised of: | ||
Investments measured at fair value through other comprehensive income ("FVOCI") | (113) | (58) |
Investments measured at amortized cost | 73,865 | 77,412 |
Other | ||
Gains and (losses) on investments in real estate | (6) | (5) |
Net foreign currency gains and (losses) | 2 | (1) |
Total | (4) | (6) |
Represented by: | ||
Assets mandatorily measured at FVPL | 3 | 3 |
Other (i.e. FVOCI) | (117) | (192) |
Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 15,447 | (39,427) |
Net fair value change of derivatives | ||
Economic hedges where no hedge accounting is applied | (114) | (1,080) |
Bifurcated embedded derivatives | (1) | (1) |
Change in fair value of hedges on guarantees in products with direct participating features | (1,085) | (3,093) |
Ineffective portion of hedge transactions to which hedge accounting is applied | 3 | (3) |
Total | (1,197) | (4,176) |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (16) | 35 |
Realised gains and (losses) on financial investments comprised of: | ||
Investments measured at fair value through other comprehensive income ("FVOCI") | (15) | |
Investments measured at amortized cost | 36 | |
Other | ||
Gains and (losses) on investments in real estate | (46) | (56) |
Net fair value change on investments in real estate | 2 | 1 |
Net foreign currency gains and (losses) | 37 | |
Total | (44) | (18) |
On December 31 | 14,190 | (43,586) |
Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 12,655 | (21,256) |
Net fair value change of derivatives | ||
Economic hedges where no hedge accounting is applied | (95) | (333) |
Change in fair value of hedges on guarantees in products with direct participating features | (1,085) | (3,093) |
Total | (1,181) | (3,427) |
Other | ||
Gains and (losses) on investments in real estate | (28) | (33) |
Total | (28) | (33) |
On December 31 | 11,446 | (24,716) |
Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,404 | (14,699) |
Net fair value change of derivatives | ||
Economic hedges where no hedge accounting is applied | 29 | (361) |
Bifurcated embedded derivatives | (1) | (1) |
Ineffective portion of hedge transactions to which hedge accounting is applied | 3 | (3) |
Total | 31 | (364) |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (16) | 35 |
Realised gains and (losses) on financial investments comprised of: | ||
Investments measured at fair value through other comprehensive income ("FVOCI") | (15) | |
Investments measured at amortized cost | 36 | |
Other | ||
Net fair value change on investments in real estate | 2 | 1 |
Net foreign currency gains and (losses) | 37 | |
Total | 2 | 38 |
On December 31 | 1,421 | (14,990) |
Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,388 | (3,471) |
Net fair value change of derivatives | ||
Economic hedges where no hedge accounting is applied | (48) | (385) |
Total | (48) | (385) |
Other | ||
Gains and (losses) on investments in real estate | (18) | (23) |
Total | (18) | (23) |
On December 31 | 1,322 | (3,880) |
Shares [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,225 | (2,548) |
Shares [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 800 | (1,566) |
Shares [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 13 | (33) |
Shares [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 413 | (950) |
Debt Securities And Money Market Investments [member] | ||
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (113) | (58) |
Debt Securities And Money Market Investments [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,457 | (16,847) |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (15) | |
Debt Securities And Money Market Investments [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 55 | (1,153) |
Debt Securities And Money Market Investments [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,366 | (14,958) |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (15) | |
Debt Securities And Money Market Investments [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 36 | (737) |
Unconsolidated Investment Funds [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 12,750 | (20,360) |
Unconsolidated Investment Funds [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 11,800 | (18,538) |
Unconsolidated Investment Funds [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 11 | (38) |
Unconsolidated Investment Funds [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 939 | (1,785) |
Loans [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | 36 | |
Loans [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | 36 | |
Other [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 15 | 329 |
Other [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 15 | 329 |
Assets designated at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 13,435 | (25,498) |
Assets designated at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 12,627 | (21,289) |
Assets designated at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | (562) | (714) |
Assets designated at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net Fair Value Change of Financial Investments at fair value through profit or loss | 1,370 | (3,495) |
Assets mandatorily measured at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Represented by: | ||
Assets mandatorily measured at FVPL | (1,134) | (4,006) |
Assets mandatorily measured at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts With Direct Participating Features [Member] | ||
Represented by: | ||
Assets mandatorily measured at FVPL | (1,181) | (3,427) |
Assets mandatorily measured at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Represented by: | ||
Assets mandatorily measured at FVPL | 95 | (194) |
Assets mandatorily measured at FVPL [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Investment Contracts With Direct Participating Features [Member] | ||
Represented by: | ||
Assets mandatorily measured at FVPL | (48) | (385) |
Other (FVOCI) [member] | Income Or Loss From Insurance And Investment Contracts [Member] | ||
Represented by: | ||
Other (i.e. FVOCI) | 1,888 | (14,081) |
Other (FVOCI) [member] | Income Or Loss From Insurance And Investment Contracts [Member] | Insurance Contracts Without Direct Participating Features [Member] | ||
Represented by: | ||
Other (i.e. FVOCI) | € 1,888 | € (14,081) |
Insurance Net Investment Resu_8
Insurance Net Investment Result - Summary of Impairment (Losses) / Reversals (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment loss recognised in profit or loss | € (119) | € (138) |
Impairment (losses) / reversals | (90) | (121) |
Debt securities and money market instruments[member] | Financial Assets Excluding Receivables [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment loss recognised in profit or loss | (4) | (13) |
Income Or Loss From Insurance And Investment Contracts [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment (losses) / reversals | (86) | (95) |
Income Or Loss From Insurance And Investment Contracts [Member] | Non Financial Assets And Receivables [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment (losses) / reversals | (31) | (17) |
Income Or Loss From Insurance And Investment Contracts [Member] | Debt securities and money market instruments[member] | Financial Assets Excluding Receivables [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment loss recognised in profit or loss | (77) | (121) |
Reversal of impairment loss recognised in profit or loss | 37 | 26 |
Income Or Loss From Insurance And Investment Contracts [Member] | Loans [member] | Financial Assets Excluding Receivables [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment loss recognised in profit or loss | € (15) | 10 |
Income Or Loss From Insurance And Investment Contracts [Member] | Other [member] | Financial Assets Excluding Receivables [Member] | ||
Disclosure Of Insurance Net Investment Result In Impairment Losses Reversals [Line Items] | ||
Impairment loss recognised in profit or loss | € 6 |
Other Net Investment Result - S
Other Net Investment Result - Summary of Other Net Investment Result (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Profit or loss [abstract] | ||
Interest revenue on financial instruments calculated using the effective interest method | € 599 | € 409 |
Interest revenue on financial instruments measured at FVPL | 89 | 49 |
Other investment income | 550 | 411 |
Results from financial transactions | 6,929 | (10,656) |
Impairment (losses) / reversals | (33) | (43) |
Investment contract income / (expenses) | (7,851) | 9,808 |
Interest expense | (45) | (3) |
On December 31 | € 238 | € (26) |
Other Net Investment Result -_2
Other Net Investment Result - Summary Of Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue on financial instruments calculated using the effective interest method | € 599 | € 409 |
Debt securities and money market instruments [member] | ||
Disclosure Of Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue on financial instruments calculated using the effective interest method | 457 | 405 |
Other [member] | ||
Disclosure Of Interest Revenue On Financial Instruments Calculated Using The Effective Interest Method [Line Items] | ||
Interest revenue on financial instruments calculated using the effective interest method | € 142 | € 3 |
Other Net Investment Result -_3
Other Net Investment Result - Summary Of Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | € 89 | € 49 |
Non-derivative assets [member] | Applying the fair value option [member] | ||
Disclosure Of Interest Revenue On Financial Instruments Measured At Fair Value Through Profit Or Loss [Line Items] | ||
Interest revenue on financial instruments measured at FVPL | € 89 | € 49 |
Other Net Investment Result -_4
Other Net Investment Result - Summary Of Other Investment Income Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Other Investment Income [Line Items] | ||
Other investment income | € 550 | € 411 |
Dividend income [Member] | ||
Disclosure Of Other Investment Income [Line Items] | ||
Other investment income | 547 | 410 |
Rental income [Member] | ||
Disclosure Of Other Investment Income [Line Items] | ||
Other investment income | € 3 | € 1 |
Other Net Investment Result -_5
Other Net Investment Result - Summary Of Results From Financial Transactions (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | € 7,047 | € (10,463) |
Net fair value change of derivatives | ||
Economic hedges where no hedge accounting is applied | (8) | (162) |
Bifurcated embedded derivatives | 5 | 29 |
Ineffective portion of hedge transactions to which hedge accounting is applied | 3 | 4 |
Total | (129) | |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (113) | (58) |
Comprised of: | ||
Investments measured at fair value through other comprehensive income (‘FVOCI') | (113) | (58) |
Other | ||
Net fair value change on investments in real estate | (6) | (5) |
Net foreign currency gains and (losses) | 2 | (1) |
Total | (4) | (6) |
Represented by: | ||
On December 31 | 6,929 | (10,656) |
Assets designated at FVPL | 7,043 | (10,466) |
Assets mandatorily measured at FVPL | 3 | 3 |
Other (i.e. FVOCI) | (117) | (192) |
Shares [member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | 195 | (281) |
Debt Securities And Money Market Investments [member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | 46 | (222) |
Realised gains and (losses) on financial investments | ||
Realized gains and (losses) on financial investments | (113) | (58) |
Unconsolidated Investment Funds [member] | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | ||
Net fair value change of financial investments at fair value through profit or loss, other than derivatives | € 6,805 | € (9,961) |
Other Net Investment Result -_6
Other Net Investment Result - Summary of Impairment Charges /(Reversals) (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment losses on financial assets, excluding receivables | € (119) | € (138) |
Impairment (losses) / reversals | (33) | (43) |
Financial assets excluding receivables [member] | Debt securities and money market instruments [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment losses on financial assets, excluding receivables | (4) | (13) |
Non-financial assets and receivables [member] | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment (losses) / reversals | € (29) | € (30) |
Financing Net Investment Resu_3
Financing Net Investment Result - Summary of Financing Net Investment Result (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement 1 [Line Items] | ||
Interest charges | € (182) | € (182) |
Other financing income | 5 | |
On December 31 | (182) | (178) |
Net fair value change of derivatives | (129) | |
Net foreign currency gains and (losses) | 2 | (1) |
Total | 6,929 | (10,656) |
Aegon Ltd. [member] | ||
Statement 1 [Line Items] | ||
Net fair value change of derivatives | 19 | (30) |
Net foreign currency gains and (losses) | 1 | 0 |
Total | € 21 | € (30) |
Financing Net Investment Resu_4
Financing Net Investment Result - Summary of Interest Charges (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement 1 [Line Items] | ||
Subordinated loans | € (115) | € (119) |
Trust pass-through securities | (9) | (9) |
Borrowings | (58) | (54) |
Interest charges | € (182) | € (182) |
Fees and Commission Income - Su
Fees and Commission Income - Summary of Fees and Commission Income (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Fee and commission income [abstract] | |||
Fee income from asset management | € 1,967 | € 2,079 | |
Commission income | 21 | 23 | |
Other fee and commission income | 174 | 171 | |
On December 31 | 2,163 | 2,272 | [1] |
Fees on trust and fiduciary activities | € 220 | € 248 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Other operating expenses - Summ
Other operating expenses - Summary of Detailed Information of Other Operating Expense (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure Of Other Operating Expense [Line Items] | |||
Employee expenses | € 1,711 | € 1,696 | |
Total | 3,000 | 2,786 | [1] |
Insurance related [member] | |||
Disclosure Of Other Operating Expense [Line Items] | |||
Policyholder claims and benefits | 6,965 | 7,736 | |
Onerous contract losses (and reversals) | 1,081 | 1,250 | |
Commissions | 1,403 | 1,214 | |
Handling and clearing fees | 1 | ||
Employee expenses | 604 | 637 | |
Administration expenses | 551 | 594 | |
Total | 10,604 | 11,433 | |
Amounts attributed to insurance acquisition cash flows (see cash flow in note 29) | (956) | (903) | |
Amortization of insurance acquisition cash flows (see note 6/7) | 558 | 545 | |
Amortization of insurance acquisition cash flows PAA | 19 | 22 | |
Total other operating expenses | 10,226 | 11,097 | |
Non-Insurance related [member] | |||
Disclosure Of Other Operating Expense [Line Items] | |||
Commissions | 1,069 | 1,011 | |
Handling and clearing fees | 32 | 31 | |
Right of use assets - interest expense | 7 | 7 | |
Employee expenses | 1,107 | 1,059 | |
Administration expenses | 780 | 669 | |
Deferred transaction expenses | (29) | (28) | |
Amortization of deferred expenses | 21 | 28 | |
Amortization of other intangibles | 13 | 9 | |
Total | 3,000 | 2,786 | |
Total other operating expenses | € 3,000 | € 2,786 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Other operating expenses - Su_2
Other operating expenses - Summary of Employee Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Other Operating Expense [Abstract] | ||
Salaries | € 1,131 | € 1,138 |
Post-employment benefit costs | 125 | 117 |
Social security charges | 107 | 101 |
Other personnel costs | 294 | 292 |
Shares | 54 | 48 |
Total | 1,711 | 1,696 |
Amount included in employee expenses relating to defined contributions | € 57 | € 48 |
Other operating expenses - Su_3
Other operating expenses - Summary of Cumulative Number of Shares Allocated (Detail) | 12 Months Ended | |
Dec. 31, 2023 shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 40,636,899 | [1] |
Number of shares allocated | 39,045,220 | [2] |
2019 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 7,378,113 | [1] |
Number of shares allocated | 6,761,360 | [2] |
2020 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 8,381,086 | [1] |
Number of shares allocated | 6,522,324 | [2] |
2021 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 9,449,451 | [1] |
Number of shares allocated | 13,297,242 | [2] |
2022 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 7,495,307 | [1] |
Number of shares allocated | 10,953,082 | [2] |
2023 [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares conditionally granted | 7,932,942 | [1] |
Number of shares allocated | 1,511,212 | [2] |
[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. |
Other operating expenses - Su_4
Other operating expenses - Summary of Cumulative Number of Shares Allocated On Variable Compensation (Detail) | 12 Months Ended | ||
Dec. 31, 2023 shares € / shares | Dec. 31, 2022 shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 33,442,703 | 25,619,946 | |
Number of shares conditionally granted as variable compensation | [1] | 7,932,942 | 7,495,307 |
Number of shares allocated | [2] | 3,041,722 | 5,989,142 |
Number of shares forfeited | (1,045,980) | (1,415,885) | |
Number of shares vested | (7,838,093) | (4,245,807) | |
Ending balance | 35,533,294 | 33,442,703 | |
2019 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 3,797,903 | 6,796,979 | |
Number of shares allocated | [2] | 95,653 | 3,445 |
Number of shares forfeited | (142,634) | (103,121) | |
Number of shares vested | (3,750,922) | (2,899,400) | |
Ending balance | 3,797,903 | ||
Average share price used for grant in EUR | € / shares | [3] | € 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 | [4] | 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 | [4] | € 3.737 | |
2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 6,409,566 | 6,997,435 | |
Number of shares allocated | [2] | 130,020 | 1,832 |
Number of shares forfeited | (232,905) | (262,567) | |
Number of shares vested | (2,645,290) | (327,134) | |
Ending balance | 3,661,391 | 6,409,566 | |
Average share price used for grant in EUR | € / shares | [3] | € 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 | [4] | 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 | [4] | € 3.737 | |
2021 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 13,787,592 | 11,825,532 | |
Number of shares conditionally granted as variable compensation | [1] | 0 | |
Number of shares allocated | [2] | (16,864) | 3,847,791 |
Number of shares forfeited | (437,677) | (1,050,197) | |
Number of shares vested | (747,687) | (835,534) | |
Ending balance | 12,585,364 | 13,787,592 | |
Average share price used for grant in EUR | € / shares | [3] | € 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 | [4] | 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 | [4] | € 3.978 | |
2022 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 9,447,642 | ||
Number of shares conditionally granted as variable compensation | [1] | 7,495,307 | |
Number of shares allocated | [2] | 1,321,701 | 2,136,074 |
Number of shares forfeited | (182,796) | ||
Number of shares vested | (663,161) | (183,739) | |
Ending balance | 9,923,386 | 9,447,642 | |
Average share price used for grant in EUR | € / shares | [3] | € 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 | [4] | 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 | [4] | € 5.061 | |
2023 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares conditionally granted as variable compensation | [1] | 7,932,942 | |
Number of shares allocated | [2] | 1,511,212 | |
Number of shares forfeited | (49,968) | ||
Number of shares vested | (31,033) | ||
Ending balance | 9,363,153 | ||
Average share price used for grant in EUR | € / shares | [3] | € 4.833 | |
2023 [member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of shares at grant date in EUR | € / shares | [4] | 3.555 | |
2023 [member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value of shares at grant date in EUR | € / shares | [4] | € 4.524 | |
[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 arrangement (e.g. the 2,136,074 shares allocated during the calendar year 2022 in relation to the 2022 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 3,847,791 share correction during 2022 for the 2021 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 2022 a correction of 3,455 shares was made in relation to the 2019 plan year).[3]This is the volume weighted average price (VWAP) of Aegon on the Euronext Amsterdam stock exchange for the period December 15 to January 15. For instance for the 2023 plan year, this is the VWAP for the period December 15, 2022 to January 15, 2023.[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). |
Other operating expenses - Su_5
Other operating expenses - Summary of Cumulative Number of Shares Allocated On Variable Compensation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 shares | |
2019 [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of shares allocated | 3,455 |
2021 [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of shares allocated | 3,847,791 |
2022 [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of shares allocated | 2,136,074 |
Commissions and Expenses - Summ
Commissions and Expenses - Summary of Commissions and Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of commissions and expenses [line items] | |||
Employee expenses | € 1,711 | € 1,696 | |
Aegon Ltd. [member] | |||
Disclosure of commissions and expenses [line items] | |||
Employee expenses | 82 | 82 | |
Administration expenses | 80 | 63 | |
Cost sharing to group companies | (58) | (76) | |
Total | € 104 | € 68 | [1] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | ||
Disclosure of interest charges and related fees [line items] | |||
Subordinated borrowings | € 115 | € 119 | |
Borrowings | 58 | 54 | |
Aegon Ltd. [member] | |||
Disclosure of interest charges and related fees [line items] | |||
Subordinated borrowings | 69 | 72 | |
Borrowings | 53 | 52 | |
Other | 14 | 3 | |
Total | € 137 | € 127 | [1] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Other Income _ (Charges) - Summ
Other Income / (Charges) - Summary of Other Charges (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other charges [abstract] | ||
Other income | € 35 | € 341 |
(Other charges) | (92) | |
At December 31 | € (57) | € 341 |
Other Income _ (Charges) - Addi
Other Income / (Charges) - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Oct. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other charges [line items] | |||
Gain on divestment of joint ventures | € 91 | ||
Stake in the Spanish insurance joint venture sold | 50% | ||
Gain on divestment of subsidiaries or associates | € 87 | € 78 | € 237 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Current tax | |||||
Current year | € 4 | € (6) | |||
Adjustments to prior years | (9) | (3) | |||
Total current tax | (5) | (9) | |||
Deferred tax | |||||
Origination / (reversal) of temporary differences | (247) | 43 | |||
Changes in tax rates / bases | 1 | 5 | |||
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 | 9 | 8 | |||
Reconciliation between standard and effective tax | |||||
Result before tax | 346 | 25 | [1] | € (2,400) | |
Non-recognition of deferred tax assets | 61 | 9 | |||
Adjustments to prior years | (27) | 16 | |||
Non deductible expenses | (12) | (15) | |||
Total deferred tax | (204) | 80 | |||
Income tax for the period (income) / charge | (209) | 71 | [2] | ||
Aegon Ltd. [member] | |||||
Current tax | |||||
Current year | 19 | 47 | |||
Total current tax | 19 | 47 | |||
Reconciliation between standard and effective tax | |||||
Result before tax | (133) | (204) | [3] | ||
Tax on income on Dutch corporate income tax rate | 34 | 53 | |||
Adjustments to prior years | (2) | 0 | |||
Non deductible expenses | (14) | (7) | |||
Income tax for the period (income) / charge | € (19) | € (47) | [3] | ||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | ||
Reconciliation between standard and effective income tax: | |||
Result before tax | € (391) | € 827 | |
Income tax calculated using weighted average applicable statutory tax rates | (94) | 188 | |
Difference due to the effects of: | |||
Non-taxable income | (39) | (103) | |
Non-tax deductible expenses | 12 | 15 | |
Changes in tax rate/base | 1 | 24 | |
Different tax rates on overseas earnings | 3 | 3 | |
Tax credits | (34) | (43) | |
Other taxes | (17) | ||
Adjustments to prior years | (36) | 12 | |
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 | 9 | 8 | |
Non-recognition of deferred tax assets | 20 | 9 | |
Tax effect of (profit) / losses from joint ventures and associates | (47) | (19) | |
Other | (3) | (7) | |
Differences due to the effects of | (115) | (118) | |
Income tax for the period (income) / charge | € (209) | € 71 | [1] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||
Apr. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax expense benefits [line items] | |||
Weighted average applicable statutory tax rate | 24.10% | 22.80% | |
United Kingdom [member] | Changes in tax rates or tax laws enacted or announced [member] | Previous income tax rate [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] | New income tax rate [member] | |||
Income tax expense benefits [line items] | |||
Corporate income tax rate | 25% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Related to Components of Other Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Items that will not be reclassified to profit and loss: | ||
Remeasurements of defined benefit plans | € 17 | € (249) |
Total items that will not be reclassified to profit and loss | 17 | (249) |
Items that may be reclassified subsequently to profit and loss: | ||
(Gains) / losses on revaluation of FVOCI investments | (487) | 3,499 |
Revaluation reserve - Insurance contracts | 397 | (4,211) |
Revaluation reserve - Reinsurance contracts | (126) | 1,243 |
Changes in cash flow hedging reserve | 42 | 42 |
Movement in foreign currency translation and net foreign investment hedging reserve | 3 | (12) |
Total items that may be reclassified subsequently to profit and loss | (171) | 561 |
Total income tax related to components of other comprehensive income | € (154) | € 312 |
Income Taxes - Summary of Inc_2
Income Taxes - Summary of Income Tax Recognized Directly in Retained Earnings (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax related to equity instruments and other | ||
Income tax related to equity instruments | € 17 | € 2 |
Other | 1 | 1 |
Total income tax recognized directly in retained earnings | € 18 | € 3 |
Shares in Group Companies - Sum
Shares in Group Companies - Summary of Shares in Group Companies (Detail) - Aegon Ltd. [member] - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of interests in other entities [Line Items] | ||||
At January 1 | € 10,338 | [1] | € 13,247 | |
Capital contributions and acquisitions | 3,752 | 36 | ||
Dividend received | (6,613) | (1,634) | ||
Net result for the financial year | (65) | (411) | [1] | |
Revaluations | 1,124 | (900) | ||
At December 31 | 8,536 | 10,338 | [1] | |
Previously stated [member] | ||||
Disclosure of interests in other entities [Line Items] | ||||
At January 1 | 10,338 | 26,042 | ||
At December 31 | 10,338 | |||
Restated [member] | ||||
Disclosure of interests in other entities [Line Items] | ||||
At January 1 | € 0 | (12,795) | ||
At December 31 | € 0 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Earnings per share [line items] | |||||
Net result attributable to owners of Aegon Ltd. from continuing and discontinued operations | € (179) | € (570) | [1] | ||
Coupons on perpetual securities | (48) | (36) | € (39) | ||
Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations | (227) | (606) | |||
Net result attributable to common shareholders from continuing and discontinued operations | € (225) | € (602) | |||
Weighted average number of common shares outstanding (in million) | 1,879 | 2,010 | |||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € (0.12) | € (0.3) | [1] | ||
Continuing operations | |||||
Net result attributable to owners of Aegon Ltd. from continuing operations | € (162) | € 727 | |||
Coupons on perpetual securities | (48) | (36) | |||
Net result attributable to owners for basic earnings per share calculation from continuing operations | (210) | 691 | |||
Net result attributable to common shareholders from continuing operations | € (209) | € 686 | |||
Weighted average number of common shares outstanding (in million) | 1,879 | 2,010 | |||
Basic earnings per common share (EUR per share) from continuing operations | € (0.11) | € 0.34 | [1] | ||
Discontinued operations | |||||
Net result attributable to owners of Aegon Ltd. from discontinued operations | € (17) | € (1,296) | |||
Net result attributable to owners for basic earnings per share calculation from discontinued operations | (17) | (1,296) | |||
Net result attributable to common shareholders from discontinued operations | € (16) | € (1,288) | |||
Weighted average number of common shares outstanding (in million) | 1,879 | 2,010 | |||
Basic earnings per common share (EUR per share) from discontinued operations | € (0.01) | € (0.64) | |||
Common share B [member] | |||||
Earnings per share [line items] | |||||
Net result attributable to common shareholders from continuing and discontinued operations | € (1) | € (4) | |||
Weighted average number of common shares outstanding (in million) | 490 | 536 | |||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | [1] | € (0.01) | |||
Continuing operations | |||||
Net result attributable to common shareholders from continuing operations | € (1) | € 5 | |||
Weighted average number of common shares outstanding (in million) | 490 | 536 | |||
Basic earnings per common share (EUR per share) from continuing operations | [1] | € 0.01 | |||
Discontinued operations | |||||
Net result attributable to common shareholders from discontinued operations | € (9) | ||||
Weighted average number of common shares outstanding (in million) | 490 | 536 | |||
Basic earnings per common share (EUR per share) from discontinued operations | € (0.02) | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Dividend Per Common Share - Add
Dividend Per Common Share - Additional Information (Detail) € / shares in Units, € in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 27, 2023 € / shares | Sep. 21, 2022 € / shares | Dec. 15, 2022 EUR (€) € / shares shares | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 € / shares | Dec. 31, 2022 € / shares | |
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.23 | |||||
Aegon Ltd. [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.3 | |||||
Interim dividend 2023 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.14 | 0.14 | ||||
Interim dividend 2023 [Member] | Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.0035 | |||||
Final Dividend 2022 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.12 | |||||
Final Dividend 2022 [Member] | Common shares B [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.003 | |||||
Final Dividend 2022 [Member] | Common shares B [member] | Aegon Ltd. [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.00575 | |||||
Interim Dividend 2022 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 4.61 | € 0.11 | ||||
Percentage of shareholders receive dividend in shares | 60% | |||||
Aggregate stock shares repurchased | shares | 29,833,390 | |||||
Common shares repurchased average price per share | € 4.4897 | |||||
Stock repurchased during period value | € | € 134 | |||||
Final Dividend 2023 [Member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | 0.16 | |||||
Total Size Of Stock Repurchase Program | € | € 1,535 | |||||
Stock Repurchased Value Of Repurchase Program | € | 1,500 | |||||
Stock repurchased during period value | € | € 35 | |||||
Final Dividend 2023 [Member] | Top of range [member] | ||||||
Disclosure of detailed information of dividends [line items] | ||||||
Dividend per common share | € 0.07 | |||||
Dividend Per Common Share Percentage | 30 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | [1] | ||
Cash and cash equivalents [abstract] | ||||||
Cash at bank and in hand | € 1,614 | € 1,827 | € 3,638 | |||
Short-term deposits | 340 | 345 | 1,576 | |||
Money market investments | 2,120 | 1,230 | 1,675 | |||
On December 31 | 4,074 | 3,402 | [1] | 6,889 | € 6,861 | |
Cash collateral related to securities lending, repurchase agreements and margins on derivatives transactions | 3,416 | 5,072 | 5,776 | |||
Income from security lending programs | € 7 | € 7 | € 3 | |||
Weighted effective interest rate on short-term deposits | 3.90% | 1.70% | (0.72%) | |||
Average maturity on short-term deposits (in days) | 11 days | 17 days | 16 days | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Detailed information about cash and cash equivalents [line items] | |||||
Effects of changes in exchange rate | € (38) | € 55 | [1] | € 67 | |
Cash and cash equivalents | 98 | 93 | |||
Net cash flows from (used in) operating activities | 864 | 2,672 | [1] | (1,796) | |
Increase (decrease) in net cash flows from investing activities | 2,729 | 787 | |||
Net cash flows from (used in) investing activities | (1,996) | 733 | [1] | (54) | |
Increase (decrease) in net cash flows from financing activities | (1,407) | (2,134) | |||
Net cash flows from (used in) financing activities | (3,241) | (1,834) | [1] | € 300 | |
Increase (decrease) in net cash flows from operating activities | € 1,808 | € 4,918 | |||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies. |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Net Cash and Cash Equivalents (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | ||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | € 6,889 | |
Cash classified as Assets held for sale | 0 | 5,085 | ||||
Net cash and cash equivalents | € 4,074 | € 8,486 | € 6,889 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | ||
Statement of cash flows [abstract] | ||||||
Net cash flows from operating activities | € 864 | € 2,672 | € (1,796) | |||
Net cash flows from investing activities | (1,996) | 733 | (54) | |||
Net cash flows from financing activities | (3,241) | (1,834) | 300 | |||
Net increase / (decrease) in cash and cash equivalents | [2] | € (4,373) | € 1,570 | € (1,550) | ||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[2]Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 5,016 million (2022: EUR 5,250 million), dividends received EUR 2,254 million (2022: EUR 1,856 million) and interest paid EUR 516 million (2022: EUR 247 million). All included in operating activities except for dividend received from joint ventures and associates EUR 310 million (2022: EUR 137 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, 2023 | Dec. 31, 2022 | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | [1] | € 4,051 | ||
Ending balance | 2,356 | € 4,051 | [1] | |
Cash flow hedges [member] | Subordinated borrowings - held at amortized cost [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 2,295 | 2,194 | ||
Amortization | 3 | 3 | ||
Net exchange difference | (54) | 98 | ||
Ending balance | 2,244 | 2,295 | ||
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 | 118 | 126 | ||
Movements related to fair value hedges | (3) | (15) | ||
Amortization | (1) | (1) | ||
Net exchange difference | (4) | 8 | ||
Ending balance | 111 | 118 | ||
Cash flow hedges [member] | Borrowings [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning balance | 4,051 | 9,661 | ||
Addition | 1,604 | 3,569 | ||
Repayment | (3,239) | (4,086) | ||
Disposal of a business | (8) | |||
Amortization | 2 | 1 | ||
Transfers to disposal groups | (5,227) | |||
Net exchange difference | (54) | 133 | ||
Ending balance | 2,356 | 4,051 | ||
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 | (11) | 3 | ||
Realized gains / losses in income statement | (3) | (15) | ||
Ending balance | € (14) | € (11) | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Disclosure of investments in financial assets and real estate [line items] | ||||||
Total | € 73,865 | € 77,412 | ||||
Investments in real estate | 488 | 502 | € 3,206 | |||
Total investments | 266,382 | 254,759 | [1] | € 409,444 | ||
Financial Assets Excluding Derivatives Category [Member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVOCI – with recycling | 50,354 | 54,214 | ||||
Financial assets measured at FVOCI – no recycling | 10 | 10 | ||||
Financial assets measured at amortized cost | 10,227 | 10,453 | ||||
Financial assets measured at FVPL – designated | 195,916 | 181,503 | ||||
Financial assets measured at FVPL – mandatory | 9,386 | 8,079 | ||||
Total | 265,894 | 254,257 | ||||
Investments in real estate | 488 | 502 | ||||
Total investments | 266,382 | 254,759 | ||||
Financial Assets Excluding Derivatives Category [Member] | Insurance Contracts With Direct Participating Features [member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVPL – designated | 107,714 | 103,327 | ||||
Total | 107,714 | 103,327 | ||||
Investments in real estate | 227 | 236 | ||||
Total investments | 107,941 | 103,562 | ||||
Financial Assets Excluding Derivatives Category [Member] | Insurance Contracts Without Direct Participating Features [member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVOCI – with recycling | 44,404 | 48,556 | ||||
Financial assets measured at FVOCI – no recycling | 9 | 9 | ||||
Financial assets measured at amortized cost | 7,941 | 8,254 | ||||
Financial assets measured at FVPL – designated | 2,078 | 1,833 | ||||
Financial assets measured at FVPL – mandatory | 8,889 | 7,719 | ||||
Total | 63,321 | 66,371 | ||||
Investments in real estate | 55 | 59 | ||||
Total investments | 63,376 | 66,430 | ||||
Financial Assets Excluding Derivatives Category [Member] | Investment Contracts With Direct Participating Features [member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVPL – designated | 47,759 | 45,453 | ||||
Total | 47,759 | 45,453 | ||||
Investments in real estate | 152 | 168 | ||||
Total investments | 47,911 | 45,620 | ||||
Financial Assets Excluding Derivatives Category [Member] | Investment Contracts Without Direct Participating Features [member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVOCI – with recycling | 5,854 | 5,482 | ||||
Financial assets measured at amortized cost | 2,216 | 2,159 | ||||
Financial assets measured at FVPL – designated | 19 | 47 | ||||
Financial assets measured at FVPL – mandatory | 386 | 285 | ||||
Total | 8,474 | 7,972 | ||||
Total investments | 8,474 | 7,972 | ||||
Financial Assets Excluding Derivatives Category [Member] | Non Insurance Related Investment [member] | ||||||
Disclosure of investments in financial assets and real estate [line items] | ||||||
Financial assets measured at FVOCI – with recycling | 97 | 176 | ||||
Financial assets measured at FVOCI – no recycling | 1 | 1 | ||||
Financial assets measured at amortized cost | 70 | 39 | ||||
Financial assets measured at FVPL – designated | 38,347 | 30,843 | ||||
Financial assets measured at FVPL – mandatory | 111 | 75 | ||||
Total | 38,626 | 31,134 | ||||
Investments in real estate | 54 | 40 | ||||
Total investments | € 38,680 | € 31,174 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Investments - Summary of Financ
Investments - Summary of Financial Assets Excluding Derivatives (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Total | € 73,865 | € 77,412 |
Fair value | 63,638 | 66,959 |
Financial Assets Excluding Derivatives Measurement Category [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 50,354 | 54,214 |
FVOCI (no recycling) | 10 | 10 |
Amortized cost | 10,227 | 10,453 |
Financial assets measured at FVPL – designated | 2,526 | 1,940 |
Financial assets measured at FVPL – mandatory | 9,386 | 8,079 |
Total | 72,504 | 74,694 |
Fair value | 71,371 | 73,505 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 193,390 | 179,563 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Shares [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 0 | |
FVOCI (no recycling) | 10 | 10 |
Amortized cost | 0 | |
Financial assets measured at FVPL – designated | 0 | |
Financial assets measured at FVPL – mandatory | 291 | 348 |
Total | 300 | 358 |
Fair value | 300 | 358 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Shares [member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 16,191 | 15,505 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 47,191 | 51,607 |
FVOCI (no recycling) | 0 | |
Amortized cost | 52 | |
Financial assets measured at FVPL – designated | 1,538 | 1,241 |
Financial assets measured at FVPL – mandatory | 858 | 799 |
Total | 49,639 | 53,647 |
Fair value | 49,639 | 53,647 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Debt securities [member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 6,172 | 5,694 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Money market and other short-term investments [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 3,135 | 2,576 |
FVOCI (no recycling) | 0 | |
Amortized cost | 0 | |
Financial assets measured at FVPL – designated | 215 | 167 |
Financial assets measured at FVPL – mandatory | 3,999 | 2,876 |
Total | 7,349 | 5,618 |
Fair value | 7,349 | 5,618 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Money market and other short-term investments [member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 1,346 | 1,263 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 0 | |
FVOCI (no recycling) | 0 | |
Amortized cost | 18 | 45 |
Financial assets measured at FVPL – designated | 0 | |
Financial assets measured at FVPL – mandatory | 0 | |
Total | 18 | 45 |
Fair value | 18 | 45 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Deposits with financial institutions [member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 2,271 | 2,360 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 0 | |
FVOCI (no recycling) | 0 | |
Amortized cost | 10,157 | 10,406 |
Financial assets measured at FVPL – designated | 0 | |
Financial assets measured at FVPL – mandatory | 0 | |
Total | 10,157 | 10,406 |
Fair value | 9,025 | 9,218 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Unconsolidated Investment Funds [member] | Investments For Risk Of Policy Holders [member] | ||
Disclosure of financial assets [line items] | ||
Total | 167,411 | 154,741 |
Financial Assets Excluding Derivatives Measurement Category [Member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI (With recycling) | 29 | 31 |
FVOCI (no recycling) | 0 | |
Amortized cost | 1 | 1 |
Financial assets measured at FVPL – designated | 773 | 532 |
Financial assets measured at FVPL – mandatory | 4,239 | 4,056 |
Total | 5,040 | 4,619 |
Fair value | € 5,040 | € 4,619 |
Investments - Additional Inform
Investments - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value through other comprehensive income [member] | ||
Disclosure of investments in financial assets and real estate [line items] | ||
Current financial assets | € 8,727 | € 7,305 |
Investments - Summary of Inve_2
Investments - Summary of Investments in Real Estate (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | ||
Beginning balance | € 502 | € 3,206 |
Additions | 42 | 41 |
Subsequent expenditure capitalized | 2 | 12 |
Disposals | (18) | (83) |
Fair value gains / (losses) | (50) | (112) |
Transfers to disposal groups | (2,545) | |
Transfers to other headings | 7 | |
Net exchange differences | 9 | (24) |
Ending balance | € 488 | € 502 |
Investments - Summary of inve_3
Investments - Summary of investments in real estate held by entities (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Detailed Information About Investments In Real Estate Held By Entities [Line Items] | ||
Value of Aegon's properties which were appraised in the current year | 99% | 99% |
Appraisals performed by independent external appraisers | 95% | 95% |
Derivatives - Summary of Deriva
Derivatives - Summary of Derivative Asset and Liability (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | € 1,429 | € 2,771 | [1] | € 8,843 | |
Derivative liabilities | 2,479 | 5,175 | [1] | € 7,138 | |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,429 | 2,771 | |||
Derivative liabilities | 2,479 | 5,175 | |||
Insurance Contracts With Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 35 | 29 | |||
Derivative liabilities | 296 | 344 | |||
Insurance Contracts Without Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,322 | 2,599 | |||
Derivative liabilities | 1,788 | 4,295 | |||
Investment Contracts With Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 25 | 20 | |||
Derivative liabilities | 300 | 366 | |||
Non-Insurance related [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 46 | 123 | |||
Derivative liabilities | 96 | 170 | |||
Derivatives not designated as hedges [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,238 | 2,445 | |||
Derivative liabilities | 1,466 | 3,958 | |||
Derivatives not designated as hedges [member] | Insurance Contracts With Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 35 | 29 | |||
Derivative liabilities | 296 | 344 | |||
Derivatives not designated as hedges [member] | Insurance Contracts Without Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,171 | 2,392 | |||
Derivative liabilities | 823 | 3,182 | |||
Derivatives not designated as hedges [member] | Investment Contracts With Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 25 | 20 | |||
Derivative liabilities | 300 | 366 | |||
Derivatives not designated as hedges [member] | Non-Insurance related [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 7 | 5 | |||
Derivative liabilities | 47 | 65 | |||
Fair value hedges [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 4 | 4 | |||
Derivative liabilities | 4 | 4 | |||
Fair value hedges [member] | Insurance Contracts Without Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 4 | 3 | |||
Derivative liabilities | 4 | 4 | |||
Fair value hedges [member] | Non-Insurance related [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1 | ||||
Cash flow hedges [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 147 | 204 | |||
Derivative liabilities | 961 | 1,108 | |||
Cash flow hedges [member] | Insurance Contracts Without Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 147 | 204 | |||
Derivative liabilities | 961 | 1,108 | |||
Derivatives designated as net foreign investment hedges [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 39 | 118 | |||
Derivative liabilities | 48 | 104 | |||
Derivatives designated as net foreign investment hedges [member] | Insurance Contracts Without Direct Participating Features [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 0 | ||||
Derivatives designated as net foreign investment hedges [member] | Non-Insurance related [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 39 | 118 | |||
Derivative liabilities | 48 | 104 | |||
Derivatives where Aegon bears the risk for financial performance [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,361 | 2,718 | |||
Derivative liabilities | 1,878 | 4,459 | |||
Derivatives where Aegon bears the risk for financial performance [member] | Insurance Contracts With Direct Participating Features [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 0 | ||||
Derivatives where Aegon bears the risk for financial performance [member] | Insurance Contracts Without Direct Participating Features [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,322 | 2,599 | |||
Derivative liabilities | 1,788 | 4,295 | |||
Derivatives where Aegon bears the risk for financial performance [member] | Non-Insurance related [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 40 | 119 | |||
Derivative liabilities | 90 | 165 | |||
Derivatives where the policyholder bears the risk for financial performance [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 67 | 53 | |||
Derivative liabilities | 601 | 715 | |||
Derivatives where the policyholder bears the risk for financial performance [member] | Insurance Contracts With Direct Participating Features [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 35 | 29 | |||
Derivative liabilities | 296 | 344 | |||
Derivatives where the policyholder bears the risk for financial performance [member] | Investment Contracts With Direct Participating Features [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 25 | 20 | |||
Derivative liabilities | 300 | 366 | |||
Derivatives where the policyholder bears the risk for financial performance [member] | Non-Insurance related [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 7 | 5 | |||
Derivative liabilities | € 5 | € 5 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 21 years for hedges converting existing floating-rate assets and liabilities to fixed-rate assets. | |
Deferred gain recognized directly to equity | € 75 | € 12 |
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 39 years. | |
VFA Products [member] | ||
Disclosure of derivative financial instruments [Line Items] | ||
Effect on adjustment to contractual service margin of choice not to adjust contractual service margin for some changes in fulfilment cash flows for contracts with direct participation features | € 1,481 | € 3,341 |
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 20 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 33 years. |
Derivatives - Derivatives Not D
Derivatives - Derivatives Not Designated In Hedge (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | € 1,429 | € 2,771 | [1] | € 8,843 | |
Derivative liabilities | 2,479 | 5,175 | [1] | € 7,138 | |
Derivatives not designated as hedges - where Aegon bears the risk [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,171 | 2,392 | |||
Derivative liabilities | 865 | 3,242 | |||
Derivatives not designated as hedges - where Aegon bears the risk [member] | Derivatives held as an economic hedge [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative assets | 1,171 | 2,392 | |||
Derivative liabilities | 812 | 3,197 | |||
Derivatives not designated as hedges - where Aegon bears the risk [member] | Bifurcated embedded derivatives [member] | |||||
Disclosure of derivative financial instruments [Line Items] | |||||
Derivative liabilities | € 53 | € 46 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Derivatives - Credit Derivative
Derivatives - Credit Derivative Disclosure By Quality (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of internal credit grades [Line Items] | ||
Notional | € 4,043 | € 4,820 |
Fair value | 71 | 28 |
AAA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 3 | 5 |
AA [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 97 | 177 |
Fair value | 1 | 2 |
A [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 1,021 | 964 |
Fair value | 16 | 9 |
BBB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 2,746 | 3,446 |
Fair value | 52 | 18 |
BB [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | 119 | 144 |
Fair value | 1 | (1) |
B or lower [member] | ||
Disclosure of internal credit grades [Line Items] | ||
Notional | € 57 | € 86 |
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, 2023 | Dec. 31, 2022 | |
Disclosure Of Gains Losses On Cash Flow Hedge Ineffectiveness [Line Items] | ||
Hedge ineffectiveness on cash flow hedges | € 3 | € (3) |
Gains (losses) reclassified from equity into the income statement | 20 | (102) |
Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months | € 114 | € 116 |
Derivatives - Summary of Cash F
Derivatives - Summary of Cash Flows are Expected to Occur (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | € 8,930 | € 15,843 |
Cash outflows | 13,813 | 24,068 |
Net cash flows | (4,883) | (8,225) |
Later than one year [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 282 | 1,552 |
Cash outflows | 560 | 1,937 |
Net cash flows | (277) | (385) |
Later than one year and not later than two years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 253 | 1,295 |
Cash outflows | 224 | 1,285 |
Net cash flows | 28 | 10 |
Later than two years and not later than three years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 260 | 1,060 |
Cash outflows | 244 | 1,037 |
Net cash flows | 16 | 23 |
Later than three years and not later than four years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 286 | 964 |
Cash outflows | 266 | 962 |
Net cash flows | 19 | 3 |
Later than four years and not later than five years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 341 | 933 |
Cash outflows | 271 | 934 |
Net cash flows | 70 | (2) |
Later than 5 years [member] | ||
Disclosure of future net cash flow [Line Items] | ||
Cash inflows | 7,509 | 10,039 |
Cash outflows | 12,248 | 17,914 |
Net cash flows | € (4,740) | € (7,875) |
Derivatives - Summary of Inform
Derivatives - Summary of Information about Terms and Conditions of Hedging Instruments (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | (9) | 14 |
Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 8 | 8 |
Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 956 | 876 |
Up to 1 month [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | (8) | (4) |
Up to 1 month [member] | Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Up to 1 month [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Up to 1 month [member] | Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Up to 1 month [member] | Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Average fixed interest rate | 0% | 0% |
Up to 1 month [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.91 | |
Up to 1 month [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.94 | |
Up to 1 month [member] | EUR/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
Up to 1 month [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.15 | |
Up to 1 month [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.13 | |
Up to 1 month [member] | EUR/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
Up to 1 month [member] | USD/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
Up to 1 month [member] | USD/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
Up to 1 month [member] | GBP/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
Up to 1 month [member] | GBP/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | (1) | 23 |
1-3 months [member] | Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
1-3 months [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
1-3 months [member] | Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
1-3 months [member] | Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Average fixed interest rate | 0% | 0% |
1-3 months [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.91 | |
1-3 months [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.94 | |
1-3 months [member] | EUR/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
1-3 months [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.13 | |
1-3 months [member] | EUR/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | USD/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | USD/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | GBP/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-3 months [member] | GBP/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | (5) |
3-12 months [member] | Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
3-12 months [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
3-12 months [member] | Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
3-12 months [member] | Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Average fixed interest rate | 0% | 0% |
3-12 months [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
3-12 months [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.94 | |
3-12 months [member] | EUR/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
3-12 months [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.13 | |
3-12 months [member] | EUR/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | USD/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | USD/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | GBP/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
3-12 months [member] | GBP/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-5 years [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
1-5 years [member] | Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
1-5 years [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 121 | 88 |
1-5 years [member] | Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 88 | 87 |
1-5 years [member] | Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
Average fixed interest rate | 0% | 0% |
1-5 years [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
1-5 years [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
1-5 years [member] | EUR/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.16 | 1.18 |
1-5 years [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
1-5 years [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
1-5 years [member] | EUR/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
1-5 years [member] | USD/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.87 | 0.85 |
1-5 years [member] | USD/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.74 | 0.75 |
1-5 years [member] | GBP/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.35 | 0 |
1-5 years [member] | GBP/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 1.34 |
> 5 years [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 0 | 0 |
> 5 years [member] | Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 8 | 8 |
> 5 years [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 835 | 788 |
> 5 years [member] | Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 21 | 26 |
> 5 years [member] | Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional | 5,540 | 6,738 |
Average fixed interest rate | 2.83% | 2.90% |
> 5 years [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
> 5 years [member] | EUR/USD [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
> 5 years [member] | EUR/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.13 | 1.14 |
> 5 years [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
> 5 years [member] | EUR/GBP [member] | Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | |
> 5 years [member] | EUR/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 0 |
> 5 years [member] | USD/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.88 | 0.88 |
> 5 years [member] | USD/GBP [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0.76 | 0.75 |
> 5 years [member] | GBP/EUR [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.32 | 0 |
> 5 years [member] | GBP/USD [member] | Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 0 | 1.34 |
Derivatives - Summary of Detail
Derivatives - Summary of Detailed Information about Hedging Instruments (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | |
Interest rate contracts [member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | 109 | 113 |
Assets | € 1 | € 0 |
Liabilities | 4 | 4 |
Changes in fair value used for calculating hedge ineffectiveness | € 0 | € (3) |
Interest rate contracts [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | 5,540 | 6,738 |
Assets | € 42 | € 55 |
Liabilities | 950 | 1,102 |
Changes in fair value used for calculating hedge ineffectiveness | € 106 | € (383) |
Foreign exchange contracts [member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | 8 | 8 |
Assets | € 4 | € 3 |
Liabilities | 0 | 0 |
Changes in fair value used for calculating hedge ineffectiveness | € 1 | € 0 |
Foreign exchange contracts [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | 956 | 876 |
Assets | € 105 | € 149 |
Liabilities | 11 | 6 |
Changes in fair value used for calculating hedge ineffectiveness | € (44) | € 116 |
Foreign exchange - FX forward [member] | Net investment hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | (9) | 14 |
Assets | € 39 | € 118 |
Liabilities | 48 | 104 |
Changes in fair value used for calculating hedge ineffectiveness | € 0 | € 0 |
Derivatives - Summary of Deta_2
Derivatives - Summary of Detailed Information About Hedged Items (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Corporate Debt Hedge Program [Member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amounts, Assets | € 0 | |
Carrying amounts, Liabilities | € 67 | 72 |
Accumulated amount of fair value adjustments on the hedged item, Assets | 0 | |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | € (13) | € (10) |
Balance sheet line item | Trust pass-throughsecurities | Trust pass-through securities |
Change in fair value of hedged item for ineffectiveness assessment | € 3 | € 15 |
Offshore Liability Hedge Program [Member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amounts, Liabilities | 12 | 12 |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | € 2 | € 2 |
Balance sheet line item | Investment contracts without discretionary participating features | Investment contracts without discretionary participating features |
Change in fair value of hedged item for ineffectiveness assessment | € (3) | |
Synthetic Asset Fair value hedges [Member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amounts, Assets | € 34 | 34 |
Accumulated amount of fair value adjustments on the hedged item, Assets | € 4 | € 3 |
Balance sheet line item | Investments | Investments |
Change in fair value of hedged item for ineffectiveness assessment | € 1 | € (8) |
Synethetic Asset Cash flow hedges [Member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amounts, Assets | € 2,672 | € 3,127 |
Balance sheet line item | Investments | Investments |
Change in fair value of hedged item for ineffectiveness assessment | € 11 | € (1,667) |
Cash flow hedge / currency translation reserve, Continuing hedges | 87 | 82 |
Life & Health Liability Investment Risk Hedge Program [Member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Change in fair value of hedged item for ineffectiveness assessment | 5 | (586) |
Cash flow hedge / currency translation reserve, Continuing hedges | (348) | (365) |
Cash flow hedge / currency translation reserve, Discontinued hedges | 232 | 393 |
Long Term Care (LTC) Liability Hedge Program [Member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Change in fair value of hedged item for ineffectiveness assessment | 1 | (129) |
Cash flow hedge / currency translation reserve, Continuing hedges | (15) | (17) |
Cash flow hedge / currency translation reserve, Discontinued hedges | 1,085 | 1,177 |
IMD Payout Hedge [Member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Cash flow hedge / currency translation reserve, Discontinued hedges | 29 | 31 |
TRS (Vivendi) Hedge | Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Cash flow hedge / currency translation reserve, Discontinued hedges | 3 | 4 |
Investments in foreign operations [Member] | Net investment hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Change in fair value of hedged item for ineffectiveness assessment | 0 | |
Cash flow hedge / currency translation reserve, Continuing hedges | (324) | € (371) |
Cash flow hedge / currency translation reserve, Discontinued hedges | € 0 |
Derivatives - Summary of Info_2
Derivatives - Summary of Information Regarding the Effectiveness of the Hedging (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value hedges [member] | Interest rate contracts [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedge ineffectiveness recognised in P&L | € (3) | € 1 |
P&L line item that includes hedge ineffectiveness | Results from financial transactions | Results from financial transactions |
Fair value hedges [member] | Foreign exchange contracts [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedge ineffectiveness recognised in P&L | € 0 | € (4) |
P&L line item that includes hedge ineffectiveness | Results from financial transactions | Results from financial transactions |
Cash flow hedges [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedge ineffectiveness recognised in P&L | € 20 | € (102) |
Cash flow hedges [member] | Interest rate contracts [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Gains / (loss) recognised in OCI | 0 | 0 |
Hedge ineffectiveness recognised in P&L | € 0 | € 1 |
P&L line item that includes hedge ineffectiveness | Results from financial transactions | Results from financial transactions |
Hedged cash flows will no longer occur | € 0 | € 0 |
Hedged item affected P&L | 0 | 0 |
Cash flow hedges [member] | Foreign exchange contracts [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Gains / (loss) recognised in OCI | 0 | |
Hedge ineffectiveness recognised in P&L | € (2) | € 2 |
P&L line item that includes hedge ineffectiveness | Results from financial transactions | Results from financial transactions |
Hedged cash flows will no longer occur | € 0 | |
Hedged item affected P&L | 0 | |
Net investment hedges [member] | Foreign exchange - FX forward [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Gains / (loss) recognised in OCI | 0 | |
Hedge ineffectiveness recognised in P&L | € 0 | |
P&L line item that includes hedge ineffectiveness | Results from financial transactions | Results from financial transactions |
Hedged cash flows will no longer occur | € 0 | |
Hedged item affected P&L | € 0 |
Derivatives - Summary of Nomina
Derivatives - Summary of Nominal Amount and Fair Value of Credit Derivatives (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items] | ||
At January 1, 2023 | € 4,820 | |
At December 31, 2023 | 4,043 | € 4,820 |
At January 1, 2023 | 28 | |
At December 31, 2023 | 71 | 28 |
CDSs [Member] | ||
Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items] | ||
At January 1, 2023 | 4,820 | 4,449 |
Increase/(Decrease) during the year | (778) | 371 |
At December 31, 2023 | 4,043 | 4,820 |
At January 1, 2023 | 28 | 70 |
Increase/(Decrease) during the year | 43 | (42) |
At December 31, 2023 | € 71 | € 28 |
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, 2023 | Dec. 31, 2022 | |||
Investments in subsidiaries, joint ventures and associates [abstract] | ||||
Beginning balance | € 1,430 | [1] | € 1,715 | |
Additions | 49 | 30 | ||
Disposals | 0 | (81) | ||
Share in net income | 196 | 289 | ||
Share in changes in equity (note 25.6) | (2) | (33) | ||
Dividend | (211) | (79) | ||
Net exchange difference | (32) | (28) | ||
Transfer to disposal groups | (382) | |||
Ending balance | 1,430 | 1,430 | [1] | |
At January 1 | 165 | [1] | 1,289 | |
Additions | 2,765 | 40 | ||
Disposals | (12) | (8) | ||
Share in net income | 103 | 4 | ||
Share in changes in equity (note 25.6) | (9) | 3 | ||
Impairment losses | (25) | (9) | ||
Dividends | (81) | (58) | ||
Net exchange difference | 0 | (1) | ||
Transfer to disposal groups | 0 | (1,096) | ||
At December 31 | € 2,906 | € 165 | [1] | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Investments in Joint Ventures_4
Investments in Joint Ventures and Associates - Additional information (Detail) | 12 Months Ended | |
Jul. 04, 2023 | Dec. 31, 2023 | |
ASR [member] | ||
Disclosure of joint ventures [Line Items] | ||
Proportion of ownership interest in associate | 30% | 29.98% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | [1] | |||
Summarized statement of financial position | |||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,889 | € 6,861 | ||
Assets | 301,581 | 380,711 | [1] | 459,560 | |||
Other current liabilities | 8,210 | 10,069 | |||||
Other non-current liabilities | 180 | 208 | |||||
Total liabilities | 292,026 | 369,777 | [1] | € 445,983 | |||
Interest expense | (182) | (182) | |||||
Profit or loss | 346 | 25 | [2] | (2,400) | [2] | ||
Income tax (expense) or income | 209 | (71) | [1] | ||||
Post-tax profit or (loss) | (199) | (540) | [1] | 2,029 | |||
Other comprehensive income | 421 | (870) | [1] | 200 | |||
Total comprehensive income | 222 | (1,410) | [1] | € 2,229 | |||
Santander Spain Life [member] | |||||||
Summarized statement of financial position | |||||||
Cash and cash equivalents | 18 | 23 | |||||
Other current assets | 76 | 73 | |||||
Total current assets | 94 | 96 | |||||
Non-current assets | 1,056 | 1,068 | |||||
Assets | 1,150 | 1,164 | |||||
Other current liabilities | 64 | 95 | |||||
Current liabilities | 64 | 95 | |||||
Non-current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||||
Other non-current liabilities | 403 | 410 | |||||
Total non-current financial liabilities | 403 | 410 | |||||
Total liabilities | 467 | 506 | |||||
Net assets | 683 | 658 | |||||
Revenue | 482 | 265 | |||||
Results from financial transactions | 0 | 0 | |||||
Depreciation and amortization | (32) | (30) | |||||
Interest income | 4 | 1 | |||||
Interest expense | 0 | 0 | |||||
Profit or loss | 97 | 79 | |||||
Income tax (expense) or income | (24) | (18) | |||||
Post-tax profit or (loss) | 73 | 61 | |||||
Other comprehensive income | 9 | (24) | |||||
Total comprehensive income | 82 | 37 | |||||
Dividends received | 58 | 30 | |||||
AIFMC [member] | |||||||
Summarized statement of financial position | |||||||
Cash and cash equivalents | 421 | 392 | |||||
Other current assets | 654 | 836 | |||||
Total current assets | 1,075 | 1,229 | |||||
Non-current assets | 0 | 200 | |||||
Assets | 1,075 | 1,429 | |||||
Other current liabilities | (149) | 526 | |||||
Current liabilities | (149) | 526 | |||||
Non-current financial liabilities excluding trade payables and other provisions | 0 | 0 | |||||
Other non-current liabilities | 414 | 0 | |||||
Total non-current financial liabilities | 414 | 0 | |||||
Total liabilities | 265 | 526 | |||||
Net assets | 810 | 903 | |||||
Revenue | 478 | 644 | |||||
Results from financial transactions | 0 | 0 | |||||
Depreciation and amortization | (5) | (4) | |||||
Interest income | 10 | 9 | |||||
Interest expense | 0 | 0 | |||||
Profit or loss | 193 | 330 | |||||
Income tax (expense) or income | (53) | (92) | |||||
Post-tax profit or (loss) | 140 | 238 | |||||
Other comprehensive income | 0 | 0 | |||||
Total comprehensive income | 140 | 238 | |||||
Dividends received | 122 | 0 | |||||
Other Joint ventures [member] | |||||||
Summarized statement of financial position | |||||||
Cash and cash equivalents | 47 | 99 | |||||
Other current assets | 840 | 561 | |||||
Total current assets | 887 | 660 | |||||
Non-current assets | 6,234 | 5,325 | |||||
Assets | 7,121 | 5,985 | |||||
Other current liabilities | 643 | 499 | |||||
Current liabilities | 643 | 500 | |||||
Non-current financial liabilities excluding trade payables and other provisions | 64 | 67 | |||||
Other non-current liabilities | 5,257 | 4,351 | |||||
Total non-current financial liabilities | 5,321 | 4,418 | |||||
Total liabilities | 5,964 | 4,918 | |||||
Net assets | 1,157 | 1,067 | |||||
Revenue | 2,586 | 2,267 | |||||
Results from financial transactions | 0 | (2) | |||||
Depreciation and amortization | (27) | (28) | |||||
Interest income | 117 | 103 | |||||
Interest expense | (10) | (7) | |||||
Profit or loss | 259 | 258 | |||||
Income tax (expense) or income | (88) | (53) | |||||
Post-tax profit or (loss) | 170 | 205 | |||||
Other comprehensive income | 32 | (41) | |||||
Total comprehensive income | 203 | 164 | |||||
Dividends received | € 211 | € 54 | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | ||
Disclosure of joint ventures [Line Items] | ||||||
Carrying amount | € 1,430 | € 1,430 | [1] | € 1,715 | € 1,715 | |
ASR [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 8,289 | |||||
Net assets of joint venture excluding goodwill | 8,180 | |||||
Fair value adjustments | 47 | |||||
Goodwill on acquisition | 117 | |||||
Carrying amount | 2,618 | |||||
Aegon [member] | ASR [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | 2,453 | |||||
Santander Spain Life [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 683 | 658 | ||||
Net assets of joint venture excluding goodwill | 603 | 578 | ||||
Goodwill on acquisition | 80 | 80 | ||||
Carrying amount | 387 | 375 | ||||
Santander Spain Life [member] | Aegon [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | 308 | 295 | ||||
AIFMC [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 810 | 903 | ||||
Net assets of joint venture excluding goodwill | 809 | 902 | ||||
Goodwill on acquisition | 1 | 1 | ||||
Carrying amount | 397 | 471 | ||||
AIFMC [member] | Aegon [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | 397 | 471 | ||||
Other Joint ventures [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture as presented above | 1,157 | 1,067 | ||||
Net assets of joint venture excluding goodwill | 1,030 | 972 | ||||
Goodwill on acquisition | 128 | 95 | ||||
Carrying amount | 646 | 584 | ||||
Other Joint ventures [member] | Aegon [member] | ||||||
Disclosure of joint ventures [Line Items] | ||||||
Net assets of joint venture excluding goodwill | € 518 | € 488 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | € (199) | € (540) | [1] | € 2,029 |
Other comprehensive income | 421 | (870) | [1] | 200 |
Total comprehensive income | 222 | (1,410) | [1] | € 2,229 |
Santander Spain Life [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 73 | 61 | ||
Other comprehensive income | 9 | (24) | ||
Total comprehensive income | 82 | 37 | ||
Santander Spain Life [member] | Aegon legal stake in the joint ventures [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 37 | 31 | ||
Other comprehensive income | 4 | (12) | ||
Total comprehensive income | 42 | 19 | ||
AIFMC [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 140 | 238 | ||
Other comprehensive income | 0 | 0 | ||
Total comprehensive income | 140 | 238 | ||
AIFMC [member] | Aegon legal stake in the joint ventures [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 69 | 116 | ||
Total comprehensive income | 69 | 116 | ||
Other Joint ventures [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 170 | 205 | ||
Other comprehensive income | 32 | (41) | ||
Total comprehensive income | 203 | 164 | ||
Other Joint ventures [member] | Aegon legal stake in the joint ventures [member] | ||||
Disclosure of joint ventures [Line Items] | ||||
Post-tax profit or loss | 90 | 105 | ||
Other comprehensive income | 17 | (21) | ||
Total comprehensive income | € 107 | € 84 | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | [1] | |||
Summarized statement of financial position | |||||||
Investments | € 266,382 | € 254,759 | [1] | € 409,444 | |||
Derivatives | 1,429 | 2,771 | [1] | 8,843 | |||
Other assets | 9,118 | 14,864 | |||||
Assets | 301,581 | 380,711 | [1] | 459,560 | |||
Insurance liabilities | 177,446 | 176,120 | |||||
Borrowings and subordinated liabilities | 2,244 | 2,295 | [1] | 2,194 | |||
Derivatives | 2,479 | 5,175 | [1] | 7,138 | |||
Other liabilities | 8,390 | 10,278 | [1] | 11,883 | |||
Total liabilities | 292,026 | 369,777 | [1] | 445,983 | |||
Non-controlling interests | 129 | 176 | [1] | 196 | |||
Other equity instruments | 1,951 | 1,943 | [1] | € 2,363 | |||
Summarized statement of comprehensive income | |||||||
Insurance revenue | 10,386 | 11,251 | [1] | ||||
Insurance service result | 342 | 430 | [1] | ||||
Profit or loss | 346 | 25 | [2] | € (2,400) | [2] | ||
Income tax (expense) or result | (209) | 71 | [1] | ||||
Net result from continuing operations | (182) | 756 | [1] | ||||
Post-tax profit or loss from discontinued operations | (17) | (1,296) | [1] | ||||
Post-tax profit or (loss) | (199) | (540) | [1] | 2,029 | |||
Other comprehensive income | 421 | (870) | [1] | 200 | |||
Total comprehensive income | 222 | (1,410) | [1] | € 2,229 | |||
Other Associates [member] | |||||||
Summarized statement of financial position | |||||||
Current assets | 309 | 105 | |||||
Non-current assets | 725 | 139 | |||||
Assets | 1,034 | 244 | |||||
Non-current liabilities | 17 | 45 | |||||
Current liabilities | 217 | 37 | |||||
Total liabilities | 235 | 82 | |||||
Net assets | 799 | 162 | |||||
Summarized statement of comprehensive income | |||||||
Post-tax profit or (loss) | (7) | (11) | |||||
Other comprehensive income | 6 | 2 | |||||
Total comprehensive income | (1) | (9) | |||||
Dividends received | 11 | 28 | |||||
Carrying amount | 288 | € 165 | |||||
ASR [member] | |||||||
Summarized statement of financial position | |||||||
Investments | 92,177 | ||||||
Derivatives | 12,907 | ||||||
Other assets | 45,673 | ||||||
Assets | 150,758 | ||||||
Insurance liabilities | 99,475 | ||||||
Borrowings and subordinated liabilities | 8,386 | ||||||
Derivatives | 10,132 | ||||||
Other liabilities | 23,467 | ||||||
Total liabilities | 141,460 | ||||||
Non-controlling interests | 35 | ||||||
Other equity instruments | 974 | ||||||
Total other equity components | 1,008 | ||||||
Net assets | 8,289 | ||||||
Summarized statement of comprehensive income | |||||||
Insurance revenue | 4,944 | ||||||
Insurance service result | 274 | ||||||
Profit or loss | 450 | ||||||
Income tax (expense) or result | (103) | ||||||
Net result from continuing operations | 347 | ||||||
Post-tax profit or loss from discontinued operations | 0 | ||||||
Other comprehensive income - that may be recycled to profit or loss | 17 | ||||||
Other comprehensive income - that will not be recycled to profit or loss | (58) | ||||||
Total comprehensive income | 306 | ||||||
Dividends received | € 68 | ||||||
Group share | 29.98% | ||||||
Group share of post-tax profit or loss | € 110 | ||||||
Group share of other comprehensive income | € (12) | ||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies. |
Deferred Expenses - Summary of
Deferred Expenses - Summary of Amounts Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of amounts arising from insurance contracts [abstract] | ||
Deferred transaction costs for investment management services | € 447 | € 452 |
Current | 20 | 29 |
Non-current | € 427 | € 424 |
Deferred Expenses - Summary o_2
Deferred Expenses - Summary of Deferred Costs Arising From Insurance Contracts (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | € 176,120 | |
Ending balance | 177,446 | € 176,120 |
Deferred Transaction Costs [member] | ||
Disclosure of deferred acquisition costs arising from insurance contracts [Line Items] | ||
Beginning balance | 452 | 428 |
Costs deferred during the year | 29 | 28 |
Amortization through income statement | (21) | (28) |
Net exchange differences | (14) | 25 |
Ending balance | € 447 | € 452 |
Other Assets and Receivables -
Other Assets and Receivables - Summary of Other Assets and Receivables (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Disclosure Of Other Assets And Receivables [abstract] | ||||||
Real estate held for own use and equipment | € 258 | € 324 | ||||
Receivables | 3,567 | 7,857 | ||||
Accrued income | 736 | 814 | ||||
Right-of-use assets | 150 | 158 | € 199 | |||
Other assets and receivables | € 4,712 | € 9,153 | [1] | € 6,679 | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | |
Disclosure of other assets and receivables [Line Items] | ||
Carrying amount under a historical cost model | € 70 | € 72 |
% of real estate appraised in the current year | 76% | 7% |
% of appraisals performed by independent external appraisers | 100% | 100% |
Real estate held for own use and equipment | € 258 | € 324 |
Real estate held for own use [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 73 | 185 |
Capitalized subsequent expenditure | 1 | 1 |
Disposals | 0 | (32) |
Unrealized gains/(losses) through equity | (2) | (1) |
Depreciation through income statement | (2) | (4) |
Impairment losses | (3) | 0 |
Transfers to disposal groups | 0 | (76) |
Net exchange differences | (2) | 4 |
Other | 0 | (4) |
Ending balance | 64 | 73 |
Real estate held for own use and equipment | 64 | 73 |
Real estate held for own use [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 96 | |
Ending balance | 87 | 96 |
Real estate held for own use [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | (23) | |
Ending balance | (23) | (23) |
Equipment [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 251 | 270 |
Additions | 62 | 72 |
Acquisitions through business combinations | 0 | 2 |
Disposals | (47) | (6) |
Depreciation through income statement | (66) | (71) |
Transfers to disposal groups | 0 | (27) |
Net exchange differences | (6) | 13 |
Other | 0 | (1) |
Ending balance | 194 | 251 |
Real estate held for own use and equipment | 194 | 251 |
Equipment [member] | Carrying value [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | 636 | |
Ending balance | 602 | 636 |
Equipment [member] | Accumulated amortization, depreciation and impairment losses [member] | ||
Disclosure of other assets and receivables [Line Items] | ||
Beginning balance | (386) | |
Ending balance | € (408) | € (386) |
Other Assets and Receivables _3
Other Assets and Receivables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 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, 2023 | Dec. 31, 2022 |
Disclosure Of Other Assets And Receivables [abstract] | ||
Loans to associates | € 8 | € 8 |
Receivables from policyholders | 137 | 142 |
Receivables from brokers and agents | 239 | 256 |
Cash outstanding from assets sold | 133 | 134 |
Trade receivables | 178 | 881 |
Cash collateral | 516 | 3,372 |
Income tax receivable | 172 | 294 |
Other | 2,194 | 2,899 |
Expected credit losses | (10) | (129) |
Receivables | 3,567 | 7,857 |
Current | 3,564 | 7,843 |
Non-current | € 2 | € 13 |
Other Assets and Receivables _5
Other Assets and Receivables - Summary of Movements in the Expected Credit Losses (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Other Assets And Receivables [abstract] | ||
Beginning balance | € (129) | € (113) |
Expected credit losses | (29) | (18) |
Reversal of expected credit losses | 0 | 2 |
Transfers to disposal groups | 0 | 4 |
Other movements | 148 | (5) |
Ending balance | € (10) | € (129) |
Other Assets and Receivables _6
Other Assets and Receivables - Summary of Accrued Income (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Other Assets And Receivables [abstract] | ||
Accrued interest | € 736 | € 813 |
Other | 0 | 1 |
Accrued income | 736 | 814 |
Current | € 736 | € 814 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | € 158 | € 199 |
Additions | 26 | 34 |
Disposals | (1) | (8) |
Modification of lease contracts | 2 | 3 |
Depreciation through income statement | (32) | (41) |
Transfers to disposal groups | (28) | |
Net exchange differences | (2) | |
Other | 2 | |
On December 31 | 150 | 158 |
Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 295 | |
On December 31 | 290 | 295 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | (138) | |
On December 31 | (140) | (138) |
Real estate held for own use [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 143 | 182 |
Additions | 19 | 24 |
Disposals | (1) | (8) |
Modification of lease contracts | 2 | 3 |
Depreciation through income statement | (24) | (29) |
Transfers to disposal groups | (28) | |
Net exchange differences | (2) | |
Other | 2 | |
On December 31 | 138 | 143 |
Real estate held for own use [member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 256 | |
On December 31 | 247 | 256 |
Real estate held for own use [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | (113) | |
On December 31 | (109) | (113) |
Equipment 1 [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 14 | 14 |
Additions | 4 | 10 |
Disposals | 0 | |
Modification of lease contracts | 0 | |
Depreciation through income statement | (8) | (10) |
Transfers to disposal groups | 0 | |
Net exchange differences | 1 | |
Other | 0 | |
On December 31 | 10 | 14 |
Equipment 1 [member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 35 | |
On December 31 | 37 | 35 |
Equipment 1 [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | (21) | |
On December 31 | (27) | (21) |
Other Assets [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 1 | 3 |
Additions | 3 | 1 |
Disposals | 0 | |
Modification of lease contracts | 0 | |
Depreciation through income statement | (1) | (1) |
Transfers to disposal groups | 0 | |
Net exchange differences | 0 | |
Other | 0 | |
On December 31 | 3 | 1 |
Other Assets [Member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | 4 | |
On December 31 | 7 | 4 |
Other Assets [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
On January 1 | (3) | |
On December 31 | € (3) | € (3) |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | € 420 | [1] | € 585 | |
Additions | 166 | 26 | ||
Amortization through income statement | (21) | (30) | ||
Business combinations, disposals and other changes | (54) | (5) | ||
Net exchange differences | (7) | 9 | ||
Transfers to disposal groups | (165) | |||
Ending balance | 504 | 420 | [1] | |
Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 963 | |||
Ending balance | 835 | 963 | ||
Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | (543) | |||
Ending balance | (331) | (543) | ||
Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 316 | 391 | ||
Business combinations, disposals and other changes | (18) | 11 | ||
Net exchange differences | (6) | 10 | ||
Transfers to disposal groups | (97) | |||
Ending balance | 291 | 316 | ||
Goodwill [member] | Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 487 | |||
Ending balance | 411 | 487 | ||
Goodwill [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | (171) | |||
Ending balance | (120) | (171) | ||
Future servicing rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 59 | 68 | ||
Additions | 122 | |||
Amortization through income statement | (11) | (9) | ||
Business combinations, disposals and other changes | (38) | (1) | ||
Net exchange differences | 1 | |||
Transfers to disposal groups | 0 | |||
Ending balance | 131 | 59 | ||
Future servicing rights [member] | Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 344 | |||
Ending balance | 298 | 344 | ||
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 | (286) | |||
Ending balance | (166) | (286) | ||
Software [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 21 | 83 | ||
Additions | 41 | 20 | ||
Amortization through income statement | (8) | (16) | ||
Business combinations, disposals and other changes | (5) | (27) | ||
Net exchange differences | (2) | |||
Transfers to disposal groups | (37) | |||
Ending balance | 48 | 21 | ||
Software [member] | Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 85 | |||
Ending balance | 71 | 85 | ||
Software [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | (64) | |||
Ending balance | (23) | (64) | ||
Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 25 | 43 | ||
Additions | 3 | 6 | ||
Amortization through income statement | (2) | (5) | ||
Business combinations, disposals and other changes | 8 | 12 | ||
Net exchange differences | 0 | |||
Transfers to disposal groups | (32) | |||
Ending balance | 33 | 25 | ||
Other [member] | Gross carrying amount [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | 46 | |||
Ending balance | 56 | 46 | ||
Other [member] | Accumulated amortization, depreciation and impairment losses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [Line Items] | ||||
Beginning balance | (21) | |||
Ending balance | € (23) | € (21) | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [Line Items] | ||
Description of adjustments for impairment loss recognized in profit or loss goodwill | An allowance has also been made for the present value of profits from expected new business in the next 3 years | |
Impairment loss recognized period intangible assets and goodwill | 3 years | |
Adjustments for impairment loss recognized in profit or loss, goodwill | € 79 | |
Unallocated goodwill | 1,385 | |
United States [member] | Annuities cash generating units [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Recoverable amount of assets - cash generating unit | 129 | € 133 |
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 | € 72 | € 75 |
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 | 12 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 | 4.63% | |
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 | 5.53% | |
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, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 291 | € 316 |
Americas [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 201 | 208 |
United Kingdom [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 56 | 54 |
International [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | 0 | 18 |
Asset management [member] | ||
Disclosure of detailed information about intangible assets [Line Items] | ||
Goodwill | € 34 | € 35 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | Dec. 31, 2020 | ||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||||||
Share premium | € 6,853 | € 6,853 | € 7,033 | |||||
Share capital - par value | 265 | 319 | ||||||
Other reserves | 379 | 669 | 258 | |||||
Group equity | 9,554 | 10,935 | [1],[2] | € 13,577 | € 26,372 | € 24,661 | ||
Shareholders of Aegon Ltd. [Member] | ||||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | ||||||||
Share capital - par value | 265 | 319 | ||||||
Share premium | 6,853 | 6,853 | ||||||
Share capital - par value | 7,118 | 7,172 | ||||||
Retained earnings | 5,099 | 7,770 | ||||||
Treasury shares | (346) | (668) | ||||||
Total retained earnings | 4,753 | 7,103 | ||||||
Revaluation reserves | [3] | (3,770) | (4,563) | |||||
Remeasurement of defined benefit plans | [4] | (1,006) | (1,565) | |||||
Other reserves | [5] | 379 | 669 | |||||
Group equity | € 7,475 | € 8,815 | ||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Included in the 2022 Revaluation reserves is an amount of EUR (31) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations[4]Included in the 2022 Remeasurement of defined benefit plans is an amount of EUR (675) million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations[5]Included in the 2022 Other reserves is an amount of EUR 15 million relating to Aegon the Netherlands classification as discontinued operations, refer to note 45 Held for sale and discontinued operations |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Other reserves | € 379 | € 669 | € 258 |
Discontinued operations [member] | The Netherlands [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Revaluation reserve | (31) | ||
Reserve of remeasurements of defined benefit plans | (675) | ||
Other reserves | € 15 |
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, 2023 | Dec. 31, 2022 | ||
Ordinary shares [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Cancellation Of Shares | (451,140) | ||
Final dividend 2021 [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | [1] | (18,676) | |
Share buyback program | 24,364 | ||
Interim dividend 2021 [member] | |||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||
Dividend | [1] | (21,365) | |
Share buyback program | 29,833 | ||
[1]Dividend distribution paid from treasury shares (note 25.3) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - EUR (€) € / shares in Units, € in Millions | 4 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jul. 06, 2023 | Jun. 02, 2023 | Jun. 02, 2023 | Dec. 31, 2023 | Jul. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Common shares [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Cancellation of treasury shares | 215,000,000 | 79,703,317 | 294,703,317 | ||||
Stock repurchase program to repurchase common shares | 46,797,567 | ||||||
Stock repurchase program to repurchase common shares value | € 1,500 | € 200 | |||||
Common shares [member] | Aegon Ltd. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € 0.12 | € 0.12 | |||||
Number of common shares | 72,319,889 | 72,319,889 | 145,821,347 | ||||
Ordinary share [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € 0.12 | € 0.12 | |||||
Cancellation of treasury shares | 10,664,951 | ||||||
Common shares repurchased average price per share | € 4.2737 | ||||||
Common shares B [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Cancellation of treasury shares | 112,619,440 | 43,817,400 | 156,436,840 | 22,643,360 | |||
Common shares B [member] | Aegon Ltd. and subsidiaries [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Common shares issuance, par value | € 0.12 | € 0.12 | |||||
Number of common shares | 7,945,440 | 7,945,440 | 51,762,840 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [Line Items] | ||
Issued capital | € 265 | € 319 |
Weighted average shares | 1,879,000 | 2,010,000 |
Common shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issued capital | € 218 | € 253 |
Authorized share capital | € 480 | € 720 |
Number of authorized shares | 4,000,000 | 6,000,000 |
Par value in cents per share | € 12 | € 12 |
Beginning balance | 2,109,430 | 2,106,313 |
Shares withdrawn | (294,703) | (10,665) |
Dividend | 13,782 | |
Ending balance | 1,814,727 | 2,109,430 |
Beginning balance | € 253 | € 253 |
Shares withdrawn | € (35) | (1) |
Dividend | € 2 | |
Weighted average shares | 2,067,119 | 2,107,315 |
Ending balance | € 218 | € 253 |
Common share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Issued capital | 47 | 66 |
Authorized share capital | € 240 | € 360 |
Number of authorized shares | 2,000,000 | 3,000,000 |
Par value in cents per share | € 12 | € 12 |
Beginning balance | 546,196 | 568,839 |
Shares withdrawn | (156,437) | (22,643) |
Ending balance | 389,759 | 546,196 |
Beginning balance | € 66 | € 68 |
Shares withdrawn | € (19) | € (3) |
Weighted average shares | 523,149 | 559,906 |
Ending balance | € 47 | € 66 |
Shareholders' Equity - Summar_4
Shareholders' Equity - Summary of Share Premium (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of share premium [Line Items] | ||
Beginning balance | € 6,853 | € 7,033 |
Share dividend | (180) | |
Ending balance | 6,853 | 6,853 |
Common shares [member] | ||
Disclosure of share premium [Line Items] | ||
Beginning balance | 5,200 | |
Ending balance | 5,200 | 5,200 |
Common share B [member] | ||
Disclosure of share premium [Line Items] | ||
Beginning balance | 1,653 | |
Ending balance | € 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, 2023 | Dec. 31, 2022 | |
Aegon Ltd. and subsidiaries [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
At January 1 | 145,821 | 70,958 |
At December 31 | 72,320 | 145,821 |
At January 1 | € 662 | € 262 |
At December 31 | € 346 | € 662 |
Aegon Ltd. and subsidiaries [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
At January 1 | 51,763 | 30,589 |
At December 31 | 7,945 | 51,763 |
At January 1 | € 6 | € 3 |
At December 31 | € 1 | € 6 |
Aegon Ltd. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 5.00 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 8,516 | |
Purchase: transactions, average price, Amount | € 43 | |
Aegon Ltd. and subsidiaries [member] | Sale: 2 transactions, average price EUR 4.46 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | (4,924) | |
Sale: transactions, price average, Amount | € (22) | |
Aegon Ltd. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 4.27 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 46,798 | |
Purchase: transactions, average price, Amount | € 200 | |
Aegon Ltd. and subsidiaries [member] | Sale: 1 transaction, average price EUR 4.46 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | (69) | |
Sale: transactions, price average, Amount | € 0 | |
Aegon Ltd. and subsidiaries [member] | Share Withdrawn: 1 transaction, average price EUR 4.59 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (79,703) | |
Shares withdrawn: transactions, average price, Amount | € (366) | |
Aegon Ltd. and subsidiaries [member] | Purchase: 2 transactions, average price EUR 4.77 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 170,881 | |
Purchase: transactions, average price, Amount | € 815 | |
Aegon Ltd. and subsidiaries [member] | Share Withdrawn: 1 transaction, average price EUR 4.59 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (215,000) | |
Shares withdrawn: transactions, average price, Amount | € (986) | |
Aegon Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. 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 Ltd. and subsidiaries [member] | Share withdrawn: 1 transaction, average price EUR 0.11 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (43,817) | |
Shares withdrawn: transactions, average price, Amount | € (5) | |
Aegon Ltd. and subsidiaries [member] | Purchase: 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 | 112,619 | |
Purchase: transactions, average price, Amount | € 15 | |
Aegon Ltd. and subsidiaries [member] | Share withdrawn: 1 transaction, average price EUR 0.13 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (112,619) | |
Shares withdrawn: transactions, average price, Amount | € (15) | |
Aegon Ltd. and subsidiaries [member] | Share withdrawn: 1 transaction, average price EUR 0.10 [member] | 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 Ltd. and subsidiaries [member] | Purchase: 1 transaction, average price EUR 0.12 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 43,817 | |
Purchase: transactions, average price, Amount | € 5 | |
Aegon Ltd [Member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
At January 1 | 145,821 | 70,958 |
At December 31 | 72,320 | 145,821 |
At January 1 | € 662 | € 262 |
At December 31 | € 345 | € 662 |
Aegon Ltd [Member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
At January 1 | 51,763 | 30,589 |
At December 31 | 7,945 | 51,763 |
At January 1 | € 6 | € 3 |
At December 31 | € 1 | € 6 |
Aegon Ltd [Member] | Purchase: 1 transaction, average price EUR 5.00 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 8,516 | |
Purchase: transactions, average price, Amount | € 43 | |
Aegon Ltd [Member] | Sale: 2 transactions, average price EUR 4.46 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | (4,924) | |
Sale: transactions, price average, Amount | € (22) | |
Aegon Ltd [Member] | Purchase: 1 transaction, average price EUR 4.27 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 46,798 | |
Purchase: transactions, average price, Amount | € 200 | |
Aegon Ltd [Member] | Sale: 1 transaction, average price EUR 4.46 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | (69) | |
Sale: transactions, price average, Amount | € 0 | |
Aegon Ltd [Member] | Share Withdrawn: 1 transaction, average price EUR 4.59 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (79,703) | |
Shares withdrawn: transactions, average price, Amount | € (366) | |
Aegon Ltd [Member] | Purchase: 2 transactions, average price EUR 4.77 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 170,881 | |
Purchase: transactions, average price, Amount | € 815 | |
Aegon Ltd [Member] | Share Withdrawn: 1 transaction, average price EUR 4.59 [member] | Common Share [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (215,000) | |
Shares withdrawn: transactions, average price, Amount | € (986) | |
Aegon Ltd [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 Ltd [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 Ltd [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 Ltd [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 Ltd [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 Ltd [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 Ltd [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 Ltd [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 Ltd [Member] | Share withdrawn: 1 transaction, average price EUR 0.11 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (43,817) | |
Shares withdrawn: transactions, average price, Amount | € (5) | |
Aegon Ltd [Member] | Purchase: 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 | 112,619 | |
Purchase: transactions, average price, Amount | € 15 | |
Aegon Ltd [Member] | Share withdrawn: 1 transaction, average price EUR 0.13 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Shares withdrawn: average price, Number of shares | (112,619) | |
Shares withdrawn: transactions, average price, Amount | € (15) | |
Aegon Ltd [Member] | Share withdrawn: 1 transaction, average price EUR 0.10 [member] | 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 Ltd [Member] | Purchase: 1 transaction, average price EUR 0.12 [member] | Common shares B [member] | ||
Disclosure of treasury shares [line items] | ||
Purchase/ sale: transactions, average price, Number of shares | 43,817 | |
Purchase: transactions, average price, Amount | € 5 |
Shareholders' Equity - Disclosu
Shareholders' Equity - Disclosure of Share Capital (Detail) - Treasury shares [member] - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common shares [member] | ||
Disclosure of treasury shares [line items] | ||
Weighted average number of common shares | 188,403,000 | 97,807,000 |
Common share B [member] | ||
Disclosure of treasury shares [line items] | ||
Weighted average number of common shares | 33,035,000 | 23,696,000 |
Shareholders' Equity - Summar_6
Shareholders' Equity - Summary of Revaluation Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments measured at fair value through OCI [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | € (5,251) | € 6,810 |
Gross revaluation | 1,552 | (16,743) |
Net (gains) / losses transferred to income statement | 706 | 541 |
Foreign currency translation differences | 138 | 588 |
Tax effect | (487) | 3,499 |
Disposal of group assets | 42 | 46 |
Other | 7 | |
Ending balance | (3,300) | (5,251) |
Reserve of cash flow hedges [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | 1,024 | 1,100 |
Gross revaluation | (62) | (66) |
Net (gains) / losses transferred to income statement | (130) | (126) |
Foreign currency translation differences | (31) | 74 |
Tax effect | 42 | 42 |
Disposal of group assets | 0 | 0 |
Other | 0 | |
Ending balance | 842 | 1,024 |
Insurance contracts [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | 2,215 | (11,291) |
Gross revaluation | (1,626) | 18,680 |
Net (gains) / losses transferred to income statement | 0 | 0 |
Foreign currency translation differences | (47) | (931) |
Tax effect | 397 | (4,211) |
Disposal of group assets | 0 | (31) |
Other | 0 | |
Ending balance | 939 | 2,215 |
Reinsurance contracts held [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | (2,566) | 768 |
Gross revaluation | 349 | (4,672) |
Net (gains) / losses transferred to income statement | 0 | 0 |
Foreign currency translation differences | 82 | 95 |
Tax effect | (126) | 1,243 |
Disposal of group assets | 0 | 0 |
Other | 0 | |
Ending balance | (2,261) | (2,566) |
Revaluation account [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | (4,563) | (2,580) |
Gross revaluation | 211 | (2,803) |
Net (gains) / losses transferred to income statement | 577 | 415 |
Foreign currency translation differences | 142 | (174) |
Tax effect | (174) | 574 |
Disposal of group assets | 38 | (2) |
Other | 7 | |
Ending balance | (3,770) | (4,563) |
Real estate held for own use [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | 15 | 32 |
Gross revaluation | (2) | (1) |
Net (gains) / losses transferred to income statement | 0 | 0 |
Foreign currency translation differences | 0 | 0 |
Tax effect | 0 | 0 |
Disposal of group assets | (3) | (16) |
Other | 0 | |
Ending balance | € 9 | € 15 |
Shareholders' Equity - Summar_7
Shareholders' Equity - Summary of Revaluation Reserve for Investments Measured at FVOCI (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of revaluation reserve [Line Items] | ||
Revaluation reserve for investments measured at FVOCI | € (3,300) | € (5,251) |
Shares [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Revaluation reserve for investments measured at FVOCI | 2 | 2 |
Debt securities [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Revaluation reserve for investments measured at FVOCI | (3,297) | (5,249) |
Money market and other short-term investments [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Revaluation reserve for investments measured at FVOCI | € (5) | € (5) |
Shareholders' Equity - Summar_8
Shareholders' Equity - Summary of Remeasurement of Defined Benefit Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of revaluation reserve [Line Items] | ||
Disposal of a business | € 45 | € (135) |
Remeasurement of defined benefit Plans of group companies [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
At January 1 | (1,565) | (2,199) |
Remeasurements of defined benefit plans | (110) | 904 |
Tax effect | 17 | (250) |
Net exchange differences | 14 | (20) |
Disposal of a business | 638 | |
Total remeasurement of defined benefit plans | € (1,006) | € (1,565) |
Shareholders' Equity - Summar_9
Shareholders' Equity - Summary of Other Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | € 669 | € 258 |
Movement in foreign currency translation and net foreign investment hedging reserves | (236) | 318 |
Disposal of a business | (45) | 135 |
Tax effect | 3 | (12) |
Equity movements of joint ventures | (2) | (33) |
Equity movements of associates | (9) | 3 |
Ending balance | 379 | 669 |
Foreign currency translation reserve [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | 1,108 | 596 |
Movement in foreign currency translation and net foreign investment hedging reserves | (290) | 436 |
Disposal of a business | (29) | 104 |
Tax effect | 10 | (28) |
Ending balance | 798 | 1,108 |
Net foreign investment hedging reserve [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | (371) | (338) |
Movement in foreign currency translation and net foreign investment hedging reserves | 54 | (116) |
Disposal of a business | 67 | |
Tax effect | (6) | 16 |
Ending balance | (324) | (371) |
Equity movements of joint ventures and associates [member] | ||
Disclosure of revaluation reserve [Line Items] | ||
Beginning balance | (68) | 0 |
Movement in foreign currency translation and net foreign investment hedging reserves | (2) | |
Disposal of a business | (15) | (36) |
Equity movements of joint ventures | (2) | (33) |
Equity movements of associates | (9) | 3 |
Ending balance | € (95) | € (68) |
Shareholders' Equity - Summa_10
Shareholders' Equity - Summary of Shareholders' Equity (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | € 10,935 | [1],[2] | € 26,372 | € 24,661 | ||
Net income | (182) | 756 | [1] | |||
Changes in revaluation reserve real estate held for own use | (2) | (1) | (4) | |||
Total other comprehensive income / (loss) | 421 | (870) | [1] | 200 | ||
Shares issued | 2 | 1 | ||||
Shares withdrawn | (4) | |||||
Issuance and purchase of treasury shares | (1,052) | (393) | (88) | |||
Redemption other equity instruments | (398) | |||||
Coupons on perpetual securities | (48) | (36) | (39) | |||
Ending balance | 9,554 | 10,935 | [1],[2] | 26,372 | ||
Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [3] | 26,372 | ||||
Total other comprehensive income / (loss) | 200 | |||||
Ending balance | [3] | 26,372 | ||||
Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (12,795) | |||||
Ending balance | (12,795) | |||||
Share capital [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 7,172 | [2] | 7,354 | 7,480 | ||
Shares issued | 2 | 1 | ||||
Shares withdrawn | (54) | (4) | ||||
Ending balance | 7,118 | 7,172 | [2] | 7,354 | ||
Share capital [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [3] | 7,354 | ||||
Ending balance | [3] | 7,354 | ||||
Revaluation account [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (4,532) | [2] | 6,442 | 7,480 | ||
Changes in revaluation reserve real estate held for own use | (2) | (17) | (4) | |||
Disposal of group assets | 38 | (2) | ||||
Total other comprehensive income / (loss) | 762 | (1,952) | (1,038) | |||
Ending balance | (3,770) | (4,532) | [2] | 6,442 | ||
Revaluation account [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [3] | 6,442 | ||||
Ending balance | [3] | 6,442 | ||||
Revaluation account [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (9,021) | |||||
Ending balance | (9,021) | |||||
Retained earnings [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 7,103 | [2] | 11,892 | 10,145 | ||
Changes in revaluation reserve real estate held for own use | 16 | |||||
Total other comprehensive income / (loss) | (625) | 57 | 14 | |||
Shares withdrawn | 54 | |||||
Issuance and purchase of treasury shares | (1,052) | (393) | (88) | |||
Redemption other equity instruments | 31 | |||||
Coupons on perpetual securities | (48) | (36) | (39) | |||
Ending balance | 4,753 | 7,103 | [2] | 11,892 | ||
Retained earnings [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [3] | 11,892 | ||||
Ending balance | [3] | 11,892 | ||||
Retained earnings [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 3,707 | |||||
Ending balance | 3,707 | |||||
Remeasurement of defined benefit Plans of group companies [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (890) | [2] | (2,199) | (2,534) | ||
Total other comprehensive income / (loss) | (116) | 1,310 | 335 | |||
Ending balance | (1,006) | (890) | [2] | (2,199) | ||
Remeasurement of defined benefit Plans of group companies [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [3] | (2,199) | ||||
Ending balance | [3] | (2,199) | ||||
Aegon Ltd. [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 8,815 | [4] | 11,018 | |||
Net result 2022 recognized in the income statement | (569) | |||||
Net result 2023 recognized in the income statement | (179) | |||||
Net income | (179) | (569) | ||||
Foreign currency translation differences and movement in foreign investment hedging reserves | (248) | 458 | ||||
Changes in revaluation in subsidiaries | 799 | (1,966) | ||||
Changes in revaluation reserve real estate held for own use | (6) | (1) | ||||
Remeasurement of defined benefit plans of group companies | 545 | 655 | ||||
Disposal of group assets | (634) | |||||
Changes and transfer to legal reserve | (27) | (68) | ||||
Other | 9 | 40 | ||||
Total other comprehensive income / (loss) | 438 | (881) | ||||
Shares issued | 2 | |||||
Shares withdrawn | 0 | (4) | ||||
Dividends paid on common shares | (495) | (346) | ||||
Issuance and purchase of treasury shares | (1,052) | (393) | ||||
Dividend withholding tax reduction | 1 | |||||
Redemption other equity instruments | 32 | |||||
Coupons on perpetual securities | (48) | (36) | ||||
Incentive plans | (5) | (5) | ||||
Ending balance | 7,475 | 8,815 | [4] | 11,018 | ||
Aegon Ltd. [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 23,813 | ||||
Ending balance | [5] | 23,813 | ||||
Aegon Ltd. [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 12,795 | |||||
Ending balance | 12,795 | |||||
Aegon Ltd. [member] | Share capital [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 319 | 321 | ||||
Shares issued | 2 | |||||
Shares withdrawn | (54) | (4) | ||||
Ending balance | 265 | 319 | 321 | |||
Aegon Ltd. [member] | Share capital [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 321 | ||||
Ending balance | [5] | 321 | ||||
Aegon Ltd. [member] | Paid-in surplus [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 6,853 | 7,033 | ||||
Dividends paid on common shares | (180) | |||||
Ending balance | 6,853 | 6,853 | 7,033 | |||
Aegon Ltd. [member] | Paid-in surplus [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 7,033 | ||||
Ending balance | [5] | 7,033 | ||||
Aegon Ltd. [member] | Revaluation account [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (4,551) | (2,568) | ||||
Changes in revaluation in subsidiaries | 799 | (1,966) | ||||
Changes in revaluation reserve real estate held for own use | (6) | (17) | ||||
Changes and transfer to legal reserve | (2) | |||||
Total other comprehensive income / (loss) | 791 | (1,983) | ||||
Ending balance | (3,760) | (4,551) | (2,568) | |||
Aegon Ltd. [member] | Revaluation account [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 6,453 | ||||
Ending balance | [5] | 6,453 | ||||
Aegon Ltd. [member] | Revaluation account [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (9,021) | |||||
Ending balance | (9,021) | |||||
Aegon Ltd. [member] | Legal reserve FCTR [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 736 | 258 | ||||
Foreign currency translation differences and movement in foreign investment hedging reserves | (262) | 478 | ||||
Total other comprehensive income / (loss) | (262) | 478 | ||||
Ending balance | 474 | 736 | 258 | |||
Aegon Ltd. [member] | Legal reserve FCTR [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 258 | ||||
Ending balance | [5] | 258 | ||||
Aegon Ltd. [member] | Legal reserve group companies [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 2,821 | 2,316 | ||||
Changes and transfer to legal reserve | (1,687) | 506 | ||||
Total other comprehensive income / (loss) | (1,687) | 506 | ||||
Ending balance | 1,134 | 2,821 | 2,316 | |||
Aegon Ltd. [member] | Legal reserve group companies [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 2,316 | ||||
Ending balance | [5] | 2,316 | ||||
Aegon Ltd. [member] | Legal reserve group companies [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 0 | |||||
Ending balance | 0 | |||||
Aegon Ltd. [member] | Retained earnings [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 5,439 | 4,142 | ||||
Net Income 2021 Retained | 1,980 | |||||
Net Income 2022 Retained | (569) | |||||
Net income | (569) | 1,980 | ||||
Changes in revaluation reserve real estate held for own use | 16 | |||||
Disposal of group assets | (634) | |||||
Changes and transfer to legal reserve | 1,662 | (573) | ||||
Other | 9 | 40 | ||||
Total other comprehensive income / (loss) | 1,037 | (517) | ||||
Shares withdrawn | 54 | |||||
Dividends paid on common shares | (495) | (167) | ||||
Issuance and purchase of treasury shares | (1,374) | 9 | ||||
Dividend withholding tax reduction | 1 | |||||
Redemption other equity instruments | 32 | |||||
Coupons on perpetual securities | (48) | (36) | ||||
Incentive plans | (5) | (5) | ||||
Ending balance | 4,039 | 5,439 | 4,142 | |||
Aegon Ltd. [member] | Retained earnings [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | 7,924 | ||||
Ending balance | [5] | 7,924 | ||||
Aegon Ltd. [member] | Retained earnings [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (3,782) | |||||
Ending balance | (3,782) | |||||
Aegon Ltd. [member] | Remeasurement of defined benefit Plans of group companies [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (1,565) | (2,199) | ||||
Foreign currency translation differences and movement in foreign investment hedging reserves | 14 | (20) | ||||
Remeasurement of defined benefit plans of group companies | 545 | 655 | ||||
Total other comprehensive income / (loss) | 559 | 635 | ||||
Ending balance | (1,006) | (1,565) | (2,199) | |||
Aegon Ltd. [member] | Remeasurement of defined benefit Plans of group companies [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | (2,199) | ||||
Ending balance | [5] | (2,199) | ||||
Aegon Ltd. [member] | Treasury shares [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (668) | (265) | ||||
Issuance and purchase of treasury shares | 322 | (402) | ||||
Ending balance | (346) | (668) | (265) | |||
Aegon Ltd. [member] | Treasury shares [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | (273) | ||||
Ending balance | [5] | (273) | ||||
Aegon Ltd. [member] | Treasury shares [member] | Impact of the change in accounting policies (IFRS 9 and 17) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | 8 | |||||
Ending balance | 8 | |||||
Aegon Ltd. [member] | Net income /(loss) [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | (569) | 1,980 | ||||
Net Income 2021 Retained | (1,980) | |||||
Net Income 2022 Retained | 569 | |||||
Net result 2022 recognized in the income statement | (569) | |||||
Net result 2023 recognized in the income statement | (179) | |||||
Net income | 390 | (2,549) | ||||
Ending balance | € (179) | (569) | 1,980 | |||
Aegon Ltd. [member] | Net income /(loss) [member] | Previously stated [member] | ||||||
Disclosure of shareholders equity [line items] | ||||||
Beginning balance | [5] | € 1,980 | ||||
Ending balance | [5] | € 1,980 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Opening balance as per January 1, 2022 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[4]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies.[5]Opening balance as per January 1, 2022, has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Other Equity Instruments - Summ
Other Equity Instruments - Summary of Other Equity Instruments (Detail) | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | ||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 1,943,000,000 | 2,363,000,000 | |
Shares granted / Share options cost incurred | 33 | 32 | |
Shares vested / Share options forfeited | (25) | (23) | |
Securities redeemed | (429,000,000) | ||
Ending balance | 1,951,000,000 | 1,943,000,000 | |
Aegon Ltd. [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 1,943,000,000 | 2,363,000,000 | |
Shares granted / Share options cost incurred | 33 | ||
Shares granted | 32 | ||
Shares vested / Share options forfeited | (25) | ||
Shares vested | (23) | ||
Securities redeemed | (429,000,000) | ||
Ending balance | 1,951,000,000 | 1,943,000,000 | |
Perpetual contingent convertible securities [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 500,000,000 | 500,000,000 | |
Ending balance | 500,000,000 | 500,000,000 | |
Perpetual contingent convertible securities [member] | Aegon Ltd. [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 500,000,000 | 500,000,000 | |
Securities redeemed | 0 | ||
Ending balance | 500,000,000 | 500,000,000 | |
Junior perpetual capital securities [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 923,000,000 | 1,352,000,000 | |
Securities redeemed | (429,000,000) | ||
Ending balance | 923,000,000 | 923,000,000 | |
Junior perpetual capital securities [member] | Aegon Ltd. [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 923,000,000 | 1,352,000,000 | |
Securities redeemed | (429,000,000) | ||
Ending balance | 923,000,000 | 923,000,000 | |
Perpetual cumulative subordinated bonds [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 454,000,000 | 454,000,000 | |
Ending balance | 454,000,000 | 454,000,000 | |
Perpetual cumulative subordinated bonds [member] | Aegon Ltd. [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | 454,000,000 | 454,000,000 | |
Securities redeemed | 0 | ||
Ending balance | 454,000,000 | 454,000,000 | |
Share option / Long term incentive plans [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | [1] | 66,000,000 | 57,000,000 |
Shares granted / Share options cost incurred | [1] | 33 | 32 |
Shares vested / Share options forfeited | [1] | (25) | (23) |
Ending balance | [1] | 74,000,000 | 66,000,000 |
Share option / Long term incentive plans [member] | Aegon Ltd. [member] | |||
Disclosure of other equity instruments [line items] | |||
Beginning balance | [1] | 66,000,000 | 57,000,000 |
Shares granted / Share options cost incurred | [1] | 33 | |
Shares granted | [1] | 32 | |
Shares vested / Share options forfeited | [1] | (25) | |
Shares vested | [1] | (23) | |
Ending balance | [1] | 74,000,000 | 66,000,000 |
[1]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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | ||
Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 745 | 1,226 | ||||
Perpetual contingent convertible securities [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 500 | 500 | ||||
Perpetual contingent convertible securities [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 500 | 500 | ||||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2] | 5.625% | ||||
Coupon date | Semi-annually, April 15 | |||||
Borrowing maturity | 2029 | |||||
Borrowings | € 500 | 500 | ||||
Borrowings currency | EUR | |||||
EUR 500 million [member] | Perpetual contingent convertible securities [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2] | 5.625% | ||||
Coupon date | Semi-annually, April 15 | |||||
Borrowing maturity | 2029 | |||||
Borrowings | € 500 | € 500 | ||||
Borrowings currency | EUR | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]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, 2023 EUR (€) |
Disclosure of other equity instruments [line items] | |
Principal amount | € 950 |
Aegon Ltd. [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 Ltd. [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) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | ||
Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 745 | 1,226 | ||||
Junior perpetual capital securities [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 923 | 923 | ||||
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 | 2024 | |||||
Borrowings | € 402 | 402 | ||||
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 | 2024 | |||||
Borrowings | € 521 | 521 | ||||
Junior perpetual capital securities [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 923 | 923 | ||||
Junior perpetual capital securities [member] | Aegon Ltd. [member] | USD 500 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2] | floating CMS rate | ||||
Borrowings currency | USD | |||||
Coupon date, as of | Quarterly, July 15 | |||||
Year of next call | 2024 | |||||
Borrowings | € 402 | 402 | ||||
Junior perpetual capital securities [member] | Aegon Ltd. [member] | EUR 950 million [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [3] | floating DSL rate | ||||
Borrowings currency | [4] | EUR | ||||
Coupon date, as of | Quarterly, July 15 | |||||
Year of next call | 2024 | |||||
Borrowings | € 521 | € 521 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year USD SOFR ICE swap rate, (ii) a spread adjustment of 29 basis points and (iii) a credit spread of ten basis, with a maximum of 8.5%.[3]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%.[4]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. |
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, 2023 EUR (€) | Dec. 31, 2023 USD ($) | |
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
Debt instrument redeemed amount | 429 | |
Aegon Ltd. [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | 950 | |
Debt instrument redeemed amount | € 429 | |
Aegon Ltd. [member] | Top of range [member] | ||
Disclosure of other equity instruments [line items] | ||
Basis point interest rate | 6.625% | 6.625% |
USD 500 million [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | $ | $ 500 | |
Basis point | 0.0029% | 0.0029% |
USD 500 million [member] | Top of range [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Basis point interest rate | 8.50% | 8.50% |
Credit spread adjustment percentage | 0.10% | 0.10% |
USD 500 million [member] | Aegon Ltd. [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | $ | $ 500 | |
Basis point | 0.0029% | 0.0029% |
Basis point description | The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year USD SOFR ICE swap rate, (ii) a spread adjustment of 29 basis points and (iii) a credit spread of ten basis, with a maximum of 8.5%. | |
USD 500 million [member] | Aegon Ltd. [member] | Top of range [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Basis point interest rate | 8.50% | 8.50% |
Credit spread adjustment percentage | 0.10% | 0.10% |
EUR 950 million [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
EUR 950 million [member] | Top of range [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Basis point interest rate | 8% | 8% |
Credit spread adjustment percentage | 0.10% | 0.10% |
EUR 950 million [member] | Aegon Ltd. [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Principal amount | € 950 | |
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 Ltd. [member] | Top of range [member] | Junior perpetual capital securities [member] | ||
Disclosure of other equity instruments [line items] | ||
Basis point interest rate | 8% | 8% |
Credit spread adjustment percentage | 0.10% | 0.10% |
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | ||
Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 745 | 1,226 | ||||
Perpetual cumulative subordinated bonds [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Borrowings | 454 | 454 | ||||
Perpetual cumulative subordinated bonds [member] | Aegon Ltd. [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 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 114 million [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2],[3] | 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 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 136 million [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2],[4] | 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 | ||||
Perpetual cumulative subordinated bonds [member] | EUR 203 million [member] | Aegon Ltd. [member] | ||||||
Disclosure of other equity instruments [line items] | ||||||
Coupon rate | [2],[5] | 0.496% | ||||
Borrowings original currency | EUR | |||||
Coupon date | Annually, March 4 | |||||
Year of next call | 2031 | |||||
Borrowings | € 203 | € 203 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]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.[3]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.[4]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.[5]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. |
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, 2023 EUR (€) | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 950 |
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 Ltd. [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 950 |
Aegon Ltd. [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 Ltd. [member] | Top of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 6.625% |
Aegon Ltd. [member] | Bottom of range [member] | |
Disclosure of other equity instruments [line items] | |
Interest rate | 6.125% |
EUR 114 million [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114 |
Interest rate | 8% |
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% |
Orginal 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% |
Orginal borrowing maturity | June 8, 2025 |
EUR 114 million [member] | Aegon Ltd. [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 114 |
Interest rate | 8% |
Orginal borrowing maturity | June 8, 2005 |
EUR 114 million [member] | Aegon Ltd. [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 Ltd. [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% |
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% |
Orginal 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% |
Orginal borrowing maturity | October 14, 2028 |
EUR 136 million [member] | Aegon Ltd. [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 136 |
Interest rate | 7.25% |
Orginal borrowing maturity | October 14, 2008 |
EUR 136 million [member] | Aegon Ltd. [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 Ltd. [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% |
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% |
Orginal 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% |
Orginal borrowing maturity | March 4, 2031 |
EUR 203 million [member] | Aegon Ltd. [member] | Perpetual cumulative subordinated bonds [member] | |
Disclosure of other equity instruments [line items] | |
Principal amount | € 203 |
Interest rate | 7.125% |
Orginal borrowing maturity | March 4, 2011 |
EUR 203 million [member] | Aegon Ltd. [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 Ltd. [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) - EUR 500 million [member] - Perpetual contingent convertible securities [member] | 12 Months Ended | |
Dec. 31, 2023 | ||
Disclosure of other equity instruments [line items] | ||
Borrowings, margin interest rate | 5.207% | |
Coupon rate | 5.625% | [1] |
Borrowings, interest rate basis | 5 year mid swap plus a margin of 5.207%. | |
Aegon Ltd. [member] | ||
Disclosure of other equity instruments [line items] | ||
Borrowings, margin interest rate | 5.207% | |
Coupon rate | 5.625% | [1] |
Borrowings, interest rate basis | 5 year mid swap plus a margin of 5.207%. | |
[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) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | ||
Disclosure of subordinated liabilities [Line Items] | |||||
Subordinated borrowings | € 2,244 | € 2,295 | [1] | € 2,194 | |
Subordinated borrowings [member] | |||||
Disclosure of subordinated liabilities [Line Items] | |||||
Fair value of subordinated borrowings | 2,122 | 2,035 | |||
Aegon Ltd. [member] | |||||
Disclosure of subordinated liabilities [Line Items] | |||||
Subordinated borrowings | 1,418 | 1,442 | [2] | ||
Fair value of subordinated borrowings | € 1,392 | 1,372 | |||
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 | € 700 | 699 | |||
EUR 700 million fixed floating subordinated notes [member] | Aegon Ltd. [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 | € 700 | 699 | |||
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 | € 718 | 743 | |||
USD 800 million fixed floating subordinated notes [member] | Aegon Ltd. [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 | € 718 | 743 | |||
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 | € 826 | € 852 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Subordinated Borrowings - Sum_2
Subordinated Borrowings - Summary of Subordinated Borrowings (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | |
EUR 700 million fixed floating subordinated notes [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | € | € 700 | € 700 | ||
Coupon rate | 4% | |||
Marginal basis points | 3.35% | 3.35% | ||
EUR 700 million fixed floating subordinated notes [member] | Aegon Ltd. [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | € | € 700 | € 700 | ||
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 | ||
Coupon rate | 5.50% | |||
Marginal basis points | 3.539% | 3.539% | ||
USD 800 million fixed floating subordinated notes [member] | Aegon Ltd. [member] | ||||
Disclosure of subordinated liabilities [Line Items] | ||||
Fixed floating subordinated notes | $ 800 | 800 | ||
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 | ||
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, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | ||
Disclosure of trust pass-through securities [line items] | |||||
Trust pass-through securities | € 111 | € 118 | [1] | € 126 | |
Fair value of trust pass-through securities | € 125 | 133 | |||
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 | € 67 | 72 | |||
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 | € 44 | € 46 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Trust Pass-Through Securities_2
Trust Pass-Through Securities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
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, Reinsura_3
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Assets and Liabilities for Groups of Insurance Contracts Issued and Reinsurance Contracts Held by Measurement Model (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Disclosure In Tabular Form Of Insurance Contracts And Reinsurance Contracts Assets And Liabilities Based On The Approach [Line Items] | ||||||
Portfolios in an asset position | € 185 | € 36 | ||||
Portfolios in a liability position | 177,446 | 176,120 | ||||
Net balance | 177,262 | 176,083 | ||||
Portfolios in an asset position | 16,608 | 16,939 | [1] | € 21,322 | € 3,518 | |
Portfolios in a liability position | 608 | 270 | [1] | € 471 | ||
Reinsurance contracts held | 16,000 | 16,669 | ||||
Contracts not measured under the PAA [member] | ||||||
Disclosure In Tabular Form Of Insurance Contracts And Reinsurance Contracts Assets And Liabilities Based On The Approach [Line Items] | ||||||
Portfolios in an asset position | 185 | 36 | ||||
Portfolios in a liability position | 177,407 | 175,681 | ||||
Net balance | 177,222 | 175,645 | ||||
Portfolios in an asset position | 16,601 | 16,934 | ||||
Portfolios in a liability position | 608 | 270 | ||||
Reinsurance contracts held | 15,993 | 16,664 | ||||
Contracts measured under the PAA [member] | ||||||
Disclosure In Tabular Form Of Insurance Contracts And Reinsurance Contracts Assets And Liabilities Based On The Approach [Line Items] | ||||||
Portfolios in a liability position | 39 | 439 | ||||
Net balance | 39 | 439 | ||||
Portfolios in an asset position | 7 | 6 | ||||
Reinsurance contracts held | € 7 | € 6 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Contracts, Reinsura_4
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Insurance Contracts and Reinsurance Contracts by Type (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | € 36 | |||
Beginning balance | 176,120 | |||
Opening net balance | 176,083 | |||
Opening assets, Reinsurance | 16,939 | [1] | € 3,518 | |
Other reinsurance finance income / (expenses) | 699 | 599 | ||
Closing net balance | 177,262 | 176,083 | ||
Closing assets | 185 | 36 | ||
Ending balance | 177,446 | 176,120 | ||
Closing assets, Reinsurance | 16,608 | 16,939 | [1] | |
Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | 36 | |||
Beginning balance | 175,681 | |||
Opening net balance | 175,645 | |||
Opening assets, Reinsurance | 16,934 | |||
Closing net balance | 177,222 | 175,645 | ||
Closing assets | 185 | 36 | ||
Ending balance | 177,407 | 175,681 | ||
Closing assets, Reinsurance | 16,601 | 16,934 | ||
Insurance contracts to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 439 | |||
Opening net balance | 439 | |||
Opening assets, Reinsurance | 6 | |||
Closing net balance | 39 | 439 | ||
Ending balance | 39 | 439 | ||
Closing assets, Reinsurance | 7 | 6 | ||
Insurance contracts issued [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | 36 | 110 | ||
Beginning balance | 175,681 | 288,102 | ||
Opening net balance | 175,645 | 287,991 | ||
Insurance revenue | (10,195) | (13,522) | ||
Incurred claims and other insurance service expenses | 8,407 | 11,321 | ||
Amortization of insurance acquisition cash flows | 558 | 547 | ||
Losses (and reversal of losses) on onerous contracts | 1,084 | 1,335 | ||
Adjustments to liabilities for incurred claims | 9 | 8 | ||
Insurance service expenses | 10,058 | 13,212 | ||
Insurance service result | (137) | (309) | ||
Insurance finance (income) / expenses (P&L and OCI) | 17,343 | (57,240) | ||
Cash flows | (10,624) | (11,930) | ||
Contracts disposed during the period | (347) | (278) | ||
Transfers to disposal groups | (345) | (52,037) | ||
Other movements | 20 | 5 | ||
Transfer (to)/from other headings | (512) | |||
Net exchange differences | (3,821) | 9,442 | ||
Closing net balance | 177,222 | 175,645 | ||
Closing assets | 185 | 36 | ||
Ending balance | 177,407 | 175,681 | ||
Insurance contracts issued [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Excluding loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | 40 | 780 | ||
Beginning balance | 163,758 | 286,352 | ||
Opening net balance | 163,719 | 285,572 | ||
Insurance revenue | (10,195) | (13,522) | ||
Amortization of insurance acquisition cash flows | 558 | 547 | ||
Insurance service expenses | 558 | 547 | ||
Investment components | (4,834) | (4,820) | ||
Insurance service result | (14,471) | (17,795) | ||
Insurance finance (income) / expenses (P&L and OCI) | 17,262 | (57,191) | ||
Cash flows | (4,892) | (4,031) | ||
Contracts disposed during the period | (347) | (278) | ||
Transfers to disposal groups | (1) | (51,983) | ||
Other movements | 20 | (28) | ||
Transfer (to)/from other headings | (514) | |||
Net exchange differences | (3,252) | 9,453 | ||
Closing net balance | 157,524 | 163,719 | ||
Closing assets | 1,589 | 40 | ||
Ending balance | 159,113 | 163,758 | ||
Insurance contracts issued [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | (1) | |||
Beginning balance | 1,455 | 343 | ||
Opening net balance | 1,456 | 343 | ||
Incurred claims and other insurance service expenses | (186) | (51) | ||
Losses (and reversal of losses) on onerous contracts | 1,084 | 1,335 | ||
Insurance service expenses | 899 | 1,284 | ||
Investment components | (50) | |||
Insurance service result | 898 | 1,234 | ||
Insurance finance (income) / expenses (P&L and OCI) | 81 | (49) | ||
Cash flows | (150) | (33) | ||
Transfers to disposal groups | (211) | (54) | ||
Other movements | 33 | |||
Transfer (to)/from other headings | (33) | |||
Net exchange differences | (54) | (19) | ||
Closing net balance | 1,987 | 1,456 | ||
Closing assets | (1,042) | (1) | ||
Ending balance | 945 | 1,455 | ||
Insurance contracts issued [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Incurred claims [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | (2) | (669) | ||
Beginning balance | 10,468 | 1,407 | ||
Opening net balance | 10,470 | 2,076 | ||
Incurred claims and other insurance service expenses | 8,593 | 11,372 | ||
Adjustments to liabilities for incurred claims | 9 | 8 | ||
Insurance service expenses | 8,601 | 11,381 | ||
Investment components | 4,834 | 4,870 | ||
Insurance service result | 13,436 | 16,251 | ||
Cash flows | (5,582) | (7,866) | ||
Transfers to disposal groups | (133) | |||
Transfer (to)/from other headings | 36 | |||
Net exchange differences | (515) | 9 | ||
Closing net balance | 17,711 | 10,470 | ||
Closing assets | (362) | (2) | ||
Ending balance | 17,349 | 10,468 | ||
Insurance contracts issued [member] | Insurance contracts to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 439 | 1,964 | ||
Opening net balance | 439 | 1,964 | ||
Insurance revenue | (127) | (563) | ||
Incurred claims and other insurance service expenses | 96 | 253 | ||
Amortization of insurance acquisition cash flows | 19 | 22 | ||
Losses (and reversal of losses) on onerous contracts | 2 | 2 | ||
Adjustments to liabilities for incurred claims | 14 | 257 | ||
Insurance service expenses | 132 | 534 | ||
Insurance service result | 5 | (29) | ||
Insurance finance (income) / expenses (P&L and OCI) | 12 | (103) | ||
Cash flows | (19) | 45 | ||
Disposal of a business | (407) | (804) | ||
Transfers to disposal groups | (554) | |||
Net exchange differences | 9 | (80) | ||
Closing net balance | 39 | 439 | ||
Ending balance | 39 | 439 | ||
Insurance contracts issued [member] | Insurance contracts to which premium allocation approach has been applied [member] | Excluding loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 404 | 1,242 | ||
Opening net balance | 404 | 1,242 | ||
Insurance revenue | (127) | (563) | ||
Amortization of insurance acquisition cash flows | 19 | 22 | ||
Insurance service expenses | 19 | 22 | ||
Insurance service result | (108) | (542) | ||
Insurance finance (income) / expenses (P&L and OCI) | 12 | 7 | ||
Cash flows | 95 | 515 | ||
Disposal of a business | (407) | (729) | ||
Transfers to disposal groups | (15) | |||
Net exchange differences | 9 | (75) | ||
Closing net balance | 6 | 404 | ||
Ending balance | 6 | 404 | ||
Insurance contracts issued [member] | Insurance contracts to which premium allocation approach has been applied [member] | Loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 2 | |||
Opening net balance | 2 | |||
Losses (and reversal of losses) on onerous contracts | 2 | 2 | ||
Insurance service expenses | 2 | 2 | ||
Insurance service result | 2 | 2 | ||
Closing net balance | 4 | 2 | ||
Ending balance | 4 | 2 | ||
Insurance contracts issued [member] | Best estimate liability [member] | Insurance contracts to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 33 | 712 | ||
Opening net balance | 33 | 712 | ||
Incurred claims and other insurance service expenses | 96 | 254 | ||
Adjustments to liabilities for incurred claims | 14 | 259 | ||
Insurance service expenses | 110 | 513 | ||
Insurance service result | 110 | 513 | ||
Insurance finance (income) / expenses (P&L and OCI) | (110) | |||
Cash flows | (114) | (470) | ||
Disposal of a business | (75) | |||
Transfers to disposal groups | (532) | |||
Net exchange differences | 0 | (5) | ||
Closing net balance | 29 | 33 | ||
Ending balance | 29 | 33 | ||
Insurance contracts issued [member] | Risk adjustment [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets | (510) | |||
Beginning balance | 3,436 | 4,831 | ||
Opening net balance | 3,435 | 5,341 | ||
Insurance service result | 197 | (1,591) | ||
Insurance finance (income) / expenses (P&L and OCI) | 205 | 117 | ||
Closing net balance | 3,537 | 3,435 | ||
Closing assets | (286) | |||
Ending balance | 3,251 | 3,436 | ||
Insurance contracts issued [member] | Risk adjustment [member] | Insurance contracts to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Beginning balance | 10 | |||
Opening net balance | 10 | |||
Adjustments to liabilities for incurred claims | (3) | |||
Insurance service expenses | (3) | |||
Insurance service result | (3) | |||
Transfers to disposal groups | (7) | |||
Reinsurance contracts held [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Effect of changes in risk of non-performance of reinsurers | (12) | 3 | ||
Reinsurance contracts held [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets, Reinsurance | 16,934 | 21,288 | ||
Opening liabilities, Reinsurance | (270) | |||
Opening liabilities, Reinsurance | 270 | (471) | ||
Net opening balance, Reinsurance | 16,664 | 20,818 | ||
Net expenses from reinsurance contracts | 181 | 248 | ||
Other reinsurance finance income / (expenses) | 1,060 | (3,945) | ||
Effect of changes in risk of non-performance of reinsurers | (12) | 1 | ||
Insurance finance (income) / expenses (P&L and OCI) | 1,048 | (3,944) | ||
Increase (decrease) in profit or loss and other comprehensive income due to changes in reinsurance contracts held | 1,229 | (3,696) | ||
Cash flows | (979) | (1,498) | ||
Other movements | (371) | (323) | ||
Net exchange differences | (550) | 1,363 | ||
Net closing balance, Reinsurance | 15,993 | 16,664 | ||
Closing assets, Reinsurance | 16,601 | 16,934 | ||
Closing liabilities, Reinsurance | 608 | (270) | ||
Closing liabilities, Reinsurance | 270 | |||
Reinsurance contracts held [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Excluding loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets, Reinsurance | 14,801 | 20,704 | ||
Opening liabilities, Reinsurance | (217) | |||
Opening liabilities, Reinsurance | 217 | (1,116) | ||
Net opening balance, Reinsurance | 14,584 | 19,588 | ||
Net expenses from reinsurance contracts | 453 | (1,028) | ||
Other reinsurance finance income / (expenses) | 1,026 | (3,956) | ||
Investment components | (6) | |||
Effect of changes in risk of non-performance of reinsurers | (12) | 1 | ||
Increase (decrease) in profit or loss and other comprehensive income due to changes in reinsurance contracts held | 1,467 | (4,988) | ||
Cash flows | (397) | (1,021) | ||
Other movements | (424) | (322) | ||
Net exchange differences | (511) | 1,327 | ||
Net closing balance, Reinsurance | 14,719 | 14,584 | ||
Closing assets, Reinsurance | 16,457 | 14,801 | ||
Closing liabilities, Reinsurance | 1,738 | (217) | ||
Closing liabilities, Reinsurance | 217 | |||
Reinsurance contracts held [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Loss recovery component [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets, Reinsurance | 1,607 | 202 | ||
Opening liabilities, Reinsurance | (57) | |||
Opening liabilities, Reinsurance | 57 | |||
Net opening balance, Reinsurance | 1,549 | 202 | ||
Net expenses from reinsurance contracts | (235) | 1,380 | ||
Other reinsurance finance income / (expenses) | 34 | 10 | ||
Investment components | (2) | |||
Increase (decrease) in profit or loss and other comprehensive income due to changes in reinsurance contracts held | (200) | 1,388 | ||
Cash flows | (158) | (12) | ||
Other movements | 139 | (1) | ||
Net exchange differences | (34) | (28) | ||
Net closing balance, Reinsurance | 1,296 | 1,549 | ||
Closing assets, Reinsurance | 349 | 1,607 | ||
Closing liabilities, Reinsurance | (947) | (57) | ||
Closing liabilities, Reinsurance | 57 | |||
Reinsurance contracts held [member] | Risk adjustment [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets, Reinsurance | 1,010 | 1,009 | ||
Net opening balance, Reinsurance | 909 | 1,594 | ||
Insurance finance (income) / expenses (P&L and OCI) | 48 | 47 | ||
Other movements | (176) | (206) | ||
Net closing balance, Reinsurance | 755 | 909 | ||
Closing assets, Reinsurance | 423 | 1,010 | ||
Reinsurance contracts held [member] | Asset for incurred claims [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | ||||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | ||||
Opening assets, Reinsurance | 526 | 383 | ||
Opening liabilities, Reinsurance | 5 | |||
Opening liabilities, Reinsurance | 5 | 645 | ||
Net opening balance, Reinsurance | 530 | 1,028 | ||
Net expenses from reinsurance contracts | (38) | (103) | ||
Investment components | 8 | |||
Increase (decrease) in profit or loss and other comprehensive income due to changes in reinsurance contracts held | (37) | (96) | ||
Cash flows | (425) | (466) | ||
Other movements | (86) | |||
Net exchange differences | (4) | 64 | ||
Net closing balance, Reinsurance | (22) | 530 | ||
Closing assets, Reinsurance | (205) | 526 | ||
Closing liabilities, Reinsurance | € (183) | 5 | ||
Closing liabilities, Reinsurance | € 5 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Contracts, Reinsura_5
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Investment Contracts with Discretionary Participating Features (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure In Tabular Form Of Investment Contracts With Discretionary Participating Features [Line Items] | ||
Opening liabilities | € 21,055 | € 27,392 |
Net opening balance, Investment contracts | 21,055 | 27,392 |
Insurance revenue | (64) | (74) |
Incurred claims and other insurance service expenses | 36 | 58 |
Losses (and reversal of losses) on onerous contracts | (5) | |
Insurance service expenses | 36 | 54 |
Insurance service result | (28) | (20) |
Insurance finance (income) / expenses (P&L and OCI) | 1,921 | (3,247) |
Cash flows | (2,030) | (1,797) |
Other movements | 172 | |
Net exchange differences | 503 | (1,273) |
Net closing balance, Investment contracts | 21,594 | 21,055 |
Closing liabilities | 21,594 | 21,055 |
Excluding loss component [member] | ||
Disclosure In Tabular Form Of Investment Contracts With Discretionary Participating Features [Line Items] | ||
Opening liabilities | 21,055 | 27,392 |
Net opening balance, Investment contracts | 21,055 | 27,392 |
Insurance revenue | (64) | (74) |
Investment components | (2,417) | (2,254) |
Insurance service result | (2,481) | (2,328) |
Insurance finance (income) / expenses (P&L and OCI) | 1,921 | (3,247) |
Cash flows | 423 | 511 |
Other movements | 172 | |
Net exchange differences | 503 | (1,273) |
Net closing balance, Investment contracts | 21,594 | 21,055 |
Closing liabilities | 21,594 | 21,055 |
Loss component [member] | ||
Disclosure In Tabular Form Of Investment Contracts With Discretionary Participating Features [Line Items] | ||
Losses (and reversal of losses) on onerous contracts | (5) | |
Insurance service expenses | (5) | |
Investment components | 5 | |
Incurred claims [member] | ||
Disclosure In Tabular Form Of Investment Contracts With Discretionary Participating Features [Line Items] | ||
Incurred claims and other insurance service expenses | 36 | 58 |
Insurance service expenses | 36 | 58 |
Investment components | 2,418 | 2,250 |
Insurance service result | 2,453 | 2,308 |
Cash flows | € (2,453) | € (2,308) |
Insurance Contracts, Reinsura_6
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Movement Schedules by Measurement Component (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | € 36 | ||||
Beginning balance | 176,120 | ||||
Opening net balance | 176,083 | ||||
Opening assets, Reinsurance | 16,939 | [1] | € 3,518 | ||
Opening liabilities, Reinsurance | [1] | 270 | |||
Net opening balance, Investment contracts | 21,055 | 27,392 | |||
Variable Fee Approach [Abstract] | |||||
Closing net balance | 177,262 | 176,083 | |||
Closing assets | 185 | 36 | |||
Ending balance | 177,446 | 176,120 | |||
Closing assets, Reinsurance | 16,608 | 16,939 | [1] | ||
Closing liabilities, Reinsurance | 608 | 270 | [1] | ||
Net closing balance, Investment contracts | 21,594 | 21,055 | |||
Investment contract with discretionary participation features [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening liabilities, Investment contracts | 21,055 | 27,392 | |||
Net opening balance, Investment contracts | 21,055 | 27,392 | |||
Earnings released from contractual service margin | (17) | (11) | |||
Release of risk adjustment | (15) | (14) | |||
Experience adjustments on current service | 4 | 5 | |||
Changes that relate to current service | (28) | (20) | |||
Insurance service result | (28) | (20) | |||
Variable Fee Approach [Abstract] | |||||
Change in fair value of the underlying assets of products with direct participating features | 1,921 | (3,247) | |||
Insurance finance income / (expenses) | 1,921 | (3,247) | |||
Premiums received | 475 | 511 | |||
Claims, benefits and expenses paid | (2,506) | (2,308) | |||
Other | 172 | ||||
Cash flows | (2,030) | (1,797) | |||
Other movements | 172 | ||||
Net exchange differences | 503 | (1,273) | |||
Net closing balance, Investment contracts | 21,594 | 21,055 | |||
Closing liabilities, Investment contracts | 21,594 | 21,055 | |||
Insurance contracts other than those to which premium allocation approach has been applied [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | 36 | ||||
Beginning balance | 175,681 | ||||
Opening net balance | 175,645 | ||||
Opening assets, Reinsurance | 16,934 | ||||
Opening liabilities, Reinsurance | 270 | ||||
Variable Fee Approach [Abstract] | |||||
Closing net balance | 177,222 | 175,645 | |||
Closing assets | 185 | 36 | |||
Ending balance | 177,407 | 175,681 | |||
Closing assets, Reinsurance | 16,601 | 16,934 | |||
Closing liabilities, Reinsurance | 608 | 270 | |||
Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | 36 | 110 | |||
Beginning balance | 175,681 | 288,102 | |||
Opening net balance | 175,645 | 287,991 | |||
Changes in estimates that result in (a reversal of) onerous contracts | 1,025 | 1,277 | |||
New contracts issued – onerous | 60 | 56 | |||
Changes that relate to future service | 1,084 | 1,333 | |||
Earnings released from contractual service margin | (952) | (1,229) | |||
Release of risk adjustment | (345) | (359) | |||
Experience adjustments on current service | 75 | (46) | |||
Revenue recognised for incurred policyholder tax expenses | (15) | 1 | |||
Changes that relate to current service | (1,238) | (1,634) | |||
Changes that relate to past service | 17 | (8) | |||
Experience adjustments on claims incurred | 17 | (8) | |||
Insurance service result | (137) | (309) | |||
General Model [Abstract] | |||||
Interest accreted to insurance contracts | 3,098 | 2,925 | |||
Changes in interest rates and other financial assumptions | 1,587 | (28,172) | |||
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | 421 | (843) | |||
Variable Fee Approach [Abstract] | |||||
Change in fair value of the underlying assets of products with direct participating features | 13,730 | (25,351) | |||
Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option | (1,493) | (5,799) | |||
Insurance finance income / (expenses) | 17,343 | (57,240) | |||
Premiums received | 14,203 | 15,444 | |||
Claims, benefits and expenses paid | (23,862) | (26,454) | |||
Acquisition costs paid | (936) | (892) | |||
Other | (30) | (28) | |||
Cash flows | (10,624) | (11,930) | |||
Contracts disposed during the period | (347) | (278) | |||
Transfers to disposal groups | (345) | (52,037) | |||
Other | 20 | 5 | |||
Transfer (to)/from other headings | (512) | ||||
Other movements | (1,184) | (52,310) | |||
Net exchange differences | (3,821) | 9,442 | |||
Closing net balance | 177,222 | 175,645 | |||
Closing assets | 185 | 36 | |||
Ending balance | 177,407 | 175,681 | |||
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets, Reinsurance | 16,934 | 21,288 | |||
Opening liabilities, Reinsurance | (270) | (471) | |||
Net opening balance, Reinsurance | 16,664 | 20,818 | |||
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 550 | 607 | |||
New reinsurance contracts issued / acquired recognized in the year | (17) | ||||
Changes in estimates that result in (a reversal of) onerous contracts | 12 | 31 | |||
Changes that relate to future service | 544 | 638 | |||
Earnings released from contractual service margin | (26) | 42 | |||
Release of risk adjustment | (118) | (147) | |||
Experience adjustments on current service | (217) | (274) | |||
Changes that relate to current service | (361) | (379) | |||
Changes that relate to past service | (2) | (12) | |||
Experience adjustments on claims incurred | (2) | (12) | |||
Variable Fee Approach [Abstract] | |||||
Net income/expenses of reinsurance held | 181 | 248 | |||
Insurance finance income / (expenses) | 1,048 | (3,944) | |||
Premiums paid, net of received fixed commission | 2,642 | 3,005 | |||
Amounts received | (3,622) | (4,503) | |||
Cash flows | (979) | (1,498) | |||
Other | (371) | (323) | |||
Other movements | (371) | (323) | |||
Net exchange differences | (550) | 1,363 | |||
Net closing balance, Reinsurance | 15,993 | 16,664 | |||
Closing assets, Reinsurance | 16,601 | 16,934 | |||
Closing liabilities, Reinsurance | (608) | (270) | |||
Best estimate liability [Member] | Investment contract with discretionary participation features [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening liabilities, Investment contracts | 20,874 | 27,064 | |||
Net opening balance, Investment contracts | 20,874 | 27,064 | |||
Changes in estimates that adjust contractual service margin | (152) | 110 | |||
Changes that relate to future service | (152) | 110 | |||
Experience adjustments on current service | 4 | 5 | |||
Changes that relate to current service | 4 | 5 | |||
Insurance service result | (148) | 114 | |||
Variable Fee Approach [Abstract] | |||||
Change in fair value of the underlying assets of products with direct participating features | 1,921 | (3,247) | |||
Insurance finance income / (expenses) | 1,921 | (3,247) | |||
Premiums received | 475 | 511 | |||
Claims, benefits and expenses paid | (2,506) | (2,308) | |||
Other | 170 | ||||
Cash flows | (2,030) | (1,797) | |||
Other movements | 170 | ||||
Net exchange differences | 498 | (1,261) | |||
Net closing balance, Investment contracts | 21,285 | 20,874 | |||
Closing liabilities, Investment contracts | 21,285 | 20,874 | |||
Best estimate liability [Member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | 100 | 1,086 | |||
Beginning balance | 163,381 | 271,870 | |||
Opening net balance | 163,280 | 270,784 | |||
Changes in estimates that adjust contractual service margin | (204) | 909 | |||
Changes in estimates that result in (a reversal of) onerous contracts | 974 | 1,408 | |||
New contracts issued – non-onerous | (563) | (595) | |||
New contracts issued – onerous | 38 | 27 | |||
Changes that relate to future service | 245 | 1,749 | |||
Experience adjustments on current service | 75 | (47) | |||
Revenue recognised for incurred policyholder tax expenses | (15) | 1 | |||
Changes that relate to current service | 60 | (46) | |||
Changes that relate to past service | 17 | (7) | |||
Experience adjustments on claims incurred | 17 | (7) | |||
Insurance service result | 322 | 1,695 | |||
General Model [Abstract] | |||||
Interest accreted to insurance contracts | 2,680 | 2,548 | |||
Changes in interest rates and other financial assumptions | 1,573 | (28,114) | |||
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | 425 | (862) | |||
Variable Fee Approach [Abstract] | |||||
Change in fair value of the underlying assets of products with direct participating features | 13,730 | (25,351) | |||
Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option | (1,493) | (5,799) | |||
Insurance finance income / (expenses) | 16,915 | (57,578) | |||
Premiums received | 14,203 | 15,444 | |||
Claims, benefits and expenses paid | (23,862) | (26,454) | |||
Acquisition costs paid | (936) | (892) | |||
Other | (30) | (28) | |||
Cash flows | (10,624) | (11,930) | |||
Contracts disposed during the period | (283) | (177) | |||
Transfers to disposal groups | (59) | (48,338) | |||
Other | 41 | ||||
Transfer (to)/from other headings | (511) | ||||
Other movements | (811) | (48,515) | |||
Net exchange differences | (3,520) | 8,825 | |||
Closing net balance | 165,562 | 163,280 | |||
Closing assets | 475 | 100 | |||
Ending balance | 166,036 | 163,381 | |||
Best estimate liability [Member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets, Reinsurance | 16,233 | 20,608 | |||
Opening liabilities, Reinsurance | (371) | (1,617) | |||
Net opening balance, Reinsurance | 15,862 | 18,991 | |||
Changes in estimates that adjust contractual service margin | (3) | 244 | |||
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 477 | 655 | |||
New reinsurance contracts issued / acquired recognized in the year | (330) | (8) | |||
Changes that relate to future service | 144 | 891 | |||
Experience adjustments on current service | (217) | (274) | |||
Changes that relate to current service | (217) | (274) | |||
Changes that relate to past service | (2) | (12) | |||
Experience adjustments on claims incurred | (2) | (12) | |||
Variable Fee Approach [Abstract] | |||||
Net income/expenses of reinsurance held | (76) | 605 | |||
Insurance finance income / (expenses) | 1,013 | (3,954) | |||
Premiums paid, net of received fixed commission | 2,642 | 3,005 | |||
Amounts received | (3,622) | (4,503) | |||
Cash flows | (979) | (1,498) | |||
Other | (132) | 403 | |||
Other movements | (132) | 403 | |||
Net exchange differences | (528) | 1,316 | |||
Net closing balance, Reinsurance | 15,160 | 15,862 | |||
Closing assets, Reinsurance | 16,184 | 16,233 | |||
Closing liabilities, Reinsurance | (1,024) | (371) | |||
Risk adjustment [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Changes in estimates that result in (a reversal of) onerous contracts | 22 | 27 | |||
Risk adjustment [member] | Investment contract with discretionary participation features [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening liabilities, Investment contracts | 109 | 133 | |||
Net opening balance, Investment contracts | 109 | 133 | |||
Changes in estimates that adjust contractual service margin | 31 | (3) | |||
Changes that relate to future service | 31 | (3) | |||
Release of risk adjustment | (15) | (14) | |||
Changes that relate to current service | (15) | (14) | |||
Insurance service result | 16 | (17) | |||
Variable Fee Approach [Abstract] | |||||
Net exchange differences | 3 | (6) | |||
Net closing balance, Investment contracts | 128 | 109 | |||
Closing liabilities, Investment contracts | 128 | 109 | |||
Risk adjustment [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | (510) | ||||
Beginning balance | 3,436 | 4,831 | |||
Opening net balance | 3,435 | 5,341 | |||
Changes in estimates that adjust contractual service margin | 380 | (1,232) | |||
Changes in estimates that result in (a reversal of) onerous contracts | 51 | (131) | |||
New contracts issued – non-onerous | 90 | 103 | |||
New contracts issued – onerous | 22 | 29 | |||
Changes that relate to future service | 542 | (1,231) | |||
Release of risk adjustment | (345) | (359) | |||
Experience adjustments on current service | 1 | ||||
Changes that relate to current service | (345) | (359) | |||
Insurance service result | 197 | (1,591) | |||
General Model [Abstract] | |||||
Interest accreted to insurance contracts | 195 | 156 | |||
Changes in interest rates and other financial assumptions | 14 | (58) | |||
Revaluation of changes in non-financial assumptions and experience adjustments to current interest rates | (4) | 19 | |||
Variable Fee Approach [Abstract] | |||||
Insurance finance income / (expenses) | 205 | 117 | |||
Contracts disposed during the period | (5) | (5) | |||
Transfers to disposal groups | (197) | (659) | |||
Transfer (to)/from other headings | (1) | ||||
Other movements | (203) | (663) | |||
Net exchange differences | (98) | 231 | |||
Closing net balance | 3,537 | 3,435 | |||
Closing assets | (286) | ||||
Ending balance | 3,251 | 3,436 | |||
Risk adjustment [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets, Reinsurance | 1,010 | 1,009 | |||
Opening liabilities, Reinsurance | (101) | 585 | |||
Net opening balance, Reinsurance | 909 | 1,594 | |||
Changes in estimates that adjust contractual service margin | 6 | (408) | |||
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 67 | (58) | |||
New reinsurance contracts issued / acquired recognized in the year | 42 | 21 | |||
Changes that relate to future service | 114 | (444) | |||
Release of risk adjustment | (118) | (147) | |||
Changes that relate to current service | (118) | (147) | |||
Variable Fee Approach [Abstract] | |||||
Net income/expenses of reinsurance held | (3) | (591) | |||
Insurance finance income / (expenses) | 48 | 47 | |||
Other | (176) | (206) | |||
Other movements | (176) | (206) | |||
Net exchange differences | (23) | 65 | |||
Net closing balance, Reinsurance | 755 | 909 | |||
Closing assets, Reinsurance | 423 | 1,010 | |||
Closing liabilities, Reinsurance | 332 | (101) | |||
Contractual service margin [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening net balance | 8,929 | 11,866 | |||
Changes in estimates that adjust contractual service margin | (176) | 323 | |||
Earnings released from contractual service margin | (952) | (1,229) | |||
Variable Fee Approach [Abstract] | |||||
Insurance finance income / (expenses) | 223 | 221 | |||
Other | (110) | (3,035) | |||
Cash flows | (59) | (96) | |||
Net exchange differences | (203) | 387 | |||
Closing net balance | 8,124 | 8,929 | |||
Contractual service margin [member] | Reinsurance contracts held [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening net balance | (107) | 233 | |||
Changes in estimates that adjust contractual service margin | (4) | 164 | |||
Earnings released from contractual service margin | (26) | 42 | |||
Variable Fee Approach [Abstract] | |||||
Insurance finance income / (expenses) | (13) | (37) | |||
Other | (63) | (520) | |||
Net exchange differences | 2 | (17) | |||
Closing net balance | 78 | (107) | |||
Contractual service margin [member] | Investment contract with discretionary participation features [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening net balance | 72 | 195 | |||
Opening liabilities, Investment contracts | 72 | 195 | |||
Net opening balance, Investment contracts | 72 | 195 | |||
Changes in estimates that adjust contractual service margin | 121 | (106) | |||
Changes in estimates that adjust contractual service margin | 121 | (106) | |||
Changes that relate to future service | 121 | (106) | |||
Earnings released from contractual service margin | (17) | (11) | |||
Earnings released from contractual service margin | (17) | (11) | |||
Changes that relate to current service | (17) | (11) | |||
Insurance service result | 104 | (117) | |||
Variable Fee Approach [Abstract] | |||||
Other | 1 | ||||
Other | 1 | ||||
Other movements | 1 | ||||
Net exchange differences | 2 | (6) | |||
Net exchange differences | 2 | (6) | |||
Closing net balance | 180 | 72 | |||
Net closing balance, Investment contracts | 180 | 72 | |||
Closing liabilities, Investment contracts | 180 | 72 | |||
Contractual service margin [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets | (64) | (465) | |||
Beginning balance | 8,865 | 11,401 | |||
Opening net balance | 8,929 | 11,866 | |||
Changes in estimates that adjust contractual service margin | (176) | 323 | |||
New contracts issued – non-onerous | 473 | 493 | |||
Changes that relate to future service | 297 | 816 | |||
Earnings released from contractual service margin | (952) | (1,229) | |||
Changes that relate to current service | (952) | (1,229) | |||
Insurance service result | (656) | (414) | |||
General Model [Abstract] | |||||
Interest accreted to insurance contracts | 223 | 221 | |||
Variable Fee Approach [Abstract] | |||||
Insurance finance income / (expenses) | 223 | 221 | |||
Contracts disposed during the period | (59) | (96) | |||
Transfers to disposal groups | (89) | (3,040) | |||
Other | (21) | 5 | |||
Transfer (to)/from other headings | (1) | ||||
Other movements | (169) | (3,131) | |||
Net exchange differences | (203) | 387 | |||
Closing net balance | 8,124 | 8,929 | |||
Closing assets | (4) | (64) | |||
Ending balance | 8,120 | 8,865 | |||
Contractual service margin [member] | Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | |||||
Disclosure of movement by measurement component insurance reinsurance contracts and investment contracts [line items] | |||||
Opening assets, Reinsurance | (309) | (328) | |||
Opening liabilities, Reinsurance | 202 | 561 | |||
Net opening balance, Reinsurance | (107) | 233 | |||
Changes in estimates that adjust contractual service margin | (4) | 164 | |||
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 6 | 10 | |||
New reinsurance contracts issued / acquired recognized in the year | 271 | (13) | |||
Changes in estimates that result in (a reversal of) onerous contracts | 12 | 31 | |||
Changes that relate to future service | 286 | 192 | |||
Earnings released from contractual service margin | (26) | 42 | |||
Changes that relate to current service | (26) | 42 | |||
Variable Fee Approach [Abstract] | |||||
Net income/expenses of reinsurance held | 260 | 234 | |||
Insurance finance income / (expenses) | (13) | (37) | |||
Other | (63) | (520) | |||
Other movements | (63) | (520) | |||
Net exchange differences | 2 | (17) | |||
Net closing balance, Reinsurance | 78 | (107) | |||
Closing assets, Reinsurance | (7) | (309) | |||
Closing liabilities, Reinsurance | € 85 | € 202 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Contracts, Reinsura_7
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Contractual Service Margin by Transition Method (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | € 176,083 | |
New contracts issued: | ||
Closing net balance | 177,262 | € 176,083 |
MRA [member] | Insurance contracts issued [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 1,836 | 2,639 |
Changes in estimates that adjust CSM | (40) | (792) |
New contracts issued: | ||
Earnings released from contractual service margin | (191) | (205) |
Insurance finance income / (expense) | 8 | 9 |
Net exchange differences | (57) | 186 |
Other | 1 | |
Closing net balance | 1,557 | 1,836 |
MRA [member] | Reinsurance contracts held [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 1 | |
New contracts issued: | ||
Closing net balance | 1 | |
FVA [member] | Insurance contracts issued [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 4,673 | 7,036 |
Changes in estimates that adjust CSM | (105) | 1,101 |
New contracts issued: | ||
Earnings released from contractual service margin | (498) | (764) |
Insurance finance income / (expense) | 159 | 179 |
Cash flow - contracts disposed | (59) | (96) |
Net exchange differences | (128) | 246 |
Other | (42) | (3,028) |
Closing net balance | 4,000 | 4,673 |
FVA [member] | Investment Contract With Discretionary Participation Features [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 72 | 195 |
Changes in estimates that adjust CSM | 121 | (106) |
New contracts issued: | ||
Earnings released from contractual service margin | (17) | (11) |
Net exchange differences | 2 | (6) |
Other | 1 | |
Closing net balance | 180 | 72 |
FVA [member] | Reinsurance contracts held [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | (129) | 238 |
Changes in estimates that adjust CSM | 11 | 167 |
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 4 | 3 |
New contracts issued: | ||
non-onerous | (8) | |
Earnings released from contractual service margin | 9 | 45 |
Insurance finance income / (expense) | (21) | (37) |
Net exchange differences | 6 | (17) |
Other | (30) | (520) |
Closing net balance | (149) | (129) |
Others [member] | Insurance contracts issued [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 2,420 | 2,191 |
Changes in estimates that adjust CSM | (32) | 15 |
New contracts issued: | ||
non-onerous | 473 | 493 |
Earnings released from contractual service margin | (264) | (260) |
Insurance finance income / (expense) | 57 | 33 |
Net exchange differences | (17) | (45) |
Other | (68) | (7) |
Closing net balance | 2,568 | 2,420 |
Others [member] | Reinsurance contracts held [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 21 | (5) |
Changes in estimates that adjust CSM | (14) | (3) |
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 2 | 8 |
New contracts issued: | ||
non-onerous | 283 | 26 |
Earnings released from contractual service margin | (34) | (4) |
Insurance finance income / (expense) | 8 | |
Net exchange differences | (5) | |
Other | (33) | |
Closing net balance | 227 | 21 |
Total CSM [member] | Insurance contracts issued [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 8,929 | 11,866 |
Changes in estimates that adjust CSM | (176) | 323 |
New contracts issued: | ||
non-onerous | 473 | 493 |
Earnings released from contractual service margin | (952) | (1,229) |
Insurance finance income / (expense) | 223 | 221 |
Cash flow - contracts disposed | (59) | (96) |
Net exchange differences | (203) | 387 |
Other | (110) | (3,035) |
Closing net balance | 8,124 | 8,929 |
Total CSM [member] | Investment Contract With Discretionary Participation Features [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | 72 | 195 |
Changes in estimates that adjust CSM | 121 | (106) |
New contracts issued: | ||
Earnings released from contractual service margin | (17) | (11) |
Net exchange differences | 2 | (6) |
Other | 1 | |
Closing net balance | 180 | 72 |
Total CSM [member] | Reinsurance contracts held [member] | ||
Disclosure In Tabular Form Of Movement In Contractual Service Margin [Line Items] | ||
Opening net balance | (107) | 233 |
Changes in estimates that adjust CSM | (4) | 164 |
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts | 6 | 10 |
New contracts issued: | ||
non-onerous | 283 | 18 |
Earnings released from contractual service margin | (26) | 42 |
Insurance finance income / (expense) | (13) | (37) |
Net exchange differences | 2 | (17) |
Other | (63) | (520) |
Closing net balance | € 78 | € (107) |
Insurance Contracts, Reinsura_8
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Maturity Analysis Contractual Service Margin (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance contracts issued [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | € 8,124 | € 8,929 |
Insurance contracts issued [member] | Not later than 1 year [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 839 | 1,076 |
Insurance contracts issued [member] | 1-2 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 756 | 802 |
Insurance contracts issued [member] | 2-3 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 684 | 723 |
Insurance contracts issued [member] | 3-4 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 618 | 654 |
Insurance contracts issued [member] | 4-5 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 559 | 591 |
Insurance contracts issued [member] | 5-10 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 2,071 | 2,210 |
Insurance contracts issued [member] | 10-20 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 1,850 | 2,024 |
Insurance contracts issued [member] | Later than 20 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 748 | 849 |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 78 | (107) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | Not later than 1 year [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 8 | (22) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 1-2 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 7 | (15) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 2-3 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 6 | (13) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 3-4 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 6 | (12) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 4-5 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 5 | (10) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 5-10 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 18 | (32) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | 10-20 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | 17 | (16) |
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member] | Later than 20 years [member] | ||
Disclosure of information about expected recognition of contractual service margin in profit or loss [line items] | ||
Contractual service margin after tax | € 12 | € 13 |
Insurance Contracts, Reinsura_9
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of New Contracts Recognized (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Insurance contracts issued [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
(Gain) / loss recognized on initial recognition | € 60 | € 57 |
Insurance contracts issued [member] | Present value of cash inflows [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | (5,155) | (5,020) |
Issued onerous contracts | (545) | (475) |
Total | (5,701) | (5,494) |
Insurance contracts issued [member] | Present value of cash outflows [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | 4,593 | 4,447 |
Issued onerous contracts | 583 | 504 |
Total | 5,176 | 4,951 |
Insurance contracts issued [member] | Risk adjustment for non-financial risk [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | 90 | 98 |
Issued onerous contracts | 22 | 27 |
Total | 112 | 125 |
Insurance contracts issued [member] | Contractual service margin [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | 473 | 474 |
Total | 473 | 474 |
Insurance contracts issued [member] | Onerous Insurance Contracts [Member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
(Gain) / loss recognized on initial recognition | 60 | 57 |
Reinsurance contracts held [member] | Present value of cash inflows [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | 201 | 251 |
Reinsurance contracts held [member] | Present value of cash outflows [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | (531) | (259) |
Reinsurance contracts held [member] | Risk adjustment for non-financial risk [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | 42 | 21 |
Reinsurance contracts held [member] | Income recognised on initial recognition [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | (17) | 0 |
Reinsurance contracts held [member] | Contractual service margin [member] | ||
Disclosure In Tabular Form Of New Contracts Recognized Insurance During The Period [Line Items] | ||
Issued non-onerous contracts | € 271 | € (13) |
Insurance Contracts, Reinsur_10
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts With Discretionary Participating Features - Summary of Investments and Other Assets Allocated to Contracts that were not Transitioned Fully Retrospectively (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of Detailed Information About Investments and Other Assets Allocated to Contracts that were not Transitioned Fully Retrospectively [Line Items] | ||||
Beginning balance | [1] | € 380,711 | ||
Ending balance | 301,581 | € 380,711 | [1] | |
Investments and other assets allocated to insurance contracts [member] | Fair value through other comprehensive income [member] | Insurance contracts [member] | ||||
Disclosure of Detailed Information About Investments and Other Assets Allocated to Contracts that were not Transitioned Fully Retrospectively [Line Items] | ||||
Beginning balance | (2,375) | 6,456 | ||
Gross revaluation | 1,137 | (12,445) | ||
Net gains/losses transferred to income statement | 309 | 425 | ||
Foreign currency translation differences | 55 | 540 | ||
Tax effect | (322) | 2,578 | ||
Other | 47 | 72 | ||
Ending balance | € (1,147) | € (2,375) | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Contracts, Reinsur_11
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Yield Curve Used to Discount Cash Flows that do not Vary Based on Returns on Underlying Items (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
EUR [member] | Not later than 1 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.36% | 3.18% |
EUR [member] | 5 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 2.33% | 3.10% |
EUR [member] | 10 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 2.39% | 3.05% |
EUR [member] | 15 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 2.47% | 2.98% |
EUR [member] | 20 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 2.40% | 2.73% |
GBP [member] | Not later than 1 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 4.74% | 4.46% |
GBP [member] | 5 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.35% | 4.06% |
GBP [member] | 10 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.28% | 3.71% |
GBP [member] | 15 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.40% | 3.62% |
GBP [member] | 20 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.43% | 3.54% |
USD [member] | Not later than 1 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 4.83% | 4.97% |
USD [member] | 5 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.89% | 4.03% |
USD [member] | 10 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 3.90% | 3.83% |
USD [member] | 15 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 4% | 3.94% |
USD [member] | 20 year [member] | ||
Disclosure of yield curve used to discount cash flows that do not vary based on returns on underlying items [line items] | ||
Yield curves | 4.39% | 4.31% |
Insurance Contracts, Reinsur_12
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Detailed Information about Illiquidity Premium Per Portfolio (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed Deferred Annuity [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.15% | 1.44% |
Fixed Deferred Annuity [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.21% | 1.48% |
Fixed Deferred Annuity [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.12% | 1.31% |
Fixed Deferred Annuity [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.11% | 1.12% |
Fixed Deferred Annuity [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.11% | 1.12% |
Fixed Deferred Annuity [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.11% | 1.12% |
Indexed Universal Life [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.20% | 1.48% |
Indexed Universal Life [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.24% | 1.45% |
Indexed Universal Life [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.20% | 1.33% |
Indexed Universal Life [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.18% | 1.22% |
Indexed Universal Life [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.18% | 1.22% |
Indexed Universal Life [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.21% | 1.21% |
Long-Term Care [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.97% | 1.37% |
Long-Term Care [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.98% | 1.38% |
Long-Term Care [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.98% | 1.38% |
Long-Term Care [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.15% | 1.32% |
Long-Term Care [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.20% | 1.32% |
Long-Term Care [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.30% | 1.32% |
Traditional Life [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.99% | 1.41% |
Traditional Life [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.01% | 1.42% |
Traditional Life [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.02% | 1.40% |
Traditional Life [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.15% | 1.31% |
Traditional Life [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.19% | 1.31% |
Traditional Life [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.28% | 1.31% |
Universal Life [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.01% | 1.43% |
Universal Life [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.03% | 1.44% |
Universal Life [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.02% | 1.39% |
Universal Life [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.13% | 1.29% |
Universal Life [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.17% | 1.28% |
Universal Life [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 1.26% | 1.28% |
Variable Annuities [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.69% | 0.67% |
Variable Annuities [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.69% | 0.67% |
Variable Annuities [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.68% | 0.67% |
Variable Annuities [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.67% | 0.67% |
Variable Annuities [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.64% | 0.67% |
Variable Annuities [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.67% | 0.68% |
Annuities [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.89% | 1.08% |
Annuities [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.89% | 1.08% |
Annuities [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.89% | 1.08% |
Annuities [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.89% | 1.08% |
Annuities [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.89% | 1.08% |
Annuities [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.76% | 1.03% |
Individual Protection [member] | Not later than 1 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.49% | 0.50% |
Individual Protection [member] | 5 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.49% | 0.50% |
Individual Protection [member] | 10 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.49% | 0.50% |
Individual Protection [member] | 15 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.49% | 0.50% |
Individual Protection [member] | 20 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.49% | 0.50% |
Individual Protection [member] | 30 year [member] | ||
Disclosure of Detailed Information About Illiquidity Premium Per Portfolio [Line Items] | ||
ILP per portfolio | 0.40% | 0.42% |
Insurance Contracts, Reinsur_13
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Morbidity Sensitivity has the Largest Impact and in Aggregate (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | € 177,446 | € 176,120 | [1] | € 290,066 | |
Americas [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 136,116 | 137,195 | |||
United Kingdom [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 40,329 | 37,621 | |||
Concentration of underwriting risk [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 198,855 | 197,139 | |||
Concentration of underwriting risk [member] | Americas [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 130,308 | 130,892 | |||
Concentration of underwriting risk [member] | United Kingdom [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 61,922 | 58,676 | |||
Concentration of underwriting risk [member] | International [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 6,625 | 7,570 | |||
Insurance Contracts [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 110,315 | 106,044 | |||
Insurance Contracts [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | Americas [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 70,436 | 69,163 | |||
Insurance Contracts [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | United Kingdom [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 39,687 | 36,694 | |||
Insurance Contracts [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | International [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 193 | 187 | |||
Insurance Contracts [member] | Contracts without direct participation contracts [member] | Concentration of underwriting risk [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 66,946 | 70,039 | |||
Insurance Contracts [member] | Contracts without direct participation contracts [member] | Concentration of underwriting risk [member] | Americas [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 59,873 | 61,730 | |||
Insurance Contracts [member] | Contracts without direct participation contracts [member] | Concentration of underwriting risk [member] | United Kingdom [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 642 | 927 | |||
Insurance Contracts [member] | Contracts without direct participation contracts [member] | Concentration of underwriting risk [member] | International [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 6,432 | 7,383 | |||
Investment Contract with DPF [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 21,594 | 21,055 | |||
Investment Contract with DPF [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | Americas [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 0 | 0 | |||
Investment Contract with DPF [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | United Kingdom [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | 21,594 | 21,055 | |||
Investment Contract with DPF [member] | Contracts with direct participation contracts [member] | Concentration of underwriting risk [member] | International [member] | |||||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||||
Insurance contract liabilities | € 0 | € 0 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Insurance Contracts, Reinsur_14
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks (Detail) - Insurance risk [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
20% increase in lapse rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | € (95) | € (94) |
On CSM, net of reinsurance increase | (58) | (61) |
On shareholders' equity, gross of reinsurance increase | (43) | (34) |
On shareholders' equity, net of reinsurance increase | (7) | (2) |
On net result, gross of reinsurance increase | (126) | 67 |
On net result, net of reinsurance increase | (151) | (172) |
20% increase in lapse rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | 55 | 43 |
On CSM, net of reinsurance increase | 48 | 29 |
On shareholders' equity, gross of reinsurance increase | 56 | 69 |
On shareholders' equity, net of reinsurance increase | 58 | 50 |
On net result, gross of reinsurance increase | (32) | 187 |
On net result, net of reinsurance increase | (336) | 29 |
20% decrease in lapse rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 57 | 72 |
On CSM, net of reinsurance decrease | 35 | 42 |
On shareholders' equity, gross of reinsurance decrease | 41 | 46 |
On shareholders' equity, net of reinsurance decrease | 18 | 15 |
On net result, gross of reinsurance decrease | 117 | (83) |
On net result, net of reinsurance decrease | 169 | 205 |
20% decrease in lapse rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | (70) | (106) |
On CSM, net of reinsurance decrease | (53) | (72) |
On shareholders' equity, gross of reinsurance decrease | (65) | (125) |
On shareholders' equity, net of reinsurance decrease | (62) | (92) |
On net result, gross of reinsurance decrease | 123 | 68 |
On net result, net of reinsurance decrease | 428 | 188 |
5% increase in mortality rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (520) | (507) |
On CSM, net of reinsurance increase | (87) | (84) |
On shareholders' equity, gross of reinsurance increase | (443) | (451) |
On shareholders' equity, net of reinsurance increase | (19) | (33) |
On net result, gross of reinsurance increase | (86) | (343) |
On net result, net of reinsurance increase | 11 | (14) |
5% increase in mortality rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (84) | (47) |
On CSM, net of reinsurance increase | (78) | (22) |
On shareholders' equity, gross of reinsurance increase | (71) | (37) |
On shareholders' equity, net of reinsurance increase | (67) | (15) |
On net result, gross of reinsurance increase | (699) | (565) |
On net result, net of reinsurance increase | (314) | (365) |
5% decrease in mortality rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 419 | 422 |
On CSM, net of reinsurance decrease | 11 | 11 |
On shareholders' equity, gross of reinsurance decrease | 338 | 362 |
On shareholders' equity, net of reinsurance decrease | (62) | (43) |
On net result, gross of reinsurance decrease | 177 | 430 |
On net result, net of reinsurance decrease | 55 | 78 |
5% decrease in mortality rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | (5) | 10 |
On CSM, net of reinsurance decrease | (16) | (14) |
On shareholders' equity, gross of reinsurance decrease | (15) | 0 |
On shareholders' equity, net of reinsurance decrease | (23) | (21) |
On net result, gross of reinsurance decrease | 835 | 623 |
On net result, net of reinsurance decrease | 436 | 411 |
10% increase in morbidity rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (139) | (121) |
On CSM, net of reinsurance increase | (138) | (119) |
On shareholders' equity, gross of reinsurance increase | (153) | (94) |
On shareholders' equity, net of reinsurance increase | (152) | (92) |
On net result, gross of reinsurance increase | (759) | (833) |
On net result, net of reinsurance increase | (746) | (819) |
10% increase in morbidity rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | 0 | 0 |
On CSM, net of reinsurance increase | 0 | 0 |
On shareholders' equity, gross of reinsurance increase | 0 | 0 |
On shareholders' equity, net of reinsurance increase | 0 | 0 |
On net result, gross of reinsurance increase | 0 | 0 |
On net result, net of reinsurance increase | 0 | 0 |
10% decrease in morbidity rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 53 | 33 |
On CSM, net of reinsurance decrease | 53 | 28 |
On shareholders' equity, gross of reinsurance decrease | 75 | 11 |
On shareholders' equity, net of reinsurance decrease | 77 | 8 |
On net result, gross of reinsurance decrease | 908 | 980 |
On net result, net of reinsurance decrease | 894 | 969 |
10% decrease in morbidity rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 0 | 0 |
On CSM, net of reinsurance decrease | 0 | 0 |
On shareholders' equity, gross of reinsurance decrease | 0 | 0 |
On shareholders' equity, net of reinsurance decrease | 0 | 0 |
On net result, gross of reinsurance decrease | 0 | 0 |
On net result, net of reinsurance decrease | 0 | 0 |
5% increase in expenses [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (14) | (7) |
On CSM, net of reinsurance increase | (12) | (6) |
On shareholders' equity, gross of reinsurance increase | (12) | (2) |
On shareholders' equity, net of reinsurance increase | (10) | (1) |
On net result, gross of reinsurance increase | (133) | (157) |
On net result, net of reinsurance increase | (134) | (152) |
5% increase in expenses [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (13) | (8) |
On CSM, net of reinsurance increase | (13) | (7) |
On shareholders' equity, gross of reinsurance increase | (13) | (7) |
On shareholders' equity, net of reinsurance increase | (14) | (7) |
On net result, gross of reinsurance increase | (205) | (220) |
On net result, net of reinsurance increase | (201) | (219) |
5% decrease in expenses [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 36 | 5 |
On CSM, net of reinsurance decrease | 36 | 4 |
On shareholders' equity, gross of reinsurance decrease | 35 | 1 |
On shareholders' equity, net of reinsurance decrease | 35 | 0 |
On net result, gross of reinsurance decrease | 163 | 183 |
On net result, net of reinsurance decrease | 164 | 153 |
5% decrease in expenses [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 12 | 5 |
On CSM, net of reinsurance decrease | 12 | 5 |
On shareholders' equity, gross of reinsurance decrease | 13 | 5 |
On shareholders' equity, net of reinsurance decrease | 13 | 5 |
On net result, gross of reinsurance decrease | 206 | 221 |
On net result, net of reinsurance decrease | 203 | 220 |
10% increase in claims [member] | Non life contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance increase | (6) | (1) |
On CSM, net of reinsurance increase | (5) | (1) |
On shareholders' equity, gross of reinsurance increase | (8) | (1) |
On shareholders' equity, net of reinsurance increase | (6) | (1) |
On net result, gross of reinsurance increase | 0 | 0 |
On net result, net of reinsurance increase | 0 | 0 |
10% decrease in claims [member] | Non life contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
On CSM, gross of reinsurance decrease | 6 | 1 |
On CSM, net of reinsurance decrease | 5 | 1 |
On shareholders' equity, gross of reinsurance decrease | 9 | 1 |
On shareholders' equity, net of reinsurance decrease | 6 | 1 |
On net result, gross of reinsurance decrease | 0 | 0 |
On net result, net of reinsurance decrease | € 0 | € 0 |
Insurance Contracts, Reinsur_15
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Summary of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks (Parenthetical) (Detail) - Insurance risk [member] | Dec. 31, 2023 | Dec. 31, 2022 |
Lapse rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 20% | 20% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 20% | 20% |
Lapse rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 20% | 20% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 20% | 20% |
Mortality rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Mortality rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Morbidity rates [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Morbidity rates [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Expenses [member] | Contracts without direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Expenses [member] | Contracts with direct participation contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 5% | 5% |
Claims [member] | Non life contracts [member] | ||
Disclosure of sensitivity analysis to changes in risk variables that arise from contracts within scope of IFRS 17 [line items] | ||
Percentage of reasonably possible increase in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Percentage of reasonably possible decrease in risk variable that arises from contracts within scope of IFRS 17 | 10% | 10% |
Insurance Contracts, Reinsur_16
Insurance Contracts, Reinsurance Contracts Held and Investment Contracts with Discretionary Participating Features - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Insurance Contracts Reinsurance Contracts held and Investment Contracts with Discretionary Participating Features [Line Items] | ||
Unrealized gains loss through equity | € 1,211 | € (12,434) |
Net gains and losses transferred from other comprehensive income to the income statement due to rebalancing of asset portfolios | € 437 | € 549 |
Discount rates converge linearly | 10 years | |
Ultimate forward rate | 3.45% | |
Percentage of illiquidity factor assigned to cash flows are not dependent on the underlying assets | 100% | |
Percentage of illiquidity factor assigned to cash flows are dependent on the underlying assets | 0% | |
Risk mitigation adjustment to contractual service margin | € 1,476 | |
EUR [member] | ||
Disclosure of Insurance Contracts Reinsurance Contracts held and Investment Contracts with Discretionary Participating Features [Line Items] | ||
Uniform last liquid point for all Aegon's major currencies (EUR, USD and GBP) | 30 | |
Ultimate forward rate | 3.65% | |
GBP [member] | ||
Disclosure of Insurance Contracts Reinsurance Contracts held and Investment Contracts with Discretionary Participating Features [Line Items] | ||
Uniform last liquid point for all Aegon's major currencies (EUR, USD and GBP) | 50 | |
Ultimate forward rate | 3.45% | |
USD [member] | ||
Disclosure of Insurance Contracts Reinsurance Contracts held and Investment Contracts with Discretionary Participating Features [Line Items] | ||
Uniform last liquid point for all Aegon's major currencies (EUR, USD and GBP) | 30 | |
Ultimate forward rate | 3.50% | |
US variable annuity products [member] | ||
Disclosure of Insurance Contracts Reinsurance Contracts held and Investment Contracts with Discretionary Participating Features [Line Items] | ||
Percentage of illiquidity factor assigned to cash flows are dependent on the underlying assets | 100% | |
Percentage of illiquidity premium | 0% |
Investment contracts without _3
Investment contracts without discretionary participating features - Summary of Investment Contracts for General Account (Detail) - Without Discretionary Participation Features [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of investment contracts general account [Line Items] | ||
Beginning balance on January 1 | € 9,597 | € 20,674 |
Deposits | 1,606 | 22,638 |
Withdrawals | (1,405) | (23,118) |
Interest credited | 221 | 232 |
Net exchange differences | (345) | 582 |
Transfer to/from other headings | 567 | 797 |
Transfers to disposal groups | 0 | (12,179) |
Other | (18) | (29) |
Ending balance | 10,222 | 9,597 |
Institutional guaranteed products | 169 | 179 |
Fixed annuities | 10,024 | 9,418 |
Other | 29 | 0 |
Investment contracts liabilities | € 10,222 | € 9,597 |
Investment contracts without _4
Investment contracts without discretionary participating features - Summary of Investment Contracts for Account of Policyholders (Detail) - Without Discretionary Participation Features [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of investment contracts for account of policyholder [Line Items] | ||
Beginning balance on January 1 | € 55,631 | € 71,690 |
Gross premium and deposits - existing and new business | 12,648 | 11,261 |
Withdrawals | (9,840) | (15,233) |
Interest credited | 7,636 | (9,864) |
Fund charges released | (313) | (324) |
Net exchange differences | (40) | 437 |
Transfers to disposal groups | 0 | (1,396) |
Transfer to/from other headings | (680) | (943) |
Other | 2 | 2 |
Ending balance | € 65,044 | € 55,631 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | |
Current | 32 | 1,150 | |||
Non-current | 2,325 | 2,901 | |||
Fair value of borrowings | 2,459 | 4,114 | |||
Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | 763 | 1,245 | |||
Operational funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 1,593 | € 2,806 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2023 | Jan. 01, 2022 | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 4,051 | [1] | € 2,356 | € 9,661 | |
Difference between the contractually required payment at maturity date and the carrying amount | 7 | 6 | |||
Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | 1,245 | 763 | |||
Operational funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Increase (decrease) in borrowing capacity | (1,200) | ||||
Borrowings | 2,806 | 1,593 | |||
EUR 500 Million Senior Unsecured Notes [member] | Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 499 | € 500 | |||
Coupon rate | 1% | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Borrowings - Summary of Detaile
Borrowings - Summary of Detailed Composition of Capital Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | |
Capital funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 763 | 1,245 | |||
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 | € 500 | 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 | € 287 | 281 | |||
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, December 16 | ||||
Borrowings issued year | 2009 | ||||
Borrowings maturity year | 2039 | ||||
Borrowings | € 457 | 446 | |||
Capital funding [member] | Other [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 18 | € 19 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Borrowings - Summary of Detai_2
Borrowings - Summary of Detailed Composition of Operational Funding (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | ||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | |
Operational funding [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Borrowings | € 1,593 | 2,806 | |||
Operational funding [member] | FHLB Secured Borrowings [member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2021 / 24 | ||||
Borrowings | € 1,562 | 2,806 | |||
Operational funding [member] | North Westerly VI Note [Member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2020 / 32 | ||||
Borrowings | € 15 | 0 | |||
Operational funding [member] | North Westerly VII Note [Member] | |||||
Disclosure of detailed information about borrowings [Line Items] | |||||
Coupon rate | Floating | ||||
Coupon date | Quarterly | ||||
Borrowing maturity | 2021 / 34 | ||||
Borrowings | € 16 | € 0 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Borrowings - Summary of Undrawn
Borrowings - Summary of Undrawn Committed Borrowings Facilities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 2,623 | € 3,435 |
Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | 2,623 | 3,435 |
Later than one year [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Undrawn Borrowing Facilities | € 2,623 | € 3,435 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | ||
Beginning balance on January 1 | € 100 | € 193 |
Additional provisions | 77 | 28 |
Disposal of a business | (13) | (8) |
Unused amounts reversed through the income statement | (25) | (10) |
Used during the year | (54) | (57) |
Net exchange differences | (2) | 5 |
Transfers to disposal groups | 0 | (52) |
Ending balance | 83 | 100 |
Current | 78 | 90 |
Non-current | € 5 | € 10 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of other provisions [Line Items] | |||||
Litigation provisions | € 65 | € 71 | |||
Provisions | 83 | 100 | [1] | € 193 | |
Restructuring provisions [member] | |||||
Disclosure of other provisions [Line Items] | |||||
Provisions | 9 | 9 | |||
Other provisions [member] | |||||
Disclosure of other provisions [Line Items] | |||||
Provisions | € 9 | € 19 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Defined Benefit Plans - Summary
Defined Benefit Plans - Summary of Defined Benefit Plans (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | € 546 | € 409 | € 3,824 | |||
Defined benefit assets | 123 | 87 | ||||
Defined benefit liabilities | 669 | 496 | [1] | € 3,944 | ||
Retirement Benefit Plans [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | 368 | 225 | 3,547 | |||
Other Post Employment Benefit Plans [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit plans | 178 | 184 | € 277 | |||
Retirement benefit plans in surplus [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit assets | 103 | 87 | ||||
Reimbursement Rights [Member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit assets | 20 | 0 | ||||
Retirement benefit plans in deficit [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit liabilities | 491 | 312 | ||||
Other post-employment benefit plans in deficit [member] | ||||||
Disclosure of defined benefit plans [Line Items] | ||||||
Defined benefit liabilities | € 178 | € 184 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Defined Benefit Plans - Summa_2
Defined Benefit Plans - Summary of Movements of Defined Benefit Plans (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | € 409 | € 3,824 |
Defined benefit expenses | 132 | 85 |
Current year service cost | 44 | 43 |
Interest expense | 19 | 45 |
Remeasurements of the defined benefit obligations: | ||
Past service cost | 69 | (3) |
Remeasurements of defined benefit plans | 160 | (904) |
Contributions paid | (83) | (38) |
Benefits paid | (51) | (134) |
Net exchange differences | (21) | 36 |
Transfers to disposal groups | (2,462) | |
Other | 1 | |
Ending Balance | 546 | 409 |
Present value of defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 3,491 | 8,541 |
Current year service cost | 46 | 43 |
Interest expense | 172 | 158 |
Remeasurements of the defined benefit obligations: | ||
- Actuarial gains and losses arising from changes in demographic assumptions | 53 | (3) |
- Actuarial gains and losses arising from changes in financial assumptions | 61 | (2,420) |
Past service cost | 109 | (3) |
Benefits paid | (252) | (529) |
Net exchange differences | (65) | 164 |
Transfers to disposal groups | (2,462) | |
Other | 1 | |
Ending Balance | 3,616 | 3,491 |
Defined benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 3,083 | 4,717 |
Interest expense | 153 | 114 |
Remeasurements of the defined benefit obligations: | ||
Remeasurements of defined benefit plans | (21) | (1,518) |
Contributions by employer | 83 | 38 |
Benefits paid | (203) | (395) |
Net exchange differences | (44) | 127 |
Ending Balance | 3,051 | 3,083 |
Post-employment benefit costs [Member] | Reimbursement Rights [Member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 0 | 0 |
Current year service cost | 2 | |
Remeasurements of the defined benefit obligations: | ||
- Actuarial gains and losses arising from changes in financial assumptions | (25) | |
Past service cost | 40 | |
Benefits paid | 2 | |
Ending Balance | 20 | 0 |
Retirement Benefit Plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 225 | 3,547 |
Defined benefit expenses | 113 | 68 |
Current year service cost | 38 | 32 |
Interest expense | 10 | 38 |
Remeasurements of the defined benefit obligations: | ||
Past service cost | 66 | (3) |
Remeasurements of defined benefit plans | 167 | (837) |
Contributions paid | (83) | (38) |
Benefits paid | (39) | (117) |
Net exchange differences | (15) | 21 |
Transfers to disposal groups | (2,421) | |
Other | 1 | |
Ending Balance | 368 | 225 |
Other Post Employment Benefit Plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Beginning Balance | 184 | 277 |
Defined benefit expenses | 19 | 17 |
Current year service cost | 6 | 11 |
Interest expense | 9 | 6 |
Remeasurements of the defined benefit obligations: | ||
Past service cost | 4 | |
Remeasurements of defined benefit plans | (7) | (67) |
Benefits paid | (12) | (17) |
Net exchange differences | (6) | 15 |
Transfers to disposal groups | (41) | |
Ending Balance | € 178 | € 184 |
Defined Benefit Plans - Summa_3
Defined Benefit Plans - Summary of Amounts Recognized in Statement of Financial Positions (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | € 3,165 | € 3,098 | |
Fair value of plan assets | (3,051) | (3,083) | |
Fair value of reimbursement rights | (19) | ||
Surplus Deficit In Plan | 95 | 15 | |
Present value of wholly unfunded obligations | 451 | 394 | |
Ending Balance | 546 | 409 | € 3,824 |
Retirement Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Present value of wholly or partly funded obligations | 3,165 | 3,098 | |
Fair value of plan assets | (3,051) | (3,083) | |
Fair value of reimbursement rights | (20) | ||
Surplus Deficit In Plan | 93 | 15 | |
Present value of wholly unfunded obligations | 275 | 210 | |
Ending Balance | 368 | 225 | 3,547 |
Other Post Employment Benefit Plans [member] | |||
Disclosure of net defined benefit liability (asset) [Line Items] | |||
Fair value of reimbursement rights | 2 | ||
Surplus Deficit In Plan | 2 | ||
Present value of wholly unfunded obligations | 176 | 184 | |
Ending Balance | € 178 | € 184 | € 277 |
Defined Benefit Plans - Summa_4
Defined Benefit Plans - Summary of Fair Value of Plan Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Current year service cost | € 44 | € 43 |
Net interest on the net defined benefit liability (asset) | 19 | 45 |
Past service cost | 69 | (3) |
Total defined benefit expenses | 132 | 85 |
Retirement Benefit Plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Current year service cost | 38 | 32 |
Net interest on the net defined benefit liability (asset) | 10 | 38 |
Past service cost | 66 | (3) |
Total defined benefit expenses | 113 | 68 |
Other Post Employment Benefit Plans [member] | ||
Disclosure of net defined benefit liability (asset) [Line Items] | ||
Current year service cost | 6 | 11 |
Net interest on the net defined benefit liability (asset) | 9 | 6 |
Past service cost | 4 | |
Total defined benefit expenses | € 19 | € 17 |
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, 2023 | Dec. 31, 2022 |
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | € 601 | € 490 |
Derivatives | (143) | (218) |
Investment funds | 2,142 | 2,214 |
Structured securities | 200 | 268 |
Other | 252 | 328 |
On December 31 | € 3,051 | € 3,083 |
Debt instrument | 20% | 16% |
Derivatives | (5.00%) | (7.00%) |
Investment funds | 70% | 72% |
Structured securities | 7% | 9% |
Other | 8% | 11% |
On December 31 | 100% | 100% |
Quoted Plan Assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | € 424 | € 336 |
On December 31 | 424 | 336 |
Unquoted plan assets [member] | ||
Disclosure of fair value of plan assets [Line Items] | ||
Debt instrument | 177 | 154 |
Derivatives | (143) | (218) |
Investment funds | 2,142 | 2,214 |
Structured securities | 200 | 268 |
Other | 252 | 328 |
On December 31 | € 2,627 | € 2,746 |
Defined Benefit Plans - Additio
Defined Benefit Plans - Additional Information (Detail) € in Millions | 12 Months Ended | |||
Sep. 01, 2023 EUR (€) | Dec. 31, 2023 EUR (€) yr Plans | Dec. 31, 2022 EUR (€) yr | Dec. 31, 2021 EUR (€) | |
Disclosure of defined benefit plans [Line Items] | ||||
Plan benefit liability | € 546 | € 409 | € 3,824 | |
Defined benefit plan deficit | (95) | (15) | ||
Defined benefit obligation, at present value | € 3,165 | € 3,098 | ||
Aegon United Kingdom [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Remaining average duration of defined benefits obligation | yr | 14.9 | 15.3 | ||
Defined benefit plan deficit | € 103 | € 87 | ||
Contributions were paid into scheme | € 37 | € 38 | ||
Percentage of investment assets allocation in primary equities | 16% | |||
Percentage of investment liability allocation in fixed interest and inflation-linked bonds and related derivatives | 84% | |||
Actuarial assumption of discount rates | 4.79% | 4.96% | ||
Transamerica Corporation [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Defined benefit plans deficit | € (216) | € (102) | ||
Employer contribution to pension plan | € 45 | |||
Number of benefit plans | Plans | 2 | |||
Remaining average duration of defined benefits obligation | yr | 9 | 9.8 | ||
Transamerica Corporation [member] | United States [member] | Supplemental pension and retirement plan [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Defined benefit plans unfunded | € 174 | € 197 | ||
Transamerica Corporation [member] | United States [member] | Post employment healthcare benefits [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Plan benefit liability | € 176 | € 184 | ||
Aegon Nederland N.V. [member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Remaining average duration of defined benefits obligation | yr | 21.9 | |||
Remaining Weighted Average Duration Of Other Post Employment Benefit Plans | 12 years | |||
Unfunded Post Employment Benefit Plans Liabilities | € 5 | |||
Remaining Average Duration Of Expected Guaranteed Premium And Management Fee | yr | 16.9 | |||
Actuarial assumption of discount rates | 3.42% | |||
Defined benefit obligation, at present value | € 90 | |||
Aegon Nederland N.V. [member] | Reimbursement Rights [Member] | ||||
Disclosure of defined benefit plans [Line Items] | ||||
Defined benefit obligation, at present value | € 69 |
Defined Benefit Plans - Summa_6
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Detail) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Aegon United Kingdom [member] | |||||
Demographic actuarial assumptions | |||||
Mortality | US mortality table | [1] | US mortality table | [2] | |
Financial actuarial assumptions | |||||
Discount rate | 4.79% | 4.96% | |||
Price inflation | 3.10% | 3.20% | |||
Aegon Nederland N.V. [member] | |||||
Demographic actuarial assumptions | |||||
Mortality | [3] | AEGON 2023 | |||
Financial actuarial assumptions | |||||
Discount rate | 3.42% | ||||
Price inflation | 2.36% | ||||
United States [member] | |||||
Demographic actuarial assumptions | |||||
Mortality | [4] | US mortality table | US mortality table | ||
Financial actuarial assumptions | |||||
Salary increase rate | 4% | 4% | |||
Health care trend rate | 680% | 6.30% | |||
United States [member] | Top of range [member] | |||||
Financial actuarial assumptions | |||||
Discount rate | 5% | 5.22% | |||
United States [member] | Bottom of range [member] | |||||
Financial actuarial assumptions | |||||
Discount rate | 4.93% | 5.14% | |||
[1]Club Vita tables based on analysis of Scheme membership CMI 2022 1.5%/1.25% p.a. (males/females)[2]Club Vita tables based on analysis of Scheme membership CMI 2021 1.5%/1.25% p.a. (males/females)[3]During 2023 the mortality table is adjusted, based on experience adjustments.[4]2023 assumption -PRI-2012 Employee, Healthy Annuitant and Contingent Survivor Tables (90% white collar/10% blue collar) projected with Scale MP-2021. Comparative figures are as included in the Integrated Annual Report 2022. |
Defined Benefit Plans - Summa_7
Defined Benefit Plans - Summary of Actuarial Assumptions Used to Determine Defined Benefit Obligations (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
White collar jobs percentage | 90% | 90% |
Blue collar jobs percentage | 10% | 10% |
Top of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 1.50% | 1.50% |
Bottom of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Club Vita tables Scheme membership CMI | 1.25% | 1.25% |
Defined Benefit Plans - Summa_8
Defined Benefit Plans - Summary of Estimated Approximate Effects on Defined Benefit Obligation (Detail) - United States [member] - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (47) | € (50) |
Decrease in actuarial assumptions | 53 | 54 |
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 | (205) | (222) |
Decrease in actuarial assumptions | 250 | 277 |
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 | 5 | 4 |
Decrease in actuarial assumptions | (4) | (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 | 10 |
Decrease in actuarial assumptions | € (9) | € (9) |
Defined Benefit Plans - Estimat
Defined Benefit Plans - Estimated Approximate Effects on the Defined Benefit Obligation (Detail) - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | Aegon United Kingdom [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | € (20) | € (19) |
Decrease in actuarial assumptions | 23 | 22 |
Demographic actuarial assumption on mortality rates by 10% Variation [member] | Aegon Netherlands [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (1) | |
Decrease in actuarial assumptions | 1 | |
Financial actuarial assumptions of discount rates by 100 basis points variation [member] | Aegon United Kingdom [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (131) | (130) |
Decrease in actuarial assumptions | 166 | 164 |
Financial actuarial assumptions of discount rates by 100 basis points variation [member] | Aegon Netherlands [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | (14) | |
Decrease in actuarial assumptions | 18 | |
Finance actuarial assumption on price inflation by 100 basis points variation [member] | Aegon United Kingdom [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Increase in actuarial assumptions | 62 | 55 |
Decrease in actuarial assumptions | € (128) | € (113) |
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, 2023 | Dec. 31, 2022 |
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Debt instruments | 20% | 16% |
Other | 8% | 11% |
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 | 16.10% | |
Debt instruments | 83.90% | |
Aegon USA [member] | Actuarial assumption of expected rates of pension increases [member] | Defined benefit plans [member] | Bottom of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 2% | |
Debt instruments | 80% | |
Other | 8% | |
Aegon USA [member] | Actuarial assumption of expected rates of pension increases [member] | Defined benefit plans [member] | Top of range [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [Line Items] | ||
Equity instruments | 4% | |
Debt instruments | 90% | |
Other | 16% |
Deferred Tax - Summary of Defer
Deferred Tax - Summary of Deferred Tax (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | € 2,350 | € 2,433 | ||||
Deferred tax liabilities, temporary differences | 57 | 30 | ||||
Deferred tax assets | 2,350 | 2,433 | [1] | € 2,164 | ||
Deferred tax liabilities | (57) | (30) | [1] | € (8) | ||
Total net deferred tax liability / (asset) | 2,293 | 2,403 | € 1,974 | |||
Real estate [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | (2) | (15) | ||||
Total net deferred tax liability / (asset) | (2) | (15) | (776) | |||
Financial assets [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 803 | 1,569 | ||||
Deferred tax liabilities, temporary differences | (6) | (6) | ||||
Total net deferred tax liability / (asset) | 809 | 1,574 | (3,336) | |||
Insurance and investment contracts [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | (599) | (1,416) | ||||
Deferred tax liabilities, temporary differences | 62 | 33 | ||||
Deferred expenses, VOBA and other intangible assets [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 539 | 573 | ||||
Deferred tax liabilities, temporary differences | 2 | |||||
Total net deferred tax liability / (asset) | 537 | 573 | 448 | |||
Defined benefit plans [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 214 | 196 | ||||
Total net deferred tax liability / (asset) | 214 | 196 | 154 | |||
Tax losses and credits carried forward [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 1,112 | 1,287 | ||||
Other [member] | ||||||
Deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets, temporary differences | 283 | 239 | ||||
Deferred tax liabilities, temporary differences | (1) | 3 | ||||
Total net deferred tax liability / (asset) | € 284 | € 235 | € 45 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 | |
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | € (2,403) | € (1,974) |
Charged to income statement | (204) | 45 |
Charged to OCI | 134 | (319) |
Net exchange differences | 76 | (109) |
Disposal of a business | (8) | (5) |
Transfers to disposal groups | 0 | (61) |
Transfer to/from other headings | 0 | (1) |
Transfer to/from current income tax | 109 | 25 |
Other | 2 | (4) |
Ending balance | (2,293) | (2,403) |
Real estate [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | 15 | 776 |
Charged to income statement | (12) | (75) |
Net exchange differences | 0 | 1 |
Disposal of a business | 0 | (1) |
Transfers to disposal groups | 0 | (685) |
Transfer to/from other headings | 0 | |
Other | 0 | |
Ending balance | 2 | 15 |
Financial assets [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | (1,574) | 3,336 |
Charged to income statement | 170 | (2,928) |
Charged to OCI | 436 | (2,770) |
Net exchange differences | 38 | 139 |
Disposal of a business | 2 | 1 |
Transfers to disposal groups | 0 | 841 |
Transfer to/from other headings | 118 | (194) |
Other | 0 | |
Ending balance | (809) | (1,574) |
Insurance contracts [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | 1,449 | (4,452) |
Charged to income statement | (479) | 3,380 |
Charged to OCI | (271) | 2,256 |
Net exchange differences | (32) | (163) |
Disposal of a business | (4) | (2) |
Transfers to disposal groups | 0 | 306 |
Transfer to/from other headings | 0 | 122 |
Other | (1) | |
Ending balance | 661 | 1,449 |
Deferred expenses and other intangible assets [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | (573) | (448) |
Charged to income statement | 12 | (217) |
Net exchange differences | 19 | (28) |
Disposal of a business | 0 | 0 |
Transfers to disposal groups | 0 | (1) |
Transfer to/from other headings | 0 | 121 |
Other | 5 | |
Ending balance | (537) | (573) |
Defined benefit plans [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | (196) | (154) |
Charged to income statement | 6 | (191) |
Charged to OCI | (31) | 252 |
Net exchange differences | 7 | (12) |
Disposal of a business | 0 | 0 |
Transfers to disposal groups | 0 | (94) |
Transfer to/from other headings | 0 | 3 |
Other | 0 | |
Ending balance | (214) | (196) |
Tax losses and credits carried forward | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | (1,287) | (988) |
Charged to income statement | 49 | 180 |
Net exchange differences | 26 | (24) |
Disposal of a business | (8) | 0 |
Transfers to disposal groups | (1) | (454) |
Transfer to/from other headings | 0 | (27) |
Transfer to/from current income tax | 109 | 25 |
Other | (1) | |
Ending balance | (1,112) | (1,287) |
Other [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Beginning balance | (235) | (45) |
Charged to income statement | 51 | (105) |
Charged to OCI | (56) | |
Net exchange differences | 18 | (22) |
Disposal of a business | 2 | (3) |
Transfers to disposal groups | 1 | 26 |
Transfer to/from other headings | (118) | (26) |
Other | (2) | (4) |
Ending balance | € (284) | € (235) |
Deferred Tax - Additional Infor
Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | ||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets recognized for tax losses, gross | € 2,350 | € 2,433 | [1] | € 2,164 | |
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets, gross | 29 | ||||
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 5 | ||||
Unused tax credits [member] | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets recognized for tax losses, tax | 583 | 595 | |||
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 | 1,758 | ||||
Deferred tax assets not recognized in respect of deductible temporary differences relating to financial assets tax amount | 454 | ||||
Tax losses and credits carried forward | |||||
Deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets recognized for tax losses, gross | 2,564 | 2,858 | |||
Deferred tax assets recognized for tax losses, tax | € 573 | € 635 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
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, 2023 | Dec. 31, 2022 |
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | € 969 | € 716 |
Not recognized deferred tax asset | 308 | 246 |
Less than 5 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 28 | 58 |
Not recognized deferred tax asset | 13 | 16 |
Over 5 through 10 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 1 | 7 |
Not recognized deferred tax asset | 0 | 2 |
Over 10 through 15 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 0 | |
Not recognized deferred tax asset | 65 | 59 |
Over 15 through 20 years [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 0 | |
Not recognized deferred tax asset | 0 | |
Indefinitely [member] | ||
Deferred tax assets and liabilities [Line Items] | ||
Gross amounts | 939 | 651 |
Not recognized deferred tax asset | € 231 | € 169 |
Deferred Tax - Summary of Def_2
Deferred Tax - Summary of Deferred Corporate Income Tax Asset (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets And Liabilities [line items] | ||
Deferred corporate income tax asset dependent on retaining bond and similar investments until the earlier of market recovery or maturity | € 993 | € 1,295 |
Deferred corporate income tax asset dependent on future taxable profits | 362 | 7 |
On December 31 | 1,355 | 1,302 |
Gross carrying amount [member] | ||
Deferred Tax Assets And Liabilities [line items] | ||
Deferred corporate income tax asset dependent on retaining bond and similar investments until the earlier of market recovery or maturity | 4,729 | 6,166 |
Deferred corporate income tax asset dependent on future taxable profits | 1,717 | 27 |
On December 31 | € 6,446 | € 6,193 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure Of Other Liabilities [abstract] | |||||
Payables due to policyholders | € 1,632 | € 684 | |||
Payables due to brokers and agents | 482 | 454 | |||
Social security and taxes payable | 59 | 49 | |||
Income tax payable | 1 | 10 | |||
Investment creditors | 995 | 970 | |||
Cash collateral on derivative transactions | 964 | 2,483 | |||
Cash collateral on securities lent | 2,357 | 2,417 | |||
Cash collateral - other | 68 | 64 | |||
Repurchase agreements | 28 | 107 | |||
Lease liabilities | 205 | 210 | |||
Other creditors | 1,599 | 2,828 | |||
On December 31 | 8,390 | 10,278 | [1] | € 11,883 | |
Current | 8,210 | 10,069 | |||
Non-current | € 180 | € 208 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Accruals - Summary of Accruals
Accruals - Summary of Accruals (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Summary Of Accruals [Abstract] | |||||
Accrued interest | € 47 | € 129 | |||
Accrued expenses | 281 | 243 | |||
On December 31 | € 328 | € 372 | [1] | € 537 | |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Capital Management and Solven_3
Capital Management and Solvency - Additional Information (Detail) - EUR (€) € in Millions, shares in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of capital management and solvency [line items] | ||
Withdrawal of insurance license triggered by breach of Authorized Control Level (ACL), percentage | 100% | |
Percentage of higher capital requirement in SCR | 50% | |
Capital requirements on a solo-level, Solvency II ratio | 100% | |
Proportions Group Solvency Two Ratio | 193% | 208% |
Cash capital maintained | € 1,600 | € 2,400 |
Gross Financial Leverage | 5,064 | € 5,621 |
Proceeds from transaction with a s r announcement | 2,200 | |
Reduction in the gross financial leverage as per estimate | 500 | |
Common shares [member] | ||
Disclosure of capital management and solvency [line items] | ||
Proceeds from stock repurchased during the period value | € 750 | |
Total number of shares repurchase program | 1,500 | |
United States [member] | ||
Disclosure of capital management and solvency [line items] | ||
Risk based capital ratio | 432% | 425% |
United Kingdom [member] | ||
Disclosure of capital management and solvency [line items] | ||
Equitable solvency two ratio | 187% | 169% |
Statutory Capital Reserve For Solvency Two Units [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Percentage of higher capital requirement in SCR | 120% | |
Operating level capital percentage | 400% | |
RBC Cal [Member] | ||
Disclosure of capital management and solvency [line items] | ||
Operating level capital percentage | 150% | |
Capital funding [member] | EUR 500 Million Senior Unsecured Notes [member] | ||
Disclosure of capital management and solvency [line items] | ||
Face amount of debt instrument redeemed during the period | € 500 | |
Top of range [member] | ||
Disclosure of capital management and solvency [line items] | ||
Cash capital maintained | 1,500 | |
Gross Financial Leverage | 5,000 | |
Bottom of range [member] | ||
Disclosure of capital management and solvency [line items] | ||
Gross Financial Leverage | € 500 | |
Bottom of range [member] | United States [member] | ||
Disclosure of capital management and solvency [line items] | ||
Risk based capital ratio | 400% | |
Bottom of range [member] | United Kingdom [member] | ||
Disclosure of capital management and solvency [line items] | ||
Equitable solvency two ratio | 150% |
Capital Management and Solven_4
Capital Management and Solvency - Summary of Capital Ratios of Aegon's Operating Units (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
United States [member] | ||
Disclosure In Tabular Form Of Capital Ratios Of Operating Units [Line Items] | ||
Risk based capital ratio | 432% | 425% |
United Kingdom [member] | ||
Disclosure In Tabular Form Of Capital Ratios Of Operating Units [Line Items] | ||
Equitable solvency two ratio | 187% | 169% |
Capital Management and Solven_5
Capital Management and Solvency - Aegon's Estimated Capital Position (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | [1] | Dec. 31, 2022 | |
Disclosure Of Estimated Capital Position [Line Items] | |||
Group solvency ratio | 193% | 208% | |
Aegons Insurance Group [member] | |||
Disclosure Of Estimated Capital Position [Line Items] | |||
Group Eligible Own Funds | € 14,250 | € 16,332 | |
Group SCR | € 7,366 | € 7,844 | |
[1]The solvency ratios are estimates and are not final until filed with the respective supervisory authority. |
Capital Management and Solven_6
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of capital management and solvency [line items] | |||||
Total shareholders' equity - based on IFRS as adopted by the EU | € 7,475 | € 8,815 | [1] | € 11,018 | |
Non-controlling interests and share options not yet exercised | 203 | 243 | |||
CSM after tax | 6,403 | 7,227 | |||
Adjusted valuation equity | 14,080 | 16,285 | |||
Other equity instruments | 1,951 | 1,943 | [1] | 2,363 | |
Subordinated borrowings | 2,244 | 2,295 | [1] | 2,194 | |
Trust pass-through securities | 111 | 118 | [1] | € 126 | |
Currency revaluation other equity instruments | 50 | 66 | |||
Hybrid leverage | 4,282 | 4,356 | |||
Senior debt | 782 | 1,265 | |||
Senior leverage | 782 | 1,265 | |||
Total gross financial leverage | 5,064 | 5,621 | |||
Total capitalization | € 19,144 | € 21,906 | |||
Gross financial leverage ratio | 26.50% | 25.70% | |||
Fixed Charge Coverage | 6.5 | 8.7 | |||
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 | 923 | |||
Perpetual cumulative subordinated bonds [member] | |||||
Disclosure of capital management and solvency [line items] | |||||
Other equity instruments | 454 | 454 | |||
Non-cumulative subordinated notes [member] | |||||
Disclosure of capital management and solvency [line items] | |||||
Subordinated borrowings | € 2,244 | € 2,295 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Capital Management and Solven_7
Capital Management and Solvency - Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio (Parenthetical) (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € 782 | € 1,265 |
Currency swap contract [member] | ||
Disclosure of capital management and solvency [line items] | ||
Senior debt for the gross financial leverage | € 19 | € 20 |
Fair Value - Analysis of Assets
Fair Value - Analysis of Assets and Liabilities Recorded at Fair Value on Recurring Basis by Level of Fair Value Hierarchy (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | € 63,638 | € 66,959 |
Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 257,645 | 247,151 |
Liabilities carried at fair value | 67,523 | 60,806 |
Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 207,220 | 192,855 |
Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 50,364 | 54,223 |
Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 291 | 348 |
Shares [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 10 | 10 |
Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 2,396 | 2,040 |
Debt securities [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 47,191 | 51,607 |
Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4,215 | 3,042 |
Money market and other short-term instruments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 3,135 | 2,576 |
Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,011 | 4,588 |
Other investments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 29 | 31 |
Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1,429 | 2,771 |
Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 55 | 59 |
Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 433 | 443 |
Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 61 | 73 |
Investments where the policyholder bears the risk [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 193,390 | 179,563 |
Investment contracts for account of policyholders without DPF [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 55,631 | |
Derivatives [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 2,479 | 5,175 |
Investment contracts without DPF where the policyholder bears the risk [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 65,044 | |
Level I [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 103,248 | 97,878 |
Liabilities carried at fair value | 39 | 51 |
Level I [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 94,570 | 89,922 |
Level I [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 8,678 | 7,956 |
Level I [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 153 | 160 |
Level I [member] | Shares [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5 | 5 |
Level I [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 302 | 282 |
Level I [member] | Debt securities [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,644 | 6,353 |
Level I [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4,041 | 2,084 |
Level I [member] | Money market and other short-term instruments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 3,028 | 1,597 |
Level I [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1 | 1 |
Level I [member] | Other investments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level I [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 47 | 33 |
Level I [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level I [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level I [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level I [member] | Investments where the policyholder bears the risk [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 90,027 | 87,362 |
Level I [member] | Investment contracts for account of policyholders without DPF [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 0 | |
Level I [member] | Derivatives [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 39 | 51 |
Level I [member] | Investment contracts without DPF where the policyholder bears the risk [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 0 | |
Level II [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 148,551 | 143,881 |
Liabilities carried at fair value | 67,478 | 60,742 |
Level II [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 107,395 | 97,804 |
Level II [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 41,157 | 46,077 |
Level II [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 43 | 61 |
Level II [member] | Shares [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level II [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 2,009 | 1,722 |
Level II [member] | Debt securities [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 41,031 | 45,073 |
Level II [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 173 | 957 |
Level II [member] | Money market and other short-term instruments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 97 | 973 |
Level II [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 773 | 537 |
Level II [member] | Other investments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 29 | 31 |
Level II [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 1,374 | 2,728 |
Level II [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level II [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level II [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 0 |
Level II [member] | Investments where the policyholder bears the risk [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 103,022 | 91,799 |
Level II [member] | Investment contracts for account of policyholders without DPF [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 55,631 | |
Level II [member] | Derivatives [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 2,434 | 5,111 |
Level II [member] | Investment contracts without DPF where the policyholder bears the risk [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 65,044 | |
Level III [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,846 | 5,392 |
Liabilities carried at fair value | 6 | 12 |
Level III [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 5,255 | 5,128 |
Level III [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 530 | 191 |
Level III [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 94 | 127 |
Level III [member] | Shares [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4 | 4 |
Level III [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 86 | 35 |
Level III [member] | Debt securities [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 516 | 181 |
Level III [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 0 | 1 |
Level III [member] | Money market and other short-term instruments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 9 | 5 |
Level III [member] | Other investments [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4,947 | 4,403 |
Level III [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 4,237 | 4,050 |
Level III [member] | Other investments [member] | Fair value through other comprehensive income [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 9 | 5 |
Level III [member] | Derivatives [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 6 | 12 |
Level III [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 8 | 11 |
Level III [member] | Real estate [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 55 | 59 |
Level III [member] | Investments in real estate for policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 433 | 443 |
Level III [member] | Real estate held for own use [member] | Financial assets revalued amount [Member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 61 | 73 |
Level III [member] | Investments where the policyholder bears the risk [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Assets carried at fair value | 342 | 402 |
Level III [member] | Investment contracts for account of policyholders without DPF [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 0 | |
Level III [member] | Derivatives [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | 6 | € 12 |
Level III [member] | Investment contracts without DPF where the policyholder bears the risk [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Liabilities carried at fair value | € 0 |
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, 2023 | Dec. 31, 2022 | |
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 | € 46 | € 34 |
Transfers Level II to Level I | 1,182 | 895 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 45 | 23 |
Transfers Level II to Level I | 386 | 464 |
Financial assets at fair value through other comprehensive income, category [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 | 0 | 23 |
Transfers Level II to Level I | 141 | 5 |
Financial assets at fair value through other comprehensive income, category [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 I to Level II | 45 | 0 |
Transfers Level II to Level I | 245 | 460 |
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 | 1 | 10 |
Transfers Level II to Level I | 795 | 431 |
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 | 0 | 10 |
Transfers Level II to Level I | 0 | 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 I to Level II | 0 | 0 |
Transfers Level II to Level I | 795 | 275 |
Financial assets at fair value through profit or loss [member] | Investments where the policyholder bears the risk [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 | 1 | 0 |
Transfers Level II to Level I | 0 | 28 |
Revalued amounts [member] | Real estate held for own use [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 | 0 | 0 |
Transfers Level II to Level I | € 0 | € 0 |
Fair Value - Disclosures of Cha
Fair Value - Disclosures of Changes in Level 3 Assets (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | [1] | € 380,711 | ||
Ending balance | 301,581 | € 380,711 | [1] | |
Beginning balance | [1] | 369,777 | ||
Ending balance | 292,026 | 369,777 | [1] | |
Level III [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 12 | 8 | ||
Total gains /losses in income statement | (6) | (54) | ||
Purchases | (559) | |||
Sales | 721 | |||
Net exchange difference | 3 | |||
Transfers from levels I and II | 1 | |||
Transfers to disposal groups | (106) | |||
Ending balance | 6 | 12 | ||
Level III [member] | Recurring fair value measurement [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 5,392 | 32,732 | ||
Disposal of a business | (24) | |||
Total gains /losses in income statement | (141) | (4,218) | ||
Total gains /losses in OCI | 13 | (95) | ||
Purchases | 1,044 | 2,346 | ||
Sales | (546) | (2,042) | ||
Settlements | (19) | (34) | ||
Reclassification | 2 | |||
Transfers from levels I and II | 265 | 41 | ||
Transfers to levels I and II | (3) | (347) | ||
Transfers to disposal groups | (23,203) | |||
Ending balance | 5,849 | 5,392 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (120) | (7) | ||
Net exchange difference | (157) | 232 | ||
Level III [member] | Recurring fair value measurement [member] | Investment contracts without DPF where the policyholder bears the risk [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | (33) | |||
Total gains /losses in income statement | (23) | |||
Purchases | (559) | |||
Sales | 721 | |||
Transfers from levels I and II | 1 | |||
Transfers to disposal groups | (105) | |||
Level III [member] | Recurring fair value measurement [member] | Derivatives [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 12 | 41 | ||
Total gains /losses in income statement | (6) | (31) | ||
Net exchange difference | 3 | |||
Transfers to disposal groups | (1) | |||
Ending balance | 6 | 12 | ||
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 | 73 | 185 | ||
Disposal of a business | (23) | |||
Total gains /losses in income statement | (3) | (3) | ||
Total gains /losses in OCI | (2) | |||
Purchases | (1) | (1) | ||
Sales | (8) | |||
Reclassification | (5) | |||
Transfers to disposal groups | (76) | |||
Ending balance | 64 | 73 | ||
Net exchange difference | (2) | 4 | ||
Level III [member] | Recurring fair value measurement [member] | Fair value through other comprehensive income [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 191 | 398 | ||
Total gains /losses in income statement | (1) | (1) | ||
Total gains /losses in OCI | 15 | (95) | ||
Purchases | 263 | 98 | ||
Sales | (124) | (47) | ||
Settlements | (15) | (16) | ||
Transfers from levels I and II | 214 | 37 | ||
Transfers to levels I and II | (1) | (207) | ||
Ending balance | 530 | 191 | ||
Net exchange difference | (12) | 23 | ||
Level III [member] | Recurring fair value measurement [member] | Fair value through other comprehensive income [member] | Shares [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 4 | 4 | ||
Ending balance | 4 | 4 | ||
Level III [member] | Recurring fair value measurement [member] | Fair value through other comprehensive income [member] | Debt securities [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 181 | 365 | ||
Total gains /losses in income statement | (1) | (1) | ||
Total gains /losses in OCI | 11 | (73) | ||
Purchases | 263 | 98 | ||
Sales | (124) | (47) | ||
Settlements | (15) | (16) | ||
Transfers from levels I and II | 214 | 37 | ||
Transfers to levels I and II | (1) | (207) | ||
Ending balance | 516 | 181 | ||
Net exchange difference | (12) | 23 | ||
Level III [member] | Recurring fair value measurement [member] | Fair value through other comprehensive income [member] | Money markets and other short-term investments [Member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 5 | 28 | ||
Total gains /losses in OCI | 4 | (23) | ||
Ending balance | 9 | 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] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 5,128 | 32,149 | ||
Total gains /losses in income statement | (136) | (4,214) | ||
Purchases | 782 | 2,249 | ||
Sales | (422) | (1,986) | ||
Settlements | (4) | (19) | ||
Reclassification | 7 | |||
Transfers from levels I and II | 51 | 4 | ||
Transfers to levels I and II | (2) | (140) | ||
Transfers to disposal groups | (23,128) | |||
Ending balance | 5,255 | 5,128 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (120) | (6) | ||
Net exchange difference | (142) | 205 | ||
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 | 127 | 1,530 | ||
Total gains /losses in income statement | 2 | 137 | ||
Purchases | 12 | 191 | ||
Sales | (47) | (365) | ||
Transfers from levels I and II | 5 | |||
Transfers to disposal groups | (1,378) | |||
Ending balance | 94 | 127 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 3 | (41) | ||
Net exchange difference | (4) | 12 | ||
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 | 35 | 242 | ||
Total gains /losses in income statement | 17 | (11) | ||
Purchases | 38 | 45 | ||
Sales | (43) | (3) | ||
Settlements | (4) | (5) | ||
Transfers from levels I and II | 46 | 2 | ||
Transfers to levels I and II | (140) | |||
Transfers to disposal groups | (98) | |||
Ending balance | 86 | 35 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (8) | (12) | ||
Net exchange difference | (2) | 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] | Money markets and other short-term investments [Member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 1 | |||
Total gains /losses in income statement | 1 | |||
Transfers to levels I and II | (1) | |||
Ending balance | 1 | |||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 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 | 4,050 | 3,548 | ||
Total gains /losses in income statement | (65) | 247 | ||
Purchases | 652 | 627 | ||
Sales | (254) | (587) | ||
Settlements | (14) | |||
Ending balance | 4,237 | 4,050 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (70) | 159 | ||
Net exchange difference | (144) | 229 | ||
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Loans [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 22,727 | |||
Total gains /losses in income statement | (4,529) | |||
Purchases | 1,802 | |||
Sales | (1,825) | |||
Transfers to disposal groups | (18,175) | |||
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 | 11 | 1 | ||
Total gains /losses in income statement | (3) | 10 | ||
Sales | (1) | |||
Ending balance | 8 | 11 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (3) | 10 | ||
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 | 59 | 2,643 | ||
Total gains /losses in income statement | 2 | (51) | ||
Purchases | 2 | 42 | ||
Sales | (6) | (40) | ||
Reclassification | 7 | |||
Transfers to disposal groups | (2,545) | |||
Ending balance | 55 | 59 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 0 | 1 | ||
Net exchange difference | (1) | 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 | 443 | 563 | ||
Total gains /losses in income statement | (52) | (61) | ||
Purchases | 42 | 10 | ||
Sales | (12) | (42) | ||
Ending balance | 433 | 443 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (42) | (69) | ||
Net exchange difference | 11 | (27) | ||
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 where the policyholder bears the risk [member] | ||||
Changes in fair value measurement assets and liabilities [Line Items] | ||||
Beginning balance | 402 | 895 | ||
Total gains /losses in income statement | (37) | 43 | ||
Purchases | 37 | (468) | ||
Sales | (59) | 876 | ||
Transfers from levels I and II | 2 | |||
Transfers to disposal groups | (932) | |||
Ending balance | 342 | 402 | ||
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (55) | |||
Net exchange difference | € (1) | € (14) | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Financial assets designated at fair value through profit or loss | € 0 | |
Credit spread [member] | Weighted average [member] | Corporate bonds [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Interest rate | 0% | |
Tax credit investments [member] | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Discount rate used in valuation of tax credit investments | 6.90% | 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] | ||
At fair value through other comprehensive income | € 82 | € 124 |
Fair Value - Information about
Fair Value - Information about Significant Unobservable Inputs (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | € 63,638 | € 66,959 |
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 | 257,645 | 247,151 |
Financial liabilities at fair value | 67,523 | 60,806 |
Recurring fair value measurement [member] | At fair value through other comprehensive income [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 50,364 | 54,223 |
Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 47,191 | 51,607 |
Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | € 29 | 31 |
Level III [member] | At fair value through other comprehensive income [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 in assets | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Other | |
Significant unobservable input | n.a. | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Broker quote | |
Significant unobservable input | n.a. | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Other | |
Significant unobservable input | n.a. | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Discounted cash flow | |
Significant unobservable input | Constant Prepayment Rate | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Discounted cash flow | |
Significant unobservable input | Constant Prepayment Rate | |
Level III [member] | At fair value through other comprehensive income [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 in assets | Net asset value | |
Significant unobservable input | n.a. | |
Level III [member] | At fair value through other comprehensive income [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 in assets | 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] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique in assets | 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] | Shares [member] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique in assets | Broker quote | |
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] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Valuation technique in assets | Broker quote | |
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 in assets | 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 in assets | 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 in assets | 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] | 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 in assets | 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] | 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 in assets | 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] | ||
Significant unobservable input | Own credit spread | |
Valuation technique in liabilities | Discounted cash flow | |
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] | ||
Significant unobservable input | Other | |
Valuation technique in liabilities | Discounted cash flow | |
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 | € 5,846 | 5,392 |
Financial liabilities at fair value | 6 | 12 |
Level III [member] | Recurring fair value measurement [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 | 4,947 | 4,403 |
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 liabilities at fair value | 6 | 12 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 530 | 191 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [member] | Shares [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 4 | 4 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 4 | 4 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 516 | 181 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 416 | 33 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | € 98 | € 147 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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) | 1.81% | 40.53% |
Financial assets at fair value | € 2 | € 2 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 9 | 5 |
Level III [member] | Recurring fair value measurement [member] | At fair value through other comprehensive income [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 | 9 | 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] | Shares [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 91 | 126 |
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] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 4 | 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] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 180 | 161 |
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] | Broker quote [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Financial assets at fair value | 80 | 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] | 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 | € 6 | € 30 |
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) | 7.10% | 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 | € 4,237 | € 4,050 |
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 | € 3,532 | € 3,439 |
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] | 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) | 6.88% | 7.10% |
Financial assets at fair value | € 705 | € 610 |
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% | |
Financial liabilities at fair value | 3 | € 8 |
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 liabilities at fair value | € 3 | € 4 |
Fair Value - Carrying Values an
Fair Value - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | € 73,865 | € 77,412 |
Fair value | 63,638 | 66,959 |
Subordinated borrowings - held at amortized cost [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Total estimated fair value | 2,122 | 2,035 |
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 | 2,244 | 2,295 |
Total estimated fair value | 2,122 | 2,035 |
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 | 111 | 118 |
Total estimated fair value | 125 | 133 |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial liabilities | 2,356 | 4,051 |
Total estimated fair value | 2,459 | 4,114 |
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 | 10,222 | 9,597 |
Total estimated fair value | 8,755 | 8,416 |
Mortgage loans - held at amortized cost [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | 10,156 | 10,407 |
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 | 10,157 | 10,407 |
Fair value | 9,025 | 9,218 |
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 | 70 | 46 |
Fair value | 70 | 46 |
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 | 1,392 | 1,372 |
Level I [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 | 0 | |
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 | 879 | 1,289 |
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 | 70 | 39 |
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 | 730 | 663 |
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 | 125 | 133 |
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 | 1,580 | 2,825 |
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] | 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 | 1 | 7 |
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 | 8,755 | 8,416 |
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 | € 9,024 | € 9,218 |
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, 2023 | Dec. 31, 2022 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | € 10,625 | € 10,524 |
Designated | 196,349 | 181,946 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 1,466 | 3,958 |
Designated | 65,044 | 55,631 |
Investments where Aegon bears the risk [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Trading | 9,386 | 8,079 |
Designated | 2,526 | 1,940 |
Investments where the policyholder bears the risk [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Designated | 193,823 | 180,006 |
Investment contracts without DPF where the policyholder bears the risk [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Designated | 65,044 | 55,631 |
Derivatives 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 | 1,238 | 2,445 |
Derivatives 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 | € 1,466 | € 3,958 |
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, 2023 | Dec. 31, 2022 | |
Disclosure Of Fair Value Financial Assets And Liabilities [abstract] | ||
Trading | € (1,244) | € (4,431) |
Designated | € 21,207 | € (35,205) |
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, 2023 | Dec. 31, 2022 | |
Real estate [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Sale | € 2 | € 1 |
Mortgage loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 421 | 468 |
Private loans [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | 89 | 150 |
Other [member] | ||
Disclosure of purchase and sale transactions of investments [line items] | ||
Purchase | € 1,292 | € 1,408 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Other Commitments and Contingencies (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Other Commitments And Contingencies [abstract] | ||
Guarantees | € 773 | € 611 |
Other guarantees | € 7 | € 8 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions, £ in Millions, Customers in Millions | 12 Months Ended | |||||
Nov. 30, 2018 Customers | Dec. 31, 2023 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2010 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | |
Financial guarantee contracts [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Collateral on liabilities | € 0 | € 0 | ||||
Other commitments [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Collateral on liabilities | 1 | 1 | ||||
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 | |||||
Contract agreement term | 15-year | |||||
Number of customers | Customers | 1.4 | |||||
Aegon Ltd. [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Due and punctual payment of payables due under letter of credit agreements | 526 | 511 | ||||
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 | |||||
Transamerica Corporation and Commonwealth General Corporation [member] | Aegon Ltd. [member] | Guarantees [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Due and punctual payment of payables due under letter of credit agreements | 526 | 511 | ||||
Subsidiaries [member] | Aegon Ltd. [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Securities and notes issued under commercial paper program | 1,007 | € 1,042 | ||||
Subsidiaries [member] | Aegon Ltd. [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, 2023 | Dec. 31, 2022 |
Shares [member] | FVOCI financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | € 0 | € 0 |
Carrying amount of associated liabilities | 0 | 0 |
Debt securities [member] | FVOCI financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 2,068 | 2,200 |
Carrying amount of associated liabilities | 2,382 | 2,513 |
Debt securities [member] | FVPL financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 5 | 16 |
Carrying amount of associated liabilities | 9 | 17 |
Investments where the policyholder bears the risk [member] | FVPL financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 15 | 72 |
Carrying amount of associated liabilities | 0 | 0 |
Money market and other short-term investments [Member] | FVOCI financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 0 | 0 |
Carrying amount of associated liabilities | 0 | 0 |
Money market and other short-term investments [Member] | FVPL financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 0 | 0 |
Carrying amount of associated liabilities | 0 | 0 |
Other [member] | FVOCI financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 0 | 0 |
Carrying amount of associated liabilities | 0 | 0 |
Other [member] | FVPL financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Carrying amount of transferred assets | 0 | 0 |
Carrying amount of associated liabilities | € 0 | € 0 |
Transfers of Financial Assets_2
Transfers of Financial Assets - Additional Information (Detail) - EUR (€) € in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Amount of collateral pledged for derivative transactions | € 2.3 | € 4.7 |
Transfers of Financial Assets_3
Transfers of Financial Assets - Summary of Securities Lending (Detail) - Securities lending [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Carrying amount of transferred financial assets | € 2,063 | € 2,190 |
Fair value of cash collateral received | 2,357 | 2,417 |
Fair value of non-cash collateral received | 16 | 74 |
Net exposure | € (309) | € (301) |
Transfers of Financial Assets_4
Transfers of Financial Assets - Summary of Reverse Repurchase Agreements (Detail) - Reverse repurchase agreements [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Cash paid for reverse repurchase agreements | € 442 | € 312 |
Fair value of non-cashcollateral received | 467 | 335 |
Net exposure | € (24) | € (23) |
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, 2023 | Dec. 31, 2022 |
Assets pledged for repurchase agreements [member] | ||
Disclosure of financial assets [line items] | ||
Cash received on repurchase agreements | € 29 | € 107 |
Collateral pledged (transferred financial assets) | 25 | 99 |
Net exposure | 3 | 8 |
Where Aegon bears the risk [member] | Assets pledged for general account and contingent liabilities [member] | ||
Disclosure of financial assets [line items] | ||
Contingent liabilities | 2,290 | 3,559 |
Collateral pledged | 4,171 | 5,745 |
Net exposure | (1,881) | (2,186) |
Where the PH bears the risk [member] | Assets pledged for general account and contingent liabilities [member] | ||
Disclosure of financial assets [line items] | ||
Contingent liabilities | 0 | 0 |
Collateral pledged | 0 | 0 |
Net exposure | € 0 | € 0 |
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, 2023 | Dec. 31, 2022 |
Disclosure of financial assets subject to offsetting enforceable master netting arrangements and similar agreements [line items] | ||
Gross amounts of recognized financial assets | € 1,341 | € 2,733 |
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 | 1,341 | 2,733 |
Related amounts not set off in the statements of financial position, Financial instruments | 631 | 2,589 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 707 | 111 |
Net amount | 2 | 34 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 2,361 | 5,115 |
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 | 2,361 | 5,115 |
Related amounts not set off in the statements of financial position, Financial instruments | 1,245 | 3,359 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,026 | 1,668 |
Net amount | 90 | 89 |
Derivatives [member] | ||
Disclosure of financial assets subject to offsetting enforceable master netting arrangements and similar agreements [line items] | ||
Gross amounts of recognized financial assets | 1,341 | 2,733 |
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 | 1,341 | 2,733 |
Related amounts not set off in the statements of financial position, Financial instruments | 631 | 2,589 |
Related amounts not set off in the statements of financial position, Cash collateral received (excluding surplus collateral) | 707 | 111 |
Net amount | 2 | 34 |
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | ||
Gross amounts of recognized financial liabilities | 2,361 | 5,115 |
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 | 2,361 | 5,115 |
Related amounts not set off in the statements of financial position, Financial instruments | 1,245 | 3,359 |
Related amounts not set off in the statements of financial position, Cash collateral pledged (excluding surplus collateral) | 1,026 | 1,668 |
Net amount | € 90 | € 89 |
Companies and businesses acqu_2
Companies and businesses acquired and divested - Additional Information (Detail) € in Millions | 12 Months Ended | |||||||
Jul. 21, 2023 | Jun. 01, 2023 EUR (€) | Oct. 14, 2022 EUR (€) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Jul. 04, 2023 EUR (€) | Apr. 04, 2023 | Feb. 28, 2022 EUR (€) | |
Disclosure of detailed information about business combination [Line Items] | ||||||||
Percentage of voting equity interests acquired | 50% | |||||||
Gain on divestment of subsidiaries or associates | € 87 | € 78 | € 237 | |||||
Royal London [Member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Number of sale of high-net worth individual customers | 400,000 | |||||||
Poland and romania [member] | Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Business sold, business combination | € 125 | |||||||
INDIA | Bandhan Financial Holdings Limited [Member] | Aegon Life Insurance Co. ltd [member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Percentage of sale of stake in associate | 56% | |||||||
Netherlands [member] | Discontinued operations [member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Percentage of voting equity interests acquired | 29.99% | |||||||
Netherlands [member] | ASR [Member] | Strategic Sale [Member] | Discontinued operations [member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Gross cash receivable | € 2,200 | |||||||
Netherlands [member] | Vereniging Aegon [member] | ASR [Member] | Strategic Sale [Member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Percentage of voting equity interests acquired | 30% | |||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | ||||||||
Disclosure of detailed information about business combination [Line Items] | ||||||||
Business sold, business combination | € 176 | |||||||
Gain (loss) on disposal of Investment | (78) | 288 | ||||||
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 | |||||||
TAG 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, 2023 | |
Disclosure of subsidiaries [Line Items] | |
Proportion of ownership interest in joint venture | 49% |
Asset Management [member] | Aegon Industrial Fund Management Co Ltd [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of joint venture | Aegon Industrial Fund Management Co., Ltd |
Country of incorporation of joint venture | China |
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 |
Americas [member] | Transamerica Financial Life Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Financial Life Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | Transamerica Life Insurance Company [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Transamerica Life Insurance Company |
Country of incorporation or residence of subsidiary | United States |
Americas [member] | World Financial Group Insurance Agency, LLC [Member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | World Financial Group Insurance Agency, LLC |
Country of incorporation or residence of subsidiary | United States |
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] | Aegon Investments Ltd. [member] | |
Disclosure of subsidiaries [Line Items] | |
Name of subsidiary | Aegon Investments 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 |
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] | 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] | 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 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 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 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] | |
Proportion of voting power held in joint venture | 50% |
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 | 59.20% |
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 | 29.60% |
Group Companies - Additional _2
Group Companies - Additional Information - Associates (Detail) € in Millions | 12 Months Ended | |
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 EUR (€) | |
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 | |
A.S.R. Nederland N.V [Member] | ||
Disclosure of associates [Line Items] | ||
Percentage of shareholding above which unanimous vote of the supervisory directors is required for capital management material reinsurance and capital allocation | 20% | 20% |
Merger and acquisition transactions above which affirmative vote of independent nominee is required | € 500 | € 500 |
Period over which directors may be appointed | 5 years | |
A.S.R. Nederland N.V [Member] | Bottom of range [member] | ||
Disclosure of associates [Line Items] | ||
Percentage of shareholding for where vote of the non independent nominee is required for changes to dividend policy | 20% | 20% |
A.S.R. Nederland N.V [Member] | Criteria Two For Directors Appointment [Member] | Top of range [member] | ||
Disclosure of associates [Line Items] | ||
Percentage of shareholding for director appointment | 20% | 20% |
A.S.R. Nederland N.V [Member] | Criteria Two For Directors Appointment [Member] | Bottom of range [member] | ||
Disclosure of associates [Line Items] | ||
Percentage of shareholding for director appointment | 10% | 10% |
A.S.R. Nederland N.V [Member] | Criteria One For Directors Appointment [Member] | Bottom of range [member] | ||
Disclosure of associates [Line Items] | ||
Percentage of shareholding for director appointment | 20% | 20% |
A.S.R. Nederland N.V [Member] | Holding [Member] | ||
Disclosure of associates [Line Items] | ||
Proportion of ownership interest in associate | 29.98% | |
Name of associate | ASR Nederland N.V | |
Country of incorporation of associate | Utrecht |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | |||||||||
Dec. 18, 2023 EUR (€) shares | Dec. 15, 2022 EUR (€) shares | Nov. 21, 2022 | Dec. 15, 2021 EUR (€) shares | Jun. 03, 2021 shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 08, 2023 EUR (€) shares | ||
Disclosure of transactions between related parties [Line Items] | ||||||||||
Shares held in the entity common shares held by Board of Directors | 13,260 | 36,760 | 36,760 | |||||||
Key Management [Member] | ||||||||||
Disclosure of transactions between related parties [Line Items] | ||||||||||
Total remuneration | € | [1] | € 27,900,000 | € 27,700,000 | € 27,500,000 | ||||||
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] | ||||||||||
Percentage of stake in a company receivable share interest in A.S.R. Nederland N.V.' | 30% | |||||||||
Vereniging Aegon [member] | Common shares B [member] | ||||||||||
Disclosure of transactions between related parties [Line Items] | ||||||||||
Number of shares repurchased | 112,619,440 | 43,817,400 | 22,643,360 | 1,983,360 | ||||||
Proportion of value weight average price of common shares | 0.025% | 0.025% | 0.025% | 0.025% | ||||||
Amount of repurchased shares | € | € 14,804,951.58 | € 5,113,578.21 | € 2,285,621 | |||||||
Number of trading days | 5 days | 5 days | 5 days | |||||||
Proportion of voting rights held by related party | 32.60% | 32.60% | 32.60% | |||||||
Value of shares authorized to be repurchased | € | € 139,500,000 | |||||||||
Number of shares authorized to be repurchased | 1,500,000,000 | |||||||||
Number of votes per common share | 0.025 | |||||||||
Mr Friese [Member] | ||||||||||
Disclosure of transactions between related parties [Line Items] | ||||||||||
Shares held in the entity common shares held by Board of Directors | 83,122 | 72,081 | ||||||||
Mr Rider [member] | ||||||||||
Disclosure of transactions between related parties [Line Items] | ||||||||||
Shares held in the entity common shares held by Board of Directors | 130,620 | 120,962 | ||||||||
[1]Key Management is inclusive of Non-Executive Directors, Executive Directors, also reported separately above and Executive Committee Members. |
Related party transactions - Su
Related party transactions - Summary of Remuneration Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Non-Executive Directors [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | [1] | € 1.3 | € 1.3 | € 0.9 |
Executive Directors [Member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | [2] | 0.9 | ||
Executive board [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | [3] | 4.3 | 5.2 | 4.9 |
Key management [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | [4] | 27.9 | 27.7 | 27.5 |
Fixed compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 13.8 | 16 | 16.8 | |
Cash based variable compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 4.6 | 4 | 3.6 | |
Share based variable compensation [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 5 | 3.5 | 3.2 | |
Pension contributions [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | 3.1 | 3 | 2.8 | |
Other benefits [member] | ||||
Disclosure of Remuneration Expenses [Line Items] | ||||
Key management personnel compensation | € 1.3 | € 1.2 | € 1.1 | |
[1]Previously reported as ‘Supervisory Board’.[2]Classification established September 30, 2023. In 2023, this represents Mr. Lard Friese from October 1, 2023.[3]Classification ended September 30, 2023. In 2023, this represents Mr. Lard Friese and Mr. Matt Rider through September 30, 2023.[4]Key Management is inclusive of Non-Executive Directors, Executive Directors, also reported separately above and Executive Committee Members. |
Related Party Transactions - Co
Related Party Transactions - Common Shares Held by Board of Directors (Detail) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of key management personnel compensation [line items] | ||||
Common shares held by Supervisory Board members | 13,260 | 36,760 | 36,760 | |
Ben J. Noteboom [member] | ||||
Disclosure of key management personnel compensation [line items] | ||||
Common shares held by Supervisory Board members | [1] | 0 | 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 | 13,260 | |
[1]Mr. Ben J. Noteboom stepped down in May 2023 |
Loans to Group Companies - Summ
Loans to Group Companies - Summary of Loans to Group Companies (Detail) - Aegon Ltd. [member] - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure of Loans to Subsidiaries Joint Ventures and Associates [Line items] | ||||
Beginning balance | € 1,435 | [1] | € 1,829 | |
Additions / (redemptions) | (605) | (502) | ||
Other changes | (52) | 109 | ||
Ending balance | 780 | 1,435 | [1] | |
Current | 520 | 932 | ||
Non-current | € 260 | € 503 | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Non-current assets - Additional
Non-current assets - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure Of Non Current Assets [Line Items] | |||||
Deferred tax assets non current | € 2,350 | € 2,433 | [1] | € 2,164 | |
Aegon Ltd. [member] | |||||
Disclosure Of Non Current Assets [Line Items] | |||||
Deferred tax assets non current | € 109 | ||||
Other non current assets | € 0 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 172 | € 294 |
Aegon Ltd. [member] | ||
Disclosure of receivables [Line Items] | ||
Income tax receivable | € 20 | € 189 |
Aegon Ltd. [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 Ltd. [member] - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of other assets [Line Items] | |||||
Other current assets include derivatives | € 48 | € 123 | [1] | € 90 | |
Fair value [member] | |||||
Disclosure of other assets [Line Items] | |||||
Other current assets include derivatives | € 39 | € 118 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Share Capital - Detailed Inform
Share Capital - Detailed Information of Issued and Outstanding Capital (Detail) - Aegon Ltd. [member] - EUR (€) € / shares in Units, € in Millions, shares in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [Line Items] | ||
Common shares | € 265 | € 319 |
Common Share [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Common shares | 218 | 253 |
Authorized share capital | € 480 | € 720 |
Number of authorized shares (in million) | 4,000 | 6,000 |
Par value in cents per share | € 12 | € 12 |
Common Share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Common shares | € 47 | € 66 |
Authorized share capital | € 240 | € 360 |
Number of authorized shares (in million) | 2,000 | 3,000 |
Par value in cents per share | € 12 | € 12 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Dec. 31, 2023 EUR (€) |
Common Share B [member] | Aegon Ltd. [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, 2023 | Dec. 31, 2022 | |
Disclosure of changes in share capital [Line Items] | ||
Shares withdrawn | € (4) | |
Aegon Ltd. [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Shares withdrawn | € 0 | (4) |
Common shares [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 253 | 253 |
Dividend | 2 | |
Ending balance | € 218 | € 253 |
Common shares [member] | Aegon Ltd. [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 2,109,430 | 2,106,313 |
Shares withdrawn | (294,703) | (10,665) |
Dividend | 13,782 | |
Ending balance | 1,814,727 | 2,109,430 |
Beginning balance | € 253 | € 253 |
Shares withdrawn | (35) | (1) |
Dividend | 2 | |
Ending balance | 218 | 253 |
Common share B [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 66 | 68 |
Ending balance | € 47 | € 66 |
Common share B [member] | Aegon Ltd. [member] | ||
Disclosure of changes in share capital [Line Items] | ||
Beginning balance | 546,196 | 568,839 |
Shares withdrawn | (156,437) | (22,643) |
Dividend | 0 | |
Ending balance | 389,759 | 546,196 |
Beginning balance | € 66 | € 68 |
Shares withdrawn | (19) | (3) |
Dividend | 0 | |
Ending balance | € 47 | € 66 |
Share Capital - Disclosure of W
Share Capital - Disclosure of Weighted Average Number of Common Shares and Common Shares B (Detail) - Aegon Ltd. [member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common shares [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 2,067,119 | 2,107,315 |
Common share B [member] | ||
Disclosure of classes of share capital [Line Items] | ||
Weighted average number of common shares | 523,149 | 559,906 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | |
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | € 2,356 | € 4,051 | [1] | € 9,661 | |
Aegon Ltd. [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 745 | 1,226 | |||
Fair value of long-term borrowings | 847 | 1,289 | |||
Aegon Ltd. [member] | Not later than 1 year [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 0 | 499 | |||
Aegon Ltd. [member] | 1-5 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 0 | 0 | |||
Aegon Ltd. [member] | Over 5 through 10 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | 287 | 281 | |||
Aegon Ltd. [member] | Over 10 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Borrowings | € 457 | € 446 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Capital funding [member] | EUR 500 Million Senior Unsecured Notes [member] | |
Disclosure of long-term borrowings [Line Items] | |
Face amount of debt instrument redeemed during the period | € 500 |
Aegon Ltd. [member] | Capital funding [member] | EUR 500 Million Senior Unsecured Notes [member] | |
Disclosure of long-term borrowings [Line Items] | |
Face amount of debt instrument redeemed during the period | € 500 |
Bottom of range [member] | Aegon Ltd. [member] | |
Disclosure of long-term borrowings [Line Items] | |
Borrowing maturity | 8 year |
Long-term borrowing, interest rate | 6.125% |
Top of range [member] | Aegon Ltd. [member] | |
Disclosure of long-term borrowings [Line Items] | |
Borrowing maturity | 16 years |
Long-term borrowing, interest rate | 6.625% |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - Aegon Ltd. [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 with negative values classified under other liabilities | € 90 | € 189 |
Number of Employees - Additiona
Number of Employees - Additional Information (Detail) - Employees | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of number of employees [line items] | ||
Number of employees employed | 15,658 | 15,478 |
Aegon Ltd. [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 Ltd. [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Auditors remuneration [Line Items] | ||
Audit fees | € 33 | € 35 |
Audit-related service fees | 11 | 10 |
Tax | 1 | |
Total | 44 | 45 |
Pricewater-houseCoopers Accountants N.V. (NL) [Member] | ||
Auditors remuneration [Line Items] | ||
Audit fees | 4 | 10 |
Audit-related service fees | 1 | |
Total | € 4 | € 12 |
Held for Sale and Discontinue_3
Held for Sale and Discontinued Operations - Summary of Income Statement of Discontinued Operations (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Statement 1 [Line Items] | |||||
Insurance revenue | € 10,386 | € 11,251 | [1] | ||
Insurance service expenses | (10,226) | (11,097) | [1] | ||
Net expenses on reinsurance held | 182 | 275 | [1] | ||
Insurance service result | 342 | 430 | [1] | ||
Interest revenue on financial instruments calculated using the effective interest method | 599 | 409 | |||
Interest revenue on financial instruments measured at FVPL | 826 | 624 | |||
Other investment income | 550 | 411 | |||
Impairment (losses) / reversals | (90) | (121) | |||
Net reinsurance finance income / (expenses) on reinsurance held | 699 | 599 | |||
Interest expense | (182) | (182) | |||
Net investment result | (139) | 329 | [1] | ||
Fee and commission income | 2,163 | 2,272 | [1] | ||
Other operating expenses | (3,000) | (2,786) | [1] | ||
Other income / (charges) | (57) | 341 | [1] | ||
Other result | (894) | (173) | [1] | ||
Result before share in profit / (loss) of joint ventures, associates and tax | (691) | 585 | [1] | ||
Share in profit / (loss) of joint ventures | 196 | 252 | [1] | ||
Share in profit / (loss) of associates | 103 | (11) | [1] | ||
Result before tax | 458 | 242 | [2] | € 1,237 | |
Net result from discontinued operations after remeasurement | (17) | (1,296) | [1] | ||
Insurance Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest revenue on financial instruments measured at FVPL | 737 | 575 | [1] | ||
Results from financial transactions | 12,302 | (29,505) | [1] | ||
Impairment (losses) / reversals | 86 | 95 | [1] | ||
Insurance finance income / (expenses) | (17,650) | 25,005 | [1] | ||
Net reinsurance finance income / (expenses) on reinsurance held | 699 | 599 | [1] | ||
Interest expense | (218) | (97) | [1] | ||
Net investment result | (196) | 532 | [1] | ||
Other Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest revenue on financial instruments measured at FVPL | 89 | 49 | [1] | ||
Results from financial transactions | 6,929 | (10,656) | [1] | ||
Impairment (losses) / reversals | 33 | 43 | [1] | ||
Insurance finance income / (expenses) | (7,851) | 9,808 | [1] | ||
Interest expense | (45) | (3) | [1] | ||
Net investment result | 238 | (26) | [1] | ||
Financing Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest expense | (182) | (182) | [1] | ||
Net investment result | (182) | (178) | [1] | ||
Discontinued operations [member] | |||||
Statement 1 [Line Items] | |||||
Insurance revenue | 1,400 | 2,907 | |||
Insurance service expenses | (1,327) | (2,703) | |||
Net expenses on reinsurance held | (20) | (15) | |||
Insurance service result | 52 | 189 | |||
Net investment result | (414) | 145 | |||
Fee and commission income | 165 | 311 | |||
Other operating expenses | (288) | (474) | |||
Other income / (charges) | 96 | 20 | |||
Other result | (28) | (142) | |||
Result before share in profit / (loss) of joint ventures, associates and tax | 438 | 191 | |||
Share in profit / (loss) of joint ventures | 4 | 37 | |||
Share in profit / (loss) of associates | 15 | 15 | |||
Result before tax | 458 | 242 | |||
Income tax (expense) / benefit | (62) | (445) | |||
Net result from discontinued operations | 396 | (203) | |||
Impairment loss on remeasurement of the disposal group | (413) | (1,094) | |||
Net result from discontinued operations after remeasurement | (17) | (1,296) | |||
Discontinued operations [member] | Insurance Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest revenue on financial instruments calculated using the effective interest method | 42 | 4 | |||
Interest revenue on financial instruments measured at FVPL | 582 | 1,281 | |||
Other investment income | 168 | 263 | |||
Results from financial transactions | 614 | (20,328) | |||
Impairment (losses) / reversals | 0 | 5 | |||
Insurance finance income / (expenses) | (1,110) | 16,906 | |||
Net reinsurance finance income / (expenses) on reinsurance held | (6) | 125 | |||
Net investment result | 289 | (1,745) | |||
Discontinued operations [member] | Other Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest revenue on financial instruments calculated using the effective interest method | 273 | 496 | |||
Interest revenue on financial instruments measured at FVPL | 137 | (340) | |||
Other investment income | 11 | 11 | |||
Results from financial transactions | (208) | 1,638 | |||
Impairment (losses) / reversals | 3 | 0 | |||
Insurance finance income / (expenses) | (25) | 136 | |||
Interest expense | (10) | (2) | |||
Net investment result | 180 | 1,939 | |||
Discontinued operations [member] | Financing Net Investment Result [member] | |||||
Statement 1 [Line Items] | |||||
Interest charges | (55) | (49) | |||
Net investment result | € (55) | € (49) | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies. |
Held for Sale and Discontinue_4
Held for Sale and Discontinued Operations - Summary of Statement of Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | € (199) | € (540) | [1] | € 2,029 |
Items that will not be reclassified to profit or loss: | ||||
Income tax relating to items that will not be reclassified | 30 | (5) | (101) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Gains / (losses) on financial assets measured at FVOCI | (117) | (192) | ||
Equity movements of associates | (7) | 2 | (6) | |
Income tax relating to items that may be reclassified | (72) | 333 | 372 | |
Total other comprehensive income / (loss) | 421 | (870) | [1] | 200 |
Total comprehensive income / (loss) | 222 | (1,410) | [1] | € 2,229 |
Discontinued operations [member] | ||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | (17) | (1,296) | ||
Items that will not be reclassified to profit or loss: | ||||
Remeasurements of defined benefit plans | 51 | 948 | ||
Income tax relating to items that will not be reclassified | (13) | (245) | ||
Items that may be reclassified subsequently to profit or loss: | ||||
Gains / (losses) on financial assets measured at FVOCI | 16 | (461) | ||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | 0 | (5) | ||
Equity movements of associates | (2) | 2 | ||
Income tax relating to items that may be reclassified | (4) | 120 | ||
Total other comprehensive income / (loss) | 48 | 359 | ||
Total comprehensive income / (loss) | € 31 | € (937) | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Held for Sale and Discontinue_5
Held for Sale and Discontinued Operations - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Jul. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure Of Discontinued Operation [Line Items] | ||||
Liabilities held for sale / disposal groups | € 389 | € 84,183 | [1] | |
Percentage of voting interests acquired | 50% | |||
Aegon UK [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Assets held for sale | 432 | |||
Liabilities held for sale / disposal groups | 389 | |||
The Netherlands [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Liabilities held for sale / disposal groups | € 84,183 | |||
Discontinued operations [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Reversal of impairments of financial assets | 39 | |||
Remeasurement recognition of expected credit losses with the impairment | 82 | |||
Disposal group discontinued operations valuation gain | 93 | |||
Discontinued operations [member] | The Netherlands [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Cash proceeds from the sale of a business | € 2,200 | |||
Percentage of voting interests acquired | 29.99% | |||
Discontinued operations [member] | The Netherlands [member] | Minimum investment return guaranteed [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
One time tax charge in connection with business reorganization | 454 | |||
Discontinued operations [member] | Financial assets at amortised cost, class [member] | Loans [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Additional remeasurement loss of designation of loans and receivables measurement at fair value through profit or loss | 1,892 | |||
Discontinued operations [member] | Financial assets [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Amount of reclassifications | 103 | |||
Discontinued operations [member] | Financial liabilities [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Amount of reclassifications | € 1,131 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Held for Sale and Discontinue_6
Held for Sale and Discontinued Operations - Summary of Discontinued Operations at the Lower of Fair Value and Carrying Amount Immediately (Detail) - Discontinued operations [member] - IFRS9/17 [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value, consideration to be received | ||
Net cash receivable after costs to sell | € 2,184 | € 2,175 |
Fair value of 29.99% strategic share a.s.r. | 2,588 | 2,700 |
Fair value less costs to sell | 4,772 | 4,875 |
Carrying amount of Aegon the Netherlands | 5,185 | 5,969 |
Fair value less costs to sell minus carrying amount | (413) | (1,094) |
Assets in scope for impairment | 1,775 | 1,775 |
Cumulative Impairment loss recognized | € 1,507 | € 1,094 |
Held for Sale and Discontinue_7
Held for Sale and Discontinued Operations - Summary of Reconciliation of Financial Instruments (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Jan. 01, 2022 | |
Financial assets: | |||
IAS 39 amount | € 272,217 | € 428,281 | |
IFRS 9 amount | 269,102 | 427,967 | |
Financial liabilities: | |||
IAS 39 amount | 86,668 | 126,030 | |
IFRS 9 amount | € 84,730 | € 121,046 | |
Discontinued operations [member] | |||
Financial assets: | |||
IAS 39 amount | € 86,169 | ||
Reclassification | 103 | ||
IFRS 9 amount | 84,336 | ||
Financial liabilities: | |||
IAS 39 amount | (29,704) | ||
Reclassification | 1,131 | ||
IFRS 9 amount | (28,573) | ||
Discontinued operations [member] | Remeasurement - ECL [member] | |||
Financial assets: | |||
Remeasurement | (82) | ||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Remeasurement - Other [member] | |||
Financial assets: | |||
Remeasurement | (1,853) | ||
Financial liabilities: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Investment contracts [member] | AC [member] | |||
Financial liabilities: | |||
IAS 39 category | AC | ||
IAS 39 amount | € (12,179) | ||
Reclassification | € 0 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € (12,179) | ||
Discontinued operations [member] | Investment contracts [member] | FVPL (designated) [member] | |||
Financial liabilities: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € (1,396) | ||
Reclassification | € 0 | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € (1,396) | ||
Discontinued operations [member] | Investment contracts [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Investment contracts [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Investment contracts [member] | Remeasurement - Other [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Investment contracts [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial liabilities: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Long-term borrowings and group loans [member] | AC [member] | |||
Financial liabilities: | |||
IAS 39 category | AC | ||
IAS 39 amount | € (5,227) | ||
Reclassification | € 0 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € (5,227) | ||
Discontinued operations [member] | Long-term borrowings and group loans [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Long-term borrowings and group loans [member] | Remeasurement - Other [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Derivatives [member] | FVPL (mandatorily) [member] | |||
Financial liabilities: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € (9,239) | ||
Reclassification | € 753 | ||
IFRS 9 category | FVPL (mandatorily) | ||
IFRS 9 amount | € (8,486) | ||
Discontinued operations [member] | Derivatives [member] | Remeasurement - ECL [member] | FVPL (mandatorily) [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Derivatives [member] | Remeasurement - Other [member] | FVPL (mandatorily) [member] | |||
Financial liabilities: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Other liabilities [member] | AC [member] | |||
Financial liabilities: | |||
IAS 39 category | AC | ||
IAS 39 amount | € (1,663) | ||
Reclassification | € 378 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € (1,285) | ||
Discontinued operations [member] | Other liabilities [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Other liabilities [member] | Remeasurement - Other [member] | AC [member] | |||
Financial liabilities: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Shares [member] | FVOCI (designated) [member] | |||
Financial assets: | |||
IAS 39 category | AFS | ||
IAS 39 amount | € 21 | ||
Reclassification | € (21) | ||
IFRS 9 category | FVOCI (designated) | ||
IFRS 9 amount | € 0 | ||
Discontinued operations [member] | Shares [member] | FVPL (designated) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 8,256 | ||
Reclassification | € 37 | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € 8,293 | ||
Discontinued operations [member] | Shares [member] | Remeasurement - ECL [member] | FVOCI (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Shares [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Shares [member] | Remeasurement - Other [member] | FVOCI (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Shares [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Debt securities [member] | FVOCI [member] | |||
Financial assets: | |||
IAS 39 category | AFS | ||
IAS 39 amount | € 14,109 | ||
Reclassification | € (12,225) | ||
IFRS 9 category | FVOCI | ||
IFRS 9 amount | € 1,884 | ||
Discontinued operations [member] | Debt securities [member] | FVPL (designated) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 9,609 | ||
Reclassification | € 12,209 | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € 21,819 | ||
Discontinued operations [member] | Debt securities [member] | Remeasurement - ECL [member] | FVOCI [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Debt securities [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Debt securities [member] | Remeasurement - Other [member] | FVOCI [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Debt securities [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Loans [member] | FVPL (designated) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 0 | ||
Reclassification | € 20,918 | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € 18,175 | ||
Discontinued operations [member] | Loans [member] | AC [member] | |||
Financial assets: | |||
IAS 39 category | L&R | ||
IAS 39 amount | € 35,916 | ||
Reclassification | € (20,004) | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € 15,888 | ||
Discontinued operations [member] | Loans [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Loans [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | (82) | ||
Discontinued operations [member] | Loans [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | (1,892) | ||
Discontinued operations [member] | Loans [member] | Remeasurement - Other [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | € 58 | ||
Discontinued operations [member] | Deposits with financial institutions [member] | AC [member] | |||
Financial assets: | |||
IAS 39 category | L&R | ||
IAS 39 amount | € 1,527 | ||
Reclassification | € 0 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € 1,527 | ||
Discontinued operations [member] | Deposits with financial institutions [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Deposits with financial institutions [member] | Remeasurement - Other [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Unconsolidated Investment Funds [member] | FVPL (designated) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 631 | ||
Reclassification | € 0 | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € 631 | ||
Discontinued operations [member] | Unconsolidated Investment Funds [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Unconsolidated Investment Funds [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Other investments [member] | FVOCI [member] | |||
Financial assets: | |||
IAS 39 category | AFS | ||
IAS 39 amount | € 13 | ||
Reclassification | € (13) | ||
IFRS 9 category | FVOCI | ||
IFRS 9 amount | € 0 | ||
Discontinued operations [member] | Other investments [member] | FVPL (designated) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 3,464 | ||
Reclassification | € (64) | ||
IFRS 9 category | FVPL (designated) | ||
IFRS 9 amount | € 3,400 | ||
Discontinued operations [member] | Other investments [member] | Remeasurement - ECL [member] | FVOCI [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Other investments [member] | Remeasurement - ECL [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Other investments [member] | Remeasurement - Other [member] | FVOCI [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Other investments [member] | Remeasurement - Other [member] | FVPL (designated) [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Cash and cash equivalents [member] | AC [member] | |||
Financial assets: | |||
IAS 39 category | L&R | ||
IAS 39 amount | € 3,557 | ||
Reclassification | € 0 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € 3,557 | ||
Discontinued operations [member] | Cash and cash equivalents [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Cash and cash equivalents [member] | Remeasurement - Other [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Other financial assets and receivables [member] | AC [member] | |||
Financial assets: | |||
IAS 39 category | L&R | ||
IAS 39 amount | € 1,520 | ||
Reclassification | € 114 | ||
IFRS 9 category | AC | ||
IFRS 9 amount | € 1,634 | ||
Discontinued operations [member] | Other financial assets and receivables [member] | Remeasurement - ECL [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Other financial assets and receivables [member] | Remeasurement - Other [member] | AC [member] | |||
Financial assets: | |||
Remeasurement | € 0 | ||
Discontinued operations [member] | Derivatives [member] | FVPL (mandatorily) [member] | |||
Financial assets: | |||
IAS 39 category | FVPL | ||
IAS 39 amount | € 8,395 | ||
Reclassification | € 0 | ||
IFRS 9 category | FVPL (mandatorily) | ||
IFRS 9 amount | € 8,395 | ||
Discontinued operations [member] | Derivatives [member] | Remeasurement - ECL [member] | FVPL (mandatorily) [member] | |||
Financial assets: | |||
Remeasurement | 0 | ||
Discontinued operations [member] | Derivatives [member] | Remeasurement - Other [member] | FVPL (mandatorily) [member] | |||
Financial assets: | |||
Remeasurement | € 0 |
Held for Sale and Discontinue_8
Held for Sale and Discontinued Operations - Summary of Cash Flow from Discontinued Operations (Detail) - Discontinued operations [member] - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Net cash inflow (outflow) from operating activities | € (519) | € 4,646 |
Net cash inflow (outflow) from investing activities | (11) | (4) |
Net cash inflow (outflow) from financing activities | (95) | (3,275) |
Net cash inflow (outflow) from discontinued operations | € (625) | € 1,367 |
Held for Sale and Discontinue_9
Held for Sale and 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, 2023 | Jul. 04, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | |
Assets | |||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | € 6,889 | ||
Investments | 266,382 | 254,759 | [1] | 409,444 | |||
Derivatives | 1,429 | 2,771 | [1] | 8,843 | |||
Investments in joint ventures | 1,430 | 1,430 | [1] | 1,715 | 1,715 | ||
Investments in associates | 2,906 | 165 | [1] | 1,289 | 1,289 | ||
Reinsurance contract assets | 16,608 | 16,939 | [1] | 21,322 | 3,518 | ||
Deferred tax assets | 2,350 | 2,433 | [1] | 2,164 | |||
Other assets and receivables | 4,712 | 9,153 | [1] | 6,679 | |||
Intangible assets | 504 | 420 | [1] | 585 | € 585 | ||
Liabilities | |||||||
Insurance contract liabilities | 177,446 | 176,120 | [1] | 290,066 | |||
Investment contracts without discretionary participating features | 75,266 | 65,227 | [1] | 92,364 | |||
Derivatives | 2,479 | 5,175 | [1] | 7,138 | |||
Borrowings | 2,356 | 4,051 | [1] | 9,661 | |||
Provisions | 83 | 100 | [1] | 193 | |||
Defined benefit liabilities | 669 | 496 | [1] | 3,944 | |||
Deferred tax liabilities | 57 | 30 | [1] | 8 | |||
Other liabilities | 8,390 | 10,278 | [1] | 11,883 | |||
Accruals | € 328 | 372 | [1] | € 537 | |||
Assets [member] | Discontinued operations [member] | |||||||
Assets | |||||||
Cash and cash equivalents | € 4,460 | 5,085 | |||||
Investments | 72,345 | 71,991 | |||||
Derivatives | 8,107 | 8,395 | |||||
Investments in joint ventures | 382 | 382 | |||||
Investments in associates | 1,096 | 1,096 | |||||
Reinsurance contract assets | 395 | 365 | |||||
Deferred tax assets | 339 | 0 | |||||
Other assets and receivables | 1,216 | 1,185 | |||||
Intangible assets | 165 | 165 | |||||
Assets | 88,505 | 88,664 | |||||
Liabilities [member] | Discontinued operations [member] | |||||||
Liabilities | |||||||
Insurance contract liabilities | 52,849 | 52,591 | |||||
Investment contracts without discretionary participating features | 13,239 | 13,575 | |||||
Derivatives | 7,700 | 8,486 | |||||
Borrowings | 5,333 | 5,227 | |||||
Provisions | 44 | 52 | |||||
Defined benefit liabilities | 2,412 | 2,462 | |||||
Deferred tax liabilities | 6 | 62 | |||||
Other liabilities | 1,951 | 1,510 | |||||
Accruals | 294 | 218 | |||||
Total liabilities | € 83,828 | € 84,183 | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Held for Sale and Discontinu_10
Held for Sale and Discontinued Operations - Summary of Insurance Contracts (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of insurance contracts involves listing the portfolios positions in assets and liabilities [line items] | |||
Portfolios in an asset position | € 185 | € 36 | |
Contracts not measured under the PAA [member] | |||
Disclosure of insurance contracts involves listing the portfolios positions in assets and liabilities [line items] | |||
Portfolios in an asset position | € 185 | 36 | |
Discontinued operations [member] | |||
Disclosure of insurance contracts involves listing the portfolios positions in assets and liabilities [line items] | |||
Portfolios in an asset position | € 0 | 0 | |
Portfolios in a liability position | 52,849 | 52,591 | |
Net balance | 52,849 | 52,591 | |
Discontinued operations [member] | Contracts not measured under the PAA [member] | |||
Disclosure of insurance contracts involves listing the portfolios positions in assets and liabilities [line items] | |||
Portfolios in an asset position | 0 | 0 | |
Portfolios in a liability position | 52,215 | 52,037 | |
Net balance | 52,215 | 52,037 | |
Discontinued operations [member] | Contracts measured under the PAA [member] | |||
Disclosure of insurance contracts involves listing the portfolios positions in assets and liabilities [line items] | |||
Portfolios in an asset position | 0 | 0 | |
Portfolios in a liability position | 633 | 554 | |
Net balance | € 633 | € 554 |
Held for Sale and Discontinu_11
Held for Sale and Discontinued Operations - Summary of Insurance Contract by Type (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | € 176,120 | € 176,120 | |
Opening net balance | 176,083 | 176,083 | |
Closing net balance | 177,262 | € 176,083 | |
Closing assets | 185 | 36 | |
Ending balance | 177,446 | 176,120 | |
Insurance contracts PAA - by type [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 439 | 439 | |
Opening net balance | 439 | 439 | |
Closing net balance | 39 | 439 | |
Ending balance | 39 | 439 | |
Discontinued operations [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 52,037 | 52,037 | 71,041 |
Opening net balance | 52,037 | 52,037 | 71,041 |
Insurance revenue | (1,232) | (2,577) | |
Incurred claims and other insurance service expenses | 1,156 | 2,311 | |
Amortization of insurance acquisition cash flows | 2 | 2 | |
Losses (and reversals of losses) on onerous contracts | 7 | 84 | |
Insurance service expenses | 1,166 | 2,397 | |
Insurance service result | (67) | (180) | |
Insurance finance (income) / expenses (P&L and OCI) | 1,103 | (16,796) | |
Cash flows | (858) | (2,001) | |
Contracts disposed during the period | (27) | ||
Closing net balance | 52,215 | 52,037 | |
Closing assets | 0 | 0 | |
Ending balance | 52,215 | 52,037 | |
Discontinued operations [member] | Excluding loss component [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 51,983 | 51,983 | 71,041 |
Opening net balance | 51,983 | 51,983 | 71,041 |
Insurance revenue | (1,232) | (2,577) | |
Amortization of insurance acquisition cash flows | 2 | 2 | |
Insurance service expenses | 2 | 2 | |
Investment components | (313) | (736) | |
Insurance service result | (1,543) | (3,312) | |
Insurance finance (income) / expenses (P&L and OCI) | 1,104 | (16,770) | |
Cash flows | 614 | 1,051 | |
Contracts disposed during the period | (27) | ||
Closing net balance | 52,158 | 51,983 | |
Ending balance | 52,158 | 51,983 | |
Discontinued operations [member] | Loss recovery component [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 54 | 54 | |
Opening net balance | 54 | 54 | |
Incurred claims and other insurance service expenses | (2) | (4) | |
Losses (and reversals of losses) on onerous contracts | 7 | 84 | |
Insurance service expenses | 5 | 79 | |
Insurance service result | 5 | 79 | |
Insurance finance (income) / expenses (P&L and OCI) | (1) | (26) | |
Closing net balance | 58 | 54 | |
Ending balance | 58 | 54 | |
Discontinued operations [member] | Incurred claims [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Incurred claims and other insurance service expenses | 1,159 | 2,316 | |
Insurance service expenses | 1,159 | 2,316 | |
Investment components | 313 | 736 | |
Insurance service result | 1,471 | 3,052 | |
Cash flows | (1,471) | (3,052) | |
Discontinued operations [member] | Insurance contracts PAA - by type [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 554 | 554 | 627 |
Opening net balance | 554 | 554 | 627 |
Insurance revenue | (167) | (330) | |
Incurred claims and other insurance service expenses | 75 | 74 | |
Amortization of insurance acquisition cash flows | 4 | ||
Adjustments to liabilities for incurred claims | 82 | 233 | |
Insurance service expenses | 162 | 306 | |
Investment components | 0 | ||
Insurance service result | (6) | (24) | |
Insurance finance (income) / expenses (P&L and OCI) | 7 | (110) | |
Cash flows | 77 | 61 | |
Closing net balance | 633 | 554 | |
Closing assets | 0 | 0 | |
Ending balance | 633 | 554 | |
Discontinued operations [member] | Insurance contracts PAA - by type [member] | Excluding loss component [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 15 | 15 | 16 |
Opening net balance | 15 | 15 | 16 |
Insurance revenue | (167) | (330) | |
Amortization of insurance acquisition cash flows | 4 | ||
Insurance service expenses | 4 | ||
Insurance service result | (163) | (330) | |
Cash flows | 220 | 329 | |
Closing net balance | 71 | 15 | |
Ending balance | 71 | 15 | |
Discontinued operations [member] | Insurance contracts PAA - by type [member] | Loss recovery component [member] | Best estimate liability [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 532 | 532 | 601 |
Opening net balance | 532 | 532 | 601 |
Incurred claims and other insurance service expenses | 74 | 74 | |
Adjustments to liabilities for incurred claims | 83 | 235 | |
Insurance service expenses | 156 | 309 | |
Investment components | 0 | ||
Insurance service result | 156 | 309 | |
Insurance finance (income) / expenses (P&L and OCI) | 7 | (110) | |
Cash flows | (143) | (268) | |
Closing net balance | 553 | 532 | |
Closing assets | 0 | ||
Ending balance | 553 | 532 | |
Discontinued operations [member] | Insurance contracts PAA - by type [member] | Incurred claims [member] | Risk adjustment [member] | |||
Disclosure of reconciliation of changes in insurance contracts by remaining coverage and incurred claims [line items] | |||
Beginning balance | 7 | 7 | 10 |
Opening net balance | 7 | € 7 | 10 |
Incurred claims and other insurance service expenses | 2 | ||
Adjustments to liabilities for incurred claims | (3) | ||
Insurance service expenses | 2 | (3) | |
Investment components | 0 | ||
Insurance service result | 2 | (3) | |
Closing net balance | 9 | 7 | |
Ending balance | € 9 | € 7 |
Held for Sale and Discontinu_12
Held for Sale and Discontinued Operations - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, assets | € 73,865 | € 77,412 | |
Total estimated fair value, assets | 63,638 | 66,959 | |
Mortgage loans [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, assets | € 10,156 | 10,407 | |
Discontinued operations [member] | Held at amortized cost [member] | Borrowings [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, liabilities | € 5,333 | 5,227 | |
Total estimated fair value, liabilities | 5,059 | 4,920 | |
Discontinued operations [member] | Held at amortized cost [member] | Investment contract [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, liabilities | 11,736 | 12,179 | |
Total estimated fair value, liabilities | 11,448 | 11,826 | |
Discontinued operations [member] | Held at amortized cost [member] | Mortgage loans [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, assets | 15,849 | 15,385 | |
Total estimated fair value, assets | 13,544 | 13,000 | |
Discontinued operations [member] | Held at amortized cost [member] | Private loans [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, assets | 389 | 500 | |
Total estimated fair value, assets | 393 | 446 | |
Discontinued operations [member] | Held at amortized cost [member] | Other loans [member] | |||
Disclosure of fair value financial assets and liabilities [line items] | |||
Carrying amount, assets | 12 | 3 | |
Total estimated fair value, assets | € 12 | € 3 |
Held for Sale and Discontinu_13
Held for Sale and Discontinued Operations - Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | [1] | € 380,711 | € 380,711 | ||
Ending balance | 301,581 | € 380,711 | [1] | ||
Beginning balance | [1] | 369,777 | 369,777 | ||
Ending balance | 292,026 | 369,777 | [1] | ||
Discontinued operations [member] | Recurring fair value measurement [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 106 | 106 | (31) | ||
Total gains /losses in income statement | (25) | ||||
Purchases | 3 | (559) | |||
Sales | (19) | 721 | |||
Transfers from levels I and II | 1 | ||||
Ending balance | 90 | 106 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | (19) | ||||
Discontinued operations [member] | Recurring fair value measurement [member] | Investment contracts without DPF where the policyholder bears the risk [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 105 | 105 | (33) | ||
Total gains /losses in income statement | (23) | ||||
Purchases | 3 | (559) | |||
Sales | (19) | 721 | |||
Transfers from levels I and II | 1 | ||||
Ending balance | 90 | 105 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | (18) | ||||
Discontinued operations [member] | Recurring fair value measurement [member] | Derivatives [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 1 | 1 | 3 | ||
Total gains /losses in income statement | (1) | (2) | |||
Ending balance | 1 | ||||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | (1) | (2) | |||
Discontinued operations [member] | Recurring fair value measurement [member] | FVPL [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 20,583 | 20,583 | 24,859 | ||
Total gains /losses in income statement | 11 | (4,415) | |||
Purchases | 1,312 | 1,473 | |||
Sales | (1,234) | (1,196) | |||
Transfers from levels I and II | 2 | ||||
Transfers to levels I and II | (140) | ||||
Ending balance | 20,672 | 20,583 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | 11 | (4,466) | |||
Discontinued operations [member] | Recurring fair value measurement [member] | FVPL [member] | Shares [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 1,378 | 1,378 | 1,364 | ||
Total gains /losses in income statement | (17) | 175 | |||
Purchases | 190 | 190 | |||
Sales | (120) | (350) | |||
Ending balance | 1,431 | 1,378 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | (17) | 123 | |||
Discontinued operations [member] | Recurring fair value measurement [member] | FVPL [member] | Debt securities [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 98 | 98 | 196 | ||
Total gains /losses in income statement | 1 | ||||
Purchases | 44 | ||||
Sales | (45) | (3) | |||
Transfers to levels I and II | (140) | ||||
Ending balance | 53 | 98 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | 1 | (7) | |||
Discontinued operations [member] | Recurring fair value measurement [member] | FVPL [member] | Loans [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 18,175 | 18,175 | 22,727 | ||
Total gains /losses in income statement | 26 | (4,529) | |||
Purchases | 965 | 1,802 | |||
Sales | (617) | (1,825) | |||
Ending balance | 18,549 | 18,175 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | 26 | (4,529) | |||
Discontinued operations [member] | Recurring fair value measurement [member] | FVPL [member] | Investments where the policyholder bears the risk [member] | |||||
Changes in fair value measurement assets and liabilities [line items] | |||||
Beginning balance | 932 | € 932 | 572 | ||
Total gains /losses in income statement | 2 | (62) | |||
Purchases | 157 | (562) | |||
Sales | (451) | 982 | |||
Transfers from levels I and II | 2 | ||||
Ending balance | 639 | 932 | |||
Total unrealized gains and losses for the period recorded in the P&L for instruments held | € 2 | € (53) | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021 -
Comparative information 2021 - Summary of Reconciliation Between IFRS and IFRS-EU (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2020 | ||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity | € 26,372 | € 9,554 | € 10,935 | [1],[2] | € 13,577 | € 24,661 | |
In accordance with IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity | 7,475 | 8,815 | |||||
In accordance with EU-IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity | € 7,475 | € 8,815 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity, adjustment of EU 'IAS 39' carve-out | 632 | ||||||
Shareholders' equity, tax effect of the adjustment | (163) | ||||||
Shareholders' equity, effect of the adjustment after tax | 469 | ||||||
Net income, adjustment of EU 'IAS 39' carve-out | (422) | ||||||
Net income, tax effect of the adjustment | 93 | ||||||
Net income, effect of the adjustment after tax | (328) | ||||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | In accordance with IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity | 23,813 | ||||||
Net income | 2,029 | ||||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | In accordance with EU-IFRS [member] | |||||||
Disclosure of changes in accounting estimates [line items] | |||||||
Shareholders' equity | 24,282 | ||||||
Net income | € 1,701 | ||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021 _2
Comparative information 2021 - Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity (Detail) - 12 months ended Dec. 31, 2021 - IFRS4 and IAS39 [member] - Previously Reported [Member] £ in Millions, $ in Millions | USD ($) | GBP (£) |
Americas [member] | USD [member] | ||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||
Net income / (loss) | $ | $ 1,195 | |
Equity in functional currency | $ | $ 18,324 | |
United Kingdom [member] | GBP [member] | ||
Disclosure of historical net income (loss) and shareholders' equity [line items] | ||
Net income / (loss) | £ | £ 104 | |
Equity in functional currency | £ | £ 1,260 |
Comparative information 2021 _3
Comparative information 2021 - Summary of Segment Results (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Summary of operating result per segment [Line Items] | ||||||
Result before tax from continuing operations and discontinued operations | € 346 | € 25 | [1] | € (2,400) | [1] | |
Net result from continuing and discontinued operations | (199) | (540) | [2] | 2,029 | ||
Asset management [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | 70 | 104 | ||||
Holding and other activities [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | (14) | (303) | ||||
Segment total [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | (199) | (540) | ||||
International [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | 16 | 526 | ||||
Americas [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | (246) | 533 | ||||
The Netherlands [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | (65) | [3] | (1,373) | [4] | ||
United Kingdom [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | 29 | 67 | ||||
Eliminations [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | € 11 | € (93) | ||||
Previously Reported [Member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Net result from continuing and discontinued operations | 2,029 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 1,948 | |||||
Fair value items | 730 | |||||
Realized gains / (losses) on investments | 437 | |||||
Impairment charges | (49) | |||||
Impairment reversals | 101 | |||||
Non-operating items | 1,220 | |||||
Other income / (charges) | (768) | |||||
Result before tax from continuing operations and discontinued operations | 2,400 | |||||
Income tax (expense) / benefit | (371) | |||||
Net result from continuing and discontinued operations | 2,029 | |||||
Revenues | ||||||
Life insurance gross premiums | 13,400 | |||||
Accident and health insurance | 1,643 | |||||
General insurance | 401 | |||||
Total gross premiums | 15,444 | |||||
Investment income | 6,967 | |||||
Fee and commission income | 2,785 | |||||
Other revenues | 13 | |||||
Total revenues | 25,209 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Asset management [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 253 | |||||
Fair value items | (1) | |||||
Realized gains / (losses) on investments | 2 | |||||
Impairment charges | (1) | |||||
Non-operating items | 0 | |||||
Other income / (charges) | (18) | |||||
Result before tax from continuing operations and discontinued operations | 235 | |||||
Income tax (expense) / benefit | (65) | |||||
Net result from continuing and discontinued operations | 170 | |||||
Inter-segment operating result | 191 | |||||
Revenues | ||||||
Investment income | 12 | |||||
Fee and commission income | 800 | |||||
Other revenues | 2 | |||||
Total revenues | 814 | |||||
Inter-segment revenues | 182 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Holding and other activities [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | (218) | |||||
Fair value items | 12 | |||||
Realized gains / (losses) on investments | 1 | |||||
Impairment charges | (11) | |||||
Impairment reversals | 8 | |||||
Non-operating items | 11 | |||||
Other income / (charges) | (138) | |||||
Result before tax from continuing operations and discontinued operations | (344) | |||||
Income tax (expense) / benefit | 77 | |||||
Net result from continuing and discontinued operations | (267) | |||||
Inter-segment operating result | 51 | |||||
Revenues | ||||||
Investment income | 242 | |||||
Other revenues | 12 | |||||
Total revenues | 254 | |||||
Inter-segment revenues | 247 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Segment total [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 1,906 | |||||
Fair value items | 854 | |||||
Realized gains / (losses) on investments | 446 | |||||
Impairment charges | (49) | |||||
Impairment reversals | 101 | |||||
Non-operating items | 1,352 | |||||
Other income / (charges) | (780) | |||||
Result before tax from continuing operations and discontinued operations | 2,478 | |||||
Income tax (expense) / benefit | (449) | |||||
Net result from continuing and discontinued operations | 2,029 | |||||
Revenues | ||||||
Life insurance gross premiums | 14,225 | |||||
Accident and health insurance | 1,709 | |||||
General insurance | 569 | |||||
Total gross premiums | 16,504 | |||||
Investment income | 7,042 | |||||
Fee and commission income | 3,120 | |||||
Other revenues | 27 | |||||
Total revenues | 26,693 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Joint ventures and associates eliminations [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 42 | |||||
Fair value items | (123) | |||||
Realized gains / (losses) on investments | (9) | |||||
Impairment charges | 0 | |||||
Non-operating items | (132) | |||||
Other income / (charges) | 12 | |||||
Result before tax from continuing operations and discontinued operations | (78) | |||||
Income tax (expense) / benefit | 78 | |||||
Revenues | ||||||
Life insurance gross premiums | (825) | |||||
Accident and health insurance | (67) | |||||
General insurance | (168) | |||||
Total gross premiums | (1,060) | |||||
Investment income | (75) | |||||
Fee and commission income | (335) | |||||
Other revenues | (15) | |||||
Total revenues | (1,484) | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | International [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 143 | |||||
Fair value items | (18) | |||||
Realized gains / (losses) on investments | 2 | |||||
Impairment reversals | 1 | |||||
Non-operating items | (15) | |||||
Other income / (charges) | 65 | |||||
Result before tax from continuing operations and discontinued operations | 193 | |||||
Income tax (expense) / benefit | (36) | |||||
Net result from continuing and discontinued operations | 157 | |||||
Inter-segment operating result | (31) | |||||
Revenues | ||||||
Life insurance gross premiums | 1,372 | |||||
Accident and health insurance | 179 | |||||
General insurance | 432 | |||||
Total gross premiums | 1,984 | |||||
Investment income | 361 | |||||
Fee and commission income | 59 | |||||
Other revenues | 14 | |||||
Total revenues | 2,418 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Americas [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 790 | |||||
Fair value items | 698 | |||||
Realized gains / (losses) on investments | 313 | |||||
Impairment charges | (19) | |||||
Impairment reversals | 33 | |||||
Non-operating items | 1,025 | |||||
Other income / (charges) | (667) | |||||
Result before tax from continuing operations and discontinued operations | 1,149 | |||||
Income tax (expense) / benefit | (137) | |||||
Net result from continuing and discontinued operations | 1,012 | |||||
Inter-segment operating result | (20) | |||||
Revenues | ||||||
Life insurance gross premiums | 6,917 | |||||
Accident and health insurance | 1,273 | |||||
Total gross premiums | 8,190 | |||||
Investment income | 2,909 | |||||
Fee and commission income | 1,920 | |||||
Total revenues | 13,019 | |||||
Inter-segment revenues | 1 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | The Netherlands [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 755 | |||||
Fair value items | 221 | |||||
Realized gains / (losses) on investments | 118 | |||||
Impairment charges | (19) | |||||
Impairment reversals | 59 | |||||
Non-operating items | 378 | |||||
Other income / (charges) | (23) | |||||
Result before tax from continuing operations and discontinued operations | 1,110 | |||||
Income tax (expense) / benefit | (276) | |||||
Net result from continuing and discontinued operations | 833 | |||||
Inter-segment operating result | (95) | |||||
Revenues | ||||||
Life insurance gross premiums | 1,323 | |||||
Accident and health insurance | 254 | |||||
General insurance | 136 | |||||
Total gross premiums | 1,713 | |||||
Investment income | 2,088 | |||||
Fee and commission income | 300 | |||||
Total revenues | 4,101 | |||||
Inter-segment revenues | 14 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | United Kingdom [member] | Geographical Consolidation [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | 184 | |||||
Fair value items | (62) | |||||
Realized gains / (losses) on investments | 10 | |||||
Non-operating items | (51) | |||||
Other income / (charges) | 1 | |||||
Result before tax from continuing operations and discontinued operations | 134 | |||||
Income tax (expense) / benefit | (12) | |||||
Net result from continuing and discontinued operations | 122 | |||||
Inter-segment operating result | (96) | |||||
Revenues | ||||||
Life insurance gross premiums | 4,613 | |||||
Accident and health insurance | 3 | |||||
Total gross premiums | 4,616 | |||||
Investment income | 1,691 | |||||
Fee and commission income | 223 | |||||
Total revenues | 6,531 | |||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Eliminations [member] | ||||||
Summary of operating result per segment [Line Items] | ||||||
Operating result | (1) | |||||
Fair value items | 3 | |||||
Non-operating items | 3 | |||||
Result before tax from continuing operations and discontinued operations | 2 | |||||
Net result from continuing and discontinued operations | 2 | |||||
Revenues | ||||||
Total gross premiums | 0 | |||||
Investment income | (261) | |||||
Fee and commission income | (183) | |||||
Total revenues | € (444) | |||||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details.[4]The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details |
Comparative information 2021 _4
Comparative information 2021 - Summary of Reconciliation from Operating Result Before Tax to Income Before Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||||
Fee and commission income | € (2,163) | € (2,272) | [1] | |
Other income | (35) | (341) | ||
Segment total [member] | ||||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||||
Realized gains and losses on financial investments | 683 | 670 | ||
Other income | € (18) | € (341) | ||
Previously Reported [member] | ||||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||||
Fee and commission income | € (2,454) | |||
Other income | (49) | |||
IFRS4 and IAS39 [Member] | Previously Reported [member] | ||||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||||
Premium income | 13,731 | |||
Dividend income | (1,327) | |||
Other charges | (101) | |||
IFRS4 and IAS39 [Member] | Previously Reported [member] | Segment total [member] | ||||
Disclosure of reconciliation from operating result before tax to income before tax [Line Items] | ||||
Result before tax from continuing operations | 1,164 | |||
Result before tax from discontinued operations | 1,237 | |||
Result before tax from continuing operations and discontinued operations | 2,400 | |||
Elimination of share in earnings of joint ventures and associates | (42) | |||
Premium income | 5 | |||
Rental income | 71 | |||
Dividend income | (76) | |||
Fee and commission income | (30) | |||
Recovered claims and benefits | 31 | |||
Change in valuation of reinsurance ceded | 43 | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | 4 | |||
Net fair value change on borrowings and other financial liabilities | 13 | |||
Realized gains and losses on financial investments | (463) | |||
Gains and (losses) on investments in real estate | (253) | |||
Net fair value change of derivatives | 471 | |||
Other income | (77) | |||
Benefits and claims paid life | 217 | |||
Change in valuation of liabilities for insurance contracts | (994) | |||
Change in valuation of liabilities for investment contracts | 8 | |||
Policyholder claims and benefits - Other | (38) | |||
Commissions and expenses | 715 | |||
Impairment (charges) reversals | (53) | |||
Other charges | 37 | |||
Results of CEE businesses which were previously reported in operating results | (85) | |||
Operating result | € 1,906 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021 _5
Comparative information 2021 - Summary of Other Selected Income Statement Items (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | € 97 | € 103 | |
Operating segments [member] | Americas [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 64 | 67 | |
Operating segments [member] | United Kingdom [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 12 | 11 | |
Operating segments [member] | Holding and other activities [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 14 | 17 | |
Operating segments [member] | Asset management [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 2 | 2 | |
Operating segments [member] | International [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | € 5 | € 6 | |
IFRS4 and IAS39 [member] | Previously Reported [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | € 1,103 | ||
Depreciation | 99 | ||
Impairment charges / (reversals) on financial assets, excluding receivables | (45) | ||
Impairment charges / (reversals) on non-financial assets and receivables | 60 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | Americas [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 929 | ||
Depreciation | 56 | ||
Impairment charges / (reversals) on financial assets, excluding receivables | (23) | ||
Impairment charges / (reversals) on non-financial assets and receivables | 37 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | The Netherlands [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 20 | ||
Impairment charges / (reversals) on financial assets, excluding receivables | (14) | ||
Impairment charges / (reversals) on non-financial assets and receivables | 12 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | United Kingdom [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 113 | ||
Depreciation | 6 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | Holding and other activities [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 1 | ||
Impairment charges / (reversals) on financial assets, excluding receivables | (8) | ||
Impairment charges / (reversals) on non-financial assets and receivables | 11 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | Asset management [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Depreciation | 2 | ||
Impairment charges / (reversals) on non-financial assets and receivables | 1 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Operating segments [member] | International [member] | |||
Disclosure Of Other Selected Income Statement [line items] | |||
Amortization of deferred expenses, VOBA and future servicing rights | 61 | ||
Depreciation | € 15 |
Comparative information 2021 _6
Comparative information 2021 - Summary of Premium Income (Detail) - IFRS4 and IAS39 [member] - Previously Reported [Member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Insurance Premium Revenue [line items] | |
Premium income | € 13,731 |
Life insurance [member] | |
Disclosure Of Insurance Premium Revenue [line items] | |
Premium income | 12,077 |
Non-Life insurance [member] | |
Disclosure Of Insurance Premium Revenue [line items] | |
Premium income | 1,654 |
Accident and health insurance [member] | |
Disclosure Of Insurance Premium Revenue [line items] | |
Premium income | 1,389 |
General insurance [member] | |
Disclosure Of Insurance Premium Revenue [line items] | |
Premium income | € 265 |
Comparative information 2021 _7
Comparative information 2021 - Summary of Premiums Paid to Reinsurers (Detail) - IFRS4 and IAS39 [member] - Previously Reported [Member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Premium paid to reinsurers | € 3,418 |
Life insurance [member] | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Premium paid to reinsurers | 3,292 |
Non-Life insurance [member] | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Premium paid to reinsurers | 126 |
Accident and health insurance [member] | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Premium paid to reinsurers | 118 |
General insurance [member] | |
Disclosure of insurance premiums paid to reinsurers [Line Items] | |
Premium paid to reinsurers | € 8 |
Comparative information 2021 _8
Comparative information 2021 - Summary of Investment Income (Detail) - Previously Reported [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of Investment Income [line items] | |
Investment income | € 4,893 |
IFRS4 and IAS39 [Member] | |
Disclosure of Investment Income [line items] | |
Interest income | 3,536 |
Dividend income | 1,327 |
Rental income | 29 |
Investment income | 4,893 |
Interest income on financial assets that are not carried at Fair value through profit or loss | 3,047 |
IFRS4 and IAS39 [Member] | Financial assets impaired [member] | |
Disclosure of Investment Income [line items] | |
Interest income accrued on impaired financial assets | € 53 |
Comparative information 2021 _9
Comparative information 2021 - Summary of Investment Income from Financial Assets (Detail) - IFRS4 and IAS39 [member] - Previously Reported [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | € 4,893 |
Investment income related to general account [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 3,249 |
Investment income related to general account [member] | Derivatives [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | (4) |
Investment income related to general account [member] | Available-for-sale financial assets [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 2,674 |
Investment income related to general account [member] | Loans [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 499 |
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 | 97 |
Investment income for account of policyholders [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 1,644 |
Shares [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 1,327 |
Debt securities and money market investments [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 2,970 |
Loans [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 499 |
Real estate [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 29 |
Real estate [member] | Investment income related to general account [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | (1) |
Other [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | 68 |
Other [member] | Investment income related to general account [member] | |
Disclosure Of Detailed Information About Investment Income [line items] | |
Investment income | € (15) |
Comparative information 2021_10
Comparative information 2021 - Summary of Fee and Commission Income (Detail) - IFRS4 and IAS39 [member] - Previously Reported [Member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Fee And Commission Income [Line Items] | |
Fee income from asset management | € 1,647 |
Commission income | 640 |
Other | 168 |
Total fee and commission income | 2,454 |
Fees on trust and fiduciary activities | € 259 |
Comparative information 2021_11
Comparative information 2021 - Summary of Income From Reinsurance Ceded (Detail) - IFRS4 and IAS39 [member] - Previously Reported [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Income From Reinsurance Ceded [Line Items] | |
Recovered claims and benefits | € 3,377 |
Change in technical provisions | 738 |
Commissions | 147 |
Amortization charges | 2 |
Total | € 4,263 |
Comparative information 2021_12
Comparative information 2021 - Summary of Financial Transactions Results (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of result from financial transaction [Line Items] | |||
Realized gains and (losses) on financial investments | € (113) | € (58) | |
Net fair value change of derivatives | (129) | ||
Net foreign currency gains and (losses) | € 2 | € (1) | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
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 | € 807 | ||
Realized gains and (losses) on financial investments | 392 | ||
Gains and (losses) on investments in real estate | 0 | ||
Net fair value change of derivatives | 761 | ||
Net fair value change on account of policyholder financial assets at fair value through profit or loss | 22,539 | ||
Net fair value change on investments in real estate for account of policyholders | 46 | ||
Net foreign currency gains and (losses) | 182 | ||
Net fair value change on borrowings and other financial liabilities | (13) | ||
Total | € 24,715 |
Comparative information 2021_13
Comparative information 2021 - 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial instruments at fair value through profit or loss other than derivatives [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | € 7,043 | € (10,466) | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
Disclosure of financial instruments at fair value through profit or loss other than derivatives [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | € 807 | ||
Previously Reported [Member] | Shares [member] | IFRS4 and IAS39 [member] | |||
Disclosure of financial instruments at fair value through profit or loss other than derivatives [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | 27 | ||
Previously Reported [Member] | Debt securities and money market investments [member] | IFRS4 and IAS39 [member] | |||
Disclosure of financial instruments at fair value through profit or loss other than derivatives [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | (26) | ||
Previously Reported [Member] | Other [member] | IFRS4 and IAS39 [member] | |||
Disclosure of financial instruments at fair value through profit or loss other than derivatives [Line Items] | |||
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives | € 807 |
Comparative information 2021_14
Comparative information 2021 - Summary of Realized Gains and Losses on Financial Investments (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € (113) | € (58) | |
Debt securities and money market investments [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € (113) | € (58) | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 392 | ||
Previously Reported [Member] | Shares [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 16 | ||
Previously Reported [Member] | Debt securities and money market investments [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 281 | ||
Previously Reported [Member] | Loans [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 125 | ||
Previously Reported [Member] | Other [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € (30) |
Comparative information 2021_15
Comparative information 2021 - Summary of Realized Gains and Losses on Financial Investment Comprise (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € (113) | € (58) | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 392 | ||
Previously Reported [Member] | Available-for-sale investments [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | 268 | ||
Previously Reported [Member] | Loans [member] | IFRS4 and IAS39 [member] | |||
Realized gains and losses on financial investments [line items] | |||
Realized gains and losses on financial investments | € 125 |
Comparative information 2021_16
Comparative information 2021 - Summary of Net Fair Value Change of Derivatives (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Net Fair Value Change Of Derivatives [Line Items] | ||
Total | € (129) | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | ||
Disclosure Of Net Fair Value Change Of Derivatives [Line Items] | ||
Net fair value change on economic hedges where no hedge accounting is applied | € (265) | |
Net fair value change on bifurcated embedded derivatives | 1,023 | |
Ineffective portion of hedge transactions to which hedge accounting is applied | 4 | |
Total | € 761 |
Comparative information 2021_17
Comparative information 2021 - Summary of Ineffective Portion of Hedge Transactions (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow hedges [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness cash flow hedges | € (20) | € 102 | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Total | € 4 | ||
Previously Reported [Member] | Non-cash changes [member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness fair value hedges | 3 | ||
Total | 2 | ||
Previously Reported [Member] | Cash flow hedges [member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness cash flow hedges | 38 | ||
Previously Reported [Member] | Hedged item [member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value change on hedged items in a fair value hedge | 6 | ||
Previously Reported [Member] | Hedged item [member] | Cash flow hedges [member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Ineffectiveness cash flow hedges | 1 | ||
Previously Reported [Member] | Hedging instrument [member] | IFRS4 and IAS39 [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value change on hedging instruments in a fair value hedge | € (3) |
Comparative information 2021_18
Comparative information 2021 - Summary of Net Fair Value Change on for Account of Policyholder Financial Assets at Fair Value Through Profit or Loss (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
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 | € 22,539 |
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 | 2,661 |
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 | (557) |
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 | 20,833 |
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 | € (398) |
Comparative information 2021_19
Comparative information 2021 - Summary of Net Fair Value Change on Borrowings and Other Financial Liabilities (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of financial liabilities [line items] | |
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € (13) |
Borrowings [member] | |
Disclosure of financial liabilities [line items] | |
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | |
Other financial liabilitiy [member] | |
Disclosure of financial liabilities [line items] | |
Gain Losses on Fair Value Change on Borrowings and Other Financial Liabilities | € (13) |
Comparative information 2021_20
Comparative information 2021 - Summary of Other Income (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
IFRS4 and IAS39 [member] | Previously Reported [Member] | |
Disclosure of Detailed Information About Other Income [Line Items] | |
Other income | € 49 |
Comparative information 2021_21
Comparative information 2021 - Summary of Policyholder Claims and Benefits (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Total | € 40,097 |
Benefits and claims paid life [member] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Benefits and claims paid life | 16,971 |
Benefits and claims paid non life [member] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Benefits and claims paid life | 1,240 |
Change in valuation of liabilities for insurance contracts [member] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Change in valuation of liabilities for insurance contracts | 19,504 |
Change in valuation of liabilities for investment contracts [member] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Change in valuation of liabilities for investment contracts | 2,420 |
Other [member] | |
Disclosure of detail information about policyholder claims and benefits paid [line items] | |
Other | € (38) |
Comparative information 2021_22
Comparative information 2021 - Summary of Profit Sharing and Rebates (Detail) - IFRS4 and IAS39 [Member] - Previously Reported [Member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Source Of Profit Sharing And Rebates [Line Items] | |
Surplus interest bonuses | € 1 |
Profit appropriated to policyholders | 7 |
Total | € 8 |
Comparative information 2021_23
Comparative information 2021 - Summary of Commissions and Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Commissions And Expenses [line items] | |||
Employee expenses | € 1,711 | € 1,696 | |
Depreciation expense included in administration expenses | € 97 | € 103 | |
Previously Reported [member] | |||
Disclosure Of Commissions And Expenses [line items] | |||
Total | € 5,286 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | |||
Disclosure Of Commissions And Expenses [line items] | |||
Commissions | 2,539 | ||
Employee expenses | 1,511 | ||
Administration expenses | 1,294 | ||
Deferred expenses | (1,160) | ||
Amortization of deferred expenses | 933 | ||
Amortization of VOBA and future servicing rights | 171 | ||
Total | 5,286 | ||
Depreciation expense included in administration expenses | 99 | ||
IFRS4 and IAS39 [member] | Previously Reported [member] | Equipment Software And Real Estate Held For Own Use [Member] | |||
Disclosure Of Commissions And Expenses [line items] | |||
Depreciation expense included in administration expenses | € 80 |
Comparative information 2021_24
Comparative information 2021 - Summary of Employee Expenses (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information On Employee Benefits Expense [Line Items] | |||
Salaries | € 1,131 | € 1,138 | |
Post-employment benefit costs | 125 | 117 | |
Social security charges | 107 | 101 | |
Other personnel costs | 294 | 292 | |
Total | € 1,711 | € 1,696 | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | |||
Disclosure Of Detailed Information On Employee Benefits Expense [Line Items] | |||
Salaries | € 1,092 | ||
Post-employment benefit costs | 126 | ||
Social security charges | 100 | ||
Other personnel costs | 150 | ||
Shares | 43 | ||
Total | 1,511 | ||
Amount included in employee expenses relating to defined contributions | € 35 |
Comparative information 2021_25
Comparative information 2021 - Summary of Impairment Charges / (Reversals) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total | € (90) | € (121) | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment charges on financial assets, excluding receivables | € 11 | ||
Impairment reversals on financial assets, excluding receivables | (42) | ||
Impairment charges and reversals on non-financial assets and receivables | 48 | ||
Total | € 16 |
Comparative information 2021_26
Comparative information 2021 - Summary of Impairment Charges on Financial Assets, Excluding Receivables (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment charges on financial assets, excludes receivables | € 11 |
Shares [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment charges on financial assets, excludes receivables | 1 |
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 | 9 |
Loans [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment charges on financial assets, excludes receivables |
Comparative information 2021_27
Comparative information 2021 - Summary of Impairment Reversals on Financial Assets, Excluding Receivables (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment reversals on financial assets, excludes receivables | € (42) |
Shares [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment reversals on financial assets, excludes receivables | (8) |
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 | (30) |
Loans [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment reversals on financial assets, excludes receivables | 0 |
Other [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment reversals on financial assets, excludes receivables | € (4) |
Comparative information 2021_28
Comparative information 2021 - Summary of Interest Charges and Related Fees (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of interest charges and related fees [Line items] | |||
Borrowings | € 58 | € 54 | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | |||
Disclosure of interest charges and related fees [Line items] | |||
Subordinated loans | € 110 | ||
Trust pass-through securities | 8 | ||
Borrowings | 65 | ||
Other | 64 | ||
Total | 246 | ||
Interest charges accrued on financial liabilities not carried at fair value through profit or loss | € 121 |
Comparative information 2021_29
Comparative information 2021 - Summary of Other Charges (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |
Disclosure of other charges [line items] | |
Other charges | € 101 |
Comparative information 2021_30
Comparative information 2021 - Summary of Components of Income Tax for Period (Income) / Charge (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Current tax | ||||
Current year | € 4 | € (6) | ||
Adjustments to prior years | (9) | (3) | ||
Total current tax | (5) | (9) | ||
Deferred tax | ||||
Origination / (reversal) of temporary differences | (247) | 43 | ||
Changes in tax rates / bases | 1 | 5 | ||
Adjustments to prior years | (27) | 16 | ||
Total deferred tax | (204) | 45 | ||
Income tax for the period (income) / charge | € (209) | € 71 | [1] | |
Previously Reported [member] | ||||
Deferred tax | ||||
Income tax for the period (income) / charge | € 95 | |||
IFRS4 and IAS39 [member] | Previously Reported [member] | ||||
Current tax | ||||
Current year | (18) | |||
Adjustments to prior years | (6) | |||
Total current tax | (24) | |||
Deferred tax | ||||
Origination / (reversal) of temporary differences | 163 | |||
Changes in tax rates / bases | (39) | |||
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 | (5) | |||
Non-recognition of deferred tax assets | 9 | |||
Adjustments to prior years | (9) | |||
Total deferred tax | 119 | |||
Income tax for the period (income) / charge | € 95 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_31
Comparative information 2021 - Summary of Reconciliation Between Standard and Effective Income Tax (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reconciliation between standard and effective income tax: | ||||
Result before tax from continuing operations | € (391) | € 827 | ||
Income tax calculated using weighted average applicable statutory tax rates | (94) | 188 | ||
Difference due to the effects of: | ||||
Non-tax deductible expenses | 12 | 15 | ||
Changes in tax rate/base | 1 | 24 | ||
Tax credits | (34) | (43) | ||
Other | (3) | (7) | ||
Income tax for the period (income) / charge | € (209) | € 71 | [1] | |
Previously Reported [member] | ||||
Difference due to the effects of: | ||||
Income tax for the period (income) / charge | € 95 | |||
IFRS4 and IAS39 [member] | Previously Reported [member] | ||||
Reconciliation between standard and effective income tax: | ||||
Result before tax from continuing operations | 1,164 | |||
Income tax calculated using weighted average applicable statutory tax rates | 231 | |||
Difference due to the effects of: | ||||
Non-taxable income | (57) | |||
Non-tax deductible expenses | 21 | |||
Changes in tax rate/base | (39) | |||
Tax credits | (48) | |||
Other taxes | 38 | |||
Adjustments to prior years | (15) | |||
Change in uncertain tax positions | (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 | (5) | |||
Non-recognition of deferred tax assets | 9 | |||
Tax effect of (profit) / losses from joint ventures and associates | (18) | |||
Other | (5) | |||
Differences due to the effects of | (136) | |||
Income tax for the period (income) / charge | € 95 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_32
Comparative information 2021 - Summary of Income Tax Related to Components of Other Comprehensive Income and Retained Earning (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Items that will not be reclassified to profit and loss: | |||
Remeasurements of defined benefit plans | € 17 | € (249) | |
Items that may be reclassified subsequently to profit and loss: | |||
Changes in cash flow hedging reserve | 42 | 42 | |
Movement in foreign currency translation and net foreign investment hedging reserve | 3 | (12) | |
Total income tax related to components of other comprehensive income | (154) | 312 | |
Income tax related to equity instruments and other | |||
Total income tax recognized directly in retained earnings | € 18 | € 3 | |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |||
Items that will not be reclassified to profit and loss: | |||
Changes in revaluation reserve real estate held for own use | € 1 | ||
Remeasurements of defined benefit plans | (78) | ||
Total items that will not be reclassified to profit and loss | (77) | ||
Items that may be reclassified subsequently to profit and loss: | |||
(Gains) / losses on revaluation of available-for-sale investments | 269 | ||
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments | 71 | ||
Changes in cash flow hedging reserve | 47 | ||
Movement in foreign currency translation and net foreign investment hedging reserve | 3 | ||
Total items that may be reclassified subsequently to profit and loss | 390 | ||
Total income tax related to components of other comprehensive income | 313 | ||
Income tax related to equity instruments and other | |||
Income tax related to equity instruments | 13 | ||
Other | 3 | ||
Total income tax recognized directly in retained earnings | € 16 |
Comparative information 2021_33
Comparative information 2021 - Summary of Basic Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Earnings per share [line items] | |||||
Net result attributable to owners of Aegon Ltd from continuing and discontinued operations | € (179) | € (570) | [1] | ||
Net result attributable to common shareholders from continuing and discontinued operations | € (225) | € (602) | |||
Weighted average number of common shares outstanding (in million) | 1,879 | 2,010 | |||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € (0.12) | € (0.3) | [1] | ||
Continuing operations | |||||
Net result attributable to owners of Aegon Ltd from continuing operations | € (162) | € 727 | |||
Net result attributable to common shareholders from continuing operations | € (209) | € 686 | |||
Basic earnings per common share (EUR per share) from continuing operations | € (0.11) | € 0.34 | [1] | ||
Discontinued operations | |||||
Net result attributable to owners of Aegon Ltd from discontinued operations | € (17) | € (1,296) | |||
Net result attributable to common shareholders from discontinued operations | € (16) | € (1,288) | |||
Basic earnings per common share (EUR per share) from discontinued operations | € (0.01) | € (0.64) | |||
Common Stock Series B [member] | |||||
Earnings per share [line items] | |||||
Net result attributable to common shareholders from continuing and discontinued operations | € (1) | € (4) | |||
Weighted average number of common shares outstanding (in million) | 490 | 536 | |||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | [1] | € (0.01) | |||
Continuing operations | |||||
Net result attributable to common shareholders from continuing operations | € (1) | € 5 | |||
Basic earnings per common share (EUR per share) from continuing operations | [1] | € 0.01 | |||
Discontinued operations | |||||
Net result attributable to common shareholders from discontinued operations | € (9) | ||||
Basic earnings per common share (EUR per share) from discontinued operations | € (0.02) | ||||
Previously Reported [Member] | |||||
Earnings per share [line items] | |||||
Net result attributable to owners of Aegon Ltd from continuing and discontinued operations | € 1,980 | ||||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € 0.94 | ||||
Continuing operations | |||||
Basic earnings per common share (EUR per share) from continuing operations | 0.48 | ||||
Previously Reported [Member] | Common Stock Series B [member] | |||||
Earnings per share [line items] | |||||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | 0.02 | ||||
Continuing operations | |||||
Basic earnings per common share (EUR per share) from continuing operations | € 0.01 | ||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | |||||
Earnings per share [line items] | |||||
Net result attributable to owners of Aegon Ltd from continuing and discontinued operations | € 1,980 | ||||
Coupons on perpetual securities | (39) | ||||
Net result attributable to owners for basic earnings per share calculation from continuing and discontinued operations | 1,941 | ||||
Net result attributable to common shareholders from continuing and discontinued operations | € 1,928 | ||||
Weighted average number of common shares outstanding (in million) | 2,043 | ||||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € 0.94 | ||||
Continuing operations | |||||
Net result attributable to owners of Aegon Ltd from continuing operations | € 1,019 | ||||
Coupons on perpetual securities | (39) | ||||
Net result attributable to owners for basic earnings per share calculation from continuing operations | 981 | ||||
Net result attributable to common shareholders from continuing operations | € 974 | ||||
Weighted average number of common shares outstanding (in million) | 2,043 | ||||
Basic earnings per common share (EUR per share) from continuing operations | € 0.48 | ||||
Discontinued operations | |||||
Net result attributable to owners of Aegon Ltd from discontinued operations | € 960 | ||||
Coupons on perpetual securities | |||||
Net result attributable to owners for basic earnings per share calculation from discontinued operations | 960 | ||||
Net result attributable to common shareholders from discontinued operations | € 954 | ||||
Weighted average number of common shares outstanding (in million) | 2,043 | ||||
Basic earnings per common share (EUR per share) from discontinued operations | € 0.47 | ||||
IFRS4 and IAS39 [member] | Previously Reported [Member] | Common Stock Series B [member] | |||||
Earnings per share [line items] | |||||
Net result attributable to common shareholders from continuing and discontinued operations | € 13 | ||||
Weighted average number of common shares outstanding (in million) | 559 | ||||
Basic earnings per common share (EUR per share) from continuing and discontinued operations | € 0.02 | ||||
Continuing operations | |||||
Net result attributable to common shareholders from continuing operations | € 7 | ||||
Weighted average number of common shares outstanding (in million) | 559 | ||||
Basic earnings per common share (EUR per share) from continuing operations | € 0.01 | ||||
Discontinued operations | |||||
Net result attributable to common shareholders from discontinued operations | € 7 | ||||
Weighted average number of common shares outstanding (in million) | 559 | ||||
Basic earnings per common share (EUR per share) from discontinued operations | € 0.01 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_34
Comparative information 2021 - Summary Of Gain Loss On Fair Value Hedge ineffectiveness (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | 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 | € 3 |
Comparative information 2021_35
Comparative information 2021 - Summary of Gains Losses On Cash Flow Hedge Ineffectiveness (Detail) - Cash flow hedges [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Gains Losses On Cash Flow Hedge Ineffectiveness [Line Items] | |||
Gains (losses) reclassified from equity into the income statement | € 20 | € (102) | |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |||
Disclosure Of Gains Losses On Cash Flow Hedge Ineffectiveness [Line Items] | |||
Hedge ineffectiveness on cash flow hedges | € 1 | ||
Gains (losses) reclassified from equity into the income statement | (38) | ||
Expected deferred gains or losses to be reclassified from equity into net income during the next 12 months | € 113 |
Comparative information 2021_36
Comparative information 2021 - Summary of Issued Share Capital and Reserves Attributable to Shareholders (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | [1] | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Share premium | € 6,853 | € 6,853 | € 7,033 | ||||
Share capital - par value | 265 | 319 | |||||
Other reserves | 379 | 669 | 258 | ||||
Group equity | € 9,554 | € 10,935 | [1],[2] | € 13,577 | 26,372 | € 24,661 | |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Other reserves | 325 | € (554) | |||||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Shareholders of Aegon NV [member] | |||||||
Summary of issued share capital and reserves attributable to shareholders [line items] | |||||||
Share capital - par value | 321 | ||||||
Share premium | 7,033 | ||||||
Share capital - par value | 7,354 | ||||||
Retained earnings | 12,166 | ||||||
Treasury shares | (273) | ||||||
Total retained earnings | 11,892 | ||||||
Revaluation reserves | 6,442 | ||||||
Remeasurement of defined benefit plans | (2,199) | ||||||
Other reserves | 325 | ||||||
Group equity | € 23,813 | ||||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_37
Comparative information 2021 - Summary of Revaluation Reserves (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reserve of cash flow hedges [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Foreign currency translation differences | € (31) | € 74 | |
Revaluation account [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Foreign currency translation differences | 142 | (174) | |
Real estate held for own use [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Foreign currency translation differences | € 0 | € 0 | |
IFRS4 and IAS39 [Member] | Previously Reported [Member] | Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Beginning balance | € 6,248 | ||
Gross revaluation | (3,930) | ||
Shadow accounting adjustment | 2,759 | ||
Net (gains) / losses transferred to income statement | (450) | ||
Foreign currency translation differences | 362 | ||
Tax effect | 322 | ||
Other | (1) | ||
Ending balance | 5,309 | ||
IFRS4 and IAS39 [Member] | Previously Reported [Member] | Reserve of cash flow hedges [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Beginning balance | 1,197 | ||
Gross revaluation | (122) | ||
Net (gains) / losses transferred to income statement | (106) | ||
Foreign currency translation differences | 84 | ||
Tax effect | 47 | ||
Ending balance | 1,100 | ||
IFRS4 and IAS39 [Member] | Previously Reported [Member] | Revaluation account [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Beginning balance | 7,480 | ||
Gross revaluation | (4,057) | ||
Shadow accounting adjustment | 2,759 | ||
Net (gains) / losses transferred to income statement | (556) | ||
Foreign currency translation differences | 447 | ||
Tax effect | 370 | ||
Other | (1) | ||
Ending balance | 6,442 | ||
IFRS4 and IAS39 [Member] | Previously Reported [Member] | Real estate held for own use [member] | |||
Disclosure Of Revaluation Reserve [line items] | |||
Beginning balance | 35 | ||
Gross revaluation | (4) | ||
Foreign currency translation differences | 1 | ||
Tax effect | 1 | ||
Ending balance | € 32 |
Comparative information 2021_38
Comparative information 2021 - Summary of Revaluation Reserve for Available-for-sale Investments (Detail) - Previously Reported [Member] - IFRS4 and IAS39 [Member] | 12 Months Ended |
Dec. 31, 2021 shares | |
Disclosure Of Revaluation Reserve [line items] | |
Revaluation reserve for available-for-sale investments | 5,309 |
Shares [member] | |
Disclosure Of Revaluation Reserve [line items] | |
Revaluation reserve for available-for-sale investments | 49 |
Debt securities [member] | |
Disclosure Of Revaluation Reserve [line items] | |
Revaluation reserve for available-for-sale investments | 5,276 |
Other securities [member] | |
Disclosure Of Revaluation Reserve [line items] | |
Revaluation reserve for available-for-sale investments | (15) |
Comparative information 2021_39
Comparative information 2021 - Summary of Remeasurement of Defined Benefit Plans (Detail) - Remeasurement of defined benefit Plans of group companies [member] € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure Of Revaluation Reserve [line items] | |
Total remeasurement of defined benefit plans | € (2,199) |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |
Disclosure Of Revaluation Reserve [line items] | |
At January 1 | (2,534) |
Remeasurements of defined benefit plans | 501 |
Tax effect | (102) |
Net exchange differences | (65) |
Total remeasurement of defined benefit plans | € (2,199) |
Comparative information 2021_40
Comparative information 2021 - Summary of Other Reserves (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of other reserve [line items] | |
Ending balance | € 258 |
Foreign currency translation reserve [member] | |
Disclosure of other reserve [line items] | |
Ending balance | 596 |
Net foreign investment hedging reserve [member] | |
Disclosure of other reserve [line items] | |
Ending balance | (338) |
Equity movements of joint ventures and associates [member] | |
Disclosure of other reserve [line items] | |
Ending balance | 0 |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |
Disclosure of other reserve [line items] | |
Beginning balance | (554) |
Movement in foreign currency translation and net foreign investment hedging reserves | 848 |
Disposal of a business | 8 |
Tax effect | 3 |
Equity movements of joint ventures | 25 |
Equity movements of associates | (6) |
Ending balance | 325 |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Foreign currency translation reserve [member] | |
Disclosure of other reserve [line items] | |
Beginning balance | (403) |
Movement in foreign currency translation and net foreign investment hedging reserves | 1,013 |
Disposal of a business | 10 |
Tax effect | (24) |
Ending balance | 596 |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Net foreign investment hedging reserve [member] | |
Disclosure of other reserve [line items] | |
Beginning balance | (199) |
Movement in foreign currency translation and net foreign investment hedging reserves | (165) |
Disposal of a business | (2) |
Tax effect | 27 |
Ending balance | (338) |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Equity movements of joint ventures and associates [member] | |
Disclosure of other reserve [line items] | |
Beginning balance | 48 |
Equity movements of joint ventures | 25 |
Equity movements of associates | (6) |
Ending balance | € 67 |
Comparative information 2021_41
Comparative information 2021 - Summary of Remuneration Explanatory (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Key management [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | [1] | € 27.9 | € 27.7 | € 27.5 |
Fixed compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 13.8 | 16 | 16.8 | |
Cash based variable compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 4.6 | 4 | 3.6 | |
Share based variable compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 5 | 3.5 | 3.2 | |
Pension contributions [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 3.1 | 3 | 2.8 | |
Other benefits [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | € 1.3 | € 1.2 | 1.1 | |
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Board of Directors [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | [2] | 0.9 | ||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Key management [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 27.5 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | CEO Meeting [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 4.9 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Fixed compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 16.8 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Cash based variable compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 3.6 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Share based variable compensation [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 3.2 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Pension contributions [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | 2.8 | |||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Other benefits [member] | ||||
Disclosure of related party transactions [line items] | ||||
Key management personnel compensation | € 1.1 | |||
[1]Key Management is inclusive of Non-Executive Directors, Executive Directors, also reported separately above and Executive Committee Members.[2]Based on a Decree of the Dutch State Secretary of Finance which came into force as from May 7, 2021, the Board of Directors 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 Board of Directors Members as from Q2 2021. Additionally, Aegon reclaimed VAT for the period Q1 2020 - Q1 2021, except for its Board of Directors members based in the Netherlands for practical reasons. |
Comparative information 2021_42
Comparative information 2021 - Summary of Income statement of discontinued operations (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement 1 [Line Items] | |||||
Fee and commission income | € 2,163 | € 2,272 | [1] | ||
Other income | 35 | 341 | |||
Impairment (losses) / reversals | (90) | (121) | |||
Share in profit / (loss) of joint ventures | 196 | 252 | [1] | ||
Share in profit / (loss) of associates | 103 | (11) | [1] | ||
Result before tax from continuing operations and discontinued operations | 346 | 25 | [2] | € (2,400) | [2] |
Net result from discontinued operations after remeasurement | (199) | (540) | [1] | 2,029 | |
Discontinued operations [member] | |||||
Statement 1 [Line Items] | |||||
Fee and commission income | 165 | 311 | |||
Share in profit / (loss) of joint ventures | 4 | 37 | |||
Share in profit / (loss) of associates | 15 | 15 | |||
Net result from discontinued operations after remeasurement | € (17) | € (1,296) | |||
Previously Reported [Member] | |||||
Statement 1 [Line Items] | |||||
Investment income | 4,893 | ||||
Fee and commission income | 2,454 | ||||
Other revenues | 13 | ||||
Total revenues | 21,091 | ||||
Income from reinsurance ceded | 4,263 | ||||
Other income | 49 | ||||
Total income | 50,119 | ||||
Premiums paid to reinsurers | 3,418 | ||||
Commissions and expenses | 5,286 | ||||
Total charges | 49,172 | ||||
Share in profit / (loss) of joint ventures | 232 | ||||
Share in profit / (loss) of associates | (15) | ||||
Net result from discontinued operations after remeasurement | 2,029 | ||||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |||||
Statement 1 [Line Items] | |||||
Premium income | 13,731 | ||||
Investment income | 4,893 | ||||
Results from financial transactions | 24,715 | ||||
Policyholder claims and benefits | 40,097 | ||||
Profit sharing and rebates | 8 | ||||
Commissions and expenses | 5,286 | ||||
Impairment (losses) / reversals | 16 | ||||
Interest charges and related fees | 246 | ||||
Result before tax from continuing operations and discontinued operations | 2,400 | ||||
Net result from discontinued operations after remeasurement | 2,029 | ||||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | Discontinued operations [member] | |||||
Statement 1 [Line Items] | |||||
Premium income | 1,713 | ||||
Investment income | 2,074 | ||||
Fee and commission income | 331 | ||||
Other revenues | 0 | ||||
Total revenues | 4,118 | ||||
Income from reinsurance ceded | 26 | ||||
Results from financial transactions | (444) | ||||
Other income | 27 | ||||
Total income | 3,727 | ||||
Premiums paid to reinsurers | 99 | ||||
Policyholder claims and benefits | 1,755 | ||||
Profit sharing and rebates | 7 | ||||
Commissions and expenses | 698 | ||||
Impairment (losses) / reversals | (2) | ||||
Interest charges and related fees | 89 | ||||
Other charges | 3 | ||||
Total charges | 2,649 | ||||
Result before share in profit / (loss) of joint ventures, associates and tax | 1,078 | ||||
Share in profit / (loss) of joint ventures | 33 | ||||
Share in profit / (loss) of associates | 127 | ||||
Result before tax from continuing operations and discontinued operations | 1,237 | ||||
Income tax benefit/(expense) | (276) | ||||
Result after tax from discontinued operations | 960 | ||||
Impairment loss on remeasurement of the disposal group | 0 | ||||
Net result from discontinued operations after remeasurement | € 960 | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_43
Comparative information 2021 - Summary of Statement of Comprehensive Income (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | € (199) | € (540) | [1] | € 2,029 |
Items that will not be reclassified to profit or loss: | ||||
Changes in revaluation reserve real estate held for own use | (2) | (1) | (4) | |
Remeasurements of defined benefit plans | (160) | (44) | 501 | |
Income tax relating to items that will not be reclassified | 30 | (5) | (101) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Gains / (losses) on revaluation of available-for-sale investments | (1,173) | |||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (450) | |||
Income tax relating to items that may be reclassified | (72) | 333 | 372 | |
Total other comprehensive income / (loss) | 421 | (870) | [1] | 200 |
Total comprehensive income / (loss) | 222 | (1,410) | [1] | 2,229 |
Discontinued operations [member] | ||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | (17) | (1,296) | ||
Items that will not be reclassified to profit or loss: | ||||
Income tax relating to items that will not be reclassified | (13) | (245) | ||
Items that may be reclassified subsequently to profit or loss: | ||||
Income tax relating to items that may be reclassified | (4) | 120 | ||
Total other comprehensive income / (loss) | 48 | 359 | ||
Total comprehensive income / (loss) | € 31 | € (937) | ||
Previously Reported [member] | ||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | 2,029 | |||
Previously Reported [member] | IFRS4 and IAS39 [member] | ||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | 2,029 | |||
Previously Reported [member] | IFRS4 and IAS39 [member] | Discontinued operations [member] | ||||
Disclosure of Financial Performance and Cash Flow Items [Line Items] | ||||
Net result / (loss) | 960 | |||
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 | 156 | |||
Income tax relating to items that will not be reclassified | (24) | |||
Items that may be reclassified subsequently to profit or loss: | ||||
Gains / (losses) on revaluation of available-for-sale investments | 155 | |||
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments | (114) | |||
Equity movements of joint ventures | 0 | |||
Equity movements of associates | (1) | |||
Income tax relating to items that may be reclassified | (18) | |||
Other | 1 | |||
Total other comprehensive income / (loss) | 156 | |||
Total comprehensive income / (loss) | € 1,117 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_44
Comparative information 2021 - Summary of Cash Flow from Discontinued Operations (Detail) - Discontinued operations [member] - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net cash inflow (outflow) from operating activities | € (519) | € 4,646 | |
Net cash inflow (outflow) from investing activities | (11) | (4) | |
Net cash inflow (outflow) from financing activities | (95) | (3,275) | |
Net cash inflow (outflow) from discontinued operations | € (625) | € 1,367 | |
Previously Reported [Member] | IFRS4 and IAS39 [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net cash inflow (outflow) from operating activities | € (167) | ||
Net cash inflow (outflow) from investing activities | 31 | ||
Net cash inflow (outflow) from financing activities | (1,835) | ||
Net cash inflow (outflow) from discontinued operations | € (1,972) |
Comparative information 2021_45
Comparative information 2021 - Additional Information (Detail) € in Millions, £ in Millions | 12 Months Ended | ||||||
Jan. 01, 2022 | Feb. 28, 2021 EUR (€) | Feb. 28, 2021 GBP (£) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | ||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Gain (losses) on change in fair value on economic hedges | € (129) | ||||||
Insurance service expenses from insurance contracts issued | € 10,226 | € 11,097 | [1] | ||||
Weighted average applicable statutory tax rate | 24.10% | 22.80% | |||||
Previously Reported [Member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Other charges IFRS 4 | € 101 | ||||||
Gain (losses) on change in fair value on economic hedges | 761 | ||||||
Ineffectiveness fair value hedge | 4 | ||||||
Amortization of deferred expenses IFRS 4 | 260 | ||||||
Impairment charges and reversals on non-financial assets and receivables IFRS 4 | 60 | ||||||
Other income /(charges) expense due to model and assumption updates IFRS 4 | (298) | ||||||
Gain loss on sale of business IFRS 4 | 38 | ||||||
Fair value changes on for account of policyholder financial assets IFRS 4 | 22,539 | ||||||
Increase (decrease) of technical provisions for life insurance contracts IFRS 4 | € 863 | ||||||
Weighted average applicable statutory tax rate | 19.90% | ||||||
Previously Reported [Member] | Top of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Results of the hedging instrument as a percentage of hedged item for determining hedge effectiveness IFRS 4 | 125% | ||||||
Long term expected return on assets based on fair value IFRS 4 | (10.00%) | ||||||
Previously Reported [Member] | Bottom of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Results of the hedging instrument as a percentage of hedged item for determining hedge effectiveness IFRS 4 | 80% | ||||||
Long term expected return on assets based on fair value IFRS 4 | 3% | ||||||
Previously Reported [Member] | The Netherlands [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Other income /(charges) expense due to model and assumption updates IFRS 4 | € 52 | ||||||
Previously Reported [Member] | Americas [Member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Other charges IFRS 4 | 667 | ||||||
Other income /(charges) expense due to model and assumption updates IFRS 4 | (250) | ||||||
Previously Reported [Member] | Fair value hedges [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Gain (losses) on over- or underperformance of derivatives IFRS 4 | (8) | ||||||
Gain (losses) on change in fair value on economic hedges | (466) | ||||||
Ineffectiveness fair value hedge | 2 | ||||||
Previously Reported [Member] | Commissions and expenses [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Restructuring charges IFRS 4 | 240 | ||||||
Amortization of VOBA and future servicing rights IFRS 4 | 87 | ||||||
Commissions and expense include a DPAC/VOBA fair value adjustment IFRS 4 | 51 | ||||||
Previously Reported [Member] | Impairment charges (reversals) [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Impairment (charges) / reversals on financial assets, receivables IFRS 4 | 45 | ||||||
Impairment charges and reversals on non-financial assets and receivables IFRS 4 | 60 | ||||||
Previously Reported [Member] | Lifetime Withdrawal benefits [Member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Other income /(charges) expense due to model and assumption updates IFRS 4 | € (123) | ||||||
Previously Reported [Member] | Lifetime Withdrawal benefits [Member] | Top of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Long term interest rate assumed IFRS 4 | 2% | ||||||
Previously Reported [Member] | Lifetime Withdrawal benefits [Member] | Bottom of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Long term interest rate assumed IFRS 4 | 1.50% | ||||||
Previously Reported [Member] | Variable annuities dynamic hedging program for variable annuities with interest sensitive guaranteed minimum income benefits and guaranteed minimum death benefits [member] | One time expense [member] | Life insurance general account [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Insurance service expenses from insurance contracts issued | € 350 | ||||||
Previously Reported [Member] | Amortization of value of business acquired and future servicing rights [member] | Variable annuities dynamic hedging program for variable annuities with interest sensitive guaranteed minimum income benefits and guaranteed minimum death benefits [member] | One time expense [member] | Life insurance general account [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Insurance service expenses from insurance contracts issued | 96 | ||||||
Previously Reported [Member] | Amortization Of Deferred Expenses [Member] | Variable annuities dynamic hedging program for variable annuities with interest sensitive guaranteed minimum income benefits and guaranteed minimum death benefits [member] | One time expense [member] | Life insurance general account [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Insurance service expenses from insurance contracts issued | € 254 | ||||||
Previously Reported [Member] | Disposal of major subsidiary [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Business sold, business combination IFRS 4 | £ | £ 10 | ||||||
Previously Reported [Member] | Changes in tax rates or tax laws enacted or announced [member] | The Netherlands [member] | Top of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Corporate income tax rate IFRS 4 | 25.80% | ||||||
Previously Reported [Member] | Changes in tax rates or tax laws enacted or announced [member] | The Netherlands [member] | Bottom of range [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Corporate income tax rate IFRS 4 | 25% | ||||||
Previously Reported [Member] | Stonebridge [Member] | Disposal of major subsidiary [member] | IFRS4 and IAS39 [Member] | |||||||
Increase (decrease) in net cash flows from operating activities IFRS 4 | |||||||
Business sold, business combination IFRS 4 | € 65 | £ 60 | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_46
Comparative information 2021 - Summary of supplementary insurance information for insurance companies (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Deferred policy acquisition costs | € 10,070 | |||||
Future policy benefits | 378,907 | |||||
Unearned premiums | 6,548 | |||||
Other policy claims and benefits | 3,062 | |||||
Premium revenue | 15,444 | |||||
Investment income | € 5,995 | [1] | € 5,490 | [1] | 6,967 | |
Benefits, claims and losses | 21,460 | |||||
Amortization of deferred policy acquisition costs | 899 | |||||
Other operating expenses | 2,961 | 2,712 | 5,085 | |||
Premiums written | 11,926 | |||||
Americas [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Deferred policy acquisition costs | 8,648 | |||||
Future policy benefits | 192,099 | |||||
Unearned premiums | 6,335 | |||||
Other policy claims and benefits | 1,934 | |||||
Premium revenue | 8,190 | |||||
Investment income | 3,461 | [1] | 3,365 | [1] | 2,909 | |
Benefits, claims and losses | 10,111 | |||||
Amortization of deferred policy acquisition costs | 741 | |||||
Other operating expenses | 2,148 | 1,916 | 3,003 | |||
Premiums written | 5,023 | |||||
The Netherlands [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Deferred policy acquisition costs | 235 | |||||
Future policy benefits | 67,226 | |||||
Unearned premiums | 50 | |||||
Other policy claims and benefits | 1,019 | |||||
Premium revenue | 1,713 | |||||
Investment income | 2,088 | |||||
Benefits, claims and losses | 3,249 | |||||
Other operating expenses | 806 | |||||
Premiums written | 1,614 | |||||
United Kingdom [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Deferred policy acquisition costs | 796 | |||||
Future policy benefits | 111,458 | |||||
Premium revenue | 4,616 | |||||
Investment income | 2,362 | [1] | 1,940 | [1] | 1,691 | |
Benefits, claims and losses | 7,343 | |||||
Amortization of deferred policy acquisition costs | 96 | |||||
Other operating expenses | 353 | 287 | 523 | |||
Premiums written | 4,419 | |||||
International [Member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Deferred policy acquisition costs | 391 | |||||
Future policy benefits | 9,735 | |||||
Unearned premiums | 163 | |||||
Other policy claims and benefits | 110 | |||||
Premium revenue | 924 | |||||
Investment income | 86 | [1] | 187 | [1] | 298 | |
Benefits, claims and losses | 757 | |||||
Amortization of deferred policy acquisition costs | 62 | |||||
Other operating expenses | 93 | 103 | 345 | |||
Premiums written | 870 | |||||
Asset management [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Investment income | [1] | 2 | ||||
Other operating expenses | 440 | 437 | 411 | |||
Holding and other activities [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Investment income | 90 | [1] | 2 | [1] | (4) | |
Other operating expenses | 85 | 155 | 180 | |||
Elimination [member] | ||||||
Disclosure of supplementary insurance information and deferred policy acquisition costs [line items] | ||||||
Future policy benefits | (1,611) | |||||
Investment income | (6) | [1] | (5) | [1] | (15) | |
Other operating expenses | € (158) | € (187) | € (183) | |||
[1]Sum of Interest revenue on financial instruments calculated using the effective interest method, Interest revenue on financial instruments measured at FVPL and Other investment income. |
Comparative information 2021_47
Comparative information 2021 - Disclosure of changes in reinsurance assets information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | [1] | ||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | € 15,444 | |||||
Ceded to other companies | € 16,608 | € 16,939 | [1] | 3,518 | € 21,322 | |
Net amount | 11,926 | |||||
Life insurance in force [member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | 813,550 | 905,455 | 977,293 | |||
Ceded to other companies | (366,577) | (541,793) | 611,912 | |||
Assumed from other companies | 273,421 | 342,375 | 397,882 | |||
Net amount | € 720,394 | € 706,037 | € 763,263 | |||
% of amount assumed to net | 38% | 48% | 52% | |||
Life Insurance [Member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | € 13,400 | |||||
Ceded to other companies | 3,326 | |||||
Net amount | 10,074 | |||||
Non life insurance contract [Member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | 2,044 | |||||
Ceded to other companies | 192 | |||||
Net amount | € 1,852 | |||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Comparative information 2021_48
Comparative information 2021 - Schedule of valuation and qualifying accounts (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of details of valuation and qualifying accounts [line items] | |
Beginning balance | € 276 |
Addition charged to earnings | 12 |
Amounts written off and other changes | (57) |
Currency translation | 7 |
Ending balance | 238 |
Mortgages [member] | |
Disclosure of details of valuation and qualifying accounts [line items] | |
Ending balance | 6 |
Other loans [member] | |
Disclosure of details of valuation and qualifying accounts [line items] | |
Ending balance | 112 |
Receivables [member] | |
Disclosure of details of valuation and qualifying accounts [line items] | |
Ending balance | € 120 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Detail) | 12 Months Ended | |
Feb. 26, 2024 | Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Proportion of ownership interest in joint venture | 49% | |
Bandhan Financial Holding Limited [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Proportion of ownership interest in joint venture | 56% | |
Bandhan Financial Holding Limited [Member] | Aegon Ltd. [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Proportion of ownership interest in joint venture | 56% |
Proposal for Profit Appropria_3
Proposal for Profit Appropriation - Additional Information (Detail) - Aegon Ltd. [member] - € / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of proposal profit appropriation [Line Items] | ||
Interim dividend per share | € 0.14 | |
Declaration Of Dividend Per Share Interim And Final [member] | ||
Disclosure of proposal profit appropriation [Line Items] | ||
Aggregate dividend interim and final per share | € 0.3 | |
Common shares [member] | Dividend Distributed [member] | ||
Disclosure of proposal profit appropriation [Line Items] | ||
Dividends proposed as distributions to owners per share | € 0.16 | |
Common share B [member] | Dividend Distributed [member] | ||
Disclosure of proposal profit appropriation [Line Items] | ||
Dividends proposed as distributions to owners per share | € 0.004 |
Proposal for Profit Appropria_4
Proposal for Profit Appropriation - Summary of Proposal for Profit Appropriation (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of proposal profit appropriation [Line Items] | |||
Net result attributable to owners of Aegon Ltd. | € (179) | € (570) | [1] |
Aegon Ltd. [member] | |||
Disclosure of proposal profit appropriation [Line Items] | |||
Final dividend on common shares | 280 | 237 | |
To be deducted from retained earnings | (459) | (806) | |
Net result attributable to owners of Aegon Ltd. | € (179) | € (569) | [2] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments Other than Investments in Related Parties (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of investments [Line Items] | |||
Financial assets | € 73,865 | € 77,412 | |
Investments in real estate | 488 | 502 | € 3,206 |
Mortgage loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 10,156 | € 10,407 | |
Cost [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 75,254 | ||
Cost [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 279 | ||
Fair value through other comprehensive income | 6 | ||
Cost [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 1,648 | ||
Financial assets | 10,175 | ||
Other investments at fair value through profit or loss | 8,287 | ||
Cost [member] | Bonds [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 54,803 | ||
Cost [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,360 | ||
Cost [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 7,562 | ||
Cost [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2 | ||
Cost [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1,007 | ||
Cost [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,085 | ||
Cost [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 36,617 | ||
Cost [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,135 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 35 | ||
Cost [member] | Bonds [member] | Mortgage loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 10,157 | ||
Cost [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Cost [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 18 | ||
Cost [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1 | ||
Cost [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | 55 | ||
Fair value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 71,376 | ||
Fair value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 10 | ||
Fair value through other comprehensive income | 291 | ||
Fair value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 2,396 | ||
Financial assets | 9,044 | ||
Other investments at fair value through profit or loss | 9,226 | ||
Fair value [member] | Bonds [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 50,354 | ||
Fair value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,102 | ||
Fair value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,562 | ||
Fair value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2 | ||
Fair value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 906 | ||
Fair value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,840 | ||
Fair value [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 33,779 | ||
Fair value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,135 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 29 | ||
Fair value [member] | Bonds [member] | Mortgage loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 9,025 | ||
Fair value [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Fair value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 18 | ||
Fair value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1 | ||
Fair value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | 55 | ||
Book value [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 72,508 | ||
Book value [member] | Shares [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 10 | ||
Fair value through other comprehensive income | 291 | ||
Book value [member] | Bonds [member] | |||
Disclosure of investments [Line Items] | |||
Fair value through profit or loss | 2,396 | ||
Financial assets | 10,175 | ||
Other investments at fair value through profit or loss | 9,226 | ||
Book value [member] | Bonds [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 50,354 | ||
Book value [member] | Bonds [member] | Asset backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,102 | ||
Book value [member] | Bonds [member] | US government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 6,562 | ||
Book value [member] | Bonds [member] | Dutch government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2 | ||
Book value [member] | Bonds [member] | Other government [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 906 | ||
Book value [member] | Bonds [member] | Mortgage backed [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 2,840 | ||
Book value [member] | Bonds [member] | Corporate [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 33,779 | ||
Book value [member] | Bonds [member] | Money market investments [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 3,135 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 29 | ||
Book value [member] | Bonds [member] | Mortgage loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 10,157 | ||
Book value [member] | Bonds [member] | Private loans [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 0 | ||
Book value [member] | Bonds [member] | Deposits with financial institutions [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 18 | ||
Book value [member] | Bonds [member] | Other [member] | |||
Disclosure of investments [Line Items] | |||
Financial assets | 1 | ||
Book value [member] | Real estate [member] | |||
Disclosure of investments [Line Items] | |||
Investments in real estate | € 55 |
Statement of Financial Position
Statement of Financial Position of Aegon Ltd. (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Receivables | |||||||
Cash and cash equivalents | € 4,074 | € 3,402 | [1] | € 6,861 | [1] | € 6,889 | |
Assets | 301,581 | 380,711 | [1] | 459,560 | [1] | ||
Shareholders' equity | |||||||
Share capital | 265 | 319 | |||||
Group equity | 9,554 | 10,935 | [1],[2] | 13,577 | [1] | 26,372 | € 24,661 |
Other equity instruments | 1,951 | 1,943 | [1] | 2,363 | [1] | ||
Deferred tax liability | 57 | 30 | [1] | 8 | [1] | ||
Other current liabilities | 8,210 | 10,069 | |||||
Total liabilities | 292,026 | 369,777 | [1] | 445,983 | [1] | ||
Total equity and liabilities | 301,581 | 380,711 | [1] | 459,560 | [1] | ||
Aegon Ltd. [member] | |||||||
Non-current assets | |||||||
Shares in group companies | 8,536 | 10,338 | [3] | 13,247 | [3] | 13,247 | |
Loans to group companies | 780 | 1,435 | [3] | 1,829 | [3] | 1,829 | |
Other non-current assets | 0 | 109 | [3] | 138 | [3] | ||
Financial fixed assets | 9,316 | 11,882 | [3] | 15,214 | [3] | ||
Receivables | |||||||
Receivables from group companies | 138 | 31 | [3] | 35 | [3] | ||
Other receivables | 77 | 236 | [3] | 181 | [3] | ||
Other current assets | 48 | 123 | [3] | 90 | [3] | ||
Accrued interest and rent | 18 | 9 | [3] | 6 | [3] | ||
Receivables | 281 | 398 | [3] | 312 | [3] | ||
Cash and cash equivalents | 2,304 | 1,619 | [3] | 1,204 | [3] | ||
Assets | 11,900 | 13,899 | [3] | 16,729 | [3] | ||
Shareholders' equity | |||||||
Share capital | 265 | 319 | [3] | 321 | [3] | ||
Paid-in surplus | 6,853 | 6,853 | [3] | 7,033 | [3] | ||
Revaluation account | (3,760) | (4,551) | [3] | (2,568) | [3] | ||
Legal reserves – foreign currency translation reserve | 474 | 736 | [3] | 258 | [3] | ||
Legal reserves in respect of group companies | 1,134 | 2,821 | [3] | 2,316 | [3] | ||
Retained earnings, including treasury shares | 3,693 | 4,771 | [3] | 3,877 | [3] | ||
Remeasurement of defined benefit plans of group companies | (1,006) | (1,565) | [3] | (2,199) | [3] | ||
Net result | (179) | (569) | [3] | 1,980 | [3] | ||
Group equity | 7,475 | 8,815 | [3] | 11,018 | [3] | € 11,018 | |
Other equity instruments | 1,951 | 1,943 | [3] | 2,363 | [3] | ||
Total equity | 9,426 | 10,758 | [3] | 13,381 | [3] | ||
Deferred tax liability | 3 | ||||||
Subordinated borrowings | 1,418 | 1,442 | [3] | 1,396 | [3] | ||
Long-term borrowings | 745 | 1,226 | [3] | 1,266 | [3] | ||
Non-current liabilities | 2,163 | 2,669 | [3] | 2,662 | [3] | ||
Loans from group companies | 4 | 13 | [3] | 7 | [3] | ||
Payables to group companies | 73 | 147 | [3] | 422 | [3] | ||
Other current liabilities | 202 | 282 | [3] | 227 | [3] | ||
Accruals and deferred income | 30 | 31 | [3] | 31 | [3] | ||
Current liabilities | 309 | 472 | [3] | 686 | [3] | ||
Total liabilities | 2,475 | 3,141 | [3] | 3,349 | [3] | ||
Total equity and liabilities | € 11,900 | € 13,899 | [3] | € 16,729 | [3] | ||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Opening balance as per January 1, 2023 has been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[3]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Condensed income statement of A
Condensed income statement of Aegon Ltd. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Condensed Income Statements, Captions [Line Items] | |||
Net result | € (179) | € (570) | [1] |
Aegon Ltd. [member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Net result group companies | (65) | (411) | [2] |
Other income / (loss) | (114) | (158) | [2] |
Net result | € (179) | € (569) | [2] |
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Condensed Cash Flow Statement o
Condensed Cash Flow Statement of Aegon Ltd. (Detail) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Disclosure of cash flow statement [Line Items] | |||||
Result before tax | € 346 | € 25 | [1] | € (2,400) | |
Net cash flows from operating activities | 864 | 2,672 | [1] | (1,796) | |
Net cash flows from investing activities | (1,996) | 733 | [1] | (54) | |
Repayment of perpetuals | 0 | (429) | [1] | (212) | |
Dividends paid | (494) | (167) | [1] | (121) | |
Net cash flows from financing activities | (3,241) | (1,834) | [1] | € 300 | |
Aegon Ltd. [member] | |||||
Disclosure of cash flow statement [Line Items] | |||||
Result before tax | (133) | (204) | [2] | ||
Adjustments | (264) | (138) | [2] | ||
Net cash flows from operating activities | (397) | (342) | [2] | ||
Dividends and capital repayments of subsidiaries, associates and joint ventures | 2,567 | 1,530 | [2] | ||
Net cash flows from investing activities | 2,567 | 1,530 | [2] | ||
Purchase of treasury shares | (1,072) | (597) | [2] | ||
Issuance and repurchase of borrowings | 145 | 469 | [2] | ||
Repayment of perpetuals | 0 | (429) | [2] | ||
Dividends paid | (494) | (169) | [2] | ||
Coupons on perpetual securities | (65) | (48) | [2] | ||
Net cash flows from financing activities | (1,485) | (773) | [2] | ||
Net increase / (decrease) in cash and cash equivalents | € 685 | € 415 | [2] | ||
[1]Comparatives for 2022 have been restated due to the initial application of IFRS 9 and IFRS 17. Comparatives for 2021 have not been restated due to the initial appliocation of IFRS 9 and IFSR 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Five-Year Schedule of Maturitie
Five-Year Schedule of Maturities of Debt (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | € 2,244 | € 2,295 | [1] | € 2,194 | [1] |
Aegon Ltd. [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 1,418 | 1,442 | [2] | ||
Long-term borrowings | 745 | 1,226 | [2] | € 1,266 | [2] |
Aegon Ltd. [member] | Remaining terms less than 1 year [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 499 | |||
Aegon Ltd. [member] | Remaining terms 1 - 2 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Aegon Ltd. [member] | Remaining terms 2 - 3 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Aegon Ltd. [member] | Remaining terms 3 - 4 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Aegon Ltd. [member] | Remaining terms 4 - 5 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Aegon Ltd. [member] | Remaining terms longer than 5 years [member] | |||||
Disclosure of long-term borrowings [Line Items] | |||||
Subordinated borrowings | 1,418 | 1,442 | |||
Long-term borrowings | € 745 | € 727 | |||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies.[2]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 to the financial statements includes further details on the changes in accounting policies. |
Condensed Financial Informati_2
Condensed Financial Information of Registrant - Additional Information (Detail) - Aegon Ltd. [member] - Business combinations [member] - EUR (€) € in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Condensed financial information of registrant [line items] | ||
Dividends | € 1 | € 1 |
Capital contributions | € 0.1 | € 0.1 |
Schedule III - Disclosure of Su
Schedule III - Disclosure of Supplementary Insurance Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | € 5,995 | [1] | € 5,490 | [1] | € 6,967 | |
Insurance liability - CSM | 8,300 | 8,937 | ||||
Insurance liability - BEL | 187,322 | 184,255 | ||||
Insurance liability - RA | 3,379 | 3,545 | ||||
Insurance liability - PAA contracts | 39 | 439 | ||||
Insurance revenue | 10,386 | 11,251 | ||||
Insurance service expenses | 10,226 | 11,097 | ||||
Other operating expenses | 2,961 | 2,712 | 5,085 | |||
Americas [member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | 3,461 | [1] | 3,365 | [1] | 2,909 | |
Insurance liability - CSM | 6,494 | 7,038 | ||||
Insurance liability - BEL | 126,762 | 127,245 | ||||
Insurance liability - RA | 2,860 | 2,912 | ||||
Insurance revenue | 9,468 | 10,174 | ||||
Insurance service expenses | 9,578 | 10,324 | ||||
Other operating expenses | 2,148 | 1,916 | 3,003 | |||
United Kingdom [member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | 2,362 | [1] | 1,940 | [1] | 1,691 | |
Insurance liability - CSM | 1,595 | 1,657 | ||||
Insurance liability - BEL | 59,898 | 56,453 | ||||
Insurance liability - RA | 429 | 566 | ||||
Insurance revenue | 663 | 701 | ||||
Insurance service expenses | 406 | 443 | ||||
Other operating expenses | 353 | 287 | 523 | |||
International [Member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | 86 | [1] | 187 | [1] | 298 | |
Insurance liability - CSM | 247 | 421 | ||||
Insurance liability - BEL | 6,177 | 6,586 | ||||
Insurance liability - RA | 165 | 124 | ||||
Insurance liability - PAA contracts | 39 | 439 | ||||
Insurance revenue | 305 | 408 | ||||
Insurance service expenses | 275 | 350 | ||||
Other operating expenses | 93 | 103 | 345 | |||
Asset management [member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | [1] | 2 | ||||
Other operating expenses | 440 | 437 | 411 | |||
Holding and other activities [member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | 90 | [1] | 2 | [1] | (4) | |
Other operating expenses | 85 | 155 | 180 | |||
Elimination [member] | ||||||
Disclosure of supplementary insurance information [line items] | ||||||
Investment income | (6) | [1] | (5) | [1] | (15) | |
Insurance liability - CSM | (36) | (180) | ||||
Insurance liability - BEL | (5,515) | (6,029) | ||||
Insurance liability - RA | (76) | (57) | ||||
Insurance revenue | (51) | (32) | ||||
Insurance service expenses | (33) | (20) | ||||
Other operating expenses | € (158) | € (187) | € (183) | |||
[1]Sum of Interest revenue on financial instruments calculated using the effective interest method, Interest revenue on financial instruments measured at FVPL and Other investment income. |
Schedule IV - Summary of Reinsu
Schedule IV - Summary of Reinsurance (Detail) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | [1] | ||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | € 15,444 | |||||
Ceded to other companies | € 16,608 | € 16,939 | [1] | 3,518 | € 21,322 | |
Net amount | 11,926 | |||||
Net insurance revenue & insurance service expenses | 160 | 155 | ||||
Net income / (expenses) on reinsurance held | 182 | 275 | ||||
Life insurance in force [member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | 813,550 | 905,455 | 977,293 | |||
Ceded to other companies | (366,577) | (541,793) | 611,912 | |||
Assumed from other companies | 273,421 | 342,375 | 397,882 | |||
Net amount | € 720,394 | € 706,037 | € 763,263 | |||
% of amount assumed to net | 38% | 48% | 52% | |||
Life [member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | € 13,400 | |||||
Ceded to other companies | 3,326 | |||||
Net amount | 10,074 | |||||
Net insurance revenue & insurance service expenses | € (121) | € 188 | ||||
Net income / (expenses) on reinsurance held | 221 | 306 | ||||
Non life [member] | ||||||
Disclosure of Reinsurance Transactions [line items] | ||||||
Gross amount | 2,044 | |||||
Ceded to other companies | 192 | |||||
Net amount | € 1,852 | |||||
Net insurance revenue & insurance service expenses | 281 | (33) | ||||
Net income / (expenses) on reinsurance held | € (39) | € (31) | ||||
[1]Comparatives have been restated due to the initial application of IFRS 9 and IFRS 17. Note 2 includes further details on the changes in accounting policies. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of details of valuation and qualifying accounts [line items] | ||
Beginning balance | € (287) | € (364) |
Impact on year end ECL of exposures transferred between stages during the year | (5) | (69) |
Financial assets derecognized during the period | 74 | 103 |
New financial assets originated or purchased | (26) | (56) |
Change in models | (28) | 30 |
Net exchange differences | 9 | (15) |
Transfers to disposal groups | 84 | |
Ending balance | (263) | (287) |
Mortgage loans | (26) | (12) |
Debt securities | (237) | (276) |
Total ECL | (263) | (287) |
Mortgage loans measured at amortized cost | (15) | 10 |
Debt securities measured at FVOCI | (44) | (108) |
Other | (60) | (41) |
Net impairment charge in P&L | € (119) | € (138) |