Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Document Information [Line Items] | |
Document Type | 6-K/A |
Amendment Flag | true |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | AEGON NV |
Entity Central Index Key | 0000769218 |
Current Fiscal Year End Date | --12-31 |
Amendment Description | Aegon N.V. hereby voluntarily amends Aegon N.V.’s Form 6-K for the six month period ended June 30, 2022, which was originally filed on August 11, 2022 (the “Original Form 6-K”), by including iXBRL tagging for Item 1: Condensed consolidated interim financial statements. No other changes have been made to the Original Form 6-K. Among other things, none of the changes included in this Form 6/A affect Aegon’s net result or shareholders’ equity, nor does this Form 6-K/A reflect events occurring after the filing of the Original Form 6-K or modify or update the disclosure therein in any way other than as required to reflect the amendment described above. |
Condensed consolidated income s
Condensed consolidated income statement - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement [LineItems] | ||
Premium income | € 7,532 | € 7,867 |
Investment income | 3,930 | 3,734 |
Fee and commission income | 1,431 | 1,327 |
Other revenues | 0 | 4 |
Total revenues | 12,894 | 12,933 |
Income from reinsurance ceded | 1,487 | 1,686 |
Results from financial transactions | (43,202) | 13,477 |
Other income | 308 | 41 |
Total income | (28,513) | 28,136 |
Benefits and expenses | (29,510) | 26,268 |
Impairment charges / (reversals) | 54 | 3 |
Interest charges and related fees | 180 | 167 |
Other charges | (3) | 58 |
Total charges | (29,278) | 26,497 |
Share in profit / (loss) of joint ventures | 145 | 136 |
Share in profit / (loss) of associates | 76 | 13 |
Result before tax | 985 | 1,788 |
Income tax (expense)/benefit | (130) | (331) |
Net result | 856 | 1,457 |
Net result attributable to: | ||
Owners of Aegon N.V. | 810 | 1,448 |
Non-controlling interests | € 45 | € 9 |
Earnings per share (EUR per share) | ||
Basic earnings per common | € 0.39 | € 0.69 |
Diluted earnings per common | 0.39 | 0.69 |
Common share B [member] | ||
Earnings per share (EUR per share) | ||
Basic earnings per common | 0.01 | 0.02 |
Diluted earnings per common | € 0.01 | € 0.02 |
Condensed consolidated statemen
Condensed consolidated statement of comprehensive income - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||
Net result | € 856 | € 1,457 |
Items that will not be reclassified to profit or loss: | ||
Changes in revaluation reserve real estate held for own use | 0 | 0 |
Remeasurements of defined benefit plans | 969 | 483 |
Income tax relating to items that will not be reclassified | (256) | (115) |
Items that may be reclassified subsequently to profit or loss: | ||
Gains / (losses) on revaluation of available-for-sale investments | (11,199) | (1,349) |
Gains / (losses) transferred to the income statement on disposal and impairment of available-for-sale investments | 193 | (218) |
Changes in cash flow hedging reserve | (131) | (69) |
Movement in foreign currency translation and net foreign investment hedging reserve | 949 | 547 |
Equity movements of joint ventures | (41) | (1) |
Equity movements of associates | (8) | (6) |
Disposal of group assets | 176 | (3) |
Income tax relating to items that may be reclassified | 2,399 | 356 |
Other | 5 | 18 |
Total other comprehensive income / (loss) for the period | (6,946) | (356) |
Total comprehensive income / (loss) | (6,089) | 1,101 |
Total comprehensive income/ (loss) attributable to: | ||
Owners of Aegon N.V. | (6,153) | 1,092 |
Non-controlling interests | € 64 | € 9 |
Condensed consolidated statem_2
Condensed consolidated statement of financial position - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | € 7,910 | € 6,889 |
Investments | 140,736 | 157,831 |
Investments for account of policyholders | 213,125 | 250,953 |
Derivatives | 8,846 | 8,827 |
Investments in joint ventures | 1,865 | 1,743 |
Investments in associates | 1,344 | 1,289 |
Reinsurance assets | 22,163 | 20,992 |
Deferred expenses | 12,919 | 10,503 |
Other assets and receivables | 11,433 | 7,892 |
Intangible assets | 1,426 | 1,333 |
Total assets | 421,767 | 468,252 |
Equity and liabilities | ||
Shareholders' Equity | 17,466 | 23,813 |
Other equity instruments | 1,925 | 2,363 |
Issued capital and reserves attributable to owners of Aegon N.V. | 19,391 | 26,176 |
Non-controlling interests | 225 | 196 |
Group equity | 19,616 | 26,372 |
Subordinated borrowings | 2,326 | 2,194 |
Trust pass-through securities | 127 | 126 |
Insurance contracts | 122,707 | 124,422 |
Insurance contracts for account of policyholders | 126,197 | 149,323 |
Investment contracts | 23,078 | 21,767 |
Investment contracts for account of policyholders | 89,694 | 104,592 |
Derivatives | 12,754 | 10,639 |
Borrowings | 9,367 | 9,661 |
Other liabilities | 15,900 | 19,158 |
Total liabilities | 402,150 | 441,881 |
Total equity and liabilities | € 421,767 | € 468,252 |
Condensed consolidated statem_3
Condensed consolidated statement of changes in equity - EUR (€) € in Millions | Total | Share capital [member] | [1] | Retained earnings [member] | Revaluation reserves [member] | Remeasurement of defined benefit plans [member] | Other reserves [member] | Other equity instruments [member] | Issued capital and reserves [member] | [2] | Non-controlling interests [member] |
Beginning balance at Dec. 31, 2020 | € 24,661 | € 7,480 | € 10,146 | € 7,480 | € (2,534) | € (554) | € 2,569 | € 24,586 | € 75 | ||
Net result | 1,457 | 1,448 | 1,448 | 9 | |||||||
Items that will not be reclassified to profit or loss: | |||||||||||
Changes in revaluation reserve real estate held for own use | 0 | ||||||||||
Remeasurements of defined benefit plans | 483 | 483 | 483 | ||||||||
Income tax relating to items that will not be reclassified | (115) | (115) | (115) | ||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||
Gains / (losses) on revaluation of available-for-sale investments | (1,349) | (1,349) | (1,349) | ||||||||
Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments | (218) | (218) | (218) | ||||||||
Changes in cash flow hedging reserve | (69) | (69) | (69) | ||||||||
Movement in foreign currency translation and net foreign investment hedging reserves | 547 | 193 | (33) | 387 | 547 | ||||||
Equity movements of joint ventures | (1) | (1) | (1) | ||||||||
Equity movements of associates | (6) | (6) | (6) | ||||||||
Disposal of group assets | (3) | (3) | (3) | ||||||||
Income tax relating to items that may be reclassified | 356 | 353 | 4 | 356 | |||||||
Other | 18 | 18 | 18 | ||||||||
Total other comprehensive income / (loss) for the period | (356) | 18 | (1,090) | 334 | 381 | (356) | |||||
Total comprehensive income / (loss) | 1,101 | 1,466 | (1,090) | 334 | 381 | 1,092 | 9 | ||||
Issuance and purchase of (treasury) shares | 71 | 71 | 71 | ||||||||
Dividends paid on common shares | (106) | (54) | (52) | (106) | |||||||
Coupons on perpetual securities | (23) | (23) | (23) | ||||||||
Incentive plans | (13) | (13) | (13) | ||||||||
Change in ownership non-controlling interest | 71 | 71 | |||||||||
Ending balance at Jun. 30, 2021 | 25,762 | 7,426 | 11,608 | 6,390 | (2,200) | (172) | 2,556 | 25,608 | 155 | ||
Beginning balance at Dec. 31, 2021 | 26,372 | 7,354 | 11,892 | 6,442 | (2,199) | 325 | 2,363 | 26,176 | 196 | ||
Net result | 856 | 810 | 810 | 46 | |||||||
Items that will not be reclassified to profit or loss: | |||||||||||
Changes in revaluation reserve real estate held for own use | 0 | 18 | (18) | ||||||||
Remeasurements of defined benefit plans | 969 | 969 | 969 | ||||||||
Income tax relating to items that will not be reclassified | (256) | (256) | (256) | ||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||
Gains / (losses) on revaluation of available-for-sale investments | (11,199) | (11,199) | (11,199) | ||||||||
Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments | 193 | 193 | 193 | ||||||||
Changes in cash flow hedging reserve | (131) | (131) | (131) | ||||||||
Movement in foreign currency translation and net foreign investment hedging reserves | 949 | 119 | (40) | 853 | 932 | 17 | |||||
Equity movements of joint ventures | (41) | (41) | (41) | ||||||||
Equity movements of associates | (8) | (8) | (8) | ||||||||
Disposal of group assets | 176 | 15 | 161 | 176 | |||||||
Income tax relating to items that may be reclassified | 2,399 | 2,411 | (12) | 2,399 | |||||||
Other | 5 | 5 | 5 | ||||||||
Total other comprehensive income / (loss) for the period | (6,946) | 23 | (8,609) | 672 | 952 | (6,963) | 17 | ||||
Total comprehensive income / (loss) | (6,089) | 833 | (8,609) | 672 | 952 | (6,153) | 64 | ||||
Issuance and purchase of (treasury) shares | (47) | (47) | (47) | ||||||||
Dividends paid on common shares | (156) | (80) | (76) | (156) | |||||||
Coupons on perpetual securities | (16) | (16) | (16) | ||||||||
Redemption other equity instruments | (397) | 32 | (429) | (397) | |||||||
Incentive plans | (15) | (7) | (9) | (15) | |||||||
Change in ownership non-controlling interest | (34) | (34) | |||||||||
Ending balance at Jun. 30, 2022 | € 19,616 | € 7,274 | € 12,607 | € (2,168) | € (1,527) | € 1,276 | € 1,925 | € 19,391 | € 225 | ||
[1]Please refer to the note on share capital for a breakdown.[2]Issued capital and reserves attributable to owners of Aegon N.V. |
Condensed consolidated cash flo
Condensed consolidated cash flow statement - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of cash flows [abstract] | |||
Result before tax | € 985 | € 1,788 | |
Results from financial transactions | 44,064 | (14,463) | |
Amortization and depreciation | 609 | 435 | |
Impairment losses | 36 | (2) | |
Income from joint ventures | (145) | (136) | |
Income from associates | (76) | (13) | |
Release of cash flow hedging reserve | (62) | (53) | |
Other | (173) | 19 | |
Adjustments of non-cash items | 44,254 | (14,213) | |
Insurance and investment liabilities | (3,641) | (1,352) | |
Insurance and investment liabilities for account of policyholders | (42,305) | 11,207 | |
Accrued expenses and other liabilities | (1,591) | (747) | |
Accrued income and prepayments | (357) | 234 | |
Changes in accruals | (47,894) | 9,342 | |
Purchase of investments (other than money market investments) | (10,996) | (18,784) | |
Purchase of derivatives | (3,373) | (633) | |
Disposal of investments (other than money market investments) | 18,208 | 20,748 | |
Disposal of derivatives | (1,298) | (154) | |
Net purchase of investments for account of policyholders | 3,913 | 4,274 | |
Net change in cash collateral | (2,591) | (2,374) | |
Net purchase of money market investments | 281 | (1,410) | |
Cash flow movements on operating items not reflected in income | 4,145 | 1,667 | |
Tax received / (paid) | 5 | 63 | |
Other | 90 | 11 | |
Net cash flows from operating activities | 1,584 | (1,343) | |
Purchase of individual intangible assets (other than VOBA and future servicing rights) | (12) | (14) | |
Purchase of equipment and real estate for own use | (37) | (26) | |
Acquisition of subsidiaries, net of cash | (28) | (1) | |
Acquisition joint ventures and associates | (41) | (23) | |
Disposal of equipment | 0 | 1 | |
Disposal of subsidiaries, net of cash | 604 | 36 | |
Dividend received from joint ventures and associates | 37 | 34 | |
Net cash flows from investing activities | 525 | 6 | |
Issuance of treasury shares | 0 | 16 | |
Purchase of treasury shares | (150) | 0 | |
Proceeds from TRUPS, subordinated loans and borrowings | [1] | 2,339 | 3,496 |
Repayment of perpetuals | (429) | 0 | |
Repayment of TRUPS, subordinated loans and borrowings | [1] | (2,848) | (2,821) |
Coupons on perpetual securities | (21) | (31) | |
Payment of Right-of-use Assets | (24) | (27) | |
Change in ownership non-controlling interests | (28) | 71 | |
Other | (12) | 0 | |
Net cash flows from financing activities | (1,174) | 704 | |
Net increase / (decrease) in cash and cash equivalents | [2] | 935 | (633) |
Net cash and cash equivalents at the beginning of the reporting period | 6,889 | 8,372 | |
Effects of changes in exchange rate | 85 | 47 | |
Net cash and cash equivalents at the end of the reporting period | € 7,910 | € 7,786 | |
[1]Trust pass-through securities[2]Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 2,728 million (2021: EUR 1,117 million) dividends received EUR 1,191 million (2021: EUR 80 million) and interest paid EUR 164 million (2021: EUR 3 million). All included in operating activities except for dividend received from joint ventures and associates EUR 37 million (2021: EUR 34 million). |
Condensed consolidated cash f_2
Condensed consolidated cash flow statement (Parenthetical) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of cash flows [abstract] | ||
Interest received | € 2,728 | € 1,117 |
Dividends received | 1,191 | 80 |
Interest paid | 164 | 3 |
Dividend received from joint ventures and associates | € 37 | € 34 |
General information
General information | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
General information | Aegon N.V Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, China, and Brazil) and one global asset manager. Headquarters are located in The Hague, the Netherlands. The Group employs almost 20,000 people worldwide. Aegon Funding Company LLC Aegon Funding Company LLC (AFC) is an indirect wholly owned subsidiary of Aegon that has been 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. |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Basis of presentation | 1. Basis of presentation The condensed consolidated interim financial statements as at, and for the six-month 20-F 20-F). 20-F aegon.com ). The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements as at, and for the period ended, June 30, 2022, were approved by the Supervisory Board on August 10, 2022. The condensed consolidated interim financial statements are presented in euro (EUR) 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. The published figures in these condensed consolidated interim financial statements are unaudited. Other than for SEC reporting purposes, Aegon prepares its condensed consolidated interim financial statements under International Financial Reporting Standards as adopted by the European Union, including the decisions Aegon made with regard to the options available under International Financial Reporting Standards as adopted by the EU (IFRS-EU). IFRS-EU Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS-EU, This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve out’ version of IAS 39. Financial information under IFRS accordingly does not take account of the possibility that had Aegon applied IFRS as its primary accounting framework it might have applied alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net income amounts compared with those indicated in these condensed consolidated interim financial statements on Form 6-K. A reconciliation between IFRS and IFRS-EU Shareholders’ Equity Net result EUR millions June 30, 2022 June 30, 2021 YTD 2022 YTD 2021 In accordance with IFRS 17,466 23,052 856 1,457 Adjustment of EU ‘IAS 39’ carve out (434) 758 (1,066) (296) Tax effect of the adjustment 112 (183) 275 74 Effect of the adjustment after tax (322) 575 (791) (222) In accordance with IFRS-EU 17,144 23,627 64 1,235 |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Significant accounting policies | 2. Significant accounting policies All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2021 consolidated financial statements. New IFRS accounting standards and amendments that became effective on or after January 1, 2022 had no material impact on Aegon’s financial position or condensed consolidated interim financial statements (refer to paragraph 2.1). 2.1. New IFRS accounting standards effective from 2022 In 2022, the following amendments to existing standards issued by the IASB became effective: ● IAS 37 Provisions, Contingent Liabilities and Contingent Assets; ● IAS 16 Property, Plant and Equipment; and ● IFRS 3 Business Combinations. 2.2. Future adoption of new IFRS accounting standards and amendments For a complete overview of IFRS standards and amendments issued before January 1, 2022, which will be applied in future years and were not early adopted by the Group, please refer to Aegon’s Integrated Annual Report for 2021. The IASB did not issue new amendments to its current standards in the six-month IFRS 17- Insurance contracts Aegon will adopt 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 will not use the optional exemption provided under IFRS and will, instead, apply a quarterly cohort to all groups of contracts that are in scope of IFRS 17. The Standard represents a fundamental change to current measurement and presentation of insurance and reinsurance contracts and the implementation effort is significant. An implementation project is being executed and finalization of methodology and policy choices is expected in the second half of 2022 which will also form the basis of parallel runs. The impact of the initial application on Aegon’s financial statements is expected to be significant. Aegon will communicate to the market, once results are reliable, final methodology and policy choices with related impact. Initial communication is expected in the second half year of 2022. Aegon has scheduled an educational webinar on IFRS 17 on December 14, 2022. 2.3. Judgments and critical accounting estimates Preparing the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions, including the likelihood, timing or amount of future transactions or events, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. These estimates are inherently subject to change and actual results could differ from those estimates. Macro-economic context In the first six-month Uncertainty resulting from COVID-19 In the first six-month COVID-19 COVID-19 In the first six-month six-month COVID-19 six-month six-month Actuarial and economic assumptions In the first six-month six-month Sensitivities Sensitivity on variable annuities and variable life insurance products in the United States Sensitivities of Aegon’s variable annuities and variable life insurance products in the United States on expected long-term equity growth rate have not significantly changed compared to the sensitivities as reported in the Aegon’s 2021 Integrated Annual Report, except for sensitivity to interest rates. An increase of 100 100 Sensitivity on liability adequacy test (LAT) in the Netherlands At June 30, 2022 the liability adequacy test (LAT) of Aegon the Netherlands improved significantly but remains in a deficit position. The LAT assesses the adequacy of the insurance liabilities by comparing the book value to their fair value. Aegon the Netherlands adjusts the outcome of the LAT for certain unrealized gains in the bond portfolio and certain differences between the fair value and the book value of assets measured at amortized cost, mainly residential mortgages. Please also refer to Note 2.19f Liability adequacy testing of Aegon’s 2021 Integrated Annual Report for further details on the accounting policy. The LAT deficit per June 30, 2022 in Aegon the Netherlands amounted to EUR 0.5 billion (December 31, 2021: EUR 5.2 billion), which was partially offset by the shadow loss recognition of EUR 0.2 billion (December 31, 2021: EUR 3.0 billion), resulting in a net deficit of EUR 0.3 billion (December 31, 2021: EUR 2.2 billion). The improvement of the net LAT deficit by EUR 1.9 billion is driven by market movements, mainly increased interest rates and widening credit spreads and is recorded in the income statement as part of benefits and expenses for the six-month Sensitivities of Aegon the Netherlands to interest rates and mortgage spread assumptions to assess the impact on the LAT have significantly changed compared to the sensitivities as reported in the 2021 Aegon’s Integrated Annual Report, following a decrease in the LAT deficit position per June 30, 2022 compared to December 31, 2021. The impact from increasing interest rates or tightening mortgage spreads on result before tax is capped to the LAT deficit position. An increase of 1 0 1 0 A decrease of 5 5 2.4. Other Taxes Taxes on income for the six-month Exchange rates Assets and liabilities of foreign operations are translated to the presentation currency 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. The following exchange rates (most relevant rates to Aegon) are applied for the condensed consolidated interim financial statements: Closing exchange rates USD GBP June 30, 2022 1 EUR 1.0455 0.8608 December 31, 2021 1 EUR 1.1372 0.8396 Weighted average exchange rates USD YTD 2022 1 EUR 1.0933 YTD 2021 1 EUR 1.2052 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Segment information | 3. Segment information 3.1 Segment results EUR millions Americas The United International Asset Holdings and other activities Eliminations Segment total Joint ventures associates Consolidated Six months ended June 30 , 2022 Operating result geographically 402 377 107 104 117 (107) - 1,001 39 1,040 Fair value items (1,128) 1,481 58 14 (3) (7) (6) 408 (88) 321 Realized gains / (losses) on investments (90) (69) 2 (4) - 8 - (153) (1) (154) Impairment charges (24) 6 (8) (7) - (18) - (50) - (50) Impairment reversals 11 1 - - - - - 12 - 12 Non-operating items (1,231) 1,419 52 3 ( 3) (17) (6) 217 (89) 128 Other income / (charges) (375) 13 (55) 289 (20) (45) - (192) 9 (183) Result before tax (1,204) 1,809 104 396 94 (168) (5) 1,026 (41) 985 Income tax (expense) / benefit 296 (447) 7 (25) (38) 37 - (170) 41 (130) Net result ( 908) 1,362 111 371 56 (131) (5) 856 - 856 Inter-segment operating result after tax (138) (48) (38) (13) 95 142 Revenues Life insurance gross premiums 3,565 643 2,132 710 - - - 7,049 (545) 6,504 Accident and health insurance 683 183 - 146 - - - 1,013 (55) 958 Property & casualty insurance - 71 - 94 - - - 165 (94) 71 Total gross premiums 4,249 896 2,132 950 - - - 8,227 (695) 7,532 Investment income 1,618 928 1,243 187 6 235 (241) 3,977 (47) 3,930 Fee and commission income 993 165 111 25 363 - (93) 1,564 (133) 1,431 Other revenues - - - 12 4 - - 16 (16) - Total revenues 6,860 1,989 3,486 1,174 374 235 (334) 13,784 (890) 12,894 Inter-segment revenues - 3 - - 93 238 EUR millions Americas The United International Asset Holdings Eliminations Segment total Joint Consolidated Six months ended June 30,2021 Operating result geographically 444 370 84 63 146 (112) - 993 (33) 960 Fair value items 328 477 (66) (2) (1) 31 1 767 (18) 749 Realized gains / (losses) on investments 171 16 - 3 2 1 - 193 (5) 188 Impairment charges (7) (2) - - - (6) - (16) - (16) Impairment reversals 24 14 - 1 - 8 - 47 - 47 Non-operating items 515 505 ( 66) 1 - 3 4 1 991 (23) 967 Other income / (charges) (218) 126 6 29 (6) (89) - (152) 12 (140) Result before tax 741 1,000 24 92 141 (166) 1 1,832 (44) 1,788 Income tax (expense) / benefit (111) (246) 12 (19) (44) 33 - (375) 44 (331) Net result 630 754 35 74 97 (133) 1 1,457 - 1,457 Inter-segment operating result after tax (12) (46) (45) (16) 93 26 Revenues Life insurance gross premiums 3,392 707 2,384 723 - - - 7,206 (437) 6,768 Accident and health insurance 620 181 3 140 - - - 944 (45) 899 Property & casualty insurance - 68 - 215 - - - 283 (83) 200 Total gross premiums 4,012 956 2,387 1,077 - - - 8,433 (565) 7,867 Investment income 1,408 1,025 1,163 176 5 120 (128) 3,769 (35) 3,734 Fee and commission income 919 140 102 28 423 - (89) 1,524 (197) 1,327 Other revenues - - - 6 1 4 - 10 (6) 4 Total revenues 6,340 2,121 3,653 1,288 429 123 (217) 13,736 (803) 12,933 Inter-segment revenues - 6 - - 89 122 Aegon has changed the grouping of the operating segments included in the performance measure. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but reported in the International segment. The comparative figures in the tables above have been adjusted to reflect this change, enabling a like for like comparison. The adjustments include reclassifications from Americas to International for the six-month Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. 3.2 Investments EUR Millions Americas The Netherlands United International Asset Management Holding and Eliminations Total June 3 0, 2022 Investments Shares 410 1,558 27 10 8 1 - 2,014 Debt securities 52,457 17,452 978 6,605 12 - - 77,503 Loans 12,708 35,716 - 53 - 38 - 48,515 Other financial assets 8,982 71 698 66 97 - - 9,914 Investments in real estate 43 2,730 - 16 - - - 2,789 Investments general account 74,599 57,529 1,702 6,750 117 39 - 140,736 Shares - 7,379 15,915 12 - - (3 ) 23,302 Debt securities - 9,407 6,478 20 - - - 15,905 Unconsolidated investment funds 99,115 859 65,038 442 - - - 165,454 Other financial assets - 3,226 4,660 3 - - - 7,889 Investments in real estate - - 575 - - - - 575 Investments for account of policyholders 99 ,115 20,871 92,665 477 - - (3 ) 213,125 Investments on balance sheet 173,714 78,400 94,367 7,227 117 39 (3 ) 353,860 Off balance sheet investments third parties 222,403 7,072 126,896 3,538 151,020 - - 510,929 Total revenue generating investments 396,117 85,472 221,263 10,765 151,137 39 (3 ) 864,789 Investments Available-for-sale 57,544 16,415 1,187 6,670 79 - - 81,894 Loans 12,708 35,716 - 53 - 38 - 48,515 Financial assets at fair value through profit or loss 103,420 23,539 92,605 487 38 1 (3 ) 220,086 Investments in real estate 43 2,730 575 16 - - - 3,365 Total investments on balance sheet 173,714 78,400 94 7,227 117 39 (3 ) 353,860 Investments in joint ventures - 376 - 1,048 442 (1 ) - 1,865 Investments in associates - 1,186 - 13 151 12 (18 ) 1,344 Other assets 41,783 13,942 3,611 3,281 400 25,871 (24,191 ) 64,697 Consolidated total assets 215,497 93,905 97,978 11,569 1,110 25,920 (24,212 ) 421,767 EUR Millions Americas The Netherlands United International Asset Management Holding and Eliminations Total December 31, 2021 Investments Shares 493 1,410 29 72 9 1 - 2,015 Debt securities 61,014 26,951 1,159 8,060 11 - - 97,195 Loans 11,352 35,358 - 93 - 20 - 46,823 Other financial assets 8,040 79 687 73 276 - - 9,155 Investments in real estate 39 2,588 - 16 - - - 2,643 Investments general account 80,938 66,384 1,876 8,315 296 21 - 157,83 1 Shares - 9,078 20,221 243 - - (4 ) 29,539 Debt securities - 12,044 7,649 128 - - - 19,821 Unconsolidated investment funds 115,596 1,059 74,698 597 - - - 191,950 Other financial assets - 3,493 5,581 6 - - - 9,080 Investments in real estate - - 563 - - - - 563 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Off balance sheet investments third parties 239,566 7,711 151,097 2,982 212,779 - - 614,136 Total revenue generating investments 436,100 99,769 261,687 12,270 213,076 21 (4 ) 1,022,920 Investments Available-for-sale 65,694 24,443 1,299 8,191 257 - - 99,884 Loans 11,352 35,358 - 93 - 20 - 46,823 Financial assets at fair value through profit or loss 119,450 29,669 108,727 987 40 1 (4 ) 258,871 Investments in real estate 39 2,588 563 16 - - - 3,206 Total investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Other assets 37,447 13,271 3,160 2,736 510 32,975 (33,663 ) 56,436 Consolidated total assets 234,037 106,775 113,758 12,979 1,3 2 6 33,056 (33,679 ) 468,252 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. As per January 1, 2022, MAG Seguros is no longer reported within the Americas segment, but is reported in the International segment. This change is applied prospectively in the investments overview. |
Premium income and premiums pai
Premium income and premiums paid to reinsurers | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Premium income and premiums paid to reinsurers | 4. Premium income and premiums paid to reinsurers YTD YTD EUR millions 2022 2021 Premium income Life insurance 6,504 6,768 Non-life 1,029 1,099 Total premium income 7,532 7,867 Accident and health insurance 958 899 Property & casualty insurance 71 200 Non-life 1,029 1,099 Premiums paid to reinsurers 1 Life insurance 1,034 1,065 Non-life 98 94 Total premiums paid to reinsurers 1,132 1,158 Accident and health insurance 87 80 Property & casualty insurance 10 14 Non-life 98 94 1 Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses. |
Investment income
Investment income | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Investment income | 5. Investment income YTD YTD EUR millions 2022 2021 Interest income 2,705 2,599 Dividend income 1,164 1,086 Rental income 60 49 Total investment income 3,930 3,734 Investment income related to general account 2,499 2,388 Investment income for account of policyholders 1,431 1,346 Total 3,930 3,734 |
Results from financial transact
Results from financial transactions | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Results from financial transactions | 6. Results from financial transactions YTD YTD EUR millions 2022 2021 Net fair value change of general account financial investments at FVTPL other than derivatives 311 368 Realized gains /(losses) on financial investments (167 ) 209 Gains /(losses) on investments in real estate 139 40 Net fair value change of derivatives (3,271 ) (1,269) Net fair value change on for account of policyholder financial assets at FVTPL (40,432 ) 13,996 Net fair value change on investments in real estate for account of policyholders 46 10 Net foreign currency gains /(losses) 170 123 Net fair value change on borrowings and other financial liabilities 2 - Total (43,202 ) 13,477 Net fair value change on for account of policyholder financial assets at fair value through profit or loss are a charge for the six-month |
Other income
Other income | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Other income | 7. Other income Other income in the first half of 2022 includes the book gain on the divestment of Aegon Hungary and Aegon Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), amounting to EUR 288 million. For more information on this divestment refer to note 19 Acquisitions/Divestments. |
Benefits and expenses
Benefits and expenses | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Benefits and expenses | 8. Benefits and expenses YTD YTD EUR millions 2022 2021 Claims and benefits (31,457 ) 24,475 Employee expenses 1,035 967 Administration expenses 721 786 Deferred expenses (379 ) (305) Amortization charges 571 345 Total (29,510 ) 26,268 YTD YTD EUR millions 2022 2021 Benefits and claims paid life 10,257 10,628 Benefits and claims paid non-life 734 691 Change in valuation of liabilities for insurance contracts (34,764) 8,816 Change in valuation of liabilities for investment contracts (10,016) 2,072 Other 27 (23) Policyholder claims and benefits (33,763) 22,185 Premium paid to reinsurers 1,132 1,158 Profit sharing and rebates 4 4 Commissions 1,169 1,128 Total (31,457) 24,475 The lines “Change in valuation of liabilities for insurance contracts” and “Change in valuation of liabilities for investment contracts” reflect changes in technical provisions resulting from “Net fair value changes on for account of policyholder financial assets at fair value through profit or loss” included in note 6 Results from financial transactions. In addition, the line “Change in valuation of liabilities for insurance contracts” includes the movement of the technical provisions for life insurance contracts. |
Income tax
Income tax | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Income tax | 9. Income tax The income tax expense includes recurring beneficial impacts of tax-exempt Non-taxable six-month non-taxable |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Investments | 10. Investments EUR millions June 30, 2022 December 31, 2021 Available-for-sale 81,894 99,884 Loans 48,515 46,823 Financial assets at fair value through profit or loss (FVTPL) 7,537 8,481 Financial assets, for general account, excluding derivatives 137,947 155,188 Investments in real estate 2,789 2,643 Total investments for general account, excluding derivatives 140,736 157,831 The following table provides a breakdown of financial assets, for general account, excluding derivatives: EUR millions AFS FVTPL Loans Total Shares 246 1,768 - 2,014 Debt securities 75,769 1,735 - 77,503 Money market and other short-term investments 4,944 96 - 5,040 Mortgages loans - - 41,599 41,599 Private loans - - 4,814 4,814 Deposits with financial institutions - - 46 46 Policy loans - - 2,053 2,053 Other 935 3,939 3 4,877 June 30, 2022 81,894 7,537 48,515 137,947 AFS FVTPL Loans Total Shares 350 1,665 - 2,015 Debt securities 93,899 3,296 - 97,195 Money market and other short-term investments 4,790 120 - 4,910 Mortgages loans - - 39,991 39,991 Private loans - - 4,883 4,883 Deposits with financial institutions - - 52 52 Policy loans - - 1,893 1,893 Other 844 3,401 3 4,248 December 31, 2021 99,884 8,481 46,823 155,188 Total investments for general account, excluding derivatives, in the first six months period of 2022 decreased, compared to the position at December 31, 2021, mainly due to rising interest rates and credit spread widening affecting bond valuation and sale of debt securities in mainly the Americas and the Netherlands. |
Investments for account of poli
Investments for account of policyholders | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Investments for account of policyholders | 11. Investments for account of policyholders EUR millions June 30, 2022 December 31, 2021 Shares 23,302 29,539 Debt securities 15,905 19,821 Money market and short-term investments 1,538 1,482 Deposits with financial institutions 3,124 4,105 Unconsolidated investment funds 165,454 191,950 Other 3,226 3,493 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 212,549 250,390 Investment in real estate 575 563 Total investments for account of policyholders 213,125 250,953 Investments for account of policyholders in the first six-months |
Fair value
Fair value | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Fair value | 12. Fair value The following tables provide an analysis of financial instruments recorded at fair value on a recurring basis by level of the fair value hierarchy: June 30, 2022 December 31, 2021 EUR millions Level I Level II Level III Total Level I Level II Level III Total Financial assets carried at fair value Available-for-sale investments Shares 22 68 156 246 84 75 191 350 Debt securities 17,767 57,360 642 75,769 25,166 68,131 603 93,899 Money markets and other short-term instruments 997 3,948 - 4,944 1,204 3,586 - 4,790 Other investments at fair value - 272 663 935 - 246 599 844 Total Available-for-sale investments 18 ,786 61,648 1,461 81,894 26,453 72 ,038 1,393 99,884 Fair value through profit or loss Shares 59 210 1,499 1,768 85 237 1,343 1,665 Debt securities 119 1,614 2 1,735 130 3,161 5 3,296 Money markets and other short-term instruments 17 79 - 96 18 102 - 120 Other investments at fair value 1 356 3,581 3,939 2 389 3,010 3,401 Investments for account of policyholders 1 107,543 104,060 947 212,549 129,794 119,653 943 250,390 Derivatives 210 8,633 3 8,846 150 8,676 1 8,827 Total Fair value through profit or loss 107,949 114,952 6,032 228,932 130,178 132,219 5,301 267,698 Total financial assets at fair value 126,734 176,600 7,492 310,827 156,631 204,256 6,694 367,582 Financial liabilities carried at fair value Investment contracts for account of policyholders 2 - 62,515 (7 ) 62,508 - 71,249 (6 ) 71,242 Derivatives 44 10,136 2,574 12,754 39 7,162 3,437 10,639 Total financial liabilities at fair value 44 72 ,651 2,567 75,262 39 78 ,411 3,431 81,881 1 2 Transfers between Level I, Level II and Level III June 30, 2022 December 31, 2021 Transfers Transfers Level Transfers Transfers Level Level I to Level II to Level I Level I to Level II to Level I EUR millions II II Financial assets carried at fair value Available-for-sale investments Debt securities - - 44 32 Total - - 44 32 Fair value through profit or loss Shares 11 - - - Total 11 - - - Total financial assets at fair value 11 - 44 32 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. For the period ended June 30, 2022 EUR millions At January 1, 2022 Total gains / losses in income statement 1 Total gains / OCI 2 Purchases Sales Settlements Net exchange Transfers from Transfers to At June 30, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held at Financial assets carried at fair value available-for-sale Shares 191 48 (34 ) (3 ) (10 ) (48 ) 12 - - 156 - Debt securities 603 (1 ) (64 ) 302 (34 ) (13 ) 27 12 (189 ) 642 - Other investments at fair value 599 (53 ) 12 84 (21 ) (11 ) 53 - - 663 - 1,393 ( 6 ) (87 ) 3 83 (65 ) (72 ) 9 2 12 (189 ) 1,461 - Fair value through profit or loss Shares 1,343 120 - 115 (79 ) - - - - 1,499 120 Debt securities 5 - - 7 (9 ) - - - - 2 - Other investments at fair value 3,010 415 - 218 (334 ) - 272 - - 3,581 68 Investments for account of policyholders 943 26 - (347 ) 323 - 4 1 (3 ) 947 (81 ) Derivatives 1 2 - - - - - - - 3 2 5,301 564 - (7 ) (100 ) - 277 1 ( 3 ) 6,032 110 Total assets at fair value 6,694 558 (87 ) 3 75 (166 ) (72 ) 369 12 (192 ) 7,492 110 Financial liabilities carried at fair value Investment contracts for account of policyholders (6 ) (18 ) - (301 ) 316 - 2 - - (7 ) (18 ) Derivatives 3,437 (1,011 ) - - (5 ) - 153 - - 2,574 (481 ) 3,431 (1,029 ) - (301 ) 3 11 - 155 - - 2,567 (499 ) 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items gains/ (losses) on revaluation of available-for-sale available-for-sale 3 Total gains/ (losses) for the period during which the financial instrument wasin Level III. For the period ended December 31, 2021 At January 1, 2021 Total gains / losses in income statement 1 Total gains / OCI 2 Purchases Sales Settlements Net exchange Transfers from Transfers to At December 30, 2021 Total unrealized gains and losses for the period recorded in the P&L for instruments held at Financial assets carried at fair value available-for-sale Shares 173 1 3 30 (26 ) - 11 - - 191 - Debt securities 467 (1 ) 6 228 (29 ) (46 ) 22 203 (246 ) 603 - Other investments at fair value 581 (113 ) 7 111 (24 ) (6 ) 43 - - 599 - 1,221 (114 ) 16 368 (80 ) (52 ) 77 203 (246 ) 1,393 - Fair value through profit or loss Shares 1,329 150 - 179 (316 ) 1 1 - - 1,343 147 Debt securities 242 (1 ) - 124 (361 ) - - - - 5 1 Other investments at fair value 2,173 796 - 492 (638 ) - 186 - - 3,010 (1 ) Investments for account of policyholders 1,012 206 - (198 ) (93 ) - 22 - (7 ) 943 162 Derivatives 22 (17 ) - - (4 ) - - - - 1 (10 ) 4,779 1,134 - 597 (1,411 ) - 210 - (7 ) 5,301 299 Total assets at fair value 6,000 1,020 16 965 (1,491 ) (52 ) 286 203 (253 ) 6,694 299 Financial liabilities carried at fair value Investment contracts for account of policyholders (12 ) (1 ) - (361 ) 366 - 2 - - (6 ) 3 Derivatives 4,902 (1,627 ) - - (14 ) - 176 - - 3,437 607 4,890 (1,628 ) - (361 ) 352 - 178 - - 3,431 610 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items gains/ (losses) on revaluation of available-for-sale available-for-sale 3 Total gains/ (losses) for the period during which the financial instrument wasin Level III. Fair value information about financial instruments not measured at fair value The following table presents the carrying values and estimated fair values of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis. Carrying Total estimated fair Carrying Total estimated fair amount value amount value EUR millions June 30, 2022 December 31, 2021 Assets Mortgage loans - held at amortized cost 41,599 39,795 39,991 44,366 Private loans - held at amortized cost 4,814 4,554 4,883 5,491 Other loans - held at amortized cost 2,102 2,102 1,949 1,949 Liabilities Subordinated borrowings - held at amortized cost 2,326 2,181 2,194 2,438 Trust pass-through securities - held at amortized cost 127 137 126 139 Borrowings - held at amortized cost 9,367 9,532 9,661 10,171 Investment contracts - held at amortized cost 22,903 21,643 21,573 20,861 Financial instruments for which carrying value approximates fair value 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. |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Share capital | 13. Share capital EUR millions June 30, 2022 December 31, 2021 Share capital - par value 322 321 Share premium 6,952 7,033 Total share capital 7,274 7,354 Share capital - par value Balance at January 1 321 320 Dividend - 1 Share dividend 1 - Balance 322 321 Share premium Balance at January 1 7,033 7,160 Share dividend (80) (127) Balance 6,952 7,033 EUR millions YTD YTD 2021 Earnings per share (EUR per share) Basic earnings per common share 0.39 0.69 Basic earnings per common share B 0.01 0.02 Diluted earnings per common share 0.39 0.69 Diluted earnings per common share B 0.01 0.02 Earnings per share calculation Net result attributable to owners of Aegon N.V. 810 1,448 Coupons on other equity instruments (16 ) (23) Earnings attributable to common shares and common shares B 794 1,425 Earnings attributable to common shareholders 789 1,415 Earnings attributable to common shareholders B 5 10 Weighted average number of common shares outstanding (in millions) 2,021 2,045 Weighted average number of common shares B outstanding (in millions) 538 559 Final dividend 2021 It was decided at the Annual General Meeting of Shareholders on May 31, 2022 to pay a final dividend for 2021 of EUR 0.09 per common share and EUR 0.00225 per common share B. After taking into account the interim dividend of EUR 0.08 per common share and EUR 0.002 per common share B, this resulted in a total 2021 dividend of EUR 0.17 per common share and EUR 0.00425 per common share B. The final dividend for 2021 was paid in cash or stock at the election of the shareholder. The value of the dividend in common shares is approximately equal to the cash dividend. Those who elected to receive a stock dividend received one Aegon common share for every 47 common shares held. The stock fraction was 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 June 23 up to and including June 29, 2022. The average price calculated on this basis amounted to EUR 4.26. The dividend was paid as of July 6, 2022. Aegon intends to neutralize the dilutive effect of the 2021 final dividend to be paid in shares in the third quarter of this year (refer to note 20). 2022 interim dividend Aegon will pay an interim dividend for 2022 of EUR 0.11 per common share. The interim dividend will be paid in cash or in shares at the election of the shareholder. The value of the dividend to be paid in shares will be approximately equal to the dividend to be paid in cash. Aegon’s shares will be quoted ex-dividend Share buyback Aegon executed a program to repurchase 10,158,360 common shares for an amount of EUR 50 million to meet its obligations resulting from the 2021 and 2022 share-based compensation plans for senior management. Between January 7, 2022 and January 24, 2022, these common shares were repurchased at an average price of EUR 4.9227 per share. On March 23, 2022, Aegon announced that it intends to return EUR 300 million of surplus cash capital to shareholders via a share buyback in the course of 2022. The share buyback will be executed in three tranches of EUR 100 million each, with each tranche conditional on maintaining the capital positions of Aegon’s main units in line with its stated ambitions, and the Cash Capital at the Holding being above the middle of the operating range. Between April 1, 2022 and June 17, 2022, the first tranche of EUR 100 million were repurchased at an average price of EUR 4.8907 per share. The buyback of the second tranche of EUR 100 million is expected to be completed on or before September 30, 2022. The buyback of the third tranche of EUR 100 million will commence on October 3, 2022 and is expected to be completed on or before December 15, 2022. For each tranche Aegon will engage a third party to execute the buyback transactions on its behalf. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period, and will subsequently be proposed to be cancelled at Aegon’s 2023 Annual General Meeting of Shareholders. |
Other equity instruments
Other equity instruments | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Other equity instruments | 14. Other equity instruments On April 5, 2022 Aegon completed a tender offer buying back EUR 429 million of perpetual capital securities, part of the EUR 950 million notes issued in 2004. Aegon bought back the securities at a purchase price of 90%. The gain realized on this tender offer amounts to EUR 43 million before tax and is recognized in retained earnings in the second quarter of 2022. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Borrowings | 15. Borrowings EUR millions June 30, 2022 December 31, 2021 Capital funding 1,267 1,292 Operational funding 8,100 8,369 Total borrowings 9,367 9,661 During the first six-month pre-mortgage |
Financial risks
Financial risks | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Financial risks | 16. Financial risks Results of Aegon’s sensitivity analysis are presented in the table below which shows the estimated sensitivity of net result and shareholders’ equity to various scenarios. The table below include Group sensitivities on equity market risk, interest rate risk, bond credit spreads and liquidity premium. June 30, 2022 December 31, 2021 Estimated Estimated Estimated approximate Estimated approximate approximate effects on approximate effects on effects on net shareholders’ effects on net shareholders’ EUR millions result equity result equity Sensitivity analysis of net result and shareholders’ equity to markets Immediate change of Equity increase 10% 190 601 151 341 Equity decrease 10% (265 ) (15 ) (212 ) (221 ) Equity increase 25% 317 831 322 660 Equity decrease 25% (565 ) (440 ) (529 ) (685 ) Parallel movements of yield curve Immediate movements of yield curve, but not permanently Shift up 100 basis points (358 ) (4,567 ) 296 (3,591 ) Shift down 100 basis points (467 ) 3,568 (594 ) 2,906 Bond Credit Spreads Immediate shock Shift up 50 basis points (161 ) (2,030 ) (192 ) (2,418 ) Shift down 50 basis points 160 2,076 169 2,387 Liquidity premium Shift up 5 basis points 100 99 136 178 Shift down 5 basis points (103 ) (101 ) (148 ) (104 ) |
Capital management and solvency
Capital management and solvency | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Capital management and solvency | 17. Capital management and solvency As at June 30, 2022, Aegon’s estimated capital position was: Solvency II key figures June 30, 2022 1 December 31, 2021 EUR millions Group Own Funds 18,830 19,431 Group SCR 8,796 9,226 Group Solvency II ratio 214% 211% 1 The table below provides the composition of Aegon’s Eligible Own Funds across Tiers: Eligible Own Funds June 30, 2022 December 31, 2021 EUR millions Tier 1 - unrestricted 14,030 14,044 Tier 1 - restricted 1,877 2,364 Tier 2 2,297 2,348 Tier 3 626 675 Total Eligible Own Funds 18,830 19,431 The table below provides the reconciliation from shareholders’ equity to Solvency II Own Funds: Reconciliation Shareholders’ Equity - Own Funds June 30, 2022 December 31, 2021 EUR millions IFRS Shareholders’ Equity 17,466 23,813 IFRS adjustments for Other Equity instruments and non controlling interests 2,150 2,559 IFRS Group Equity 19,616 26,372 Solvency II revaluations and reclassifications (1,654 ) (9,096 ) Transferability restrictions 1 (1,861 ) (1,772 ) Excess of Assets over Liabilities 16,101 15,504 Availability adjustments 2,984 4,020 Tiering restrictions (146 ) - Fungibility adjustments (109 ) (93 ) Eligible Own Funds 18,830 19,431 1 The Solvency II revaluations and reclassifications mainly stem from the difference in valuation and presentation between IFRS and Solvency II frameworks. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Commitments and contingencies | 18. Commitments and contingencies There have been no material changes in commitments and contingencies as reported in Aegon’s 2021 Integrated Annual Report. |
Acquisitions_Divestments
Acquisitions/Divestments | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Acquisitions/Divestments | 19. Acquisitions/Divestments On May 23, 2022, Aegon announced the sale of its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. The sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021. The gross proceeds of the transaction amount to EUR 177 million. Aegon Spain intends to upstream the net proceeds to the Group. The sale of the 50% stake in the joint venture with Liberbank is expected to close in the second half of 2022, subject to regulatory approval. Upon closing of the sale, the book gain will be recorded in Aegon’s results. On March 23, 2022, and on April 21, 2022, Aegon completed the divestment of its Hungarian and Turkish businesses to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). The gross proceeds of the transactions amount to EUR 700 million. As a result of the transactions, the Group Solvency II ratio improved by approximately 7 percentage points. The book gain amounted to EUR 288 million, which includes a loss of EUR 177 million related to the recycling of the foreign currency translation reserve and revaluation reserve though the income statement. As a result of this transaction, IFRS equity has increased by EUR 465 million. The completion of this sale is part of the full closing of the sale of Aegon’s insurance, pension, and asset management businesses in Central and Eastern Europe to VIG for EUR 830 million, as announced in November 2020. The sale of Aegon Poland and Aegon Romania is subject to regulatory approval and expected to close in the second half of 2022. On February 28, 2022, Transamerica acquired 100% equity interest in TAG Resources, LLC (TAG). TAG aggregates small to mid-market |
Post reporting date events
Post reporting date events | 6 Months Ended |
Jun. 30, 2022 | |
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Post reporting date events | 20. Post reporting date events On July 1, 2022, Aegon announced that it will repurchase common shares for an amount of EUR 106 million to neutralize the dilutive effect of the 2021 final dividend paid in shares. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
New IFRS accounting standards effective from 2022 | 2.1. New IFRS accounting standards effective from 2022 In 2022, the following amendments to existing standards issued by the IASB became effective: ● IAS 37 Provisions, Contingent Liabilities and Contingent Assets; ● IAS 16 Property, Plant and Equipment; and ● IFRS 3 Business Combinations. |
Future adoption of new IFRS accounting standards and amendments | 2.2. Future adoption of new IFRS accounting standards and amendments For a complete overview of IFRS standards and amendments issued before January 1, 2022, which will be applied in future years and were not early adopted by the Group, please refer to Aegon’s Integrated Annual Report for 2021. The IASB did not issue new amendments to its current standards in the six-month IFRS 17- Insurance contracts Aegon will adopt 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 will not use the optional exemption provided under IFRS and will, instead, apply a quarterly cohort to all groups of contracts that are in scope of IFRS 17. The Standard represents a fundamental change to current measurement and presentation of insurance and reinsurance contracts and the implementation effort is significant. An implementation project is being executed and finalization of methodology and policy choices is expected in the second half of 2022 which will also form the basis of parallel runs. The impact of the initial application on Aegon’s financial statements is expected to be significant. Aegon will communicate to the market, once results are reliable, final methodology and policy choices with related impact. Initial communication is expected in the second half year of 2022. Aegon has scheduled an educational webinar on IFRS 17 on December 14, 2022. |
Judgments and critical accounting estimates | 2.3. Judgments and critical accounting estimates Preparing the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions, including the likelihood, timing or amount of future transactions or events, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. These estimates are inherently subject to change and actual results could differ from those estimates. Macro-economic context In the first six-month Uncertainty resulting from COVID-19 In the first six-month COVID-19 COVID-19 In the first six-month six-month COVID-19 six-month six-month Actuarial and economic assumptions In the first six-month six-month Sensitivities Sensitivity on variable annuities and variable life insurance products in the United States Sensitivities of Aegon’s variable annuities and variable life insurance products in the United States on expected long-term equity growth rate have not significantly changed compared to the sensitivities as reported in the Aegon’s 2021 Integrated Annual Report, except for sensitivity to interest rates. An increase of 100 100 Sensitivity on liability adequacy test (LAT) in the Netherlands At June 30, 2022 the liability adequacy test (LAT) of Aegon the Netherlands improved significantly but remains in a deficit position. The LAT assesses the adequacy of the insurance liabilities by comparing the book value to their fair value. Aegon the Netherlands adjusts the outcome of the LAT for certain unrealized gains in the bond portfolio and certain differences between the fair value and the book value of assets measured at amortized cost, mainly residential mortgages. Please also refer to Note 2.19f Liability adequacy testing of Aegon’s 2021 Integrated Annual Report for further details on the accounting policy. The LAT deficit per June 30, 2022 in Aegon the Netherlands amounted to EUR 0.5 billion (December 31, 2021: EUR 5.2 billion), which was partially offset by the shadow loss recognition of EUR 0.2 billion (December 31, 2021: EUR 3.0 billion), resulting in a net deficit of EUR 0.3 billion (December 31, 2021: EUR 2.2 billion). The improvement of the net LAT deficit by EUR 1.9 billion is driven by market movements, mainly increased interest rates and widening credit spreads and is recorded in the income statement as part of benefits and expenses for the six-month Sensitivities of Aegon the Netherlands to interest rates and mortgage spread assumptions to assess the impact on the LAT have significantly changed compared to the sensitivities as reported in the 2021 Aegon’s Integrated Annual Report, following a decrease in the LAT deficit position per June 30, 2022 compared to December 31, 2021. The impact from increasing interest rates or tightening mortgage spreads on result before tax is capped to the LAT deficit position. An increase of 1 0 1 0 A decrease of 5 5 |
Other | 2.4. Other Taxes Taxes on income for the six-month Exchange rates Assets and liabilities of foreign operations are translated to the presentation currency 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. The following exchange rates (most relevant rates to Aegon) are applied for the condensed consolidated interim financial statements: Closing exchange rates USD GBP June 30, 2022 1 EUR 1.0455 0.8608 December 31, 2021 1 EUR 1.1372 0.8396 Weighted average exchange rates USD YTD 2022 1 EUR 1.0933 YTD 2021 1 EUR 1.2052 |
Basis of presentation (Tables)
Basis of presentation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
TextBlock [Abstract] | |
Summary of Reconciliation Between IFRS and IFRS-EU | A reconciliation between IFRS and IFRS-EU Shareholders’ Equity Net result EUR millions June 30, 2022 June 30, 2021 YTD 2022 YTD 2021 In accordance with IFRS 17,466 23,052 856 1,457 Adjustment of EU ‘IAS 39’ carve out (434) 758 (1,066) (296) Tax effect of the adjustment 112 (183) 275 74 Effect of the adjustment after tax (322) 575 (791) (222) In accordance with IFRS-EU 17,144 23,627 64 1,235 |
Significant accounting polici_3
Significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Summary of Exchange Rates of US Dollar and UK Pound per Euro | The following exchange rates (most relevant rates to Aegon) are applied for the condensed consolidated interim financial statements: Closing exchange rates USD GBP June 30, 2022 1 EUR 1.0455 0.8608 December 31, 2021 1 EUR 1.1372 0.8396 Weighted average exchange rates USD YTD 2022 1 EUR 1.0933 YTD 2021 1 EUR 1.2052 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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Summary of Segment Results | EUR millions Americas The United International Asset Holdings and other activities Eliminations Segment total Joint ventures associates Consolidated Six months ended June 30 , 2022 Operating result geographically 402 377 107 104 117 (107) - 1,001 39 1,040 Fair value items (1,128) 1,481 58 14 (3) (7) (6) 408 (88) 321 Realized gains / (losses) on investments (90) (69) 2 (4) - 8 - (153) (1) (154) Impairment charges (24) 6 (8) (7) - (18) - (50) - (50) Impairment reversals 11 1 - - - - - 12 - 12 Non-operating items (1,231) 1,419 52 3 ( 3) (17) (6) 217 (89) 128 Other income / (charges) (375) 13 (55) 289 (20) (45) - (192) 9 (183) Result before tax (1,204) 1,809 104 396 94 (168) (5) 1,026 (41) 985 Income tax (expense) / benefit 296 (447) 7 (25) (38) 37 - (170) 41 (130) Net result ( 908) 1,362 111 371 56 (131) (5) 856 - 856 Inter-segment operating result after tax (138) (48) (38) (13) 95 142 Revenues Life insurance gross premiums 3,565 643 2,132 710 - - - 7,049 (545) 6,504 Accident and health insurance 683 183 - 146 - - - 1,013 (55) 958 Property & casualty insurance - 71 - 94 - - - 165 (94) 71 Total gross premiums 4,249 896 2,132 950 - - - 8,227 (695) 7,532 Investment income 1,618 928 1,243 187 6 235 (241) 3,977 (47) 3,930 Fee and commission income 993 165 111 25 363 - (93) 1,564 (133) 1,431 Other revenues - - - 12 4 - - 16 (16) - Total revenues 6,860 1,989 3,486 1,174 374 235 (334) 13,784 (890) 12,894 Inter-segment revenues - 3 - - 93 238 EUR millions Americas The United International Asset Holdings Eliminations Segment total Joint Consolidated Six months ended June 30,2021 Operating result geographically 444 370 84 63 146 (112) - 993 (33) 960 Fair value items 328 477 (66) (2) (1) 31 1 767 (18) 749 Realized gains / (losses) on investments 171 16 - 3 2 1 - 193 (5) 188 Impairment charges (7) (2) - - - (6) - (16) - (16) Impairment reversals 24 14 - 1 - 8 - 47 - 47 Non-operating items 515 505 ( 66) 1 - 3 4 1 991 (23) 967 Other income / (charges) (218) 126 6 29 (6) (89) - (152) 12 (140) Result before tax 741 1,000 24 92 141 (166) 1 1,832 (44) 1,788 Income tax (expense) / benefit (111) (246) 12 (19) (44) 33 - (375) 44 (331) Net result 630 754 35 74 97 (133) 1 1,457 - 1,457 Inter-segment operating result after tax (12) (46) (45) (16) 93 26 Revenues Life insurance gross premiums 3,392 707 2,384 723 - - - 7,206 (437) 6,768 Accident and health insurance 620 181 3 140 - - - 944 (45) 899 Property & casualty insurance - 68 - 215 - - - 283 (83) 200 Total gross premiums 4,012 956 2,387 1,077 - - - 8,433 (565) 7,867 Investment income 1,408 1,025 1,163 176 5 120 (128) 3,769 (35) 3,734 Fee and commission income 919 140 102 28 423 - (89) 1,524 (197) 1,327 Other revenues - - - 6 1 4 - 10 (6) 4 Total revenues 6,340 2,121 3,653 1,288 429 123 (217) 13,736 (803) 12,933 Inter-segment revenues - 6 - - 89 122 |
Summary of Investments | EUR Millions Americas The Netherlands United International Asset Management Holding and Eliminations Total June 3 0, 2022 Investments Shares 410 1,558 27 10 8 1 - 2,014 Debt securities 52,457 17,452 978 6,605 12 - - 77,503 Loans 12,708 35,716 - 53 - 38 - 48,515 Other financial assets 8,982 71 698 66 97 - - 9,914 Investments in real estate 43 2,730 - 16 - - - 2,789 Investments general account 74,599 57,529 1,702 6,750 117 39 - 140,736 Shares - 7,379 15,915 12 - - (3 ) 23,302 Debt securities - 9,407 6,478 20 - - - 15,905 Unconsolidated investment funds 99,115 859 65,038 442 - - - 165,454 Other financial assets - 3,226 4,660 3 - - - 7,889 Investments in real estate - - 575 - - - - 575 Investments for account of policyholders 99 ,115 20,871 92,665 477 - - (3 ) 213,125 Investments on balance sheet 173,714 78,400 94,367 7,227 117 39 (3 ) 353,860 Off balance sheet investments third parties 222,403 7,072 126,896 3,538 151,020 - - 510,929 Total revenue generating investments 396,117 85,472 221,263 10,765 151,137 39 (3 ) 864,789 Investments Available-for-sale 57,544 16,415 1,187 6,670 79 - - 81,894 Loans 12,708 35,716 - 53 - 38 - 48,515 Financial assets at fair value through profit or loss 103,420 23,539 92,605 487 38 1 (3 ) 220,086 Investments in real estate 43 2,730 575 16 - - - 3,365 Total investments on balance sheet 173,714 78,400 94 7,227 117 39 (3 ) 353,860 Investments in joint ventures - 376 - 1,048 442 (1 ) - 1,865 Investments in associates - 1,186 - 13 151 12 (18 ) 1,344 Other assets 41,783 13,942 3,611 3,281 400 25,871 (24,191 ) 64,697 Consolidated total assets 215,497 93,905 97,978 11,569 1,110 25,920 (24,212 ) 421,767 EUR Millions Americas The Netherlands United International Asset Management Holding and Eliminations Total December 31, 2021 Investments Shares 493 1,410 29 72 9 1 - 2,015 Debt securities 61,014 26,951 1,159 8,060 11 - - 97,195 Loans 11,352 35,358 - 93 - 20 - 46,823 Other financial assets 8,040 79 687 73 276 - - 9,155 Investments in real estate 39 2,588 - 16 - - - 2,643 Investments general account 80,938 66,384 1,876 8,315 296 21 - 157,83 1 Shares - 9,078 20,221 243 - - (4 ) 29,539 Debt securities - 12,044 7,649 128 - - - 19,821 Unconsolidated investment funds 115,596 1,059 74,698 597 - - - 191,950 Other financial assets - 3,493 5,581 6 - - - 9,080 Investments in real estate - - 563 - - - - 563 Investments for account of policyholders 115,596 25,673 108,713 974 - - (4 ) 250,953 Investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Off balance sheet investments third parties 239,566 7,711 151,097 2,982 212,779 - - 614,136 Total revenue generating investments 436,100 99,769 261,687 12,270 213,076 21 (4 ) 1,022,920 Investments Available-for-sale 65,694 24,443 1,299 8,191 257 - - 99,884 Loans 11,352 35,358 - 93 - 20 - 46,823 Financial assets at fair value through profit or loss 119,450 29,669 108,727 987 40 1 (4 ) 258,871 Investments in real estate 39 2,588 563 16 - - - 3,206 Total investments on balance sheet 196,534 92,058 110,589 9,288 296 21 (4 ) 408,784 Investments in joint ventures 56 343 - 936 368 39 - 1,743 Investments in associates - 1,103 9 18 151 20 (12 ) 1,289 Other assets 37,447 13,271 3,160 2,736 510 32,975 (33,663 ) 56,436 Consolidated total assets 234,037 106,775 113,758 12,979 1,3 2 6 33,056 (33,679 ) 468,252 |
Premium income and premiums p_2
Premium income and premiums paid to reinsurers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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Summary of Premium Income and Premiums Paid to Reinsurers | YTD YTD EUR millions 2022 2021 Premium income Life insurance 6,504 6,768 Non-life 1,029 1,099 Total premium income 7,532 7,867 Accident and health insurance 958 899 Property & casualty insurance 71 200 Non-life 1,029 1,099 Premiums paid to reinsurers 1 Life insurance 1,034 1,065 Non-life 98 94 Total premiums paid to reinsurers 1,132 1,158 Accident and health insurance 87 80 Property & casualty insurance 10 14 Non-life 98 94 1 Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses. |
Investment income (Tables)
Investment income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Summary of Investment Income | YTD YTD EUR millions 2022 2021 Interest income 2,705 2,599 Dividend income 1,164 1,086 Rental income 60 49 Total investment income 3,930 3,734 Investment income related to general account 2,499 2,388 Investment income for account of policyholders 1,431 1,346 Total 3,930 3,734 |
Results from financial transa_2
Results from financial transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Summary of Financial Transactions Results | YTD YTD EUR millions 2022 2021 Net fair value change of general account financial investments at FVTPL other than derivatives 311 368 Realized gains /(losses) on financial investments (167 ) 209 Gains /(losses) on investments in real estate 139 40 Net fair value change of derivatives (3,271 ) (1,269) Net fair value change on for account of policyholder financial assets at FVTPL (40,432 ) 13,996 Net fair value change on investments in real estate for account of policyholders 46 10 Net foreign currency gains /(losses) 170 123 Net fair value change on borrowings and other financial liabilities 2 - Total (43,202 ) 13,477 |
Benefits and expenses (Tables)
Benefits and expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Detailed Information About Benefits And Expenses Explanatory | YTD YTD EUR millions 2022 2021 Claims and benefits (31,457 ) 24,475 Employee expenses 1,035 967 Administration expenses 721 786 Deferred expenses (379 ) (305) Amortization charges 571 345 Total (29,510 ) 26,268 |
Summary of Policyholder Claims and Benefits | YTD YTD EUR millions 2022 2021 Benefits and claims paid life 10,257 10,628 Benefits and claims paid non-life 734 691 Change in valuation of liabilities for insurance contracts (34,764) 8,816 Change in valuation of liabilities for investment contracts (10,016) 2,072 Other 27 (23) Policyholder claims and benefits (33,763) 22,185 Premium paid to reinsurers 1,132 1,158 Profit sharing and rebates 4 4 Commissions 1,169 1,128 Total (31,457) 24,475 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Investments for General Accounts Comprise Financial Assets Excluding Derivatives And Investments in Real Estate | EUR millions June 30, 2022 December 31, 2021 Available-for-sale 81,894 99,884 Loans 48,515 46,823 Financial assets at fair value through profit or loss (FVTPL) 7,537 8,481 Financial assets, for general account, excluding derivatives 137,947 155,188 Investments in real estate 2,789 2,643 Total investments for general account, excluding derivatives 140,736 157,831 |
Summary of Financial Assets Excluding Derivatives | The following table provides a breakdown of financial assets, for general account, excluding derivatives: EUR millions AFS FVTPL Loans Total Shares 246 1,768 - 2,014 Debt securities 75,769 1,735 - 77,503 Money market and other short-term investments 4,944 96 - 5,040 Mortgages loans - - 41,599 41,599 Private loans - - 4,814 4,814 Deposits with financial institutions - - 46 46 Policy loans - - 2,053 2,053 Other 935 3,939 3 4,877 June 30, 2022 81,894 7,537 48,515 137,947 AFS FVTPL Loans Total Shares 350 1,665 - 2,015 Debt securities 93,899 3,296 - 97,195 Money market and other short-term investments 4,790 120 - 4,910 Mortgages loans - - 39,991 39,991 Private loans - - 4,883 4,883 Deposits with financial institutions - - 52 52 Policy loans - - 1,893 1,893 Other 844 3,401 3 4,248 December 31, 2021 99,884 8,481 46,823 155,188 |
Investments for account of po_2
Investments for account of policyholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Investments for Account of Policyholders | EUR millions June 30, 2022 December 31, 2021 Shares 23,302 29,539 Debt securities 15,905 19,821 Money market and short-term investments 1,538 1,482 Deposits with financial institutions 3,124 4,105 Unconsolidated investment funds 165,454 191,950 Other 3,226 3,493 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 212,549 250,390 Investment in real estate 575 563 Total investments for account of policyholders 213,125 250,953 |
Fair value (Tables)
Fair value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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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 tables provide an analysis of financial instruments recorded at fair value on a recurring basis by level of the fair value hierarchy: June 30, 2022 December 31, 2021 EUR millions Level I Level II Level III Total Level I Level II Level III Total Financial assets carried at fair value Available-for-sale investments Shares 22 68 156 246 84 75 191 350 Debt securities 17,767 57,360 642 75,769 25,166 68,131 603 93,899 Money markets and other short-term instruments 997 3,948 - 4,944 1,204 3,586 - 4,790 Other investments at fair value - 272 663 935 - 246 599 844 Total Available-for-sale investments 18 ,786 61,648 1,461 81,894 26,453 72 ,038 1,393 99,884 Fair value through profit or loss Shares 59 210 1,499 1,768 85 237 1,343 1,665 Debt securities 119 1,614 2 1,735 130 3,161 5 3,296 Money markets and other short-term instruments 17 79 - 96 18 102 - 120 Other investments at fair value 1 356 3,581 3,939 2 389 3,010 3,401 Investments for account of policyholders 1 107,543 104,060 947 212,549 129,794 119,653 943 250,390 Derivatives 210 8,633 3 8,846 150 8,676 1 8,827 Total Fair value through profit or loss 107,949 114,952 6,032 228,932 130,178 132,219 5,301 267,698 Total financial assets at fair value 126,734 176,600 7,492 310,827 156,631 204,256 6,694 367,582 Financial liabilities carried at fair value Investment contracts for account of policyholders 2 - 62,515 (7 ) 62,508 - 71,249 (6 ) 71,242 Derivatives 44 10,136 2,574 12,754 39 7,162 3,437 10,639 Total financial liabilities at fair value 44 72 ,651 2,567 75,262 39 78 ,411 3,431 81,881 1 2 |
Schedule of Transfers between Level 1 and Level II for Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis | Transfers between Level I, Level II and Level III June 30, 2022 December 31, 2021 Transfers Transfers Level Transfers Transfers Level Level I to Level II to Level I Level I to Level II to Level I EUR millions II II Financial assets carried at fair value Available-for-sale investments Debt securities - - 44 32 Total - - 44 32 Fair value through profit or loss Shares 11 - - - Total 11 - - - Total financial assets at fair value 11 - 44 32 |
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. For the period ended June 30, 2022 EUR millions At January 1, 2022 Total gains / losses in income statement 1 Total gains / OCI 2 Purchases Sales Settlements Net exchange Transfers from Transfers to At June 30, 2022 Total unrealized gains and losses for the period recorded in the P&L for instruments held at Financial assets carried at fair value available-for-sale Shares 191 48 (34 ) (3 ) (10 ) (48 ) 12 - - 156 - Debt securities 603 (1 ) (64 ) 302 (34 ) (13 ) 27 12 (189 ) 642 - Other investments at fair value 599 (53 ) 12 84 (21 ) (11 ) 53 - - 663 - 1,393 ( 6 ) (87 ) 3 83 (65 ) (72 ) 9 2 12 (189 ) 1,461 - Fair value through profit or loss Shares 1,343 120 - 115 (79 ) - - - - 1,499 120 Debt securities 5 - - 7 (9 ) - - - - 2 - Other investments at fair value 3,010 415 - 218 (334 ) - 272 - - 3,581 68 Investments for account of policyholders 943 26 - (347 ) 323 - 4 1 (3 ) 947 (81 ) Derivatives 1 2 - - - - - - - 3 2 5,301 564 - (7 ) (100 ) - 277 1 ( 3 ) 6,032 110 Total assets at fair value 6,694 558 (87 ) 3 75 (166 ) (72 ) 369 12 (192 ) 7,492 110 Financial liabilities carried at fair value Investment contracts for account of policyholders (6 ) (18 ) - (301 ) 316 - 2 - - (7 ) (18 ) Derivatives 3,437 (1,011 ) - - (5 ) - 153 - - 2,574 (481 ) 3,431 (1,029 ) - (301 ) 3 11 - 155 - - 2,567 (499 ) 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items gains/ (losses) on revaluation of available-for-sale available-for-sale 3 Total gains/ (losses) for the period during which the financial instrument wasin Level III. For the period ended December 31, 2021 At January 1, 2021 Total gains / losses in income statement 1 Total gains / OCI 2 Purchases Sales Settlements Net exchange Transfers from Transfers to At December 30, 2021 Total unrealized gains and losses for the period recorded in the P&L for instruments held at Financial assets carried at fair value available-for-sale Shares 173 1 3 30 (26 ) - 11 - - 191 - Debt securities 467 (1 ) 6 228 (29 ) (46 ) 22 203 (246 ) 603 - Other investments at fair value 581 (113 ) 7 111 (24 ) (6 ) 43 - - 599 - 1,221 (114 ) 16 368 (80 ) (52 ) 77 203 (246 ) 1,393 - Fair value through profit or loss Shares 1,329 150 - 179 (316 ) 1 1 - - 1,343 147 Debt securities 242 (1 ) - 124 (361 ) - - - - 5 1 Other investments at fair value 2,173 796 - 492 (638 ) - 186 - - 3,010 (1 ) Investments for account of policyholders 1,012 206 - (198 ) (93 ) - 22 - (7 ) 943 162 Derivatives 22 (17 ) - - (4 ) - - - - 1 (10 ) 4,779 1,134 - 597 (1,411 ) - 210 - (7 ) 5,301 299 Total assets at fair value 6,000 1,020 16 965 (1,491 ) (52 ) 286 203 (253 ) 6,694 299 Financial liabilities carried at fair value Investment contracts for account of policyholders (12 ) (1 ) - (361 ) 366 - 2 - - (6 ) 3 Derivatives 4,902 (1,627 ) - - (14 ) - 176 - - 3,437 607 4,890 (1,628 ) - (361 ) 352 - 178 - - 3,431 610 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items gains/ (losses) on revaluation of available-for-sale available-for-sale 3 Total gains/ (losses) for the period during which the financial instrument wasin Level III. Fair value information about financial instruments not measured at fair value |
Carrying Values and Estimated Fair Values of Assets and Liabilities | The following table presents the carrying values and estimated fair values of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis. Carrying Total estimated fair Carrying Total estimated fair amount value amount value EUR millions June 30, 2022 December 31, 2021 Assets Mortgage loans - held at amortized cost 41,599 39,795 39,991 44,366 Private loans - held at amortized cost 4,814 4,554 4,883 5,491 Other loans - held at amortized cost 2,102 2,102 1,949 1,949 Liabilities Subordinated borrowings - held at amortized cost 2,326 2,181 2,194 2,438 Trust pass-through securities - held at amortized cost 127 137 126 139 Borrowings - held at amortized cost 9,367 9,532 9,661 10,171 Investment contracts - held at amortized cost 22,903 21,643 21,573 20,861 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Summary of Share Capital | EUR millions June 30, 2022 December 31, 2021 Share capital - par value 322 321 Share premium 6,952 7,033 Total share capital 7,274 7,354 Share capital - par value Balance at January 1 321 320 Dividend - 1 Share dividend 1 - Balance 322 321 Share premium Balance at January 1 7,033 7,160 Share dividend (80) (127) Balance 6,952 7,033 |
Summary of Basic Earnings Per Share | EUR millions YTD YTD 2021 Earnings per share (EUR per share) Basic earnings per common share 0.39 0.69 Basic earnings per common share B 0.01 0.02 Diluted earnings per common share 0.39 0.69 Diluted earnings per common share B 0.01 0.02 Earnings per share calculation Net result attributable to owners of Aegon N.V. 810 1,448 Coupons on other equity instruments (16 ) (23) Earnings attributable to common shares and common shares B 794 1,425 Earnings attributable to common shareholders 789 1,415 Earnings attributable to common shareholders B 5 10 Weighted average number of common shares outstanding (in millions) 2,021 2,045 Weighted average number of common shares B outstanding (in millions) 538 559 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Summary of Borrowings | EUR millions June 30, 2022 December 31, 2021 Capital funding 1,267 1,292 Operational funding 8,100 8,369 Total borrowings 9,367 9,661 |
Financial risks (Tables)
Financial risks (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [LineItems] | |
Disclosure of Detailed Information about Sensitivity Analysis of Net Result and Shareholders Equity Explanatory | The table below include Group sensitivities on equity market risk, interest rate risk, bond credit spreads and liquidity premium. June 30, 2022 December 31, 2021 Estimated Estimated Estimated approximate Estimated approximate approximate effects on approximate effects on effects on net shareholders’ effects on net shareholders’ EUR millions result equity result equity Sensitivity analysis of net result and shareholders’ equity to markets Immediate change of Equity increase 10% 190 601 151 341 Equity decrease 10% (265 ) (15 ) (212 ) (221 ) Equity increase 25% 317 831 322 660 Equity decrease 25% (565 ) (440 ) (529 ) (685 ) Parallel movements of yield curve Immediate movements of yield curve, but not permanently Shift up 100 basis points (358 ) (4,567 ) 296 (3,591 ) Shift down 100 basis points (467 ) 3,568 (594 ) 2,906 Bond Credit Spreads Immediate shock Shift up 50 basis points (161 ) (2,030 ) (192 ) (2,418 ) Shift down 50 basis points 160 2,076 169 2,387 Liquidity premium Shift up 5 basis points 100 99 136 178 Shift down 5 basis points (103 ) (101 ) (148 ) (104 ) |
Capital management and solven_2
Capital management and solvency (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Disclosure of Estimated Capital Position | As at June 30, 2022, Aegon’s estimated capital position was: Solvency II key figures June 30, 2022 1 December 31, 2021 EUR millions Group Own Funds 18,830 19,431 Group SCR 8,796 9,226 Group Solvency II ratio 214% 211% 1 |
Summary of Composition of Eligible Own Funds Across Tiers | The table below provides the composition of Aegon’s Eligible Own Funds across Tiers: Eligible Own Funds June 30, 2022 December 31, 2021 EUR millions Tier 1 - unrestricted 14,030 14,044 Tier 1 - restricted 1,877 2,364 Tier 2 2,297 2,348 Tier 3 626 675 Total Eligible Own Funds 18,830 19,431 |
Summary of Equity Compares to Solvency II Own Funds | The table below provides the reconciliation from shareholders’ equity to Solvency II Own Funds: Reconciliation Shareholders’ Equity - Own Funds June 30, 2022 December 31, 2021 EUR millions IFRS Shareholders’ Equity 17,466 23,813 IFRS adjustments for Other Equity instruments and non controlling interests 2,150 2,559 IFRS Group Equity 19,616 26,372 Solvency II revaluations and reclassifications (1,654 ) (9,096 ) Transferability restrictions 1 (1,861 ) (1,772 ) Excess of Assets over Liabilities 16,101 15,504 Availability adjustments 2,984 4,020 Tiering restrictions (146 ) - Fungibility adjustments (109 ) (93 ) Eligible Own Funds 18,830 19,431 1 |
General Information - Additiona
General Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Employees | |
Disclosure of general information [Line Items] | |
Country of Incorporation | Netherlands |
Address of entity | Aegonplein 50, 2591 TV, The Hague, the Netherlands |
Description of nature operations and principal activities | Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations |
Name of parent entity | Aegon N.V |
Number of employees | 20,000 |
Basis of presentation - Summary
Basis of presentation - Summary of Reconciliation Between IFRS and IFRS-EU (Detail) - EUR (€) € in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of changes in accounting estimates [line items] | ||||
Equity | € 19,616 | € 25,762 | € 26,372 | € 24,661 |
Shareholders' equity, adjustment of EU 'IAS 39' carve out | (434) | 758 | ||
Shareholders' equity, tax effect of the adjustment | 112 | (183) | ||
Shareholders' equity, effect of the adjustment after tax | (322) | 575 | ||
Net income, adjustment of EU 'IAS 39' carve out | (1,066) | (296) | ||
Net income, tax effect of the adjustment | 275 | 74 | ||
Net income, effect of the adjustment after tax | (791) | (222) | ||
In accordance with IFRS [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Equity | 17,466 | 23,052 | ||
Net income | 856 | 1,457 | ||
In accordance with EU-IFRS [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Equity | 17,144 | 23,627 | ||
Net income | € 64 | € 1,235 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of summary of significant accounting policies [line items] | |||
Surplus Deficit Of Insurance Liability Adequacy Test | € 1,900 | ||
Interest rate, measurement input [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Decrease in net income due to increase in interest rate assumption | 870 | € 529 | |
Increase in net income due to decrease in interest rate assumption | 563 | 538 | |
Interest rate, measurement input [member] | Increase In 100bps Interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Increase decrease in interest rate due to reasonably possible decrease In LAT deficit | 500 | 3,300 | |
Increase decrease in interest rate due to reasonably possible decrease in net benefit | 300 | 1,300 | |
Interest rate, measurement input [member] | Decrease In 100bps interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Increase decrease in interest rate due to reasonably possible increase In LAT deficit | 2,500 | 4,300 | |
Interest rate, measurement input [member] | Decrease In 50bps interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Increase decrease in interest rate due to reasonably possible decrease In LAT deficit | 400 | 600 | |
Increase decrease in interest rate due to reasonably possible decrease in net benefit | 300 | 1,300 | |
Interest rate, measurement input [member] | Increase In 50bps Interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Increase decrease in interest rate due to reasonably possible increase In LAT deficit | 400 | € 500 | |
US [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Increase decrease in earning before tax due to actuarial assumption and model updates | 358 | € 86 | |
Increase decrease due to charges from reinsurance rates increase | 192 | ||
Increase decrease due to various actuarial assumption updates | € 166 | ||
US [member] | Interest rate, measurement input [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Percentage of increase in interest rate assumption | 0.01% | 0.01% | |
Percentage of decrease in interest rate assumption | 0.01% | 0.01% | |
US [member] | Covid Nineteen [Member] | Life insurance contracts [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Expense for policyholder claims and benefits, without reduction for reinsurance held | € 100 | ||
US [member] | Covid Nineteen [Member] | Life insurance contracts [member] | Cause of Death [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Expense for policyholder claims and benefits, without reduction for reinsurance held | 81 | € 103 | |
The Netherlands [member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Liability Adequency Test Deficit | 500 | € 5,200 | |
Loss Recognition | 200 | 3,000 | |
Net Deficits | € 300 | € 2,200 | |
The Netherlands [member] | Interest rate, measurement input [member] | Increase In 100bps Interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Percentage of increase in interest rate assumption | 0.01% | 0.01% | |
The Netherlands [member] | Interest rate, measurement input [member] | Decrease In 100bps interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Percentage of decrease in interest rate assumption | 0.01% | 0.01% | |
The Netherlands [member] | Interest rate, measurement input [member] | Decrease In 50bps interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Percentage of decrease in interest rate assumption | 0.005% | 0.005% | |
The Netherlands [member] | Interest rate, measurement input [member] | Increase In 50bps Interest Rate [Member] | |||
Disclosure of summary of significant accounting policies [line items] | |||
Percentage of increase in interest rate assumption | 0.005% | 0.005% |
Significant accounting polici_5
Significant accounting policies - Summary of Exchange Rates of US Dollar and UK Pound per Euro (Detail) - Counterparty | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
USD [member] | ||
Statement 1 [Line Items] | ||
Closing rates | 1.0455 | 1.1372 |
Weighted average exchange rates | 1.0933 | 1.2052 |
GBP [member] | ||
Statement 1 [Line Items] | ||
Closing rates | 0.8608 | 0.8396 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - International [Member] € in Millions | 6 Months Ended |
Jun. 30, 2022 EUR (€) | |
Profit Loss [Member] | |
Disclosure of operating segments [line items] | |
Amount of reclassifications or changes in presentation | € 1 |
Life Insurance Gross Premiums [Member] | |
Disclosure of operating segments [line items] | |
Amount of reclassifications or changes in presentation | 87 |
Other Revenue [Member] | |
Disclosure of operating segments [line items] | |
Amount of reclassifications or changes in presentation | € 5 |
Segment Information - Summary o
Segment Information - Summary of Segment Results (Detail) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Summary of operating result per segment [Line Items] | ||
Operating result geographically | € 1,040 | € 960 |
Fair value items | 321 | 749 |
Realized gains / (losses) on investments | (154) | 188 |
Impairment charges | (50) | (16) |
Impairment reversals | 12 | 47 |
Non-operating items | 128 | 967 |
Other income / (charges) | (183) | (140) |
Result before tax | 985 | 1,788 |
Income tax (expense)/benefit | (130) | (331) |
Net result | 856 | 1,457 |
Revenues | ||
Life insurance gross premiums | 6,504 | 6,768 |
Accident and health insurance | 958 | 899 |
Property & casualty insurance | 71 | 200 |
Total gross premiums | 7,532 | 7,867 |
Investment income | 3,930 | 3,734 |
Fee and commission income | 1,431 | 1,327 |
Other revenues | 0 | 4 |
Total revenues | 12,894 | 12,933 |
Asset management [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 117 | 146 |
Fair value items | (3) | (1) |
Realized gains / (losses) on investments | 0 | 2 |
Impairment charges | 0 | 0 |
Impairment reversals | 0 | 0 |
Non-operating items | (3) | 0 |
Other income / (charges) | (20) | (6) |
Result before tax | 94 | 141 |
Income tax (expense)/benefit | (38) | (44) |
Net result | 56 | 97 |
Inter-segment operating result after tax | 95 | 93 |
Revenues | ||
Life insurance gross premiums | 0 | 0 |
Accident and health insurance | 0 | 0 |
Property & casualty insurance | 0 | 0 |
Total gross premiums | 0 | 0 |
Investment income | 6 | 5 |
Fee and commission income | 363 | 423 |
Other revenues | 4 | 1 |
Total revenues | 374 | 429 |
Inter-segment revenues | 93 | 89 |
Holding and other activities [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | (107) | (112) |
Fair value items | (7) | 31 |
Realized gains / (losses) on investments | 8 | 1 |
Impairment charges | (18) | (6) |
Impairment reversals | 0 | 8 |
Non-operating items | (17) | 34 |
Other income / (charges) | (45) | (89) |
Result before tax | (168) | (166) |
Income tax (expense)/benefit | 37 | 33 |
Net result | (131) | (133) |
Inter-segment operating result after tax | 142 | 26 |
Revenues | ||
Life insurance gross premiums | 0 | 0 |
Accident and health insurance | 0 | 0 |
Property & casualty insurance | 0 | 0 |
Total gross premiums | 0 | 0 |
Investment income | 235 | 120 |
Fee and commission income | 0 | 0 |
Other revenues | 0 | 4 |
Total revenues | 235 | 123 |
Inter-segment revenues | 238 | 122 |
Segment total [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 1,001 | 993 |
Fair value items | 408 | 767 |
Realized gains / (losses) on investments | (153) | 193 |
Impairment charges | (50) | (16) |
Impairment reversals | 12 | 47 |
Non-operating items | 217 | 991 |
Other income / (charges) | (192) | (152) |
Result before tax | 1,026 | 1,832 |
Income tax (expense)/benefit | (170) | (375) |
Net result | 856 | 1,457 |
Revenues | ||
Life insurance gross premiums | 7,049 | 7,206 |
Accident and health insurance | 1,013 | 944 |
Property & casualty insurance | 165 | 283 |
Total gross premiums | 8,227 | 8,433 |
Investment income | 3,977 | 3,769 |
Fee and commission income | 1,564 | 1,524 |
Other revenues | 16 | 10 |
Total revenues | 13,784 | 13,736 |
Joint ventures and associates eliminations [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 39 | (33) |
Fair value items | (88) | (18) |
Realized gains / (losses) on investments | (1) | (5) |
Impairment charges | 0 | 0 |
Impairment reversals | 0 | 0 |
Non-operating items | (89) | (23) |
Other income / (charges) | 9 | 12 |
Result before tax | (41) | (44) |
Income tax (expense)/benefit | 41 | 44 |
Net result | 0 | 0 |
Revenues | ||
Life insurance gross premiums | (545) | (437) |
Accident and health insurance | (55) | (45) |
Property & casualty insurance | (94) | (83) |
Total gross premiums | (695) | (565) |
Investment income | (47) | (35) |
Fee and commission income | (133) | (197) |
Other revenues | (16) | (6) |
Total revenues | (890) | (803) |
International [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 104 | 63 |
Fair value items | 14 | (2) |
Realized gains / (losses) on investments | (4) | 3 |
Impairment charges | (7) | 0 |
Impairment reversals | 0 | 1 |
Non-operating items | 3 | 1 |
Other income / (charges) | 289 | 29 |
Result before tax | 396 | 92 |
Income tax (expense)/benefit | (25) | (19) |
Net result | 371 | 74 |
Inter-segment operating result after tax | (13) | (16) |
Revenues | ||
Life insurance gross premiums | 710 | 723 |
Accident and health insurance | 146 | 140 |
Property & casualty insurance | 94 | 215 |
Total gross premiums | 950 | 1,077 |
Investment income | 187 | 176 |
Fee and commission income | 25 | 28 |
Other revenues | 12 | 6 |
Total revenues | 1,174 | 1,288 |
Inter-segment revenues | 0 | 0 |
Americas [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 402 | 444 |
Fair value items | (1,128) | 328 |
Realized gains / (losses) on investments | (90) | 171 |
Impairment charges | (24) | (7) |
Impairment reversals | 11 | 24 |
Non-operating items | (1,231) | 515 |
Other income / (charges) | (375) | (218) |
Result before tax | (1,204) | 741 |
Income tax (expense)/benefit | 296 | (111) |
Net result | (908) | 630 |
Inter-segment operating result after tax | (138) | (12) |
Revenues | ||
Life insurance gross premiums | 3,565 | 3,392 |
Accident and health insurance | 683 | 620 |
Property & casualty insurance | 0 | 0 |
Total gross premiums | 4,249 | 4,012 |
Investment income | 1,618 | 1,408 |
Fee and commission income | 993 | 919 |
Other revenues | 0 | 0 |
Total revenues | 6,860 | 6,340 |
Inter-segment revenues | 0 | 0 |
The Netherlands [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 377 | 370 |
Fair value items | 1,481 | 477 |
Realized gains / (losses) on investments | (69) | 16 |
Impairment charges | 6 | (2) |
Impairment reversals | 1 | 14 |
Non-operating items | 1,419 | 505 |
Other income / (charges) | 13 | 126 |
Result before tax | 1,809 | 1,000 |
Income tax (expense)/benefit | (447) | (246) |
Net result | 1,362 | 754 |
Inter-segment operating result after tax | (48) | (46) |
Revenues | ||
Life insurance gross premiums | 643 | 707 |
Accident and health insurance | 183 | 181 |
Property & casualty insurance | 71 | 68 |
Total gross premiums | 896 | 956 |
Investment income | 928 | 1,025 |
Fee and commission income | 165 | 140 |
Other revenues | 0 | 0 |
Total revenues | 1,989 | 2,121 |
Inter-segment revenues | 3 | 6 |
United Kingdom [member] | Geographical Consolidation [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 107 | 84 |
Fair value items | 58 | (66) |
Realized gains / (losses) on investments | 2 | 0 |
Impairment charges | (8) | 0 |
Impairment reversals | 0 | 0 |
Non-operating items | 52 | (66) |
Other income / (charges) | (55) | 6 |
Result before tax | 104 | 24 |
Income tax (expense)/benefit | 7 | 12 |
Net result | 111 | 35 |
Inter-segment operating result after tax | (38) | (45) |
Revenues | ||
Life insurance gross premiums | 2,132 | 2,384 |
Accident and health insurance | 0 | 3 |
Property & casualty insurance | 0 | 0 |
Total gross premiums | 2,132 | 2,387 |
Investment income | 1,243 | 1,163 |
Fee and commission income | 111 | 102 |
Other revenues | 0 | 0 |
Total revenues | 3,486 | 3,653 |
Inter-segment revenues | 0 | 0 |
Eliminations [member] | ||
Summary of operating result per segment [Line Items] | ||
Operating result geographically | 0 | 0 |
Fair value items | (6) | 1 |
Realized gains / (losses) on investments | 0 | 0 |
Impairment charges | 0 | 0 |
Impairment reversals | 0 | 0 |
Non-operating items | (6) | 1 |
Other income / (charges) | 0 | 0 |
Result before tax | (5) | 1 |
Income tax (expense)/benefit | 0 | 0 |
Net result | (5) | 1 |
Revenues | ||
Life insurance gross premiums | 0 | 0 |
Accident and health insurance | 0 | 0 |
Property & casualty insurance | 0 | 0 |
Total gross premiums | 0 | 0 |
Investment income | (241) | (128) |
Fee and commission income | (93) | (89) |
Other revenues | 0 | 0 |
Total revenues | € (334) | € (217) |
Segment Information - Summary_2
Segment Information - Summary of Investments (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of summarized investment per segment [line items] | ||
Investments general account | € 140,736 | € 157,831 |
Investments for account of policyholders | 213,125 | 250,953 |
Investments on balance sheet | 353,860 | 408,784 |
Off balance sheet investments third parties | 510,929 | 614,136 |
Total revenue generating investments | 864,789 | 1,022,920 |
Financial assets, excluding derivatives | 137,947 | 155,188 |
Investments in real estate | 2,789 | 2,643 |
Total investments on balance sheet | 353,860 | 408,784 |
Investments in joint ventures | 1,865 | 1,743 |
Investments in associates | 1,344 | 1,289 |
Other assets | 64,697 | 56,436 |
Total assets | 421,767 | 468,252 |
Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 81,894 | 99,884 |
Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 48,515 | 46,823 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 220,086 | 258,871 |
Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments in real estate | 3,365 | 3,206 |
Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 2,014 | 2,015 |
Investments for account of policyholders | 23,302 | 29,539 |
Financial assets, excluding derivatives | 2,014 | 2,015 |
Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 77,503 | 97,195 |
Investments for account of policyholders | 15,905 | 19,821 |
Financial assets, excluding derivatives | 77,503 | 97,195 |
Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 48,515 | 46,823 |
Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 9,914 | 9,155 |
Investments for account of policyholders | 7,889 | 9,080 |
Real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 2,789 | 2,643 |
Investments for account of policyholders | 575 | 563 |
Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 165,454 | 191,950 |
Americas [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 74,599 | 80,938 |
Investments for account of policyholders | 99,115 | 115,596 |
Investments on balance sheet | 173,714 | 196,534 |
Off balance sheet investments third parties | 222,403 | 239,566 |
Total revenue generating investments | 396,117 | 436,100 |
Total investments on balance sheet | 173,714 | 196,534 |
Investments in joint ventures | 0 | 56 |
Investments in associates | 0 | 0 |
Other assets | 41,783 | 37,447 |
Total assets | 215,497 | 234,037 |
Americas [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 57,544 | 65,694 |
Americas [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 12,708 | 11,352 |
Americas [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 103,420 | 119,450 |
Americas [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 43 | 39 |
Americas [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 410 | 493 |
Investments for account of policyholders | 0 | 0 |
Americas [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 52,457 | 61,014 |
Investments for account of policyholders | 0 | 0 |
Americas [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 12,708 | 11,352 |
Americas [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 8,982 | 8,040 |
Investments for account of policyholders | 0 | 0 |
Americas [member] | Real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 43 | 39 |
Americas [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 99,115 | 115,596 |
The Netherlands [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 57,529 | 66,384 |
Investments for account of policyholders | 20,871 | 25,673 |
Investments on balance sheet | 78,400 | 92,058 |
Off balance sheet investments third parties | 7,072 | 7,711 |
Total revenue generating investments | 85,472 | 99,769 |
Total investments on balance sheet | 78,400 | 92,058 |
Investments in joint ventures | 376 | 343 |
Investments in associates | 1,186 | 1,103 |
Other assets | 13,942 | 13,271 |
Total assets | 93,905 | 106,775 |
The Netherlands [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 16,415 | 24,443 |
The Netherlands [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 35,716 | 35,358 |
The Netherlands [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 23,539 | 29,669 |
The Netherlands [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 2,730 | 2,588 |
The Netherlands [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 1,558 | 1,410 |
Investments for account of policyholders | 7,379 | 9,078 |
The Netherlands [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 17,452 | 26,951 |
Investments for account of policyholders | 9,407 | 12,044 |
The Netherlands [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 35,716 | 35,358 |
The Netherlands [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 71 | 79 |
Investments for account of policyholders | 3,226 | 3,493 |
The Netherlands [member] | Real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 2,730 | 2,588 |
The Netherlands [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 859 | 1,059 |
United Kingdom [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 1,702 | 1,876 |
Investments for account of policyholders | 92,665 | 108,713 |
Investments on balance sheet | 94,367 | 110,589 |
Off balance sheet investments third parties | 126,896 | 151,097 |
Total revenue generating investments | 221,263 | 261,687 |
Total investments on balance sheet | 94,367 | 110,589 |
Investments in joint ventures | 0 | 0 |
Investments in associates | 0 | 9 |
Other assets | 3,611 | 3,160 |
Total assets | 97,978 | 113,758 |
United Kingdom [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 1,187 | 1,299 |
United Kingdom [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 0 | 0 |
United Kingdom [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 92,605 | 108,727 |
United Kingdom [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments in real estate | 575 | 563 |
United Kingdom [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 27 | 29 |
Investments for account of policyholders | 15,915 | 20,221 |
United Kingdom [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 978 | 1,159 |
Investments for account of policyholders | 6,478 | 7,649 |
United Kingdom [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
United Kingdom [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 698 | 687 |
Investments for account of policyholders | 4,660 | 5,581 |
United Kingdom [member] | Real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 575 | 563 |
United Kingdom [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 65,038 | 74,698 |
Asset management [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 117 | 296 |
Investments for account of policyholders | 0 | 0 |
Investments on balance sheet | 117 | 296 |
Off balance sheet investments third parties | 151,020 | 212,779 |
Total revenue generating investments | 151,137 | 213,076 |
Total investments on balance sheet | 117 | 296 |
Investments in joint ventures | 442 | 368 |
Investments in associates | 151 | 151 |
Other assets | 400 | 510 |
Total assets | 1,110 | 1,326 |
Asset management [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 79 | 257 |
Asset management [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 0 | 0 |
Asset management [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 38 | 40 |
Asset management [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 0 | 0 |
Asset management [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 8 | 9 |
Investments for account of policyholders | 0 | 0 |
Asset management [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 12 | 11 |
Investments for account of policyholders | 0 | 0 |
Asset management [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Asset management [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 97 | 276 |
Investments for account of policyholders | 0 | 0 |
Asset management [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 0 | 0 |
Holding and other activities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 39 | 21 |
Investments for account of policyholders | 0 | 0 |
Investments on balance sheet | 39 | 21 |
Off balance sheet investments third parties | 0 | 0 |
Total revenue generating investments | 39 | 21 |
Total investments on balance sheet | 39 | 21 |
Investments in joint ventures | (1) | 39 |
Investments in associates | 12 | 20 |
Other assets | 25,871 | 32,975 |
Total assets | 25,920 | 33,056 |
Holding and other activities [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 0 | 0 |
Holding and other activities [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 38 | 20 |
Holding and other activities [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 1 | 1 |
Holding and other activities [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 0 | 0 |
Holding and other activities [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 1 | 1 |
Investments for account of policyholders | 0 | 0 |
Holding and other activities [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Holding and other activities [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 38 | 20 |
Holding and other activities [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Holding and other activities [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 0 | 0 |
International [Member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 6,750 | 8,315 |
Investments for account of policyholders | 477 | 974 |
Investments on balance sheet | 7,227 | 9,288 |
Off balance sheet investments third parties | 3,538 | 2,982 |
Total revenue generating investments | 10,765 | 12,270 |
Total investments on balance sheet | 7,227 | 9,288 |
Investments in joint ventures | 1,048 | 936 |
Investments in associates | 13 | 18 |
Other assets | 3,281 | 2,736 |
Total assets | 11,569 | 12,979 |
International [Member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 6,670 | 8,191 |
International [Member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 53 | 93 |
International [Member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 487 | 987 |
International [Member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 16 | 16 |
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 16 | 16 |
International [Member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 10 | 72 |
Investments for account of policyholders | 12 | 243 |
International [Member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 6,605 | 8,060 |
Investments for account of policyholders | 20 | 128 |
International [Member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 53 | 93 |
International [Member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 66 | 73 |
Investments for account of policyholders | 3 | 6 |
International [Member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | 442 | 597 |
Eliminations [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | (3) | (4) |
Investments on balance sheet | (3) | (4) |
Off balance sheet investments third parties | 0 | 0 |
Total revenue generating investments | (3) | (4) |
Total investments on balance sheet | (3) | (4) |
Investments in joint ventures | 0 | 0 |
Investments in associates | (18) | (12) |
Other assets | (24,191) | (33,663) |
Total assets | (24,212) | (33,679) |
Eliminations [member] | Available-for-sale financial assets [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 0 | 0 |
Eliminations [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | 0 | 0 |
Eliminations [member] | Financial assets at fair value through profit or loss [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Financial assets, excluding derivatives | (3) | (4) |
Eliminations [member] | Investments in real estate [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Investments in real estate | 0 | 0 |
Eliminations [member] | Shares [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | (3) | (4) |
Eliminations [member] | Debt securities [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Eliminations [member] | Loans [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Eliminations [member] | Other financial asset [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments general account | 0 | 0 |
Investments for account of policyholders | 0 | 0 |
Eliminations [member] | Unconsolidated investment funds [member] | ||
Disclosure of summarized investment per segment [line items] | ||
Investments for account of policyholders | € 0 | € 0 |
Premium income and premiums p_3
Premium income and premiums paid to reinsurers - Summary of Premium Income and Premiums Paid to Reinsurers (Detail) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Disclosure Of Insurance Premium Revenue And Premium Paid To Reinsurers Explanatory [Line Items] | |||
Income arising from insurance contracts | € 7,532 | € 7,867 | |
Expenses arising from reinsurance held | [1] | 1,132 | 1,158 |
Life insurance general account [member] | |||
Disclosure Of Insurance Premium Revenue And Premium Paid To Reinsurers Explanatory [Line Items] | |||
Income arising from insurance contracts | 6,504 | 6,768 | |
Expenses arising from reinsurance held | [1] | 1,034 | 1,065 |
Non-Life insurance [member] | |||
Disclosure Of Insurance Premium Revenue And Premium Paid To Reinsurers Explanatory [Line Items] | |||
Income arising from insurance contracts | 1,029 | 1,099 | |
Expenses arising from reinsurance held | [1] | 98 | 94 |
Accident and health insurance [member] | |||
Disclosure Of Insurance Premium Revenue And Premium Paid To Reinsurers Explanatory [Line Items] | |||
Income arising from insurance contracts | 958 | 899 | |
Expenses arising from reinsurance held | [1] | 87 | 80 |
Property and casualty insurance contracts [member] | |||
Disclosure Of Insurance Premium Revenue And Premium Paid To Reinsurers Explanatory [Line Items] | |||
Income arising from insurance contracts | 71 | 200 | |
Expenses arising from reinsurance held | [1] | € 10 | € 14 |
[1]Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses. |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of investment income [line items] | ||
Interest income | € 2,705 | € 2,599 |
Dividend income | 1,164 | 1,086 |
Rental income | 60 | 49 |
Investment income | 3,930 | 3,734 |
Investment income related to general account [member] | ||
Disclosure of investment income [line items] | ||
Investment income | 2,499 | 2,388 |
Investment income for account of policyholders [member] | ||
Disclosure of investment income [line items] | ||
Investment income | € 1,431 | € 1,346 |
Results From Financial Transa_3
Results From Financial Transactions - Summary of Financial Transactions Results (Detail) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of result from financial transaction [Line Items] | ||
Net fair value change of general account financial investments at FVTPL other than derivatives | € 311 | € 368 |
Realized gains /(losses) on financial investments | (167) | 209 |
Gains /(losses) on investments in real estate | 139 | 40 |
Net fair value change of derivatives | (3,271) | (1,269) |
Net fair value change on for account of policyholder financial assets at FVTPL | (40,432) | 13,996 |
Net fair value change on investments in real estate for account of policyholders | 46 | 10 |
Net foreign currency gains /(losses) | 170 | 123 |
Net fair value change on borrowings and other financial liabilities | 2 | 0 |
Total | € (43,202) | € 13,477 |
Other Income - Additional Infor
Other Income - Additional Information (Detail) € in Millions | 6 Months Ended |
Jun. 30, 2022 EUR (€) | |
Hungarian and Turkish business [Member] | |
Disclosure of other operating income [line items] | |
Business disposal gain loss | € 288 |
Benefits and expenses - Summary
Benefits and expenses - Summary of Detailed Information About Benefits And Expenses Explanatory (Detail) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Benefits And Expenses [Abstract] | ||
Claims and benefits | € (31,457) | € 24,475 |
Employee expenses | 1,035 | 967 |
Administration expenses | 721 | 786 |
Deferred expenses | (379) | (305) |
Amortization charges | 571 | 345 |
Total | € (29,510) | € 26,268 |
Benefits and expenses - Summa_2
Benefits and expenses - Summary of Policyholder Claims and Benefits (Detail) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Change in valuation of liabilities for insurance contracts | € (34,764) | € 8,816 | |
Change in valuation of liabilities for investment contracts | (10,016) | 2,072 | |
Other | 27 | (23) | |
Policyholder claims and benefits | (33,763) | 22,185 | |
Premiums paid to reinsurers | [1] | 1,132 | 1,158 |
Profit sharing and rebates | 4 | 4 | |
Commissions | 1,169 | 1,128 | |
Total | (31,457) | 24,475 | |
Paid life [member] | |||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Benefits and claims paid life | 10,257 | 10,628 | |
Premiums paid to reinsurers | [1] | 1,034 | 1,065 |
Paid non-life [member] | |||
Disclosure of detail information about policyholder claims and benefits paid [line items] | |||
Benefits and claims paid life | 734 | 691 | |
Premiums paid to reinsurers | [1] | € 98 | € 94 |
[1]Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses. |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of investments in financial assets and real estate [abstract] | ||
Available-for-sale (AFS) | € 81,894 | € 99,884 |
Loans | 48,515 | 46,823 |
Financial assets at fair value through profit or loss (FVTPL) | 7,537 | 8,481 |
Total financial assets, excluding derivatives | 137,947 | 155,188 |
Investments in real estate | 2,789 | 2,643 |
Total investments for general account | € 140,736 | € 157,831 |
Investments - Summary of Financ
Investments - Summary of Financial Assets for General Account Excluding Derivatives (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
AFS | € 81,894 | € 99,884 |
Fair value through profit or loss | 7,537 | 8,481 |
Loans | 48,515 | 46,823 |
Total | 137,947 | 155,188 |
Shares [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 246 | 350 |
Fair value through profit or loss | 1,768 | 1,665 |
Loans | 0 | 0 |
Total | 2,014 | 2,015 |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 75,769 | 93,899 |
Fair value through profit or loss | 1,735 | 3,296 |
Loans | 0 | 0 |
Total | 77,503 | 97,195 |
Money market and other short-term investments [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 4,944 | 4,790 |
Fair value through profit or loss | 96 | 120 |
Loans | 0 | 0 |
Total | 5,040 | 4,910 |
Mortgage loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 0 | 0 |
Fair value through profit or loss | 0 | 0 |
Loans | 41,599 | 39,991 |
Total | 41,599 | 39,991 |
Private loans - held at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 0 | 0 |
Fair value through profit or loss | 0 | 0 |
Loans | 4,814 | 4,883 |
Total | 4,814 | 4,883 |
Deposits with financial institutions [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 0 | 0 |
Fair value through profit or loss | 0 | 0 |
Loans | 46 | 52 |
Total | 46 | 52 |
Policy loans [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 0 | 0 |
Fair value through profit or loss | 0 | 0 |
Loans | 2,053 | 1,893 |
Total | 2,053 | 1,893 |
Other [member] | ||
Disclosure of financial assets [line items] | ||
AFS | 935 | 844 |
Fair value through profit or loss | 3,939 | 3,401 |
Loans | 3 | 3 |
Total | € 4,877 | € 4,248 |
Investments for Account of Po_3
Investments for Account of Policyholders - Summary of Investments for Account of Policyholders (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | € 212,549 | € 250,390 |
Investments in real estate | 575 | 563 |
Total investments for account of policyholders | 213,125 | 250,953 |
Investment in shares [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 23,302 | 29,539 |
Investment in debt securities [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 15,905 | 19,821 |
Money market and other short-term investments - carried at fair value [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 1,538 | 1,482 |
Deposits with financial institutions [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 3,124 | 4,105 |
Investment in unconsolidated investment funds [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | 165,454 | 191,950 |
Other investments [member] | ||
Disclosure of investments for account of policyholders [Line Items] | ||
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives | € 3,226 | € 3,493 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | € 421,767 | € 468,252 | |
Liabilities carried at fair value | 402,150 | 441,881 | |
Level III [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 2,567 | 3,431 | € 4,890 |
Level III [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 7,492 | 6,694 | 6,000 |
Level III [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,461 | 1,393 | 1,221 |
Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 642 | 603 | 467 |
Level III [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 663 | 599 | 581 |
Level III [member] | Investment contracts for account of policyholders [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | (7) | (6) | (12) |
Level III [member] | Derivative [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 2,574 | 3,437 | € 4,902 |
Investment funds [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 310,827 | 367,582 | |
Liabilities carried at fair value | 75,262 | 81,881 | |
Investment funds [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 81,894 | 99,884 | |
Investment funds [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 228,932 | 267,698 | |
Investment funds [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 246 | 350 | |
Investment funds [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,768 | 1,665 | |
Investment funds [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 75,769 | 93,899 | |
Investment funds [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,735 | 3,296 | |
Investment funds [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 4,944 | 4,790 | |
Investment funds [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 96 | 120 | |
Investment funds [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 935 | 844 | |
Investment funds [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 3,939 | 3,401 | |
Investment funds [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 212,549 | 250,390 | |
Investment funds [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 8,846 | 8,827 | |
Investment funds [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 62,508 | 71,242 | |
Investment funds [member] | Derivative [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 12,754 | 10,639 | |
Investment funds [member] | Level I [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 126,734 | 156,631 | |
Liabilities carried at fair value | 44 | 39 | |
Investment funds [member] | Level I [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 18,786 | 26,453 | |
Investment funds [member] | Level I [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 107,949 | 130,178 | |
Investment funds [member] | Level I [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 22 | 84 | |
Investment funds [member] | Level I [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 59 | 85 | |
Investment funds [member] | Level I [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 17,767 | 25,166 | |
Investment funds [member] | Level I [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 119 | 130 | |
Investment funds [member] | Level I [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 997 | 1,204 | |
Investment funds [member] | Level I [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 17 | 18 | |
Investment funds [member] | Level I [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1 | 2 | |
Investment funds [member] | Level I [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 107,543 | 129,794 | |
Investment funds [member] | Level I [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 210 | 150 | |
Investment funds [member] | Level I [member] | Derivative [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 44 | 39 | |
Investment funds [member] | Level II [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 176,600 | 204,256 | |
Liabilities carried at fair value | 72,651 | 78,411 | |
Investment funds [member] | Level II [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 61,648 | 72,038 | |
Investment funds [member] | Level II [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 114,952 | 132,219 | |
Investment funds [member] | Level II [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 68 | 75 | |
Investment funds [member] | Level II [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 210 | 237 | |
Investment funds [member] | Level II [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 57,360 | 68,131 | |
Investment funds [member] | Level II [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,614 | 3,161 | |
Investment funds [member] | Level II [member] | Money market and other short-term instruments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 3,948 | 3,586 | |
Investment funds [member] | Level II [member] | Money market and other short-term instruments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 79 | 102 | |
Investment funds [member] | Level II [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 272 | 246 | |
Investment funds [member] | Level II [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 356 | 389 | |
Investment funds [member] | Level II [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 104,060 | 119,653 | |
Investment funds [member] | Level II [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 8,633 | 8,676 | |
Investment funds [member] | Level II [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 62,515 | 71,249 | |
Investment funds [member] | Level II [member] | Derivative [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | 10,136 | 7,162 | |
Investment funds [member] | Level III [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 7,492 | 6,694 | |
Liabilities carried at fair value | 2,567 | 3,431 | |
Investment funds [member] | Level III [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,461 | 1,393 | |
Investment funds [member] | Level III [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 6,032 | 5,301 | |
Investment funds [member] | Level III [member] | Shares [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 156 | 191 | |
Investment funds [member] | Level III [member] | Shares [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 1,499 | 1,343 | |
Investment funds [member] | Level III [member] | Debt securities [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 642 | 603 | |
Investment funds [member] | Level III [member] | Debt securities [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 2 | 5 | |
Investment funds [member] | Level III [member] | Other investments [member] | Available-for-sale financial assets [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 663 | 599 | |
Investment funds [member] | Level III [member] | Other investments [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 3,581 | 3,010 | |
Investment funds [member] | Level III [member] | Investment contracts for account of policyholders [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 947 | 943 | |
Investment funds [member] | Level III [member] | Derivatives [member] | Financial assets at fair value through profit or loss [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Assets carried at fair value | 3 | 1 | |
Investment funds [member] | Level III [member] | Investment contracts for account of policyholders [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | (7) | (6) | |
Investment funds [member] | Level III [member] | Derivative [member] | Recurring fair value measurement [member] | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||
Liabilities carried at fair value | € 2,574 | € 3,437 |
Fair Value - Schedule of Transf
Fair Value - Schedule of Transfers between Level 1 and Level II for Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) - Recurring fair value measurement [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | € 11 | € 44 |
Transfers Level II to Level I | 0 | 32 |
Available-for-sale financial assets [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 0 | 44 |
Transfers Level II to Level I | 0 | 32 |
Available-for-sale financial assets [member] | Debt securities [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 0 | 44 |
Transfers Level II to Level I | 0 | € 32 |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 11 | |
Transfers Level II to Level I | 0 | |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | ||
Disclosure of transfers between level 1 and level 2 for financial assets and liabilities recorded at fair value [line items] | ||
Transfers Level I to Level II | 11 | |
Transfers Level II to Level I | € 0 |
Fair Value - Disclosures of Cha
Fair Value - Disclosures of Changes in Level 3 Assets (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | € 468,252 | |
Ending balance | 421,767 | € 468,252 |
Beginning balance | 441,881 | |
Ending balance | 402,150 | 441,881 |
Level III [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 3,431 | 4,890 |
Total gains /losses in income statement | (1,029) | (1,628) |
Purchases | (301) | (361) |
Sales | 311 | 352 |
Net exchange difference | 155 | 178 |
Ending balance | 2,567 | 3,431 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (499) | 610 |
Level III [member] | Investment contracts for account of policyholders [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | (6) | (12) |
Total gains /losses in income statement | (18) | (1) |
Purchases | (301) | (361) |
Sales | 316 | 366 |
Net exchange difference | 2 | 2 |
Ending balance | (7) | (6) |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (18) | 3 |
Level III [member] | Derivative [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 3,437 | 4,902 |
Total gains /losses in income statement | (1,011) | (1,627) |
Sales | (5) | (14) |
Net exchange difference | 153 | 176 |
Ending balance | 2,574 | 3,437 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (481) | 607 |
Level III [member] | Recurring fair value measurement [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 6,694 | 6,000 |
Total gains /losses in income statement | 558 | 1,020 |
Total gains /losses in OCI | (87) | 16 |
Purchases | 375 | 965 |
Sales | (166) | (1,491) |
Settlements | (72) | (52) |
Net exchange difference | 369 | 286 |
Transfers from levels I and II | 12 | 203 |
Transfers to levels I and II | (192) | (253) |
Ending balance | 7,492 | 6,694 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 110 | 299 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 1,393 | 1,221 |
Total gains /losses in income statement | (6) | (114) |
Total gains /losses in OCI | (87) | 16 |
Purchases | 383 | 368 |
Sales | (65) | (80) |
Settlements | (72) | (52) |
Net exchange difference | 92 | 77 |
Transfers from levels I and II | 12 | 203 |
Transfers to levels I and II | (189) | (246) |
Ending balance | 1,461 | 1,393 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Shares [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 191 | 173 |
Total gains /losses in income statement | 48 | 1 |
Total gains /losses in OCI | (34) | 3 |
Purchases | 30 | |
Purchases | (3) | |
Sales | (10) | (26) |
Settlements | (48) | 0 |
Net exchange difference | 12 | 11 |
Ending balance | 156 | 191 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Debt securities [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 603 | 467 |
Total gains /losses in income statement | (1) | (1) |
Total gains /losses in OCI | (64) | 6 |
Purchases | 302 | 228 |
Sales | (34) | (29) |
Settlements | (13) | (46) |
Net exchange difference | 27 | 22 |
Transfers from levels I and II | 12 | 203 |
Transfers to levels I and II | (189) | (246) |
Ending balance | 642 | 603 |
Level III [member] | Recurring fair value measurement [member] | Available-for-sale financial assets [member] | Other investments [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 599 | 581 |
Total gains /losses in income statement | (53) | (113) |
Total gains /losses in OCI | 12 | 7 |
Purchases | 84 | 111 |
Sales | (21) | (24) |
Settlements | (11) | (6) |
Net exchange difference | 53 | 43 |
Ending balance | 663 | 599 |
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 | 5,301 | 4,779 |
Total gains /losses in income statement | 564 | 1,134 |
Total gains /losses in OCI | 0 | 0 |
Purchases | 597 | |
Purchases | (7) | |
Sales | (100) | (1,411) |
Net exchange difference | 277 | 210 |
Transfers from levels I and II | 1 | |
Transfers to levels I and II | (3) | (7) |
Ending balance | 6,032 | 5,301 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 110 | 299 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Shares [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 1,343 | 1,329 |
Total gains /losses in income statement | 120 | 150 |
Purchases | 115 | 179 |
Sales | (79) | (316) |
Settlements | 0 | 1 |
Net exchange difference | 0 | 1 |
Ending balance | 1,499 | 1,343 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 120 | 147 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Debt securities [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 5 | 242 |
Total gains /losses in income statement | 0 | (1) |
Purchases | 7 | 124 |
Sales | (9) | (361) |
Settlements | 0 | 0 |
Ending balance | 2 | 5 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 0 | 1 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Other investments [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 3,010 | 2,173 |
Total gains /losses in income statement | 415 | 796 |
Purchases | 218 | 492 |
Sales | (334) | (638) |
Net exchange difference | 272 | 186 |
Ending balance | 3,581 | 3,010 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | 68 | (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] | Investment contracts for account of policyholders [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 943 | 1,012 |
Total gains /losses in income statement | 26 | 206 |
Total gains /losses in OCI | 0 | 0 |
Purchases | (347) | (198) |
Sales | 323 | (93) |
Net exchange difference | 4 | 22 |
Transfers from levels I and II | 1 | |
Transfers to levels I and II | (3) | (7) |
Ending balance | 947 | 943 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | (81) | 162 |
Level III [member] | Recurring fair value measurement [member] | Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | Derivatives [member] | ||
Changes in fair value measurement assets and liabilities [Line Items] | ||
Beginning balance | 1 | 22 |
Total gains /losses in income statement | 2 | (17) |
Sales | 0 | (4) |
Ending balance | 3 | 1 |
Total unrealized gains and (losses) for the period recorded in the P&L for instruments held | € 2 | € (10) |
Fair Value - Carrying Values an
Fair Value - Carrying Values and Estimated Fair Values of Assets and Liabilities (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | € 137,947 | € 155,188 |
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 | 2,326 | 2,194 |
Total estimated fair value | 2,181 | 2,438 |
Trust pass-through securities - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial liabilities | 127 | 126 |
Total estimated fair value | 137 | 139 |
Borrowings [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial liabilities | 9,367 | 9,661 |
Total estimated fair value | 9,532 | 10,171 |
Investment contracts - held at amortized cost [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial liabilities | 22,903 | 21,573 |
Total estimated fair value | 21,643 | 20,861 |
Mortgage loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | 41,599 | 39,991 |
Fair value | 39,795 | 44,366 |
Private loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | 4,814 | 4,883 |
Fair value | 4,554 | 5,491 |
Other loans - held at amortized cost [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of fair value financial assets and liabilities [line items] | ||
Financial assets | 2,102 | 1,949 |
Fair value | € 2,102 | € 1,949 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - EUR (€) € / shares in Units, € in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 23, 2022 | Jan. 24, 2022 | Jun. 17, 2022 | Jun. 30, 2022 | |
Disclosure of changes in share capital [Line Items] | ||||
Stock repurchase program to repurchase common shares | 10,158,360 | |||
Common shares repurchased average price per share | € 4.9227 | |||
Payments to acquire or redeem entity's shares | € 50 | |||
Share buyback authorized amount | € 300 | |||
Share buyback authorized amount per tranche | 100 | |||
Share Buyback Program Tranche One [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Common shares repurchased average price per share | € 4.8907 | |||
Payments to acquire or redeem entity's shares | € 100 | |||
Share Buyback Program Tranche Two [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Share buyback authorized amount per tranche | € 100 | |||
Share buyback estimated completion date | Sep. 30, 2022 | |||
Share Buyback Program Tranche Three [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Share buyback authorized amount per tranche | € 100 | |||
Share buyback estimated completion date | Dec. 15, 2022 | |||
Final Dividend Two Thousand And Twenty One [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | € 0.09 | |||
Stock dividend payable description | Those who elected to receive a stock dividend received one Aegon common share for every 47 common shares held. | |||
Weighted average stock price | € 4.26 | |||
Interim Dividend Two Thousand And Twenty One [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | 0.08 | |||
Interim Dividend Two Thousand And Twenty Two [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | 0.11 | |||
Aegon N.V [member] | Final Dividend Two Thousand And Twenty One [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | 0.17 | |||
Common shares B [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | 0.00425 | |||
Common shares B [member] | Interim Dividend Two Thousand Eighteen [member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | 0.00225 | |||
Common shares B [member] | Interim Dividend Two Thousand And Twenty One [Member] | ||||
Disclosure of changes in share capital [Line Items] | ||||
Dividend per common share | € 0.002 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Disclosure Of Issued Capital [LineItems] | |||||
Beginning balance | € 321 | € 320 | |||
Dividend | 0 | 1 | |||
Share dividend | 1 | 0 | |||
Ending balance | 322 | 321 | |||
Beginning balance | 7,033 | 7,160 | |||
Share dividend | (80) | (127) | |||
Ending balance | 6,952 | 7,033 | |||
Total share capital | 19,616 | 26,372 | € 25,762 | € 24,661 | |
Issued capital [member] | |||||
Disclosure Of Issued Capital [LineItems] | |||||
Total share capital | [1] | € 7,274 | € 7,354 | € 7,426 | € 7,480 |
[1]Please refer to the note on share capital for a breakdown. |
Share Capital - Summary of Basi
Share Capital - Summary of Basic Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share (EUR per share) | ||
Basic earnings per common share | € 0.39 | € 0.69 |
Diluted earnings per common share | € 0.39 | € 0.69 |
Net result attributable to owners of Aegon N.V. | € 810 | € 1,448 |
Coupons on other equity instruments | (16) | (23) |
Earnings attributable to common shares and common shares B | 794 | 1,425 |
Earnings attributable to common shareholders | € 789 | € 1,415 |
Weighted average number of common shares outstanding (in millions) | 2,021 | 2,045 |
Common Stock Series B [member] | ||
Earnings per share (EUR per share) | ||
Basic earnings per common share | € 0.01 | € 0.02 |
Diluted earnings per common share | € 0.01 | € 0.02 |
Earnings attributable to common shareholders | € 5 | € 10 |
Weighted average number of common shares outstanding (in millions) | 538 | 559 |
Other Equity Instruments - Addi
Other Equity Instruments - Additional Information (Detail) - Perpetual Capital Securities [Member] - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2022 | Apr. 05, 2022 | |
Disclosure of other equity instruments [line items] | ||
Notional amount | € 950 | |
Debt instrument redemption price percentage | 90% | |
Debt instrument redemption gain before tax | € 43 | |
Debt instrument redeemed amount | € 429 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 9,367 | € 9,661 |
Capital funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | 1,267 | 1,292 |
Operational funding [member] | ||
Disclosure of detailed information about borrowings [Line Items] | ||
Borrowings | € 8,100 | € 8,369 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) € in Billions | 6 Months Ended |
Jun. 30, 2022 EUR (€) | |
Operational funding [member] | |
Disclosure of detailed information about borrowings [Line Items] | |
Increase (decrease) in borrowing capacity | € (0.3) |
Financial risks - Disclosure of
Financial risks - Disclosure of Detailed Information about Sensitivity Analysis of Net Result and Shareholders Equity Explanatory (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Insurance [member] | Shift up 50 basis points – NL Bond credit spreads [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of net result | € (161) | € (192) |
Insurance [member] | Shift down 50 basis points – NL Bond credit spreads [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of net result | 160 | 169 |
Insurance [member] | Shift up 5 basis points – NL Liquidity premium [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of net result | 100 | 136 |
Insurance [member] | Shift down 5 basis points – NL Liquidity premium [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of net result | (103) | (148) |
On Share Holders Equity Insurance Contracts [member] | Shift up 50 basis points – NL Bond credit spreads [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of shareholders' equity | (2,030) | (2,418) |
On Share Holders Equity Insurance Contracts [member] | Shift down 50 basis points – NL Bond credit spreads [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of shareholders' equity | 2,076 | 2,387 |
On Share Holders Equity Insurance Contracts [member] | Shift up 5 basis points – NL Liquidity premium [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of shareholders' equity | 99 | 178 |
On Share Holders Equity Insurance Contracts [member] | Shift down 5 basis points – NL Liquidity premium [Member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Sensitivity analysis of shareholders' equity | (101) | (104) |
Shift up 100 basis points [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | (358) | 296 |
Estimated approximate effects on shareholders' equity | (4,567) | (3,591) |
Shift down 100 basis points [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | (467) | (594) |
Estimated approximate effects on shareholders' equity | 3,568 | 2,906 |
Equity prices, 10% higher [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | 190 | 151 |
Estimated approximate effects on shareholders' equity | 601 | 341 |
Equity prices, 10% lower [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | (265) | (212) |
Estimated approximate effects on shareholders' equity | (15) | (221) |
Equity prices, 25% higher [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | 317 | 322 |
Estimated approximate effects on shareholders' equity | 831 | 660 |
Equity prices, 25% lower [member] | ||
Disclosure Of Summary Of Sensitivity Analysis On Equity Market Risk, Interest Rate Risk, Bond Credit Spreads And Liquidity Premium Explanatory [Line Items] | ||
Estimated approximate effects on net result | (565) | (529) |
Estimated approximate effects on shareholders' equity | € (440) | € (685) |
Capital Management and Solven_3
Capital Management and Solvency - Aegon's Estimated Capital Position (Detail) - Aegons Insurance Group [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Estimated Capital Position [Line Items] | ||
Group Own Funds | € 18,830 | € 19,431 |
Group SCR | € 8,796 | € 9,226 |
Group Solvency II ratio | 214% | 211% |
Capital Management and Solven_4
Capital Management and Solvency - Summary of Composition of Eligible Own Funds Across Tiers (Detail) - EUR (€) € in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of capital management and solvency [line items] | ||
Total Eligible Own Funds | € 18,830 | € 19,431 |
New method [member] | Solvency one capital ratio [member] | Unrestricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Eligible Own Funds | 14,030 | 14,044 |
New method [member] | Solvency one capital ratio [member] | Restricted tier 1 [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Eligible Own Funds | 1,877 | 2,364 |
New method [member] | Solvency one capital ratio [member] | Tier 2 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Eligible Own Funds | 2,297 | 2,348 |
New method [member] | Solvency one capital ratio [member] | Tier 3 capital [member] | ||
Disclosure of capital management and solvency [line items] | ||
Total Eligible Own Funds | € 626 | € 675 |
Capital Management and Solven_5
Capital Management and Solvency - Summary of Equity Compares to Solvency II Own Funds (Detail) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of capital management and solvency [line items] | ||||
IFRS Shareholders' Equity | € 17,466 | € 23,813 | ||
IFRS Group Equity | 19,616 | 26,372 | € 25,762 | € 24,661 |
Eligible Own Funds | 18,830 | 19,431 | ||
DNB Bank ASA [Member] | ||||
Disclosure of capital management and solvency [line items] | ||||
IFRS Shareholders' Equity | 17,466 | 23,813 | ||
IFRS adjustments for Other Equity instruments and non controlling interests | 2,150 | 2,559 | ||
IFRS Group Equity | 19,616 | 26,372 | ||
Solvency II revaluations and reclassifications | (1,654) | (9,096) | ||
Transferability restrictions | (1,861) | (1,772) | ||
Excess of Assets over Liabilities | 16,101 | 15,504 | ||
Availability adjustments | 2,984 | 4,020 | ||
Tiering restrictions | (146) | 0 | ||
Fungibility adjustments | (109) | (93) | ||
Eligible Own Funds | € 18,830 | € 19,431 |
Acquisitions_Divestments - Addi
Acquisitions/Divestments - Additional Information (Detail) - EUR (€) € in Millions | 6 Months Ended | ||
May 23, 2022 | Jun. 30, 2022 | Feb. 28, 2022 | |
Disclosure of detailed information about business combination [line items] | |||
Percentage of sale in joint venture | 50% | ||
Resources LLC [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 100% | ||
Total consideration transferred | € 31 | ||
Fair value of net assets | 18 | ||
Goodwill recognised as of acquisition date | € 13 | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Foreign currency translation reserve and revaluation reserve | € 177 | ||
Increase In Group Solvency Ratio Percentage | 7% | ||
Gain loss on disposal of Investment | € 288 | ||
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, recognised in other comprehensive income, after tax, entity's own equity instruments | 465 | ||
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 joint ventures | 830 | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Business sold, business combination | € 700 | ||
Unicaja Banco [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Name of acquiree | Unicaja Banco | ||
Spanish insurance joint venture with Liberbank [Member] | Unicaja Banco [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in joint venture | 50% | ||
Sales of interests in joint ventures | € 177 |
Post reporting date events - Ad
Post reporting date events - Additional Information (Detail) - EUR (€) € in Millions | 1 Months Ended | |
Jul. 01, 2022 | Jan. 24, 2022 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Repurchase common shares | € 50 | |
Post reporting date events [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Repurchase common shares | € 106 |