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v3.20.1

Deferred expenses | 12 Months Ended
--- | ---
Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract] |
Deferred expenses | 27 Deferred expenses
|  | 2019 |  |  |  |  |  | 2018 |
DPAC for insurance contracts and investment contracts with discretionary participation features |  |  | 9,972 |  |  |  |  |  |  |  | 10,457 |
Deferred cost of reinsurance |  |  | 389 |  |  |  |  |  |  |  | 23 |
Deferred transaction costs for investment management services |  |  | 442 |  |  |  |  |  |  |  | 431 |
At December 31 |  |  | 10,804 |  |  |  |  |  |  |  | 10,910 |
Current |  |  | 882 |  |  |  |  |  |  |  | 957 |
Non-current |  |  | 9,921 |  |  |  |  |  |  |  | 9,953 |
|  |  |  |  | 2019 |  |  |  |  |  |  |  |  | 2018 |  |  |  |
|  | DPAC |  |  | Deferred costs of reinsurance |  |  | Deferred transaction costs |  |  | DPAC |  |  | Deferred costs of reinsurance |  |  | Deferred transaction costs |
At January 1 |  |  | 10,457 |  |  |  | 23 |  |  |  | 431 |  |  |  | 9,688 |  |  |  | 41 |  |  |  | 406 |
Costs deferred during the year |  |  | 807 |  |  |  | 360 |  |  |  | 24 |  |  |  | 802 |  |  |  | - |  |  |  | 29 |
Amortization through income statement |  |  | (754 | ) |  |  | 17 |  |  |  | (22) |  |  |  | (914 | ) |  |  | (19 | ) |  |  | (23) |
Shadow accounting adjustments |  |  | (656 | ) |  |  | (11) |  |  |  | - |  |  |  | 455 |  |  |  | - |  |  |  | - |
Impairments |  |  | (65 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net exchange differences |  |  | 223 |  |  |  | - |  |  |  | 9 |  |  |  | 433 |  |  |  | 1 |  |  |  | 18 |
Disposal of group assets |  |  | (35 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | - |  |  |  | - |
At December 31 |  |  | 9,972 |  |  |  | 389 |  |  |  | 442 |  |  |  | 10,457 |  |  |  | 23 |  |  |  | 431 |
In December 2019, Aegon the Netherlands entered into a longevity reinsurance contract with Canada Life Reinsurance. The contract reinsures a specified portfolio of insurance contracts against possible future mortality developments. The reinsurer will pay benefits as long as the participants live and receive fixed payments from Aegon the Netherlands. EUR 360 million is recognized as deferred cost of reinsurance with regard to this reinsurance contract, which will be amortized over the duration of the underlying insurance contracts.

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