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Significant accounting policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Reconciliation Between IFRS and IFRS-EU |
|  |  | Shareholders’ equity |  |  |  | Net income |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
In accordance with IFRS |  |  | 21,850 |  |  |  | 19,200 |  |  |  | 20,266 |  |  |  | 1,239 |  |  |  | 711 |  |  |  | 2,469 |
Adjustment of EU ‘IAS 39’ carve-out |  |  | 774 |  |  |  | 399 |  |  |  | 368 |  |  |  | 375 |  |  |  | 31 |  |  |  | (142) |
Tax effect of the adjustment |  |  | (167) |  |  |  | (81) |  |  |  | (83) |  |  |  | (86) |  |  |  | 3 |  |  |  | 34 |
Effect of the adjustment after tax |  |  | 607 |  |  |  | 318 |  |  |  | 285 |  |  |  | 289 |  |  |  | 34 |  |  |  | (108) |
In accordance with IFRS-EU |  |  | 22,457 |  |  |  | 19,518 |  |  |  | 20,550 |  |  |  | 1,528 |  |  |  | 744 |  |  |  | 2,361 |
Disclosure Detail Of Lease Commitments Reconciliation With Lease Liabilities | The reconciliation between operating lease commitments at December 31, 2018 and lease liabilities at January 1, 2019 is as follows:
|  |  | January 1, 2019 |
Operating lease commitments at December 31, 2018 as per the consolidated annual financial statements |  |  | 386 |
Discounted using the incremental borrowing rate at January 1, 2019 |  |  | 302 |
Recognition exemption for: |  |  |  |
Short term leases |  |  | (7) |
Extenstion and termination options reasonably certain to be exercised |  |  | (4) |
Exclusion of non-lease components |  |  | (6) |
Lease liabilities recognized at January 1, 2019 |  |  | 285 |
Impact On Changes In Accounting Policy Due To Changes In Liability Adequacy Testing Consolidated Income Statement | Impact of the adjustment on previous periods is provided in the following tables, including references to the notes that are impacted by the change in accounting policy.
Impact of voluntary changes in accounting policies on the consolidated statement of comprehensive income |  | Note |  |  | December 31, 2018 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2018 (restated) |  |  | December 31, 2017 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2017 (restated) |
Net income / (loss) |  |  |  |  |  |  | 711 |  |  |  | - |  |  |  | 711 |  |  |  | 2,469 |  |  |  | - |  |  |  | 2,469 |
Items that may be reclassified to profit or loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains / (losses) on revaluation of available-for-sale investments |  |  |  |  |  |  | (2,138 | ) |  |  | (4 | ) |  |  | (2,142 | ) |  |  | 1,283 |  |  |  | 93 |  |  |  | 1,376 |
Income tax relating to items that may be reclassified |  |  |  |  |  |  | 493 |  |  |  | 1 |  |  |  | 494 |  |  |  | 951 |  |  |  | (23 | ) |  |  | 927 |
Net effect comprehensive income |  |  |  |  |  |  | (393 | ) |  |  | (3 | ) |  |  | (396 | ) |  |  | 431 |  |  |  | 70 |  |  |  | 501 |
Total comprehensive income / (loss) attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owners of Aegon N.V. |  |  |  |  |  |  | (395 | ) |  |  | (3 | ) |  |  | (398 | ) |  |  | 435 |  |  |  | 70 |  |  |  | 505 |
Non-controlling interests |  |  |  |  |  |  | 2 |  |  |  | - |  |  |  | 2 |  |  |  | (3 | ) |  |  | - |  |  |  | (3) |
1 | As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.
Impact of voluntary changes in accounting policies on the consolidated statement of financial position |  | Note |  |  | December 31, 2018 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2018 (restated) |  |  | December 31, 2017 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2017 (restated) |
Equity and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders’ equity |  |  | 30 |  |  |  | 19,225 |  |  |  | (26 | ) |  |  | 19,200 |  |  |  | 20,288 |  |  |  | (23 | ) |  |  | 20,266 |
Insurance contracts |  |  | 34 |  |  |  | 115,294 |  |  |  | 34 |  |  |  | 115,328 |  |  |  | 110,818 |  |  |  | 30 |  |  |  | 110,848 |
Deferred tax liabilities |  |  | 40 |  |  |  | 538 |  |  |  | (9 | ) |  |  | 529 |  |  |  | 1,029 |  |  |  | (8 | ) |  |  | 1,021 |
1 | As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.
Impact of voluntary changes in accounting policies on the statement of changes in equity |  | Note |  |  | December 31, 2018 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2018 (restated) |  |  | December 31, 2017 (as previously reported) 1) |  |  | Change in accounting policy related to liability adequacy testing |  |  | December 31, 2017 (restated) |
Share capital |  |  | 30.1 |  |  |  | 7,808 |  |  |  | - |  |  |  | 7,808 |  |  |  | 8,053 |  |  |  | - |  |  |  | 8,053 |
Retained earnings |  |  | 30 |  |  |  | 9,657 |  |  |  | - |  |  |  | 9,657 |  |  |  | 9,374 |  |  |  | - |  |  |  | 9,374 |
Revaluation reserves |  |  | 30.4 |  |  |  | 3,461 |  |  |  | (26 | ) |  |  | 3,436 |  |  |  | 4,920 |  |  |  | (23 | ) |  |  | 4,898 |
Remeasurement of defined benefit plans |  |  | 30.5 |  |  |  | (1,850 | ) |  |  | - |  |  |  | (1,850 | ) |  |  | (1,669 | ) |  |  | - |  |  |  | (1,669 | )
Other reserves |  |  | 30.6 |  |  |  | 149 |  |  |  | - |  |  |  | 149 |  |  |  | (390 | ) |  |  | - |  |  |  | (390 | )
Shareholders’ equity |  |  |  |  |  |  | 19,225 |  |  |  | (26 | ) |  |  | 19,200 |  |  |  | 20,288 |  |  |  | (23 | ) |  |  | 20,266 |
1 | As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.
Summary of Change in Fair Value | The table below presents an overview of the fair value of the classes of financial assets as of December 31, 2019, as well as the change in fair value during the reporting period. The asset classes are divided into two categories:
◆ |  | SPPI: assets of which cash flows represent solely payments of principal and interest (SPPI) on an outstanding principal amount, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis; and
◆ |  | Other: all financial assets other than those specified in SPPI:
| ◆ |  | with contractual terms that do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding;
| ◆ |  | that meet the definition of held for trading in IFRS 9; or
| ◆ |  | that are managed and whose performance are evaluated on a fair value basis.
|  |  |  |  | 2019 |  |  | 2018 |
Financial assets at fair value |  |  |  |  | Fair value at the end of the reporting period |  |  | Change in fair value during the reporting period |  |  | Fair value at the end of the reporting period |  |  | Change in fair value during the reporting period |
Shares 1) |  |  | SPPI |  |  |  | 70 |  |  |  | 1 |  |  |  | 68 |  |  |  | (2 | )
|  |  | Other |  |  |  | 810 |  |  |  | 54 |  |  |  | 2,092 |  |  |  | 87 |
Debt securities |  |  | SPPI |  |  |  | 82,014 |  |  |  | 6,218 |  |  |  | 76,283 |  |  |  | (2,997 | )
|  |  | Other |  |  |  | 4,839 |  |  |  | (770 | ) |  |  | 4,970 |  |  |  | (123 | )
Money Markets and other short-term investments |  |  | SPPI |  |  |  | 2,724 |  |  |  | - |  |  |  | 3,126 |  |  |  | - |
|  |  | Other |  |  |  | 2,603 |  |  |  | - |  |  |  | 3,181 |  |  |  | - |
Mortgage loans |  |  | SPPI |  |  |  | 42,567 |  |  |  | 930 |  |  |  | 39,758 |  |  |  | (1,213 | )
|  |  | Other |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Private loans |  |  | SPPI |  |  |  | 5,152 |  |  |  | 284 |  |  |  | 4,452 |  |  |  | (63 | )
|  |  | Other |  |  |  | 200 |  |  |  | (18 | ) |  |  | 42 |  |  |  | (5 | )
Deposits with financial institutions |  |  | SPPI |  |  |  | 142 |  |  |  | - |  |  |  | 141 |  |  |  | - |
|  |  | Other |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Policy loans |  |  | SPPI |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | Other |  |  |  | 2,024 |  |  |  | - |  |  |  | 1,973 |  |  |  | - |
Other financial assets |  |  | SPPI |  |  |  | 36 |  |  |  | - |  |  |  | 111 |  |  |  | - |
|  |  | Other |  |  |  | 5,388 |  |  |  | (100 | ) |  |  | 3,637 |  |  |  | (210 | )
At December 31 |  |  |  |  |  |  | 148,570 |  |  |  | 6,598 |  |  |  | 139,834 |  |  |  | (4,525 | )
1 | The SPPI-compliant shares include preferred equity instruments.
Summary of Credit Risk Rating Grades | Credit Risk The table below details the credit risk rating grades, as of December 31, 2019, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The tables show the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances).
SPPI compliant financial assets at carrying value |  | AAA |  |  | AA |  |  | A |  |  | BBB |  |  | BB |  |  | B |  |  | CCC or lower |  |  | Not Rated |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares – Carried at fair value |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 43 |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70 |
Debt securities – Carried at fair value |  |  | 26,723 |  |  |  | 8,989 |  |  |  | 20,112 |  |  |  | 22,296 |  |  |  | 1,364 |  |  |  | 1,244 |  |  |  | 1,283 |  |  |  | 3 |  |  |  | 82,014 |
Money market and other short-term investments – carried at fair value |  |  | 255 |  |  |  | 193 |  |  |  | 2,164 |  |  |  | 112 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,724 |
Mortgage loans – Carried at amortized cost |  |  | 1,311 |  |  |  | 3,671 |  |  |  | 3,580 |  |  |  | 369 |  |  |  | 15 |  |  |  | 4 |  |  |  | - |  |  |  | 29,574 |  |  |  | 38,524 |
Private loans – Carried at amortized cost |  |  | 1,799 |  |  |  | 82 |  |  |  | 198 |  |  |  | 970 |  |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | 1,383 |  |  |  | 4,479 |
Other financial assets – Carried at fair value |  |  | - |  |  |  | - |  |  |  | 57 |  |  |  | 10 |  |  |  | 33 |  |  |  | 38 |  |  |  | - |  |  |  | 40 |  |  |  | 177 |
At December 31 |  |  | 30,088 |  |  |  | 12,933 |  |  |  | 26,111 |  |  |  | 23,800 |  |  |  | 1,487 |  |  |  | 1,285 |  |  |  | 1,283 |  |  |  | 31,000 |  |  |  | 127,988 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares – Carried at fair value |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 42 |  |  |  | 9 |  |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | 68 |
Debt securities – Carried at fair value |  |  | 25,637 |  |  |  | 9,224 |  |  |  | 17,057 |  |  |  | 20,330 |  |  |  | 1,480 |  |  |  | 1,159 |  |  |  | 1,395 |  |  |  | - |  |  |  | 76,283 |
Money market and other short-term investments – carried at fair value |  |  | 55 |  |  |  | 158 |  |  |  | 2,561 |  |  |  | 351 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,126 |
Mortgage loans – Carried at amortized cost |  |  | 941 |  |  |  | 3,204 |  |  |  | 3,567 |  |  |  | 266 |  |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 28,647 |  |  |  | 36,639 |
Private loans – Carried at amortized cost |  |  | 1,611 |  |  |  | 83 |  |  |  | 261 |  |  |  | 924 |  |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | 1,136 |  |  |  | 4,068 |
Other financial assets – Carried at fair value |  |  | - |  |  |  | - |  |  |  | 64 |  |  |  | 12 |  |  |  | 44 |  |  |  | 61 |  |  |  | 1 |  |  |  | 70 |  |  |  | 252 |
At December 31 |  |  | 28,244 |  |  |  | 12,670 |  |  |  | 23,510 |  |  |  | 21,925 |  |  |  | 1,601 |  |  |  | 1,237 |  |  |  | 1,396 |  |  |  | 29,853 |  |  |  | 120,436 |
Summary of Credit Risk Exposure |
|  | 2019 |  |  | 2018 |
SPPI compliant financial assets with no low credit risk |  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |
Shares – Carried at fair value |  |  | 27 |  |  |  | 27 |  |  |  | 26 |  |  |  | 26 |
Debt securities – Carried at fair value |  |  | 3,894 |  |  |  | 3,894 |  |  |  | 4,035 |  |  |  | 4,035 |
Mortgage loans – Carried at amortized cost |  |  | 29,593 |  |  |  | 33,132 |  |  |  | 28,661 |  |  |  | 31,711 |
Private loans – Carried at amortized cost |  |  | 1,431 |  |  |  | 1,488 |  |  |  | 1,189 |  |  |  | 1,225 |
Deposits with financial institutions – Carried at amortized cost |  |  | 76 |  |  |  | 76 |  |  |  | 70 |  |  |  | 70 |
Other financial assets – Carried at fair value |  |  | 35 |  |  |  | 35 |  |  |  | 106 |  |  |  | 106 |
At December 31 |  |  | 35,056 |  |  |  | 38,652 |  |  |  | 34,087 |  |  |  | 37,173 |

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