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Offsetting, enforceable master netting arrangements and similar agreements | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Offsetting, enforceable master netting arrangements and similar agreements | 47 Offsetting, enforceable master netting arrangements and similar agreements The following table only includes financial positions for which there is a recognized corresponding position that could be offset under a legally enforceable master netting arrangement or similar agreement. Aegon also enters into collateralized (reverse) repo or security lending and borrowing transaction, for which the collateral is not recognized on the balance sheet. For further information on the financial positions resulting from such transactions please refer to note 46. The table provides details relating to the effect, or potential effect, of netting arrangements, including rights to set-off, associated with the entity’s recognized financial assets and recognized financial liabilities.
Financial assets subject |  |  |  | Gross amounts of |  | Net amounts of |  | Related amounts not set off in the |  |  |
to offsetting, enforce- |  |  |  | recognized financial |  | financial assets |  | statements of financial position |  |  |
able master netting |  | Gross amounts of |  | liabilities set off in |  | presented in the |  |  |  | Cash collateral |  |  |
arrangements and |  | recognized |  | the statement of |  | statement of |  | Financial |  | received (excluding |  | Net |
similar agreements |  | financial assets |  | financial position |  | financial position |  | instruments |  | surplus collateral) |  | amount |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 11,220 |  | - |  | 11,220 |  | 8,261 |  | 2,837 |  |  | 122 |
At December 31 |  | 11,220 |  | - |  | 11,220 |  | 8,261 |  | 2,837 |  |  | 122 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 7,650 |  | - |  | 7,650 |  | 4,840 |  | 2,689 |  |  | 120 |
At December 31 |  | 7,650 |  | - |  | 7,650 |  | 4,840 |  | 2,689 |  |  | 120 |
Financial liabilities |  |  |  | Gross amounts of |  | Net amounts of |  | Related amounts not set off in the |  |
subject to offsetting, |  |  |  | recognized financial |  | financial liabilities |  | statements of financial position |  |
enforceable master |  | Gross amounts of |  | assets set off in the |  | presented in the |  |  |  | Cash collateral |  |
netting arrangements |  | recognized |  | statement of |  | statement of |  | Financial |  | pledged (excluding |  | Net
and similar agreements |  | financial liabilities |  | financial position |  | financial position |  | instruments |  | surplus collateral) |  | amount
2019 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 8,556 |  | - |  | 8,556 |  | 8,433 |  | 43 |  | 80
At December 31 |  | 8,556 |  | - |  | 8,556 |  | 8,433 |  | 43 |  | 80
2018 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | 4,734 |  | - |  | 4,734 |  | 4,705 |  | 7 |  | 22
At December 31 |  | 4,734 |  | - |  | 4,734 |  | 4,705 |  | 7 |  | 22
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to offset and has the intention to settle the asset and liability on a net basis, or to realize the asset and settle the liability simultaneously. As shown in the second column there are no financial assets and liabilities offset in 2019 and 2018. The line Derivatives includes derivatives for general account and for account of policyholder. Aegon mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and in ISDA master netting agreements for each of the Aegon’s legal entities to facilitate Aegon’s right to offset credit risk exposure. The credit support agreement will normally dictate the threshold over which collateral needs to be pledged by Aegon or its counterparty. Transactions requiring Aegon or its counterparty to post collateral are typically the result of over-the-counter derivative trades, comprised mostly of interest rate swaps, currency swaps and credit swaps. These transactions are conducted under terms that are usual and customary to standard long-term borrowing, derivative, securities lending and securities borrowing activities, as well as requirements determined by exchanges where the bank acts as intermediary.

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