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Defined benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Statement [LineItems] |
Summary of Defined Benefit Plans |
|  | 2019 |  |  | 2018 |
Retirement benefit plans |  |  | 4,076 |  |  |  | 3,714 |
Other post-employment benefit plans |  |  | 283 |  |  |  | 275 |
Total defined benefit plans |  |  | 4,359 |  |  |  | 3,989 |
|  |  |  | - |  |  |  |
Retirement benefit plans in surplus |  |  | 1 |  |  |  | - |
Other post-employment benefit plans in surplus |  |  | - |  |  |  | - |
Total defined benefit assets |  |  | 1 |  |  |  | - |
|  |  |  | - |  |  |  |
Retirement benefit plans in deficit |  |  | 4,077 |  |  |  | 3,714 |
Other post-employment benefit plans in deficit |  |  | 283 |  |  |  | 275 |
Total defined benefit liabilities |  |  | 4,360 |  |  |  | 3,989 |
Summary of Movements of Defined Benefit Plans |
|  | 2019 |  |  | 2018 |
Movements during the year in defined benefit plans |  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |  |  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |
At January 1 |  |  | 3,714 |  |  |  | 275 |  |  |  | 3,989 |  |  |  | 3,657 |  |  |  | 293 |  |  |  | 3,950 |
Defined benefit expenses |  |  | 227 |  |  |  | 17 |  |  |  | 244 |  |  |  | 192 |  |  |  | 13 |  |  |  | 206 |
Remeasurements of defined benefit plans |  |  | 607 |  |  |  | 5 |  |  |  | 612 |  |  |  | 157 |  |  |  | (23 | ) |  |  | 134 |
Contributions paid |  |  | (298 | ) |  |  | - |  |  |  | (298 | ) |  |  | (234 | ) |  |  | - |  |  |  | (234 | )
Benefits paid |  |  | (100 | ) |  |  | (18 | ) |  |  | (118 | ) |  |  | (99 | ) |  |  | (19 | ) |  |  | (118 | )
Net exchange differences |  |  | 14 |  |  |  | 4 |  |  |  | 18 |  |  |  | 37 |  |  |  | 11 |  |  |  | 47 |
Other 1) |  |  | (89 | ) |  |  | - |  |  |  | (88 | ) |  |  | 5 |  |  |  | - |  |  |  | 5 |
At December 31 |  |  | 4,076 |  |  |  | 283 |  |  |  | 4,359 |  |  |  | 3,714 |  |  |  | 275 |  |  |  | 3,989 |
1 | In 2019, ‘Other’ mainly relates to the plan amendment from The Netherlands as described in the section on ‘Aegon the Netherlands’ in this note.
Summary of Amounts Recognized in Statement of Financial Positions | The amounts recognized in the statement of financial position are determined as follows:
|  |  |  |  | 2019 |  |  |  |  |  |  |  |  | 2018 |  |  |  |
|  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |  |  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |
Present value of wholly or partly funded obligations |  |  | 4,807 |  |  |  | - |  |  |  | 4,807 |  |  |  | 4,027 |  |  |  | - |  |  |  | 4,027 |
Fair value of plan assets |  |  | (4,420 | ) |  |  | - |  |  |  | (4,420 | ) |  |  | (3,525 | ) |  |  | - |  |  |  | (3,525 | )
|  |  | 386 |  |  |  | - |  |  |  | 386 |  |  |  | 502 |  |  |  | - |  |  |  | 502 |
Present value of wholly unfunded obligations 1) |  |  | 3,690 |  |  |  | 283 |  |  |  | 3,973 |  |  |  | 3,212 |  |  |  | 275 |  |  |  | 3,487 |
At December 31 |  |  | 4,076 |  |  |  | 283 |  |  |  | 4,359 |  |  |  | 3,714 |  |  |  | 275 |  |  |  | 3,989 |
1 | As all pension obligations are insured at subsidiary Aegon Levensverzekering almost all assets held by Aegon Nederland backing retirement benefits of EUR 2,736 millions (2018: EUR 2,568 million) do not meet the definition of plan assets and as such were not deducted in calculating this amount. Instead, these assets are recognized as general account assets. Consequently, the return on these assets does not form part of the calculation of defined benefit expenses.
Summary of Fair Value of Plan Assets | The fair value of Aegon’s own transferable financial instruments included in plan assets and the fair value of other assets used by Aegon included in plan assets was nil in both 2019 and 2018.
|  |  |  |  | 2019 |  |  |  |  |  |  |  |  | 2018 |  |  |  |
Defined benefit expenses |  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |  |  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |
Current year service cost |  |  | 148 |  |  |  | 8 |  |  |  | 157 |  |  |  | 121 |  |  |  | 10 |  |  |  | 131 |
Net interest on the net defined benefit liability (asset) |  |  | 80 |  |  |  | 9 |  |  |  | 89 |  |  |  | 87 |  |  |  | 8 |  |  |  | 96 |
Past service cost |  |  | (1 | ) |  |  | - |  |  |  | (1 | ) |  |  | (16 | ) |  |  | (5 | ) |  |  | (21 | )
Total defined benefit expenses |  |  | 227 |  |  |  | 17 |  |  |  | 244 |  |  |  | 192 |  |  |  | 13 |  |  |  | 206 |
|  |  |  |  | 2017 |  |  |  |
|  | Retirement benefit plans |  |  | Other post- employment benefit plans |  |  | Total |
Current year service cost |  |  | 148 |  |  |  | 11 |  |  |  | 158 |
Net interest on the net defined benefit liability (asset) |  |  | 99 |  |  |  | 10 |  |  |  | 109 |
Past service cost |  |  | (5 | ) |  |  | (1 | ) |  |  | (6 | )
Total defined benefit expenses |  |  | 242 |  |  |  | 19 |  |  |  | 262 |
Summary of Breakdown of Plan Assets for Retirement of Benefit Plans |
|  | 2019 |  |  |  |  |  | 2018 |  |  |  |  |  |  |
Breakdown of plan assets for retirement benefit plans |  | Quoted |  |  | Unquoted |  |  | Total |  |  | in % of total plan assets |  |  | Quoted |  |  | Unquoted |  |  | Total |  |  | in % of total plan assets |
Equity instruments |  |  | 160 |  |  |  | 3 |  |  |  | 164 |  |  |  | 4% |  |  |  | 106 |  |  |  | 5 |  |  |  | 111 |  |  |  | 3% |
Debt instrument |  |  | 465 |  |  |  | 361 |  |  |  | 826 |  |  |  | 19% |  |  |  | 369 |  |  |  | 343 |  |  |  | 712 |  |  |  | 20% |
Real estate |  |  | - |  |  |  | 119 |  |  |  | 119 |  |  |  | 3% |  |  |  | - |  |  |  | 111 |  |  |  | 111 |  |  |  | 3% |
Derivatives |  |  | - |  |  |  | 57 |  |  |  | 57 |  |  |  | 1% |  |  |  | - |  |  |  | 149 |  |  |  | 149 |  |  |  | 4% |
Investment funds |  |  | 3 |  |  |  | 2,484 |  |  |  | 2,487 |  |  |  | 56% |  |  |  | 11 |  |  |  | 1,945 |  |  |  | 1,956 |  |  |  | 55% |
Other |  |  | 15 |  |  |  | 752 |  |  |  | 767 |  |  |  | 17% |  |  |  | 14 |  |  |  | 471 |  |  |  | 484 |  |  |  | 14% |
At December 31 |  |  | 644 |  |  |  | 3,776 |  |  |  | 4,420 |  |  |  | 100% |  |  |  | 500 |  |  |  | 3,025 |  |  |  | 3,525 |  |  |  | 100% |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations |
Actuarial assumptions used to determine defined benefit obligations at year-end |  | 2019 |  |  | 2018 |
Demographic actuarial assumptions |  |  |  |  |  |  |  |
Mortality |  |  | US mortality table 1) |  |  |  | US mortality table 2) |
Financial actuarial assumptions |  |  |  |  |  |  |  |
Discount rate 3) |  |  | 3.23%/3.02% |  |  |  | 4.22% / 4.05% |
Salary increase rate |  |  | 4.00% |  |  |  | 3.85% |
Health care trend rate |  |  | 6.60% |  |  |  | 7.00% |
1 | 2019 assumption- PRI-2012 Employee, Health Annuitant and Contingent Survivor Tables (90% white collar/ 10% blue collar) projected with Scale MP -2019.
2 | 2018 Assumption- RP2014 Employee and Health Annuitant Tables projected with Scale MP - 2018
3 | Aegon USA has separate discount rates beginning with 2018 – 3.23% for all pension plans and 3.02% for post retirement welfare plan 2019.
The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end:
|  | Estimated approximate effects on the defined benefit obligation |
|  | 2019 |  |  | 2018 |
Demographic actuarial assumptions |  |  |  |  |  |  |  |
10% increase in mortality rates |  |  | (83 | ) |  |  | (70 | )
10% decrease in mortality rates |  |  | 92 |  |  |  | 77 |
Financial actuarial assumptions |  |  |  |  |  |  |  |
100 basis points increase in discount rate |  |  | (417 | ) |  |  | (351 | )
100 basis points decrease in discount rate |  |  | 514 |  |  |  | 430 |
100 basis points increase in salary increase rate |  |  | 29 |  |  |  | 29 |
100 basis points decrease in salary increase rate |  |  | (27 | ) |  |  | (26 | )
100 basis points increase in health care trend rate |  |  | 12 |  |  |  | 12 |
100 basis points decrease in health care trend rate |  |  | (11 | ) |  |  | (11 | )
Commissions and expenses [member] |
Statement [LineItems] |
Summary of Movements of Defined Benefit Plans |
Movements during the year of the present value of the defined benefit obligations |  | 2019 |  |  | 2018 |
At January 1 |  |  | 7,514 |  |  |  | 7,572 |
Current year service cost |  |  | 157 |  |  |  | 131 |
Interest expense |  |  | 221 |  |  |  | 213 |
Remeasurements of the defined benefit obligations: |  |  |  |  |  |  |  |
- Actuarial gains and losses arising from changes in demographic assumptions |  |  | 40 |  |  |  | (28 | )
- Actuarial gains and losses arising from changes in financial assumptions |  |  | 1,126 |  |  |  | (102 | )
Past service cost |  |  | (1 | ) |  |  | (21 | )
Contributions by plan participants |  |  | 8 |  |  |  | 11 |
Benefits paid |  |  | (353 | ) |  |  | (409 | )
Net exchange differences |  |  | 144 |  |  |  | 144 |
Other 1) |  |  | (76 | ) |  |  | 5 |
At December 31 |  |  | 8,779 |  |  |  | 7,514 |
1 | In 2019, ‘Other’ mainly relates to the plan amendment from Aegon the Netherlands as described in the section on ‘Aegon the Netherlands’ in this note.
Movements during the year in plan assets for retirement benefit plans |  | 2019 |  |  | 2018 |
At January 1 |  |  | 3,525 |  |  |  | 3,622 |
Interest income (based on discount rate) |  |  | 133 |  |  |  | 117 |
Remeasurements of the net defined liability (asset) |  |  | 566 |  |  |  | (264 | )
Contributions by employer |  |  | 306 |  |  |  | 245 |
Benefits paid |  |  | (235 | ) |  |  | (291 | )
Net exchange differences |  |  | 126 |  |  |  | 96 |
At December 31 |  |  | 4,420 |  |  |  | 3,525 |
Aegon United Kingdom [member] |
Statement [LineItems] |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | The principal actuarial assumptions that apply for the year ended December 31 are as follows:
Actuarial assumptions used to determine defined benefit obligations at year-end |  | 2019 |  | 2018
Demographic actuarial assumptions |  |  |  |  |  |
Mortality |  | UK mortality table 1) |  |  | UK mortality table | 2)
Financial actuarial assumptions |  |  |  |  |  |
Discount rate |  | 2.08% |  |  | 2.94 | %
Price inflation |  | 3.08% |  |  | 3.32 | %
1 | Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females)
2 | Club Vita tables based on analysis of Scheme membership CMI 2017 1.5%/1.25% p.a. (males/females)
The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end:
|  | Estimated approximate effects on the defined benefit obligation
|  | 2019 |  |  | 2018 |
Demographic actuarial assumptions |  |  |  |  |  |  |  |
10% increase in mortality rates |  |  | (48 | ) |  |  | (34 | )
10% decrease in mortality rates |  |  | 54 |  |  |  | 38 |
Financial actuarial assumptions |  |  |  |  |  |  |  |
100 basis points increase in discount rate |  |  | (306 | ) |  |  | (235 | )
100 basis points decrease in discount rate |  |  | 414 |  |  |  | 313 |
100 basis points increase in price inflation |  |  | 130 |  |  |  | 119 |
100 basis points decrease in price inflation |  |  | (281 | ) |  |  | (192 | )
Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period |
|  | Target allocation of plan assets for retirement benefit plans for the next annual period is:
Equity instruments |  | 32%
Debt instruments |  | 68%
Aegon United States of America [member] |
Statement [LineItems] |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations |
|  | Target allocation of plan assets for retirement benefit plans for the next annual period is: |
Equity instruments |  |  |  |  |  |  | 19-28 | %
Debt instruments |  |  |  |  |  |  | 47-58 | %
Other |  |  |  |  |  |  | 20-28 | %
Aegon Nederland N.V. [member] |
Statement [LineItems] |
Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations | The principal actuarial assumptions that apply for the year-ended December 31 are as follows:
Actuarial assumptions used to determine defined benefit obligations at year-end |  | 2019 |  | 2018
Demographic actuarial assumptions |  |  |  |  |  |  |  |
Mortality |  |  | NL mortality table 1) |  |  |  | NL mortality table 1) |
Financial actuarial assumptions |  |  |  |  |  |  |  |
Discount rate |  |  | 0.94% |  |  |  | 1.74% |
Salary increase rate 2) |  |  | Curve 2019 |  |  |  | Curve 2018 |
Indexation 3) |  |  | 59.2 % of Curve 2019 |  |  |  | 57.75% of Curve 2018 |
1 | Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adjustments.
2 | Based on Dutch Consumer Price Index.
3 | Based on Dutch Consumer Price Index.
The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end:
|  | Estimated approximate effects on the defined benefit obligation |
|  | 2019 |  |  | 2018 |
Demographic actuarial assumptions |  |  |  |  |  |  |  |
10% increase in mortality rates |  |  | (100 | ) |  |  | (81 | )
10% decrease in mortality rates |  |  | 112 |  |  |  | 90 |
Financial actuarial assumptions |  |  |  |  |  |  |  |
100 basis points increase in discount rate |  |  | (645 | ) |  |  | (534 | )
100 basis points decrease in discount rate |  |  | 893 |  |  |  | 733 |
100 basis points increase in salary increase rate |  |  | 1 |  |  |  | 18 |
100 basis points decrease in salary increase rate |  |  | - |  |  |  | (18 | )
25 basis points increase in indexation |  |  | 194 |  |  |  | 167 |
25 basis points decrease in indexation |  |  | (177 | ) |  |  | (152 | )

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