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Shareholders' equity | 12 Months Ended
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Dec. 31, 2019
Statement [LineItems] |
Shareholders' equity | 30 Shareholders’ equity Issued share capital and reserves attributable to shareholders of Aegon N.V.
|  | Note |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Share capital – par value |  |  | 30.1 |  |  |  | 323 |  |  |  | 322 |  |  |  | 322 |
Share premium |  |  | 30.2 |  |  |  | 7,213 |  |  |  | 7,487 |  |  |  | 7,731 |
Total share capital |  |  |  |  |  |  | 7,536 |  |  |  | 7,808 |  |  |  | 8,053 |
Retained earnings |  |  |  |  |  |  | 10,667 |  |  |  | 9,995 |  |  |  | 9,699 |
Treasury shares |  |  | 30.3 |  |  |  | (281 | ) |  |  | (337 | ) |  |  | (325 | )
Total retained earnings |  |  |  |  |  |  | 10,386 |  |  |  | 9,657 |  |  |  | 9,374 |
Revaluation reserves |  |  | 30.4 |  |  |  | 5,868 |  |  |  | 3,436 |  |  |  | 4,898 |
Remeasurement of defined benefit plans |  |  | 30.5 |  |  |  | (2,397 | ) |  |  | (1,850 | ) |  |  | (1,669 | )
Other reserves |  |  | 30.6 |  |  |  | 456 |  |  |  | 149 |  |  |  | (390 | )
Total shareholders’ equity |  |  |  |  |  |  | 21,850 |  |  |  | 19,200 |  |  |  | 20,266 |
Share capital transactions relating to common shares |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Number of shares (thousands) |  |  | Number of shares (thousands) |  |  | Number of shares (thousands) |
Transactions in 2019: |  |  |  |  |  |  |  |  |  |  |  |
Final dividend 2018 1) |  |  | (32,874 | ) |  |  |  |  |  |  |  |
Share buyback program (final divi d end 2018) |  |  | 32,874 |  |  |  |  |  |  |  |  |
Interim dividend 2019 1) |  |  | (35,370 | ) |  |  |  |  |  |  |  |
Share buyback program (interim dividend 2019) |  |  | 43,150 |  |  |  |  |  |  |  |  |
Transactions in 2018: |  |  |  |  |  |  |  |  |  |  |  |
Final dividend 2017 1) |  |  |  |  |  |  | (21,954 | ) |  |  |  |
Share buyback program (final dividend 2017) |  |  |  |  |  |  | 21,954 |  |  |  |  |
Interim dividend 2018 1) |  |  |  |  |  |  | (24,134 | ) |  |  |  |
Share buyback program (interim dividend 2018) |  |  |  |  |  |  | 24,134 |  |  |  |  |
Transactions in 2017: |  |  |  |  |  |  |  |  |  |  |  |
Final dividend 2016 1) |  |  |  |  |  |  |  |  |  |  | (26,916 | )
Interim dividend 2017 2) |  |  |  |  |  |  |  |  |  |  | (24,948 | )
Issuance of common shares with a par value of EUR 0.12 |  |  |  |  |  |  |  |  |  |  | 21,099 |
Share buyback program (final dividend 2016 and interim dividend 2017) |  |  |  |  |  |  |  |  |  |  | 51,865 |
1 | Dividend distribution paid from treasury shares (note 30.3)
2 | Dividend distribution paid from treasury shares (note 30.3) and issuance of common shares performed in the year.
30.1 Share capital – par value
|  | 2019 |  |  | 2018 |  |  | 2017
Common shares |  |  | 253 |  |  |  | 251 |  |  |  | 251 |
Common shares B |  |  | 70 |  |  |  | 70 |  |  |  | 70 |
At December 31 |  |  | 323 |  |  |  | 322 |  |  |  | 322 |
Common shares |  | 2019 |  |  | 2018 |  |  | 2017
Authorized share capital |  |  | 720 |  |  |  | 720 |  |  |  | 720 |
Number of authorized shares (in million) |  |  | 6,000 |  |  |  | 6,000 |  |  |  | 6,000 |
Par value in cents per share |  |  | 12 |  |  |  | 12 |  |  |  | 12 |
Common shares B |  | 2019 |  |  | 2018 |  |  | 2017
Authorized share capital |  |  | 360 |  |  |  | 360 |  |  |  | 360 |
Number of authorized shares (in million) |  |  | 3,000 |  |  |  | 3,000 |  |  |  | 3,000 |
Par value in cents per share |  |  | 12 |  |  |  | 12 |  |  |  | 12 |
|  | Common shares |  |  | Common shares B |
|  | Number of shares (thousands) |  |  | Total amount |  |  | Number of shares (thousands) |  |  | Total amount |
At January 1, 2017 |  |  | 2,074,549 |  |  |  | 249 |  |  |  | 585,022 |  |  |  | 70 |
Dividend |  |  | 21,099 |  |  |  | 3 |  |  |  | - |  |  |  | - |
At December 31, 2017 |  |  | 2,095,648 |  |  |  | 251 |  |  |  | 585,022 |  |  |  | 70 |
Dividend |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
At December 31, 2018 |  |  | 2,095,648 |  |  |  | 251 |  |  |  | 585,022 |  |  |  | 70 |
Dividend |  |  | 9,491 |  |  |  | 1 |  |  |  | - |  |  |  | - |
At December 31, 2019 |  |  | 2,105,139 |  |  |  | 253 |  |  |  | 585,022 |  |  |  | 70 |
The table below represents weighted average number of c o mmon shares including treasury shares attributable to Aegon N.V.:
|  | Weighted average number of common shares (thousands) |  |  | Weighted average number of common shares B (thousands) |
2017 |  |  | 2,080,792 |  |  |  | 585,022 |
2018 |  |  | 2,095,648 |  |  |  | 585,022 |
2019 |  |  | 2,098,326 |  |  |  | 585,022 |
All issued common shares and common shares B each have a nominal value of EUR 0.12 and are fully paid up. Repayment of capital can only be initiated by the Executive Board, is subject to approval of the Supervisory Board and must be resolved by the General Meeting of Shareholders. Moreover, repayment on common shares B needs approval of the related shareholders. Refer to ‘Other information’ for further information on dividend rights. Vereniging Aegon, based in The Hague, the Netherlands, holds all of the issued and outstanding common shares B. Under the terms of the 1983 Amended Merger Agreement, dated May 2013, Vereniging Aegon has a call option relating to common shares B. Vereniging Aegon may exercise its call option at fair value of a common share B (being 1/40 th of the market value of a common share in the capital of the Company at the time of issuance) to keep or restore its total stake at 32.6%, irrespective of the circumstances which cause the total shareholding to be or become lower than 32.6%. Refer to Note 50 Related party transactions for transactions between Aegon N.V. and Vereniging Aegon.
30.2 Share premium
|  | 2019 |  |  | 2018 |  |  | 2017 |
At January 1 |  |  | 7,487 |  |  |  | 7,731 |  |  |  | 7,873 |
Share dividend |  |  | (273 | ) |  |  | (244 | ) |  |  | (142 | )
At December 31 |  |  | 7,213 |  |  |  | 7,487 |  |  |  | 7,731 |
Share premium relating to: |  |  |  |  |  |  |  |  |  |  |  |
- Common shares |  |  | 5,560 |  |  |  | 5,834 |  |  |  | 6,078 |
- Common shares B |  |  | 1,653 |  |  |  | 1,653 |  |  |  | 1,653 |
Total share premium |  |  | 7,213 |  |  |  | 7,487 |  |  |  | 7,731 |
The share premium account reflects the balance of paid-in amounts above par value at issuance of new shares less the amounts charged for share dividends. 30.3 Treasury shares On the reporting date, Aegon N.V. and its subsidiaries held 66,583,671 (2018: 62,562,070) of its own common shares and 25,309,920 (2018: 13,856,480) own common shares B with a par value of EUR 0.12 each. Movements in the number of treasury common shares held by Aegon N.V. were as follows:
|  | 2019 |  |  |  |  |  | 2018 |  |  |  |  |  | 2017 |  |  |  |
|  | Number of shares (thousands) |  |  | Amount |  |  | Number of shares (thousands) |  |  | Amount |  |  | Number of shares (thousands) |  |  | Amount |
At January 1 |  |  | 61,418 |  |  |  | 326 |  |  |  | 64,488 |  |  |  | 314 |  |  |  | 47,473 |  |  |  | 178 |
Transactions in 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: transactions, average price 5.10 |  |  | (3,657 | ) |  |  | (19 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price 5.25 |  |  | (32,874 | ) |  |  | (173 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase: 1 transaction average price 4.52 |  |  | 32,874 |  |  |  | 149 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price 5.16 |  |  | (35,370 | ) |  |  | (183 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase: 1 transaction average price 3.89 |  |  | 43,150 |  |  |  | 168 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transactions in 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: transactions, average price 3.76 |  |  |  |  |  |  |  |  |  |  | (3,070 | ) |  |  | (12 | ) |  |  |  |  |  |  |  |
Sale: 1 transaction, average price 4.62 |  |  |  |  |  |  |  |  |  |  | (21,954 | ) |  |  | (101 | ) |  |  |  |  |  |  |  |
Purchase: 1 transaction average price 5.34 |  |  |  |  |  |  |  |  |  |  | 21,954 |  |  |  | 117 |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price 5.09 |  |  |  |  |  |  |  |  |  |  | (24,134 | ) |  |  | (123 | ) |  |  |  |  |  |  |  |
Purchase: 1 transaction average price 5.43 |  |  |  |  |  |  |  |  |  |  | 24,134 |  |  |  | 131 |  |  |  |  |  |  |  |  |
Transactions in 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: transactions, average price EUR 3.44 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,085 | ) |  |  | (14 | )
Sale: 1 transaction, average price EUR 3.68 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26,916 | ) |  |  | (99 | )
Sale: 1 transaction, average price EUR 3.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,849 | ) |  |  | (14 | )
Purchase: 1 transaction, average price EUR 5.09 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,865 |  |  |  | 263 |
At December 31 |  |  | 65,540 |  |  |  | 269 |  |  |  | 61,418 |  |  |  | 326 |  |  |  | 64,488 |  |  |  | 314 |
Movements in the number of treasury common shares B held by Aegon N.V. were as follows:
|  | 2019 |  |  |  |  |  | 2018 |  |  |  |  |  | 2017 |  |  |  |
|  | Number of shares (thousands) |  |  | Amount |  |  | Number of shares (thousands) |  |  | Amount |  |  | Number of shares (thousands) |  |  | Amount |
At January 1 |  |  | 13,856 |  |  |  | 2 |  |  |  | 15,346 |  |  |  | 2 |  |  |  | 17,325 |  |  |  | 2 |
Transactions in 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price 0.12 |  |  | (1,774 | ) |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase: 1 transaction average price 0.10 |  |  | 13,227 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transactions in 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 0.11 |  |  |  |  |  |  |  |  |  |  | (1,489 | ) |  |  | - |  |  |  |  |  |  |  |  |
Transactions in 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 0.11 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,979 | ) |  |  | - |
Sale: 1 transaction, average price EUR 0.11 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,043 | ) |  |  | (1 | )
Purchase: 1 transaction, average price EUR 0.13 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,043 |  |  |  | 2 |
At December 31 |  |  | 25,310 |  |  |  | 3 |  |  |  | 13,856 |  |  |  | 2 |  |  |  | 15,346 |  |  |  | 2 |
As part of their insurance and investment operations, subsidiaries within the Group also hold Aegon N.V. common shares, both for their own account and for account of policyholders. These shares have been treated as treasury shares and are (de)recognized at the consideration paid or received.
|  | 2019 |  |  |  |  |  | 2018 |  |  |  |  |  | 2017 |  |  |  |
|  | Number of shares (thousands) |  |  | Total amount |  |  | Number of shares (thousands) |  |  | Total amount |  |  | Number of shares (thousands) |  |  | Total amount |
Common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held by Aegon N.V. |  |  | 65,540 |  |  |  | 269 |  |  |  | 61,418 |  |  |  | 326 |  |  |  | 64,488 |  |  |  | 314 |
Held by subsidiaries |  |  | 1,043 |  |  |  | 9 |  |  |  | 1,144 |  |  |  | 9 |  |  |  | 1,162 |  |  |  | 9 |
Common shares B |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held by Aegon N.V. |  |  | 25,310 |  |  |  | 3 |  |  |  | 13,856 |  |  |  | 2 |  |  |  | 15,346 |  |  |  | 2 |
At December 31 |  |  | 91,893 |  |  |  | 281 |  |  |  | 76,419 |  |  |  | 337 |  |  |  | 80,996 |  |  |  | 325 |
|  | Weighted average number of treasury shares, including treasury shares held by subsidiaries (thousands) |  |  | Weighted average number of treasury shares B (thousands)
2017 |  |  | 38,490 |  |  |  | 9,841 |
2018 |  |  | 60,129 |  |  |  | 14,415 |
2019 |  |  | 56,467 |  |  |  | 13,070 |
30.4 Revaluation reserves
|  | Available-for-sale investments |  |  | Real estate held for own use |  |  | Cash flow hedging reserve |  |  | Total |
At January 1, 2019 |  |  | 1,910 |  |  |  | 46 |  |  |  | 1,479 |  |  |  | 3,436 |
Gross revaluation |  |  | 3,470 |  |  |  | (4 | ) |  |  | 89 |  |  |  | 3,556 |
Net (gains) / losses transferred to income statement |  |  | (412 | ) |  |  | - |  |  |  | (97 | ) |  |  | (509 | )
Net (gains) / losses transferred to retained earnings |  |  | - |  |  |  | (32 | ) |  |  | - |  |  |  | (32 | )
Foreign currency translation differences |  |  | 8 |  |  |  | 1 |  |  |  | 27 |  |  |  | 37 |
Tax effect |  |  | (630 | ) |  |  | 8 |  |  |  | 3 |  |  |  | (619 | )
At December 31, 2019 |  |  | 4,348 |  |  |  | 19 |  |  |  | 1,502 |  |  |  | 5,868 |
At January 1, 2018 |  |  | 3,427 |  |  |  | 68 |  |  |  | 1,402 |  |  |  | 4,898 |
Gross revaluation |  |  | (2,142 | ) |  |  | (32 | ) |  |  | 85 |  |  |  | (2,090 | )
Net (gains) / losses transferred to income statement |  |  | 66 |  |  |  | - |  |  |  | (80 | ) |  |  | (14 | )
Foreign currency translation differences |  |  | 46 |  |  |  | 2 |  |  |  | 71 |  |  |  | 119 |
Tax effect |  |  | 514 |  |  |  | 7 |  |  |  | 1 |  |  |  | 522 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
At December 31, 2018 |  |  | 1,910 |  |  |  | 46 |  |  |  | 1,479 |  |  |  | 3,436 |
At January 1, 2017 |  |  | 3,326 |  |  |  | 59 |  |  |  | 1,904 |  |  |  | 5,289 |
Gross revaluation |  |  | 1,403 |  |  |  | 8 |  |  |  | (115 | ) |  |  | 1,296 |
Net (gains) / losses transferred to income statement |  |  | (1,330 | ) |  |  | - |  |  |  | (738 | ) |  |  | (2,069 | )
Foreign currency translation differences |  |  | (228 | ) |  |  | (8 | ) |  |  | (216 | ) |  |  | (452 | )
Tax effect |  |  | 285 |  |  |  | 9 |  |  |  | 567 |  |  |  | 860 |
Other |  |  | (28 | ) |  |  | - |  |  |  | 1 |  |  |  | (27 | )
At December 31, 2017 |  |  | 3,427 |  |  |  | 68 |  |  |  | 1,402 |  |  |  | 4,898 |
The revaluation accounts for both available-for-sale investments and for real estate held for own use include unrealized gains and losses on these investments, net of tax. Upon sale, the amounts realized are recognized in the income statement (for available-for-sale investments) or transferred to retained earnings (for real estate held for own use). Upon impairment, unrealized losses are recognized in the income statement. The closing balances of the revaluation reserve for available-for-sale investments relate to the following instruments:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Shares |  |  | 25 |  |  |  | 22 |  |  |  | 40 |
Debt securities |  |  | 4,348 |  |  |  | 1,911 |  |  |  | 3,401 |
Other |  |  | (26 | ) |  |  | (23 | ) |  |  | (14 | )
Revaluation reserve for available-for-sale investments |  |  | 4,348 |  |  |  | 1,910 |  |  |  | 3,427 |
The cash flow hedging reserve includes (un)realized gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the hedged cash flow. No amounts have been released from equity to be included in the initial measurement of non-financial assets or liabilities. 30.5 Remeasurement of defined benefit plans
|  | 2019 |  |  | 2018 |  |  | 2017 |
At January 1 |  |  | (1,850 | ) |  |  | (1,669 | ) |  |  | (1,820 | )
Remeasurements of defined benefit plans |  |  | (612 | ) |  |  | (134 | ) |  |  | 224 |
Tax effect |  |  | 90 |  |  |  | (15 | ) |  |  | (175 | )
Net exchange differences |  |  | (25 | ) |  |  | (32 | ) |  |  | 102 |
Total remeasurement of defined benefit plans |  |  | (2,397 | ) |  |  | (1,850 | ) |  |  | (1,669 | )
30.6 Other reserves
|  | Foreign currency translation reserve |  |  | Net foreign investment hedging reserve |  |  | Equity movements of joint ventures and associates |  |  | Total |
At January 1, 2019 |  |  | 499 |  |  |  | (370 | ) |  |  | 19 |  |  |  | 149 |
Movement in foreign currency translation and net foreign investment hedging reserves |  |  | 312 |  |  |  | (10 | ) |  |  | - |  |  |  | 302 |
Disposal of a business |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | (1 | )
Tax effect |  |  | (10 | ) |  |  | 5 |  |  |  | - |  |  |  | (5 | )
Equity movements of joint ventures |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | 8 |
Equity movements of associates |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 4 |
At December 31, 2019 |  |  | 800 |  |  |  | (374 | ) |  |  | 31 |  |  |  | 456 |
At January 1, 2018 |  |  | (80 | ) |  |  | (321 | ) |  |  | 11 |  |  |  | (390 | )
Movement in foreign currency translation and net foreign investment hedging reserves |  |  | 562 |  |  |  | (46 | ) |  |  | (3 | ) |  |  | 513 |
Disposal of a business |  |  | 50 |  |  |  | (14 | ) |  |  | - |  |  |  | 36 |
Tax effect |  |  | (32 | ) |  |  | 12 |  |  |  | - |  |  |  | (20 | )
Equity movements of joint ventures |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | 8 |
Equity movements of associates |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Other |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
At December 31, 2018 |  |  | 499 |  |  |  | (370 | ) |  |  | 19 |  |  |  | 149 |
At January 1, 2017 |  |  | 1,734 |  |  |  | (418 | ) |  |  | 31 |  |  |  | 1,347 |
Movement in foreign currency translation and net foreign investment hedging reserves |  |  | (1,929 | ) |  |  | 129 |  |  |  | - |  |  |  | (1,800 | )
Disposal of a business |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 7 |
Tax effect |  |  | 108 |  |  |  | (32 | ) |  |  | - |  |  |  | 76 |
Equity movements of joint ventures |  |  | - |  |  |  | - |  |  |  | (15 | ) |  |  | (15 | )
Equity movements of associates |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | (5 | )
At December 31, 2017 |  |  | (80 | ) |  |  | (321 | ) |  |  | 11 |  |  |  | (390 | )
The foreign currency translation reserve includes the currency results from investments in non-euro denominated subsidiaries. The amounts are released to the income statement upon the sale of the subsidiary. The net foreign investment hedging reserve is made up of gains and losses on the effective portions of hedging instruments, net of tax. The amounts are recognized in the income statement at the moment of realization of the hedged position to offset the gain or loss from the net foreign investment. The equity movements of joint ventures and associates reflect Aegon’s share of changes recognized directly in the joint venture’s and associate’s equity.
Aegon N.V [member] |
Statement [LineItems] |
Shareholders' equity | 13 Shareholders’ equity
|  | Share capital |  |  | Paid - in surplus |  |  | Revaluation account |  |  | Legal reserves FCTR |  |  | Legal reserves group companies |  |  | Retained earnings |  |  | Remeasurement of defined benefit plans of group companies |  |  | Treasury shares |  |  | Net income/(loss) |  |  | Total |
At January 1, 2019 1) |  |  | 322 |  |  |  | 7,486 |  |  |  | 3,540 |  |  |  | 130 |  |  |  | 1,326 |  |  |  | 7,872 |  |  |  | (1,850 | ) |  |  | (337 | ) |  |  | 710 |  |  |  | 19,200 |
Mandatory change in accounting policy |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (44 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (44 | )
At January 1, 2019 (restated) |  |  | 322 |  |  |  | 7,486 |  |  |  | 3,540 |  |  |  | 130 |  |  |  | 1,326 |  |  |  | 7,828 |  |  |  | (1,850 | ) |  |  | (337 | ) |  |  | 710 |  |  |  | 19,156 |
Net income 2018 retained |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 710 |  |  |  | - |  |  |  | - |  |  |  | (710 | ) |  |  | - |
Net income 2019 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,239 |  |  |  | 1,239 |
Total net income / (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 710 |  |  |  | - |  |  |  | - |  |  |  | 529 |  |  |  | 1,239 |
Foreign currency translation differences and movement in foreign investment hedging reserves |  |  | - |  |  |  | - |  |  |  |  |  |  |  | 296 |  |  |  | - |  |  |  | - |  |  |  | (25 | ) |  |  | - |  |  |  | - |  |  |  | 271 |
Changes in revaluation subsidiaries |  |  | - |  |  |  | - |  |  |  | 2,460 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,460 |
Changes in revaluation reserve real estate held for own use |  |  | - |  |  |  | - |  |  |  | (28 | ) |  |  | - |  |  |  | - |  |  |  | 25 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 | )
Remeasurement of defined benefit plans of group companies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (522 | ) |  |  | - |  |  |  | - |  |  |  | (522 | )
Changes and transfer to legal reserve |  |  | - |  |  |  | - |  |  |  | 143 |  |  |  | - |  |  |  | 377 |  |  |  | (509 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |
Other comprehensive income / (loss) |  |  | - |  |  |  | - |  |  |  | 2,576 |  |  |  | 296 |  |  |  | 377 |  |  |  | (469 | ) |  |  | (547 | ) |  |  | - |  |  |  | - |  |  |  | 2,234 |
Shares issued |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Dividends paid on common shares |  |  | - |  |  |  | (273 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (309 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (583 | )
Issuance and purchase of treasury shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (86 | ) |  |  | - |  |  |  | 56 |  |  |  | - |  |  |  | (30 | )
Issuance and redemption of other equity instruments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (81 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (81 | )
Coupons on perpetual securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (88 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (88 | )
Incentive plans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
At December 31, 2019 |  |  | 323 |  |  |  | 7,213 |  |  |  | 6,116 |  |  |  | 426 |  |  |  | 1,703 |  |  |  | 7,508 |  |  |  | (2,397 | ) |  |  | (281 | ) |  |  | 1,239 |  |  |  | 21,850 |
1 | See in consolidated financial statements note 2.1.1 for details about the impact of adopting IFRS 16 on Leases and note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing
|  | Share capital |  |  | Paid - in surplus |  |  | Revaluation account |  |  | Legal reserves FCTR |  |  | Legal reserves group companies |  |  | Retained earnings |  |  | Remeasurement of defined benefit plans of group companies |  |  | Treasury shares |  |  | Net income/(loss) |  |  | Total |
At January 1, 2018 |  |  | 322 |  |  |  | 7,731 |  |  |  | 5,017 |  |  |  | (401 | ) |  |  | 1,122 |  |  |  | 6,022 |  |  |  | (1,669 | ) |  |  | (325 | ) |  |  | 2,469 |  |  |  | 20,287 |
Changes in accounting policies related to liability adequancy testing |  |  | - |  |  |  | - |  |  |  | (22 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (22 | )
At January 1, 2018 (restated) 1) |  |  | 322 |  |  |  | 7,731 |  |  |  | 4,995 |  |  |  | (401 | ) |  |  | 1,122 |  |  |  | 6,022 |  |  |  | (1,669 | ) |  |  | (325 | ) |  |  | 2,469 |  |  |  | 20,265 |
Net income 2017 retained |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,469 |  |  |  | - |  |  |  | - |  |  |  | (2,469 | ) |  |  | - |
Net income 2018 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 710 |  |  |  | 710 |
Total net income / (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,469 |  |  |  | - |  |  |  | - |  |  |  | (1,759 | ) |  |  | 710 |
Foreign currency translation differences and movement in foreign investment hedging reserves |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 531 |  |  |  | - |  |  |  | - |  |  |  | (32 | ) |  |  | - |  |  |  | - |  |  |  | 499 |
Changes in revaluation subsidiaries |  |  | - |  |  |  | - |  |  |  | (1,462 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,462 | )
Remeasurement of defined benefit plans of group companies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (150 | ) |  |  | - |  |  |  | - |  |  |  | (150 | )
Changes and transfer to legal reserve |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 204 |  |  |  | (202 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3 | )
Other comprehensive income / (loss) |  |  | - |  |  |  | - |  |  |  | (1,455 | ) |  |  | 531 |  |  |  | 204 |  |  |  | (205 | ) |  |  | (182 | ) |  |  | - |  |  |  | - |  |  |  | (1,108 | )
Dividend common shares |  |  | - |  |  |  | (244 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (329 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (573 | )
Dividend withholding tax reduction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Treasury shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26 |  |  |  | - |  |  |  | (12 | ) |  |  | - |  |  |  | 14 |
Coupons and premium on convertible core capital securities and coupon on perpetual securities, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (113 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (113 | )
At December 31, 2018 |  |  | 322 |  |  |  | 7,486 |  |  |  | 3,540 |  |  |  | 130 |  |  |  | 1,326 |  |  |  | 7,872 |  |  |  | (1,850 | ) |  |  | (337 | ) |  |  | 710 |  |  |  | 19,200 |
1 | See in consolidated financial statements note 2.1.2 for details about the impact of voluntary change in accounting policy on Liability Adequacy Testing
The balance of the revaluation account, which includes revaluation reserves for real estate and investments that do not have a frequent market listing, consisted of EUR 6,438 million (2018: EUR 4,434 million) of items with positive revaluation and of EUR 323 million (2018: EUR 895 million) of items with negative revaluation. The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the revaluation reserves, cannot be freely distributed. In case of negative balances for individual reserves legally to be retained, no distributions can be made out of retained earnings to the level of these negative amounts. Certain of Aegon’s subsidiaries, principally insurance companies, are subject to restrictions on the amounts of funds they may transfer in the form of cash dividends or otherwise to their parent companies. There can be no assurance that these restrictions will not limit or restrict Aegon in its ability to pay dividends in the future. On the reporting date, Aegon N.V., and its subsidiaries held 66,583,671 of its own common shares (2018: 62,562,070) with a par value of EUR 0.12 each. Most of the shares have been purchased to neutralize the dilution effect of issued share dividend and to hedge share based payment plans for executives and employees. Aegon N.V. held 25,309,920 of its own common shares B (2018:13,856,480) with a par value of EUR 0.12 each. Movements in the number of treasury common shares held by Aegon N.V. were as follows:
|  | 2019 |  |  | 2018 |
|  | Number of shares |  |  |  |  |  | Number of shares |  |  |  |
|  | (thousands) |  |  | Amount |  |  | (thousands) |  |  | Amount |
At January 1 |  |  | 61,418 |  |  |  | 326 |  |  |  | 64,488 |  |  |  | 314 |
Transactions in 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: transactions, average price EUR 5.10 |  |  | (3,657 | ) |  |  | (19 | ) |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 5.25 |  |  | (32,874 | ) |  |  | (173 | ) |  |  |  |  |  |  |  |
Purchase: 1 transaction, average price EUR 4.52 |  |  | 32,874 |  |  |  | 149 |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 5.16 |  |  | (35,370 | ) |  |  | (183 | ) |  |  |  |  |  |  |  |
Purchase: 1 transaction, average price EUR 3.89 |  |  | 43,150 |  |  |  | 168 |  |  |  |  |  |  |  |  |
Transactions in 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: transactions, average price EUR 3,76 |  |  |  |  |  |  |  |  |  |  | (3,070 | ) |  |  | (12 | )
Sale: 1 transaction, average price EUR 4.62 |  |  |  |  |  |  |  |  |  |  | (21,954 | ) |  |  | (101 | )
Purchase: 1 transaction, average price EUR 5.34 |  |  |  |  |  |  |  |  |  |  | 21,954 |  |  |  | 117 |
Sale: 1 transaction, average price EUR 5.09 |  |  |  |  |  |  |  |  |  |  | (24,134 | ) |  |  | (123 | )
Purchase: 1 transaction, average price EUR 5.43 |  |  |  |  |  |  |  |  |  |  | 24,134 |  |  |  | 131 |
At December 31 |  |  | 65,540 |  |  |  | 269 |  |  |  | 61,418 |  |  |  | 326 |
Movements in the number of treasury common shares B held by Aegon N.V. were as follows:
|  | 2019 |  |  | 2018 |
|  | Number of shares |  |  |  |  |  | Number of shares |  |  |  |
|  | (thousands) |  |  | Amount |  |  | (thousands) |  |  | Amount |
At January 1 |  |  | 13,856 |  |  |  | 2 |  |  |  | 15,346 |  |  |  | 2 |
Transactions in 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 0.12 |  |  | (1,774 | ) |  |  | - |  |  |  |  |  |  |  |  |
Buy: 1 transaction, average price EUR 0.10 |  |  | 13,227 |  |  |  | 1 |  |  |  |  |  |  |  |  |
Transactions in 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale: 1 transaction, average price EUR 0.11 |  |  |  |  |  |  |  |  |  |  | (1,489 | ) |  |  | - |
At December 31 |  |  | 25,310 |  |  |  | 3 |  |  |  | 13,856 |  |  |  | 2 |
As part of their insurance and investment operations, subsidiaries within the Group also hold Aegon N.V. common shares, both for their own account and for account of policyholders. These shares have been treated as treasury shares and are included at their consideration paid or received.
|  | 2019 |  |  | 2018 |
|  | Number of shares (thousands) |  |  | Total amount |  |  | Number of shares (thousands) |  |  | Total amount |
Common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held by Aegon N.V. |  |  | 65,540 |  |  |  | 269 |  |  |  | 61,418 |  |  |  | 326 |
Held by subsidiaries |  |  | 1,043 |  |  |  | 9 |  |  |  | 1,144 |  |  |  | 9 |
Common shares B |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held by Aegon N.V. |  |  | 25,310 |  |  |  | 3 |  |  |  | 13,856 |  |  |  | 2 |
At December 31 |  |  | 91,893 |  |  |  | 281 |  |  |  | 76,419 |  |  |  | 337 |
The consideration for the related shares is deducted from or added to the retained earnings.

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