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Segment information | 12 Months Ended
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Dec. 31, 2019
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Segment information | 5 Segment information Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Board which is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are:
◆ |  | Americas: one operating segment which covers business units in the United States, Brazil and Mexico, including any of the units’ activities located outside these countries;
◆ |  | The Netherlands;
◆ |  | United Kingdom;
◆ |  | Southern and Eastern Europe;
◆ |  | Asia: one operating segment which covers businesses operating in Hong Kong, Singapore, China, Japan, India and Indonesia including any of the units’ activities located outside these countries;
◆ |  | Asset Management: one operating segment which covers business activities from Aegon Asset Management;
◆ |  | Holding and other activities: one operating segment which includes financing, reinsurance activities, employee and other administrative expenses of holding companies.
Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. Change in operating segments Aegon has changed the grouping of the operating segments included in the performance measure as of 2019. Previously, the operating segments ‘Spain & Portugal’ and ‘Central & Eastern Europe’ were disclosed separately in the segment information whilst as of 2019 these are disclosed combined under the operating segment ‘Southern & Eastern Europe’. The tables presented in this note have been updated to reflect this change. Performance Measure Aegon uses the non-IFRS performance measure underlying earnings before tax. Underlying earnings before tax reflects Aegon’s profit from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility, updates to best estimate actuarial and economic assumptions and model updates or events that are considered outside the normal course of business. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards. Aegon believes that its performance measure underlying earnings before tax provides meaningful information about the underlying results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using underlying earnings before tax. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers. The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the tables in this note. The items that are excluded from underlying earnings before tax as described further below are: fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges, run-off businesses and share in earnings of joint ventures and associates. Included in underlying earnings before tax is management’s best estimate expected return on these products. Any over- or underperformance compared to management’s expected return is excluded from underlying earnings before tax. Fair value items Fair value items include the over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in underlying earnings before tax. In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items. Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Underlying earnings before tax exclude any over- or underperformance compared to management’s best estimate investment return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 3-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable. In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and guarantees on variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon’s businesses in the Netherlands and Japan are excluded from underlying earnings before tax, because management’s best estimate expected return for these guarantees is set at zero. In addition, fair value items include market related results on our loyalty bonus reserves in the United Kingdom. The value of these reserves are directly related to policyholder investments which value is directly impacted by movements in equity and bond markets. Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from underlying earnings before tax and reported under fair value items. Realized gains or losses on investments Realized gains or losses on investments includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios. Impairment charges/(reversals) Impairment charges/(reversals) include impairments on available-for-sale debt securities, shares including the effect of deferred policyholder acquisition costs, mortgage loans and other loan portfolios at amortized cost, joint ventures and associates. Impairment reversals include reversals on available-for-sale debt securities. For Aegon the Netherlands, the expected impairments on alternative assets classes (e.g. illiquid investments – including consumer loans and catastrophe bonds – and residential real estate) are allocated to underlying earnings in order to present management’s best estimate investment return in underlying earnings. Deviations from the expected impairments are presented as part of impairment charges / (reversals) in non-underlying earnings. Other income or charges Other income or charges includes the following:
◆ |  | Items which cannot be directly allocated to a specific line of business;
◆ |  | The impact of actuarial and economic assumption and model updates used to support calculations of our liabilities for insurance and investment contracts sold to policyholders and related assets (refer to note 3 Critical accounting estimates and judgement in applying accounting policies); and
◆ |  | Items that are outside the normal course of business, including restructuring charges.
In the Consolidated income statement, these restructuring charges are included in operating expenses. Actuarial assumption and model updates are recorded in ‘Policyholder claims and benefits’ in the Consolidated income statement. Run-off businesses Run-off businesses includes results of business units where management in earlier years has decided to exit the market and to run-off the existing block of business. This line only includes results related to the run-off of the remaining institutional spread-based business, structured settlements blocks of business, the life reinsurance business and the bank-owned and corporate-owned life insurance (BOLI/COLI) business in the United States. Aegon has other blocks of business for which sales have been discontinued and of which the earnings are included in underlying earnings before tax.
Share in earnings of joint ventures and associates Earnings from Aegon’s joint ventures in China, India, Japan, Mexico, the Netherlands, Spain and Portugal, and Aegon’s associates in Brazil, France, the Netherlands and United Kingdom are reported on an underlying earnings before tax basis. The following table presents Aegon’s segment results.
Income statement - Underlying earnings |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Segment total |  |  | Joint ventures and associates eliminations |  |  | Consolidated |
2019 Underlying earnings before tax |  |  | 1,124 |  |  |  | 648 |  |  |  | 139 |  |  |  | 88 |  |  |  | 62 |  |  |  | 139 |  |  |  | (228 | ) |  |  | 1 |  |  |  | 1,973 |  |  |  | 50 |  |  |  | 2,023 |
Fair value items |  |  | 272 |  |  |  | (741 | ) |  |  | (131 | ) |  |  | 7 |  |  |  | (4 | ) |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | (601 | ) |  |  | (88 | ) |  |  | (689 | )
Realized gains / (losses) on investments |  |  | 125 |  |  |  | 240 |  |  |  | 3 |  |  |  | 27 |  |  |  | 9 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 405 |  |  |  | (2 | ) |  |  | 403 |
Impairment charges |  |  | (54 | ) |  |  | (30 | ) |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | (10 | ) |  |  | - |  |  |  | (95 | ) |  |  | - |  |  |  | (95 | )
Impairment reversals |  |  | 68 |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 73 |  |  |  | - |  |  |  | 73 |
Other income / (charges) |  |  | (156 | ) |  |  | (1 | ) |  |  | (38 | ) |  |  | 33 |  |  |  | (18 | ) |  |  | (7 | ) |  |  | (95 | ) |  |  | - |  |  |  | (281 | ) |  |  | - |  |  |  | (281 | )
Run-off businesses |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | - |  |  |  | 23 |
Income / (loss) before tax |  |  | 1,401 |  |  |  | 121 |  |  |  | (27 | ) |  |  | 155 |  |  |  | 48 |  |  |  | 133 |  |  |  | (335 | ) |  |  | 1 |  |  |  | 1,497 |  |  |  | (40 | ) |  |  | 1,457 |
Income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(expense) / benefit |  |  | (220 | ) |  |  | (27 | ) |  |  | (7 | ) |  |  | (19 | ) |  |  | (14 | ) |  |  | (36 | ) |  |  | 65 |  |  |  | - |  |  |  | (258 | ) |  |  | 40 |  |  |  | (218 | )
Net income / (loss) |  |  | 1,182 |  |  |  | 94 |  |  |  | (34 | ) |  |  | 136 |  |  |  | 33 |  |  |  | 97 |  |  |  | (270 | ) |  |  | 1 |  |  |  | 1,239 |  |  |  | - |  |  |  | 1,239 |
Inter-segment underlying earnings |  |  | (61 | ) |  |  | (105 | ) |  |  | (87 | ) |  |  | (16 | ) |  |  | (4 | ) |  |  | 193 |  |  |  | 79 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance gross premiums |  |  | 7,279 |  |  |  | 1,765 |  |  |  | 6,282 |  |  |  | 552 |  |  |  | 737 |  |  |  | - |  |  |  | 11 |  |  |  | (8 | ) |  |  | 16,617 |  |  |  | (691 | ) |  |  | 15,926 |
Accident and health insurance |  |  | 1,416 |  |  |  | 228 |  |  |  | 28 |  |  |  | 110 |  |  |  | 91 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,872 |  |  |  | (50 | ) |  |  | 1,823 |
General insurance |  |  | - |  |  |  | 130 |  |  |  | - |  |  |  | 382 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (1 | ) |  |  | 512 |  |  |  | (122 | ) |  |  | 390 |
Total gross premiums |  |  | 8,694 |  |  |  | 2,123 |  |  |  | 6,309 |  |  |  | 1,044 |  |  |  | 828 |  |  |  | - |  |  |  | 12 |  |  |  | (9 | ) |  |  | 19,002 |  |  |  | (864 | ) |  |  | 18,138 |
Investment income |  |  | 3,172 |  |  |  | 2,224 |  |  |  | 1,830 |  |  |  | 76 |  |  |  | 303 |  |  |  | 5 |  |  |  | 269 |  |  |  | (284 | ) |  |  | 7,595 |  |  |  | (64 | ) |  |  | 7,531 |
Fee and commission income |  |  | 1,757 |  |  |  | 237 |  |  |  | 197 |  |  |  | 50 |  |  |  | 59 |  |  |  | 627 |  |  |  | - |  |  |  | (187 | ) |  |  | 2,740 |  |  |  | (218 | ) |  |  | 2,523 |
Other revenues |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |  |  |  | 5 |  |  |  | - |  |  |  | 16 |  |  |  | (10 | ) |  |  | 6 |
Total revenues |  |  | 13,631 |  |  |  | 4,583 |  |  |  | 8,337 |  |  |  | 1,171 |  |  |  | 1,191 |  |  |  | 633 |  |  |  | 286 |  |  |  | (480 | ) |  |  | 29,352 |  |  |  | (1,155 | ) |  |  | 28,197 |
Inter-segment revenues |  |  | 1 |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 187 |  |  |  | 280 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income statement - Underlying earnings |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Segment total |  |  | Joint ventures and associates eliminations |  |  | Consolidated |
2018 Underlying earnings before tax |  |  | 1,216 |  |  |  | 615 |  |  |  | 128 |  |  |  | 96 |  |  |  | 55 |  |  |  | 151 |  |  |  | (189 | ) |  |  | 1 |  |  |  | 2,074 |  |  |  | 72 |  |  |  | 2,146 |
Fair value items |  |  | (613 | ) |  |  | 250 |  |  |  | 59 |  |  |  | 6 |  |  |  | 3 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | (291 | ) |  |  | (119 | ) |  |  | (409 | )
Realized gains / (losses) on investments |  |  | (204 | ) |  |  | 46 |  |  |  | 83 |  |  |  | - |  |  |  | (8 | ) |  |  | 2 |  |  |  | 4 |  |  |  | - |  |  |  | (77 | ) |  |  | (2 | ) |  |  | (79 | )
Impairment charges |  |  | (46 | ) |  |  | 4 |  |  |  | - |  |  |  | (2 | ) |  |  | (5 | ) |  |  | - |  |  |  | (9 | ) |  |  | - |  |  |  | (58 | ) |  |  | - |  |  |  | (58 | )
Impairment reversals |  |  | 37 |  |  |  | 2 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 39 |  |  |  | - |  |  |  | 39 |
Other income / (charges) |  |  | (397 | ) |  |  | (132 | ) |  |  | (252 | ) |  |  | (26 | ) |  |  | (7 | ) |  |  | (5 | ) |  |  | (57 | ) |  |  | - |  |  |  | (875 | ) |  |  | 1 |  |  |  | (874 | )
Run-off businesses |  |  | (14 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14 | ) |  |  | - |  |  |  | (14 | )
Income / (loss) before tax |  |  | (20 | ) |  |  | 784 |  |  |  | 19 |  |  |  | 76 |  |  |  | 36 |  |  |  | 149 |  |  |  | (247 | ) |  |  | 1 |  |  |  | 798 |  |  |  | (47 | ) |  |  | 751 |
Income tax (expense) / benefit |  |  | 71 |  |  |  | (136 | ) |  |  | 20 |  |  |  | (19 | ) |  |  | (25 | ) |  |  | (44 | ) |  |  | 46 |  |  |  | - |  |  |  | (87 | ) |  |  | 47 |  |  |  | (40 | )
Net income / (loss) |  |  | 51 |  |  |  | 648 |  |  |  | 38 |  |  |  | 57 |  |  |  | 11 |  |  |  | 105 |  |  |  | (201 | ) |  |  | 1 |  |  |  | 711 |  |  |  | - |  |  |  | 711 |
Inter-segment underlying earnings |  |  | (73 | ) |  |  | (101 | ) |  |  | (82 | ) |  |  | (18 | ) |  |  | (5 | ) |  |  | 198 |  |  |  | 80 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance gross premiums |  |  | 7,004 |  |  |  | 1,632 |  |  |  | 7,509 |  |  |  | 622 |  |  |  | 779 |  |  |  | - |  |  |  | 9 |  |  |  | (7 | ) |  |  | 17,548 |  |  |  | (579 | ) |  |  | 16,969 |
Accident and health insurance |  |  | 1,571 |  |  |  | 219 |  |  |  | 29 |  |  |  | 102 |  |  |  | 94 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,015 |  |  |  | (36 | ) |  |  | 1,979 |
General insurance |  |  | - |  |  |  | 136 |  |  |  | - |  |  |  | 343 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (1 | ) |  |  | 479 |  |  |  | (112 | ) |  |  | 367 |
Total gross premiums |  |  | 8,575 |  |  |  | 1,987 |  |  |  | 7,539 |  |  |  | 1,067 |  |  |  | 873 |  |  |  | - |  |  |  | 10 |  |  |  | (8 | ) |  |  | 20,042 |  |  |  | (727 | ) |  |  | 19,316 |
Investment income |  |  | 3,125 |  |  |  | 2,265 |  |  |  | 1,346 |  |  |  | 83 |  |  |  | 268 |  |  |  | 5 |  |  |  | 286 |  |  |  | (284 | ) |  |  | 7,095 |  |  |  | (59 | ) |  |  | 7,035 |
Fee and commission income |  |  | 1,826 |  |  |  | 211 |  |  |  | 198 |  |  |  | 63 |  |  |  | 58 |  |  |  | 632 |  |  |  | - |  |  |  | (206 | ) |  |  | 2,782 |  |  |  | (224 | ) |  |  | 2,558 |
Other revenues |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 1 |  |  |  | 4 |  |  |  | - |  |  |  | 12 |  |  |  | (6 | ) |  |  | 5 |
Total revenues |  |  | 13,530 |  |  |  | 4,463 |  |  |  | 9,083 |  |  |  | 1,213 |  |  |  | 1,201 |  |  |  | 638 |  |  |  | 300 |  |  |  | (499 | ) |  |  | 29,930 |  |  |  | (1,016 | ) |  |  | 28,914 |
Inter-segment revenues |  |  | 1 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 206 |  |  |  | 290 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income statement - Underlying earnings |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Segment total |  |  | Joint ventures and associates eliminations |  |  | Consolidated |
2017 Underlying earnings before tax |  |  | 1,381 |  |  |  | 557 |  |  |  | 116 |  |  |  | 71 |  |  |  | 49 |  |  |  | 136 |  |  |  | (170 | ) |  |  | - |  |  |  | 2,140 |  |  |  | 61 |  |  |  | 2,200 |
Fair value items |  |  | 170 |  |  |  | (31 | ) |  |  | (82 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24 |  |  |  | - |  |  |  | 81 |  |  |  | (97 | ) |  |  | (16 | )
Realized gains / (losses) on investments |  |  | 157 |  |  |  | 184 |  |  |  | 62 |  |  |  | 1 |  |  |  | 4 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 413 |  |  |  | (5 | ) |  |  | 408 |
Impairment charges |  |  | (37 | ) |  |  | (3 | ) |  |  | - |  |  |  | (2 | ) |  |  | (1 | ) |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | (46 | ) |  |  | - |  |  |  | (46 | )
Impairment reversals |  |  | 22 |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | - |  |  |  | 32 |
Other income / (charges) |  |  | (353 | ) |  |  | 296 |  |  |  | 40 |  |  |  | - |  |  |  | (19 | ) |  |  | (49 | ) |  |  | 16 |  |  |  | - |  |  |  | (68 | ) |  |  | (4 | ) |  |  | (72 | )
Run-off businesses |  |  | 30 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | - |  |  |  | 30 |
Income / (loss) before tax |  |  | 1,370 |  |  |  | 1,013 |  |  |  | 137 |  |  |  | 70 |  |  |  | 33 |  |  |  | 90 |  |  |  | (134 | ) |  |  | - |  |  |  | 2,580 |  |  |  | (45 | ) |  |  | 2,536 |
Income tax (expense) / benefit |  |  | 198 |  |  |  | (196 | ) |  |  | (56 | ) |  |  | (15 | ) |  |  | (28 | ) |  |  | (42 | ) |  |  | 29 |  |  |  | - |  |  |  | (110 | ) |  |  | 44 |  |  |  | (65 | )
Net income / (loss) |  |  | 1,568 |  |  |  | 818 |  |  |  | 81 |  |  |  | 56 |  |  |  | 5 |  |  |  | 48 |  |  |  | (105 | ) |  |  | - |  |  |  | 2,470 |  |  |  | (0 | ) |  |  | 2,470 |
Inter-segment underlying earnings |  |  | (78 | ) |  |  | (111 | ) |  |  | (87 | ) |  |  | (12 | ) |  |  | (1 | ) |  |  | 214 |  |  |  | 73 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life insurance gross premiums |  |  | 7,437 |  |  |  | 1,857 |  |  |  | 9,603 |  |  |  | 619 |  |  |  | 983 |  |  |  | - |  |  |  | 7 |  |  |  | (9 | ) |  |  | 20,498 |  |  |  | (546 | ) |  |  | 19,952 |
Accident and health insurance |  |  | 2,115 |  |  |  | 203 |  |  |  | 32 |  |  |  | 84 |  |  |  | 97 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,531 |  |  |  | (20 | ) |  |  | 2,511 |
General insurance |  |  | - |  |  |  | 148 |  |  |  | - |  |  |  | 319 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (1 | ) |  |  | 466 |  |  |  | (103 | ) |  |  | 363 |
Total gross premiums |  |  | 9,553 |  |  |  | 2,208 |  |  |  | 9,635 |  |  |  | 1,022 |  |  |  | 1,080 |  |  |  | - |  |  |  | 8 |  |  |  | (10 | ) |  |  | 23,496 |  |  |  | (670 | ) |  |  | 22,826 |
Investment income |  |  | 3,368 |  |  |  | 2,172 |  |  |  | 1,517 |  |  |  | 85 |  |  |  | 246 |  |  |  | 4 |  |  |  | 295 |  |  |  | (291 | ) |  |  | 7,396 |  |  |  | (58 | ) |  |  | 7,338 |
Fee and commission income |  |  | 1,919 |  |  |  | 326 |  |  |  | 235 |  |  |  | 60 |  |  |  | 63 |  |  |  | 609 |  |  |  | - |  |  |  | (222 | ) |  |  | 2,990 |  |  |  | (188 | ) |  |  | 2,802 |
Other revenues |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 1 |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 13 |  |  |  | (5 | ) |  |  | 7 |
Total revenues |  |  | 14,844 |  |  |  | 4,706 |  |  |  | 11,387 |  |  |  | 1,170 |  |  |  | 1,390 |  |  |  | 613 |  |  |  | 308 |  |  |  | (523 | ) |  |  | 33,895 |  |  |  | (921 | ) |  |  | 32,973 |
Inter-segment revenues |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 222 |  |  |  | 298 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Group uses underlying earnings before tax in its segment reporting as an important indicator of its financial performance. The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table. Aegon believes that underlying earnings before tax, together with the other information included in this report, provides a meaningful measure for the investing public to evaluate Aegon’s business relative to the businesses of its peers.
|  | Note |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Underlying earnings before tax |  |  |  |  |  |  | 1,973 |  |  |  | 2,074 |  |  |  | 2,140 |
Elimination of share in earnings of joint ventures and associates |  |  |  |  |  |  | 50 |  |  |  | 72 |  |  |  | 61 |
Rental income |  |  | 7 |  |  |  | (76 | ) |  |  | (72 | ) |  |  | (61 | )
Dividend income |  |  | 7 |  |  |  | 9 |  |  |  | 30 |  |  |  | - |
Recovered claims and benefits |  |  | 9 |  |  |  | - |  |  |  | 2 |  |  |  | - |
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives |  |  | 10 |  |  |  | (17 | ) |  |  | (295 | ) |  |  | (437 | )
Net fair value change on borrowings and other financial liabilities |  |  | 10 |  |  |  | 7 |  |  |  | 6 |  |  |  | - |
Realized gains and losses on financial investments |  |  | 10 |  |  |  | 399 |  |  |  | (92 | ) |  |  | 431 |
Gains and (losses) on investments in real estate |  |  | 10 |  |  |  | 317 |  |  |  | 261 |  |  |  | 193 |
Net fair value change of derivatives |  |  | 10 |  |  |  | 163 |  |  |  | (67 | ) |  |  | (134 | )
Net foreign currency gains and (losses) |  |  | 10 |  |  |  | - |  |  |  | (2 | ) |  |  | 5 |
Realized gains and (losses) on repurchased debt |  |  | 10 |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Other income |  |  | 11 |  |  |  | 200 |  |  |  | 8 |  |  |  | 540 |
Change in valuation of liabilities for insurance contracts |  |  | 12 |  |  |  | (1,231 | ) |  |  | (341 | ) |  |  | (254 | )
Change in valuation of liabilities for investment contracts |  |  | 12 |  |  |  | (13 | ) |  |  | 13 |  |  |  | (19 | )
Benefits and claims paid life |  |  | 12 |  |  |  | 7 |  |  |  | - |  |  |  | - |
Policyholder claims and benefits - Other |  |  | 12 |  |  |  | 50 |  |  |  | (9 | ) |  |  | 34 |
Commissions and expenses |  |  | 14 |  |  |  | (319 | ) |  |  | (428 | ) |  |  | 256 |
Impairment (charges) reversals |  |  | 15 |  |  |  | (105 | ) |  |  | (20 | ) |  |  | (16 | )
Interest charges and related fees |  |  | 16 |  |  |  | 21 |  |  |  | - |  |  |  | - |
Other charges |  |  | 17 |  |  |  | (1 | ) |  |  | (375 | ) |  |  | (235 | )
Run-off businesses |  |  | 5 |  |  |  | 23 |  |  |  | (14 | ) |  |  | 30 |
Income / (loss) before tax |  |  |  |  |  |  | 1,457 |  |  |  | 751 |  |  |  | 2,534 |
◆ |  | Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives is reported as part of the respective line in note 10 and reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings before tax.
◆ |  | Net fair value change of derivatives is reported as part of the respective line in note 10 and includes: 1) the over- or underperformance of derivatives of EUR 34 million gain (2018: EUR 3 million gain, 2017: EUR 9 million gain) for which the expected long-term return is included in underlying earnings before tax; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 130 million gain (2018: EUR 77 million loss, 2017: EUR 145 million loss); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 1 million gain (2018: EUR 7 million gain, 2017: EUR 2 million gain).
◆ |  | Net foreign currency gains and (losses) are reported as part of the respective line in note 10.
◆ |  | Change in valuation of liabilities for insurance contracts is reported as part of the respective line in note 12.
◆ |  | Change in valuation of liabilities for investment contracts is reported as part of the respective line in note 12.
◆ |  | Policyholder claims and benefits - Other are reported as part of the ‘Other’ line in note 12 and is related to policyholder tax.
◆ |  | Commissions and expenses include: 1) Restructuring charges of EUR 220 million (2018: EUR 279 million charge, 2017: EUR 116 million charge) which are reported as part of Employee and Administration expenses lines in note 14; 2) Amortization of deferred expenses of EUR 32 million income (2018: charge of EUR 67 million, 2017: income of EUR 285 million) which is reported as part of the respective line in note 14. This is offset against realized gains and losses and impairments on financial investments; 3) Amortization of VOBA and future servicing rights of EUR 5 million charge (2018: charge of EUR 20 million; 2017: income of EUR 94 million) which is reported as part of the respective line in note 14. Commissions and expenses include a DPAC/ VOBA fair value adjustment of EUR 151 million gain (2018: loss of EUR 88 million; 2017: gain of EUR 135 million).
◆ |  | Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 60 million charge (2018: EUR charge of 41 million, 2017: charge of EUR 42 million) as shown in note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 109 million charge (2018: EUR 19 million charge; 2017: EUR 1 million reversal) reported as part of the respective line in note 15.
◆ |  | There are no interest charges and related fees that are classified for segment reporting purposes as non-underlying earnings.
Impact from assumption and model updates The 2019 assumption changes and model updates amounted to a negative impact of EUR 196 million and mainly relates to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 64 million mainly driven by updates to Universal Life products for surrender, lapse and mortality to reflect actual experience, partially offset by gains driven by updates to the annuitization of Variable Deferred Annuities Guaranteed Minimum Income Benefit and to the returns on Equity-Index Universal Life. In the second half of 2019, a negative impact of EUR 75 million resulted mostly from expense assumption updates in the Americas. Assumption changes and model updates in the Netherlands led to negative impact of EUR 57 million mainly related to model enhancements and expense assumption updates which more than offset favorable longevity assumption changes. In 2018, the pre-tax charge of EUR 121 million has been recorded in other income/(charges) in respect of assumption changes and model updates. The impact is mainly attributable to Aegon’s business in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 6 million, which includes charges of EUR 164 million, mainly driven by Americas Life mortality updates to reflect actual experience, partially offset by gains of EUR 158 million, mainly driven by the positive impact from new expense allocation methodology within Retirement plans and Variable and Fixed annuities lines of business, Universal Life model update using results from AXIS model and a Variable Annuities (WB) modelling enhancement in discount curve upon account exhaustion. In the Netherlands, assumption changes and model updates led to a net loss of EUR 111 million, which includes charges of EUR 219 million mainly related to the population mortality best estimate update to reflect latest available data and an improvement in the modelling of policyholder behavior (lapses) and the lowering of IFRS ultimate forward rate from 4.25% to 3.65%. This was partly offset by EUR 108 million gains driven by the TKP/UL model conversion.
Other selected income statement items |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred expenses, VOBA and future servicing rights |  |  | 685 |  |  |  | 4 |  |  |  | 117 |  |  |  | 37 |  |  |  | 32 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 876 |
Depreciation |  |  | 44 |  |  |  | 18 |  |  |  | 12 |  |  |  | 11 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | - |  |  |  | 87 |
Impairment charges / (reversals) on financial assets, excluding receivables |  |  | (12 | ) |  |  | 72 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 60 |
Impairment charges / (reversals) on non-financial assets and receivables |  |  | 3 |  |  |  | 94 |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 109 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred expenses, VOBA and future servicing rights |  |  | 852 |  |  |  | 25 |  |  |  | 119 |  |  |  | 52 |  |  |  | 24 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,072 |
Depreciation |  |  | 38 |  |  |  | 12 |  |  |  | 14 |  |  |  | 12 |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | - |  |  |  | 80 |
Impairment charges / (reversals) on financial assets, excluding receivables |  |  | (9 | ) |  |  | 34 |  |  |  | - |  |  |  | 1 |  |  |  | 5 |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | 41 |
Impairment charges / (reversals) on non-financial assets and receivables |  |  | 19 |  |  |  | 15 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred expenses, VOBA and future servicing rights |  |  | 336 |  |  |  | 27 |  |  |  | 134 |  |  |  | 55 |  |  |  | 33 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 586 |
Depreciation |  |  | 44 |  |  |  | 16 |  |  |  | 28 |  |  |  | 11 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |  |  |  | - |  |  |  | 105 |
Impairment charges / (reversals) on financial assets, excluding receivables |  |  | 19 |  |  |  | 17 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 42 |
Impairment charges / (reversals) on non-financial assets and receivables |  |  | (2 | ) |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Number of employees |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of employees - headcount |  |  | 8,570 |  |  |  | 3,582 |  |  |  | 2,261 |  |  |  | 2,853 |  |  |  | 4,540 |  |  |  | 1,535 |  |  |  | 416 |  |  |  | 23,757 |
Of which Aegon’s share of employees in joint ventures and associates |  |  | 651 |  |  |  | - |  |  |  | 62 |  |  |  | 104 |  |  |  | 4,172 |  |  |  | 173 |  |  |  | - |  |  |  | 5,162 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of employees - headcount |  |  | 8,824 |  |  |  | 3,548 |  |  |  | 3,135 |  |  |  | 2,837 |  |  |  | 6,344 |  |  |  | 1,464 |  |  |  | 390 |  |  |  | 26,543 |
Of which Aegon’s share of employees in joint ventures and associates |  |  | 559 |  |  |  | - |  |  |  | 58 |  |  |  | 86 |  |  |  | 5,983 |  |  |  | 168 |  |  |  | - |  |  |  | 6,854 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of employees - headcount |  |  | 10,951 |  |  |  | 3,089 |  |  |  | 3,435 |  |  |  | 2,947 |  |  |  | 6,025 |  |  |  | 1,500 |  |  |  | 371 |  |  |  | 28,318 |
Of which Aegon’s share of employees in joint ventures and associates |  |  | 549 |  |  |  | - |  |  |  | - |  |  |  | 83 |  |  |  | 5,702 |  |  |  | 163 |  |  |  | - |  |  |  | 6,497 |
Summarized assets and liabilities per segment |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash equivalents |  |  | 822 |  |  |  | 9,627 |  |  |  | 305 |  |  |  | 152 |  |  |  | 91 |  |  |  | 166 |  |  |  | 1,100 |  |  |  | - |  |  |  | 12,263 |
Investments |  |  | 75,076 |  |  |  | 59,983 |  |  |  | 2,034 |  |  |  | 1,711 |  |  |  | 6,662 |  |  |  | 266 |  |  |  | 244 |  |  |  | - |  |  |  | 145,976 |
Investments for account of policyholders |  |  | 107,963 |  |  |  | 25,491 |  |  |  | 91,848 |  |  |  | 994 |  |  |  | 82 |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 226,374 |
Investments in joint ventures |  |  | - |  |  |  | 1,159 |  |  |  | - |  |  |  | 476 |  |  |  | 192 |  |  |  | 153 |  |  |  | 3 |  |  |  | - |  |  |  | 1,983 |
Investments in associates |  |  | 79 |  |  |  | 106 |  |  |  | 9 |  |  |  | - |  |  |  | 28 |  |  |  | 129 |  |  |  | 21 |  |  |  | (10 | ) |  |  | 363 |
Deferred expenses |  |  | 8,999 |  |  |  | 360 |  |  |  | 913 |  |  |  | 45 |  |  |  | 487 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,804 |
Other assets |  |  | 27,078 |  |  |  | 11,996 |  |  |  | 2,546 |  |  |  | 271 |  |  |  | 1,905 |  |  |  | 126 |  |  |  | 31,511 |  |  |  | (32,848 | ) |  |  | 42,585 |
Total assets |  |  | 220,017 |  |  |  | 108,722 |  |  |  | 97,655 |  |  |  | 3,648 |  |  |  | 9,448 |  |  |  | 840 |  |  |  | 32,879 |  |  |  | (32,862 | ) |  |  | 440,348 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  |  | 73,784 |  |  |  | 40,554 |  |  |  | 1,518 |  |  |  | 1,411 |  |  |  | 7,825 |  |  |  | - |  |  |  | 17 |  |  |  | (1,655 | ) |  |  | 123,454 |
Insurance contracts for account of policyholders |  |  | 77,988 |  |  |  | 25,328 |  |  |  | 31,559 |  |  |  | 815 |  |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 135,710 |
Investment contracts |  |  | 6,662 |  |  |  | 11,716 |  |  |  | 211 |  |  |  | 2 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,594 |
Investment contracts for account of policyholders |  |  | 29,976 |  |  |  | 2,301 |  |  |  | 61,305 |  |  |  | 181 |  |  |  | 62 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 93,826 |
Other liabilities |  |  | 15,468 |  |  |  | 22,636 |  |  |  | 1,459 |  |  |  | 323 |  |  |  | 229 |  |  |  | 322 |  |  |  | 8,421 |  |  |  | (4,534 | ) |  |  | 44,324 |
Total liabilities |  |  | 203,877 |  |  |  | 102,535 |  |  |  | 96,052 |  |  |  | 2,733 |  |  |  | 8,138 |  |  |  | 322 |  |  |  | 8,438 |  |  |  | (6,189 | ) |  |  | 415,907 |
Summarized assets and liabilities per segment |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Total |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash equivalents |  |  | 683 |  |  |  | 6,004 |  |  |  | 315 |  |  |  | 148 |  |  |  | 90 |  |  |  | 213 |  |  |  | 1,290 |  |  |  | - |  |  |  | 8,744 |
Investments |  |  | 71,056 |  |  |  | 57,738 |  |  |  | 2,114 |  |  |  | 1,660 |  |  |  | 5,720 |  |  |  | 181 |  |  |  | 157 |  |  |  | - |  |  |  | 138,625 |
Investments for account of policyholders |  |  | 95,343 |  |  |  | 23,767 |  |  |  | 73,958 |  |  |  | 1,187 |  |  |  | 103 |  |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | 194,353 |
Investments in joint ventures |  |  | 1 |  |  |  | 1,001 |  |  |  | - |  |  |  | 472 |  |  |  | 152 |  |  |  | 119 |  |  |  | - |  |  |  | - |  |  |  | 1,745 |
Investments in associates |  |  | 72 |  |  |  | 85 |  |  |  | 8 |  |  |  | 5 |  |  |  | 17 |  |  |  | 131 |  |  |  | 8 |  |  |  | - |  |  |  | 327 |
Deferred expenses |  |  | 9,209 |  |  |  | 66 |  |  |  | 896 |  |  |  | 74 |  |  |  | 665 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,910 |
Other assets 1) |  |  | 27,782 |  |  |  | 7,421 |  |  |  | 1,893 |  |  |  | 272 |  |  |  | 1,907 |  |  |  | 123 |  |  |  | 27,258 |  |  |  | (28,727 | ) |  |  | 37,928 |
Total assets |  |  | 204,145 |  |  |  | 96,083 |  |  |  | 79,184 |  |  |  | 3,819 |  |  |  | 8,654 |  |  |  | 767 |  |  |  | 28,713 |  |  |  | (28,732 | ) |  |  | 392,632 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  |  | 71,584 |  |  |  | 34,878 |  |  |  | 1,435 |  |  |  | 1,339 |  |  |  | 7,726 |  |  |  | - |  |  |  | 15 |  |  |  | (1,648 | ) |  |  | 115,328 |
Insurance contracts for account of policyholders |  |  | 68,126 |  |  |  | 23,855 |  |  |  | 24,086 |  |  |  | 1,022 |  |  |  | 24 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 117,113 |
Investment contracts |  |  | 6,943 |  |  |  | 10,795 |  |  |  | 223 |  |  |  | 85 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,048 |
Investment contracts for account of policyholders |  |  | 27,217 |  |  |  | 2,101 |  |  |  | 50,532 |  |  |  | 169 |  |  |  | 79 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 80,097 |
Other liabilities |  |  | 17,055 |  |  |  | 17,499 |  |  |  | 1,047 |  |  |  | 400 |  |  |  | 67 |  |  |  | 293 |  |  |  | 6,156 |  |  |  | (3,012 | ) |  |  | 39,505 |
Total liabilities |  |  | 190,924 |  |  |  | 89,127 |  |  |  | 77,322 |  |  |  | 3,015 |  |  |  | 7,898 |  |  |  | 293 |  |  |  | 6,171 |  |  |  | (4,660 | ) |  |  | 370,091 |
1 | Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures.
Amounts included in the tables on investments are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting.
Investments |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares |  |  | 499 |  |  |  | 1,443 |  |  |  | 17 |  |  |  | 74 |  |  |  | 11 |  |  |  | 5 |  |  |  | 173 |  |  |  | - |  |  |  | 2,221 |
Debt securities |  |  | 54,970 |  |  |  | 22,773 |  |  |  | 1,055 |  |  |  | 1,497 |  |  |  | 6,465 |  |  |  | 93 |  |  |  | 1 |  |  |  | - |  |  |  | 86,853 |
Loans |  |  | 10,922 |  |  |  | 33,460 |  |  |  | - |  |  |  | 118 |  |  |  | 42 |  |  |  | - |  |  |  | 48 |  |  |  | - |  |  |  | 44,591 |
Other financial assets |  |  | 8,032 |  |  |  | 78 |  |  |  | 962 |  |  |  | 3 |  |  |  | 145 |  |  |  | 168 |  |  |  | 21 |  |  |  | - |  |  |  | 9,410 |
Investments in real estate |  |  | 653 |  |  |  | 2,229 |  |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,901 |
Investments general account |  |  | 75,076 |  |  |  | 59,983 |  |  |  | 2,034 |  |  |  | 1,711 |  |  |  | 6,662 |  |  |  | 266 |  |  |  | 244 |  |  |  | - |  |  |  | 145,976 |
Shares |  |  | - |  |  |  | 8,490 |  |  |  | 16,583 |  |  |  | 218 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 25,288 |
Debt securities |  |  | 877 |  |  |  | 11,652 |  |  |  | 8,043 |  |  |  | 173 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,744 |
Unconsolidated investment funds |  |  | 106,926 |  |  |  | 695 |  |  |  | 61,738 |  |  |  | 598 |  |  |  | 82 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 170,039 |
Other financial assets |  |  | 161 |  |  |  | 4,653 |  |  |  | 4,898 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,716 |
Investments in real estate |  |  | - |  |  |  | - |  |  |  | 586 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 586 |
Investments for account of policyholders |  |  | 107,963 |  |  |  | 25,491 |  |  |  | 91,848 |  |  |  | 994 |  |  |  | 82 |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | 226,374 |
Investments on balance sheet |  |  | 183,039 |  |  |  | 85,474 |  |  |  | 93,882 |  |  |  | 2,704 |  |  |  | 6,745 |  |  |  | 266 |  |  |  | 244 |  |  |  | (4 | ) |  |  | 372,350 |
Off-balance sheet investments third parties |  |  | 220,039 |  |  |  | 4,802 |  |  |  | 123,904 |  |  |  | 5,461 |  |  |  | 1,001 |  |  |  | 170,158 |  |  |  | - |  |  |  | (818 | ) |  |  | 524,547 |
Total revenue-generating investments |  |  | 403,078 |  |  |  | 90,276 |  |  |  | 217,786 |  |  |  | 8,166 |  |  |  | 7,746 |  |  |  | 170,424 |  |  |  | 244 |  |  |  | (822 | ) |  |  | 896,897 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 59,899 |  |  |  | 19,591 |  |  |  | 1,556 |  |  |  | 1,570 |  |  |  | 6,602 |  |  |  | 153 |  |  |  | 32 |  |  |  | - |  |  |  | 89,404 |
Loans |  |  | 10,922 |  |  |  | 33,460 |  |  |  | - |  |  |  | 118 |  |  |  | 42 |  |  |  | - |  |  |  | 48 |  |  |  | - |  |  |  | 44,591 |
Financial assets at fair value through profit or loss |  |  | 111,565 |  |  |  | 30,193 |  |  |  | 91,740 |  |  |  | 997 |  |  |  | 100 |  |  |  | 113 |  |  |  | 164 |  |  |  | (4 | ) |  |  | 234,867 |
Investments in real estate |  |  | 653 |  |  |  | 2,229 |  |  |  | 586 |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,487 |
Total investments on balance sheet |  |  | 183,039 |  |  |  | 85,474 |  |  |  | 93,882 |  |  |  | 2,704 |  |  |  | 6,745 |  |  |  | 266 |  |  |  | 244 |  |  |  | (4 | ) |  |  | 372,350 |
Investments in joint ventures |  |  | - |  |  |  | 1,159 |  |  |  | - |  |  |  | 476 |  |  |  | 192 |  |  |  | 153 |  |  |  | 3 |  |  |  | - |  |  |  | 1,983 |
Investments in associates |  |  | 79 |  |  |  | 106 |  |  |  | 9 |  |  |  | - |  |  |  | 28 |  |  |  | 129 |  |  |  | 21 |  |  |  | (10 | ) |  |  | 363 |
Other assets |  |  | 36,899 |  |  |  | 21,983 |  |  |  | 3,764 |  |  |  | 468 |  |  |  | 2,483 |  |  |  | 292 |  |  |  | 32,611 |  |  |  | (32,848 | ) |  |  | 65,652 |
Consolidated total assets |  |  | 220,017 |  |  |  | 108,722 |  |  |  | 97,655 |  |  |  | 3,648 |  |  |  | 9,448 |  |  |  | 840 |  |  |  | 32,879 |  |  |  | (32,862 | ) |  |  | 440,348 |
1 | Due to the announced divestment of Aegon’s 50% stake in the joint venture with Sony Life, Revenue Generating Investments of Japan are no longer included in 2019. Off-balance investments for Japan amount to EUR 2.3 billion per December 31, 2019.
Investments |  | Americas |  |  | The Netherlands |  |  | United Kingdom |  |  | Southern & Eastern Europe |  |  | Asia |  |  | Asset Management |  |  | Holding and other activities |  |  | Eliminations |  |  | Total |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares |  |  | 532 |  |  |  | 1,412 |  |  |  | 3 |  |  |  | 74 |  |  |  | 7 |  |  |  | 4 |  |  |  | 128 |  |  |  | - |  |  |  | 2,161 |
Debt securities |  |  | 51,681 |  |  |  | 21,586 |  |  |  | 1,005 |  |  |  | 1,417 |  |  |  | 5,526 |  |  |  | 36 |  |  |  | 3 |  |  |  | - |  |  |  | 81,253 |
Loans |  |  | 9,945 |  |  |  | 32,536 |  |  |  | - |  |  |  | 143 |  |  |  | 16 |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 42,653 |
Other financial assets |  |  | 8,367 |  |  |  | 54 |  |  |  | 1,105 |  |  |  | 5 |  |  |  | 170 |  |  |  | 142 |  |  |  | 14 |  |  |  | - |  |  |  | 9,858 |
Investments in real estate |  |  | 530 |  |  |  | 2,150 |  |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,700 |
Investments general account |  |  | 71,056 |  |  |  | 57,738 |  |  |  | 2,114 |  |  |  | 1,660 |  |  |  | 5,720 |  |  |  | 181 |  |  |  | 157 |  |  |  | - |  |  |  | 138,625 |
Shares |  |  | - |  |  |  | 7,403 |  |  |  | 13,044 |  |  |  | 198 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | 20,640 |
Debt securities |  |  | 1,716 |  |  |  | 11,283 |  |  |  | 7,259 |  |  |  | 183 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,441 |
Unconsolidated investment funds |  |  | 93,548 |  |  |  | 1,059 |  |  |  | 48,296 |  |  |  | 795 |  |  |  | 103 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 143,800 |
Other financial assets |  |  | 79 |  |  |  | 4,022 |  |  |  | 4,748 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,861 |
Investments in real estate |  |  | - |  |  |  | - |  |  |  | 612 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 612 |
Investments for account of policyholders |  |  | 95,343 |  |  |  | 23,767 |  |  |  | 73,958 |  |  |  | 1,187 |  |  |  | 103 |  |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | 194,353 |
Investments on balance sheet |  |  | 166,399 |  |  |  | 81,505 |  |  |  | 76,072 |  |  |  | 2,847 |  |  |  | 5,823 |  |  |  | 181 |  |  |  | 157 |  |  |  | (5 | ) |  |  | 332,979 |
Off-balance sheet investments third parties |  |  | 204,184 |  |  |  | 3,339 |  |  |  | 106,347 |  |  |  | 5,851 |  |  |  | 2,818 |  |  |  | 149,197 |  |  |  | - |  |  |  | (774 | ) |  |  | 470,963 |
Total revenue-generating investments |  |  | 370,583 |  |  |  | 84,844 |  |  |  | 182,419 |  |  |  | 8,698 |  |  |  | 8,641 |  |  |  | 149,378 |  |  |  | 157 |  |  |  | (778 | ) |  |  | 803,942 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 55,921 |  |  |  | 19,974 |  |  |  | 1,459 |  |  |  | 1,483 |  |  |  | 5,686 |  |  |  | 131 |  |  |  | 21 |  |  |  | - |  |  |  | 84,675 |
Loans |  |  | 9,945 |  |  |  | 32,536 |  |  |  | - |  |  |  | 143 |  |  |  | 16 |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 42,653 |
Financial assets at fair value through profit or loss |  |  | 100,002 |  |  |  | 26,846 |  |  |  | 74,001 |  |  |  | 1,200 |  |  |  | 121 |  |  |  | 50 |  |  |  | 123 |  |  |  | (5 | ) |  |  | 202,339 |
Investments in real estate |  |  | 530 |  |  |  | 2,150 |  |  |  | 612 |  |  |  | 21 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,312 |
Total investments on balance sheet |  |  | 166,399 |  |  |  | 81,505 |  |  |  | 76,072 |  |  |  | 2,847 |  |  |  | 5,823 |  |  |  | 181 |  |  |  | 157 |  |  |  | (5 | ) |  |  | 332,979 |
Investments in joint ventures |  |  | 1 |  |  |  | 1,001 |  |  |  | - |  |  |  | 472 |  |  |  | 152 |  |  |  | 119 |  |  |  | - |  |  |  | - |  |  |  | 1,745 |
Investments in associates |  |  | 72 |  |  |  | 85 |  |  |  | 8 |  |  |  | 5 |  |  |  | 17 |  |  |  | 131 |  |  |  | 8 |  |  |  | - |  |  |  | 327 |
Other assets 1) |  |  | 37,674 |  |  |  | 13,491 |  |  |  | 3,104 |  |  |  | 494 |  |  |  | 2,662 |  |  |  | 336 |  |  |  | 28,548 |  |  |  | (28,727 | ) |  |  | 57,582 |
Consolidated total assets |  |  | 204,145 |  |  |  | 96,083 |  |  |  | 79,184 |  |  |  | 3,819 |  |  |  | 8,654 |  |  |  | 767 |  |  |  | 28,713 |  |  |  | (28,732 | ) |  |  | 392,633 |
1 | Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures.

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