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Capital management and solvency (Tables) | 12 Months Ended
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Dec. 31, 2019
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Summary of Composition of Available Own Funds Across Tiers | The below table provides the composition of Aegon’s available own funds across Tiers:
Available own funds |  | December 31, 2019 Available own funds |  |  | December 31, 2018 Available own funds |
Unrestricted Tier 1 |  |  | 12,724 |  |  |  | 12,204 |
Restricted Tier 1 |  |  | 2,614 |  |  |  | 3,406 |
Tier 2 |  |  | 2,370 |  |  |  | 1,487 |
Tier 3 |  |  | 762 |  |  |  | 505 |
Total available own funds |  |  | 18,470 |  |  |  | 17,602 |
Summary of Equity Compares to Solvency II Own Funds | IFRS equity compares to Solvency II own funds as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Shareholders’ Equity |  |  | 21,850 |  |  |  | 19,200 |
IFRS adjustments for Other Equity instruments and non controlling interests |  |  | 2,591 |  |  |  | 3,342 |
Group Equity |  |  | 24,441 |  |  |  | 22,542 |
Solvency II revaluations & reclassifications |  |  | (7,607 | ) |  |  | (6,593 | )
Transferability restrictions 1) |  |  | (1,973 | ) |  |  | (1,884 | )
Excess of Assets over Liabilities |  |  | 14,861 |  |  |  | 14,065 |
Availability adjustments |  |  | 4,446 |  |  |  | 4,326 |
Fungibility adjustments 2) |  |  | (838 | ) |  |  | (789 | )
Available own funds |  |  | 18,470 |  |  |  | 17,602 |
1 | This includes the transferability restriction related to the RBC CAL conversion methodology.
2 | Amongst others, this contains the exclusion of Aegon Bank.
Summary of Composition of Total Capitalization and Calculation of Gross Financial Leverage Ratio | The following table shows the composition of Aegon’s total capitalization, the calculation of the gross financial leverage ratio and its fixed charge coverage:
|  | Note |  |  | 2019 |  |  | 2018
Total shareholders’ equity - based on IFRS as adopted by the EU |  |  | 2 |  |  |  | 22,457 |  |  |  | 19,518 |
Non-controlling interests and Long Term Incentive Plans not yet vested |  |  | 31, SOFP 2) |  |  |  | 73 |  |  |  | 80 |
Revaluation reserves |  |  | 30 |  |  |  | (5,868 | ) |  |  | (3,436 | )
Adjusted shareholders’ equity |  |  |  |  |  |  | 16,662 |  |  |  | 16,162 |
Perpetual contingent convertible securities |  |  | 31 |  |  |  | 500 |  |  |  | - |
Junior perpetual capital securities |  |  | 31 |  |  |  | 1,564 |  |  |  | 2,808 |
Perpetual cumulative subordinated bonds |  |  | 31 |  |  |  | 454 |  |  |  | 454 |
Fixed floating subordinated notes |  |  | 32 |  |  |  | 1,404 |  |  |  | 1,389 |
Fixed subordinated notes |  |  | 32 |  |  |  | 804 |  |  |  | - |
Trust pass-through securities |  |  | 33 |  |  |  | 136 |  |  |  | 133 |
Currency revaluation other equity instruments 1) |  |  |  |  |  |  | 54 |  |  |  | 110 |
Hybrid leverage |  |  |  |  |  |  | 4,916 |  |  |  | 4,895 |
Senior debt 3) |  |  | 37 |  |  |  | 1,738 |  |  |  | 1,774 |
Senior leverage |  |  |  |  |  |  | 1,738 |  |  |  | 1,774 |
Total gross financial leverage |  |  |  |  |  |  | 6,653 |  |  |  | 6,669 |
Total capitalization |  |  |  |  |  |  | 23,316 |  |  |  | 22,831 |
Gross financial leverage ratio 4) |  |  |  |  |  |  | 28.5% |  |  |  | 29.2% |
Fixed Charge Coverage |  |  |  |  |  |  | 7.7x |  |  |  | 8.2x |
1 | Other equity instruments that are denominated in foreign currencies are, for purpose of calculating hybrid leverage, revalued to the period-end exchange rate.
2 | Non-controlling interests are disclosed in the statement of financial position.
3 | Senior debt for the gross financial leverage calculation also contains swaps for an amount of EUR (7) million (2018: EUR (1) million).
4 | To align closer to definitions used by peers and rating agencies, Aegon has retrospectively changed the definition of adjusted shareholders’ equity used in calculating the gross financial leverage ratio. Shareholders’ equity will no longer be adjusted for the remeasurement of defined benefit plans. All figures, including comparatives, are based on the new definition, unless stated otherwise.
Schedule of Total Distributable Items | The following table shows the composition of the total distributable items:
Distributable items 1) |  | 2019 |  |  | 2018 |
Equity attributable to shareholders based on IFRS as adopted by the EU |  |  | 22,457 |  |  |  | 19,518 |
Non-distributable items: |  |  |  |  |  |  |  |
Share capital |  |  | (323 | ) |  |  | (322 | )
Legal reserves 2) |  |  | (8,565 | ) |  |  | (5,890 | )
At December 31 |  |  | 13,569 |  |  |  | 13,307 |
1 | Distributable items under Dutch law; note that Solvency II ratios also possibly restricts the distribution of dividends.
2 | The legal reserves in respect of the foreign currency translation reserve (FCTR), group companies and the positive revaluations in the revaluation reserves, cannot be freely distributed.

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