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Segment information

12 Months Ended

Dec. 31, 2019

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.