AEG Aegon Ltd

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d/16 of

the Securities Exchange Act of 1934

November 2022

AEGON N.V.

Aegonplein 50

2591 TV THE HAGUE

The Netherlands

Aegon’s condensed consolidated interim financial statements for the periods ended September 30, 2022, dated November 10, 2022, are included as appendix and incorporated herein by reference.

Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 Condensed consolidated interim financial statements

 Condensed consolidated income statement

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 Condensed consolidated statement of comprehensive income

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 Condensed consolidated statement of financial position

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

Condensed consolidated statement of changes in equity

 ¹ Please refer to the note on share capital for a breakdown.

 ² Issued capital and reserves attributable to owners of Aegon N.V.

Unaudited

Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

¹ Please refer to the note on share capital for a breakdown.

² Issued capital and reserves attributable to owners of Aegon N.V.

Unaudited

Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 Condensed consolidated cash flow statement

¹ Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 4,034 million (2021: EUR 3,910 million) dividends received EUR 1,457 million (2021: EUR 1,267 million) and interest paid EUR 114 million (2021: EUR 75 million). All included in operating activities except for dividend received from joint ventures and associates EUR 79 million (2021: EUR 80 million).

Unaudited

Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

Notes to the Condensed consolidated interim financial statements

Amounts are in EUR millions, unless otherwise stated.

Aegon N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law and recorded in the Commercial Register of The Hague under number 27076669 and with its registered address at Aegonplein 50, 2591 TV, The Hague, the Netherlands. Aegon N.V. serves as the holding company for the Aegon Group and has listings of its common shares in Amsterdam and New York.

Aegon N.V. (or ‘the Company’) and its subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, China, and Brazil) and one global asset manager. Headquarters are located in The Hague, the Netherlands. The Group employs almost 20,000 people worldwide.

1. Basis of presentation

The condensed consolidated interim financial statements as at, and for the three-month (‘3Q 2022’) and nine-month periods ended, September 30, 2022 (‘YTD 2022’), have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, as adopted by the European Union (hereafter ‘EU-IFRS’). They do not include all of the information required for a full set of financial statements prepared in accordance with EU-IFRS and should therefore be read together with the 2021 consolidated financial statements of Aegon N.V. as included in Aegon’s Integrated Annual Report for 2021. Aegon’s Integrated Annual Report for 2021 is available on its website (aegon.com).

The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements as at, and for the period ended, September 30, 2022, were approved by the Supervisory Board on November 9, 2022.

The condensed consolidated interim financial statements are presented in euro (EUR) and all values are rounded to the nearest million unless otherwise stated. The consequence is that the rounded amounts may not add up to the rounded total in all cases.

The published figures in these condensed consolidated interim financial statements are unaudited.

2. Significant accounting policies

All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2021 consolidated financial statements. New IFRS accounting standards and amendments that became effective on or after January 1, 2022 had no material impact on Aegon’s financial position or condensed consolidated interim financial statements (refer to paragraph 2.1).

2.1 New IFRS accounting standards effective from 2022

In 2022, the following amendments to existing standards issued by the IASB became effective:

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

2.2 Future adoption of new EU-IFRS accounting standards and amendments

For a complete overview of IFRS standards and amendments issued before January 1, 2022, which will be applied in future years and were not early adopted by the Group, please refer to Aegon’s Integrated Annual Report for 2021.

After January 1, 2022, the IASB issued the following amendment:

This amendment was not early adopted by Aegon and are not expected to have significant impact on Aegon’s financial position or condensed consolidated interim financial statements.

IFRS 17 - Insurance contracts

Aegon will adopt IFRS 17 ‘Insurance Contracts’, including any consequential amendments to other standards, with a date of initial application of January 1, 2023 and a transition date of January 1, 2022. Aegon will not use the optional exemption provided under EU-IFRS and will, instead, apply a quarterly cohort to all groups of contracts that are in scope of IFRS 17.

The Standard represents a fundamental change to current measurement and presentation of insurance and reinsurance contracts and the implementation effort is significant. An implementation project is being executed and finalization of methodology and policy choices is expected in the second half of 2022 which will also form the basis of parallel runs. The impact of the initial application on Aegon’s financial statements is expected to be significant. Aegon will communicate to the market, once results are reliable, final methodology and policy choices with related impact. Initial communication is expected in the fourth quarter of 2022. Aegon has scheduled an educational webinar on IFRS 17 on December 14, 2022.

2.3 Judgments and critical accounting estimates

Preparing the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions, including the likelihood, timing or amount of future transactions or events, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. These estimates are inherently subject to change and actual results could differ from those estimates.

Macro-economic context

In the first nine-month period of 2022, the Russian invasion of Ukraine caused a humanitarian crisis and also impacted global financial markets and caused significant economic turbulence. Aegon closely monitors financial and wider economic developments to understand our exposure to potential shocks in the markets where we invest, and Aegon work proactively to mitigate related risks. The inflation rates for the main economies that Aegon is exposed to increased significantly. As disclosed in our 2021 Integrated Annual Report, Aegon have implemented an inflation hedge covering liabilities with conditional indexation rights in the Netherlands to address the uncertainty around the rise in inflation. In the United States, the inflation risk within long-term care claims derives primarily from wage inflation, which Aegon mitigate by offering customers downgrades of the maximum daily benefit as an alternative to premium rate increases. In addition, Aegon’s expense savings program helps to mitigate the impact of rising inflation.

High inflation has prompted central banks to start raising interest rates significantly. As a consequence, interest rates have increased significantly in Aegon’s main markets compared to December 31, 2021. Equity markets in Aegon’s three main markets decreased in the first nine months of 2022 compared to an increase of equity markets in 2021. Additionally, credit spreads have widened compared to December 31, 2021 and affected Aegon’s results negatively.

Uncertainty resulting from COVID-19

In the first nine-month period of 2022 the COVID-19 pandemic continued to cause disruption to business, markets, and the industry. Progress on vaccinations has reduced the spread of COVID-19 and will likely continue to reduce the effects of the public health crisis on the economy. However, the pace of vaccinations has slowed down, and new strains of the virus and reduced availability of healthcare remain risks.

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

In the first nine-month period of 2022 Aegon’s operating result in the Americas was impacted by EUR 133 million of adverse mortality in Life, of which EUR 98 million (first nine-month period of 2021: EUR 171 million) of claims are directly attributable to COVID-19 as the cause of death. This was offset by favorable morbidity experience in Accident & Health and is mostly related to Long-Term Care insurance with higher claims terminations due to higher mortality and discharges from care facilities. In the first nine-month period of 2022, Aegon continued to observe positive morbidity in Long-Term Care, but less favorable when compared to prior year. As a consequence, in the first nine-month period of 2022, Aegon released the remaining Long-Term Care incurred but not reported (IBNR) reserve established during the peak of the pandemic.

Actuarial and economic assumptions

In the first nine-month period of 2022, Aegon implemented actuarial assumption and model updates in the Americas resulting in a net EUR 336 million charge to result before tax (first nine-month period of 2021: EUR 46 million charge). The adverse impact in 2022 is mainly driven by charges from reinsurance rate increases (EUR 197 million) and various actuarial assumption updates (EUR 137 million). The latter mainly related to updated policyholder behavior and mortality assumptions in Individual Life.

Sensitivities

Sensitivities in the Netherlands

At September 30, 2022, the liability adequacy test (LAT) of Aegon the Netherlands resulted in a LAT surplus of EUR 0.4 billion, compared to a net LAT deficit of EUR 2.2 billion at December 31, 2021. The LAT assesses the adequacy of the insurance liabilities by comparing the IFRS book value to their fair value. Aegon the Netherlands adjusts the outcome of the LAT for certain unrealized gains in the bond portfolio and certain differences between the fair value and the book value of assets measured at amortized cost, mainly residential mortgages. Please also refer to Note 2.19f Liability adequacy testing of Aegon’s 2021 Integrated Annual Report for further details on the accounting policy. Given the LAT surplus, Aegon the Netherlands returns to the IFRS 4 insurance liabilities at historic contractual interest rates.

The improvement of the LAT position is driven by market movements, mainly by increased interest rates and widening credit spreads. The maximum amount related to the LAT improvement recorded in the income statement is capped and is equal to the net LAT deficit position per December 31, 2021, in line with the accounting policy. The net LAT deficit per December 31, 2021 was EUR 2.2 billion and is reversed through the income statement for the nine-month period ended September 30, 2022, as part of benefits and expenses.

Sensitivities of Aegon the Netherlands, to interest rates and mortgage spread assumptions, have significantly changed compared to the sensitivities as reported in the 2021 Aegon’s Integrated Annual Report, following the improvements in the LAT position per September 30, 2022 compared to December 31, 2021.

An increase of 100 bps in interest rates would result in a further improvement of the LAT surplus, but would not be recorded in the income statement (December 31, 2021: EUR 1.3 billion). However, Aegon the Netherlands hedges on an economic basis and an increase of 100 bps in interest rates would adversely impact the net result by EUR 0.4 billion, mainly explained by the decrease in value of interest derivatives. A decrease of 100 bps in interest rates would result in a decrease in the LAT outcome of approximately EUR 2.3 billion (December 31, 2021: EUR 4.3 billion), resulting in an adverse impact on net result of EUR 0.6 billion after taking into account the absorption of the LAT surplus, revaluation reserve available for shadow loss accounting and the impact of interest derivatives.

A decrease of 50 bps in mortgage spread would not impact result before tax, as the LAT is in a surplus position (December 31, 2021: EUR 0.6 billion positive impact on the LAT position). An increase of 50 bps would result in a decrease in LAT position of approximately EUR 0.4 billion (December 31, 2021: EUR 0.5 billion), resulting in an adverse impact on result before tax of EUR 0.1 billion after taking into account the absorption of the LAT surplus and revaluation reserve available for shadow loss accounting.

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

2.4 Other

Taxes

Taxes on income for the nine-month period ended September 30, 2022, are calculated using the tax rate that is estimated to be applicable to earnings for the full year.

Exchange rates

Assets and liabilities of foreign operations are translated to the presentation currency at the closing rates on the reporting date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date, if more appropriate. The following exchange rates (most relevant rates to Aegon) are applied for the condensed consolidated interim financial statements:

Closing exchange rates

Weighted average exchange rates

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

3. Segment information

3.1 Segment results