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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


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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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

AEGON N.V.

    (Registrant)
Date: November 10, 2022     By  

/s/ J.H.P.M. van Rossum

      J.H.P.M. van Rossum
      Executive Vice President and Head of Corporate Financial Center


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Table of Contents

Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

Table of contents

 

Condensed Consolidated Interim Financial Statements

     2  

Condensed consolidated income statement

     2  

Condensed consolidated statement of comprehensive income

     3  

Condensed consolidated statement of financial position

     4  

Condensed consolidated statement of changes in equity

     5  

Condensed consolidated cash flow statement

     7  

Notes to the condensed consolidated interim financial statements

     8  

 

 

 

 

Unaudited

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

 Condensed consolidated interim financial statements

 Condensed consolidated income statement

 

           
                                                    
     
EUR millions      Notes        3Q
2022
       3Q
2021
       YTD
2022
       YTD
2021
 
     

Premium income

       4          3,651          3,662          11,184          11,529  
     

Investment income

       5          1,780          1,440          5,709          5,174  
     

Fee and commission income

            722          708          2,154          2,036  
     

Other revenues

                  -          6          1          10  
     

Total revenues

            6,154          5,816          19,048          18,749  
     

Income from reinsurance ceded

            786          916          2,274          2,602  
     

Results from financial transactions

       6          (9,465)          1,012          (53,733)          14,193  
     

Other income

       7          5          2          313          43  
     

Total income

            (2,519)          7,747          (32,099)          35,587  
     

Benefits and expenses

       8          (2,267)          7,876          (31,776)          34,145  
     

Impairment charges / (reversals)

            (5)          12          50          15  
     

Interest charges and related fees

            117          87          297          254  
     

Other charges

                  (2)          (4)          (5)          54  
     

Total charges

            (2,156)          7,971          (31,434)          34,468  
     

Share in profit / (loss) of joint ventures

            55          64          200          201  
     

Share in profit / (loss) of associates

                  (11)          35          65          48  
     

Result before tax

            (319)          (124)          (400)          1,367  
     

Income tax (expense) / benefit

       9          113          65          259          (192)  
     

Net result

            (206)          (60)          (141)          1,175  
     

Net result attributable to:

                            
     

Owners of Aegon N.V.

            (200)          (79)          (181)          1,147  
     

Non-controlling interests

                  (6)          19          39          28  
                                                        
     

Earnings per share (EUR per share)

       13                          
     

Basic earnings per common share

            (0.10)          (0.04)          (0.10)          0.54  
     

Basic earnings per common share B

            -          -          -          0.01  
     

Diluted earnings per common share

            (0.10)          (0.04)          (0.10)          0.54  
     

Diluted earnings per common share B

                  -          -          -          0.01  

 

Unaudited

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

 Condensed consolidated statement of comprehensive income

 

           
                                                    
     
EUR millions      Notes        3Q
2022
       3Q
2021
       YTD
2022
       YTD
2021
 
     

Net result

            (206)          (60)          (141)          1,175  
     

Other comprehensive income:

                            
     

Items that will not be reclassified to profit or loss:

                            
     

Changes in revaluation reserve real estate held for own use

            -          1          -          1  
     

Remeasurements of defined benefit plans

            (87)          140          882          623  
     

Income tax relating to items that will not be reclassified

            16          (30)          (240)          (145)  
     

Items that may be reclassified subsequently to profit or loss:

                            
     

Gains / (losses) on revaluation of available-for-sale investments

            (5,065)          (66)          (16,264)          (1,416)  
     

Gains / (losses) transferred to the income statement on disposal and impairment of available-for-sale investments

            134          (115)          327          (333)  
     

Changes in cash flow hedging reserve

            33          (74)          (98)          (143)  
     

Movement in foreign currency translation and net foreign investment hedging reserve

            473          344          1,422          891  
     

Equity movements of joint ventures

            1          19          (40)          18  
     

Equity movements of associates

            10          2          2          (4)  
     

Disposal of group assets

            -          11          176          8  
     

Income tax relating to items that may be reclassified

            1,067          46          3,466          403  
     

Other

                  (4)          (10)          1          8  
     

Total other comprehensive income / (loss) for the period

            (3,422)          266          (10,366)          (90)  
     

Total comprehensive income / (loss)

                  (3,629)          207          (10,507)          1,085  
     

Total comprehensive income / (loss) attributable to:

                            
     

Owners of Aegon N.V.

            (3,634)          180          (10,575)          1,050  
     

Non-controlling interests

                  5          26          68          36  

 

Unaudited

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

 Condensed consolidated statement of financial position

 

       
                            
   
EUR millions    Notes      September 30, 2022      December 31, 2021  
   

Assets

          
   

Cash and cash equivalents

        8,052        6,889  
   

Investments

     10        138,843        158,463  
   

Investments for account of policyholders

     11        207,004        250,953  
   

Derivatives

        13,239        8,827  
   

Investments in joint ventures

        1,906        1,743  
   

Investments in associates

        1,325        1,289  
   

Reinsurance assets

        23,299        20,992  
   

Deferred expenses

        14,105        10,503  
   

Other assets and receivables

        15,221        7,892  
   

Intangible assets

              1,512        1,333  
   

Total assets

        424,507        468,884  
   

Equity and liabilities

          
   

Shareholders’ equity

        13,212        24,282  
   

Other equity instruments

     14        1,932        2,363  
   

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

        15,145        26,645  
   

Non-controlling interests

              201        196  
   

Group equity

        15,345        26,841  
   

Subordinated borrowings

        2,437        2,194  
   

Trust pass-through securities

        130        126  
   

Insurance contracts

        127,506        124,422  
   

Insurance contracts for account of policyholders

        123,353        149,323  
   

Investment contracts

        23,938        21,767  
   

Investment contracts for account of policyholders

        86,302        104,592  
   

Derivatives

        19,004        10,639  
   

Borrowings

     15        9,628        9,661  
   

Other liabilities

              16,864        19,321  
   

Total liabilities

        409,161        442,044  
   

Total equity and liabilities

              424,507        468,884  

 

Unaudited

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

Condensed consolidated statement of changes in equity

 

 
For the period ended September 30, 2022  
   
EUR millions   Share
capital 1
   

Retained

earnings

   

Revaluation

reserves

   

Re-

measurement

of defined
benefit plans

    Other
reserves
    Other equity
instruments
    Issued
capital
and
reserves2
   

Non-

controlling
interests

    Total  
     

Nine months ended September 30, 2022

                   
     

At beginning of year

    7,354       12,362       6,442       (2,199)       325       2,363       26,645       196       26,841  
     

Net result recognized in the income statement

    -       (181)       -       -       -       -       (181)       39       (141)  
     

Other comprehensive income:

                   
     

Items that will not be reclassified to profit or loss:

                   
     

Changes in revaluation reserve real estate held for own use

    -       18       (18)       -       -       -       -       -       -  
     

Remeasurements of defined benefit plans

    -       -       -       882       -       -       882       -       882  
     

Income tax relating to items that will not be reclassified

    -       -       -       (240)       -       -       (240)       -       (240)  
     

Items that may be reclassified subsequently to profit or loss:

                   
     

Gains / (losses) on revaluation of available-for-sale investments

    -       -       (16,264)       -       -       -       (16,264)       -       (16,264)  
     

Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments

    -       -       327       -       -       -       327       -       327  
     

Changes in cash flow hedging reserve

    -       -       (98)       -       -       -       (98)       -       (98)  
     

Movement in foreign currency translation and net foreign investment hedging reserves

    -       -       (67)       (73)       1,536       -       1,395       27       1,422  
     

Equity movements of joint ventures

    -       -       -       -       (40)       -       (40)       -       (40)  
     

Equity movements of associates

    -       -       -       -       2       -       2       -       2  
     

Disposal of group assets

    -       -       15       -       161       -       176       -       176  
     

Income tax relating to items that may be reclassified

    -       -       3,490       -       (24)       -       3,466       -       3,466  
     

Other

    -       1       -       -       -       -       1       -       1  
                   

Total other comprehensive income

    -       19       (12,615)       569       1,634       -       (10,393)       27       (10,366)  
                     
                   

Total comprehensive income / (loss) for 2022

    -       (162)       (12,615)       569       1,634       -       (10,574)       66       (10,507)  
     

Shares issued

    (2)       -       -       -       -       -       (2)       -       (2)  
     

Issuance and purchase of (treasury) shares

    -       (153)       -       -       -       -       (153)       -       (153)  
     

Dividend paid on common shares

    (180)       (167)       -       -       -       -       (346)         (346)  
     

Coupons on perpetual securities

    -       (20)       -       -       -       -       (20)       -       (20)  
     

Redemption other equity instruments

    -       32       -       -       -       (429)       (397)       -       (397)  
     

Incentive plans

    -       (5)       -       -       -       (1)       (6)       -       (6)  
     

Change in ownership non-controlling interest

    -       -       -       -       -       -       -       (63)       (63)  
                   

At end of period

    7,172       11,885       (6,173)       (1,631)       1,959       1,932       15,145       201       15,345  

 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

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

                   
For the period ended September 30, 2021                                                      
                   
EUR millions  

Share

capital 1

   

Retained

earnings

   

Revaluation

reserves

   

Re-

measurement

of defined

benefit plans

   

Other

reserves

   

Other equity

instruments

   

Issued

capital

and

reserves2

   

Non-

controlling

interests

    Total  
     

Nine months ended September 30, 2021

                   
     

At beginning of year

    7,480       10,943       7,480       (2,534)       (554)       2,569       25,384       75       25,459  
     

Net result recognized in the income statement

    -       1,147       -       -       -       -       1,147       28       1,175  
     

Other comprehensive income:

                   

Items that will not be reclassified to profit or loss:

                   
     

Changes in revaluation reserve real estate held for own use

    -       -       1       -       -       -       1       -       1  
     

Remeasurements of defined benefit plans

    -       -       -       623       -       -       623       -       623  
     

Income tax relating to items that will not be reclassified

    -       -       -       (145)       -       -       (145)       -       (145)  
     

Items that may be reclassified subsequently to profit or loss:

                   
     

Gains / (losses) on revaluation of available-for-sale investments

    -       -       (1,416)       -       -       -       (1,416)       -       (1,416)  
     

Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments

    -       -       (333)       -       -       -       (333)       -       (333)  
     

Changes in cash flow hedging reserve

    -       -       (143)       -       -       -       (143)       -       (143)  
     

Movement in foreign currency translation and net foreign investment hedging reserves

    -       -       322       (48)       611       -       885       6       891  
     

Equity movements of joint ventures

    -       -       -       -       18       -       18       -       18  
     

Equity movements of associates

    -       -       -       -       (4)       -       (4)       -       (4)  
     

Disposal of group assets

    -       -       -       -       8       -       8       -       8  
     

Income tax relating to items that may be reclassified

    -       -       402       -       1       -       403       -       403  

Other

    -       7       -       -       -       -       7       1       8  
                   

Total other comprehensive income

    -       7       (1,167)       429       634       -       (97)       7       (90)  
     
                     
                   

Total comprehensive income / (loss) for 2021

    -       1,154       (1,167)       429       634       -       1,050       36       1,085  
     

Shares issued

    1       -       -       -       -       -       1       -       1  
     

Shares withdrawn

    -       1       -       -       -       -       1       -       1  
     

Issuance and purchase of (treasury) shares

    -       10       -       -       -       -       10       -       10  
     

Dividends paid on common shares

    (127)       (120)       -       -       -       -       (247)       -       (247)  
     

Redemption other equity instruments

    -       (1)       -       -       -       (212)       (213)       -       (213)  
     

Coupons on perpetual securities

    -       (26)       -       -       -       -       (26)       -       (26)  
     

Incentive plans

    -       -       -       -       -       (4)       (4)       -       (4)  
     

Change in ownership non-controlling interest

    -       -       -       -       -       -       -       66       66  
                   

At end of period

    7,354       11,962       6,313       (2,105)       80       2,352       25,955       177       26,132  

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

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

 Condensed consolidated cash flow statement

 

     
                  
   
EUR millions   

YTD

2022

    

YTD

2021

 
   
Result before tax      (400)        1,367  
   
Results from financial transactions      54,509        (15,423)  
   
Amortization and depreciation      821        1,031  
   
Impairment losses      31        6  
   
Income from joint ventures      (200)        (201)  
   
Income from associates      (65)        (48)  
   
Release of cash flow hedging reserve      (92)        (78)  
   
Other      (114)        161  
Adjustments of non-cash items      54,890                            (14,552)  
   
Insurance and investment liabilities      (4,303)        (1,417)  
   
Insurance and investment liabilities for account of policyholders      (52,284)        7,821  
   
Accrued expenses and other liabilities      (325)        (910)  
   
Accrued income and prepayments      (1,908)        (355)  
Changes in accruals      (58,820)        5,140  
   
Purchase of investments (other than money market investments)      (15,380)        (27,726)  
   
Purchase of derivatives      (3,063)        (756)  
   
Disposal of investments (other than money market investments)      23,671        29,010  
   
Disposal of derivatives      (2,021)        76  
   
Net purchase of investments for account of policyholders      6,881        8,567  
   
Net change in cash collateral      (4,260)        (2,682)  
   
Net purchase of money market investments      358        (857)  
Cash flow movements on operating items not reflected in income      6,186        5,633  
   
Tax received / (paid)      (2)        32  
   
Other      95        15  
Net cash flows from operating activities      1,949        (2,364)  
   
Purchase of individual intangible assets (other than VOBA and future servicing rights)      (16)        (24)  
   
Purchase of equipment and real estate for own use      (58)        (45)  
   
Acquisition of subsidiaries, net of cash      (29)        -  
   
Acquisition joint ventures and associates      (56)        (72)  
   
Disposal of equipment      6        2  
   
Disposal of subsidiaries, net of cash      612        58  
   
Dividend received from joint ventures and associates      79        80  
Net cash flows from investing activities      538        -  
   
Purchase of treasury shares      (358)        (133)  
   
Proceeds from Trust pass-through securities, subordinated loans and borrowings      2,593        3,682  
   
Repayment of perpetuals      (429)        (212)  
   
Repayment of Trust pass-through securities, subordinated loans and borrowings      (3,021)        (2,900)  
   
Dividends paid      (167)        (120)  
   
Coupons on perpetual securities      (27)        (34)  
   
Payment of Right-of-use Assets      (36)        (44)  
   
Change in ownership non-controlling interests      (58)        66  
   
Other      (12)        -  
Net cash flows from financing activities      (1,515)        305  
Net increase / (decrease) in cash and cash equivalents 1      973        (2,060)  
   
Net cash and cash equivalents at the beginning of the reporting period      6,889        8,372  
   
Effects of changes in exchange rate      147        44  
     
Net cash and cash equivalents at the end of the reporting period      8,010        6,356  
     
Cash and cash equivalents      8,052        6,356  
Bank overdrafts classified as other liabilities      (42)        -  
Net cash and cash equivalents      8,010        6,356  

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).

 

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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:

 

¨  

IAS 37 Provisions, Contingent Liabilities and Contingent Assets;

 

¨  

IAS 16 Property, Plant and Equipment; and

 

¨  

IFRS 3 Business Combinations.

 

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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:

 

¨  

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases).

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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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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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

 

         
                  USD       GBP  
         

September 30, 2022

     1       EUR           1.9797           0.8776      
       

December 31, 2021

     1       EUR           1.1372           0.8396      

Weighted average exchange rates

 

         
                  USD       GBP  
         

Nine months ended September 30, 2022

     1       EUR           1.0639           0.8471      
       

Nine months ended September 30, 2021

     1       EUR           1.1964           0.8637      

 

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September 30, 2022

 

3. Segment information

3.1 Segment results

 

                     
EUR millions    Americas     The
Netherlands
    United
Kingdom
    International     Asset
management
    Holdings
and other
activities
    Eliminations     Segment
total
    Joint
ventures
and
associates
eliminations
    Consolidated  
     

Three months ended September 30, 2022

                        
     

Operating result geographically

     156       185       48       55       43       (58     -       429       (30     399  
     

Fair value items

     (503     34       (17     7       (1     (26     -       (506     13       (493
     

Realized gains / (losses) on investments

     (19     (108     -       (4     4       (1     -       (127     (2     (129
     

Impairment charges

     (2     3       (4     -       -       -       -       (3     -       (3
     

Impairment reversals

     8       6       -       -       -       -       -       15       -       15  
     

Non-operating items

     (516     (65     (21     3       3       (27     -       (622     11       (611
     

Other income / (charges)

     (25     (21     (16     1       (10     (36     -       (107     -       (107
     

Result before tax

     (385     99       11       59       36       (121     -       (300     (19     (319
     

Income tax (expense) / benefit

     97       (5     (1     (12     (11     27       -       94       19       113  
     

Net result

     (288     95       10       47       25       (95     -       (206     -       (206
     

Inter-segment operating result after tax

     (71     (24     (19     (6     48       72              
     

Revenues

                        
     

Life insurance gross premiums

     1,898       297       955       280       -       -       -       3,430       (228     3,201  
     

Accident and health insurance

     365       42       -       20       -       -       -       427       (13     414  
     

Property & casualty insurance

     -       36       -       42       -       -       -       78       (42     36  
     

Total gross premiums

     2,263       375       955       341       -       -       -       3,935       (283     3,651  
     

Investment income

     890       507       308       112       3       120       (120     1,819       (39     1,780  
     

Fee and commission income

     513       80       55       10       167       -       (47     777       (55     722  
     

Other revenues

     -       -       -       6       -       -       -       7       (7     -  
     

Total revenues

     3,666       962       1,317       470       170       120       (167     6,538       (384     6,154  
     

Inter-segment revenues

     -       -       -       -       47       119                                  

 

                     
EUR millions    Americas     The
Netherlands
    United
Kingdom
    International     Asset
management
    Holdings
and other
activities
    Eliminations     Segment
total
    Joint
ventures
and
associates
eliminations
    Consolidated  
     

Three months ended September 30, 2021

                        
     

Operating result geographically

     162       190       51       35       58       (52     (1     443       22       465  
     

Fair value items

     126       (261     13       (4     -       (4     -       (130     (38     (167
     

Realized gains / (losses) on investments

     56       72       -       4       -       -       -       132       (2     130  
     

Impairment charges

     (9     (3     -       1       -       (4     -       (15     (1     (16
     

Impairment reversals

     3       19       -       -       -       -       -       22       -       22  
     

Non-operating items

     177       (173     13       -       -       (8     -       9       (40     (31
     

Other income / (charges)

     (539     (2     (2     11       (6     (21     -       (559     -       (559
     

Result before tax

     (201     15       62       47       52       (81     (1     (107     (18     (124
     

Income tax (expense) / benefit

     71       (6     (13     (11     (15     20       -       47       18       65  
     

Net result

     (129     10       49       36       36       (61     (1     (60     -       (60
     

Inter-segment operating result after tax

     (5     (23     (26     (8     49       13              
     

Revenues

                        
     

Life insurance gross premiums

     1,730       304       1,042       308       -       -       -       3,384       (187     3,196  
     

Accident and health insurance

     315       39       -       21       -       -       -       375       (11     364  
     

Property & casualty insurance

     -       34       -       107       -       -       -       141       (39     101  
     

Total gross premiums

     2,045       377       1,042       436       -       -       -       3,899       (238     3,662  
     

Investment income

     745       485       141       90       3       62       (67     1,459       (19     1,440  
     

Fee and commission income

     481       83       60       15       183       -       (46     775       (67     708  
     

Other revenues

     -       -       -       4       1       6       -       11       (4     6  
     

Total revenues

     3,271       944       1,243       544       187       67       (113     6,144       (328     5,816  
                     

Inter-segment revenues

     -       4       -       -       46       63                                  

 

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September 30, 2022

 

                     
EUR millions    Americas    

The

Netherlands

   

United

Kingdom

    International    

Asset

management

   

Holdings

and other

activities

    Eliminations    

Segment

total

   

Joint

ventures

and

associates

eliminations

    Consolidated  
     

Nine months ended September 30, 2022

                        
     

Operating result geographically

     558       562       155       159       161       (165     -       1,430       9       1,439  
     

Fair value items

     (1,632     448       41       21       (4     (33     (6     (1,164     (74     (1,239
     

Realized gains / (losses) on investments

     (108     (177     2       (8     4       7       -       (280     (4     (283
     

Impairment charges

     (26     9       (12     (7     -       (18     -       (53     -       (53
     

Impairment reversals

     19       7       -       -       -       -       -       26       -       26  
     

Non-operating items

     (1,747     288       31       6       -       (44     (6     (1,472     (78     (1,549
     

Other income / (charges)

     (400     (8     (71     291       (30     (81     -       (299     9       (290
     

Result before tax

     (1,589     842       115       455       131       (290     (5     (341     (60     (400
     

Income tax (expense) / benefit

     392       (176     6       (37     (49     64       -       199       60       259  
     

Net result

     (1,197     666       121       418       82       (226     (5     (141     -       (141
     
Inter-segment operating result after tax    (209)     (72)     (57)     (18)     142     214                          
     

Revenues

                        
     

Life insurance gross premiums

     5,463       939       3,087       989       -       -       -       10,479       (774     9,705  
     

Accident and health insurance

     1,048       225       -       166       -       -       -       1,439       (67     1,372  
     

Property & casualty insurance

     -       107       -       136       -       -       -       244       (136     107  
     

Total gross premiums

     6,512       1,272       3,087       1,292       -       -       -       12,161       (978     11,184  
     

Investment income

     2,508       1,435       1,551       299       9       355       (360     5,796       (87     5,709  
     

Fee and commission income

     1,506       244       166       35       530       -       (140     2,341       (187     2,154  
     

Other revenues

     -       -       -       18       5       -       -       23       (22     1  
     

Total revenues

     10,526       2,951       4,803       1,644       544       355       (501     20,322       (1,274     19,048  
     

Inter-segment revenues

     1       3       -       -       140       357                                  

 

                     
EUR millions    Americas    

The

Netherlands

   

United

Kingdom

    International    

Asset

management

   

Holdings

and other

activities

    Eliminations    

Segment

total

   

Joint

ventures

and

associates

eliminations

    Consolidated  
     

Nine months ended September 30, 2021

 

                     
     

Operating result geographically

     606       560       135       98       204       (164     (1     1,436       (11     1,425  
     

Fair value items

     454       (81     (53     (7     (1     27       1       341       (56     285  
     

Realized gains / (losses) on investments

     227       88       -       7       2       1       -       325       (7     318  
     

Impairment charges

     (16     (5     -       -       -       (11     -       (31     (1     (32
     

Impairment reversals

     27       33       -       1       -       8       -       68       -       68  
     

Non-operating items

     692       35       (53     1       1       26       1       704       (63     640  
     

Other income / (charges)

     (757     124       4       40       (12     (110     -       (710     12       (698
     

Result before tax

     540       719       86       139       192       (247     -       1,429       (62     1,367  
     

Income tax (expense) / benefit

     (40     (178     (2     (29     (59     53       -       (254     62       (192
     

Net result

     500       541       84       110       134       (194     -       1,175       -       1,175  
     

Inter-segment operating result after tax

     (17     (69     (71     (25     142       39              
     

Revenues

                        
     

Life insurance gross premiums

     5,122       1,011       3,426       1,031       -       -       -       10,589       (625     9,964  
     

Accident and health insurance

     935       220       3       161       -       -       -       1,319       (56     1,263  
     

Property & casualty insurance

     -       102       -       322       -       -       -       424       (123     301  
     

Total gross premiums

     6,057       1,333       3,429       1,513       -       -       -       12,332       (803     11,529  
   

Investment income

     2,154       1,510       1,304       266       8       181       (195     5,228       (54     5,174  
     

Fee and commission income

     1,400       223       162       43       606       -       (135     2,299       (263     2,036  
     

Other revenues

     -       -       -       10       2       9       -       21       (10     10  
     

Total revenues

     9,611       3,066       4,896       1,832       616       190       (330     19,880       (1,131     18,749  
     

Inter-segment revenues

     1       10       -       -       135       185                                  

Aegon has changed the grouping of the operating segments included in the performance measure. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but reported in the International segment. The comparative figures in the tables above have been adjusted to reflect this change, enabling a like for like comparison. The adjustments include reclassifications from Americas to International for the three-month period ended, September 30, 2021 for an operating result of EUR -1 million, life insurance gross premiums of EUR 50 million and Other revenues of EUR 3 million. For the nine-month periods ended, September 30, 2021, the adjustments include reclassifications from Americas to International for an operating result of EUR 0 million, life insurance gross premiums of EUR 137 million and Other revenues of EUR 8 million. There is no impact on the consolidated numbers of Aegon.

Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies.

 

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

 3.2 Investments

 

                 
EUR Millions    Americas     

The

Netherlands

    

United

Kingdom

    International    

Asset

Management

   

Holding and

other

activities

    Eliminations     Total  

September 30, 2022

                      
     

Investments

                      
     

Shares

     422        1,622        24       10       8       1       -       2,086  
     

Debt securities

     52,221        15,457        776       6,554       12       -       -       75,022  
     

Loans

     13,473        35,023        -       54       -       38       -       48,587  
     

Other financial assets

     9,288        74        679       153       190       -       -       10,386  
     

Investments in real estate

     46        2,699        -       16       -       -       -       2,761  

Investments general account

     75,451        54,875        1,480       6,788       210       39       -       138,843  
     

Shares

     -        6,985        15,058       11       -       -       (3     22,051  
     

Debt securities

     -        9,223        5,651       18       -       -       -       14,892  
     

Unconsolidated investment funds

     99,256        557        62,768       421       -       -       -       163,001  
     

Other financial assets

     -        2,679        3,844       3       -       -       -       6,526  
     

Investments in real estate

     -        -        534       -       -       -       -       534  
     

Investments for account of policyholders

     99,256        19,444        87,854       453       -       -       (3             207,004  
     

Investments on balance sheet

     174,707        74,320        89,334       7,240       210       39       (3     345,847  
     

Off balance sheet investments third parties

     228,049        6,967        119,997       3,894       148,427       -       -       507,334  
     

Total revenue generating investments

     402,755        81,287        209,331       11,135       148,637       39       (3     853,181  
     

Investments

                      
     

Available-for-sale

     57,453        14,435        1,000       6,706       172       -       -       79,767  
     

Loans

     13,473        35,023        -       54       -       38       -       48,587  
     

Financial assets at fair value through profit or loss

     103,734        22,164        87,800       464       38       1       (3     214,198  
     

Investments in real estate

     46        2,699        534       16       -       -       -       3,295  
     

Total investments on balance sheet

     174,707        74,320        89,334       7,240       210       39       (3     345,847  
     

Investments in joint ventures

     -        377        -       1,063       467       (1     -       1,906  
     

Investments in associates

     -        1,173        -       23       128       10       (8     1,325  
     

Other assets

     46,793        19,711        4,337       3,657       424       22,874       (22,368     75,428  

Consolidated total assets

     221,499        95,581        93,671       11,984       1,229       22,922       (22,380     424,507  

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

                 
EUR Millions    Americas     

The

Netherlands

    

United

      Kingdom

     International     

Asset

Management

    

Holding and

other
activities

     Eliminations     Total  
     

December 31, 2021

                          
     

Investments

                          
     

Shares

     493        1,410        29        72        9        1        -       2,015  
     

Debt securities

     61,014        26,951        1,159        8,060        11        -        -       97,195  
     

Loans

     11,352        35,990        -        93        -        20        -       47,455  
     

Other financial assets

     8,040        79        687        73        276        -        -       9,155  
     

Investments in real estate

     39        2,588        -        16        -        -        -       2,643  
     

Investments general account

     80,938        67,017        1,876        8,315        296        21        -       158,463  
     

Shares

     -        9,078        20,221        243        -        -        (4     29,539  
     

Debt securities

     -        12,044        7,649        128        -        -        -       19,821  
     

Unconsolidated investment funds

     115,596        1,059        74,698        597        -        -        -       191,950  
     

Other financial assets

     -        3,493        5,581        6        -        -        -       9,080  
     

Investments in real estate

     -        -        563        -        -        -        -       563  
     

Investments for account of policyholders

     115,596        25,673        108,713        974        -        -        (4     250,953  
     

Investments on balance sheet

     196,534        92,690        110,589        9,288        296        21        (4     409,416  
     

Off balance sheet investments third parties

     239,566        7,711        151,097        2,982        212,779        -        -       614,136  
     

Total revenue generating investments

     436,100        100,402        261,687        12,270        213,076        21        (4     1,023,552  
     

Investments

                          
     

Available-for-sale

     65,694        24,443        1,299        8,191        257        -        -       99,884  
     

Loans

     11,352        35,990        -        93        -        20        -       47,455  
     

Financial assets at fair value through profit or loss

     119,450        29,669        108,727        987        40        1        (4     258,871  
     

Investments in real estate

     39        2,588        563        16        -        -        -       3,206  
     

Total investments on balance sheet

     196,534        92,690        110,589        9,288        296        21        (4     409,416  
     

Investments in joint ventures

     56        343        -        936        368        39        -       1,743  
     

Investments in associates

     -        1,103        9        18        151        20        (12     1,289  
     

Other assets

     37,447        13,271        3,160        2,736        510        33,444        (34,133     56,436  
     

Consolidated total assets

     234,037        107,408        113,758        12,979        1,326        33,525        (34,149     468,884  

Amounts included in the tables on investments are presented on an EU-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.

As per January 1, 2022, MAG Seguros is no longer reported within the Americas segment, but is reported in the International segment. This change is applied prospectively in the investments overview.

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

4. Premium income and premiums paid to reinsurers

 

                                  
     
EUR millions   

3Q

2022

    

3Q

2021

    

YTD

2022

    

YTD

2021

 
     
Premium income                
     
Life insurance              3,201                3,196        9,705        9,964  
     
Non-life insurance      450        466        1,479        1,565  
     
Total premium income      3,651        3,662                11,184                11,529  
     
Accident and health insurance      414        364        1,372        1,263  
     
Property & casualty insurance      36        101        107        301  
     
Non- life Insurance premium income      450        466        1,479        1,565  
     
Premiums paid to reinsurers 1                
     
Life insurance      532        510        1,566        1,574  
     
Non-life insurance      52        50        149        143  
     
Total premiums paid to reinsurers      584        559        1,716        1,718  
     
Accident and health insurance      46        43        133        123  
     
Property & casualty insurance      6        7        16        20  
     
Non- life Insurance paid to reinsurers      52        50        149        143  
    1 

Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses.

5. Investment income

 

                                  
     
EUR millions   

3Q

2022

    

3Q

2021

    

YTD

2022

    

YTD

2021

 
     
Interest income              1,528                1,309                4,233                3,908  
     
Dividend income      223        106        1,387        1,192  
     
Rental income      29        25        89        74  
     
Total investment income      1,780        1,440        5,709        5,174  
     
Investment income related to general account      1,411        1,228        3,910        3,617  
     
Investment income for account of policyholders      369        212        1,799        1,557  
     
Total      1,780        1,440        5,709        5,174  

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

6. Results from financial transactions

 

         
                               
     
      3Q     3Q     YTD     YTD  
EUR millions    2022     2021             2022             2021  
     

Net fair value change of general account financial investments at FVTPL other than derivatives

     42       268       353       636  
     
Realized gains /(losses) on financial investments      (130     134       (297     343  
     
Gains /(losses) on investments in real estate      (41     70       98       110  
     
Net fair value change of derivatives      (1,063     (355     (5,401     (1,920
     
Net fair value change on for account of policyholder financial assets at FVTPL      (8,359     841       (48,791             14,837  
     
Net fair value change on investments in real estate for account of policyholders      (27     15       19       24  
     
Net foreign currency gains /(losses)      113       39       283       162  
     
Net fair value change on borrowings and other financial liabilities      -       -       2       -  
     

Total

     (9,465             1,012       (53,733     14,193  

Net fair value change on for account of policyholder financial assets at fair value through profit or loss are a charge for the three-month and nine-month periods ended, September 30, 2022, mainly due to declining equity markets, rising interest rates and credit spread widening compared to, respectively, June 30, 2022 and December 31, 2021. Net fair value change on for account of policyholder financial assets at fair value through profit or loss are offset by changes in technical provisions reported as part of the lines “Change in valuation of liabilities for insurance contracts” and “Change in valuation of liabilities for investment contracts” in note 8 Benefits and expenses.

7. Other income

Other income for the nine-month periods ended, September 30, 2022, of EUR 313 million includes the book gain on the divestment of Aegon Hungary and Aegon Turkey to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), amounting to EUR 288 million. For more information on this divestment refer to note 19 Acquisitions/Divestments.

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

8. Benefits and expenses

 

         
                               
     
      3Q     3Q     YTD     YTD  
     
EUR millions    2022     2021     2022     2021  
     
Claims and benefits      (3,241     6,593       (34,698     31,068  
     
Employee expenses      539       506       1,573       1,473  
     
Administration expenses      374       377       1,096       1,164  
     
Deferred expenses      (197     (182     (576     (487
     
Amortization charges      259       583       829       927  
     
Total      (2,267     7,876       (31,776     34,145  
        
         
                               
     
      3Q     3Q     YTD     YTD  
     
EUR millions    2022     2021     2022     2021  
     
Benefits and claims paid life      5,162       4,199       15,420       14,827  
     
Benefits and claims paid non-life      397       361       1,130       1,053  
     
Change in valuation of liabilities for insurance contracts      (7,806     741       (42,570     9,557  
     
Change in valuation of liabilities for investment contracts      (2,174     155       (12,190     2,227  
     
Other      -       (4     27       (27
     
Policyholder claims and benefits      (4,420     5,453       (38,183     27,637  
     
Premium paid to reinsurers      584       559               1,716       1,718  
     
Profit sharing and rebates      2       2       6       6  
     
Commissions      593       579       1,763       1,707  
     
Total      (3,241             6,593       (34,698             31,068  

The lines “Change in valuation of liabilities for insurance contracts” and “Change in valuation of liabilities for investment contracts” reflect changes in technical provisions resulting from “Net fair value changes on for account of policyholder financial assets at fair value through profit or loss” included in note 6 Results from financial transactions. In addition, the line “Change in valuation of liabilities for insurance contracts” includes the movement of the technical provisions for life insurance contracts.

9. Income tax

The income tax benefit includes recurring beneficial impacts of tax-exempt income and US tax credits. Non-taxable income for the nine-month period ended, September 30, 2022 is mainly related to tax exempt result in the Netherlands on the sale of the Hungarian and Turkish business, as well as the regular non-taxable items such as the dividend received deduction in the United States and the participation exemption in the Netherlands. Tax credits mainly include tax benefits in the United States from investments that provide affordable housing to individuals and families that meet median household income requirements.

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

10. Investments

 

    

 

 

     
EUR millions   September 30, 2022        December 31, 2021  
     

Available-for-sale (AFS)

  79,767          99,884  
     

Loans

  48,587          47,455  
     

Financial assets at fair value through profit or loss (FVTPL)

  7,728          8,481  
     

Financial assets, for general account, excluding derivatives

  136,082          155,820  
     

Investments in real estate

  2,761          2,643  
     

Total investments for general account, excluding derivatives

  138,843          158,463  

The following table provides a breakdown of financial assets, for general account, excluding derivatives:

 

    

 

 

         
EUR millions    AFS      FVTPL      Loans      Total  
   

Shares

     260        1,826        -        2,086  
   

Debt securities

             73,350                1,672        -        75,022  
   

Money market and other short-term investments

     5,216        87        -        5,303  
   

Mortgages loans

     -        -              41,592              41,592  
   

Private loans

     -        -        4,742        4,742  
   

Deposits with financial institutions

     -        -        44        44  
   

Policy loans

     -        -        2,207        2,207  
   

Other

     941        4,143        3        5,086  
   
September 30, 2022    79,767      7,728      48,587      136,082  
   
      AFS      FVTPL      Loans      Total  
   

Shares

     350        1,665        -        2,015  
   

Debt securities

     93,899        3,296        -        97,195  
   

Money market and other short-term investments

     4,790        120        -        4,910  
   

Mortgages loans

     -        -        40,624        40,624  
   

Private loans

     -        -        4,883        4,883  
   

Deposits with financial institutions

     -        -        52        52  
   

Policy loans

     -        -        1,893        1,893  
   

Other

     844        3,401        3        4,248  
   

December 31, 2021

     99,884        8,481        47,455        155,820  

Total investments for general account, excluding derivatives, in the first nine-months period of 2022 decreased, compared to the position at December 31, 2021, mainly due to rising interest rates and credit spread widening affecting bond valuation and sale of debt securities in mainly the Americas and the Netherlands, partly offset by the strengthening of the US dollar against the euro.

 

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Condensed consolidated interim financial statements

for the periods ended

September 30, 2022

 

11. Investments for account of policyholders

 

    

 

 

     
EUR millions    September 30, 2022      December 31, 2021  
     

Shares

     22,051        29,539  
     

Debt securities

     14,892        19,821  
     

Money market and short-term investments

     1,417        1,482  
     

Deposits with financial institutions

     2,430        4,105  
     

Unconsolidated investment funds

     163,001        191,950