Insurance contracts (Tables)

12 Months Ended

Dec. 31, 2018


	2018				2017
Sensitivity analysis of net income and shareholders’ equity to changes in various underwriting risks	On shareholders’				On shareholders’
Estimated approximate effect	equity		On net income		equity		On net income
20% increase in lapse rates	94		109		69		94
20% decrease in lapse rates	(139	)	(154	)	(124	)	(155	)
10% increase in mortality rates	478		105		514		91
10% decrease in mortality rates	(965	)	(532	)	(1,011	)	(577	)
10% increase in morbidity rates	(525	)	(446	)	(492	)	(463	)
10% decrease in morbidity rates	183		125		189		142

Insurance contracts for general account


	2018	2017
Life insurance	102,418	98,422
Non-life insurance
- Unearned premiums and unexpired risks	5,341	5,447
- Outstanding claims	2,338	2,206
- Incurred but not reported claims	820	830
Incoming reinsurance	4,377	3,913
At December 31	115,294	110,818


	2018	2017
Non-life insurance:
- Accident and health insurance	8,247	8,225
- General insurance	252	259
Total non-life insurance	8,499	8,484


Movements during the year in life insurance:	2018		2017
At January 1	98,422		105,763
Acquisitions	-		-
Disposals	-		-
Portfolio transfers and acquisitions	95		139
Gross premium and deposits – existing and new business	6,293		6,498
Unwind of discount/interest credited	3,711		4,200
Insurance liabilities released	(9,582	)	(9,247	)
Changes in valuation of expected future benefits	617		(1,145	)
Loss recognized as a result of liability adequacy testing	49		843
Shadow accounting adjustments	(303	)	92
Net exchange differences	3,087		(8,598	)
Transfer (to)/from reinsurance assets	-		23
Transfer (to)/from insurance contracts for account of policyholders	-		135
Transfers to disposal groups ¹	-		(239	)
Other	1		(43	)
At December 31	102,418		98,422

¹ Linked to the sale of Aegon UK’s annuity portfolio, refer to note 51 Business combinations.

Movements during the year in non-life insurance:	2018		2017
At January 1	8,484		9,066
Acquisitions	-		-
Disposals	-		-
Portfolio transfers and acquisitions	-		5
Gross premiums – existing and new business	1,563		1,893
Unwind of discount/interest credited	450		444
Insurance liabilities released	(1,052	)	(1,065	)
Changes in valuation of expected future claims	(8	)	173
Change in unearned premiums	(742	)	(1,017	)
Change in unexpired risks	2		3
Incurred related to current year	747		750
Incurred related to prior years	195		231
Release for claims settled current year	(278	)	(287	)
Release for claims settled prior years	(704	)	(717	)
Shadow accounting adjustments	(459	)	76
Change in IBNR	(51	)	(79	)
Net exchange differences	354		(986	)
Other	(2	)	(5	)
At December 31	8,499		8,484


Movements during the year in incoming reinsurance:	2018		2017
At January 1	3,913		4,739
Gross premium and deposits – existing and new business	1,441		1,625
Unwind of discount/interest credited	199		175
Insurance liabilities released	(1,557	)	(2,005	)
Change in unearned premiums	-		1
Changes in valuation of expected future benefits	190		(57	)
Shadow accounting adjustments	(11	)	(1	)
Loss recognized as a result of liability adequacy	(4	)	(1	)
Net exchange differences	205		(558	)
Other	2		(4	)
At December 31	4,377		3,913

Insurance contracts for account of policyholders


Insurance contracts for account of policyholders	2018		2017
At January 1	122,168		120,929
Portfolio transfers and acquisitions	(140	)	(259	)
Gross premium and deposits – existing and new business	9,716		12,144
Unwind of discount/interest credited	(5,311	)	13,349
Insurance liabilities released	(10,471	)	(10,882	)
Fund charges released	(1,671	)	(1,746	)
Changes in valuation of expected future benefits	(245	)	100
Transfer (to)/from insurance contracts	(27	)	(135	)
Transfer (to)/from investment contracts for account of policyholders	-		-
Transfers to disposal groups	-		(1,359	)
Net exchange differences	3,092		(10,289	)
Other	2		317
At December 31	117,113		122,168