26 Investments in joint ventures


	2018			2017
At January 1		1,712			1,614
Additions		120			81
Disposals		(211	)		-
Share in net income		210			161
Share in changes in joint ventures equity (note 32.6)		8			(15	)
Dividend		(94	)		(118	)
Net exchange difference		4			(17	)
Other		(5	)		7
At December 31		1,745			1,712

In 2018, one of the Amvest funds with a carrying value of EUR 211 million was liquidated. Based on the termination agreement, Aegon received a distribution of its share of the assets and liabilities. As a result, the investment properties, being the main asset class in the fund, were recognized as part of investments in real estate of Aegon.

All joint ventures are unlisted and are accounted for using the equity method and are considered to be non-current. The investments in joint ventures include interest in insurance companies that are required to maintain a minimum solvency margin based on local directives. Such restrictions can affect the ability of these joint ventures to transfer funds in the form of cash dividends, or repayment of loans or advances, and therefore, there can be no assurance that these restrictions will not become a limitation in the future. Refer to note 48 Commitments and contingencies for any commitments and contingencies related to investments in joint ventures. There are no unrecognized shares of losses in joint ventures. The financial statements of the principal joint ventures have the same reporting date as the Group. Refer to note 52 Group companies for a listing of the investments in joint ventures and the Group’s percentage holding.

Summarized financial information of joint ventures

The summarized financial information presented in the following table presents the joint ventures on a 100% basis. Aegon considers its investment in AMVEST Vastgoed B.V. (AMVEST) a material joint venture and is therefore presented separately.


	AMVEST						Other Joint ventures
	2018			2017			2018			2017
Summarized statement of financial position
Cash and cash equivalents		132			109			511			342
Other current assets		157			166			896			721
Total current assets		289			276			1,407			1,063

Non-current assets		3,304			3,173			6,723			6,521
Total assets		3,593			3,449			8,130			7,584

Current financial liabilities excluding trade payables and other provisions		-			-			27			30
Other current liabilities		154			133			590			503
Total current liabilities		154			133			617			533

Non-current financial liabilities excluding trade payables and other provisions		590			643			416			220
Other non-current liabilities		-			-			6,040			5,871
Total non-current financial liabilities		590			643			6,456			6,091

Total liabilities		745			776			7,073			6,624

Net assets		2,848			2,673			1,057			960

Summarized statement of comprehensive income
Revenue		89			91			1,599			1,420
Results from financial transactions		349			275			(1	)		(1	)
Depreciation and amortization		-			-			(14	)		(20	)
Interest income		-			-			51			186
Interest expense		(6	)		(5	)		(4	)		(3	)
Profit or loss		438			357			226			160
Income tax (expense) or income		(6	)		(1	)		(82	)		(74	)
Post-tax profit or (loss)		432			357			144			86
Other comprehensive income		-			-			12			(32	)
Total comprehensive income		432			357			156			54

Dividends received		24			49			70			69
An overview of the summarized financial information of the carrying amount of the joint ventures is as follows:
	AMVEST						Other Joint ventures
	2018			2017			2018			2017

Net assets of joint venture as presented above		2,848			2,673			1,057			960
Net assets of joint venture excluding goodwill		2,848			2,673			681			587
Group share of net assets of joint venture, excluding goodwill		1,001			1,008			352			312
Goodwill on acquisition		-			-			376			373
Carrying amount		1,001			1,008			728			685

The difference in the carrying value of investments in joint ventures of EUR 1,745 million (2017: EUR 1,712 million) and the total of the carrying value of joint ventures presented above of EUR 1,729 million (2017: EUR 1,693 million) relates to joint ventures with a negative carrying value of EUR 16 million (2017: EUR 18 million) which have been reclassified to Provisions.

Aegon’s group share of net assets of joint ventures, as presented in the table above, is less than Aegon’s share of the net assets as presented in the summarized financial information on a 100% basis, due to the inclusion of third parties in the joint ventures.

The following table includes the summarized financial information of the joint ventures based on the Group’s relative holding.


	AMVEST				Other Joint ventures
	2018		2017		2018		2017
Post-tax profit or loss		144		126		66		35
Other comprehensive income		-		-		5		(14	)
Total comprehensive income		144		126		71		20