28 Reinsurance assets


Assets arising from reinsurance contracts related to:	2018		2017
Life insurance general account		18,712		17,419
Life insurance for account of policyholders		2		2
Non-life insurance		1,356		1,327
Investment contracts		437		453
At December 31		20,507		19,202

Amounts due from reinsurers in respect of claims already paid by the Group are included in note 30 Other assets and receivables.

Of the reinsurance assets EUR 12 million is current (2017: EUR 13 million).


Movements during the year in reinsurance assets relating to life insurance:	Life insurance general account			Life insurance for account of policyholders			Total life insurance
At January 1, 2018		17,419			2			17,421
Gross premium and deposits – existing and new business		2,038			3			2,041
Unwind of discount/interest credited		860			-			860
Insurance liabilities released		(2,518	)		(3	)		(2,521	)
Fund charges released		(82	)		-			(82	)
Changes to valuation of expected future benefits		109			-			109
Policy transfers		25			-			25
Net exchange differences		858			-			858
Transfers to disposal groups		-			-			-
Transfer to/from insurance contract		-			-			-
Other movements		2			-			2
At December 31, 2018		18,712			2			18,714

At January 1, 2017		9,714			2			9,716
Gross premium and deposits – existing and new business		11,326			6			11,332
Unwind of discount/interest credited		533			-			533
Insurance liabilities released		(2,877	)		(3	)		(2,880	)
Fund charges released		(49	)		-			(49	)
Changes to valuation of expected future benefits		823			-			823
Policy transfers		(38	)		-			(38	)
Net exchange differences		(1,698	)		-			(1,697	)
Transfers to disposal groups		(239	)		(3	)		(242	)
Transfer to/from insurance contract		23			-			23
Other movements		(97	)		-			(97	)
At December 31, 2017		17,419			2			17,421


Movements during the year in reinsurance assets relating to non-life insurance:	2018			2017
At January 1		1,327			1,481
Gross premium and deposits – existing and new business		84			99
Unwind of discount/interest credited		84			89
Insurance liabilities released		(123	)		(129	)
Changes to valuation of expected future benefits		-			28
Changes in unearned premiums		(28	)		(42	)
Incurred related to current year		77			85
Incurred related to prior years		36			37
Release for claims settled current year		(18	)		(19	)
Release for claims settled prior years		(130	)		(119	)
Change in IBNR		12			(8	)
Shadow accounting adjustment		(24	)		6
Net exchange differences		65			(180	)
Portfolio transfers and acquisitions		-			2
Other movements		(8	)		(4	)
At December 31		1,356			1,327


Assets arising from reinsurance contracts related to:	2018			2017
Normal course of business		6,900			6,648
Exit of a business		13,606			12,553
At December 31		20,507			19,202

The assets arising from reinsurance contracts related to the exit of a business per December 31, 2018 and 2017 relate to the divestment in 2017 of the payout annuity, BOLI/COLI business and a block of reinsurance business in the US and the sale of Aegon’s life reinsurance business from Transamerica Reinsurance (TARe) to SCOR. The divestment of TARe consists of a series

of reinsurance agreements between various statutory insurance entities and SCOR for the US domestic business. For more details on the divestment of this business refer to note 51 Business combinations.