Segment information (Tables)

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Summary of Segment Results

The following table presents Aegon’s segment results.

Income statement – Underlying earnings	Americas			The Nether- lands			United Kingdom			Central & Eastern Europe			Spain & Portugal			Asia			Asset Management			Holding and other activities			Elimin- ations			Segment total			Joint ven- tures and asso- ciates elimi- nations			Conso- lidated
2018
Underlying earnings before tax		1,216			615			128			72			24			55			151			(189	)		1			2,074			72			2,146
Fair value items		(613	)		250			59			4			2			3			-			5			-			(291	)		(119	)		(409	)
Realized gains/(losses) on investments		(204	)		46			83			1			(1	)		(8	)		2			4			-			(77	)		(2	)		(79	)
Impairment charges		(46	)		4			-			(2	)		-			(5	)		-			(9	)		-			(58	)		-			(58	)
Impairment reversals		37			2			-			1			-			-			-			-			-			39			-			39
Other income/(charges)		(397	)		(132	)		(252	)		(7	)		(18	)		(7	)		(5	)		(57	)		-			(875	)		1			(874	)
Run-off businesses		(14	)		-			-			-			-			-			-			-			-			(14	)		-			(14	)
Income/(loss) before tax		(20	)		784			19			69			7			36			149			(247	)		1			798			(47	)		751
Income tax (expense)/benefit		71			(136	)		20			(8	)		(10	)		(25	)		(44	)		46			-			(87	)		47			(40	)
Net income/(loss)		51			648			38			60			(3	)		11			105			(201	)		1			711			-			711
Inter-segment underlying earnings		(73	)		(101	)		(82	)		(15	)		(2	)		(5	)		198			80
Revenues 2018
Life insurance gross premiums		7,004			1,632			7,509			405			217			779			-			9			(7	)		17,548			(579	)		16,969
Accident and health insurance		1,571			219			29			2			100			94			-			-			-			2,015			(36	)		1,979
General insurance		-			136			-			231			112			-			-			1			(1	)		479			(112	)		367
Total gross premiums		8,575			1,987			7,539			638			429			873			-			10			(8	)		20,042			(727	)		19,316
Investment income		3,125			2,265			1,346			48			36			268			5			286			(284	)		7,095			(59	)		7,035
Fee and commission income		1,826			211			198			47			16			58			632			-			(206	)		2,782			(224	)		2,558
Other revenues		5			-			-			-			-			2			1			4			-			12			(6	)		5
Total revenues		13,530			4,463			9,083			733			480			1,201			638			300			(499	)		29,930			(1,016	)		28,914
Inter-segment revenues		1			2			-			-			-			-			206			290

Income statement – Underlying earnings	Americas			The Netherl- ands			United Kingdom			Central & Eastern Europe			Spain & Portugal			Asia			Asset Manage- ment			Holding and other acti- vities			Elimi- nations			Segment total			Joint ventures and associates elimi- nations			Consoli- dated
2017
Underlying earnings before tax		1,381			557			116			67			4			49			136			(170	)		-			2,140			61			2,200
Fair value items		170			(31	)		(82	)		-			-			-			-			24			-			81			(97	)		(16	)
Realized gains/(losses) on investments		157			184			62			1			-			4			3			-			-			413			(5	)		408
Impairment charges		(37	)		(3	)		-			(2	)		-			(1	)		-			(3	)		-			(46	)		(0	)		(46	)
Impairment reversals		22			10			-			-			-			-			-			-			-			32			-			32
Other income/(charges)		(353	)		296			40			-			-			(19	)		(49	)		16			-			(68	)		(4	)		(72	)
Run-off businesses		30			-			-			-			-			-			-			-			-			30			-			30
Income/(loss) before tax		1,370			1,013			137			66			4			33			90			(134	)		-			2,580			(45	)		2,536
Income tax (expense)/benefit		198			(196	)		(56	)		(9	)		(6	)		(28	)		(42	)		29			-			(110	)		44			(65	)
Net income/(loss)		1,568			818			81			57			(2	)		5			48			(105	)		-			2,470			(0	)		2,470
Inter-segment underlying earnings		(78	)		(111	)		(87	)		(11	)		(1	)		(1	)		214			73
Revenues 2017
Life insurance gross premiums		7,437			1,857			9,603			411			208			983			-			7			(9	)		20,498			(546	)		19,952
Accident and health insurance		2,115			203			32			1			83			97			-			-			-			2,531			(20	)		2,511
General insurance		-			148			-			216			103			-			-			1			(1	)		466			(103	)		363
Total gross premiums		9,553			2,208			9,635			628			394			1,080			-			8			(10	)		23,496			(670	)		22,826
Investment income		3,368			2,172			1,517			49			37			246			4			295			(291	)		7,396			(58	)		7,338
Fee and commission income		1,919			326			235			43			17			63			609			-			(222	)		2,990			(188	)		2,802
Other revenues		5			-			-			-			3			1			-			4			-			13			(5	)		7
Total revenues		14,844			4,706			11,387			720			450			1,390			613			308			(523	)		33,895			(921	)		32,973
Inter-segment revenues		-			(1	)		-			-			-			3			222			298

Income statement – Underlying earnings	Americas			The Nether- lands			United Kingdom			Central & Eastern Europe			Spain & Portugal			Asia			Asset Manage- ment			Holding and other activities			Elimi- nations			Segement total			Joint ventures and asso- ciates eliminations			Conso- lidated
2016
Underlying earnings before tax		1,249			534			59			55			8			21			149			(162	)		-			1,913			48			1,960
Fair value items		(521	)		(228	)		(7	)		-			(1	)		(9	)		-			(74	)		-			(840	)		(72	)		(912	)
Realized gains/(losses) on investments		(13	)		189			153			-			(1	)		8			3			-			-			340			(6	)		334
Impairment charges		(72	)		(29	)		-			1			-			(1	)		(5	)		(7	)		-			(113	)		-			(112	)
Impairment reversals		42			17			-			-			-			-			-			-			(1	)		58			-			58
Other income/(charges)		(100	)		44			(678	)		(23	)		(0	)		(5	)		(2	)		(6	)		-			(771	)		-			(771	)
Run-off businesses		54			-			-			-			-			-			-			-			-			54			-			54
Income/(loss) before tax		638			526			(474	)		34			6			14			145			(249	)		(0	)		641			(31	)		610
Income tax (expense)/benefit		(80	)		(109	)		18			(15	)		(8	)		(27	)		(48	)		65			-			(203	)		31			(172	)
Net income/(loss)		559			418			(456	)		19			(2	)		(13	)		97			(183	)		(0	)		438			-			438
Inter-segment underlying earnings		(194	)		(95	)		(87	)		(14	)		(1	)		74			234			84
Revenues
2016
Life insurance gross premiums		7,363			2,015			9,888			399			191			1,121			-			6			(84	)		20,898			(498	)		20,400
Accident and health insurance		2,204			210			36			1			73			104			-			(4	)		-			2,624			(15	)		2,609
General insurance		-			266			-			179			92			-			-			5			(5	)		536			(92	)		444
Total gross premiums		9,567			2,491			9,924			578			355			1,225			-			7			(89	)		24,058			(606	)		23,453
Investment income		3,717			2,135			1,661			45			45			232			3			406			(403	)		7,841			(54	)		7,788
Fee and commission income		1,651			350			95			36			14			61			632			-			(242	)		2,596			(188	)		2,408
Other revenues		4			-			-			-			2			-			1			3			-			11			(4	)		7
Total revenues		14,940			4,976			11,680			659			416			1,517			636			416			(734	)		34,507			(852	)		33,655
Inter-segment revenues		-			3			-			-			-			79			243			409

Summary of Reconciliation from Underlying Earnings Before Tax to Income Before Tax

The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table.

	Note		2018			2017			2016
Underlying earnings before tax & excl. JVs / Assoc.				2,074			2,140			1,913
Elimination of share in earnings of joint ventures and associates				72			61			48
Rental income		7		(72	)		(61	)		-
Dividend income		7		30			-			-
Recovered claims and benefits		9		2			-			-
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives		10		(295	)		(437	)		(783	)
Net fair value change on borrowings and other financial liabilities		10		6			-			-
Realized gains and losses on financial investments		10		(92	)		431			327
Gains and (losses) on investments in real estate		10		261			193			70
Net fair value change of derivatives		10		(67	)		(134	)		(277	)
Net foreign currency gains and (losses)		10		(2	)		5			30
Realized gains and (losses) on repurchased debt		10		1			1			1
Other income		11		8			540			66
Change in valuation of liabilities for insurance contracts		12		(341	)		(254	)		(144	)
Change in valuation of liabilities for investment contracts		12		13			(19	)		(18	)
Policyholder claims and benefits - Other		12		(9	)		34			45
Commissions and expenses		14		(428	)		256			75
Impairment (charges) reversals		15		(20	)		(16	)		(97	)
Other charges		17		(375	)		(235	)		(700	)
Run-off businesses		5		(14	)		30			54
Income / (loss) before tax				751			2,534			610

Summary of Other Selected Income Statement Items

Other selected income statement items	Americas			The Nether- lands			United Kingdom		Central & Eastern Europe			Spain & Portugal		Asia		Asset Management		Holding and other activities		Elimi- nations		Total
2018
Amortization of deferred expenses, VOBA and future servicing rights		852			25			119		52			-		24		-		-		-		1,072
Depreciation		38			12			14		9			3		1		1		2		-		80
Impairment charges/(reversals) on financial assets, excluding receivables		(9	)		34			-		1			-		5		-		9		-		41
Impairment charges/(reversals) on non- financial assets and receivables		19			15			1		-			-		1		-		-		-		36
2017
Amortization of deferred expenses, VOBA and future servicing rights		336			27			134		55			-		33		-		-		-		586
Depreciation		44			16			28		8			3		1		3		2		-		105
Impairment charges/(reversals) on financial assets, excluding receivables		19			17			-		2			-		-		-		3		-		42
Impairment charges/(reversals) on non- financial assets and receivables		(2	)		3			-		-			-		-		-		-		-		-
2016
Amortization of deferred expenses, VOBA and future servicing rights		761			32			177		59			-		32		-		-		2		1,065
Depreciation		38			17			21		9			3		1		-		2		-		89
Impairment charges/(reversals) on financial assets, excluding receivables		35			12			-		(1	)		-		1		5		7		-		59
Impairment charges/(reversals) on non- financial assets and receivables		7			(2	)		31		(1	)		-		-		-		-		-		36

Summary of Number of Employees

Number of employees	Americas		The Nether- lands		United Kingdom		Central & Eastern Europe		Spain & Portugal		Asia		Asset Manage- ment		Holding and other activities		Total
2018
Number of employees – headcount		8,824		3,548		3,135		2,318		519		6,344		1,464		390		26,543
Of which Aegon’s share of employees in joint ventures and associates		559		-		58		-		86		5,983		168		-		6,854
2017
Number of employees – headcount		10,951		3,089		3,435		2,337		610		6,025		1,500		371		28,318
Of which Aegon’s share of employees in joint ventures and associates		549		-		-		-		83		5,702		163		-		6,497
2016
Number of employees – headcount		11,943		4,464		2,673		2,317		600		5,579		1,474		330		29,380
Of which Aegon’s share of employees in joint ventures and associates		561		-		-		-		41		5,186		156		-		5,944

Summary of Assets and Liabilities Per Segment

Summarized assets and liabilities per segment	Americas		The Netherlands		United Kingdom		Central & Eastern Europe		Spain & Portugal		Asia		Asset Management		Holding and other activities		Eliminations			Total
2018
Assets
Cash and Cash equivalents		683		6,004		315		68		80		90		213		1,290		-			8,744
Assets held for sale		-		-		-		-		-		-		-		-		-			-
Investments		71,056		57,738		2,114		933		727		5,720		181		157		-			138,625
Investments for account of policyholders		95,343		23,767		73,958		1,088		99		103		-		-		(5	)		194,353
Investments in joint ventures		1		1,001		-		-		472		152		119		-		-			1,745
Investments in associates		72		85		8		5		-		17		131		8		-			327
Deferred expenses		9,209		66		896		74		1		665		-		-		-			10,910
Other assets		27,893		7,421		1,893		210		62		1,907		123		27,284		(28,864	)		37,928
Total assets		204,257		96,083		79,184		2,378		1,441		8,654		767		28,738		(28,869	)		392,633
Liabilities
Insurance contracts		71,584		34,844		1,435		657		681		7,726		-		15		(1,648	)		115,294
Insurance contracts for account of policyholders		68,126		23,855		24,086		919		103		24		-		-		-			117,113
Investment contracts		6,943		10,795		223		85		-		2		-		-		-			18,048
Investment contracts for account of policyholders		27,217		2,101		50,532		169		-		79		-		-		-			80,097
Liabilities held for sale		-		-		-		-		-		-		-		-		-			-
Other liabilities		17,055		17,507		1,047		170		231		67		293		6,156		(3,012	)		39,513
Total liabilities		190,924		89,102		77,322		2,000		1,015		7,898		293		6,171		(4,660	)		370,065

Summarized assets and liabilities per segment	Americas		The Netherlands		United Kingdom		Central & Eastern Europe		Spain & Portugal		Asia		Asset Management		Holding and other activities		Eliminations			Total
2017
Assets
Cash and Cash equivalents		548		8,382		317		67		116		71		141		1,125		-			10,768
Assets held for sale		-		-		5,249		-		-		-		-		-		-			5,249
Investments		73,469		53,975		2,011		1,055		720		5,326		157		91		-			136,804
Investments for account of policyholders		102,964		26,697		62,961		1,343		105		-		-		-		(6	)		194,063
Investments in joint ventures		6		1,008		-		-		480		118		99		1		-			1,712
Investments in associates		77		74		7		6		-		14		122		8		-			308
Deferred expenses		8,552		76		945		70		1		490		-		-		-			10,135
Other assets		26,628		6,763		1,840		245		72		1,786		101		28,427		(28,979	)		36,883
Total assets		212,245		96,975		73,331		2,787		1,494		7,805		620		29,651		(28,985	)		395,923
Liabilities
Insurance contracts		68,556		34,379		1,451		624		703		6,696		-		24		(1,615	)		110,818
Insurance contracts for account of policyholders		72,501		25,587		22,862		1,109		108		-		-		-		-			122,168
Investment contracts		6,824		9,787		278		52		-		2		-		-		-			16,943
Investment contracts for account of policyholders		30,463		3,255		40,482		234		-		-		-		-		-			74,434
Liabilities held for sale		-		-		5,003		-		-		-		-		-		-			5,003
Other liabilities		19,145		17,400		1,103		365		250		133		218		5,526		(1,684	)		42,456
Total liabilities		197,490		90,408		71,178		2,385		1,061		6,830		218		5,550		(3,299	)		371,821

Summary of Investments

Investments	Americas	The Netherlands	United Kingdom	Central & Eastern Europe	Spain & Portugal	Asia	Asset Management	Holding and other activities	Eliminations		Total
2018
Shares	532	1,412	3	64	10	7	4	128	-		2,161
Debt securities	51,681	21,586	1,005	754	662	5,526	36	3	-		81,253
Loans	9,945	32,536	-	106	37	16	-	12	-		42,653
Other financial assets	8,367	54	1,105	5	-	170	142	14	-		9,858
Investments in real estate	530	2,150	-	4	17	-	-	-	-		2,700
Investments general account	71,056	57,738	2,114	933	727	5,720	181	157	-		138,625
Shares	-	7,403	13,044	184	14	-	-	-	(5	)	20,640
Debt securities	1,716	11,283	7,259	176	7	-	-	-	-		20,441
Unconsolidated investment funds	93,548	1,059	48,296	717	78	103	-	-	-		143,800
Other financial assets	79	4,022	4,748	11	-	-	-	-	-		8,861
Investments in real estate	-	-	612	-	-	-	-	-	-		612
Investments for account of policyholders	95,343	23,767	73,958	1,088	99	103	-	-	(5	)	194,353
Investments on balance sheet	166,399	81,505	76,072	2,021	826	5,823	181	157	(5	)	332,979
Off-balance sheet investments third parties	204,184	3,339	106,347	5,360	491	2,818	149,197	-	(774	)	470,963
Total revenue-generating investments	370,583	84,844	182,419	7,381	1,317	8,641	149,378	157	(778	)	803,942
Investments
Available-for-sale	55,921	19,974	1,459	810	673	5,686	131	21	-		84,675
Loans	9,945	32,536	-	106	37	16	-	12	-		42,653
Financial assets at fair value through profit or loss	100,002	26,846	74,001	1,101	99	121	50	123	(5	)	202,339
Investments in real estate	530	2,150	612	4	17	-	-	-	-		3,312
Total investments on balance sheet	166,399	81,505	76,072	2,021	826	5,823	181	157	(5	)	332,979
Investments in joint ventures	1	1,001	-	-	472	152	119	-	-		1,745
Investments in associates	72	85	8	5	-	17	131	8	-		327
Other assets	37,786	13,491	3,104	352	143	2,662	336	28,573	(28,864	)	57,582
Consolidated total assets	204,257	96,083	79,184	2,378	1,441	8,654	767	28,738	(28,869	)	392,633

Investments	Americas		The Netherlands		United Kingdom		Central & Eastern Europe		Spain & Portugal		Asia		Asset Management		Holding and other activities		Eliminations			Total
2017
Shares		567		859		5		54		5		1		2		57		-			1,551
Debt securities		54,535		21,411		1,779		712		646		5,252		9		-		-			84,344
Loans		8,831		30,189		-		275		54		6		-		13		-			39,368
Other financial assets		8,904		21		228		10		-		67		146		20		-			9,395
Investments in real estate		633		1,495		-		4		15		-		-		-		-			2,147
Investments general account		73,469		53,975		2,011		1,055		720		5,326		157		91		-			136,804
Shares		-		9,262		15,856		244		14		-		-		-		(6	)		25,370
Debt securities		3,116		13,370		8,125		216		9		-		-		-		-			24,836
Unconsolidated investment funds		99,426		276		33,476		873		81		-		-		-		-			134,132
Other financial assets		422		3,788		4,850		11		1		-		-		-		-			9,072
Investments in real estate		-		-		655		-		-		-		-		-		-			655
Investments for account of policyholders		102,964		26,697		62,961		1,343		105		-		-		-		(6	)		194,063
Investments on balance sheet		176,434		80,672		64,972		2,398		825		5,326		157		91		(6	)		330,868
Off-balance sheet investments third parties		212,736		1,759		114,906		5,709		528		2,718		143,923		-		(981	)		481,297
Total revenue-generating investments		389,170		82,431		179,878		8,107		1,353		8,043		144,079		91		(987	)		812,165
Investments
Available-for-sale		59,459		19,841		2,007		756		651		5,299		137		20		-			88,170
Loans		8,831		30,189		-		275		54		6		-		13		-			39,368
Financial assets at fair value through profit or loss		107,511		29,147		62,310		1,363		105		21		20		57		(6	)		200,528
Investments in real estate		633		1,495		655		4		15		-		-		-		-			2,801
Total investments on balance sheet		176,434		80,672		64,972		2,398		825		5,326		157		91		(6	)		330,868
Investments in joint ventures		6		1,008		-		-		480		118		99		1		-			1,712
Investments in associates		77		74		7		6		-		14		122		8		-			308
Other assets		35,728		15,221		8,352		383		189		2,347		242		29,552		(28,979	)		63,034
Consolidated total assets		212,245		96,975		73,331		2,787		1,494		7,805		620		29,651		(28,985	)		395,923