Deferred expenses

12 Months Ended

Dec. 31, 2019

Subclassifications of assets, liabilities and equities [abstract]

Deferred expenses

27 Deferred expenses

	2019		2018
DPAC for insurance contracts and investment contracts with discretionary participation features		9,972		10,457
Deferred cost of reinsurance		389		23
Deferred transaction costs for investment management services		442		431
At December 31		10,804		10,910
Current		882		957
Non-current		9,921		9,953

				2019							2018
	DPAC			Deferred   costs of       reinsurance		Deferred       transaction   costs		DPAC			Deferred costs of     reinsurance			Deferred       transaction   costs
At January 1		10,457			23		431		9,688			41			406
Costs deferred during the year		807			360		24		802			-			29
Amortization through income statement		(754	)		17		(22)		(914	)		(19	)		(23)
Shadow accounting adjustments		(656	)		(11)		-		455			-			-
Impairments		(65	)		-		-		-			-			-
Net exchange differences		223			-		9		433			1			18
Disposal of group assets		(35	)		-		-		-			-			-
Other		(5	)		-		-		(7	)		-			-
At December 31		9,972			389		442		10,457			23			431

In December 2019, Aegon the Netherlands entered into a longevity reinsurance contract with Canada Life Reinsurance. The contract reinsures a specified portfolio of insurance contracts against possible future mortality developments. The reinsurer will pay benefits as long as the participants live and receive fixed payments from Aegon the Netherlands. EUR 360 million is recognized as deferred cost of reinsurance with regard to this reinsurance contract, which will be amortized over the duration of the underlying insurance contracts.