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Segment information (Tables)
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Summary of Segment Results
The following table presents Aegon’s segment results.
 
Income
statement
-
Underlying
earnings
  
Americas
  
The
Netherlands
  
United
Kingdom
  
Southern &
Eastern
Europe
  
Asia
  
Asset
Management
  
Holding and
other
activities
  
Eliminations
  
Segment
total
  
Joint
ventures and
associates
eliminations
  
Consolidated
 
2019
Underlying
earnings
before tax
  
 
1,124
 
 
 
648
 
 
 
139
 
 
 
88
 
 
 
62
 
 
 
139
 
 
 
(228
) 
 
 
1
 
 
 
1,973
 
 
 
50
 
 
 
2,023
 
Fair value items
   272   (741)   (131)   7   (4)   -   (4)   -   (601)   (88)   (689) 
Realized gains / (losses) on investments
   125   240   3   27   9   -   1   -   405   (2)   403 
Impairment charges
   (54)   (30)   -   -   (1)   -   (10)   -   (95)   -   (95) 
Impairment reversals
   68   5   -   -   1   -   -   -   73   -   73 
Other income / (charges)
   (156)   (1)   (38)   33   (18)   (7)   (95)   -   (281)   -   (281) 
Run-off businesses
   23   -   -   -   -   -   -   -   23   -   23 
Income / (loss) before tax
  
 
1,401
 
 
 
121
 
 
 
(27
)
 
 
 
155
 
 
 
48
 
 
 
133
 
 
 
(335
)
 
 
 
1
 
 
 
1,497
 
 
 
(40
)
 
 
 
1,457
 
Income tax
            
(expense) / benefit
   (220)   (27)   (7)   (19)   (14)   (36)   65   -   (258)   40   (218) 
Net income /
(loss)
  
 
1,182
 
 
 
94
 
 
 
(34
) 
 
 
136
 
 
 
33
 
 
 
97
 
 
 
(270
) 
 
 
1
 
 
 
1,239
 
 
 
-
 
 
 
1,239
 
Inter-segment underlying earnings
   (61)   (105)   (87)   (16)   (4)   193   79     
Revenues
2019
            
Life insurance gross premiums
   7,279   1,765   6,282   552   737   -   11   (8)   16,617   (691)   15,926 
Accident and health insurance
   1,416   228   28   110   91   -   -   -   1,872   (50)   1,823 
General insurance
   -   130   -   382   -   -   1   (1)   512   (122)   390 
Total gross premiums
  
 
8,694
 
 
 
2,123
 
 
 
6,309
 
 
 
1,044
 
 
 
828
 
 
 
-
 
 
 
12
 
 
 
(9
) 
 
 
19,002
 
 
 
(864
) 
 
 
18,138
 
Investment income
   3,172   2,224   1,830   76   303   5   269   (284)   7,595   (64)   7,531 
Fee and commission income
   1,757   237   197   50   59   627   -   (187)   2,740   (218)   2,523 
Other revenues
   8   -   -   -   1   1   5   -   16   (10)   6 
Total revenues
  
 
13,631
 
 
 
4,583
 
 
 
8,337
 
 
 
1,171
 
 
 
1,191
 
 
 
633
 
 
 
286
 
 
 
(480
) 
 
 
29,352
 
 
 
(1,155
) 
 
 
28,197
 
Inter-segment
revenues
  
 
1
 
 
 
12
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
187
 
 
 
280
 
                
 
 
Income
statement
-
Underlying
earnings
  Americas  The
Netherlands		  United
Kingdom		  Southern &
Eastern
Europe		  Asia  Asset
Management		  Holding and
other
activities		  Eliminations  
Segment
total
  
Joint ventures
and
associates
eliminations
  
Consolidated
 
2018
Underlying
earnings
before tax
   1,216   615   128   96   55   151   (189)   1  
 
2,074
 
  72  
 
2,146
 
Fair value items
   (613)   250   59   6   3   -   5   -   (291)   (119)   (409) 
Realized gains / (losses) on investments
   (204)   46   83   -   (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)   (26)   (7)   (5)   (57)   -   (875)   1   (874) 
Run-off businesses
   (14)   -   -   -   -   -   -   -   (14)   -   (14) 
Income / (loss) before
tax
  
 
(20
) 
 
 
784
 
 
 
19
 
 
 
76
 
 
 
36
 
 
 
149
 
 
 
(247
) 
 
 
1
 
 
 
798
 
 
 
(47
) 
 
 
751
 
Income tax (expense) / benefit
   71   (136)   20   (19)   (25)   (44)   46   -   (87)   47   (40) 
Net income /
(loss)
  
 
51
 
 
 
648
 
 
 
38
 
 
 
57
 
 
 
11
 
 
 
105
 
 
 
(201
) 
 
 
1
 
 
 
711
 
 
 
-
 
 
 
711
 
Inter-segment
underlying earnings
   (73)   (101)   (82)   (18)   (5)   198   80     
Revenues
2018
            
Life insurance gross premiums
   7,004   1,632   7,509   622   779   -   9   (7)   17,548   (579)   16,969 
Accident and health insurance
   1,571   219   29   102   94   -   -   -   2,015   (36)   1,979 
General insurance
   -   136   -   343   -   -   1   (1)   479   (112)   367 
Total gross premiums
  
 
8,575
 
 
 
1,987
 
 
 
7,539
 
 
 
1,067
 
 
 
873
 
 
 
-
 
 
 
10
 
 
 
(8
) 
 
 
20,042
 
 
 
(727
) 
 
 
19,316
 
Investment income
   3,125   2,265   1,346   83   268   5   286   (284)   7,095   (59)   7,035 
Fee and commission income
   1,826   211   198   63   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
 
 
 
1,213
 
 
 
1,201
 
 
 
638
 
 
 
300
 
 
 
(499
) 
 
 
29,930
 
 
 
(1,016
) 
 
 
28,914
 
Inter-segment
revenues
   1   2   -   -   -   206   290                 
 
 
Income
statement
-
Underlying
earnings
  Americas  The
Netherlands		  United
Kingdom		  Southern &
Eastern
Europe		  Asia  Asset
Management		  Holding and
other
activities		  Eliminations  
Segment
total
  
Joint ventures
and
associates
eliminations
  
Consolidated
 
2017
Underlying
earnings
before tax
   1,381   557   116   71   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)   -   (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
 
 
 
70
 
 
 
33
 
 
 
90
 
 
 
(134
) 
 
 
-
 
 
 
2,580
 
 
 
(45
) 
 
 
2,536
 
Income tax (expense) / benefit
   198   (196)   (56)   (15)   (28)   (42)   29   -   (110)   44   (65) 
Net income /
(loss)
  
 
1,568
 
 
 
818
 
 
 
81
 
 
 
56
 
 
 
5
 
 
 
48
 
 
 
(105
) 
 
 
-
 
 
 
2,470
 
 
 
(0
) 
 
 
2,470
 
Inter-segment
underlying earnings
   (78)   (111)   (87)   (12)   (1)   214   73     
Revenues
2017
            
Life insurance gross premiums
   7,437   1,857   9,603   619   983   -   7   (9)   20,498   (546)   19,952 
Accident and health insurance
   2,115   203   32   84   97   -   -   -   2,531   (20)   2,511 
General insurance
   -   148   -   319   -   -   1   (1)   466   (103)   363 
Total gross premiums
  
 
9,553
 
 
 
2,208
 
 
 
9,635
 
 
 
1,022
 
 
 
1,080
 
 
 
-
 
 
 
8
 
 
 
(10
) 
 
 
23,496
 
 
 
(670
) 
 
 
22,826
 
Investment income
   3,368   2,172   1,517   85   246   4   295   (291)   7,396   (58)   7,338 
Fee and commission income
   1,919   326   235   60   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
 
 
 
1,170
 
 
 
1,390
 
 
 
613
 
 
 
308
 
 
 
(523
) 
 
 
33,895
 
 
 
(921
) 
 
 
32,973
 
Inter-segment
revenues
   -   (1)   -   -   3   222   298                 
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.
      
Note
     
            2019
                 2018                 2017 
Underlying earnings before tax
        
 
1,973
 
    
 
2,074
 
    
 
2,140
 
Elimination of share in earnings of joint ventures and associates
         50      72      61 
Rental income
    
 
7
 
     (76)      (72)      (61) 
Dividend income
    
 
7
 
     9      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
 
     (17)      (295)      (437) 
Net fair value change on borrowings and other financial liabilities
    
 
10
 
     7      6      - 
Realized gains and losses on financial investments
    
 
10
 
     399      (92)      431 
Gains and (losses) on investments in real estate
    
 
10
 
     317      261      193 
Net fair value change of derivatives
    
 
10
 
     163      (67)      (134) 
Net foreign currency gains and (losses)
    
 
10
 
     -      (2)      5 
Realized gains and (losses) on repurchased debt
    
 
10
 
     -      1      1 
Other income
    
 
11
 
     200      8      540 
Change in valuation of liabilities for insurance contracts
    
 
12
 
     (1,231)      (341)      (254) 
Change in valuation of liabilities for investment contracts
    
 
12
 
     (13)      13      (19) 
Benefits and claims paid life
    
 
12
 
     7      -      - 
Policyholder claims and benefits - Other
    
 
12
 
     50      (9)      34 
Commissions and expenses
    
 
14
 
     (319)      (428)      256 
Impairment (charges) reversals
    
 
15
 
     (105)      (20)      (16) 
Interest charges and related fees
    
 
16
 
     21      -      - 
Other charges
    
 
17
 
     (1)      (375)      (235) 
Run-off businesses
    
 
5
 
     23      (14)      30 
Income / (loss) before tax
    
 
 
 
    
 
1,457
 
    
 
751
 
    
 
2,534
 
Summary of Other Selected Income Statement Items
Other selected income statement
items
 Americas  The
Netherlands		  United
Kingdom		  Southern &
Eastern
Europe		  Asia  Asset
Management		  Holding and
other
activities		  Eliminations  
Total
 
2019
         
Amortization of deferred expenses, VOBA and future servicing rights
  685   4   117   37   32   -   -   -   876 
Depreciation
  44   18   12   11   1   1   2   -   87 
Impairment charges / (reversals) on financial assets, excluding receivables
  (12)   72   -   -   -   -   -   -   60 
Impairment charges / (reversals) on non-financial assets and receivables
  3   94   -   3   -   -   10   -   109 
2018
         
Amortization of deferred expenses, VOBA and future servicing rights
  852   25   119   52   24   -   -   -   1,072 
Depreciation
  38   12   14   12   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   11   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   -   -   -   -   -   -   - 
Summary of Number of Employees
Number of employees
  Americas   
The
Netherlands
   United
Kingdom		   Southern &
Eastern
Europe		   Asia   
Asset
Management
   
Holding and
other
activities
   
Total
 
2019
                
Number of employees - headcount
   8,570    3,582    2,261    2,853    4,540    1,535    416    23,757 
Of which Aegon’s share of employees in joint ventures and associates
   651    -    62    104    4,172    173    -    5,162 
2018
                
Number of employees - headcount
   8,824    3,548    3,135    2,837    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    2,947    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 
Summary of Assets and Liabilities Per Segment
Summarized assets and
liabilities per segment
 
Americas
  
The
Netherlands
  
United
Kingdom
  
 
Southern &
Eastern
Europe
  
Asia
  
Asset
Management
  
Holding and
other
activities
  
Eliminations
  
Total
 
2019
         
Assets
         
Cash and Cash equivalents
  822   9,627   305   152   91   166   1,100   -   12,263 
Investments
  75,076   59,983   2,034   1,711   6,662   266   244   -   145,976 
Investments for account of policyholders
  107,963   25,491   91,848   994   82   -   -   (4)   226,374 
Investments in joint ventures
  -   1,159   -   476   192   153   3   -   1,983 
Investments in associates
  79   106   9   -   28   129   21   (10)   363 
Deferred expenses
  8,999   360   913   45   487   -   -   -   10,804 
Other assets
  27,078   11,996   2,546   271   1,905   126   31,511   (32,848)   42,585 
Total assets
 
 
220,017
 
 
 
108,722
 
 
 
97,655
 
 
 
3,648
 
 
 
9,448
 
 
 
840
 
 
 
32,879
 
 
 
(32,862
) 
 
 
440,348
 
Liabilities
         
Insurance contracts
  73,784   40,554   1,518   1,411   7,825   -   17   (1,655)   123,454 
Insurance contracts for account of policyholders
  77,988   25,328   31,559   815   20   -   -   -   135,710 
Investment contracts
  6,662   11,716   211   2   2   -   -   -   18,594 
Investment contracts for account of policyholders
  29,976   2,301   61,305   181   62   -   -   -   93,826 
Other liabilities
  15,468   22,636   1,459   323   229   322   8,421   (4,534)   44,324 
Total liabilities
 
 
203,877
 
 
 
102,535
 
 
 
96,052
 
 
 
2,733
 
 
 
8,138
 
 
 
322
 
 
 
8,438
 
 
 
(6,189
) 
 
 
415,907
 
 
 
Summarized assets and
liabilities per segment
 Americas  The
Netherlands		  United
Kingdom		  Southern &
Eastern
Europe		  Asia  Asset
Management		  Holding and
other
activities		  Eliminations  
Total
 
2018
         
Assets
         
Cash and Cash equivalents
  683   6,004   315   148   90   213   1,290   -   8,744 
Investments
  71,056   57,738   2,114   1,660   5,720   181   157   -   138,625 
Investments for account of policyholders
  95,343   23,767   73,958   1,187   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   665   -   -   -   10,910 
Other assets
1)
  27,782   7,421   1,893   272   1,907   123   27,258   (28,727)   37,928 
Total assets
 
 
204,145
 
 
 
96,083
 
 
 
79,184
 
 
 
3,819
 
 
 
8,654
 
 
 
767
 
 
 
28,713
 
 
 
(28,732
) 
 
 
392,632
 
Liabilities
         
Insurance contracts
  71,584   34,878   1,435   1,339   7,726   -   15   (1,648)   115,328 
Insurance contracts for account of policyholders
  68,126   23,855   24,086   1,022   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 
Other liabilities
  17,055   17,499   1,047   400   67   293   6,156   (3,012)   39,505 
Total liabilities
 
 
190,924
 
 
 
89,127
 
 
 
77,322
 
 
 
3,015
 
 
 
7,898
 
 
 
293
 
 
 
6,171
 
 
 
(4,660
) 
 
 
370,091
 
1
Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures.
Summary of Investments
Investments
  
Americas
   
The
Netherlands
   
United
Kingdom
   
 
Southern &
Eastern
Europe
   
Asia
   
Asset
Management
   
Holding and
other
activities
   
Eliminations
   
Total
 
2019
                  
Shares
   499    1,443    17    74    11    5    173    -    2,221 
Debt securities
   54,970    22,773    1,055    1,497    6,465    93    1    -    86,853 
Loans
   10,922    33,460    -    118    42    -    48    -    44,591 
Other financial assets
   8,032    78    962    3    145    168    21    -    9,410 
Investments in real estate
   653    2,229    -    19    -    -    -    -    2,901 
Investments general account
  
 
75,076
 
  
 
59,983
 
  
 
2,034
 
  
 
1,711
 
  
 
6,662
 
  
 
266
 
  
 
244
 
  
 
-
 
  
 
145,976
 
Shares
   -    8,490    16,583    218    -    -    -    (4)    25,288 
Debt securities
   877    11,652    8,043    173    -    -    -    -    20,744 
Unconsolidated investment funds
   106,926    695    61,738    598    82    -    -    -    170,039 
Other financial assets
   161    4,653    4,898    4    -    -    -    -    9,716 
Investments in real estate
   -    -    586    -    -    -    -    -    586 
Investments for account of policyholders
  
 
107,963
 
  
 
25,491
 
  
 
91,848
 
  
 
994
 
  
 
82
 
  
 
-
 
  
 
-
 
  
 
(4
) 
  
 
226,374
 
Investments on balance sheet
   183,039    85,474    93,882    2,704    6,745    266    244    (4)    372,350 
Off-balance sheet investments third parties
   220,039    4,802    123,904    5,461    1,001    170,158    -    (818)    524,547 
Total revenue-generating investments
  
 
403,078
 
  
 
90,276
 
  
 
217,786
 
  
 
8,166
 
  
 
7,746
 
  
 
170,424
 
  
 
244
 
  
 
(822
) 
  
 
896,897
 
Investments
                  
Available-for-sale
   59,899    19,591    1,556    1,570    6,602    153    32    -    89,404 
Loans
   10,922    33,460    -    118    42    -    48    -    44,591 
Financial assets at fair value through profit or loss
   111,565    30,193    91,740    997    100    113    164    (4)    234,867 
Investments in real estate
   653    2,229    586    19    -    -    -    -    3,487 
Total investments on balance sheet
  
 
183,039
 
  
 
85,474
 
  
 
93,882
 
  
 
2,704
 
  
 
6,745
 
  
 
266
 
  
 
244
 
  
 
(4
) 
  
 
372,350
 
Investments in joint ventures
   -    1,159    -    476    192    153    3    -    1,983 
Investments in associates
   79    106    9    -    28    129    21    (10)    363 
Other assets
   36,899    21,983    3,764    468    2,483    292    32,611    (32,848)    65,652 
Consolidated total assets
  
 
220,017
 
  
 
108,722
 
  
 
97,655
 
  
 
3,648
 
  
 
9,448
 
  
 
840
 
  
 
32,879
 
  
 
(32,862
) 
  
 
440,348
 
 
1
 
Due to the announced divestment of Aegon’s 50% stake in the joint venture with Sony Life, Revenue Generating Investments of Japan are no longer included in 2019.
Off-balance
investments for Japan amount to EUR 2.3 billion per December 31, 2019.
 
 
Investments
  Americas   
The
Netherlands
   United
Kingdom		   
 
Southern &
Eastern
Europe
   Asia   
Asset
Management
   Holding and
other
activities		   Eliminations   
Total
 
2018
                  
Shares
   532    1,412    3    74    7    4    128    -    2,161 
Debt securities
   51,681    21,586    1,005    1,417    5,526    36    3    -    81,253 
Loans
   9,945    32,536    -    143    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    -    21    -    -    -    -    2,700 
Investments general account
  
 
71,056
 
  
 
57,738
 
  
 
2,114
 
  
 
1,660
 
  
 
5,720
 
  
 
181
 
  
 
157
 
  
 
-
 
  
 
138,625
 
Shares
   -    7,403    13,044    198    -    -    -    (5)    20,640 
Debt securities
   1,716    11,283    7,259    183    -    -    -    -    20,441 
Unconsolidated investment funds
   93,548    1,059    48,296    795    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
 
  
 
1,187
 
  
 
103
 
  
 
-
 
  
 
-
 
  
 
(5
) 
  
 
194,353
 
Investments on balance sheet
   166,399    81,505    76,072    2,847    5,823    181    157    (5)    332,979 
Off-balance sheet investments third parties
   204,184    3,339    106,347    5,851    2,818    149,197    -    (774)    470,963 
Total revenue-generating investments
  
 
370,583
 
  
 
84,844
 
  
 
182,419
 
  
 
8,698
 
  
 
8,641
 
  
 
149,378
 
  
 
157
 
  
 
(778
) 
  
 
803,942
 
Investments
                  
Available-for-sale
   55,921    19,974    1,459    1,483    5,686    131    21    -    84,675 
Loans
   9,945    32,536    -    143    16    -    12    -    42,653 
Financial assets at fair value through profit or loss
   100,002    26,846    74,001    1,200    121    50    123    (5)    202,339 
Investments in real estate
   530    2,150    612    21    -    -    -    -    3,312 
Total investments on balance sheet
  
 
166,399
 
  
 
81,505
 
  
 
76,072
 
  
 
2,847
 
  
 
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
1)
   37,674    13,491    3,104    494    2,662    336    28,548    (28,727)    57,582 
Consolidated total assets
  
 
204,145
 
  
 
96,083
 
  
 
79,184
 
  
 
3,819
 
  
 
8,654
 
  
 
767
 
  
 
28,713
 
  
 
(28,732
) 
  
 
392,633
 
 
1
 
Comparative figures have been reclassified to conform to the current year presentation as the elimination logic has changed. This reclassification is not considered material as there is no effect on consolidated group figures.