Defined benefit plans (Tables)

12 Months Ended

Dec. 31, 2021

Statement [LineItems]

Summary of Defined Benefit Plans

	2021		2020
Retirement benefit plans		3,547		4,318
Other post-employment benefit plans		277		275
Total defined benefit plans		3,824		4,593
Retirement benefit plans in surplus		119		43
Total defined benefit assets		119		43
Retirement benefit plans in deficit		3,666		4,361
Other post-employment benefit plans in deficit		277		275
Total defined benefit liabilities		3,944		4,636

Summary of Movements of Defined Benefit Plans

	2021									2020
Movements during the year in defined benefit plans	Retirement benefit plans			Other post- employment benefit plans			Total			Retirement benefit plans			Other post- employment benefit plans			Total
At January 1		4,318			275			4,593			4,076			283			4,359
Defined benefit expenses		(8	)		16			8			104			18			122
Remeasurements of defined benefit plans		(487	)		(14	)		(501	)		350			10			360
Contributions paid		(164	)		-			(164	)		(54	)		-			(54	)
Benefits paid		(110	)		(15	)		(125	)		(103	)		(16	)		(119	)
Net exchange differences		29			16			45			(61	)		(19	)		(80	)
Other		(32	)		-			(32	)		5			-			5
At December 31		3,547			277			3,824			4,318			275			4,593

Summary of Amounts Recognized in Statement of Financial Positions

The amounts recognized in the statement of financial position are determined as follows:

	2021								2020
	Retirement benefit plans			Other post- employment benefit plans		Total			Retirement benefit plans			Other post- employment benefit plans		Total
Present value of wholly or partly funded obligations		4,604			-		4,604			4,858			-		4,858
Fair value of plan assets		(4,717	)		-		(4,717	)		(4,466	)		-		(4,466	)
		(112	)		-		(112	)		392			-		392
Present value of wholly unfunded obligations1)		3,660			277		3,937			3,926			275		4,201
At December 31		3,547			277		3,824			4,318			275		4,593

1  As all pension obligations are insured at subsidiary Aegon Levensverzekering almost all assets held by Aegon Nederland backing retirement benefits of EUR 2,783 million (2020: EUR 2,845 million) do not meet the definition of plan assets and as such were not deducted in calculating this amount. Instead, these assets are recognized as general account assets. Consequently, the return on these assets does not form part of the calculation of defined benefit expenses.

Summary of Fair Value of Plan Assets

The fair value of Aegon’s own transferable financial instruments included in plan assets and the fair value of other assets used by Aegon included in plan assets was nil in both 2021 and 2020.

	2021								2020
Defined benefit expenses	Retirement benefit plans			Other post- employment benefit plans		Total			Retirement benefit plans		Other post- employment benefit plans		Total
Current year service cost		48			11		59			52		11		63
Net interest on the net defined benefit liability (asset)		32			5		37			52		7		59
Past service cost		(88	)		-		(88	)		1		-		1
Total defined benefit expenses		(8	)		16		8			104		18		122

	2019
	Retirement benefit plans			Other post- employment benefit plans		Total
Current year service cost		148			8		157
Net interest on the net defined benefit liability (asset)		80			9		89
Past service cost		(1	)		-		(1	)
Total defined benefit expenses		227			17		244

Summary of Breakdown of Plan Assets for Retirement of Benefit Plans

	2021										2020
Breakdown of plan assets for retirement benefit plans	Quoted		Unquoted			Total			in % of total plan assets		Quoted		Unquoted		Total		in % of total plan assets
Equity instruments		-		-			-			0%		154		-		154		3%
Debt instrument		603		387			990			21%		450		717		1,167		26%
Real estate		-		142			142			3%		-		110		110		2%
Derivatives		-		(3	)		(3	)		(0%)		-		16		16		0%
Investment funds		-		3,069			3,069			65%		2		2,449		2,451		55%
Other		2		516			518			11%		3		563		567		13%
At December 31		605		4,112			4,717			100%		610		3,856		4,466		100%

Commissions and expenses [member]

Statement [LineItems]

Summary of Movements of Defined Benefit Plans

Defined benefit expenses are included in ‘Commissions and expenses’ in the income statement.

Movements during the year of the present value of the defined benefit obligations	2021			2020
At January 1		9,059			8,779
Current year service cost		59			63
Interest expense		131			175
Remeasurements of the defined benefit obligations:
- Actuarial gains and losses arising from changes in demographic assumptions		(59	)		(51	)
- Actuarial gains and losses arising from changes in financial assumptions		(299	)		859
Past service cost		(88	)		1
Benefits paid		(455	)		(362	)
Amounts paid in respect of settlements		(140	)		-
Net exchange differences		364			(409	)
Other		(32	)		5
At December 31		8,541			9,059
Movements during the year in plan assets for retirement benefit plans	2021			2020
At January 1		4,466			4,420
Interest income (based on discount rate)		94			116
Remeasurements of the net defined liability (asset)		144			448
Contributions by employer		164			54
Benefits paid		(330	)		(243	)
Amounts paid in respect of settlements		(140	)		-
Net exchange differences		319			(329	)
At December 31		4,717			4,466

Aegon United Kingdom [member]

Statement [LineItems]

Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations

The principal actuarial assumptions that apply for the year ended December 31 are as follows:

Actuarial assumptions used to determine defined benefit obligations at year-end	2021		2020
Demographic actuarial assumptions
Mortality		UK mortality table1)		UK mortality table2)
Financial actuarial assumptions
Discount rate		1.79%		1.45%
Price inflation		3.34%		2.95%

1  Club Vita tables based on analysis of Scheme membership CMI 2019 1.5%/1.25% p.a. (males/females)

2  Club Vita tables based on analysis of Scheme membership CMI 2019 1.5%/1.25% p.a. (males/females)

The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end:

	Estimated approximate effects on the         defined benefit obligation
	2021			2020
Demographic actuarial assumptions
10% increase in mortality rates		(55	)		(55	)
10% decrease in mortality rates		62			63
Financial actuarial assumptions
100 basis points increase in discount rate		(322	)		(330	)
100 basis points decrease in discount rate		433			448
100 basis points increase in price inflation		202			172
100 basis points decrease in price inflation		(237	)		(316	)

	Target allocation of plan assets for retirement benefit plans for the next annual period is:
Equity instruments		16.7%
Debt instruments		83.3%

Aegon United States of America [member]

Statement [LineItems]

Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations

The principal actuarial assumptions that apply for the year ended December 31 are as follows:

Actuarial assumptions used to determine defined benefit obligations at year-end	2021		2020
Demographic actuarial assumptions
Mortality		US mortality table1)		US mortality table1)
Financial actuarial assumptions
Discount rate2)		2.80%/2.61%		2.47%/2.18%
Salary increase rate		4.00%		4.00%
Health care trend rate		6.10%		6.30%

1  2021 assumption -PRI-2012 Employee, Healthy Annuitant and Contingent Survivor Tables (90% white collar/10% blue collar) projected with Scale MP-2021. Comparative figures are as included in the Annual Report 2020.

The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions would have the following effects on the defined benefit obligation per year-end:

	Estimated approximate effects on         the defined benefit obligation
	2021			2020
Demographic actuarial assumptions
10% increase in mortality rates		(69	)		(86	)
10% decrease in mortality rates		77			95
Financial actuarial assumptions
100 basis points increase in discount rate		(357	)		(422	)
100 basis points decrease in discount rate		436			521
100 basis points increase in salary increase rate		-			29
100 basis points decrease in salary increase rate		-			(25	)
100 basis points increase in health care trend rate		13			13
100 basis points decrease in health care trend rate		(12	)		(12	)

Target Allocation of Plan Assets for Retirement Benefit Plans for the Next Annual Period

	Target allocation of plan assets for retirement         benefit plans for the next annual period is:
Equity instruments		5%-24%
Debt instruments		57%-88%
Other		4%-22%

Aegon Nederland N.V. [member]

Statement [LineItems]

Summary of Actuarial Assumptions used to Determine Defined Benefit Obligations

The principal actuarial assumptions that apply for the year-ended December 31 are as follows:

Actuarial assumptions used to determine defined benefit obligations at year-end	2021		2020
Demographic actuarial assumptions
Mortality		NL mortality table1)		NL mortality table1)
Financial actuarial assumptions
Discount rate		1.01%		0.51%
Salary increase rate2)		Curve 2021		Curve 2020
Indexation3)		53.05% of Curve 2021		55.6% of Curve 2020

1  Based on prospective mortality table of the Dutch Actuarial Society with minor methodology adjustments.

2  Based on Dutch Consumer Price Index.

3  Based on Dutch Consumer Price Index.

The principal actuarial assumptions have an effect on the amounts reported for the defined benefit obligation. A change as indicated in the table below in the principal actuarial assumptions of the retirement benefit plan would have the following effects per year-end:

	Estimated approximate effects on         the defined benefit obligation
	2021			2020
Demographic actuarial assumptions
10% increase in mortality rates		(100	)		(110	)
10% decrease in mortality rates		112			124
Financial actuarial assumptions
100 basis points increase in discount rate		(622	)		(703	)
100 basis points decrease in discount rate		849			977
100 basis points increase in salary increase rate		-			-
25 basis points increase in indexation		187			213
25 basis points decrease in indexation		(170	)		(192	)

1  Aegon Nederland deducts employee contributions from the total pension expenses.