Policyholder claims and benefits

12 Months Ended

Dec. 31, 2021

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Policyholder claims and benefits

12 Policyholder claims and benefits

	2021			2020			2019
Benefits and claims paid life		20,019			16,016			18,824
Benefits and claims paid non-life		1,441			1,489			1,635
Change in valuation of liabilities for insurance contracts		18,138			22,433			30,679
Change in valuation of liabilities for investment contracts		2,291			2,086			5,768
Other		(38	)		(19	)		(50	)
Total		41,852			42,006			56,856

Policyholder claims and benefits includes claims and benefits in excess of account value for products for which deposit accounting is applied and the change in valuation of liabilities for insurance and investment contracts. The lines ‘‘Change in valuation of liabilities for insurance contracts’’ and ‘‘Change in valuation of liabilities for investment contracts’’ reflect movements in technical provisions resulting from “Net fair value change on for account of policyholder financial assets at fair value through profit or loss” included in note 10 Results from financial transactions of EUR 23,811 million positive (2020: EUR 20,982 million positive, 2019: EUR 33,188 million positive). In addition, the line ‘‘Change in valuation of liabilities for insurance contracts’’ includes a decrease of technical provisions for life insurance contracts of EUR 1,095 million (2020: increase of EUR 3,412 million, 2019: increase of EUR 2,490 million).

Aegon launched a lump-sum buy-out program in July 2021 for policyholders of variable annuities with GMIB riders whose financial objectives may have changed since the issuance of their policies. The execution of the lump-sum buy-out program resulted in a charge of EUR 49 million as recorded in “Policyholder claims and benefits”, to record actual and expected offer acceptances.