XML 197 R77.htm IDEA: XBRL DOCUMENT

Financial risks (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Maximum Exposure to Credit Risk

The table that follows shows the Group’s maximum exposure to credit risk from investments in general account financial assets, as well as general account derivatives and reinsurance assets, collateral held and net exposure. Please refer to note 45 and 46 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk.


2021	Maximum exposure to credit risk		Cash		Securities	Letters of credit / guaran- tees	Real estate property	Master netting agree- ments	Other	Total collateral		Surplus collateral (or overcollater- alization)	Net exposure
Debt securities - carried at fair value		97,195		-	-	221	-	-	-		221	-		96,974

Money market and other short-term investments - carried at fair value		4,910		-	330	-	-	-	-		330	21		4,601

Mortgage loans - carried at amortized cost		39,991		2,684	-	32	75,412	-	-		78,128	38,197		60

Private loans - carried at amortized cost		4,883		33	-	-	-	-	-		33	-		4,850

Other loans - carried at amortized cost		1,949		-	-	-	-	-	1,872		1,872	1,346		1,423

Other financial assets - carried at fair value		4,245		-	-	-	-	-	-		-	-		4,245

Derivatives		8,780		2,555	107	-	-	5,921	-		8,583	66		263

Reinsurance assets		20,992		-	3,784	77	-	-	-		3,861	-		17,131
At December 31		182,945		5,272	4,221	330	75,412	5,921	1,872		93,028	39,630		129,547


2020	Maximum exposure to credit risk		Cash		Securities	Letters of credit / guaran- tees	Real estate property	Master netting agree- ments	Other	Total collateral		Surplus collateral (or overcollateral- ization)	Net exposure
Debt securities - carried at fair value		99,350		-	-	245	-	-	-		245	-		99,105

Money market and other short-term investments - carried at fair value		4,667		-	330	-	-	-	-		330	19		4,357

Mortgage loans - carried at amortized cost		38,244		2,685	-	60	64,028	-	-		66,772	28,655		126

Private loans - carried at amortized cost		4,358		45	-	-	-	-	-		45	-		4,313

Other loans - carried at amortized cost		1,917		-	-	-	-	-	1,786		1,786	1,293		1,424

Other financial assets - carried at fair value		3,641		-	-	-	-	-	-		-	-		3,641

Derivatives		13,238		4,873	60	29	-	8,373	-		13,336	135		38

Reinsurance assets		18,910		-	3,578	117	-	-	-		3,694	-		15,216
At December 31		184,326		7,603	3,967	450	64,028	8,373	1,786		86,207	30,101		128,220

Summary of Credit Risk Rating Grades

Aegon group level long-term counterparty exposure limits are as follows:

Group limits per credit rating



Amounts in EUR million	2021		2020

AAA		900		900

AA		900		900

A		675		675

BBB		450		450

BB		250		250

B		125		125

CCC or lower		50		50

Schedule of Ratings Distribution of General Account Portfolios

The ratings distribution of general account portfolios of Aegon’s major reporting units, excluding reinsurance assets, are presented in the table that follows, organized by rating category and split by assets that are valued at fair value and assets that are valued at amortized cost. Aegon uses a composite rating based on a combination of the external ratings of S&P, Moody’s, Fitch and National Association of Insurance Commissioners (NAIC which is for US only) and internal ratings. The rating used is the lower of the external rating and the internal rating.


Credit rating general account investments, excluding reinsurance assets 2021	Americas				The Netherlands				United Kingdom				International
	Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost			Fair value

AAA		1,383		15,537		2,607		11,832		-		74		-			738

AA		4,219		4,438		216		6,474		-		586		-			699

A		3,301		20,888		128		10,636		-		384		52			2,610

BBB		519		21,894		1,050		4,458		-		202		(4	)		3,311

BB		59		1,614		44		127		-		1		-			272

B		-		549		-		19		-		-		18			370

CCC or lower		-		441		-		19		-		-		-			13

Assets not rated		1,868		4,257		31,137		1,418		-		644		27			79

Total		11,349		69,618		35,182		34,983		-		1,893		93			8,093

Past due and/or impaired assets		2		2,044		176		17		-		-		-			116

At December 31		11,352		71,662		35,358		35,000		-		1,893		93			8,208


	Asset Management				Total 2021 1)
Credit rating general account investments, excluding reinsurance assets 2021	Amortized cost		Fair value		Amortized cost		Fair value		Total carrying value

AAA		-		295		3,989		28,476		32,465

AA		-		-		4,436		12,197		16,633

A		-		-		3,481		34,530		38,011

BBB		-		-		1,564		29,866		31,431

BB		-		-		103		2,015		2,118

B		-		-		18		938		956

CCC or lower		-		-		-		473		473

Assets not rated		-		2		33,053		6,474		39,527

Total		-		296		46,644		114,968		161,613

Past due and/or impaired assets		-		-		178		2,176		2,355

At December 31		-		296		46,823		117,145		163,967

1	Includes investments of Holding and other activities.

Credit rating general account investments, excluding reinsurance assets 2020	Americas				The Netherlands				United Kingdom				International
	Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost			Fair value

AAA		1,066		15,551		1,913		14,362		-		43		-			925

AA		3,494		4,112		74		7,663		-		605		-			617

A		3,369		21,741		46		14,421		-		337		49			2,604

BBB		631		21,049		1,098		4,031		-		173		(4	)		3,242

BB		56		1,847		46		248		-		1		-			230

B		-		611		-		100		-		-		45			302

CCC or lower		-		556		-		15		-		-		1			12

Assets not rated		1,775		3,360		30,492		1,464		-		848		30			80

Total		10,390		68,828		33,669		42,305		-		2,008		120			8,014

Past due and/or impaired assets		87		1,130		212		14		-		-		-			88

At December 31		10,477		69,958		33,882		42,319		-		2,008		120			8,102

	Asset Management				Total 2020 1)
Credit rating general account investments, excluding reinsurance assets 2020	Amortized cost		Fair value		Amortized cost		Fair value		Total carrying value

AAA		-		159		2,980		31,042		34,021

AA		-		3		3,567		13,001		16,568

A		-		4		3,464		39,123		42,586

BBB		-		15		1,725		28,510		30,235

BB		-		16		102		2,372		2,473

B		-		8		45		1,022		1,067

CCC or lower		-		2		1		585		586

Assets not rated		-		1		32,336		5,984		38,320

Total		-		208		44,219		121,637		165,856

Past due and/or impaired assets		-		-		300		1,238		1,538

At December 31		-		208		44,519		122,875		167,394

1	Includes investments of Holding and other activities.

Summary of Credit Quality of Gross Positions of Reinsurance Assets

The following table shows the credit quality of the gross positions in the statement of financial position for general account reinsurance assets specifically:


	Carrying value 2021		Carrying value 2020

AAA		-		-

AA		9,084		9,025

A		11,087		9,430

Below A		7		34

Not rated		813		421

At December 31		20,992		18,910

Schedule of Credit Risk Concentration

The tables that follow present specific credit risk concentration information for general account financial assets.


Credit risk concentrations – debt securities and money market investments 2021	Americas		The Netherlands		United Kingdom		Interna- tional		Asset Management		Total 2021 1)		Of which past due and/or impaired assets

Residential mortgage-backed securities (RMBSs)		1,854		106		-		20		4		1,984		611

Commercial mortgage-backed securities (CMBSs)		3,005		3		122		517		-		3,647		13

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		265		1,576		-		37		-		1,878		2

ABSs – Other		1,972		1		74		267		8		2,321		27

Financial - Banking		5,597		3,146		177		1,035		-		9,956		9

Financial - Other		9,916		854		68		783		257		11,877		175

Capital goods and other industry		4,048		1,078		33		501		-		5,661		144

Communications & Technology		6,190		1,561		3		732		-		8,485		411

Consumer cyclical		3,159		741		43		342		-		4,286		152

Consumer non-cyclical		6,138		1,900		121		825		-		8,984		177

Energy		4,177		143		26		635		-		4,980		91

Transportation		2,151		815		-		197		-		3,163		130

Utility		5,356		707		105		590		-		6,757		153

Government bonds		11,663		14,321		477		1,649		18		28,127		4

At December 31		65,490		26,951		1,248		8,130		286		102,105		2,101

1	Includes investments of Holding and other activities.


Credit risk concentrations – Government bonds per country of risk 2021	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021 1)

United States		10,897		-		-		463		-		11,360

Netherlands		-		4,691		-		-		-		4,691

United Kingdom		-		3		413		-		18		433

Austria		-		1,175		-		6		-		1,181

Belgium		-		1,132		-		5		-		1,137

Finland		-		41		-		-		-		41

France		-		1,618		34		2		-		1,654

Germany		-		4,309		-		-		-		4,309

Hungary		-		-		-		302		-		302

Indonesia		75		39		-		28		-		141

Luxembourg		-		873		-		1		-		875

Spain		-		144		-		197		-		341

Rest of Europe		85		65		-		503		-		654

Rest of world		587		230		31		131		-		979

Supranational		19		-		-		11		-		29

At December 31		11,663		14,321		477		1,649		18		28,127

1	Includes investments of Holding and other activities.


Credit risk concentrations – Credit rating 2021 2)	Government bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		Total 2021 1)

AAA		19,740		754		5,779		1,882		28,155

AA		5,476		4,099		1,125		-		10,700

A		1,228		25,470		1,648		-		28,345

BBB		1,094		28,855		338		-		30,286

BB		238		1,700		63		-		2,001

B		348		553		26		-		927

CCC or lower		5		183		826		-		1,014

Assets not rated		-		3		24		649		676

At December 31		28,127		61,617		9,830		2,531		102,105

1	Includes investments of Holding and other activities.

2	CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s.

There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million.

Credit risk concentrations – debt securities and money market investments 2020	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2020 1)		Of which past due and/or impaired assets

Residential mortgage-backed securities (RMBSs)		2,317		165		-		80		3		2,565		736

Commercial mortgage-backed securities (CMBSs)		2,970		12		122		495		-		3,599		9

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		422		1,703		-		35		-		2,159		1

ABSs – Other		1,584		11		74		294		2		1,965		9

Financial - Banking		6,144		4,520		164		1,034		2		11,863		9

Financial - Other		9,080		706		78		744		135		10,760		35

Capital goods and other industry		3,968		1,182		18		446		4		5,618		41

Communications & Technology		5,736		1,129		3		701		1		7,570		119

Consumer cyclical		3,112		999		43		368		-		4,522		30

Consumer non-cyclical		6,200		1,773		120		815		1		8,909		32

Energy		3,852		287		27		545		4		4,715		12

Transportation		2,202		784		-		197		1		3,183		21

Utility		4,872		401		78		610		-		5,960		143

Government bonds		11,282		17,208		434		1,658		46		30,627		4

At December 31		63,739		30,880		1,160		8,022		199		104,018		1,200

1	Includes investments of Holding and other activities.

Credit risk concentrations – Government bonds per country of risk 2020	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2020 1)

United States		10,623		61		-		503		2		11,189

Netherlands		-		6,505		-		-		-		6,505

United Kingdom		-		3		368		-		17		387

Austria		-		1,318		-		9		-		1,326

Belgium		-		1,255		-		5		-		1,260

Finland		-		42		-		-		-		42

France		-		1,779		34		3		-		1,816

Germany		-		4,869		-		-		-		4,869

Hungary		2		-		-		375		1		378

Luxembourg		-		950		-		1		-		951

Spain		-		146		-		208		-		354

Rest of Europe		87		165		-		434		3		689

Rest of world		567		115		32		115		24		854

Supranational		3		-		-		4		-		7

At December 31		11,282		17,208		434		1,658		46		30,627

1	Includes investments of Holding and other activities.


Credit risk concentrations – Credit rating 2020 2)	Government bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		Total 2020 1)

AAA		22,335		766		6,256		1,585		30,942

AA		5,657		4,181		1,352		-		11,190

A		1,056		26,438		1,224		-		28,718

BBB		1,175		26,769		320		-		28,264

BB		90		2,055		133		-		2,279

B		308		639		53		-		1,000

CCC or lower		6		282		949		-		1,237

Assets not rated		-		2		2		385		388

At December 31		30,627		61,132		10,289		1,970		104,018

1	Includes investments of Holding and other activities.

2	CNLP Ratings are used and are the lower of the Barclay’s Rating and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s.

There are no individual issuers rated below investment grade in the RMBS sector, CMBS sector and ABS sector which have unrealized loss position greater than EUR 25 million.


Credit risk concentrations – mortgage loans 2021	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021		Of which past due and/or impaired assets

Agricultural		59		-		-		-		-		59		-

Apartment		5,085		-		-		-		-		5,085		2

Industrial		1,349		-		-		-		-		1,349		-

Office		1,560		-		-		-		-		1,560		-

Retail		1,425		6		-		-		-		1,432		-

Other commercial		-		23		-		-		-		23		1

Residential		6		30,476		-		1		-		30,483		139

At December 31		9,485		30,505		-		1		-		39,991		142


Credit risk concentrations – mortgage loans 2020	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2020		Of which past due and/or impaired assets

Agricultural		59		-		-		-		-		59		-

Apartment		4,169		-		-		-		-		4,169		86

Industrial		1,240		-		-		-		-		1,240		-

Office		1,624		-		-		-		-		1,625		-

Retail		1,383		7		-		-		-		1,390		1

Other commercial		223		25		-		-		-		248		1

Residential		8		29,505		-		1		-		29,514		173

At December 31		8,706		29,537		-		1		-		38,244		261

Summary of Income Received From Investments in RMBSs, SMBSs and ABSs



						Total result 2021		December 31, 2021
2021	Interest income		Total gains and losses on sale of assets			Total		Investments

Residential mortgage-backed securities		83		(28	)		55		1,980

Commercial mortgage-backed securities		113		(31	)		82		3,647

Asset-backed securities		29		-			29		1,878

ABSs - Other		70		(11	)		59		2,323

Total		295		(69	)		226		9,829


						Total result 2020		December 31, 2020
2020	Interest income		Total gains and losses on sale of assets			Total		Investments

Residential mortgage-backed securities		120		25			144		2,565

Commercial mortgage-backed securities		128		92			220		3,599

Asset-backed securities		38		(5	)		34		2,159

ABSs - Other		79		104			183		1,965

Total		366		215			581		10,289

Summary of Amortized Cost and Fair Value of Debt Securities

The amortized cost and fair value of debt securities, money market investments and other, included in Aegon’s available-for-sale (AFS) portfolios, are as follows as of December 31, 2021, and December 31, 2020.



2021	Amortized cost		Unrealized gains		Unrealized losses			Total fair value		Fair value of instruments with unrealized gains		Fair value of instruments with unrealized losses

Debt securities, money market instruments and other

United States government		8,942		2,386		(11	)		11,317		10,938		379

Dutch government		3,456		1,238		(0	)		4,694		4,688		6

Other government		9,060		2,794		(84	)		11,769		10,414		1,356

Mortgage-backed securities		5,265		372		(56	)		5,581		3,832		1,749

Asset-backed securities		4,088		118		(16	)		4,189		2,334		1,855

Corporate		50,953		5,738		(343	)		56,348		45,363		10,985

Money market investments		4,790		-		(0	)		4,790		4,547		243

Other		876		34		(66	)		844		519		325

Total		87,431		12,679		(576	)		99,533		82,635		16,898

Of which held by Aegon Americas and NL		78,468		11,865		(475	)		89,859		74,954		14,905


2020	Amortized cost		Unrealized gains		Unrealized losses			Total fair value		Fair value of instruments with unrealized gains		Fair value of instruments with unrealized losses

Debt securities, money market instruments and other

United States government		8,336		2,608		(9	)		10,935		10,661		274

Dutch government		4,769		1,736		-			6,505		6,502		3

Other government		9,085		3,660		(8	)		12,736		12,465		271

Mortgage-backed securities		5,678		482		(69	)		6,092		5,314		777

Asset-backed securities		3,980		158		(17	)		4,121		2,789		1,332

Corporate		45,986		7,404		(98	)		53,292		51,252		2,039

Money market investments		4,559		-		(1	)		4,558		4,136		422

Other		1,032		39		(75	)		996		616		380

Total		83,426		16,087		(277	)		99,235		93,736		5,499

Of which held by Aegon Americas and NL		74,880		14,938		(249	)		89,569		84,593		4,976

Summary of Composition by Industry Category of Available-for-Sale (AFS) Debt Securities, Money Market Investments and Other in an Unrealized Loss Position

The composition by industry category of Aegon’s available-for-sale (AFS) debt securities, money market investments and other in an unrealized loss position at December 31, 2021, and December 31, 2020, is presented in the following table:


	December 31, 2021					December 31, 2020

Unrealized losses - debt securities, money market investments and other	Carrying value of instruments with unrealized losses		Unrealized losses			Carrying value of instruments with unrealized losses		Unrealized losses

Residential mortgage-backed securities (RMBSs)		810		(21	)		142		(17	)

Commercial mortgage-backed securities (CMBSs)		803		(27	)		543		(40	)

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		1,244		(9	)		1,183		(13	)

ABSs - Other		558		(7	)		123		(3	)

Financial Industry - Banking		1,669		(32	)		149		(7	)

Financial Industry - Insurance		368		(11	)		85		(7	)

Financial Industry - Other		1,092		(29	)		536		(9	)
Industrial		5,630		(179	)		1,141		(60	)
Utility		1,564		(68	)		333		(9	)

Government		842		(28	)		361		(10	)

Other		325		(66	)		380		(75	)

Total held by Aegon Americas and NL		14,905		(475	)		4,976		(249	)

Held by other segments		1,994		(102	)		523		(28	)

Total		16,898		(576	)		5,499		(277	)

Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities

The table below summarize the exposures of non-derivative financial assets and non-derivative liabilities that yet have to transition to alternative benchmark rates.


	2021

Non derivative financial instruments to transition to alternative benchmark		Financial assets non-derivatives	Financial liabilities non-derivatives

By benchmark rate

GBP LIBOR		19	-

USD LIBOR		822	1,143

Euribor		3,095	1,200

Fed Funds		102	-

Total		4,038	2,343

Summary of Exposures of Derivatives

The table below summarize the exposures of derivatives that yet have to transition to alternative benchmark rates.


	2021

Derivative financial instruments to transition to alternative benchmark		Nominal Value

By benchmark rate

GBP LIBOR		-

USD LIBOR		54,232

Euribor		113,593

Fed Funds		3,574

Total		171,399

Summary of Financial Assets that are Either Past Due or Impaired


	2021								2020
Past due but not impaired assets	0-6 months		6-12 months		> 1 year		Total		0-6 months		6-12 months		> 1 year		Total

Debt securities - carried at fair value		1,171		255		40		1,466		369		34		9		412

Mortgage loans		129		1		1		131		169		55		1		226

Other loans		19		5		10		35		24		8		5		36

Accrued interest		30		10		3		42		5		1		1		8

Other financial assets - carried at fair value		-		-		-		-		-		-		-		-

At December 31		1,350		271		54		1,675		567		98		16		681


Impaired financial assets	Carrying amount 2021		Carrying amount 2020

Shares		62		38

Debt securities - carried at fair value		635		789

Mortgage loans		10		36

Other loans		2		3

Other financial assets - carried at fair value		14		2

At December 31		723		867

Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio

The general account equity, real estate and other non-fixed-income portfolio of Aegon is as follows:


Equity, real estate and non-fixed income exposure	Americas		The Netherlands		United Kingdom		International		Asset Management		Holding and other activities		Total 2021

Equity funds		175		34		-		63		9		-		280

Common shares 1)		190		-		29		5		-		1		226

Preferred shares		128		-		-		-		-		-		128

Investments in real estate		39		2,588		-		16		-		-		2,643

Hedge funds		35		-		-		-		-		-		35

Other alternative investments		1,934		432		-		-		-		-		2,366

Other financial assets		1,595		1,023		598		7		2		-		3,225

At December 31		4,097		4,076		628		91		10		1		8,903

1	Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million.

Equity, real estate and non-fixed income exposure	Americas		The Netherlands		United Kingdom		International		Asset Management		Holding and other activities		Total 2020

Equity funds		154		40		-		68		8		-		270

Common shares 1)		161		-		34		6		-		16		218

Preferred shares		127		-		-		-		-		27		155

Investments in real estate		37		2,331		-		16		-		-		2,385

Hedge funds		74		-		-		-		-		-		75

Other alternative investments		1,557		381		-		-		-		7		1,945

Other financial assets		1,104		1,046		800		6		1		-		2,957

At December 31		3,215		3,799		834		97		10		51		8,005

1	Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million.

Summary of Market Risk Concentrations in Shares


Market risk concentrations – shares	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021 1)		Of which impaired assets

Communication		1		-		-		-		-		1		-

Consumer		5		-		-		-		-		5		1

Financials		411		4		-		5		-		420		39

Funds		-		1,406		29		62		-		1,498		17

Industries		42		-		-		-		-		42		5

Other		35		-		-		5		9		49		-

At December 31		493		1,410		29		72		9		2,015		62

Includes investments of Holding and other activities.

Market risk concentrations – shares	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2020 1)		Of which impaired assets

Communication		1		-		-		-		-		4		-

Consumer		4		-		-		-		1		6		-

Financials		368		14		-		5		3		400		3

Funds		-		1,363		34		63		-		1,470		14

Industries		42		-		-		1		1		44		12

Other		27		-		-		6		3		56		7

At December 31		442		1,376		34		74		9		1,979		35

1	Includes investments of Holding and other activities.

Summary of Closing Levels of Certain Major Indices

The table that follows sets forth the closing levels of certain major indices at the end of the last five years.


	2021		2020		2019		2018		2017

S&P 500		4,766		3,756		3,231		2,507		2,674

Nasdaq		15,645		12,888		8,973		6,635		6,903

FTSE 100		7,385		6,461		7,542		6,728		7,688

AEX		798		625		605		488		545

Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Equity Markets


Immediate change of	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2021

Equity increase 10%		151			341

Equity decrease 10%		(212	)		(221	)

Equity increase 25%		322			660

Equity decrease 25%		(529	)		(685	)

2020

Equity increase 10%		146			394

Equity decrease 10%		(208	)		(199	)

Equity increase 25%		290			725

Equity decrease 25%		(541	)		(715	)

Schedule of Interest Rate

The following table shows interest rates at the end of each of the last five years.


	2021		2020		2019			2018		2017

3-month US LIBOR		0.21%		0.24%		1.91%			2.81%		1.69%

3-month EURIBOR		(0.57%)		(0.55%)		(0.38%	)		(0.31%)		(0.33%)

10-year US Treasury		1.78%		0.91%		1.91%			2.69%		2.41%

10-year Dutch government		(0.03%)		(0.48%)		(0.06%	)		0.39%		0.53%

Schedule of Parallel Movement of Yield Curve

Parallel movement of yield curve	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2021

Shift up 100 basis points		296			(3,591	)

Shift down 100 basis points		(594	)		2,906

2020

Shift up 100 basis points		813			(1,690	)

Shift down 100 basis points		(1,174	)		1,352

Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity

Information on Aegon’s three year historical net result and shareholders’ equity in functional currency are shown in the table below:


	2021		2020			2019

Net result

Americas (in USD)		1,195		(611	)		1,324

United Kingdom (in GBP)		104		60			(29)

Equity in functional currency

Americas (in USD)		18,324		19,127			18,123

United Kingdom (in GBP)		1,260		1,391			1,358

Summary of Exchange Rates of US Dollar and UK Pound per Euro

The exchange rates for US dollar and UK pound per euro for each of the last five year ends are set forth in the table below:


Closing rates	2021		2020		2019		2018		2017

USD		1.14		1.22		1.12		1.14		1.20

GBP		0.84		0.90		0.85		0.90		0.89

Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity

Sensitivity analysis of net result and shareholders’ equity to translation risk

Movement of currency exchange rates 1)	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2021

Increase by 15% of USD currencies relative to the euro		205			3,249

Increase by 15% of GBP currencies relative to the euro		152			1,900

Increase by 15% of non-euro currencies relative to the euro		244			3,541

Decrease by 15% of USD currencies relative to the euro		(153	)		(2,441	)

Decrease by 15% of GBP currencies relative to the euro		107			1,315

Decrease by 15% of non-euro currencies relative to the euro		(179	)		(2,616	)

2020

Increase by 15% of USD currencies relative to the euro		(93	)		2,848

Increase by 15% of GBP currencies relative to the euro		(43	)		1,015

Increase by 15% of non-euro currencies relative to the euro		(52	)		3,219

Decrease by 15% of USD currencies relative to the euro		74			(2,066	)

Decrease by 15% of GBP currencies relative to the euro		(51	)		631

Decrease by 15% of non-euro currencies relative to the euro		45			(2,325	)

1	The effect of currency exchange movements is reflected as a one-time shift up or down in the value of the non-euro currencies relative to the euro on December 31.

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows

Maturity analysis – gross undiscounted contractual cash flows (for non-derivatives)	On demand		< 1 yr amount		1 < 5 yrs amount		5 < 10 yrs amount		> 10 yrs amount		Total amount

2021

Trust pass-through securities		-		9		113		16		60		197

Subordinated loans		-		108		377		246		2,964		3,695

Borrowings		-		901		7,651		956		1,052		10,559

Lease liabilities		-		37		86		67		70		259

Other financial liabilities		4,993		1,749		325		154		224		7,444

Total financial liabilities (excluding investment/insurance contracts)		4,993		2,803		8,551		1,439		4,368		22,154

Investment contracts 1)		17,254		2,681		2,114		1,101		655		23,804

Investment contracts for account of policyholders 1)		34,756		34,571		10		6		4		69,347

Total investment contracts		52,009		37,252		2,124		1,107		659		93,151

2020

Trust pass-through securities		-		8		33		91		58		191

Subordinated loans		-		103		382		283		2,842		3,610

Borrowings		-		1,033		6,627		747		1,002		9,410

Lease liabilities		-		45		97		60		76		278

Other financial liabilities		5,333		2,238		197		100		126		7,993

Total financial liabilities (excluding investment/insurance contracts)		5,333		3,427		7,337		1,282		4,105		21,482

Investment contracts 1)		16,699		2,458		1,878		1,072		795		22,903

Investment contracts for account of policyholders 1)		30,515		27,513		8		4		3		58,043

Total investment contracts		47,214		29,971		1,886		1,077		798		80,946

1	Excluding investment contracts with discretionary participating features.

Summary of Financial Liabilities Relating to Insurance and Investment Contracts

Financial liabilities relating to insurance			< 1 yr		1 < 5 yrs		5 < 10 yrs		> 10 yrs		Total
and investment contracts 1)	On demand		amount		amount		amount		amount		amount

2021

Insurance contracts		-		4,260		16,215		18,438		127,344		166,257

Insurance contracts for account of policyholders		-		11,494		41,638		39,941		131,667		224,740

Investment contracts		-		8,324		7,975		3,847		4,438		24,584

Investment contracts for account of policyholders		193		14,011		27,637		31,715		84,825		158,381

		193		38,089		93,465		93,941		348,274		573,962

2020

Insurance contracts		-		4,269		16,104		18,382		119,092		157,847

Insurance contracts for account of policyholders		-		10,546		37,153		35,257		117,005		199,961

Investment contracts		-		8,733		8,000		2,998		3,957		23,688

Investment contracts for account of policyholders		165		12,004		27,435		28,318		72,063		139,986

		165		35,552		88,693		84,955		312,117		521,482

The liability amount in the consolidated financial statements reflects the discounting for interest as well as adjustments for the timing of other factors as described above. As a result, the sum of the cash benefit payments shown for all years in the table exceeds the corresponding liability amounts included in notes 34 Insurance contracts and 35 Investments contracts.

Derivatives [member]

Statement [LineItems]

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows

Maturity analysis relating to derivatives 1)			< 1 yr			1 < 5 yrs			5 < 10 yrs			> 10 yrs			Total
(Contractual cash flows)	On demand		amount			amount			amount			amount			amount

2021

Gross settled

Cash inflows		-		4,300			3,728			5,034			104,335			117,396

Cash outflows		-		(4,895	)		(7,080	)		(9,499	)		(105,376	)		(126,850	)

Net settled

Cash inflows		-		683			3,442			3,640			5,375			13,140

Cash outflows		-		(780	)		(3,032	)		(3,102	)		(12,591	)		(19,505	)

2020

Gross settled

Cash inflows		-		23,118			3,073			3,119			7,554			36,863

Cash outflows		-		(23,429	)		(2,267	)		(1,974	)		(4,782	)		(32,451	)

Net settled

Cash inflows		-		612			2,293			2,870			5,418			11,193

Cash outflows		-		(797	)		(1,784	)		(2,258	)		(6,604	)		(11,444	)

Derivatives includes all financial derivatives regardless whether they have a positive or a negative value. It does not include bifurcated embedded derivatives. These are presented together with the host contract. For interest rate derivatives only, cash flows related to the pay leg are taken into account for determining the gross undiscounted cash flows.