Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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Summary of Derivative Asset and Liability

	Derivative asset				Derivative liability
	2021		2020		2021		2020
Derivatives for general account
Derivatives not designated in a hedge		8,344		12,617		9,578		13,661
Derivatives designated as fair value hedges		18		88		15		20
Derivatives designated as cash flow hedges		346		338		948		608
Derivatives desginated as Net foreign investment hedges		73		196		59		161
		8,780		13,238		10,600		14,450
Derivatives for account of policyholders
Derivatives not designated in a hedge		46		747		39		167
Total derivatives1)		8,827		13,986		10,639		14,617
Of which:
Current		723		673		2,803		4,220

1 Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss.

Derivatives Not Designated In Hedge - General Account

Derivatives not designated in a hedge - general account

Derivatives not designated in a hedge – general account	Derivative asset				Derivative liability
	2021		2020		2021		2020
Derivatives held as an economic hedge		8,327		12,595		5,992		8,629
Bifurcated embedded derivatives		17		22		3,586		5,032
Total		8,344		12,617		9,578		13,661

Credit Derivative Disclosure By Quality

	2021				2020
Credit derivative disclosure by quality	Notional		Fair value		Notional		Fair value
AAA		14		-		13		-
AA		173		3		168		4
A		926		14		762		9
BBB		2,925		50		2,677		46
BB		263		1		205		4
B or lower		148		2		121		-
Total		4,449		70		3,945		63

Disclosure of gains (losses) on cash flow hedge ineffectiveness

	2021		2020		2019
Gains (losses) related to the ineffectiveness portion of designated fair value hedges		1		-		1

Disclosure of gain (loss) on fair value hedge ineffectiveness

Hedge ineffectiveness and reclassification of gains (losses)	2021			2020		2019
Hedge ineffectiveness on cash flow hedges		1			-		-
Gains (losses) reclassified from equity into the income statement		(38	)		74		51
Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months		113			92		89

Summary of Cash Flows are Expected to Occur

The periods when the cash flows are expected to occur are as follows:
	< 1 year		1 – 5 years		5 – 10 years		> 10 years		2021 Total
Cash inflows		535		2,158		1,640		5,868		10,201
Cash outflows		-		4		-		-		4
Net cash flows		535		2,154		1,640		5,868		10,197

	< 1 year		1 – 5 years		5 – 10 years		> 10 years		2020 Total
Cash inflows		268		761		767		5,402		7,197
Cash outflows		-		4		-		-		4
Net cash flows		267		757		767		5,402		7,193