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Segment information
 12 Months Ended
Dec. 31, 2022
Text block [abstract]  
Segment information
5 Segment information
Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Board which is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are:
 
◆
   Americas: one operating segment which covers business units in the United States, including any of the units’ activities located outside of the United States;
◆
   The Netherlands: which covers businesses activities from Aegon the Netherlands;
 
◆
   United Kingdom: which covers businesses activities from platform business and traditional insurance in the United Kingdom;
 
◆
   International: one operating segment which covers businesses operating in Hong Kong, Singapore, China, India, Indonesia, Brazil, Hungary (sold in 2022), Poland, Turkey (sold in 2022), Romania, Spain and Portugal including any of the units’ activities located outside these countries;
 
◆
   Asset Management: one operating segment which covers business activities from AAM Global Platforms and Strategic Partnerships;
 
◆
   Holding and other activities: one operating segment which includes financing, employee and other administrative expenses of holding companies.
Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies.
Aegon has changed the grouping of the operating segments included in the performance measure. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but reported in the International segment. The 2021 comparative figures presented in this note have been adjusted to reflect this change, enabling a like for like comparison, which includes reclassifications between Americas and International for an operating result of EUR 2 million, life insurance gross premiums of EUR 191 million and Other revenues of EUR 11 million (2020 comparative figures amount to EUR 11 million, EUR 159 million and EUR 7 million, respectively). There is no impact on the consolidated numbers of Aegon.
Performance Measure
Aegon uses the non-IFRS performance measure operating result. Operating result reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility, updates to best estimate actuarial and economic assumptions and model updates or events that are
considered outside the normal course of business. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards.
Aegon believes that its performance measure operating result provides meaningful information about the operating results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using operating result. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers.
The reconciliation from result before tax from continuing operations, being the most comparable IFRS measure, to operating result is presented in the tables in this note.
The items that are excluded from operating result as described further below are: fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges and share in earnings of joint ventures and associates.
Fair value items
Fair value items include the over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in operating result.
In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.
Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Operating result exclude any over- or underperformance compared to management’s best estimate investment return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 3-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable.
In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and guarantees on variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings.
The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon’s businesses in the Netherlands and Japan are excluded from operating result, because management’s best estimate expected return for these guarantees is set at zero. In addition, fair value items include market related results on the loyalty bonus reserves in the United Kingdom. The value of these reserves are directly related to policyholder investments which value is directly impacted by movements in equity and bond markets.
Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from operating result and reported under fair value items.
The periodic intangibles unlocking in the US Life and TLB business is recorded in fair value items instead of operating result.
Realized gains or losses on investments
Realized gains or losses on investments includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios.
Impairment charges/(reversals)
Impairment charges/(reversals) include impairments on available-for-sale debt securities, shares including the effect of deferred policyholder acquisition costs, mortgage loans and other loan portfolios at amortized cost, joint ventures and associates. Impairment reversals include reversals on available-for-sale debt securities. For Aegon the Netherlands,
the expected impairments on alternative assets classes (e.g. illiquid investments – including consumer loans and catastrophe bonds – and residential real estate) are allocated to operating result in order to present management’s best estimate investment return in operating result. Deviations from the expected impairments are presented as part of impairment charges / (reversals) in non-operating result.
Other income or charges
Other income or charges includes the following:
 
◆
   Items which cannot be directly allocated to a specific line of business;
◆
   The impact of actuarial and economic assumption and model updates used to support calculations of our liabilities for insurance and investment contracts sold to policyholders and related assets (refer to note 3 Critical accounting estimates and judgement in applying accounting policies); and
 
◆
   Items that are outside the normal course of business, including restructuring charges.
In the Consolidated income statement, the restructuring charges are included in operating expenses. Actuarial assumption and model updates are recorded in ‘Policyholder claims and benefits’ in the Consolidated income statement.
Share in earnings of joint ventures and associates
Earnings from Aegon’s joint ventures in China, India, the Netherlands, Spain and Portugal, and Aegon’s associates in France, the Netherlands and United Kingdom are reported as part of operating result.
The following table presents Aegon’s segment results.
 
Income statement - Operating

result
  
Americas
    
The
Netherlands
    
United
Kingdom
    
International
    
Asset
Management
    
Holding and
other
activities
    
Eliminations
    
Segment
total
    
Joint ventures
and associates
eliminations
   
Consolidated
  
2022
                                                                                
Operating result
  
 
790
 
  
 
783
 
  
 
206
 
  
 
167
 
  
 
193
 
  
 
(220
) 
  
 
(0
) 
  
 
1,918
 
  
 
(40
) 
  
 
1,878
 
Fair value items
     (1,644 )      1,897       10       21       (3 )      (21 )      (8 )      251       (9 )      242  
Realized gains / (losses) on investments
     (479 )      (181 )      3       -       -       7       (0 )      (650 )      (16 )      (666 ) 
Impairment charges
     (32 )      15       (11 )      (8 )      -       (18 )      -       (55 )      (2 )      (57 ) 
Impairment reversals
     19       -       -       -       -       -       -       19       -       19  
Non-operating items
  
 
(2,136
) 
  
 
1,731
 
  
 
1
 
  
 
13
 
  
 
(3
) 
  
 
(32
) 
  
 
(6
) 
  
 
(435
) 
  
 
(27
) 
  
 
(462
) 
Other income / (charges)
     (526 )      (1,970 )      (37 )      373       (19 )      (141 )      (0 )      (2,321 )      (18 )      (2,339 ) 
Result before tax
  
 
(1,872
) 
  
 
543
 
  
 
170
 
  
 
553
 
  
 
171
 
  
 
(393
) 
  
 
(8
) 
  
 
(837
) 
  
 
(85
) 
  
 
(922
) 
Income tax (expense) / benefit
     462       (1,000 )      1       (36 )      (67 )      74       (0 )      (567 )      85       (482 ) 
Net result
  
 
(1,411
) 
  
 
(457
) 
  
 
171
 
  
 
516
 
  
 
104
 
  
 
(319
) 
  
 
(8
) 
  
 
(1,404
) 
  
 
-
 
  
 
(1,404
) 
Inter-segment operating result
  
 
(362
) 
  
 
(94
) 
  
 
(75
) 
  
 
55
 
  
 
188
 
  
 
288
 
                                
Revenues
                                                                                
2022
                                                                                
Life insurance gross premiums
     7,329       1,168       4,081       1,280       -       -       6       13,864       (1,016 )      12,848  
Accident and health insurance
     1,407       257       -       184       -       -       -       1,848       (79 )      1,769  
General insurance
     -       144       -       182       -       -       -       326       (182 )      144  
Total gross premiums
  
 
8,735
 
  
 
1,569
 
  
 
4,081
 
  
 
1,646
 
  
 
-
 
  
 
-
 
  
 
6
 
  
 
16,037
 
  
 
(1,276
) 
  
 
14,761
 
Investment income
     3,467       1,728       1,951       297       12       474       (477 )      7,453       (114 )      7,338  
Fee and commission income
     2,021       325       217       42       693       -       (187 )      3,111       (240 )      2,871  
Other revenues
     -       -       -       26       5       -       -       31       (30 )      1  
Total revenues
  
 
14,223
 
  
 
3,622
 
  
 
6,250
 
  
 
2,011
 
  
 
710
 
  
 
474
 
  
 
(658
) 
  
 
26,633
 
  
 
(1,661
) 
  
 
24,972
 
                     
Inter-segment revenues
  
 
(5
) 
  
 
3
 
  
 
-
 
  
 
-
 
  
 
187
 
  
 
473
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The other charges of the Americas in 2022 are mainly due to unfavorable impacts from model and assumption updates and restructuring charges.
The other charges of The Netherlands in 2022 mainly reflects an impairment loss triggered by classifying Aegon the Netherlands as held for sale, refer for more information to note 51 Discontinued operations.
The income tax of The Netherlands includes a one-time tax charge of EUR 454 million related to the settlement of a tax position in connection with the transaction with a.s.r., refer to note 51 Discontinued operations.
 
Income statement - Operating

result
    Americas     The
Netherlands		     United
Kingdom		     International     Asset
Management		     Holding and
other
activities		     Eliminations    
Segment
total
     Joint ventures
and associates
eliminations		    
Consolidated
  
2021
                                                                                 
Operating result
      790       755       184       143       253       (218 )      (1 )   
 
1,906
 
     42    
 
1,948
 
Fair value items
      698       221       (62 )      (18 )      (1 )      12       3       854       (123 )      730  
Realized gains / (losses) on investments
      313       118       10       2       2       1       -       446       (9 )      437  
Impairment charges
      (19 )      (19 )      -       -       (1 )      (11 )      -       (49 )      (0 )      (49 ) 
Impairment reversals
      33       59       -       1       -       8       -       101       -       101  
Non-operating items
   
 
1,025
 
  
 
378
 
  
 
(51
) 
  
 
(15
) 
  
 
-
 
  
 
11
 
  
 
3
 
  
 
1,352
 
  
 
(132
) 
  
 
1,220
 
Other income / (charges)
      (667 )      (23 )      1       65       (18 )      (138 )      -       (780 )      12       (768 ) 
Result before tax
   
 
1,149
 
  
 
1,110
 
  
 
134
 
  
 
193
 
  
 
235
 
  
 
(344
) 
  
 
2
 
  
 
2,478
 
  
 
(78
) 
  
 
2,400
 
Income tax (expense) / benefit
      (137 )      (276 )      (12 )      (36 )      (65 )      77       -       (449 )      78       (371 ) 
Net result
   
 
1,012
 
  
 
833
 
  
 
122
 
  
 
157
 
  
 
170
 
  
 
(267
) 
  
 
2
 
  
 
2,029
 
  
 
-
 
  
 
2,029
 
Inter-segment operating result
      (20 )      (95 )      (96 )      (31 )      191       51                                  
Revenues
                                                                                 
2021
                                                                                 
Life insurance gross premiums
      6,917       1,323       4,613       1,372       -       -       -       14,225       (825 )      13,400  
Accident and health insurance
      1,273       254       3       179       -       -       -       1,709       (67 )      1,643  
General insurance
      -       136       -       432       -       -       -       569       (168 )      401  
Total gross premiums
   
 
8,190
 
  
 
1,713
 
  
 
4,616
 
  
 
1,984
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
16,504
 
  
 
(1,060
) 
  
 
15,444
 
Investment income
      2,909       2,088       1,691       361       12       242       (261 )      7,042       (75 )      6,967  
Fee and commission income
      1,920       300       223       59       800       -       (183 )      3,120       (335 )      2,785  
Other revenues
      -       -       -       14       2       12       -       27       (15 )      13  
Total revenues
   
 
13,019
 
  
 
4,101
 
  
 
6,531
 
  
 
2,418
 
  
 
814
 
  
 
254
 
  
 
(444
) 
  
 
26,693
 
  
 
(1,484
) 
  
 
25,209
 
                     
Inter-segment revenues
      1       14       -       -       182       247    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The Americas recorded other charges of EUR 667 million in 2021 mainly due to a one-time charge as a result of management actions to release capital and increase the predictability of capital generation from the US variable annuity business and unfavorable impacts from model and assumption updates.
 
Income statement -Operating

result
    Americas    
The
Netherlands
     United
Kingdom		     International    
Asset
Management
     Holding and
other
activities		     Eliminations    
Segment
total
    Joint ventures
and associates
eliminations		    
Consolidated
  
2020
                                                                                 
Operating result
      781       665       144       175       182       (237 )      1    
 
1,710
 
     31    
 
1,741
 
Fair value items
      (448 )      (230 )      (2 )      (7 )      22       (36 )      -       (701 )      (87 )      (788 ) 
Realized gains / (losses) on investments
      93       14       -       46       1       (3 )      -       150       (8 )      142  
Impairment charges
      (173 )      (50 )      -       (16 )      (1 )      (25 )      -       (265 )      1       (264 ) 
Impairment reversals
      27       1       -       -       -       -       -       28       -       28  
Non-operating items
   
 
(501
) 
  
 
(265
) 
  
 
(1
) 
  
 
22
 
  
 
22
 
  
 
(65
) 
  
 
-
 
  
 
(788
) 
  
 
(94
) 
  
 
(881
) 
Other income / (charges)
      (1,110 )      78       (68 )      (1 )      (8 )      (130 )      -       (1,239 )      15       (1,224 ) 
Result before tax
   
 
(829
) 
  
 
478
 
  
 
74
 
  
 
197
 
  
 
195
 
  
 
(433
) 
  
 
1
 
  
 
(317
) 
  
 
(47
) 
  
 
(364
) 
Income tax (expense) / benefit
      288       (107 )      (7 )      (26 )      (44 )      78       -       181       47       229  
Net result
   
 
(541
) 
  
 
371
 
  
 
67
 
  
 
170
 
  
 
151
 
  
 
(355
) 
  
 
1
 
  
 
(135
) 
  
 
-
 
  
 
(135
) 
Inter-segment operating result
      (40 )      (87 )      (86 )      (35 )      193       62                                  
Revenues
                                                                                 
2020
                                                                                 
Life insurance gross premiums
      6,946       1,619       4,833       1,255       -       4       (3 )      14,654       (726 )      13,929  
Accident and health insurance
      1,380       245       25       193       -       -       -       1,844       (59 )      1,784  
General insurance
      -       130       -       388       -       -       -       519       (132 )      386  
Total gross premiums
   
 
8,326
 
  
 
1,994
 
  
 
4,858
 
  
 
1,836
 
  
 
-
 
  
 
5
 
  
 
(3
) 
  
 
17,016
 
  
 
(917
) 
  
 
16,099
 
Investment income
      2,986       2,083       1,795       362       7       261       (281 )      7,212       (63 )      7,149  
Fee and commission income
      1,653       255       194       50       750       (9 )      (180 )      2,713       (308 )      2,405  
Other revenues
      -       -       -       9       2       3       -       14       (10 )      4  
Total revenues
   
 
12,964
 
  
 
4,332
 
  
 
6,847
 
  
 
2,257
 
  
 
759
 
  
 
260
 
  
 
(465
) 
  
 
26,955
 
  
 
(1,298
) 
  
 
25,657
 
                     
Inter-segment revenues
      1       21       -       -       188       264    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The Group uses operating result in its segment reporting as an important indicator of its financial performance. The reconciliation from operating result to result before tax from continuing operations, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table. Aegon believes that operating result, together with the other information included in this report, provides a meaningful measure for the investing public to evaluate Aegon’s business relative to the businesses of its peers.
 
Presentation Non-Operating result
   
Note
     
            2022
                 2021                 2020  
Result before tax from continuing operations
            
 
(1,543)
 
  
 
1,164
 
  
 
(958
) 
         
Result before tax from discontinued operations
   
 
51
 
      2,396       1,237       594  
Impairment loss on remeasurement of disposal group
   
 
51
 
      (1,775 )      -       -  
Result before tax from continuing operations and discontinued operations
            
 
(922
) 
  
 
2,400
 
  
 
(364
) 
Elimination of share in earnings of joint ventures and associates
               40       (42 )      (31 ) 
Premium income
   
 
6
 
      (1 )      5       (4 ) 
Rental income
   
 
7
 
      76       71       68  
Dividend income
   
 
7
 
      (2 )      (76 )      40  
Fee and commission income
   
 
8
 
      (41 )      (30 )      5  
Recovered claims and benefits
   
 
9
 
      -       31       143  
Change in valuation of reinsurance ceded
   
 
9
 
      208       43       (86 ) 
Net fair value change of general account financial investments at
fair value through profit or loss, other than derivatives
   
 
10
 
      1,234       4       421  
Net fair value change on borrowings and other financial liabilities
   
 
10
 
      (5 )      13       (2 ) 
Realized gains and losses on financial investments
   
 
10
 
      718       (463 )      (132 ) 
Gains and (losses) on investments in real estate
   
 
10
 
      51       (253 )      (74 ) 
Net fair value change of derivatives
   
 
10
 
      465       471       (613 ) 
Other income
   
 
11
 
      (401 )      (77 )      (68 ) 
Benefits and claims paid life
   
 
12
 
      14       217       -  
Change in valuation of liabilities for insurance contracts
   
 
12
 
      (1,937 )      (994 )      1,422  
Change in valuation of liabilities for investment contracts
   
 
12
 
      (9 )      8       7  
Policyholder claims and benefits - Other
   
 
12
 
      (20 )      (38 )      (19 ) 
Commissions and expenses
   
 
14
 
      651       715       450  
Impairment (charges) reversals
   
 
15
 
      34       (53 )      318  
Interest charges and related fees
   
 
16
 
      -       -       82  
Other charges
   
 
17
 
      1,764       37       150  
Results of CEE businesses which were previously reported in operating results
   
 
 
 
      -       (85 )      -  
Operating result
   
 
 
 
   
 
1,918
 
  
 
1,906
 
  
 
1,710
 
 
◆
   Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives is reported as part of the respective line in note 10 and reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in operating result.
◆
   Net fair value change of derivatives is reported as part of the respective line in note 10 and includes: 1) the over- or underperformance of derivatives of EUR 2,089 million gain (2021: EUR 8 million loss, 2020: EUR 38 million gain) for which the expected long-term return is included in operating result; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 1,303 million loss (2021: EUR 466 million loss, 2020: EUR 652 million gain); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 4 million gain (2021: EUR 2 million gain, 2020: EUR nil million).
◆
   Net foreign currency gains and (losses) are reported as part of the respective line in note 10.
◆
   Benefits and claims paid life relate to the lump-sum buy-out program for certain variable annuities in the Americas and is reported as part of the respective line in note 12.
◆
   Change in valuation of liabilities for insurance contracts is reported as part of the respective line in note 12.
◆
   Change in valuation of liabilities for investment contracts is reported as part of the respective line in note 12.
◆
   Policyholder claims and benefits - Other are reported as part of the ‘Other’ line in note 12 and is related to policyholder tax.
◆
   Commissions and expenses include: 1) Restructuring charges of EUR 273 million (2021: EUR 240 million charge, 2020: EUR 266 million charge) which are reported as part of Employee and Administration expenses lines in note 14; 2) Amortization of deferred expenses of EUR 136 million income (2021: income of EUR 260 million, 2020: income of EUR 35 million) which is reported as part of the respective line in note 14. This is offset against realized gains and losses and impairments on financial investments; 3) Amortization of VOBA and future servicing rights of EUR 11 million charge (2021: charge of EUR 87 million; 2020: income of EUR 20 million) which is reported as part of the respective line in note 14. Commissions and expenses include a DPAC/VOBA fair value adjustment of EUR 151 million loss (2021: gain of EUR 51 million; 2020: gain of EUR 159 million).
◆
   Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 20 million charge (2021: reversal of EUR 45 million, 2020: charge of EUR 266 million) as shown in note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 48 million charge (2021: EUR 60 million charge; 2020: EUR 128 million charge) reported as part of the respective line in note 15.
◆
   There are no interest charges and related fees that are classified for segment reporting purposes as non-operating results.
Impact from assumption and model updates
During 2022, Aegon implemented actuarial assumption and model updates resulting in a net EUR 480 million charge to result before tax (2021: EUR 298 million charge). This is mainly related to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net adverse impact of EUR 354 million and is mainly driven by charges from reinsurance rate increases and various actuarial assumption updates. The latter mainly related to updated policyholder behaviour and mortality assumption in Individual Life. Assumption changes and model updates in the Netherlands led to an unfavorable impact of EUR 118 million and is mainly related to adverse impacts of the annual update of the mortgage conditional prepayment rate and expense methodology.
The 2021 assumption changes and model updates resulted in a negative impact of EUR 298 million and mainly relates to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 250 million. This mainly reflects a charge of EUR 123 million related to an update of the minimum surrender rate assumption for variable annuities with guaranteed lifetime withdrawal benefits from 2% to 1.5% to reflect latest portfolio and industry experience. Assumption changes and model updates in the Netherlands led to a negative impact of EUR 52 million, mainly related to adverse impacts from a more granular modeling driven by the conversion of the administration of defined benefit pensions to TKP. This was partly offset by the favorable impact of model updates relating to interest guarantees and indexation assumptions for certain pension products.
The 2020 assumption changes and model updates amounted to a negative impact of EUR 580 million and mainly relates to Aegon’s businesses in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 805 million. This reflects a charge of EUR 460 million related to the lowering the long-term interest rate assumption from 4.25% to 2.75% and the corresponding adjustment of the separate account bond return assumptions. Non-economic assumption changes resulted in a charge of EUR 345 million, mainly related to Universal Life premium persistency and an increase in mortality rate assumptions, as well as lowering the morbidity improvement assumption for Long-Term Care from 1.5% to 0.75% per year for the next 15 years. Assumption changes and model updates in the Netherlands led to a favorable impact of EUR 225 million mainly related to favorable longevity assumption changes, partially offset by adverse impacts from mortgage prepayment model and expense assumption updates
.
 
Other selected income statement items
   Americas     The
Netherlands		     United Kingdom     International     Asset
Management		     Holding
 
and
other
activities		             Total  
2022
                                                        
Amortization of deferred expenses, VOBA and
future servicing rights
     850       -       107       36       -       -       993  
Depreciation
     53       -       4       6       2       7       73  
Impairment charges / (reversals) on financial
assets, excluding receivables
     12       -       -       7       -       -       20  
Impairment charges / (reversals) on non-
financial assets and receivables
     17       -       11       1       -       18       48  
               
2021
                                                        
Amortization of deferred expenses, VOBA and
future servicing rights
     929       -       113       61       -       -       1,103  
Depreciation
     56       20       6       15       2       1       99  
Impairment charges / (reversals) on financial
assets, excluding receivables
     (23 )      (14 )      -       -       -       (8 )      (45 ) 
Impairment charges / (reversals) on non-
financial assets and receivables
     37       12       -       -       1       11       60  
               
2020
                                                        
Amortization of deferred expenses, VOBA and
future servicing rights
     637       -       119       97       -       -       854  
Depreciation
     56       20       9       12       2       1       101  
Impairment charges / (reversals) on financial
assets, excluding receivables
     151       86       -       15       -       11       262  
Impairment charges / (reversals) on non-
financial assets and receivables
     72       21       17       -       4       14       128  
               
Number of employees
   Americas     The
Netherlands		     United Kingdom     International     Asset
Management		     Holding and
other
activities		             Total  
2022
                                                        
Number of employees - headcount
     6,153       3,609       2,621       4,281       1,464       958       19,087  
Of which Aegon’s share of employees in joint
ventures and associates
     -       -       62       3,239       206       -       3,507  
               
2021
                                                        
Number of employees - headcount
     7,675       3,534       2,476       6,590       1,675       321       22,271  
Of which Aegon’s share of employees in joint
ventures and associates
     733       -       59       3,245       191       -       4,228  
               
2020
                                                        
Number of employees - headcount
     7,960       3,521       2,307       6,598       1,527       409       22,322  
Of which Aegon’s share of employees in joint
ventures and associates
     669       -       47       3,294       183       -       4,193  
Summarized assets and liabilities per segment
   
Americas
     
The
Netherlands
1)
     
United
Kingdom
     
Interna-
tional
     
Asset
Manage-
ment
     
Holding and
other
activities
    
Eliminations
    
Total
  
2022
                                                                      
                 
Assets
                                                                      
                 
Cash and Cash equivalents
      1,097        -        182        122        367        1,639       -       3,407  
                 
Assets held for sale
      -        89,752        -        -        -        -       -       89,752  
                 
Investments
      73,132        -        1,457        2,061        136        39       -       76,825  
                 
Investments for account of policyholders
      89,535        -        90,007        464        -        -       -       180,006  
                 
Investments in joint ventures
      -        -        -        972        471        (0 )      -       1,443  
                 
Investments in associates
      -        -        -        20        129        16       -       165  
                 
Deferred expenses
      12,657        -        736        57        -        -       (564 )      12,886  
                 
Other assets
      30,796        -        2,883        7,648        136        19,722       (23,882 )      37,302  
                 
Total assets
   
 
207,217
 
   
 
89,752
 
   
 
95,264
 
   
 
11,344
 
   
 
1,239
 
   
 
21,415
 
  
 
(24,446
) 
  
 
401,786
 
                 
Liabilities
                                                                      
                 
Insurance contracts
      84,905        -        1,373        8,255        -        -       (7,223 )      87,309  
                 
Insurance contracts for account of policyholders
      66,842        -        33,122        446        -        -       -       100,409  
                 
Investment contracts
      10,483        -        174        2        -        -       -       10,658  
                 
Investment contracts for account of policyholders
      22,693        -        57,836        26        -        -       -       80,555  
                 
Liabilities held for sale
      -        84,339        -        -        -        -       -       84,339  
                 
Other liabilities
      16,194        -        1,511        851        414        7,225       (1,870 )      24,325  
                 
Total liabilities
   
 
201,117
 
   
 
84,339
 
   
 
94,015
 
   
 
9,580
 
   
 
414
 
   
 
7,225
 
  
 
(9,093
) 
  
 
387,596
 
1
Please refer to note 51 Discontinued operations for the summarized assets and liabilities of Aegon the Netherlands
In 2022, an intragroup reinsurance agreement was concluded between Americas (Transamerica Life Insurance Company - TLIC) and International (Transamerica Life (Bermuda) - TLB) to reinsure a substantial portion of the life business from TLB to TLIC, predominantly existing of UL policies with secondary guarantees. Underlying assets and liabilities have been transferred from TLB to TLIC at book value without an impact on the consolidated statement of financial position of Aegon. The consideration received by TLIC was less than the reserves assumed from TLB, resulting in a day-one loss on the transaction for TLIC and a day-one gain for TLB, which are, in line with Aegon’s accounting policies, recorded as a deferred cost of reinsurance. The Americas segment in the table above includes an EUR 0.6 billion deferred cost of reinsurance asset reported as part of deferred expenses. The International segment includes an equal but offsetting deferred cost of reinsurance liability as part of other liabilities. Both the deferred cost of reinsurance asset and liability are eliminated in the Elimination column.
 
Summarized assets and liabilities per segment
    Americas      The
Netherlands		      United
Kingdom		      Interna-
tional		      Asset
Manage-
ment		      Holding and
other
activities		      Eliminations     Total  
2021
                                                                       
                 
Assets
                                                                       
                 
Cash and Cash equivalents
      1,127        3,718        210        282        311        1,242        -       6,889  
                 
Investments
      80,938        66,384        1,876        8,315        296        21        -       157,831  
                 
Investments for account of policyholders
      115,596        25,673        108,713        974        -        -        (4 )      250,953  
                 
Investments in joint ventures
      56        343        -        936        368        39        -       1,743  
                 
Investments in associates
      -        1,103        9        18        151        20        (12 )      1,289  
                 
Deferred expenses
      9,052        235        825        391        -        -        -       10,503  
                 
Other assets
      27,268        9,318        2,125        2,064        199        31,733        (33,663 )      39,044  
                 
Total assets
   
 
234,037
 
   
 
106,775
 
   
 
113,758
 
   
 
12,979
 
   
 
1,326
 
   
 
33,056
 
   
 
(33,679
) 
  
 
468,252
 
                 
Liabilities
                                                                       
                 
Insurance contracts
      74,967        40,547        1,490        9,028        -        -        (1,611 )      124,422  
                 
Insurance contracts for account of policyholders
      83,316        25,294        39,955        758        -        -        -       149,323  
                 
Investment contracts
      9,804        11,767        194        2        -        -        -       21,767  
                 
Investment contracts for account of policyholders
      32,280        2,273        69,819        220        -        -        -       104,592  
                 
Other liabilities
      17,382        19,875        799        518        540        6,685        (4,022 )      41,776  
                 
Total liabilities
   
 
217,750
 
   
 
99,757
 
   
 
112,257
 
   
 
10,526
 
   
 
540
 
   
 
6,685
 
   
 
(5,633
) 
  
 
441,881
 
As per January 1, 2022, MAG Seguros is no longer reported within the Americas segment, but is reported in the International segment. This change is applied prospectively in the investments overview
Amounts included in the tables on investments are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting.
 
Investments
   
Americas
     
The
Netherlands
1)
     
United
Kingdom
     
Interna-
tional
     
Asset
Manage-
ment
     
Holding and
other
activities
    
Eliminations
    
Total
  
                 
2022
                                                                      
                 
Shares
      345        -        25        10        7        1       -       388  
                 
Debt securities
      51,008        -        777        1,847        15        -       -       53,647  
                 
Loans
      12,475        -        -        43        -        38       -       12,556  
                 
Other financial assets
      9,262        -        654        145        114        -       -       10,175  
                 
Investments in real estate
      42        -        -        17        -        -       -       59  
                 
Investments general account
   
 
73,132
 
   
 
-
 
   
 
1,457
 
   
 
2,061
 
   
 
136
 
   
 
39
 
  
 
-
 
  
 
76,825
 
                 
Shares
      -        -        15,493        12        -        -       -       15,505  
                 
Debt securities
      -        -        5,677        17        -        -       -       5,694  
                 
Unconsolidated investment funds
      89,535        -        64,776        431        -        -       -       154,741  
                 
Other financial assets
      -        -        3,617        5        -        -       -       3,622  
                 
Investments in real estate
      -        -        443        -        -        -       -       443  
                 
Investments for account of policyholders
   
 
89,535
 
   
 
-
 
   
 
90,007
 
   
 
464
 
   
 
-
 
   
 
-
 
  
 
-
 
  
 
180,006
 
                 
Investments on balance sheet
      162,667        -        91,463        2,526        136        39       -       256,831  
                 
Off-balance sheet investments third parties
      216,060        7,325        122,742        3,384        141,067        -       -       490,578  
                 
Total revenue-generating investments
   
 
378,727
 
   
 
7,325
 
   
 
214,205
 
   
 
5,910
 
   
 
141,203
 
   
 
39
 
  
 
-
 
  
 
747,409
 
                 
Investments
                                                                      
Available-for-sale
      56,564        -        991        1,991        96        -       -       59,643  
                 
Loans
      12,475        -        -        43        -        38       -       12,556  
                 
Financial assets at fair value through profit or loss
      93,585        -        90,029        475        40        1       -       184,130  
                 
Investments in real estate
      42        -        443        17        -        -       -       502  
Total investments on balance sheet
   
 
162,667
 
   
 
-
 
   
 
91,463
 
   
 
2,526
 
   
 
136
 
   
 
39
 
  
 
-
 
  
 
256,831
 
                 
Investments in joint ventures
      -        -        -        972        471        (0 )      -       1,443  
                 
Investments in associates
      -        -        -        20        129        16       -       165  
                 
Assets held for sale
      -        89,752        -        -        -        -       -       89,752  
                 
Other assets
      44,551        -        3,800        7,827        503        21,361       (24,446 )      53,595  
                 
Consolidated total assets
   
 
207,217
 
   
 
89,752
 
   
 
95,264
 
   
 
11,344
 
   
 
1,239
 
   
 
21,415
 
  
 
(24,446
) 
  
 
401,786
 
1
Please refer to note 51 Discontinued operations for the assets of Aegon the Netherlands
Investments
    Americas      The
Netherlands		      United
Kingdom		      International
1)
      Asset
Management		      Holding and
other activities		      Eliminations    
Total
  
2021
                                                                       
Shares
      493        1,410        29        72        9        1        -       2,015  
Debt securities
      61,014        26,951        1,159        8,060        11        -        -       97,195  
Loans
      11,352        35,358        -        93        -        20        -       46,823  
Other financial assets
      8,040        79        687        73        276        -        -       9,155  
Investments in real estate
      39        2,588        -        16        -        -        -       2,643  
                 
Investments general account
   
 
80,938
 
   
 
66,384
 
   
 
1,876
 
   
 
8,315
 
   
 
296
 
   
 
21
 
   
 
-
 
  
 
157,831
 
                 
Shares
      -        9,078        20,221        243        -        -        (4 )      29,539  
Debt securities
      -        12,044        7,649        128        -        -        -       19,821  
Unconsolidated investment funds
      115,596        1,059        74,698        597        -        -        -       191,950  
Other financial assets
      -        3,493        5,581        6        -        -        -       9,080  
Investments in real estate
      -        -        563        -        -        -        -       563  
                 
Investments for account of policyholders
   
 
115,596
 
   
 
25,673
 
   
 
108,713
 
   
 
974
 
   
 
-
 
   
 
-
 
   
 
(4
) 
  
 
250,953
 
                 
Investments on balance sheet
      196,534        92,058        110,589        9,288        296        21        (4 )      408,784  
Off-balance sheet investments third parties
      240,248        7,711        151,097        2,300        212,779        -        -       614,136  
Total revenue-generating investments
   
 
436,782
 
   
 
99,769
 
   
 
261,687
 
   
 
11,589
 
   
 
213,076
 
   
 
21
 
   
 
(4
) 
  
 
1,022,920
 
                 
Investments
                                                                       
Available-for-sale
      65,694        24,443        1,299        8,191        257        -        -       99,884  
Loans
      11,352        35,358        -        93        -        20        -       46,823  
Financial assets at fair value through profit or loss
      119,450        29,669        108,727        987        40        1        (4 )      258,871  
Investments in real estate
      39        2,588        563        16        -        -        -       3,206  
Total investments on balance sheet
   
 
196,534
 
   
 
92,058
 
   
 
110,589
 
   
 
9,288
 
   
 
296
 
   
 
21
 
   
 
(4
) 
  
 
408,784
 
                 
Investments in joint ventures
      56        343        -        936        368        39        -       1,743  
Investments in associates
      -        1,103        9        18        151        20        (12 )      1,289  
Other assets
      37,447        13,271        3,160        2,736        510        32,975        (33,663 )      56,436  
Consolidated total assets
   
 
234,037
 
   
 
106,775
 
   
 
113,758
 
   
 
12,979
 
   
 
1,326
 
   
 
33,056
 
   
 
(33,679
) 
  
 
468,252