The decrease in Investments in joint ventures and associates in 2022 is mainly the result of the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.

The disposal of joint ventures in 2022 relates to the divestment of Aegon’s 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco, refer to note 48 Companies and businesses acquired and divested.

In 2021, Aegon amended its agreement related to the investment in MAG Seguros and injected EUR 40 million in the undertaking. Following the amendment the investment required reclassification from Investments in associates to Investments in joint ventures as the level of influence was affected. The transfer to / (from) other headings in 2021 reflect the carrying amount of the investment of EUR 58 million prior to the capital injection of EUR 40 million.

With the exception of a limited number of immaterial venture capital entities, all joint ventures and associates are unlisted and are accounted for using the equity method and are considered to be

non-current.

The investments in joint ventures and associates include interest in insurance companies that are required to maintain a minimum solvency margin based on local directives. Such restrictions can affect the ability of these joint ventures and associates to transfer funds in the form of cash dividends, or repayment of loans or advances, and therefore, there can be no assurance that these restrictions will not become a limitation in the future. Refer to note 45 Commitments and contingencies for any commitments and contingencies related to investments in joint ventures. There are no unrecognized shares of losses in joint ventures and associates. The financial statements of the principal joint ventures and associates have the same reporting date as the Group. Refer to note 49 Group companies for a listing of the investments in joint ventures and associates and the Group’s percentage holding.

Summarized financial information of joint ventures

The summarized financial information presented in the following table presents the joint ventures on a 100% basis. Aegon considers its investments in Santander Vida Seguros y Reaseguros S.A. (‘Santander Spain Life’) and Aegon Industrial Fund Management Co.Ltd. (‘AIFMC’) as material joint ventures and are therefore presented separately.


	Santander Spain Life						AIFMC						Other Joint ventures
	2022			2021			2022			2021			2022			2021
Summarized statement of financial position
Cash and cash equivalents		23			20			392			351			99			157
Other current assets		155			130			836			810			725			697
Total current assets		178			150			1,229			1,161			824			854

Non-current assets		1,109			1,134			200			204			5,349			5,574
Total assets		1,287			1,284			1,429			1,364			6,173			6,428

Current financial liabilities excluding trade payables and other provisions		-			-			-			-			-			7
Other current liabilities		148			126			526			613			543			501
Total current liabilities		148			126			526			613			544			509

Non-current financial liabilities excluding trade payables and other provisions		-			-			-			-			67			183
Other non-current liabilities		504			510			-			-			4,447			3,921
Total non-current financial liabilities		504			510			-			-			4,515			4,104
Total liabilities		652			636			526			613			5,059			4,613
Net assets		635			648			903			752			1,114			1,816

Summarized statement of comprehensive income
Revenue		288			247			644			858			2,374			1,866
Results from financial transactions		-			-			-			-			(2	)		51
Depreciation and amortization		(30	)		(25	)		(4	)		(3	)		(27	)		(21	)
Interest income		2			2			9			8			104			25
Interest expense		-			-			(0	)		-			(7	)		(13	)

Profit or loss		71			61			330			386			260			247
Income tax (expense) or result		(16	)		(12	)		(92	)		(109	)		(56	)		(40	)
Post-tax profit or (loss)		55			48			238			277			205			208
Other comprehensive income		(37	)		(2	)		-			-			(86	)		53
Total comprehensive income		18			47			238			277			118			260

Dividends received		30			-			-			-			54			18


An overview of the summarized financial information of the carrying amount of the joint ventures is as follows:
	Santander Spain Life				AIFMC				Other Joint ventures
	2022		2021		2022		2021		2022		2021
Net assets of joint venture as presented above		635		648		903		752		1,114		1,816
Net assets of joint venture excluding goodwill		556		568		960		751		1,019		1,681
Group share of net assets of joint venture, excluding goodwill		283		290		471		368		513		857
Goodwill on acquisition		80		80		1		1		95		148
Carrying amount		363		369		471		369		608		1,005

Aegon’s group share of net assets of joint ventures, as presented in the table above, is less than Aegon’s share of the net assets as presented in the summarized financial information on a 100% basis, due to the inclusion of third parties in the joint ventures

The following table includes the summarized financial information of the joint ventures based on the Group’s relative holding.


	Santander Spain Life						AIFMC				Other Joint ventures
	2022			2021			2022		2021		2022			2021
Post-tax profit or loss		28			25			116		136		104			104
Other comprehensive income		(19	)		(1	)		-		-		(44	)		26
Total comprehensive income		9			24			116		136		61			131

Summarized financial information of associates

The summarized financial information of associates presented below is based on the Group’s relative holding.


				Associates
	2022			2021 1)
Post-tax profit or loss		(11	)		(15	)
Other comprehensive income		1			(5	)
Total comprehensive income		(10	)		(20	)

Carrying amount		165			1,289

1	Amounts for 2021 related to post-tax profit or loss, other comprehensive income and total comprehensive income have been re-presented to reflect the classification of Aegon the Netherlands as held for sale and discontinued operations, refer to note 51 Discontinued operations.