Subordinated borrowings

12 Months Ended

Dec. 31, 2022

32 Subordinated borrowings


	Coupon rate	Coupon date		Issue /Maturity		Year of next call		2022		2021
Fixed to floating subordinated notes
EUR 700 million	4% 2)		Annually, April 25		2014/44		2024		699		698
USD 800 million	5.5% 3)		Semi-annually, April 11		2018/48		2028		743		697
Fixed subordinated notes
USD 925 million 1)	5.1%		Quarterly, March 15		2019/49		2024		852		798
At December 31									2,295		2,194

Fair value of subordinated borrowings									2,035		2,438

1	Issued by a subsidiary of, and guaranteed by Aegon N.V.

2	The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335bps.

3	The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%.

These securities are subordinated and rank senior to the junior perpetual capital securities and the perpetual contingent convertible securities, equally with the perpetual cumulative subordinated bonds and junior to all other liabilities. The conditions of the securities contain certain provisions for optional and required deferral of interest payments. There have been no defaults or breaches of conditions during the period.

Aegon N.V [member]

Statement [LineItems]

Subordinated borrowings

16 Subordinated borrowings



	Coupon rate		Coupon date		Issue / Maturity		Year of next call		2022		2021

Fixed to floating subordinated notes

EUR 700 million		4% 1)		Annually, April 25		2014/44		2024		699		698

USD 800 million		5.5% 2)		Semi-annually, April 11		2018/48		2028		743		697

At December 31										1,442		1,396

Fair value of subordinated borrowings										1,372		1,567

1	The coupon is fixed at 4% until the first call date and floating thereafter with a 3 months Euribor plus a margin of 335bps.

2	The coupon is fixed at 5.5% until the first call date and floating thereafter with a 6 month USD LIBOR plus a margin of 3.539%.

These securities are subordinated and rank senior to the junior perpetual capital securities, equally with the perpetual cumulative subordinated bonds and junior to all other liabilities. The conditions of the securities contain certain provisions for optional and required deferral of interest payments. There have been no defaults or breaches of conditions during the period.