Statement of comprehensive income of discontinued operations



Amounts in EUR millions	2022			2021			2020

Net result from discontinued operations		(379	)		960			487

Items that will not be reclassified to profit or loss:

Changes in revaluation reserve real estate held for own use		-			1			-

Remeasurements of defined benefit plans		948			156			(285	)

Income tax relating to items that will not be reclassified		(245	)		(24	)		126

Items that may be reclassified subsequently to profit or loss:

Gains / (losses) on revaluation of available-for-sale investments		(2,110	)		155			21

(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		185			(114	)		(13	)

Equity movements of joint ventures		-			-			-

Equity movements of associates		2			(1	)		2

Income tax relating to items that may be reclassified		497			(18	)		(27	)

Other		-			1			-

Total other comprehensive income / (loss) from discontinued operations		(723	)		156			(176	)

Total comprehensive income / (loss) from discontinued operations		(1,102	)		1,117			310

Impairment loss

Upon classification as held for sale, the carrying amount of Aegon the Netherlands is compared to the fair value less cost to sell, which is estimated by reference to the fair value of the consideration to which Aegon N.V. is entitled under the terms and conditions of the sales agreement. The fair value less cost to sell is lower than the carrying value and this impairment loss is recognized through a reduction of the carrying value of Aegon the Netherlands. The table below shows the calculated impairment loss.

The impairment loss is recalculated at each reporting date until closing date of the transaction, as both the fair value of the consideration to be received and the carrying value of Aegon the Netherlands are subject to change. The consideration to be received includes a 29.99% stake in a.s.r. and is therefore contingent on the development of the a.s.r. share price. The carrying amount of Aegon the Netherlands will continue to be updated for assets and liabilities which are not included in the measurement scope of IFRS 5. Furthermore, Aegon the Netherlands’s carrying amount will be impacted by the adoption of IFRS 9 “Financial instruments” and IFRS 17 “Insurance contracts” per January 1, 2023. As a consequence, the cumulative impairment loss that is recognized at the final disposal date will differ from the estimate calculated below.

The impairment loss takes into account contingent payables and receivables between Aegon N.V. and Aegon the Netherlands that will be recognized prior to the closing date. These are included in the carrying amount of Aegon the Netherlands.



Amounts in EUR millions	2022
Net cash receivable after costs to sell		2,175

Fair value of 29.99% share in a.s.r. 1)		2,700

Fair value less costs to sell		4,875

Carrying amount of Aegon the Netherlands 2)		7,591

Fair value less costs to sell minus carrying amount		(2,716)

Assets in scope for impairment per December 31, 2022		1,775

Impairment loss recognized in 2022		1,775

Impairment to be recognized upon the completion of the sale		941

1	Based on the closing price of a.s.r.’s shares on December 31, 2022

2	The carrying amount of Aegon the Netherlands includes contingent payables and receivables between Aegon NV and Aegon NL that will be recognized prior to the closing date

Cashflow from discontinued operations

The table below shows details on cashflow from discontinued operations.



Amounts in EUR millions	2022			2021			2020

Net cash inflow (outflow) from operating activities		4,646			(167	)		(5,614)

Net cash inflow (outflow) from investing activities		(4	)		31			(23)

Net cash inflow (outflow) from financing activities		(3,275	)		(1,835	)		1,700

Net cash inflow (outflow) from discontinued operations		1,367			(1,972	)		(3,937)

Held for sale assets and liabilities

The below table shows the assets held for sale and liabilities held for sale as at December 31, 2022.



Amounts in EUR millions	2022

Assets

Cash and cash equivalents		5,085

Investments		55,496

Investments for account of policyholders		19,097

Derivatives		8,394

Investments in joint ventures		-

Investments in associates		-

Reinsurance assets		79

Defined benefit assets		-

Deferred tax assets		-

Deferred expenses		212

Other assets and receivables		1,388

Intangible assets		-

Total assets held for sale		89,752

Liabilities

Insurance contracts		31,480

Insurance contracts for account of policyholders		19,577

Investment contracts		12,179

Investment contracts for account of policyholders		1,396

Derivatives		9,239

Borrowings		5,227

Provisions		52

Defined benefit liabilities		2,462

Deferred gains		-

Deferred tax liabilities		845

Other liabilities		1,665

Accruals		218

Total liabilities held for sale		84,339

Shareholders’ equity

Included in Group equity is cumulative other comprehensive income of EUR

-1,286 million

relating to assets and liabilities held for sale as at December 31, 2022.

Assets and liabilities held for sale

The details as per December 31, 2022, on assets and liabilities held for sale are disclosed below. Comparatives related to assets and liabilities held for sale in the consolidated statement of financial position of Aegon N.V. are not represented, in line with IFRS 5 requirements. The comparative amounts and additional qualitative information are included in the corresponding notes of this Annual Report.

Temporary exemption from applying IFRS 9 Financial Instruments

By qualifying for and electing the temporary exemption for IFRS 9, the IFRS 4 amendment requires certain additional disclosures; specifically, Aegon the Netherlands is required to disclose information to enable users of financial statements to compare insurers applying the temporary exemption with entities applying IFRS 9. This information is presented below:

Fair value changes

The table below presents an overview of the fair value of the classes of financial assets as of December 31, 2022, as well as the change in fair value during the reporting period. The asset classes are divided into two categories:

◆	SPPI: assets of which cash flows represent solely payments of principal and interest (SPPI) on an outstanding principal amount, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis; and

◆	Other: all financial assets other than those specified in SPPI:

◆

with contractual terms that do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding;

◆

that meet the definition of held for trading in IFRS 9; or

◆

that are managed and whose performance are evaluated on a fair value basis.



		2022

Financial assets at fair value		Fair value at the end of the reporting period		Change in fair value during the reporting period

Shares 1)	SPPI		-		-

	Other		119		(7	)

Debt securities	SPPI		14,106		(4,098	)

	Other		1,413		(166	)

Mortgage loans	SPPI		28,477		(5,163	)

	Other		-		-

Private loans	SPPI		3,931		(1,081	)

	Other		38		-

Other financial assets	SPPI		-		-

	Other		1,368		145

At December 31			49,452		(10,370	)

1	The SPPI-compliant shares include preferred equity instruments.

Cash and cash equivalents, deposits with financial institutions, and receivables all pass the SPPI test and are held at amortized cost, whereby the amortized cost is assumed to approximate fair value due to the short-term nature of the assets.

Credit Risk

The table below details the credit risk rating grades for Aegon the Netherlands, as of December 31, 2022, for financial assets with cash flows that are SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis. The table shows the carrying value of those financial assets applying IAS 39 (in the case of financial assets measured at amortized cost, before adjusting for any impairment allowances).



SPPI compliant financial assets at carrying value	AAA		AA		A		BBB		BB		B		CCC or lower		Not Rated		Total

2022

Debt securities – Carried at fair value		8,521		2,545		1,387		1,628		26		-		-		-		14,106

Mortgage loans – Carried at amortized cost		-		-		-		-		-		-		-		31,430		31,430

Private loans – Carried at amortized cost		2,622		253		195		1,025		3		-		-		349		4,447

At December 31		11,143		2,797		1,582		2,653		29		-		-		31,779		49,983

For assets that do not qualify for the low credit risk exemption (assets rated below BBB or not rated) and of which cash flows represent SPPI, excluding any financial assets that meet the definition of held for trading in IFRS 9, or that are managed and whose performance is evaluated on a fair value basis, the table below provides the credit risk exposure from the financial assets held by Aegon the Netherlands. Mortgage loans with no low credit risk are defined as being more than 90 days past due, in line with regulatory guidelines. The financial assets are categorized by asset class with a carrying amount and fair value measured in accordance with IAS 39 measurement requirements.



	2022

SPPI compliant financial assets rated BB or below	Carrying amount		Fair value

Debt securities – Carried at fair value		26		26

Mortgage loans – Carried at amortized cost		31,430		28,477

Private loans – Carried at amortized cost		352		337

At December 31		31,808		28,840

Financial risks

Credit risk

The table that follows shows Aegon the Netherlands’ 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.



2022	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		15,519		-		-		-		-		-		-		-		-		15,519

Mortgage loans - carried at amortized cost		31,430		2,590		-		22		60,991		-		-		63,603		32,263		90

Private loans - carried at amortized cost		4,484		-		-		-		-		-		-		-		-		4,484

Other loans - carried at amortized cost		3		-		-		-		-		-		-		-		-		3

Other financial assets - carried at fair value		76		-		-		-		-		-		-		-		-		76

Derivatives		8,394		-		-		-		-		8,394		-		8,394		-		(0	)

Reinsurance assets		79		-		-		-		-		-		-		-		-		79

At December 31		59,985		2,590		-		22		60,991		8,394		-		71,997		32,263		20,252

Credit rating

The ratings distribution of general account portfolios of Aegon the Netherlands, 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 the Netherlands uses a composite rating based on a combination of the external ratings of S&P, Moody’s and internal ratings. The rating used is the lower of the external rating and the internal rating.



	The Netherlands

Credit rating general account investments, excluding reinsurance assets 2022	Amortized cost		Fair value

AAA		2,623		8,643

AA		253		9,425

A		233		3,411

BBB		1,025		2,327

BB		3		119

B		-		33

CCC or lower		-		1

Assets not rated		31,552		1,450

Total		35,688		25,409

Past due and / or impaired assets		229		17

At December 31, 2022		35,917		25,426

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

AAA		-

AA		22

A		55

Below A		-

Not rated		1

At December 31, 2022		79

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 2022	The Netherlands		Of which past due and / or impaired assets

Residential mortgage-backed securities (RMBSs)		65		-

Commercial mortgage-backed securities (CMBSs)		2		-

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		2,714		-

Financial - Banking		1,306		-

Financial - Other		569		-

Capital goods and other industry		276		-

Communications & Technology		715		-

Consumer cyclical		373		-

Consumer non-cyclical		710		-

Energy		26		-

Transportation		424		-

Utility		232		-

Government bonds		8,106		-

At December 31, 2022		15,519		-



Credit risk concentrations – Government bonds per country of risk 2022	The Netherlands

Netherlands		2,671

United Kingdom		3

Austria		347

Belgium		675

Finland		38

France		1,226

Germany		2,412

Indonesia		33

Luxembourg		448

Rest of Europe		70

Rest of world		184

At December 31, 2022		8,106



Credit risk concentrations – Credit rating 2022 1)	Government bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		Total

AAA		5,900		157		2,520		-		8,577

AA		1,907		634		228		-		2,769

A		80		1,688		12		-		1,780

BBB		194		2,087		22		-		2,302

BB		26		64		-		-		90

B		-		-		-		-		-

CCC or lower		-		1		-		-		1

At December 31, 2022		8,106		4,631		2,782		-		15,519

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.



Credit risk concentrations – mortgage loans 2022	The Netherlands		Of which past due and / or impaired assets

Retail		6		-

Other commercial		19		1

Residential		31,404		154

At December 31, 2022		31,430		155

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.

The fair value of Aegon the Netherlands mortgage loan portfolio as per December 31, 2022, amounted to EUR 28,477 million (2021: EUR 34,198 million). The

Loan-to-Value

amounted to approximately 50% (2021: 56%). The mortgage portfolio is government guaranteed for 39% (2021: 42%). Of the portfolio, 0.1% (2021: 0.1%) is in delinquency (defined as 60 days in arrears). Impairments in 2022 amounted to a net recovery of EUR 1 million (2021: EUR 1 million). During the last ten years defaults of the portfolio have been 5 basis points on average.

Unconsolidated structured entities

For RMBSs, CMBSs and ABSs in which Aegon the Netherlands has an interest at reporting date, the following table presents total income received from those interests. The Investments column reflects the carrying values recognized in the statement of financial position of Aegon the Netherlands interests in RMBSs, CMBSs and ABSs.



	Total income for the year ended December 31, 2022							December 31, 2022

2022	Interest income		Total gains and losses on sale of assets			Total		Investments

Residential mortgage-backed securities		-		-			1		65

Commercial mortgage-backed securities		-		-			-		2

Asset-backed securities		7		(1	)		7		2,714

Total		8		(0	)		8		2,782

Additional information on credit risk, unrealized losses and impairments

Debt instruments

The amortized cost and fair value of debt securities, money market investments and other, included in Aegon the Netherlands

available-for-sale

(AFS) portfolios, are as follows as of December 31, 2022:



2022	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

Dutch government		2,728		15		(72	)		2,671		281		2,390

Other government		5,297		172		(244	)		5,226		1,867		3,359

Mortgage-backed securities		69		-		(2	)		68		9		59

Asset-backed securities		2,816		1		(102	)		2,714		5		2,710

Corporate		4,100		3		(673	)		3,430		60		3,370

Other		13		-		-			13		13		-

Total		15,023		191		(1,092	)		14,122		2,234		11,888

Unrealized bond losses by sector

The composition by industry category of Aegon the Netherlands

available-for-sale

(AFS) debt securities, money market investments and other in an unrealized loss position at December 31, 2022, is presented in the following table:



	December 31, 2022

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

Residential mortgage-backed securities (RMBSs)		57		(2	)

Commercial mortgage-backed securities (CMBSs)		2		-

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		2,710		(102	)

Financial Industry - Banking		757		(126	)

Financial Industry - Insurance		83		(14	)

Financial Industry - Other		227		(80	)

Industrial		2,183		(425	)

Utility		122		(27	)

Government		5,749		(316	)

Total		11,888		(1,092	)

Past due and impaired assets

The tables that follow provide information on past due and individually impaired financial assets for Aegon the Netherlands.



			2022

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

Mortgage loans		145		3		1		149

Other loans		7		4		61		73

At December 31		152		7		62		222



Impaired financial assets	Carrying amount 2022

Shares		17

Mortgage loans		6

Other loans		2

At December 31		24

Equity market risk and other investments risk



Equity, real estate and non-fixed income exposure	The Netherlands

Equity funds		34

Investments in real estate		2,545

Other alternative investments		349

Other financial assets		1,105

At December 31, 2022		4,032



Market risk concentrations – shares	The Netherlands		Of which impaired assets

Financials		4		-

Funds		1,406		17

At December 31, 2022		1,411		17

Risks and risks management arising from financial instruments subject to interest rate benchmark reform

The table below summarize the exposures of

non-derivative

financial assets and

non-derivative

liabilities of Aegon the Netherlands that yet have to transition to alternative benchmark rates.



	2022
Non derivative financial instruments to transition to alternative benchmark	Financial assets non-derivatives		Financial liabilities non-derivatives

By benchmark rate

Euribor		3,517		-

Total		3,517		-


	2022		2021
Derivative financial instruments to transition to alternative benchmark	Nominal Value		Nominal Value

By benchmark rate

GBP LIBOR		-		-

USD LIBOR		963		-

EUR LIBOR		-		-

Euribor		119,638		112,599

Fed Funds		-		-

EONIA		-		-

Total		120,601		112,599

Liquidity risk



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

2022

Borrowings		-		1,574		3,321		14		503		5,412

Other financial liabilities		455		800		129		112		170		1,665

Total financial liabilities (excluding investment/insurance contracts)		455		2,375		3,450		126		673		7,078

Investment contracts 1)		9,167		617		1,448		731		552		12,517

Investment contracts for account of policyholders 1)		1,396		-		-		-		-		1,396

Total investment contracts		10,564		617		1,448		731		552		13,913

1	Excluding investment contracts with discretionary participating features.

The maturity analysis below shows the remaining contractual maturities of each category of financial liabilities (including coupon interest) of Aegon the Netherlands.

To manage the liquidity risk arising from financial liabilities, Aegon the Netherlands holds liquid assets comprising cash and cash equivalents and investment grade investment securities for which there is an active and liquid market. These assets can be readily sold to meet liquidity requirements. For this reason, Aegon the Netherlands believes that it is not necessary to disclose a maturity analysis in respect of these assets to enable users to evaluate the nature and extent of liquidity risk.



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

2022

Insurance contracts		-		1,819		6,330		7,411		30,422		45,982

Insurance contracts for account of policyholders		-		1,227		4,598		5,791		16,253		27,870

Investment contracts		-		7,476		3,410		1,172		552		12,610

Investment contracts for account of policyholders		-		1,396		-		-		-		1,396

Total		-		11,919		14,339		14,373		47,227		87,858

The liability amount in the table 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 Insurance contracts and Investments contracts.

The following table details Aegon the Netherlands liquidity analysis for its derivative financial instruments, based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted gross inflows and outflows on those derivatives that require gross settlement.



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

2022

Gross settled

Cash inflows		-		2,449			9,757			10,618			20,748			43,572

Cash outflows		-		(2,422	)		(10,107	)		(11,167	)		(20,613	)		(44,309	)

Net settled

Cash inflows		-		-			-			-			-			-

Cash outflows		-		-			-			-			-			-

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.

Income tax

The income tax of Aegon the Netherlands is calculated against the enacted applicable tax rate and includes a

one-time

tax charge of EUR 454 million related to the anticipated settlement of a tax position in connection with the transaction with a.s.r.

Cash and cash equivalents

Cash and cash equivalents include cash and demand balances held at the Dutch Central Bank. The Dutch Central Bank requires Aegon Bank N.V. to place 1% of their deposits with agreed maturity or the savings accounts (without restrictions to withdraw their money) in an account with the Dutch Central Bank. These deposits are not freely available. This

so-called

minimum reserve is renewed each maintenance period consisting of approximately six weeks. At

year-end

2022, the interest of 2.5% is received on this minimum reserve (2021: No interest was paid on this minimum reserve). The

year-end

minimum required balance on deposit by the Dutch Central Bank was EUR 82 million (2021: EUR 74 million, 2020: EUR 84 million).

Insurance contracts

At December 31, 2022, the liability adequacy test (LAT) of Aegon the Netherlands resulted in a net LAT deficit of EUR 171 million, compared to a net LAT deficit of EUR 2.243 million at December 31, 2021. The reduction of the net LAT deficit is recorded in the income statement. The improvement of the net LAT deficit is driven by market movements, mainly by increased interest rates and widening credit spreads. This was partly offset by unfavorable model and assumptions updates.

As a result of the current deficit, changes in the LAT of Aegon the Netherlands, triggered by up or down movements in interest rates and credit spreads, are directly recognized in the income statement. The net result is less sensitive to interest rate movements as the results from interest rate hedging are also recognized in net result. Furthermore, the impact from increasing interest rates or tightening credit spreads on result before tax is capped to the net LAT deficit position.

The estimated sensitivities including Aegon the Netherlands on shareholders’ equity and on net result, for up and down shocks for bond credit spreads, mortgage spreads and liquidity premium for general account insurance liabilities are disclosed in note

34 Insurance contracts.

Guarantees in insurance contracts

Aegon the Netherlands provides guarantees to its customers on expiry date for certain insurance contracts. In order to mitigate the risks related to the guarantees Aegon the Netherlands has setup a hedging program. Aegon the Netherlands does not use reinsurance in order to mitigate risks related to insurance contracts with a guarantee component

Minimum investment return guarantees in the Netherlands

The traditional life and pension products offered by Aegon in the Netherlands include various products that accumulate a cash value. Premiums are paid by customers at inception or over the term of the contract. The accumulation products pay benefits on the policy maturity date, subject to survival of the insured. In addition, most policies also pay death benefits if the insured dies during the term of the contract. The death benefits may be stipulated in the policy or depend on the gross premiums paid to date. Premiums and amounts insured are established at inception of the contract. The amount insured can be increased as a result of profit sharing, if provided for under the terms and conditions of the product. Minimum interest guarantees exist for all

generations of traditional accumulation products written. Older generations contain a 4% guarantee; in 1999 the guarantee decreased to 3% and in 2013 the guarantee decreased to 0%.

The traditional group pension contracts offered by Aegon in the Netherlands include large group insurance contracts that have an individually determined asset investment strategy underlying the pension contract. The guarantee given is that the profit sharing is the minimum of 0% and the realized return on an asset portfolio specified in the policy conditions, adjusted for technical interest rates ranging from 3% to 4%. If the adjusted return is negative, the 0% minimum is effective, but the loss in any given year is carried forward to be offset against any future surpluses within the contract period. In general, a guarantee is given for the life of the underlying employees so that their pension benefit is guaranteed. Large group contracts also share technical results (mortality risk and disability risk). The contract period is typically five years and the premiums are fixed over this period.

These guarantees are valued at fair value and are included as part of insurance liabilities with the underlying host insurance contracts in note 34 Insurance contracts.

The following table provides information on the liabilities for guarantees that are included in the valuation of the host contracts, net of the present value of the expected future premiums that are received to cover these guarantees:



	2022			2021

	GMI 1), 2)			GMI 1), 2)

At January 1		6,429			7,973

Incurred guarantee benefits 3)		(3,471	)		(1,544	)

At December 31		2,958			6,429

Account value 4)		16,559			20,176

Net amount at risk 5)		3,133			6,794

1	Guaranteed minimum investment return in the Netherlands.

2	Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts.

3	Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money guarantees and fair value movements during the reporting year.

4	Account value reflects the liability value of the insurance contracts as a whole.

5	The net amount at risk represents the sum of the differences between the guaranteed and actual amount that is credited to the policyholders. For Individual policies only positive differences are included, for Group pensions contracts carry forwards of negative differences are recognized.

Borrowings

Operational funding

Coupon rate

Coupon date

Issue / Maturity

2022

Revolving Loan Facility Warehouse Mortgage Loans

Floating

Monthly

- / 23

260

Revolving Loan Facility Warehouse Mortgage Loans

Floating

Monthly

- / 24

250

Revolving Loan Facility Warehouse Mortgage Loans

Floating

Monthly

- / 25

271

EUR 875 million “SAECURE 16” RMBS Note

Floating

Quarterly

2018 / 23

609

EUR 550 million “SAECURE 18” NHG RMBS Note

Floating

Quarterly

2019 / 25

300

EUR 750 million “SAECURE 20” RMBS Note

Floating

Quarterly

2021 / 27

542