Financial risks (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Maximum Exposure to Credit Risk

The table that follows shows the Group’s 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. Please refer to note 45 and 46 for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk.


2022 1)	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 overcol- lateraliza- tion)		Net exposure
Debt securities - carried at fair value		53,647		-		-		96		-		-		-		96		-		53,551

Money market and other short-term investments - carried at fair value		5,613		-		312		-		-		-		-		312		23		5,324

Mortgage loans - carried at amortized cost		10,441		40		-		22		24,822		-		-		24,883		14,442		1

Private loans - carried at amortized cost		27		11		-		-		-		-		-		11		-		15

Other loans - carried at amortized cost		2,088		-		-		-		-		-		3,510		3,510		1,470		47

Other financial assets - carried at fair value		4,562		-		-		-		-		-		-		-		-		4,562

Derivatives		2,707		246		426		-		-		2,174		-		2,846		173		33

Reinsurance assets		21,184		-		14,162		103		-		-		-		14,265		-		6,919
At December 31		100,269		297		14,900		221		24,822		2,174		3,510		45,923		16,108		70,453

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


2021	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 overcol- lateraliza- tion)		Net exposure
Debt securities - carried at fair value		97,195		-		-		221		-		-		-		221		-		96,974

Money market and other short-term investments - carried at fair value		4,910		-		330		-		-		-		-		330		21		4,601

Mortgage loans - carried at amortized cost		39,991		2,684		-		32		75,412		-		-		78,128		38,197		60

Private loans - carried at amortized cost		4,883		33		-		-		-		-		-		33		-		4,850

Other loans - carried at amortized cost		1,949		-		-		-		-		-		1,872		1,872		1,346		1,423

Other financial assets - carried at fair value		4,245		-		-		-		-		-		-		-		-		4,245

Derivatives		8,780		2,555		107		-		-		5,921		-		8,583		66		263

Reinsurance assets		20,992		-		3,784		77		-		-		-		3,861		-		17,131
At December 31		182,945		5,272		4,221		330		75,412		5,921		1,872		93,028		39,630		129,547

Summary of Credit Risk Rating Grades


Aegon group level long-term counterparty exposure limits are as follows:


Group limits per credit rating

Amounts in EUR million	2022	2021
AAA	900	900
AA	900	900
A	675	675
BBB	450	450
BB	250	250
B	125	125
CCC or lower	50	50

Schedule of Ratings Distribution of General Account Portfolios

Credit rating

The ratings distribution of general account portfolios of Aegon’s

major

reporting units,

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 uses a composite rating based on a combination of the external ratings of S&P, Moody’s, Fitch and National Association of Insurance Commissioners (NAIC which is for US only) and internal ratings. The rating used is the lower of the external rating and the internal rating.



	Americas				United Kingdom				International
Credit rating general account investments,excluding reinsurance assets 2022	Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost			Fair value

AAA		1,488		12,124		-		55		-			91

AA		4,454		3,659		-		461		-			157

A		3,779		19,374		-		262		39			891

BBB		671		18,785		-		123		(5	)		745

BB		48		1,434		-		1		-			71

B		-		592		-		-		-			13

CCC or lower		-		445		-		-		-			4

Assets not rated		2,035		4,525		-		582		9			9

Total		12,475		60,938		-		1,483		43			1,980

Past due and / or impaired assets		-		2,239		-		-		-			22

At December 31		12,475		63,178		-		1,483		43			2,001



	Asset Management				Total 2022 1) 2)
Credit rating general account investments, excluding reinsurance assets 2022	Amortized cost		Fair value		Amortized cost		Fair value		Total carrying value

AAA		-		135		1,488		12,404		13,892

AA		-		-		4,454		4,277		8,731

A		-		-		3,818		20,527		24,345

BBB		-		-		666		19,653		20,319

BB		-		-		48		1,505		1,553

B		-		-		-		605		605

CCC or lower		-		-		-		449		449

Assets not rated		-		1		2,081		5,235		8,167

Total		-		136		12,556		64,656		78,061

Past due and / or impaired assets		-		-		-		2,261		2,262

At December 31		-		136		12,556		66,917		80,323

1	Includes investments of Holding and other activities.

2	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.



	Americas				The Netherlands				United Kingdom				International
Credit rating general account investments, excluding reinsurance assets 2021	Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost		Fair value		Amortized cost			Fair value

AAA		1,383		15,537		2,607		11,832		-		74		-			738

AA		4,219		4,438		216		6,474		-		586		-			699

A		3,301		20,888		128		10,636		-		384		52			2,610

BBB		519		21,894		1,050		4,458		-		202		(4	)		3,311

BB		59		1,614		44		127		-		1		-			272

B		-		549		-		19		-		-		18			370

CCC or lower		-		441		-		19		-		-		-			13

Assets not rated		1,868		4,257		31,137		1,418		-		644		27			79

Total		11,349		69,618		35,182		34,983		-		1,893		93			8,093

Past due and / or impaired assets		2		2,044		176		17		-		-		-			116

At December 31		11,352		71,662		35,358		35,000		-		1,893		93			8,208



	Asset Management				Total 2021 1)
Credit rating general account investments, excluding reinsurance assets 2021	Amortized cost		Fair value		Amortized cost		Fair value		Total carrying value

AAA		-		295		3,989		28,476		32,465

AA		-		-		4,436		12,197		16,633

A		-		-		3,481		34,530		38,011

BBB		-		-		1,564		29,866		31,431

BB		-		-		103		2,015		2,118

B		-		-		18		938		956

CCC or lower		-		-		-		473		473

Assets not rated		-		2		33,053		6,474		39,527

Total		-		296		46,644		114,968		161,613

Past due and / or impaired assets		-		-		178		2,176		2,355

At December 31		-		296		46,823		117,145		163,967

1	Includes investments of Holding and other activities.

Summary of Credit Quality of Gross Positions of Reinsurance Assets

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 2022 1)	Carrying value 2021

AAA	-		-

AA	2,156		9,084

A	18,105		11,087

Below A	6		7

Not rated	917		813

At December 31	21,184		20,992

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Schedule of Credit Risk Concentration

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	Americas		United Kingdom		International		Asset Management		Total 2022 1)		Of which past due and / or impaired assets

Residential mortgage-backed securities (RMBSs)		1,136		-		-		5		1,141		479

Commercial mortgage-backed securities (CMBSs)		2,707		94		37		-		2,838		42

Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		438		-		3		-		440		2

ABSs - Other		2,400		53		15		9		2,478		26

Financial - Banking		3,957		168		318		-		4,443		39

Financial - Other		10,778		36		352		96		11,263		191

Capital goods and other industry		3,769		22		132		-		3,923		268

Communications & Technology		4,658		2		167		-		4,828		417

Consumer cyclical		3,742		28		106		-		3,877		223

Consumer non-cyclical		5,445		85		144		-		5,674		350

Energy		3,205		19		102		-		3,326		41

Transportation		1,728		-		43		-		1,771		19

Utility		4,319		69		80		-		4,469		110

Government bonds		7,962		323		488		17		8,790		43

At December 31		56,243		901		1,989		128		59,260		2,251

1	Includes investments of Holding and other activities.

2	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations .


Credit risk concentrations – Government bonds per country of risk 2022	Americas		United Kingdom		International		Asset Management		Total 2022 1) 2)

United States		7,209		-		80		-		7,290

Netherlands		-		-		-		-		-

United Kingdom		-		275		-		17		292

Austria		-		-		3		-		3

Belgium		-		-		3		-		3

Finland		-		-		-		-		-

France		-		27		2		-		29

Germany		-		-		-		-		-

Hungary		18		-		4		-		22

Indonesia		82		-		-		-		82

Luxembourg		-		-		1		-		1

Spain		-		-		152		-		152

Rest of Europe		48		-		229		-		277

Rest of world		604		21		13		-		638

Supranational		-		-		-		-		-

At December 31		7,962		323		488		17		8,790

1	Includes investments of Holding and other activities.

2	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


Credit risk concentrations – Credit rating 2022 3)	Government bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		Total 2022 1) 2)

AAA		5,980		724		2,997		2,780		12,482

AA		1,243		2,484		815		-		4,541

A		753		16,180		1,960		-		18,894

BBB		538		19,307		306		-		20,151

BB		206		1,204		102		-		1,513

B		65		519		23		-		607

CCC or lower		4		207		694		-		905

Assets not rated		-		15		-		152		167

At December 31		8,790		40,640		6,897		2,933		59,260

1	Includes investments of Holding and other activities.

2	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.

3	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.

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.


Credit risk concentrations – debt securities and money market investments 2021	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021 1)		Of which past due and / or impaired assets
Residential mortgage-backed securities (RMBSs)		1,854		106		-		20		4		1,984		611
Commercial mortgage-backed securities (CMBSs)		3,005		3		122		517		-		3,647		13
Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		265		1,576		-		37		-		1,878		2
ABSs – Other		1,972		1		74		267		8		2,321		27
Financial - Banking		5,597		3,146		177		1,035		-		9,956		9
Financial - Other		9,916		854		68		783		257		11,877		175
Capital goods and other industry		4,048		1,078		33		501		-		5,661		144
Communications & Technology		6,190		1,561		3		732		-		8,485		411
Consumer cyclical		3,159		741		43		342		-		4,286		152
Consumer non-cyclical		6,138		1,900		121		825		-		8,984		177
Energy		4,177		143		26		635		-		4,980		91
Transportation		2,151		815		-		197		-		3,163		130
Utility		5,356		707		105		590		-		6,757		153
Government bonds		11,663		14,321		477		1,649		18		28,127		4

At December 31		65,490		26,951		1,248		8,130		286		102,105		2,101

1	Includes investments of Holding and other activities.



Credit risk concentrations – Government bonds per country of risk 2021	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021 1)
United States		10,897		-		-		463		-		11,360
Netherlands		-		4,691		-		-		-		4,691
United Kingdom		-		3		413		-		18		433
Austria		-		1,175		-		6		-		1,181
Belgium		-		1,132		-		5		-		1,137
Finland		-		41		-		-		-		41
France		-		1,618		34		2		-		1,654
Germany		-		4,309		-		-		-		4,309
Hungary		-		-		-		302		-		302
Indonesia		75		39		-		28		-		141
Luxembourg		-		873		-		1		-		875
Spain		-		144		-		197		-		341
Rest of Europe		85		65		-		503		-		654
Rest of world		587		230		31		131		-		979
Supranational		19		-		-		11		-		29

At December 31		11,663		14,321		477		1,649		18		28,127

1	Includes investments of Holding and other activities.



Credit risk concentrations – Credit rating 2021 2)	Government bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		Total 2021 1)
AAA		19,740		754		5,779		1,882		28,155
AA		5,476		4,099		1,125		-		10,700
A		1,228		25,470		1,648		-		28,345
BBB		1,094		28,855		338		-		30,286
BB		238		1,700		63		-		2,001
B		348		553		26		-		927
CCC or lower		5		183		826		-		1,014
Assets not rated		-		3		24		649		676

At December 31		28,127		61,617		9,830		2,531		102,105

1	Includes investments of Holding and other activities.

2	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.

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.



Credit risk concentrations – mortgage loans 2022	Americas		United Kingdom		International		Asset Management		Total 2022 1)		Of which past due and / or impaired assets
Agricultural		49		-		-		-		49		-
Apartment		5,519		-		-		-		5,519		-
Industrial		402		-		-		-		402		-
Office		1,521		-		-		-		1,521		-
Retail		1,475		-		-		-		1,475		-
Other commercial		1,469		-		-		-		1,469		-
Residential		5		-		1		-		5		-

At December 31		10,441		-		1		-		10,441		-

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


Credit risk concentrations – mortgage loans 2021	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021		Of which past due and / or impaired assets
Agricultural		59		-		-		-		-		59		-
Apartment		5,085		-		-		-		-		5,085		2
Industrial		1,349		-		-		-		-		1,349		-
Office		1,560		-		-		-		-		1,560		-
Retail		1,425		6		-		-		-		1,432		-
Other commercial		-		23		-		-		-		23		1
Residential		6		30,476		-		1		-		30,483		139

At December 31		9,485		30,505		-		1		-		39,991		142

Summary of Income Received From Investments in RMBSs, SMBSs and ABSs


	Total result 2022								December 31, 2022
2022 1)	Interest income		Total gains and losses on sale of assets			Total			Investments
Residential mortgage-backed securities		92		(84	)		9			1,141
Commercial mortgage-backed securities		120		(715	)		(595	)		2,838
Asset-backed securities		24		(34	)		(10	)		440
ABSs - Other		92		(416	)		(324	)		2,478

Total		328		(1,249	)		(921	)		6,897

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


	Total result 2021							December 31, 2021
2021	Interest income		Total gains and losses on sale of assets			Total		Investments
Residential mortgage-backed securities		83		(28	)		55		1,980
Commercial mortgage-backed securities		113		(31	)		82		3,647
Asset-backed securities		29		-			29		1,878
ABSs - Other		70		(11	)		59		2,323

Total		295		(69	)		226		9,829

Summary of Amortized Cost and Fair Value of Debt Securities

The amortized cost and fair value of debt securities, money market investments and other, included in Aegon’s available-for-sale (AFS) portfolios, are as follows as of December 31, 2022, and December 31, 2021.


2022 1)	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
United States government		8,386		135		(1,294	)		7,226		1,435		5,791
Dutch government		-		-		-			-		-		-
Other government		1,700		23		(239	)		1,484		266		1,218
Mortgage-backed securities		4,218		160		(439	)		3,939		578		3,362
Asset-backed securities		3,269		12		(376	)		2,905		183		2,722
Corporate		42,507		449		(5,419	)		37,538		7,428		30,110
Money market investments		5,511		4		(1	)		5,514		3,815		1,699
Other		863		105		(128	)		840		600		241

Total		66,455		888		(7,896	)		59,447		14,305		45,143

Of which held by Aegon Americas		63,213		837		(7,672	)		56,379		13,073		43,306

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


2021	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
United States government		8,942		2,386		(11	)		11,317		10,938		379
Dutch government		3,456		1,238		(0	)		4,694		4,688		6
Other government		9,060		2,794		(84	)		11,769		10,414		1,356
Mortgage-backed securities		5,265		372		(56	)		5,581		3,832		1,749
Asset-backed securities		4,088		118		(16	)		4,189		2,334		1,855
Corporate		50,953		5,738		(343	)		56,348		45,363		10,985
Money market investments		4,790		-		(0	)		4,790		4,547		243
Other		876		34		(66	)		844		519		325

Total		87,431		12,679		(576	)		99,533		82,635		16,898

Of which held by Aegon Americas and NL		78,468		11,865		(475	)		89,859		74,954		14,905

Summary of Composition by Industry Category of Available-for-Sale (AFS) Debt Securities, Money Market Investments and Other in an Unrealized Loss Position

The composition by industry category of Aegon’s available-for-sale (AFS) debt securities, money market investments and other in an unrealized loss position at December 31, 2022, and December 31, 2021, is presented in the following table:


	December 31, 2022 1)					December 31, 2021
Unrealized losses - debt securities, money market investments and other	Carrying value of instruments with unrealized losses		Unrealized losses			Carrying value of instruments with unrealized losses		Unrealized losses
Residential mortgage-backed securities (RMBSs)		633		(70	)		810		(21	)
Commercial mortgage-backed securities (CMBSs)		2,690		(360	)		803		(27	)
Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		434		(39	)		1,244		(9	)
ABSs - Other		2,253		(334	)		558		(7	)
Financial Industry - Banking		2,906		(412	)		1,669		(32	)
Financial Industry - Insurance		1,146		(199	)		368		(11	)
Financial Industry - Other		5,821		(878	)		1,092		(29	)
Industrial		17,249		(3,068	)		5,630		(179	)
Utility		3,564		(765	)		1,564		(68	)
Government		6,368		(1,418	)		842		(28	)
Other		240		(128	)		325		(66	)

Total held by Aegon Americas and NL 1)		43,306		(7,672	)		14,905		(475	)
Held by other segments		1,837		(224	)		1,994		(102	)

Total		45,143		(7,896	)		16,898		(576	)

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Summary of Exposures of Non-derivative Financial Assets and Non-derivative Liabilities

The table below summarize the exposures of non-derivative financial assets and non-derivative liabilities that yet have to transition to alternative benchmark rates.



	2022 1)				2021

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

By benchmark rate

GBP LIBOR		27		-		19		-

USD LIBOR		814		1,218		822		1,143

Euribor		34		1,200		3,095		1,200

Fed Funds		-		-		102		-

Total		875		2,418		4,038		2,343

1	2022 excludes the non derivative financial instruments of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Summary of Exposures of Derivatives

The table below summarize the exposures of derivatives that yet have to transition to alternative benchmark rates.



	2022 1)		2021

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

By benchmark rate

GBP LIBOR		-		-

USD LIBOR		39,752		54,232

Euribor		563		113,593

Fed Funds		-		3,574

Total		40,315		171,399

1	2022 excludes the derivative financial instruments of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Summary of Financial Assets that are Either Past Due or Impaired


	2022 1)					2021
Past due but not impaired assets		0-6 months	6-12 months	> 1 year	Total		0-6 months	6-12 months	> 1 year	Total
Debt securities - carried at fair value		1,155	572	25	1,751		1,171	255	40	1,466
Mortgage loans		-	-	-	-		129	1	1	131
Other loans		-	-	-	-		19	5	10	35
Accrued interest		28	22	-	50		30	10	3	42
Other financial assets - carried at fair value		-	-	-	-		-	-	-	-

At December 31		1,183	593	25	1,802		1,350	271	54	1,675

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.


Impaired financial assets	Carrying amount 2022	1)	Carrying amount 2021
Shares	10		62
Debt securities - carried at fair value	500		635
Mortgage loans	-		10
Other loans	-		2
Other financial assets - carried at fair value	1		14

At December 31	510		723

1	2022 excludes the assets of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Summary of General Account Equity Real Estate and Other Non-fixed-income Portfolio

The general account equity, real estate and other non-fixed-income portfolio of Aegon is as follows:


Equity, real estate and non-fixed income exposure	Americas	United Kingdom	International	Asset Management	Holding and other activities	Total 2022	1)
Equity funds	141	-	3	7	-	151
Common shares 2)	148	25	5	-	1	179
Preferred shares	56	-	-	-	-	56
Investments in real estate	42	-	17	-	-	59
Hedge funds	10	-	-	-	-	10
Other alternative investments	2,168	-	-	-	-	2,168
Other financial assets	1,848	531	5	1	-	2,385

At December 31	4,414	556	30	9	1	5,009

1	2022 excludes the exposures of the disposal group, which are separately disclosed in note 51 Discontinued operations.

2	Common shares in Holding and other activities includes t he elimination of treasury shares in the general account for an amount of EUR nil million.



Equity, real estate and non-fixed income exposure	Americas		The Netherlands		United Kingdom		International		Asset Management		Holding and other activities		Total 2021

Equity funds		175		34		-		63		9		-		280

Common shares 1)		190		-		29		5		-		1		226

Preferred shares		128		-		-		-		-		-		128

Investments in real estate		39		2,588		-		16		-		-		2,643

Hedge funds		35		-		-		-		-		-		35

Other alternative investments		1,934		432		-		-		-		-		2,366

Other financial assets		1,595		1,023		598		7		2		-		3,225

At December 31		4,097		4,076		628		91		10		1		8,903

1	Common shares in Holding and other activities includes the elimination of treasury shares in the general account for an amount of EUR nil million.

Summary of Market Risk Concentrations in Shares



Market risk concentrations – shares	Americas		United Kingdom		International		Asset Management		Total 2022 1) 2)		Of which impaired assets

Communication		2		-		-		-		2		-

Consumer		13		-		-		-		13		-

Financials		184		-		5		-		189		7

Funds		19		25		-		-		45		1

Industries		4		-		-		-		4		-

Other		123		-		4		7		135		-

At December 31		345		25		10		7		388		10

1	Includes investments of Holding and other activities.

2	2022 excludes the market risk concentrations of the disposal group, which are separately disclosed in note 51 Discontinued operations.



Market risk concentrations – shares	Americas		The Netherlands		United Kingdom		International		Asset Management		Total 2021 1)		Of which impaired assets

Communication		1		-		-		-		-		1		-

Consumer		5		-		-		-		-		5		1

Financials		411		4		-		5		-		420		39

Funds		-		1,406		29		62		-		1,498		17

Industries		42		-		-		-		-		42		5

Other		35		-		-		5		9		49		-

At December 31		493		1,410		29		72		9		2,015		62

1	Includes investments of Holding and other activities.

Summary of Closing Levels of Certain Major Indices

The table that follows sets forth the closing levels of certain major indices at the end of the last five years.



	2022		2021		2020		2019		2018

S&P 500		3,840		4,766		3,756		3,231		2,507

Nasdaq		10,466		15,645		12,888		8,973		6,635

FTSE 100		7,452		7,385		6,461		7,542		6,728

AEX		689		798		625		605		488

Summary of Sensitivity Analysis of Net Income and Shareholders' Equity to Equity Markets


Immediate change of	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2022 1)

Equity increase 10%		168			202

Equity decrease 10%		(237	)		(288	)

Equity increase 25%		358			456

Equity decrease 25%		(551	)		(666	)

2021 1)

Equity increase 10%		151			341

Equity decrease 10%		(212	)		(221	)

Equity increase 25%		322			660

Equity decrease 25%		(529	)		(685	)

1	Includes the approximate effects of the disposal group

Schedule of Interest Rate

The following table shows interest rates at the end of each of the last five years.



	2022		2021			2020			2019			2018

3-month US LIBOR		4.77%		0.21%			0.24%			1.91%			2.81%

3-month EURIBOR		2.13%		(0.57%	)		(0.55%	)		(0.38%	)		(0.31%	)

10-year US Treasury		3.83%		1.78%			0.91%			1.91%			2.69%

10-year Dutch government		2.91%		(0.03%	)		(0.48%	)		(0.06%	)		0.39%

Schedule of Parallel Movement of Yield Curve


Parallel movement of yield curve	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2022 1)

Shift up 100 basis points		(257	)		(3,966	)

Shift down 100 basis points		(1,166	)		1,993

2021 1)

Shift up 100 basis points		296			(3,591	)

Shift down 100 basis points		(594	)		2,906

1	Includes the approximate effects of the disposal group

Summary of Information on Three Year Historical Net Income (Loss) and Shareholders' Equity

Information on Aegon’s three year historical net result and shareholders’ equity in functional currency are shown in the table below:



	2022			2021		2020

Net result

Americas (in USD)		(1,486	)		1,195		(611	)

United Kingdom (in GBP)		146			104		60

Equity in functional currency

Americas (in USD)		6,228			18,324		19,127

United Kingdom (in GBP)		1,108			1,260		1,391

Summary of Exchange Rates of US Dollar and UK Pound per Euro

The exchange rates for US dollar and UK pound per euro for each of the last five year ends are set forth in the table below:



Closing rates	2022		2021		2020		2019		2018

USD		1.07		1.14		1.22		1.12		1.14

GBP		0.89		0.84		0.90		0.85		0.90

Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity

Sensitivity analysis of net result and shareholders’ equity to translation risk


Movement of currency exchange rates 1)	Estimated approximate effects on net result			Estimated approximate effects on shareholders’ equity

2022 2)

Increase by 15% of USD currencies relative to the euro		(230	)		1,342

Increase by 15% of GBP currencies relative to the euro		188			2,125

Increase by 15% of non-euro currencies relative to the euro		(220	)		1,590

Decrease by 15% of USD currencies relative to the euro		169			(1,024	)

Decrease by 15% of GBP currencies relative to the euro		141			1,497

Decrease by 15% of non-euro currencies relative to the euro		163			(1,175	)

2021 2)

Increase by 15% of USD currencies relative to the euro		205			3,249

Increase by 15% of GBP currencies relative to the euro		152			1,900

Increase by 15% of non-euro currencies relative to the euro		244			3,541

Decrease by 15% of USD currencies relative to the euro		(153	)		(2,441	)

Decrease by 15% of GBP currencies relative to the euro		107			1,315

Decrease by 15% of non-euro currencies relative to the euro		(179	)		(2,616	)

1	The effect of currency exchange movements is reflected as a one-time shift up or down in the value of the non-euro currencies relative to the euro on December 31.

2	Includes the approximate effects of the disposal group

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows


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 2)
Trust pass-through securities		-		10		114		17		60		200
Subordinated loans		-		113		370		242		3,068		3,792
Borrowings		-		1,312		3,130		94		500		5,036
Lease liabilities		-		35		99		63		55		251
Other financial liabilities		4,263		795		355		34		47		5,495
Total financial liabilities (excluding investment/insurance contracts)		4,263		2,265		4,067		450		3,729		14,775
Investment contracts 1)		9,642		1,445		385		186		141		11,798
Investment contracts for account of policyholders 1)		22,748		31,186		7		4		2		53,948
Total investment contracts		32,389		32,631		392		190		143		65,746

2021

Trust pass-through securities		-		9		113		16		60		197
Subordinated loans		-		108		377		246		2,964		3,695
Borrowings		-		901		7,651		956		1,052		10,559
Lease liabilities		-		37		86		67		70		259
Other financial liabilities		4,993		1,749		325		154		224		7,444
Total financial liabilities (excluding investment/insurance contracts)		4,993		2,803		8,551		1,439		4,368		22,154
Investment contracts 1)		17,254		2,681		2,114		1,101		655		23,804
Investment contracts for account of policyholders 1)		34,756		34,571		10		6		4		69,347
Total investment contracts		52,009		37,252		2,124		1,107		659		93,151

1	Excluding investment contracts with discretionary participating features.

2	2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Summary of Financial Liabilities Relating to Insurance and Investment Contracts


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 2)
Insurance contracts		-		3,432		11,364		11,946		116,169		142,911
Insurance contracts for account of policyholders		-		7,456		30,877		29,565		113,346		181,245
Investment contracts		-		1,737		4,814		2,581		4,379		13,511
Investment contracts for account of policyholders		-		6,107		23,626		26,970		89,126		145,829
		-		18,732		70,681		71,062		323,021		483,496

2021

Insurance contracts		-		4,260		16,215		18,438		127,344		166,257
Insurance contracts for account of policyholders		-		11,494		41,638		39,941		131,667		224,740
Investment contracts		-		8,324		7,975		3,847		4,438		24,584
Investment contracts for account of policyholders		193		14,011		27,637		31,715		84,825		158,381
		193		38,089		93,465		93,941		348,274		573,962

The liability amount in the consolidated financial statements 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 notes 34 Insurance contracts and 35 Investments contracts.

2	2022 excludes the liabilities of the disposal group, which are separately disclosed in note 51 Discontinued operations.

Derivatives [member]

Statement [LineItems]

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows


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 2)

Gross settled
Cash inflows	-	15,301		575		675		1,741		18,293
Cash outflows	-	(15,242	)	(443	)	(633	)	(1,600	)	(17,919	)

Net settled
Cash inflows	-	1,552		4,255		3,812		6,227		15,846
Cash outflows	-	(1,937	)	(4,222	)	(3,700	)	(14,214	)	(24,072	)
2021

Gross settled
Cash inflows	-	4,300		3,728		5,034		104,335		117,396
Cash outflows	-	(4,895	)	(7,080	)	(9,499	)	(105,376	)	(126,850	)

Net settled
Cash inflows	-	683		3,442		3,640		5,375		13,140
Cash outflows	-	(780	)	(3,032	)	(3,102	)	(12,591	)	(19,505	)

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.

2	2022 excludes the derivatives of the disposal group, which are separately disclosed in note 51 Discontinued operations.