Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

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Summary of Derivative Asset and Liability

		Derivative asset				Derivative liability
	2022		2021		2022		2021
Derivatives for general account
Derivatives not designated in a hedge		2,381		8,344		4,162		9,578
Derivatives designated as fair value hedges		4		18		4		15
Derivatives designated as cash flow hedges		204		346		1,108		948
Derivatives desginated as Net foreign investment hedges		118		73		104		59
		2,707		8,780		5,379		10,600
Derivatives for account of policyholders
Derivatives not designated in a hedge		53		46		715		39
Total derivatives 1)		2,760		8,827		6,094		10,639
Of which:
Current		352		723		1,607		2,803

1 Refer to note 44 Fair value for a summary of all financial assets and financial liabilities at fair value through profit or loss.

Derivatives Not Designated In Hedge - General Account

Derivatives not designated in a hedge - general account

	Derivative asset				Derivative liability
Derivatives not designated in a hedge – general account	2022		2021		2022		2021
Derivatives held as an economic hedge		2,378		8,327		3,198		5,992
Bifurcated embedded derivatives		3		17		964		3,586
Total		2,381		8,344		4,162		9,578

Credit Derivative Disclosure By Quality

	2022				2021
Credit derivative disclosure by quality		Notional	Fair value			Notional	Fair value
AAA		5	-			14	-
AA		177	2			173	3
A		964	9			926	14
BBB		3,446	18			2,925	50
BB		144	(1	)		263	1
B or lower		86	(0	)		148	2
Total		4,820	28			4,449	70

Disclosure of gains (losses) on cash flow hedge ineffectiveness

	2022		2021 1)		2020 1)
Gains (losses) related to the ineffectiveness portion of designated fair value hedges		4		3		2

1 Amounts for 2021 and 2020 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.

Disclosure of gain (loss) on fair value hedge ineffectiveness

Hedge ineffectiveness and reclassification of gains (losses)	2022			2021			2020
Hedge ineffectiveness on cash flow hedges		(3	)		1			-
Gains (losses) reclassified from equity into the income statement		(102	)		(38	)		74
Expected deferred gain (loss) to be reclassified from equity into net result during the next 12 months		116			113			92

Summary of Cash Flows are Expected to Occur

The periods when the cash flows are expected to occur are as follows:

	< 1 year		1 -5 years		5 - 10 years		> 10 years		2022 Total
Cash inflows		598		2,572		1,887		6,331		11,388
Cash outflows		-		4		-		-		4
Net cash flows		598		2,569		1,887		6,331		11,384
	< 1 year		1 - 5 years		5 – 10 years		> 10 years		2021 Total
Cash inflows		535		2,158		1,640		5,868		10,201
Cash outflows		-		4		-		-		4
Net cash flows		535		2,154		1,640		5,868		10,197