Other equity instruments

12 Months Ended

Dec. 31, 2022

31 Other equity instruments


	Perpetual contingent convertible securities		Junior perpetual capital securities			Perpetual cumulative subordinated bonds		Long Term Incentive Plans 1)			Total
At January 1, 2022		500		1,352			454		57			2,363
Shares granted		-		-			-		32			32
Shares vested		-		-			-		(23	)		(23	)
Securities redeemed		-		(429	)		-		-			(429	)
At December 31, 2022		500		923			454		66			1,943

At January 1, 2021		500		1,564			454		50			2,569
Shares granted		-		-			-		27			27
Shares vested		-		-			-		(21	)		(21	)
Securities redeemed		-		(212	)		-		-			(212	)
At December 31, 2021		500		1,352			454		57			2,363

At January 1, 2020		500		1,564			454		53			2,571
Shares granted		-		-			-		22			22
Shares vested		-		-			-		(25	)		(25	)
At December 31, 2020		500		1,564			454		50			2,569

1	Long Term Incentive Plans include the shares granted to personnel which are not yet vested.


Perpetual contingent convertible securities	Coupon rate		Coupon date		Year of next call		2022		2021		2020
EUR 500 million		5.625 % 1)		Semi-annually, April 15		2029		500		500		500
At December 31								500		500		500

1	The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5 year mid swap plus a margin of 5.207%.

The securities have been issued at par and have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment cancelation. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time between April 15, 2029 and October 15, 2029 and every reset date (October 15, with five year intervals) thereafter. Upon breach of certain regulatory capital requirement levels, the securities convert into common shares.


Junior perpetual capital securities	Coupon rate		Coupon date		Year of next call		2022		2021		2020
USD 250 million		floating LIBOR rate 1)		Quarterly, December 15		Called in 2021		-		-		212
USD 500 million		floating CMS rate 2)		Quarterly, July 15		2023		402		402		402
EUR 950 million		floating DSL rate 3)		Quarterly, July 15		2023		521		950		950
At December 31								923		1,352		1,564

1	The coupon of the USD 250 million junior perpetual capital securities was reset each quarter based on the then prevailing three-month LIBOR yield plus a spread of 87.5 basis points, with a minimum of 4%.

2	The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year US dollar interest rate swap yield plus a spread of ten basis points, with a maximum of 8.5%.

3	The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year Dutch government bond yield plus a spread of ten basis points, with a maximum of 8%.

The interest rate exposure on some of these securities has been swapped to a three-month LIBOR and/or EURIBOR based yield.

On April 5, 2022 Aegon completed a tender offer buying back EUR 429 million of perpetual capital securities, part of the EUR 950 million notes issued in 2004. Aegon bought back the securities at a purchase price of 90%. The gain realized on this tender offer amounts to EUR 43 million before tax and is recognized in retained earnings in 2022.

With effect on September 15, 2021, Aegon has exercised its right to redeem USD 250 million floating rate perpetual capital securities with a minimum coupon of 4% issued in 2005. The securities had no stated maturity, however Aegon had the right to call the securities for redemption and exercised this right with effect on September 15, 2021.

coupon payment deferral and, in situations under Aegon’s control, mandatory coupon payment events. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time on the coupon date in the years as specified, or on any coupon payment date thereafter.


Perpetual cumulative subordinated bonds	Coupon rate	Coupon date		Year of next call		2022		2021		2020
EUR 114 million	1.506% 1), 4)		Annually, June 8		2025		114		114		114
EUR 136 million	1.425% 2), 4)		Annually, October 14		2028		136		136		136
EUR 203 million	0.496% 3), 4)		Annually, March 4		2031		203		203		203
At December 31							454		454		454

1	The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025.

2	The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028.

3	The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021 and 0.496% until March 4, 2031.

4	If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year Dutch government securities plus a spread of 85 basis points.

These bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for interest deferral.

Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on the coupon date in the year of next call.

Aegon N.V [member]

Statement [LineItems]

Other equity instruments

15 Other equity instruments



	Perpetual contingent convertible securities		Junior perpetual capital securities			Perpetual cumulative subordinated bonds		Long Term Incentive Plans 1)			Total

At January 1, 2022		500		1,352			454		57			2,363

Shares granted		-		-			-		32			32

Shares vested		-		-			-		(23	)		(23	)

Securities redeemed		-		(429	)		-		-			(429	)

At December 31, 2022		500		923			454		66			1,943

At January 1, 2021		500		1,564			454		50			2,569

Shares granted		-		-			-		27			27

Shares vested		-		-			-		(21	)		(21	)

Securities redeemed		-		(212	)		-		-			(212	)

At December 31, 2021		500		1,352			454		57			2,363

1	Long Term Incentive Plans include the shares granted to personnel which are not yet vested.



Perpetual contingent convertible securities	Coupon rate	Coupon date	Year of next call		2022		2021

EUR 500 million	5.625% 1)	Semi-annually, April 15		2029		500		500

At December 31						500		500

The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5 year mid swap plus a margin of 5.207%.



Junior perpetual capital securities	Coupon rate	Coupon date	Year of next call		2022		2021

USD 500 million	floating CMS rate 1)	Quarterly, July 15		2023		402		402

EUR 950 million	floating DSL rate 2)	Quarterly, July 15		2023		521		950

At December 31						923		1,352

1	The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year US dollar interest rate swap yield plus a spread of ten basis points, with a maximum of 8.5%.

2	The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing ten-year Dutch government bond yield plus a spread of ten basis points, with a maximum of 8%.

The interest rate exposure on some of these securities has been swapped to a three-month LIBOR and/or EURIBOR based yield.

The securities have been issued at par. The securities have subordination provisions, rank junior to all other liabilities and senior to shareholders’ equity only. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and, in situations under Aegon’s control, mandatory coupon payment events. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time on the coupon date in the years as specified, or on any coupon payment date thereafter.



Perpetual cumulative subordinated bonds	Coupon rate		Coupon date		Year of next call		2022		2021

EUR 114 million		1.506% 1), 4)		Annually, June 8		2025		114		114

EUR 136 million		1.425% 2), 4)		Annually, October 14		2028		136		136

EUR 203 million		0.496% 3), 4)		Annually, March 4		2031		203		203

At December 31								454		454

1	The coupon of the EUR 114 million bonds was originally set at 8% until June 8, 2005. Subsequently, the coupon has been reset at 4.156% until June 8, 2015 and 1.506% until June 8, 2025.

2	The coupon of the EUR 136 million bonds was originally set at 7.25% until October 14, 2008. Subsequently, the coupon has been reset at 5.185% until October 14, 2018 and 1.425% until October 14, 2028.

3	The coupon of the EUR 203 million bonds was originally set at 7.125% until March 4, 2011. Subsequently, the coupon has been reset at 4.26% until March 4, 2021 and 0.496% until March 4, 2031.

4	If the bonds are not called on the respective call dates and after consecutive period of ten years, the coupons will be reset at the then prevailing effective yield of ten-year Dutch government securities plus a spread of 85 basis points.

These bonds have the same subordination provisions as dated subordinated debt. In addition, the conditions of the bonds contain provisions for interest deferral.

Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on the coupon date in the year of next call.