XML 193 R104.htm IDEA: XBRL DOCUMENT v3.24.1
Insurance contracts, reinsurance contracts held and investment contracts with discretionary participating features (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items]  
Summary of New Contracts Recognized
  
 
2023  
 
New contracts recognized
     
Issued non-onerous

contracts		  
 		     Issued onerous
contracts		  
 		          Total  
Present value of cash inflows
      (5,155 )      (545 )      (5,701 ) 
Present value of cash outflows, excl. acquisition costs
      4,593       583       5,176  
Risk adjustment for
non-financial
risk
      90       22       112  
Contractual service margin
      473       -       473  
(Gain) / loss recognized on initial recognition
   
 
-
 
  
 
60
 
  
 
60
 
 
  
 
 2022
  
 
New contracts recognized
     
Issued non-onerous

contracts		  
 		     Issued onerous
contracts		  
 		          Total  
Present value of cash inflows
      (5,020 )      (475 )      (5,494 ) 
Present value of cash outflows, excl. acquisition costs
      4,447       504       4,951  
Risk adjustment for
non-financial
risk
      98       27       125  
Contractual service margin
      474       -       474  
(Gain) / loss recognized on initial recognition
   
 
-
 
  
 
57
 
  
 
57
 
 
1
 
The table do not hold results from Aegon the Netherlands; therefore, numbers differ from 29.2.2 Movement schedules by measurement component table
 
 
 
 
 
 
New reinsurance contracts recognized, no PAA
 
2023
  
 
Reinsurance
contracts
 
 
Present value of cash inflows
  
 
201
 
Present value of cash outflows
  
 
(531
) 
Risk adjustment for
non-financial
risk
  
 
42
 
Contractual service margin
  
 
271
 
Income recognized on initial recognition
  
 
(17
) 
2022
  
Present value of cash inflows
  
 
251
 
Present value of cash outflows
  
 
(259
) 
Risk adjustment for
non-financial
risk
  
 
21
 
Contractual service margin
  
 
(13
) 
Income recognized on initial recognition
  
 
(0
) 
Summary of Contractual Service Margin by Transition Method
Contractual service margin recognized on contracts
in-force
on the transition date to IFRS 17
 
  
 
 
 
     Insurance contracts       Investment contracts with DPF    
 
 
 
      Reinsurance contracts held  
 
       MRA
1)
 		      FVA
2)
 		      Other      
  Total
CSM
  
 
      MRA         FVA        Other       
  Total
CSM
  
 
      MRA         FVA        Other      
  Total
CSM
  
 
On January 1, 2023
      1,836       4,673       2,420       8,929       -        72       -        72       1        (129 )      21       (107 ) 
Changes in estimates that adjust CSM
      (40 )      (105 )      (32 )      (176 )      -        121       -        121       -        11       (14 )      (4 ) 
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts
      -       -       -       -       -        -       -        -       -        4       2       6  
New contracts issued:
                            
non-onerous
      -       -       473       473       -        -       -        -       -        -       283       283  
Earnings released from contractual service margin
      (191 )      (498 )      (264 )      (952 )      -        (17 )      -        (17 )      -        9       (34 )      (26 ) 
Insurance finance income / (expense)
      8       159       57       223       -        -       -        -       -        (21 )      8       (13 ) 
Cash flow - contracts disposed
      -       (59 )      -       (59 )      -        -       -        -       -        -       -       -  
Net exchange differences
      (57 )      (128 )      (17 )      (203 )      -        2       -        2       -        6       (5 )      2  
Other
      1       (42 )      (68 )      (110 )      -        1       -        1       -        (30 )      (33 )      (63 ) 
On December 31, 2023
   
 
1,557
 
  
 
4,000
 
  
 
2,568
 
  
 
8,124
 
  
 
-
 
   
 
180
 
  
 
-
 
   
 
180
 
  
 
-
 
   
 
(149
) 
  
 
227
 
  
 
78
 
 
1
 
MRA: Modified Retrospective Approach
2
 
FVA: Fair Value Approach
 
  
 
 
 
     Insurance contracts       Investment contracts with DPF    
 
 
 
      Reinsurance contracts held  
 
       MRA
1)
 		      FVA
2)
 		      Other      
  Total
CSM
  
 
      MRA         FVA        Other       
  Total
CSM
  
 
      MRA         FVA        Other      
  Total
CSM
  
 
On January 1, 2022
      2,639       7,036       2,191       11,866       -        195       -        195       -        238       (5 )      233  
Changes in estimates that adjust CSM
      (792 )      1,101       15       323       -        (106 )      -        (106 )      -        167       (3 )      164  
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts
      -       -       -       -       -        -       -        —       -        3       8       10  
New contracts issued:
                            
non-onerous
      -       -       493       493       -        -       -        —       -        (8 )      26       18  
Earnings released from contractual service margin
      (205 )      (764 )      (260 )      (1,229 )      -        (11 )      -        (11 )      -        45       (4 )      42  
Insurance finance income / (expense)
      9       179       33       221       -        -       -        -       -        (37 )      -       (37 ) 
Cash flow - contracts disposed
      -       (96 )      -       (96 )      -        -       -        -       -        -       -       -  
Net exchange differences
      186       246       (45 )      387       -        (6 )      -        (6 )      -        (17 )      -       (17 ) 
Other
      -       (3,028 )      (7 )      (3,035 )      -        -       -        -       -        (520 )      -       (520 ) 
On December 31, 2022
   
 
1,836
 
  
 
4,673
 
  
 
2,420
 
  
 
8,929
 
  
 
-
 
   
 
72
 
  
 
-
 
   
 
72
 
  
 
1
 
   
 
(129
) 
  
 
21
 
  
 
(107
) 
 
1
 
MRA: Modified Retrospective Approach
2
 
FVA: Fair Value Approach
Summary of Information about Expected Recognition of Contractual Service Margin in Profit or Loss
  
 
2023
 
  
 
2022
 
Maturity analysis CSM insurance contracts
  
 
 Discounted
CSM
 
 
  
 
  Discounted
CSM
 
 
<1 year
  
 
839
 
  
 
1,076
 
1-2
years
  
 
756
 
  
 
802
 
2-3
years
  
 
684
 
  
 
723
 
3-4
years
  
 
618
 
  
 
654
 
4-5
years
  
 
559
 
  
 
591
 
5-10
years
  
 
2,071
 
  
 
2,210
 
10-20
years
  
 
1,850
 
  
 
2,024
 
> 20 years
  
 
748
 
  
 
849
 
On December 31
  
 
8,124
 
  
 
8,929
 
 
  
 
2023
 
  
 
2022
 
Maturity analysis CSM reinsurance contracts held, no PAA
  
 
 Discounted
CSM
 
 
  
 
  Discounted
CSM
 
 
< 1yr
  
 
8
 
  
 
(22
) 
1 < 2 yrs
  
 
7
 
  
 
(15
) 
2 < 3
yrs
  
 
6
 
  
 
(13
) 
3 < 4 yrs
  
 
6
 
  
 
(12
) 
4 < 5 yrs
  
 
5
 
  
 
(10
) 
5 < 10 yrs
  
 
18
 
  
 
(32
) 
10 - 20 yrs
  
 
17
 
  
 
(16
) 
> 20 yrs
  
 
12
 
  
 
13
 
 
 
 
On December 31
  
 
78
 
  
 
(107
) 
Summary of Assets and Liabilities for Groups of Insurance Contracts Issued and Reinsurance Contracts Held by Measurement Model
The following tables show the assets and liabilities for groups of insurance contracts issued and reinsurance contracts held by measurement model.
 
Insurance contracts
     
 Contracts not measured
under the PAA
  
 
     
   Contracts measured
under the PAA
  
 
           Total  
Portfolios in an asset position
      185        -        185  
Portfolios in a liability position
      177,407        39        177,446  
Net balance, on December 31, 2023
   
 
177,222
 
   
 
39
 
   
 
177,262
 
Portfolios in an asset position
      36        -        36  
Portfolios in a liability position
      175,681        439        176,120  
Net balance, on December 31, 2022
   
 
175,645
 
   
 
439
 
   
 
176,083
 
 
Reinsurance contracts held
     
 Contracts not measured
under the PAA
  
 
         Contracts measured
under the PAA		  
 		           Total  
Portfolios in an asset position
      16,601        7        16,608  
Portfolios in a liability position
      608        -        608  
On December 31, 2023
   
 
15,993
 
   
 
7
 
   
 
16,000
 
Portfolios in an asset position
      16,934        6        16,939  
Portfolios in a liability position
      270        -        270  
On December 31, 2022
   
 
16,664
 
   
 
6
 
   
 
16,669
 
Summary of Investment Contracts with Discretionary Participating Features
     Remaining coverage     
 
 
 
  
 
 
 
Investment contracts with DPF - by type
     
Excluding loss
component
  
 
     Loss component        Incurred claims           Total  
Opening assets
      -       -        -       -  
Opening liabilities
      21,055       -        -       21,055  
Net balance, on January 1, 2023
   
 
21,055
 
  
 
-
 
   
 
-
 
  
 
21,055
 
Insurance revenue
      (64 )      -        -       (64 ) 
Incurred claims and other insurance service expenses
      -       -        36       36  
Insurance service expenses
      -       -        36       36  
Investment components
      (2,417 )      -        2,418       -  
Insurance service result
   
 
(2,481
) 
  
 
-
 
   
 
2,453
 
  
 
(28
) 
Insurance finance (income) / expenses (P&L and OCI)
      1,921       -        -       1,921  
Cash flows
      423       -        (2,453 )      (2,030 ) 
Other movements
      172       -        -       172  
Net exchange differences
      503       -        -       503  
         
Net closing balance, on December 31, 2023
   
 
21,594
 
  
 
-
 
   
 
-
 
  
 
21,594
 
Closing assets
      -       -        -       -  
Closing liabilities
      21,594       -        -       21,594  
 
 
 
 
     Remaining coverage    
 
 
 
Investment contracts with DPF - by type
      Excluding loss
component		  
 		     Loss component       Incurred claims           Total  
Opening assets
      -       -       -       -  
Opening liabilities
      27,392       -       -       27,392  
Net balance, on January 1, 2023
   
 
27,392
 
  
 
-
 
  
 
-
 
  
 
27,392
 
Insurance revenue
      (74 )      -       -       (74 ) 
Incurred claims and other insurance service expenses
      -       -       58       58  
Losses (and reversal of losses) on onerous contracts
      -       (5 )      -       (5 ) 
Insurance service expenses
   
 
-
 
  
 
(5
) 
  
 
58
 
  
 
54
 
Investment components
      (2,254 )      5       2,250       -  
         
Insurance service result
   
 
(2,328
) 
  
 
-
 
  
 
2,308
 
  
 
(20
) 
Insurance finance (income) / expenses (P&L and OCI)
      (3,247 )      -       -       (3,247 ) 
Cash flows
      511       -       (2,308 )      (1,797 ) 
Net exchange differences
      (1,273 )      -       -       (1,273 ) 
         
Net closing balance, on December 31, 2023
   
 
21,055
 
  
 
-
 
  
 
-
 
  
 
21,055
 
Closing assets
      -       -       -       -  
Closing liabilities
      21,055       -       -       21,055  
Summary of Investments and Other Assets Allocated to Contracts that were not Transitioned Fully Retrospectively
     Assets backing up:  
 
          Insurance Contracts  
On January 1, 2023
      (2,375 ) 
Gross revaluation
      1,137  
Net gains/losses transferred to income statement
      309  
Foreign currency translation differences
      55  
Tax effect
      (322 ) 
Other
      47  
On December 31, 2023
   
 
(1,147
) 
 
     Assets backing up:  
 
          Insurance Contracts  
On January 1, 2022
      6,456  
Gross revaluation
      (12,445 ) 
Net gains/losses transferred to income statement
      425  
Foreign currency translation differences
      540  
Tax effect
      2,578  
Other
      72  
On December 31, 2022
   
 
(2,375
) 
Summary of Yield Curve Used to Discount Cash Flows that do not Vary Based on Returns on Underlying Items
Aegon reviews the risk-free last liquid point and ultimate forward rates quarterly which, although expected to be infrequent, may lead to assumption updates if there are significant changes in market conditions.
 
Yield curves (zero coupon rates excluding ILP)
December 31, 2023
        1 year          5 years          10 years          15 years          20 years  
EUR
      3.36%        2.33%        2.39%        2.47%        2.40%  
GBP
      4.74%        3.35%        3.28%        3.40%        3.43%  
USD
      4.83%        3.89%        3.90%        4.00%        4.39%  
 
Yield curves (zero coupon rates excluding ILP)
December 31, 2022
        1 year          5 years          10 years          15 years          20 years  
EUR
      3.18%        3.10%        3.05%        2.98%        2.73%  
GBP
      4.46%        4.06%        3.71%        3.62%        3.54%  
USD
      4.97%        4.03%        3.83%        3.94%        4.31%  
Summary of Detailed Information about Llliquidity Premium Per Portfolio
Aegon updates the reference portfolio quarterly, and the ILP last liquid point and ILP ultimate forward rate are revised accordingly. The most significant products of Aegon Ltd. are presented below.
 
ILP per portfolio, December 31, 2023
        1 year          5 years          10 years          15 years          20 years          30 years  
Fixed Deferred Annuity
      1.15%        1.21%        1.12%        1.11%        1.11%        1.11%  
Indexed Universal Life
      1.20%        1.24%        1.20%        1.18%        1.18%        1.21%  
Long-Term Care
      0.97%        0.98%        0.98%        1.15%        1.20%        1.30%  
Traditional Life
      0.99%        1.01%        1.02%        1.15%        1.19%        1.28%  
Universal Life
      1.01%        1.03%        1.02%        1.13%        1.17%        1.26%  
Variable Annuities
      0.69%        0.69%        0.68%        0.67%        0.64%        0.67%  
Annuities
      0.89%        0.89%        0.89%        0.89%        0.89%        0.76%  
Individual Protection
      0.49%        0.49%        0.49%        0.49%        0.49%        0.40%  
 
ILP per portfolio, December 31, 2022
        1 year          5 years          10 years          15 years          20 years          30 years  
Fixed Deferred Annuity
      1.44%        1.48%        1.31%        1.12%        1.12%        1.12%  
Indexed Universal Life
      1.48%        1.45%        1.33%        1.22%        1.22%        1.21%  
Long-Term Care
      1.37%        1.38%        1.38%        1.32%        1.32%        1.32%  
Traditional Life
      1.41%        1.42%        1.40%        1.31%        1.31%        1.31%  
Universal Life
      1.43%        1.44%        1.39%        1.29%        1.28%        1.28%  
Variable Annuities
      0.67%        0.67%        0.67%        0.67%        0.67%        0.68%  
Annuities
      1.08%        1.08%        1.08%        1.08%        1.08%        1.03%  
Individual Protection
      0.50%        0.50%        0.50%        0.50%        0.50%        0.42%  
Summary of Morbidity Sensitivity has the Largest Impact and in Aggregate At the same time, local reinsurers are utilized to ensure a balance for local capacity and diversification.
 
Concentration of underwriting risk
        Americas        United Kingdom          International             Total  
Insurance contracts
            
Direct participating contracts
      70,436        39,687        193        110,315  
Without direct participation contracts
      59,873        642        6,432        66,946  
Investment contracts with DPF
            
Direct participating contracts
      -        21,594        -        21,594  
On December 31, 2023
   
 
130,308
 
   
 
61,922
 
   
 
6,625
 
   
 
198,855
 
 
Concentration of underwriting risk
        Americas        United Kingdom          International             Total  
Insurance contracts
            
Direct participating contracts
      69,163        36,694        187        106,044  
Without direct participation contracts
      61,730        927        7,383        70,039  
Investment contracts with DPF
            
Direct participating contracts
      -        21,055        -        21,055  
On December 31, 2022
   
 
130,892
 
   
 
58,676
 
   
 
7,570
 
   
 
197,139
 
Summary of Net Income and Shareholders' Equity to Changes in Various Underwriting Risks
     2023  
     On net result       On shareholders’ equity       On CSM  
Estimated approximate effect
     
Gross of
reinsurance
  
 
    
Net of
reinsurance
  
 
    
Gross of
reinsurance
  
 
    
Net of
reinsurance
  
 
    
Gross of
reinsurance
  
 
    
Net of
reinsurance
  
 
Without direct participation contracts
             
20% increase in lapse rates
      (95 )      (58 )      (43 )      (7 )      (126 )      (151 ) 
20% decrease in lapse rates
      57       35       41       18       117       169  
5% increase in mortality rates
      (520 )      (87 )      (443 )      (19 )      (86 )      11  
5% decrease in mortality rates
      419       11       338       (62 )      177       55  
10% increase in morbidity rates
      (139 )      (138 )      (153 )      (152 )      (759 )      (746 ) 
10% decrease in morbidity rates
      53       53       75       77       908       894  
5% increase in expenses
      (14 )      (12 )      (12 )      (10 )      (133 )      (134 ) 
5% decrease in expenses
      36       36       35       35       163       164  
Direct participating contracts
             
20% increase in lapse rates
      55       48       56       58       (32 )      (336 ) 
20% decrease in lapse rates
      (70 )      (53 )      (65 )      (62 )      123       428  
5% increase in mortality rates
      (84 )      (78 )      (71 )      (67 )      (699 )      (314 ) 
5% decrease in mortality rates
      (5 )      (16 )      (15 )      (23 )      835       436  
10% increase in morbidity rates
      -       -       -       -       -       -  
10% decrease in morbidity rates
      -       -       -       -       -       -  
5% increase in expenses
      (13 )      (13 )      (13 )      (14 )      (205 )      (201 ) 
5% decrease in expenses
      12       12       13       13       206       203  
Non-life
contracts
             
10% increase in claims
      (6 )      (5 )      (8 )      (6 )      -       -  
10% decrease in claims
      6       5       9       6       -       -  
 
             2022                          
     On net result       On shareholders’ equity       On CSM  
Estimated approximate effect
      Gross of
reinsurance		  
 		     Net of
reinsurance		  
 		     Gross of
reinsurance		  
 		     Net of
reinsurance		  
 		     Gross of
reinsurance		  
 		     Net of
reinsurance		  
 
Without direct participation contracts
             
20% increase in lapse rates
      (94 )      (61 )      (34 )      (2 )      67       (172 ) 
20% decrease in lapse rates
      72       42       46       15       (83 )      205  
5% increase in mortality rates
      (507 )      (84 )      (451 )      (33 )      (343 )      (14 ) 
5% decrease in mortality rates
      422       11       362       (43 )      430       78  
10% increase in morbidity rates
      (121 )      (119 )      (94 )      (92 )      (833 )      (819 ) 
10% decrease in morbidity rates
      33       28       11       8       980       969  
5% increase in expenses
      (7 )      (6 )      (2 )      (1 )      (157 )      (152 ) 
5% decrease in expenses
      5       4       1       -       183       153  
Direct participating contracts
             
20% increase in lapse rates
      43       29       69       50       187       29  
20% decrease in lapse rates
      (106 )      (72 )      (125 )      (92 )      68       188  
5% increase in mortality rates
      (47 )      (22 )      (37 )      (15 )      (565 )      (365 ) 
5% decrease in mortality rates
      10       (14 )      -       (21 )      623       411  
10% increase in morbidity rates
      -       -       -       -       -       -  
10% decrease in morbidity rates
      -       -       -       -       -       -  
5% increase in expenses
      (8 )      (7 )      (7 )      (7 )      (220 )      (219 ) 
5% decrease in expenses
      5       5       5       5       221       220  
Non-life
contracts
             
10% increase in claims
      (1 )      (1 )      (1 )      (1 )      -       -  
10% decrease in claims
      1       1       1       1       -       -  
Investment contract with discretionary participation features [member]  
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items]  
Summary of Movement Schedules by Measurement Component
Investment contracts with DPF - by component
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      -       -       -       -  
Opening liabilities
      20,874       109       72       21,055  
Net balance, on January 1, 2023
   
 
20,874
 
  
 
109
 
  
 
72
 
  
 
21,055
 
Changes in estimates that adjust contractual service margin
      (152 )      31       121       -  
Changes that relate to future service
   
 
(152
) 
  
 
31
 
  
 
121
 
  
 
-
 
Earnings released from contractual service margin
      -       -       (17 )      (17 ) 
Release of risk adjustment
      -       (15 )      -       (15 ) 
Experience adjustments on current service
      4       -       -       4  
Changes that relate to current service
   
 
4
 
  
 
(15
) 
  
 
(17
) 
  
 
(28
) 
Changes that relate to past service
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
Insurance service result
   
 
(148
) 
  
 
16
 
  
 
104
 
  
 
(28
) 
Variable fee approach
         
Change in fair value of the underlying assets of products with direct participating features
      1,921       -       -       1,921  
Insurance finance (income) / expenses
   
 
1,921
 
  
 
-
 
  
 
-
 
  
 
1,921
 
Premiums received
      475       -       -       475  
Claims, benefits and expenses paid
      (2,506 )      -       -       (2,506 ) 
Cash flows
   
 
(2,030
) 
  
 
-
 
  
 
-
 
  
 
(2,030
) 
Other
      170       -       1       172  
Other movements
   
 
170
 
  
 
-
 
  
 
1
 
  
 
172
 
Net exchange differences
      498       3       2       503  
Net closing balance, on December 31, 2023
   
 
21,285
 
  
 
128
 
  
 
180
 
  
 
21,594
 
Closing assets
      -       -       -       -  
Closing liabilities
      21,285       128       180       21,594  
 
 
 
  270 | Annual Report on Form 20-F 2023
 
 
 
Investment contracts with DPF - by component
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      -       -       -       -  
Opening liabilities
      27,064       133       195       27,392  
Net balance, on January 1, 2022
   
 
27,064
 
  
 
133
 
  
 
195
 
  
 
27,392
 
Changes in estimates that adjust contractual service margin
      110       (3 )      (106 )      -  
Changes that relate to future service
   
 
110
 
  
 
(3
) 
  
 
(106
) 
  
 
-
 
Earnings released from contractual service margin
      -       -       (11 )      (11 ) 
Release of risk adjustment
      -       (14 )      -       (14 ) 
Experience adjustments on current service
      5       -       -       5  
Changes that relate to current service
   
 
5
 
  
 
(14
) 
  
 
(11
) 
  
 
(20
) 
Changes that relate to past service
   
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
Insurance service result
   
 
114
 
  
 
(17
) 
  
 
(117
) 
  
 
(20
) 
Variable fee approach
         
Change in fair value of the underlying assets of products with direct participating features
      (3,247 )      -       -       (3,247 ) 
Insurance finance (income) / expenses
   
 
(3,247
) 
  
 
-
 
  
 
-
 
  
 
(3,247
) 
Premiums received
      511       -       -       511  
Claims, benefits and expenses paid
      (2,308 )      -       -       (2,308 ) 
Cash flows
   
 
(1,797
) 
  
 
-
 
  
 
-
 
  
 
(1,797
) 
Net exchange differences
      (1,261 )      (6 )      (6 )      (1,273 ) 
Net closing balance, on December 31, 2022
   
 
20,874
 
  
 
109
 
  
 
72
 
  
 
21,055
 
Closing assets
      -       -       -       -  
Closing liabilities
      20,874       109       72       21,055  
Insurance contracts other than those to which premium allocation approach has been applied [member] | Insurance contracts issued [member]  
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items]  
Summary of Insurance Contracts and Reinsurance Contracts by Type
  
 
Remaining coverage
 
  
 
 
 
  
 
 
 
Insurance contracts not measured under PAA - by type
     
  Excluding loss
component
  
 
      Loss component        Incurred claims            Total  
Opening assets
      40       (1 )      (2 )      36  
Opening liabilities
      163,758       1,455       10,468       175,681  
Net opening balance, on January 1, 2023
   
 
163,719
 
  
 
1,456
 
  
 
10,470
 
  
 
175,645
 
Insurance revenue
      (10,195 )      -       -       (10,195 ) 
Incurred claims and other insurance service expenses
      -       (186 )      8,593       8,407  
Amortization of insurance acquisition cash flows
      558       -       -       558  
Losses (and reversal of losses) on onerous contracts
      -       1,084       -       1,084  
Adjustments to liabilities for incurred claims
      -       -       9       9  
Insurance service expenses
   
 
558
 
  
 
899
 
  
 
8,601
 
  
 
10,058
 
Investment components
      (4,834 )      -       4,834       -  
Insurance service result
   
 
(14,471
) 
  
 
898
 
  
 
13,436
 
  
 
(137
) 
Insurance finance (income) / expenses (P&L and OCI)
      17,262       81       -       17,343  
Cash flows
      (4,892 )      (150 )      (5,582 )      (10,624 ) 
Contracts disposed during the period
      (347 )      -       -       (347 ) 
Transfers to disposal groups
      (1 )      (211 )      (133 )      (345 ) 
Other movements
      20       -       -       20  
Transfer (to)/from other headings
      (514 )      (33 )      36       (512 ) 
Net exchange differences
      (3,252 )      (54 )      (515 )      (3,821 ) 
Net closing balance, on December 31, 2023
   
 
157,524
 
  
 
1,987
 
  
 
17,711
 
  
 
177,222
 
Closing assets
      1,589       (1,042 )      (362 )      185  
Closing liabilities
      159,113       945       17,349       177,407  
 
 
 
 
 
 
     Remaining coverage    
 
 
 
  
 
 
 
Insurance contracts not measured under PAA - by type
      Excluding loss
component		  
 		     Loss component       Incurred claims            Total  
Opening assets
      780       -       (669 )      110  
Opening liabilities
      286,352       343       1,407       288,102  
Net opening balance, on January 1, 2022
   
 
285,572
 
  
 
343
 
  
 
2,076
 
  
 
287,991
 
Insurance revenue
      (13,522 )      -       -       (13,522 ) 
Incurred claims and other insurance service expenses
      -       (51 )      11,372       11,321  
Amortization of insurance acquisition cash flows
      547       -       -       547  
Losses (and reversal of losses) on onerous contracts
      -       1,335       -       1,335  
Adjustments to liabilities for incurred claims
      -       -       8       8  
Insurance service expenses
   
 
547
 
  
 
1,284
 
  
 
11,381
 
  
 
13,212
 
Investment components
      (4,820 )      (50 )      4,870       -  
Insurance service result
   
 
(17,795
) 
  
 
1,234
 
  
 
16,251
 
  
 
(309
) 
Insurance finance (income) / expenses (P&L and OCI)
      (57,191 )      (49 )      -       (57,240 ) 
Cash flows
      (4,031 )      (33 )      (7,866 )      (11,930 ) 
Contracts disposed during the period
      (278 )      -       -       (278 ) 
Transfers to disposal groups
      (51,983 )      (54 )      -       (52,037 ) 
Other movements
      (28 )      33       -       5  
Net exchange differences
      9,453       (19 )      9       9,442  
         
Net closing balance, on December 31, 2022
   
 
163,719
 
  
 
1,456
 
  
 
10,470
 
  
 
175,645
 
Closing assets
      40       (1 )      (2 )      36  
Closing liabilities
      163,758       1,455       10,468       175,681  
Summary of Movement Schedules by Measurement Component
Insurance contracts not measured under PAA - by component
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      100       -       (64 )      36  
Opening liabilities
      163,381       3,436       8,865       175,681  
Net opening balance, on January 1, 2023
   
 
163,280
 
  
 
3,435
 
  
 
8,929
 
  
 
175,645
 
Changes in estimates that adjust contractual service margin
      (204 )      380       (176 )      -  
Changes in estimates that result in (a reversal of) onerous contracts
      974       51       -       1,025  
New contracts issued –
non-onerous
      (563 )      90       473       -  
New contracts issued – onerous
      38       22       -       60  
Changes that relate to future service
   
 
245
 
  
 
542
 
  
 
297
 
  
 
1,084
 
Earnings released from contractual service margin
      -       -       (952 )      (952 ) 
Release of risk adjustment
      -       (345 )      -       (345 ) 
Experience adjustments on current service
      75       -       -       75  
Revenue recognized for incurred policyholder tax expenses
      (15 )      -       -       (15 ) 
Changes that relate to current service
   
 
60
 
  
 
(345
) 
  
 
(952
) 
  
 
(1,238
) 
Experience adjustments on claims incurred
      17       -       -       17  
Changes that relate to past service
   
 
17
 
  
 
-
 
  
 
-
 
  
 
17
 
Insurance service result
   
 
322
 
  
 
197
 
  
 
(656
) 
  
 
(137
) 
General model
         
Interest accreted to insurance contracts
      2,680       195       223       3,098  
Changes in interest rates and other financial assumptions
      1,573       14       -       1,587  
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates
      425       (4 )      -       421  
Variable fee approach
         
Change in fair value of the underlying assets of products with direct participating features
      13,730       -       -       13,730  
Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option
      (1,493 )      -       -       (1,493 ) 
Insurance finance (income) / expenses
   
 
16,915
 
  
 
205
 
  
 
223
 
  
 
17,343
 
Premiums received
      14,203       -       -       14,203  
Claims, benefits and expenses paid
      (23,862 )      -       -       (23,862 ) 
Acquisition costs paid
      (936 )      -       -       (936 ) 
Other
      (30 )      -       -       (30 ) 
Cash flows
   
 
(10,624
) 
  
 
-
 
  
 
-
 
  
 
(10,624
) 
Contracts disposed during the period
      (283 )      (5 )      (59 )      (347 ) 
Transfers to disposal groups
      (59 )      (197 )      (89 )      (345 ) 
Other
      41       -       (21 )      20  
Transfer (to)/from other headings
      (511 )      (1 )      (1 )      (512 ) 
Other movements
   
 
(811
) 
  
 
(203
) 
  
 
(169
) 
  
 
(1,184
) 
Net exchange differences
      (3,520 )      (98 )      (203 )      (3,821 ) 
Net closing balance, on December 31, 2023
   
 
165,562
 
  
 
3,537
 
  
 
8,124
 
  
 
177,222
 
Closing assets
      475       (286 )      (4 )      185  
Closing liabilities
      166,036       3,251       8,120       177,407  
 
 
 
 
 
Insurance contracts not measured under PAA - by component
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      1,086       (510 )      (465 )      110  
Opening liabilities
      271,870       4,831       11,401       288,102  
Net opening balance, on January 1, 2022
   
 
270,784
 
  
 
5,341
 
  
 
11,866
 
  
 
287,991
 
Changes in estimates that adjust contractual service margin
      909       (1,232 )      323       -  
Changes in estimates that result in (a reversal of) onerous contracts
      1,408       (131 )      -       1,277  
New contracts issued –
non-onerous
      (595 )      103       493       -  
New contracts issued – onerous
      27       29       -       56  
Changes that relate to future service
   
 
1,749
 
  
 
(1,231
) 
  
 
816
 
  
 
1,333
 
Earnings released from contractual service margin
      -       -       (1,229 )      (1,229 ) 
Release of risk adjustment
      -       (359 )      -       (359 ) 
Experience adjustments on current service
      (47 )      1       -       (46 ) 
Revenue recognized for incurred policyholder tax expenses
      1       -       -       1  
Changes that relate to current service
   
 
(46
) 
  
 
(359
) 
  
 
(1,229
) 
  
 
(1,634
) 
Experience adjustments on claims incurred
      (7 )      -       -       (8 ) 
Changes that relate to past service
   
 
(7
) 
  
 
-
 
  
 
-
 
  
 
(8
) 
Insurance service result
   
 
1,695
 
  
 
(1,591
) 
  
 
(414
) 
  
 
(309
) 
General model
         
Interest accreted to insurance contracts
      2,548       156       221       2,925  
Changes in interest rates and other financial assumptions
      (28,114 )      (58 )      -       (28,172 ) 
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates
      (862 )      19       -       (843 ) 
Variable fee approach
         
Change in fair value of the underlying assets of products with direct participating features
      (25,351 )      -       -       (25,351 ) 
Change in fulfilment value of products with direct participating features not recognized in CSM due to risk mitigation option
      (5,799 )      -       -       (5,799 ) 
Insurance finance (income) / expenses
   
 
(57,578
) 
  
 
117
 
  
 
221
 
  
 
(57,240
) 
Premiums received
      15,444       -       -       15,444  
Claims, benefits and expenses paid
      (26,454 )      -       -       (26,454 ) 
Acquisition costs paid
      (892 )      -       -       (892 ) 
Other
      (28 )      -       -       (28 ) 
Cash flows
   
 
(11,930
) 
  
 
-
 
  
 
-
 
  
 
(11,930
) 
Contracts disposed during the period
      (177 )      (5 )      (96 )      (278 ) 
Transfers to disposal groups
      (48,338 )      (659 )      (3,040 )      (52,037 ) 
Other
      -       -       5       5  
Other movements
   
 
(48,515
) 
  
 
(663
) 
  
 
(3,131
) 
  
 
(52,310
) 
Net exchange differences
      8,825       231       387       9,442  
Net closing balance, on December 31, 2022
   
 
163,280
 
  
 
3,435
 
  
 
8,929
 
  
 
175,645
 
Closing assets
      100       -       (64 )      36  
Closing liabilities
      163,381       3,436       8,865       175,681  
Insurance contracts other than those to which premium allocation approach has been applied [member] | Reinsurance contracts held [member]  
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items]  
Summary of Insurance Contracts and Reinsurance Contracts by Type
     Asset for remaining coverage    
 
 
 
Reinsurance contracts held - Analysis by type, no PAA
      Excluding loss
recovery component		  
 		     Loss recovery
component		  
 		     Asset for
incurred claims		  
 		          Total  
Opening assets
      14,801       1,607       526       16,934  
Opening liabilities
      (217 )      (57 )      5       (270 ) 
Net opening balance, on January 1, 2023
   
 
14,584
 
  
 
1,549
 
  
 
530
 
  
 
16,664
 
Changes in the statements of P&L and OCI
         
Net expenses from reinsurance contracts
      453       (235 )      (38 )      181  
Other reinsurance finance income / (expenses)
      1,026       34       -       1,060  
Effect of changes in risk of
non-performance
of reinsurers
      (12 )      -       -       (12 ) 
Total changes in the statements of P&L and OCI
   
 
1,467
 
  
 
(200
) 
  
 
(37
) 
  
 
1,229
 
Cash flows
      (397 )      (158 )      (425 )      (979 ) 
Other movements
      (424 )      139       (86 )      (371 ) 
Net exchange differences
      (511 )      (34 )      (4 )      (550 ) 
         
Net closing balance, on 31 December 31, 2023
   
 
14,719
 
  
 
1,296
 
  
 
(22
) 
  
 
15,993
 
Closing assets
      16,457       349       (205 )      16,601  
Closing liabilities
      1,738       (947 )      (183 )      608  
 
 
 
 
 
 
     Asset for remaining coverage    
 
 
 
Reinsurance contracts held - Analysis by type, no PAA
      Excluding loss
recovery component		  
 		     Loss recovery
component		  
 		     Asset for
incurred claims		  
 		         Total  
Opening assets
      20,704       202       383       21,288  
Opening liabilities
      (1,116 )      -       645       (471 ) 
Net opening balance, on January 1, 2022
   
 
19,588
 
  
 
202
 
  
 
1,028
 
  
 
20,818
 
Changes in the statements of P&L and OCI
         
Net expenses from reinsurance contracts
      (1,028 )      1,380       (103 )      248  
Other reinsurance finance income / (expenses)
      (3,956 )      10       -       (3,945 ) 
Investment components
      (6 )      (2 )      8       -  
Effect of changes in risk of
non-performance
of reinsurers
      1       -       -       1  
Total changes in the statements of P&L and OCI
   
 
(4,988
) 
  
 
1,388
 
  
 
(96
) 
  
 
(3,696
) 
Cash flows
      (1,021 )      (12 )      (466 )      (1,498 ) 
Other movements
      (322 )      (1 )      -       (323 ) 
Net exchange differences
      1,327       (28 )      64       1,363  
         
Net closing balance, on 31 December 31, 2022
   
 
14,584
 
  
 
1,549
 
  
 
530
 
  
 
16,664
 
Closing assets
      14,801       1,607       526       16,934  
Closing liabilities
      217       57       5       270  
Summary of Movement Schedules by Measurement Component
Reinsurance contracts held - Movement schedule by
component, no PAA
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      16,233       1,010       (309 )      16,934  
Opening liabilities
      (371 )      (101 )      202       (270 ) 
Net opening balance, on January 1, 2023
   
 
15,862
 
  
 
909
 
  
 
(107
) 
  
 
16,664
 
Changes in estimates that adjust the contractual service margin
      (3 )      6       (4 )      -  
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts
      477       67       6       550  
New reinsurance contracts issued / acquired recognized in the year
      (330 )      42       271       (17 ) 
Initial recognition of onerous underlying contracts
      -       -       12       12  
Changes that relate to future service
   
 
144
 
  
 
114
 
  
 
286
 
  
 
544
 
CSM recognized for service received
      -       -       (26 )      (26 ) 
Release of risk adjustment
      -       (118 )      -       (118 ) 
Experience adjustment on current service
      (217 )      -       -       (217 ) 
Changes that relate to current service
   
 
(217
) 
  
 
(118
) 
  
 
(26
) 
  
 
(361
) 
Experience adjustment on claims component
      (2 )      -       -       (2 ) 
Changes that relate to past service
   
 
(2
) 
  
 
-
 
  
 
-
 
  
 
(2
) 
                                  
Net income/expenses of reinsurance held
   
 
(76
) 
  
 
(3
) 
  
 
260
 
  
 
181
 
                                  
Reinsurance finance income / (expenses)
   
 
1,013
 
  
 
48
 
  
 
(13
) 
  
 
1,048
 
Premiums paid, net of received fixed commission
      2,642       -       -       2,642  
Amounts received
      (3,622 )      -       -       (3,622 ) 
Cash flows
   
 
(979
) 
  
 
-
 
  
 
-
 
  
 
(979
) 
Other movements
      (132 )      (176 )      (63 )      (371 ) 
Other movements
   
 
(132
) 
  
 
(176
) 
  
 
(63
) 
  
 
(371
) 
Net exchange difference
      (528 )      (23 )      2       (550 ) 
Net closing balance, on December 31, 2023
   
 
15,160
 
  
 
755
 
  
 
78
 
  
 
15,993
 
Closing assets
      16,184       423       (7 )      16,601  
Closing liabilities
      (1,024 )      332       85       (608 ) 
 
 
 
 
  
Notes to the consolidated financial statements
Note 29
 
     
     
 
 
Reinsurance contracts held - Movement schedule by
component, no PAA
      Best estimate
liability		  
 		     Risk adjustment       Contractual
service margin		  
 		         Total  
Opening assets
      20,608       1,009       (328 )      21,288  
Opening liabilities
      (1,617 )      585       561       (471 ) 
Net opening balance, on January 1, 2022
   
 
18,991
 
  
 
1,594
 
  
 
233
 
  
 
20,818
 
Changes in estimates that adjust the contractual service margin
      244       (408 )      164       -  
Changes in estimates that relate to losses and reversals of losses on underlying onerous contracts
      655       (58 )      10       607  
New reinsurance contracts issued / acquired recognized in the year
      (8 )      21       (13 )      -  
Initial recognition of onerous underlying contracts
      -       -       31       31  
Changes that relate to future service
   
 
891
 
  
 
(444
) 
  
 
192
 
  
 
638
 
CSM recognized for service received
      -       -       42       42  
Release of risk adjustment
      -       (147 )      -       (147 ) 
Experience adjustment on current service
      (274 )      -       -       (274 ) 
Changes that relate to current service
   
 
(274
) 
  
 
(147
) 
  
 
42
 
  
 
(379
) 
Experience adjustment on claims component
      (12 )      -       -       (12 ) 
Changes that relate to past service
   
 
(12
) 
  
 
-
 
  
 
-
 
  
 
(12
) 
                                  
Net income/expenses of reinsurance held
   
 
605
 
  
 
(591
) 
  
 
234
 
  
 
248
 
                                  
Reinsurance finance income / (expenses)
   
 
(3,954
) 
  
 
47
 
  
 
(37
) 
  
 
(3,944
) 
Premiums paid, net of received fixed commission
      3,005       -       -       3,005  
Amounts received
      (4,503 )      -       -       (4,503 ) 
Cash flows
   
 
(1,498
) 
  
 
-
 
  
 
-
 
  
 
(1,498
) 
Other movements
      403       (206 )      (520 )      (323 ) 
Other movements
   
 
403
 
  
 
(206
) 
  
 
(520
) 
  
 
(323
) 
Net exchange difference
      1,316       65       (17 )      1,363  
Net closing balance, on December 31, 2022
   
 
15,862
 
  
 
909
 
  
 
(107
) 
  
 
16,664
 
Closing assets
      16,233       1,010       (309 )      16,934  
Closing liabilities
      (371 )      (101 )      202       (270 ) 
Insurance contracts to which premium allocation approach has been applied [member] | Insurance contracts issued [member]  
Disclosure In Entirety Of Insurance Reinsurance Including Contracts Held And Investment Contracts With Discretionary Participating Features [Line Items]  
Summary of Insurance Contracts and Reinsurance Contracts by Type
  
 
Remaining coverage
 
   
 
Liability for incurred claims
 
Insurance contracts PAA - by type
      Excluding loss
component		  
 		    
Loss
component
  
 
      Best estimate
liability		  
 		     Risk
adjustment		  
 		           Total  
Opening assets
      -       -        -       -        -  
Opening liabilities
      404       2        33       -        439  
Net opening balance, on January 1, 2023
   
 
404
 
  
 
2
 
   
 
33
 
  
 
-
 
   
 
439
 
Insurance revenue
      (127 )      -        -       -        (127 ) 
Incurred claims and other insurance service expenses
      -       -        96       -        96  
Amortization of insurance acquisition cash flows
      19       -        -       -        19  
Losses (and reversals of losses) on onerous contracts
      -       2        -       -        2  
Adjustments to liabilities for incurred claims
      -       -        14       -        14  
Insurance service expenses
   
 
19
 
  
 
2
 
   
 
110
 
  
 
-
 
   
 
132
 
Investment components
      -       -        -       -        -  
Insurance service result
   
 
(108
) 
  
 
2
 
   
 
110
 
  
 
-
 
   
 
5
 
Insurance finance (income) / expenses (P&L and OCI)
      12       -        -       -        12  
Cash flows
      95       -        (114 )      -        (19 ) 
Disposal of a business
      (407 )      -        -       -        (407 ) 
Net exchange differences
      9       -        -       -        9  
           
Net closing balance, on December 31, 2023
   
 
6
 
  
 
4
 
   
 
29
 
  
 
-
 
   
 
39
 
Closing assets
      -       -        -       -        -  
Closing liabilities
      6       4        29       -        39  
 
 
 
  262 | Annual Report on Form 20-F 2023
 
 
 
    Remaining coverage        Liability for incurred claims  
Insurance contracts PAA - by type
     Excluding loss
component		  
 		     Loss
component		  
 		      Best estimate
liability		  
 		     Risk
adjustment		  
 		          Total  
Opening assets
     -       -        -       -       -  
Opening liabilities
     1,242       -        712       10       1,964  
Net opening balance, on January 1, 2022
  
 
1,242
 
  
 
-
 
   
 
712
 
  
 
10
 
  
 
1,964
 
Insurance revenue
     (563 )      -        -       -       (563 ) 
Incurred claims and other insurance service expenses
     -       -        254       -       253  
Amortization of insurance acquisition cash flows
     22       -        -       -       22  
Losses (and reversals of losses) on onerous contracts
     -       2        -       -       2  
Adjustments to liabilities for incurred claims
     -       -        259       (3 )      257  
Insurance service expenses
  
 
22
 
  
 
2
 
   
 
513
 
  
 
(3
) 
  
 
534
 
Investment components
     -       -        -       -       -  
Insurance service result
  
 
(542
) 
  
 
2
 
   
 
513
 
  
 
(3
) 
  
 
(29
) 
Insurance finance (income) / expenses (P&L and OCI)
     7       -        (110 )      -       (103 ) 
Cash flows
     515       -        (470 )      -       45  
Disposal of a business
     (729 )      -        (75 )      -       (804 ) 
Transfers to disposal groups
     (15 )      -        (532 )      (7 )      (554 ) 
Net exchange differences
     (75 )      -        (5 )      -       (80 ) 
           
Net closing balance, on December 31, 2022
  
 
404
 
  
 
2
 
   
 
33
 
  
 
-
 
  
 
439
 
Closing assets
     -       -        -       -       -  
Closing liabilities
     404       2        33       -       439