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Segment information
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Segment information
5 Segment information
Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the
Executive Director
which is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are:
 
∎
  
Americas
: which covers business units in the United States, including any of the units’ activities located outside of the United States;
 
∎
   The
Netherlands
: which covered businesses activities from Aegon the Netherlands (no longer a reporting segment following the completion of the transaction with a.s.r.);
 
∎
  
United Kingdom
: which covers businesses activities from platform business and traditional insurance in the United Kingdom;
 
∎
  
International
: which covers operations in Spain & Portugal, China, Brazil, Bermuda, Hong Kong, and Singapore including any of the units’ activities located outside these countries;
 
∎
  
Asset Management
: which covers business activities from AAM Global Platforms and Strategic Partnerships;
 
∎
  
Holding and other activities
: which includes financing, employee and other administrative expenses of holding companies.
 
Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies except for its
29.99
% stake in a.s.r.. The result of associate a.s.r. is included in Other income / (charges).
Performance Measure
Aegon uses the
non-IFRS
performance measure operating result. Similar as under the previous accounting policies, operating result reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches that are dependent on market volatility, updates to best estimate actuarial and economic assumptions and model updates or events that are considered outside the normal course of business.
Aegon believes that its performance measure operating result provides meaningful information about the operating results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers.
The reconciliation from result before tax from continuing operations, being the most comparable IFRS measure, to operating result is presented in the tables in this note.
There have been changes in the calculation of the items excluded from operating result (fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges and share in earnings of joint ventures and associates - these items are further discussed below) due to the adoption of IFRS 9 and IFRS 17. For example:
∎
   Fair value items have reduced significantly, reflecting fewer accounting mismatches under the new accounting policies.
∎
   Realized gains/(losses) on investments now includes realized gains and losses on financial assets measured at amortized cost and financial assets classified at FVOCI.
∎
   Impairment losses and reversals of impairment losses reflect the change in ECL for financial assets.
∎
   Other
non-operating
results continue to include items that cannot be directly allocated to a specific line of business and items that are outside the normal course of business. It no longer includes all impacts of actuarial and economic assumption and model updates as most of these are recorded in CSM, but only:
 
∎
   the impact of changes in actuarial assumptions and model updates on onerous contracts, and
 
∎
   the impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied.
Fair value items
Fair value items include the following:
∎
   Over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in operating result;
∎
   Hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items;
∎
   Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products;
∎
   Certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings;
∎
   Changes in value of VFA products that result in (a reversal of) onerous contracts;
∎
   Changes in discount rates for General model insurance contracts, including the revaluation of changes in
non-financial
assumptions and experience adjustments that adjust CSM to current interest rates.
 
Other income / (charges)
Other income / (charges) include the following:
 
∎
   Items which cannot be directly allocated to a specific line of business;
 
∎
   The impact of changes in actuarial assumptions and model updates on onerous contracts;
 
∎
   The impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied, and;
 
∎
   Items that are outside the normal course of business, including restructuring charges.
In the Consolidated income statement, for onerous contracts, actuarial assumption and model updates are included in “Insurance service result”. Restructuring charges are included in “Other operating expenses”.
Share in earnings of joint ventures and associates
Earnings from Aegon’s joint ventures in China, India, Spain & Portugal, and Aegon’s associates in France and United Kingdom are reported as part of operating result.
Segment results
The following table presents Aegon’s segment results.
 
Income statement - Operating
result
     Americas      
The
Nether-
lands
  
 
1)
 
    
United
Kingdom
  
 
     International      
Asset
Manage-
ment
  
 
 
    
Holding and
other
activities
  
 
 
     Eliminations    
 
Segment
total
 
 
    
Joint
ventures and
associates
eliminations
  
 
 
 
  
 
Consoli-
dated
 
 
                     
Year ended December 31, 2023
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Operating result
  
 
1,107
 
  
 
-
 
  
 
214
 
  
 
196
 
  
 
145
 
  
 
(173
) 
  
 
10
 
  
 
1,498
 
  
 
19
 
  
 
1,517
 
Fair value items
     138       -       (76 )      (1 )      (8 )      24       (1 )      76       9       85  
Realized gains / (losses) on investments
     (683 )      -       -       24       -       -       -       (659 )      (30 )      (689 ) 
Impairment losses / (reversals)
     (62 )      -       -       (23 )      -       (7 )      -       (92 )      2       (90 ) 
Non-operating
items
  
 
(607
) 
  
 
-
 
  
 
(76
) 
  
 
(1
) 
  
 
(8
) 
  
 
17
 
  
 
(1
) 
  
 
(675
) 
  
 
(19
) 
  
 
(695
) 
Other income / (charges)
     (961 )      (65 )      (85 )      (110 )      (31 )      110       2       (1,140 )      (90 )      (1,230 ) 
Result before tax
  
 
(460
) 
  
 
(65
) 
  
 
52
 
  
 
85
 
  
 
106
 
  
 
(46
) 
  
 
11
 
  
 
(317
) 
  
 
(91
) 
  
 
(408
) 
Income tax (expense) / benefit
     214       -       (23 )      (69 )      (36 )      31       -       118       91       209  
Net result
  
 
(246
) 
  
 
(65
) 
  
 
29
 
  
 
16
 
  
 
70
 
  
 
(14
) 
  
 
11
 
  
 
(199
) 
  
 
-
 
  
 
(199
) 
Inter-segment operating result
     (569 )      (48 )      (75 )      256       150       286          
Revenues
                    
Insurance contracts revenue
                    
- Insurance contracts: direct part.
     9,468       -       600       1,095       -       -       (51 )      11,112       (1,490 )      9,622  
- Insurance contracts: without direct part.
     -       -       -       700       -       -       -       700       -       700  
Investment contracts with discretionary participation features revenue
                    
- Insurance contracts: direct part.
     -       -       64       -       -       -       -       64       -       64  
- Insurance contracts: without direct part.
     -       -       -       -       -       -       -       -       -       -  
Insurance revenue
  
 
9,468
 
  
 
-
 
  
 
663
 
  
 
1,795
 
  
 
-
 
  
 
-
 
  
 
(51
) 
  
 
11,876
 
  
 
(1,490
) 
  
 
10,386
 
Interest revenue on financial instruments calculated using the effective interest method
     3,108       -       58       87       2       90       (6 )      3,339       (3 )      3,336  
Interest revenue on financial instruments measured at FVPL
     339       -       486       1       -       -       -       826       -       826  
Other investment income
     14       -       1,818       104       14       498       (498 )      1,950       (116 )      1,833  
Fee and commission income
     1,653       -       214       34       632       -       (158 )      2,376       (215 )      2,160  
Other revenues
     -       -       -       37       1       -       -       38       (38 )      -  
Total revenues
  
 
14,582
 
  
 
-
 
  
 
3,239
 
  
 
2,058
 
  
 
649
 
  
 
589
 
  
 
(713
) 
  
 
20,404
 
  
 
(1,862
) 
  
 
18,541
 
Inter-segment revenues
     49       -       -       1       172       500    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
1
 
The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations for more details.
 
On July 4, 2023, Aegon announced the completion of the combination of its Dutch pension, life and
non-life
insurance, banking, and mortgage origination activities with a.s.r., and the beginning of its asset management partnership with a.s.r. As part of the transaction, Aegon received EUR 2.2 billion in cash proceeds and almost a 30% stake in a.s.r. In light of the transaction, Aegon the Netherlands is no longer reported as a separate segment, and its first half 2023 result is included in Other charges in the income statement.
The other charges of the Americas in 2023 are mainly due to unfavorable assumption updates and restructuring charges.
 
Income statement - Operating
result
       Americas      
The
 Nether-
lands
  
 
1)
 
    
United
 Kingdom
  
 
      International      
Asset
 Manage-
ment
  
 
 
    
 Holding and
other
activities
  
 
 
      Eliminations      
 Segment
total
  
 
    
Joint
 ventures and
associates
eliminations
  
 
 
 
    
 Consoli-
dated
  
 
Year ended December 31,
2022
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Operating result
  
 
1,433
 
  
 
-
 
  
 
211
 
  
 
202
 
  
 
193
 
  
 
(220
) 
  
 
(17
) 
  
 
1,802
 
  
 
(59
) 
  
 
1,743
 
Fair value items
     (85 )      -       (71 )      38       (3 )      (21 )      (76 )      (218 )      8       (209 ) 
Realized gains / (losses) on investments
     (518 )      -       -       30       -       7       -       (481 )      (16 )      (497 ) 
Impairment losses / (reversals)
     (78 )      -       (11 )      (14 )      -       (18 )      -       (122 )      1       (121 ) 
Non-operating
items
  
 
(681
) 
  
 
-
 
  
 
(83
) 
  
 
54
 
  
 
(3
) 
  
 
(32
) 
  
 
(76
) 
  
 
(820
) 
  
 
(7
) 
  
 
(827
) 
Other income / (charges)
     (117 )      (1,373 )      (64 )      326       (19 )      (118 )      -       (1,365 )      (19 )      (1,384 ) 
Result before tax
  
 
636
 
  
 
(1,373
) 
  
 
64
 
  
 
582
 
  
 
171
 
  
 
(371
) 
  
 
(93
) 
  
 
(384
) 
  
 
(85
) 
  
 
(469
) 
Income tax (expense) / benefit
     (102 )      -       2       (57 )      (67 )      68       -       (156 )      85       (71 ) 
Net result
  
 
533
 
  
 
(1,373
) 
  
 
67
 
  
 
526
 
  
 
104
 
  
 
(303
) 
  
 
(93
) 
  
 
(540
) 
  
 
-
 
  
 
(540
) 
Inter-segment operating result
     (458 )      (94 )      (75 )      236       188       203          
Revenues
                    
Insurance contracts revenue
                    
- Insurance contracts: direct part.
     10,174       -       628       967       -       -       (32 )      11,736       (1,210 )      10,526  
- Insurance contracts: without direct part.
     -       -       -       651       -       -       -       651       -       651  
Investment contracts with discretionary participation features revenue
                    
- Insurance contracts: direct part.
     -       -       74       -       -       -       -       74       -       74  
- Insurance contracts: without direct part.
     -       -       -       -       -       -       -       -       -       -  
Insurance revenue
  
 
10,174
 
  
 
-
 
  
 
701
 
  
 
1,618
 
  
 
-
 
  
 
-
 
  
 
(32
) 
  
 
12,461
 
  
 
(1,210
) 
  
 
11,251
 
Interest revenue on financial instruments calculated using the effective interest method
     3,105       -       12       191       -       2       (5 )      3,306       (3 )      3,303  
Interest revenue on financial instruments measured at FVPL
     228       -       399       (3 )      -       -       -       624       -       624  
Other investment income
     32       -       1,530       100       12       425       (425 )      1,673       (110 )      1,564  
Fee and commission income
     1,756       -       223       62       693       -       (187 )      2,548       (254 )      2,294  
Other revenues
     -       -       -       25       5       -       -       30       (30 )      -  
Total revenues
  
 
15,295
 
  
 
-
 
  
 
2,865
 
  
 
1,993
 
  
 
710
 
  
 
427
 
  
 
(648
) 
  
 
20,642
 
  
 
(1,607
) 
  
 
19,035
 
Inter-segment revenues
     33       -       -       -       208       426    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
1
 
The net result represents the standalone result of ‘The Netherlands’. After elimination and considering the result included in the Holdings and other activities, the remaining result is EUR (1,746). See note 45 Held for sale and discontinued operations for more details
The Americas recorded other charges of EUR 117 million in 2022 mainly due to unfavorable assumption updates and restructuring charges.
 
Operating result reconciliation
The reconciliation from operating result to result before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table.
 
Presentation
Non-operating
items and other income/ (charges)
   
 
     Note
 
  
 
     2023
 
          2022  
Result before tax from continuing operations
        (391 )       827  
Elimination of share in earnings of joint ventures and associates
        (19 )      59  
Insurance revenue
   
 
6
 
     (15 )      1  
Insurance service expenses
   
 
7
  
     427       442  
Net income / (expenses) on reinsurance held
   
 
8
 
     (23 )      (40 ) 
Net fair value change of financial investments at fair value through profit or loss, other than derivatives
   
 
9.4 / 10.4
 
     (224 )      183  
Net fair value change of derivatives
        (7 )      -  
Realized gains and losses on financial investments
   
 
9.4 / 10.4
 
     683       670  
Net fair value change on investments in real estate
   
 
9.4 / 10.4
 
     (2 )      (1 ) 
Impairment (losses) reversals
   
 
9.5 / 10.5
 
     90       121  
Insurance finance income / (expenses)
   
 
9
 
     375       (614 ) 
Net reinsurance finance income / (expenses) on reinsurance held
   
 
9
 
     (85 )      68  
Investment contract income / (expenses)
   
 
10
 
     (5 )      (2 ) 
Net fair value change on borrowings and other financial liabilities
        -       (5 ) 
Fee and commission income
   
 
12
 
     (11 )      (14 ) 
Commissions and expenses
   
 
13
 
     596       378  
Other income
   
 
14
 
     (18 )      (341 ) 
Other charges
   
 
14
 
     79       -  
Results of businesses disposed during reporting periods
              48       70  
Operating result
           
 
1,498
 
  
 
1,802
 
 
∎
   Insurance service expenses are mainly driven by two items:
 
 
∎
   Assumption changes on onerous contracts amounting to a loss of EUR 497 million (2022: loss of EUR
93
million), which is included in Other income / (charges).
 
 
∎
   Change in value of VFA products that result in (a reversal of) onerous contracts, amounting to a gain of EUR 129 million (2022: loss of 273 million), which is included in Fair value items.
 
∎
   Net income / (expenses) on reinsurance held mainly consist of assumption changes that relate to (a reversal of) underlying onerous contracts, amounting to a gain of EUR 31 million (2022: gain of EUR 38 million), which is included in Other income / (charges).
 
∎
   Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expecting long-term return is included in operating result.
 
∎
   Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR 354 million (2022: a gain of EUR 614 million), which is included in Fair value items.
 
∎
   Net reinsurance finance income / (expenses) on reinsurance held relate to changes in discount rates, amounting to a gain of EUR 84 million (2022: loss of EUR 70 million), which is included in Fair value items.
 
∎
   Commissions and expenses, which are included in Other income / (charges), relate to items which can cannot be directly allocated to a specific line of business and restructuring charges.
 
Other selected income statement items
 
         Americas       
United
  Kingdom
  
 
       International       
Asset
 Management
  
 
     
 Holding and
other
activities
  
 
 
         Total  
2023
                  
Amortization of deferred expenses and future servicing rights
      24        2        1        6        -        33  
Depreciation
      64        12        5        2        14        97   
Impairment losses / (reversals) on financial assets, excluding receivables
      59        -        -        -        -        59  
Impairment losses / (reversals) on
non-
financial assets and receivables
      32        -        21        -        7        60  
2022
                  
Amortization of deferred expenses and future servicing rights
      34        2        3        -        -        38  
Depreciation
      67        11        6        2        17        103  
Impairment losses / (reversals) on financial assets, excluding receivables
      78        -        13        -        -        92  
Impairment losses / (reversals) on
non-
financial assets and receivables
      17        11        -        -        18        46  
Number of employees
 
Number of employees
        Americas       
United
  Kingdom
  
 
       International       
Asset
 Management
  
 
     
 Holding and
other
activities
  
 
 
         Total  
2023
                  
Number of employees - headcount
      6,967        2,591        3,654        1,409        1,037        15,658   
Of which Aegon’s share of employees in joint ventures and associates
1)
      -        49        2,936        219        -        3,204  
2022
                  
Number of employees - headcount
      6,153        2,621        4,281        1,464        958        15,478  
Of which Aegon’s share of employees in joint ventures and associates
      -        62        3,239        206        -        3,507  
 
1
 
Excludes a.s.r. as the results of this associate is not included in Operating result
 
Summarized assets and liabilities per segment
 
 
        Americas       
United
 Kingdom
  
 
       International       
Asset
 manage-
ment
  

 
     
 Holding and
other
activities
  
 
 
       Eliminations        Total  
2023
                    
Assets
                    
Cash and Cash equivalents
      1,042        200        106        246        2,479        -       4,074  
Assets held for sale
      -        432        -        -        -        -       432  
Investments
      161,715        102,795        1,678        176        18        -       266,382   
Investments in joint ventures
      -        -        1,034        397        -        -       1,430  
Investments in associates
      -        -        5        279        2,622        -       2,906  
Reinsurance contract assets
      16,563        2        5,656        -        -        (5,613 )      16,608  
Insurance contract assets
      181        -        3        -        -        -       185  
Deferred expenses
      428        19        -        -        -        -       447  
Other assets
      6,486        1,818        183        359        8,095        (7,823 )      9,118  
Total assets
   
 
186,415
 
   
 
105,265
 
   
 
8,664
 
   
 
1,457
 
   
 
13,215
 
   
 
(13,436
) 
  
 
301,581
 
Liabilities
                    
Reinsurance contract liabilities
      396        -        211        -        -        -       608  
Insurance contract liabilities
      136,116        40,329        6,628        -        -        (5,626 )      177,446  
Investment contracts with discretionary participating features
      -        21,594        -        -        -        -       21,594  
Investment contracts without discretionary participating features
      35,181        40,085        -        -        -        -       75,266  
Liabilities held for sale / disposal groups
      -        389        -        -        -        -       389  
Other liabilities
      11,257        1,418        219        397        3,660        (228 )      16,723  
Total liabilities
   
 
182,950
 
   
 
103,815
 
   
 
7,058
 
   
 
397
 
   
 
3,660
 
   
 
(5,854
) 
  
 
292,026
 
 
 
        Americas       
The
 Nether-
lands
  
 
 
    
United
 Kingdom
  
 
     
 Interna-
tional
  
 
     
Asset
 manage-
ment
  
 
 
     
Holding
 and other
activities
  
 
 
     
 Elimina-
tions
  
 
      Total  
2022
                      
Assets
                      
Cash and Cash equivalents
      1,097        -       182        116        367        1,639        -       3,402  
Assets held for sale
      -        88,664       -        -        -        -        -       88,664  
Investments
      160,624        -       91,463        2,497        136        39        -       254,759  
Investments in joint ventures
      -        -       -        959        471        -        -       1,430   
Investments in associates
      -        11       -        20        129        16        (11 )      165  
Reinsurance contract assets
      16,520        -       369        6,273        -        -        (6,223 )      16,939  
Insurance contract assets
      36        -       -        -        -        -        -       36  
Deferred expenses
      432        -       20        -        -        -        -       452  
Other assets
      9,652        1,076       1,973        336        146        16,455        (14,774 )      14,864  
Total assets
   
 
188,362
 
   
 
89,751
 
  
 
94,007
 
   
 
10,201
 
   
 
1,249
 
   
 
18,148
 
   
 
(21,008
) 
  
 
380,711
 
Liabilities
                      
Reinsurance contract liabilities
      62        -       -        208        -        -        -       270  
Insurance contract liabilities
      137,195        (0 )      37,621        7,570        -        -        (6,266 )      176,120  
Investment contracts with discretionary participating features
      -        -       21,055        -        -        -        -       21,055  
Investment contracts without discretionary participating features
      32,788        -       32,440        -        -        -        -       65,227  
Liabilities held for sale / disposal groups
      -        84,183       -        -        -        -        -       84,183  
Other liabilities
      14,920        934       1,344        281        424        7,213        (2,196 )      22,922  
Total liabilities
   
 
184,965
 
   
 
85,117
 
  
 
92,460
 
   
 
8,059
 
   
 
424
 
   
 
7,213
 
   
 
(8,462
) 
  
 
369,777
 
Amounts included in the tables on investments are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting.
 
Investments
 
 
        Americas       
United
 Kingdom
  
 
       International       
Asset
 Management
  
 
     
 Holding and
other
activities
  
 
 
       Eliminations        Total  
2023
                    
Shares
      267        16,192        23        9        -        -       16,491  
Debt securities
      47,547        6,916        1,295        52        -        -       55,811   
Unconsolidated investment funds
      92,520        74,719        173        -        -        -       167,411  
Loans
      10,156        2,269        3        -        18        -       12,446  
Other financial assets
      11,187        2,266        166        115        -        -       13,735  
Investments in real estate
      38        433        17        -        -        -       488  
Total investments on balance sheet
   
 
161,715
 
   
 
102,795
 
   
 
1,678
 
   
 
176
 
   
 
18
 
   
 
-
 
  
 
266,382
 
Off-balance
sheet investments third parties
      225,090        135,270        3,711        195,304        -        -       559,375  
Total revenue-generating investments
   
 
386,806
 
   
 
238,064
 
   
 
5,389
 
   
 
195,480
 
   
 
18
 
   
 
-
 
  
 
825,757
 
Investments
                    
Financial assets measured at FVOCI
                    
Backing insurance contracts without direct participation
      42,973        -        1,439        -        -        -       44,412  
Backing investment contracts without direct participation
      5,854        -        -        -        -        -       5,854  
Non-insurance
related assets
      -        -        1        97        -        -       98  
Financial assets measured at FVPL
                    
Backing direct participation insurance contracts
      67,532        40,008        173        -        -        -       107,714  
Backing insurance contracts without direct participation
      9,696        1,243        27        -        -        -       10,967  
Backing direct participation investment contracts
      24,988        22,771        -        -        -        -       47,759  
Backing investment contracts without direct participation
      386        -        19        -        -        -       405  
Non-insurance
related assets
      92        38,339        -        27        -        -       38,458  
Financial assets measured at amortized cost
      10,156        -        1        52        18        -       10,227  
Investments in real estate
      38        433        17        -        -        -       488  
Total investments on balance sheet
   
 
161,715
 
   
 
102,795
 
   
 
1,678
 
   
 
176
 
   
 
18
 
   
 
-
 
  
 
266,382
 
Investments in joint ventures
      -        -        1,034        397        -        -       1,430  
Investments in associates
      -        -        5        279        2,622        -       2,906  
Other assets
      24,700        2,470        5,948        606        10,575        (13,436 )      30,863  
Consolidated total assets
   
 
186,415
 
   
 
105,265
 
   
 
8,664
 
   
 
1,457
 
   
 
13,215
 
   
 
(13,436
) 
  
 
301,581
 
 
      Americas      The
Netherlands		      United
Kingdom		      International      Asset
Manage-
ment		      Holding and
other
activities		      Eliminations     Total  
2022
                       
Shares
      315        -        15,518        21        7        1        -       15,863  
Debt securities
      51,008        -        6,455        1,864        15        -        -       59,341  
Unconsolidated investment funds
      89,535        -        64,776        431        -        -        -       154,741  
Loans
      10,406        -        2,354        14        -        38        -       12,812  
Other financial assets
      9,318        -        1,917        150        114        -        -       11,500  
Investments in real estate
      42        -        443        17        -        -        -       502  
Total investments on balance sheet
   
 
160,624
 
   
 
-
 
   
 
91,463
 
   
 
2,497
 
   
 
136
 
   
 
39
 
   
 
-
 
  
 
254,759
 
Off-balance
sheet investments third parties
      216,060        -        122,742        3,384        141,067        -        -       483,253  
Total revenue-generating investments
   
 
376,684
 
   
 
-
 
   
 
214,205
 
   
 
5,881
 
   
 
141,203
 
   
 
39
 
   
 
-
 
  
 
738,013
 
Investments
                       
Financial assets measured at FVOCI
                       
Backing insurance contracts without direct participation
      46,665        -        -        1,900        -        -        -       48,565  
Backing investment contracts without direct participation
      5,482        -        -        -        -        -        -       5,482  
Non-insurance
related assets
      -        -        -        81        96        -        -       177  
Financial assets measured at FVPL
                       
Backing direct participation insurance contracts
      66,344        -        36,843        140        -        -        -       103,327  
Backing insurance contracts without direct participation
      8,164        -        1,083        305        -        -        -       9,552  
Backing direct participation investment contracts
      23,191        -        22,262        -        -        -        -       45,453  
Backing investment contracts without direct participation
      285        -        -        47        -        -        -       331  
Non-insurance
related assets
      46        -        30,832        -        40        1        -       30,918  
Financial assets measured at amortized cost
      10,406        -        -        9        -        38        -       10,453  
Investments in real estate
      42        -        443        17        -        -        -       502  
Total investments on balance sheet
   
 
160,624
 
   
 
-
 
   
 
91,463
 
   
 
2,497
 
   
 
136
 
   
 
39
 
   
 
-
 
  
 
254,759
 
Investments in joint ventures
      -        -        -        959        471        -        -       1,430  
Investments in associates
      -        11        -        20        129        16        (11 )      165  
Other assets
      27,399        89,740        2,544        6,726        513        18,094        (20,658 )      124,357  
Consolidated total assets
   
 
188,023
 
   
 
89,751
 
   
 
94,007
 
   
 
10,201
 
   
 
1,249
 
   
 
18,148
 
   
 
(20,669
) 
  
 
380,711
  
Insurance, reinsurance and investment contracts with discretionary participation feature
 
Summarized assets and liabilities per segment
      Americas        United
 Kingdom		  
 		      International        Eliminations       Total  
2023
              
Insurance contracts
              
Direct participating contracts
      70,436        39,687        193        -       110,315  
Without direct participation contracts
      65,499        642        6,393        (5,626 )      66,907  
Contracts measured under the PAA
      -        -        39        -       39  
Investment contracts with DPF
              
Direct participating contracts
      -        21,594        -        -       21,594  
Insurance contracts and investment contracts without participation features
   
 
   135,934
 
   
 
61,922
 
   
 
6,625
 
   
 
(5,626
) 
  
 
198,855
 
Reinsurance contracts held
      16,166        2        5,445        (5,613 )      16,000   
 
Summarized assets and liabilities per segment
      Americas        United
  Kingdom		  
 		      International        Eliminations       Total  
2022
              
Insurance contracts
              
Direct participating contracts
      69,163        36,694        187        -       106,044  
Without direct participation contracts
      67,996        927        6,944        (6,266 )      69,600  
Contracts measured under the PAA
      -        -        439        -       439  
Investment contracts with DPF
              
Direct participating contracts
      -        21,055        -        -       21,055  
           
Insurance contracts and investment contracts without participation features
   
 
137,159
 
   
 
58,676
 
   
 
7,570
 
   
 
(6,266
) 
  
 
197,139
 
Reinsurance contracts held
      16,458        369        6,065        (6,223 )      16,669