Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Statement [LineItems]

Components of Income Tax for Period (Income) / Charge

	2023		2022
Current tax
Current year	4		(6	)
Adjustments to prior years	(9	)	(3	)
Total current tax	(5	)	(9	)
Deferred tax
Origination / (reversal) of temporary differences	(247	)	43
Changes in tax rates / bases	1		5
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences	9		8
Non-recognition of deferred tax assets	61		9
Adjustments to prior years	(27	)	16
Total deferred tax	(204	)	80
Income tax for the period (income) / charge	(209	)	71

Summary of Reconciliation Between Standard and Effective Income Tax

Reconciliation between standard and effective income tax:	2023		2022
Result before tax	(391	)	827
Income tax calculated using weighted average applicable statutory tax rates	(94	)	188
Difference due to the effects of:
Non-taxable income	(39	)	(103	)
Non-tax deductible expenses	12		15
Changes in tax rate/base	1		24
Different tax rates on overseas earnings	3		3
Tax credits	(34	)	(43	)
Other taxes	-		(17	)
Adjustments to prior years	(36	)	12
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences	9		8
Non-recognition of deferred tax assets	20		9
Tax effect of (profit) / losses from joint ventures and associates	(47	)	(19	)
Other	(3	)	(7	)
	(115	)	(118	)
Income tax for the period (income) / charge	(209	)	71

Summary of Income Tax Related to Components of Other Comprehensive Income

	2023		2022
Items that will not be reclassified to profit and loss:
Remeasurements of defined benefit plans	17		(249	)
Total items that will not be reclassified to profit and loss	17		(249	)
Items that may be reclassified subsequently to profit and loss:
(Gains) / losses on revaluation of FVOCI investments	(487	)	3,499
Revaluation reserve - Insurance contracts	397		(4,211	)
Revaluation reserve - Reinsurance contracts	(126	)	1,243
Changes in cash flow hedging reserve	42		42
Movement in foreign currency translation and net foreign investment hedging reserve	3		(12	)
Total items that may be reclassified subsequently to profit and loss	(171	)	561
Total income tax related to components of other comprehensive income	(154	)	312

Summary of Income Tax Recognized Directly in Retained Earnings

	Note	2023		2022
Income tax related to equity instruments and other
Income tax related to equity instruments	26	17		2
Other		1		1
Total income tax recognized directly in retained earnings		18		3

Aegon Ltd. [member]

Statement [LineItems]

Components of Income Tax for Period (Income) / Charge

	2023			2022
Current tax
Current tax		19			47
Income tax for the period (result) / charge		19			47
Reconciliation between standard and effective tax
Result before tax		(133	)		(204	)
Tax on result at Dutch corporate result tax rate		34			53
Differences due to the effect of:
Prior year adjustments		(2	)		-
Non deductible expenses		(14	)		(7	)
Total		19			47