AEGON LTD. — Interim / Quarterly Report 2021

Aug 12, 2021

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Condensed consolidated interim financial information for the periods ended June 30, 2021

The Hague, August 12, 2021

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Helping people achieve a lifetime of financial security

Condensed consolidated interim financial information for the perdiods ended June 30, 2021

Table of contents

Condensed Consolidated Interim Financial Information
Interim Report	2
Strategic highlights	2
Financial highlights	6
Condensed Consolidated Interim Financial Statements	11
Condensed consolidated income statement	11
Condensed consolidated statement of comprehensive income	12
Condensed consolidated statement of financial position	13
Condensed consolidated statement of changes in equity	14
Condensed consolidated cash flow statement	15
Notes to the condensed consolidated interim financial statements	16
Management statement	33
Review report	34

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Interim report

Strategic highlights

Aegon is a financial services group that offers investment, protection, and retirement solutions to its customers. The company’s purpose is to help people achieve a lifetime of financial security.

Aegon’s strategy

Aegon is taking significant steps to transform the company in order to improve its performance and create value for its customers and shareholders. To ensure delivery against these objectives, a rigorous and granular operating plan has been developed across the Group. Aegon focuses on three core markets (the United States, the Netherlands, and the United Kingdom), three growth markets (Spain & Portugal, China, and Brazil) and one global asset manager. Aegon’s businesses within its core markets have been separated into Financial Assets and Strategic Assets. The aim is to release capital from Financial Assets and from businesses outside its core and growth markets, and re-allocate capital to growth opportunities in Strategic Assets, growth markets and Asset Management. Throughout this transformation, the company aims to maintain a solid capital position in the business units and at the Holding. Through proactive risk management actions, Aegon is improving its risk profile and reducing the volatility of its capital ratios.

Operational improvement plan

Aegon has an ambitious plan comprised of more than 1,100 detailed initiatives designed to improve the operating performance of its business by reducing costs, expanding margins and growing profitably.

Aegon is implementing an expense savings program aimed at reducing addressable expenses by EUR 400 million in 2023 compared with the base year 2019. Aegon has delivered on its ambition to achieve half of its expense reduction target by the end of 2021. Aegon has reduced addressable expenses by EUR 245 million in the trailing four quarters compared with the base year 2019. Of this expense reduction, EUR 220 million was driven by expense savings initiatives. The remaining reduction in annual addressable expenses reflects expense benefits related to reduced activity in a COVID-19 environment net of expenses made for growth initiatives, which are aimed at improving customer service, enhancing user experience and developing new products.

Strategic Assets

Strategic Assets are businesses with a greater potential for an attractive return on capital, and where Aegon is well positioned for growth. In these businesses, Aegon will invest in profitable growth by expanding its customer base and increasing its margins.

Americas

In the US Individual Solutions business, Transamerica’s aim is to achieve a top-5 position in Term Life, Whole Life Final Expense, and Indexed Universal Life through profitable sales growth. New life sales in the first half of 2021 showed a 25% increase of compared with the first half of 2020. Transamerica is benefiting from an increase in licensed agents at World Financial Group (WFG) and a higher market share in this distribution channel from the addition of a funeral planning benefit to Indexed Universal Life products for qualifying policyholders.

In the US Workplace Solutions business, Transamerica aims to compete as a top-5 player in new sales in the MiddleMarket segment of Retirement Plans. Momentum is building here with four consecutive quarters of written sales of over USD 1 billion. Written sales were supported by Pooled Plan Arrangement contract wins. These multi-employer pension schemes are a strategic growth driver.

The Netherlands

Aegon is the largest third-party mortgage originator in the Netherlands, benefiting from its scale, high service levels to intermediaries and customers, and diversified funding. In the first half of 2021, the company originated EUR 5.9 billion of residential mortgages – of which two thirds were fee-based mortgages originated for third-party investors.

Workplace Solutions defined contribution products (PPI) showed strong net deposits in the first half year. PPI assets under management surpassed the EUR 5 billion mark for the first time, underscoring Aegon’s leading position in this market. Aegon expects its online bank Knab to continue its development into a digital gateway for individual retirement solutions. In the first half of 2021, the online bank grew its customer base by 16,000.

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United Kingdom

Aegon’s assets under administration in the United Kingdom reached GBP 200 billion for the first time, as it continues to increase scale in the UK pension and savings market. The growth in assets reflects strong markets, and benefits from a number of ongoing investments in the business. The first half year net deposits included a significant Master Trust contract win, which underscores that Aegon is well positioned in this fast-growing market.

By profitably growing its platform business, and by reducing expenses, Aegon UK aims to mitigate the impact from the gradual run-off of its traditional product portfolio.

Financial Assets

Financial Assets are blocks of business which have closed for new sales, and which are capital intensive with relatively low returns on capital employed. Aegon has established dedicated teams to manage these businesses, who are responsible for maximizing their value through disciplined risk management and capital management actions. To achieve this, Aegon is initially focusing on unilateral and bilateral actions before any third-party solutions would be taken into consideration. Unilateral actions are those that can be executed fully under Aegon’s control, while bilateral actions require the interaction and consideration of other stakeholders.

Americas

An example of such a bilateral action, is the lump-sum buy-out program that Transamerica launched in July 2021 for policyholders of Variable Annuities with guaranteed minimum income benefit (GMIB) riders, whose financial objectives may have changed since the issuance of their policies. The program aims to reduce hedge costs for the remaining Variable Annuities portfolio going forward and may reduce Transamerica’s economic exposure, depending on the take-up rate by policyholders.

Aegon expects to expand the dynamic hedging program, covering the equity and interest rate risks of its US Variable Annuities block with guaranteed minimum withdrawal benefits (GMWB), to the entire Variable Annuities portfolio once the take-up rate of the lump-sum buy-out program becomes more clear. This expanded hedging program builds on the effective dynamic hedging program of the GMWB portfolio where the hedge effectiveness for the targeted risks was consistently above 95% over the last six quarters. Dynamic hedging stabilizes cash flows on an economic basis and reduces sensitivities to equity and interest rate risks. The operational preparations for the expansion of the dynamic hedge program were completed in the first half of 2021.

The combination of extending the dynamic hedge to the full portfolio of Variable Annuities together with the execution of the lump-sum buy-out program is expected to have up to 5%-points negative impact on the RBC ratio based on current market conditions. Dynamic hedging decreases available capital as a result of reflecting the hedge costs in the calculation of the reserves, which is largely offset by lower required capital as a result of holding higher reserves. On an ongoing basis, the expansion of the dynamic hedging program is expected to reduce operating capital generation by around USD 50 million per year. At the same time, Transamerica’s reduced exposure to equity and interest rate risks leads to more predictable capital generation over the lifetime of the variable annuity business, and increases the certainty of remittances. Expanding the Variable Annuity dynamic hedging program and executing the lump-sum buyout program is expected to result in a USD 0.5 to 0.7 billion pre-tax, one-time loss to be reported in Other charges in the third quarter of 2021. This is mostly driven by a non-cash write-off of deferred acquisition costs.

After the full implementation of both programs in the second half of 2021, Aegon will consider further unilateral and bilateral actions to maximize the value of the variable annuity business. Aegon will also allocate internal resources to investigate its options regarding potential third party solutions. Aegon will update the market on its progress in the first half of 2022.

The primary management action regarding the Long-Term Care block is a multi-year rate increase program that has a value of USD 300 million. Since the end of December 2020, the company obtained regulatory approvals for additional rate increases worth USD 176 million. Furthermore, claims experience developed favorably for the Long-Term Care business, in part as a result of elevated claims terminations due to the impact of the COVID-19 pandemic.

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The Netherlands

The dedicated team responsible for the Dutch Life business is actively managing risks and the capital position to enhance the consistency of remittances to the Group. The main legal entity of the Dutch Life business – Aegon Levensverzekering N.V. – implemented a quarterly remittance policy in the fourth quarter of 2020, and since has remitted EUR 25 million every quarter. Its Solvency II ratio amounts 172% per June 30, 2021, which is above the operating level of 150%.

Growth Markets and Asset Management

In its growth markets – Brazil, Spain & Portugal and China – Aegon will continue to invest in profitable growth. The market consistent value of new business (MCVNB) showed an increase of 15% compared with the first half of 2020. New premium production for property & casualty and accident & health insurance increased by 88% compared with the first half of 2020 as a result of new products launched in Spain & Portugal. The operating result from Brazil decreased to USD 1 million in the first half of 2021 from USD 5 million in the first half of 2020. This was mainly due to higher claims resulting from the COVID-19 pandemic and unfavorable currency movements. These were partly offset by increased operating margins driven by growth.

Aegon Asset Management aims to significantly increase the operating margin of its Global Platforms by improving efficiency and driving growth. Third-party net deposits on the Global Platforms were EUR 2.2 billion in the first half of 2021, driven by significant net deposits on the Fixed Income platform. This builds on Aegon’s track record of positive third-party net deposits. Aegon Asset Management is transitioning to a global operating platform to improve efficiency and customer experience. As an important first step in this process, all front office and risk teams now have access to a shared risk management module Alladin provided by BlackRock.

Smaller, niche or sub-scale businesses

In small markets or markets where Aegon has sub-scale or niche positions, capital will be managed tightly with a bias to exit.

On March 1, 2021, Aegon announced the completion of the sale of Stonebridge, a UK-based provider of accident insurance products, to Global Premium Holdings group, part of Embignell group. Proceeds of GBP 35 million were received in the second half of 2020 and GBP 23 million in the first half of 2021.

Aegon has taken note of an announcement issued by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) on April 7, 2021. The announcement issued by VIG reads as follows: “Acquisition of the Aegon entities prevented by Hungary for the moment. VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe received a decree yesterday afternoon in which the Hungarian Ministry of the Interior announced that the intended acquisition by a foreign investor of the Aegon companies in Hungary is denied. As part of the approval process, Vienna Insurance Group has been in constructive talks with the responsible Hungarian Minister of Finance since January 2021. The decree is in contradiction with the course of the talks to date. Vienna Insurance Group expects that this issue will be resolved positively in the near future.” Aegon will continue to work with VIG to close the transaction.

On April 27, 2021, Transamerica closed the sale of its portfolio of fintech and insurtech companies to a fund managed and advised by Swiss-based private equity firm Montana Capital Partners. The transaction had a positive impact of EUR 40 million on Cash Capital at the Holding in the first half of 2021.

Strengthening the balance sheet

Aegon aims to continue strengthening its balance sheet, and is taking proactive management actions to improve its risk profile and reduce the volatility of its capital ratios.

At the Capital Markets Day on December 10, 2020, Aegon announced its plans to reduce its economic interest rate exposure in the United States by one third to one half in order to reduce its dependency on financial markets and improve its risk profile. At the end of the first half of 2021, Aegon had already executed around over two thirds of this plan through management actions.

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Today, Aegon announced that it is exercising its right to redeem the USD 250 million floating rate perpetual capital securities with a minimum coupon of 4% issued in 2005. After the redemption, Aegon will have reduced its gross financial leverage by approximately EUR 700 million since the third quarter of 2020 to EUR 5.9 billion. Aegon targets to reduce its gross financial leverage to between EUR 5.0 to 5.5 billion by 2023.

2021 Interim dividend

Aegon aims to pay out a sustainable dividend to allow equity investors to participate in the company’s performance, which can grow over time if Aegon’s performance so allows. Aegon targets a dividend per common share of around EUR 0.25 over 2023. At its Capital Markets Day, Aegon guided for muted near-term dividend growth. Since then, Aegon has made steady progress on its strategic priorities and financial targets. As a result, Aegon announces today an interim dividend for 2021 of EUR 0.08 per common share, which represents an increase of EUR 0.02 compared with the interim dividend for 2020.

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Condensed consolidated interim financial information for the perdiods ended June 30, 2021

Financial highlights

Financial overview

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EUR millions 2Q 2021 2Q 2020 % 1Q 2021 % YTD 2021 YTD 2020 %
Americas 282 133 112 163 73 445 262 70
The Netherlands 185 166 11 184 - 370 321 15
United Kingdom 44 37 19 39 12 84 81 3
International 34 33 1 28 20 62 82 (25)
Asset Management 71 33 115 75 (5) 146 71 106
Holding and other activities (54) (56) 4 (59) 8 (112) (112) (1)
Operating result 562 347 62 431 30 993 705 41
Fair value items 468 (698) n.m. 3 n.m. 471 679 (31)
Realized gains / (losses) on investments 162 1 n.m. 31 n.m. 193 16 n.m.
Net impairments 15 (135) n.m. 16 (6) 31 (194) n.m.
Non-operating items 644 (832) n.m. 50 n.m. 694 501 39
Other income / (charges) (153) (909) 83 1 n.m. (152) (1,071) 86
Result before tax 1,053 (1,394) n.m. 482 117 1,536 135 n.m.
Income tax (205) 326 n.m. (96) (114) (301) 68 n.m.
Net result 849 (1,068) n.m. 386 118 1,235 202 n.m.
Net result attributable to:
Owners of Aegon N.V. 842 (1,069) n.m. 383 118 1,226 202 n.m.
Non-controlling interests 6 1 n.m. 3 103 9 1 n.m.
Operating result after tax 454 284 60 357 27 812 594 37
Return on equity 10.4% 6.1% 71 8.8% 19 9.7% 6.6% 46
Operating expenses 961 994 (3) 954 1 1,916 1,985 (3)
of which addressable expenses 706 782 (10) 691 2 1,398 1,571 (15)
Americas 7,930 10,082 (21) 11,013 (28) 18,943 22,485 (16)
The Netherlands 5,131 3,852 33 4,488 14 9,619 7,580 27
United Kingdom 5,207 4,301 21 4,061 28 9,268 7,295 27
International 4 76 (95) 11 (65) 15 163 (91)
Asset Management (Third-party and Strategic
Partnerships only) 36,931 32,337 5 39,778 (15) 76,709 65,043 13
Total gross deposits 55,204 50,649 3 59,351 (12) 114,554 102,566 9
Americas (3,626) (756) n.m. (3,609) - (7,234) (2,270) n.m.
The Netherlands 241 572 (58) 204 18 445 691 (36)
United Kingdom 1,783 2,271 (21) 686 160 2,469 2,054 20
International (2) 44 n.m. 6 n.m. 4 82 (95)
Asset Management (Third-party and Strategic
Partnerships only) 2,915 (218) n.m. 3,119 (7) 6,034 395 n.m.
Total net deposits / (outflows) 1,311 1,912 (31) 407 n.m. 1,718 952 80
Americas 114 97 18 98 17 212 185 15
The Netherlands 16 21 (24) 21 (24) 37 47 (22)
United Kingdom 7 7 7 8 (9) 15 19 (20)
International 35 50 (31) 54 (36) 89 131 (32)
New life sales (recurring plus 1/10 single) 172 175 (2) 181 (5) 353 383 (8)
New premium production accident & health insurance 29 47 (37) 55 (47) 84 121 (30)
New premium production property & casualty insurance 26 23 16 25 4 52 59 (12)
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Note: For 2020 a reclass has been made between operational and non-operational results for the US and TLB related to US macro hedges, periodic intangibles and run off business

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Aegon N.V.
Leverage
2Q 1Q 4Q
2021 2021 2020
Gross financial leverage (EUR millions) 6,070 6,080 5,969
Gross financial leverage ratio (%) 25.8% 26.7% 27.9%
Aegon N.V.
Cash Capital at Holding
EUR millions 2Q 1Q 4Q
2021 2021 2020
Beginning of period 1,191 1,149 1,555
Americas 176 17 29
The Netherlands 25 25 75
United Kingdom - 49 -
International 34 24 29
Asset Management 40 - 14
Holding and other activities - - 20
Gross remittances 275 115 167
Funding and operating expenses (100) (41) (105)
Free cash flow 175 75 61
Divestitures 40 21 -
Capital injections (17) (50) (3)
Capital flows from / (to) shareholders - - (59)
Net change in gross financial leverage - - (411)
Other (4) (4) 7
End of period 1,386 1,191 1,149
Aegon N.V.
Capital ratios
2Q 1Q 4Q
EUR millions 2021 2021 2020
US RBC ratio 444% 428% 432%
NL Life Solvency II ratio 172% 149% 159%
Scottish Equitable plc (UK) Solvency II ratio 163% 158% 156%
Eligible Own Funds 19,436 18,810 18,582
Consolidated Group SCR 9,353 9,676 9,473
Aegon N.V. Solvency II ratio 208% 194% 196%
Eligible Own Funds to meet MCR 8,509 7,869 7,888
Minimum Capital Requirement (MCR) 2,286 2,274 2,326
Aegon N.V. MCR ratio 372% 346% 339%
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Results first half 2021 Worldwide

The net result amounted to EUR 1,235 million in the first half of 2021 compared with EUR 202 million in the first half of 2020. The operating result increased by 41% compared with the first half of 2020 to EUR 993 million in the first half of 2021. This was mainly driven by better claims experience in the Americas, expense savings, and increased fee income due to higher equity markets. This more than offset the reclassification of the result of Central & Eastern Europe from operating result to Other income following the announced divestment of the business (EUR 37 million of earnings for the first half of 2021 are reported as Other income). Non-operating items amounted to EUR 694 million, and reflect fair value gains on investments driven by private equity and real estate revaluations and realized gains on investments. The latter is mainly due to gains on debt securities which were sold to fund investments in long-duration assets as part of the interest rate risk management plan. Other charges amounted to EUR 152 million in the first half of 2021, and include one-time investments related to the operational improvement plan as well as assumption updates for Variable Annuities in the Americas.

Net result

The net result amounted to EUR 1,235 million in the first half of 2021, compared with EUR 202 million in the first half of 2020. This reflects an improvement in the operating result, non-operating items and Other charges.

The gain from fair value items amounted to EUR 471 million in the first half of 2021. This was driven by fair value gains on investments driven by private equity and real estate revaluations.

Realized gains on investments amounted to EUR 193 million in the first half of 2021, mainly due to gains on debt securities which were sold to fund investments in long-duration assets as part of the interest rate risk management plan.

Net recoveries amounted to EUR 31 million in the first half of 2021, as recoveries on investments – including the unsecured loan portfolio in the Netherlands, and corporate credits and mortgage-backed securities in the Americas – more than offset gross impairments.

Other charges amounted to EUR 152 million in the first half of 2021, compared with EUR 1,071 million in the first half of 2020. The improvement is largely caused by lower charges from assumption updates in the Americas. These amounted to EUR 126 million in the first half of 2021, compared with EUR 834 million in the first half of 2020. This year’s assumption changes were mainly driven by more conservative assumptions for Variable Annuities surrender rates to reflect portfolio and industry experience. Last year’s assumption changes included a charge for the lowering of the long-term interest rate assumption from 4.25% to 2.75%, as well as changes to Universal Life premium persistency and mortality rate assumptions and a reduction of the morbidity improvement assumption for Long-Term Care. One-time investments related to the operational improvement plan, along with charges related to settlements of litigation in the Americas, were almost fully offset by the release of a technical provision in the Netherlands following a settlement related to a co-insurance contract.

Income tax

Income tax was a loss of EUR 301 million in the first half of 2021, while the result before tax was a benefit of EUR 68 million in the first half of 2020.

Operating result

The operating result increased by 41% compared with the first half of 2020 to EUR 993 million in the first half of 2021. This was mainly driven by better claims experience in the Americas, expense savings, and increased fees due to higher equity markets. This more than offset the reclassification of the result of Central & Eastern Europe from operating result to Other income following the announced divestment of the business.

• The operating result of the Americas increased by 70% compared with the first half of 2020 to EUR 445 million in the first half of 2021, driven by better morbidity claims experience related to the COVID-19 pandemic, increased fee income due to higher equity markets, and lower operating expenses.

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• Aegon’s operating result in the Netherlands increased by 15% compared with the second half of 2020 to EUR 370 million in the first half of 2021. This was mainly driven by a higher investment margin in the Life business, growth in Mortgages, and the benefit of expense savings initiatives.

• The operating result from the United Kingdom amounted to EUR 84 million in the first half of 2021, an increase of 3% compared with the first half of 2020. Higher fee revenues from the growth of the platform business and favorable equity markets, along with lower expenses, more than offset the impacts from the loss of earnings due to the sale of Stonebridge, the gradual run-off of the traditional product portfolio and adverse claims experience in the protection business related to COVID-19.

• The operating result from International amounted to EUR 62 million in the first half of 2021, which was EUR 20 million or 25% below the operating result in the first half of 2020, following the reclassification of the result of Central & Eastern Europe from operating result to Other income. Adjusting for this impact, the operating result increased by EUR 29 million, driven by better results in Spain & Portugal and at TLB, the high-net-worth business.

• The operating result from Aegon Asset Management was up by 106% compared with the first half of 2020 to EUR 146 million in the first half of 2021. The increase was mostly driven by higher management fees and performance fees in Aegon’s Chinese asset management joint venture, Aegon Industrial Fund Management Company (AIFMC).

• The result from the Holding was relatively stable compared with the first half of 2020 at EUR 112 million in the first half of 2021.

Operating expenses

Operating expenses decreased by 4% compared with the first half of 2020 to EUR 1,916 million in the first half of 2021. The decline in addressable expenses, lower IFRS 9 / 17 project costs, and favorable currency movements were partly offset by higher one-time investments, which included EUR 177 million related to the operational improvement plan in the first half of 2021.

Addressable expenses decreased by 15% compared with the first half of 2020 to EUR 1,398 million. This was mainly driven by expense savings initiatives as part of the operational improvement plan. Furthermore, expenses benefited from lower travel, marketing, and sales activities due to the impact of the COVID-19 pandemic. Addressable expenses in both the first half of 2020 and the first half of 2021 exclude expenses related to Central & Eastern Europe following the announced divestment of the business.

Production

New life sales declined by 8% compared with the first half of 2020 to EUR 353 million. This was mainly driven by exclusion of new life sales from Central & Eastern Europe following the announced divestment of the business. Adjusting for this impact, new life sales were down by 8% compared with the first half of 2020. This was mostly driven by higher sales in the Americas, where Indexed Universal Life sales benefited from an increase in licensed agents at World Financial Group, and a higher market share in this distribution channel.

New premium production for accident & health insurance decreased by 30% compared with the first half of 2020 to EUR 83 million in the first half of 2021. This was mainly due to lower sales in the Americas following last year’s decision to exit the individual Medicare supplement segment, and the fact that last year’s first half included sales of three, larger contracts in Workplace Solutions that did not repeat this year.

New premium production for property & casualty decreased by 12% compared with the first half of 2020 to EUR 52 million in the first half of 2021. This was mainly driven by derecognition of Central & Eastern Europe production following the announced divestment of the business. Adjusting for this impact, sales increased by 98%, mainly as a result of higher sales in Spain & Portugal.

Net deposits increased from EUR 1.0 billion in the first half of 2020 to EUR 1.7 billion in the first half of 2021, as higher net deposits in Asset Management were partly offset by higher net outflows in the Americas. Asset Management grew its net deposits by EUR 5.6 billion compared with the first half of 2020. Both Aegon’s Global Platforms business and its Chinese asset management joint venture, AIFMC, recorded an increase in net deposits. Net outflows in the Americas increased by EUR 5.0 billion compared with the first half of 2020. These net outflows were mainly attributable to outflows in the large market segment of Retirement Plans and Variable Annuities. The latter reflects Aegon’s decision to stop the sale of Variable Annuities with significant interest rate sensitive living benefit riders and increased surrenders in part of the book.

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Capital management

Shareholders’ equity excluding revaluation reserves increased by EUR 0.8 billion compared with December 31, 2020 to EUR 23.6 billion on June 30, 2021. The increase was mainly driven by retained earnings and favorable currency movements.

The gross financial leverage ratio improved by 210 basis points compared with December 31, 2020 to 25.8% on June 30, 2021. This was driven by retained earnings.

Solvency II ratio

Aegon’s Group Solvency II ratio increased from 196% to 208% during the first half of 2021 as a result of favorable market movements and one-time items. The benefit from market movements was mainly driven by favorable equity market movements in the United States, and private equity and real estate revaluations in the United States and the Netherlands. The benefit from one-time items was mainly driven by management actions and model changes in the Netherlands.

Cash Capital at Holding and free cash flow

Aegon’s Cash Capital at the Holding increased from EUR 1,149 million at the end of 2020 to EUR 1,386 million on June 30, 2021, which is in the upper half of the operating range of EUR 0.5 billion to EUR 1.5 billion. Free cash flow to the Holding of EUR 250 million resulted from EUR 390 million gross remittances from the units and EUR 141 million holding funding and operating expenses. In addition, EUR 61 million proceeds were received by the Holding in the first half of 2021 from the divestments of Stonebridge and Transamerica’s portfolio of fintech and insurtech companies. These cash inflows were partly offset by EUR 67 million capital injections, mainly to fund one-time investments related to the operational improvement plan.

In the third quarter of 2021, Aegon expects to inject approximately EUR 40 million in its joint venture in Brazil in light of adverse mortality experience attributable to COVID-19, and to strengthen the balance sheet to support its growth.

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Condensed consolidated interim financial statements

Condensed consolidated income statement
2Q 2Q EUR millions Notes 2021 2020	YTD YTD 2021 2020
Premium income 4 3,909 3,898 Investment income 5 1,641 1,787 Fee and commission income 653 585 Other revenues 4 1 Total revenues 6,207 6,272 Income from reinsurance ceded 766 1,022 Results from financial transactions 6 11,294 24,352 Other income - 1 Total income 18,267 31,647 Benefits and expenses 7 17,203 32,818 Impairment charges/ (reversals) (9) 152 Interest charges and related fees 83 115 Other charges 8 54 15 Total charges 17,330 33,101 Share inprofit/ (loss)ofjoint ventures 69 50 Share in profit / (loss) of associates 28 1 Result before tax 1,034 (1,403) Income tax (expense) / benefit 9 (185) 335 Net result 849 (1,068) Net result attributable to: Owners of Aegon N.V. 842 (1,069) Non-controllinginterests 6 1	7,867 8,744 3,734 4,034 1,327 1,170 4 2 12,933 13,951 1,686 1,952 13,181 (4,685) 41 55 27,840 11,273 26,268 10,700 3 246 167 233 58 101 26,497 11,280 136 115 13 3 1,492 111 (257) 92 1,235 202 1,226 202 9 1
Earnings per share(EUR per share) 13 Basic earnings per common share 0.40 (0.53) Basic earnings per common share B 0.01 (0.01) Diluted earnings per common share 0.40 (0.53) Diluted earningsper common share B 0.01 (0.01)	0.58 0.08 0.01 - 0.58 0.08 0.01 -

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Condensed consolidated statement of comprehensive income
2Q 2Q EUR millions Notes 2021 2020	YTD YTD 2021 2020
Net result 849 (1,068) Other comprehensive income: Items that will not be reclassified toprofit or loss: Changes in revaluation reserve real estate held for own use - - Remeasurements of defined benefitplans (7) (636) Income tax relatingto items that will not be reclassified 1 117 Items that may be reclassified subsequently toprofit or loss: Gains/ (losses)on revaluation of available-for-sale investments 1,227 2,978 Gains / (losses) transferred to the income statement on disposal and impairment of available-for-sale investments (155) 91 Changes in cash flow hedgingreserve 69 (366) Movement in foreign currency translation and net foreign investment hedgingreserve (98) (401) Equitymovements ofjoint ventures 2 (4) Equitymovements of associates (3) 4 Disposal ofgroupassets (9) (1) Income tax relatingto items that maybe reclassified (236) (568) Other 9 1 Total other comprehensive income / (loss) for the period 799 1,213 Total comprehensive income/ (loss) 1,648 145	1,235 202 - (1) 483 (48) (115) 8 (1,349) 1,468 (218) 110 (69) 302 547 (167) (1) 8 (6) 7 (3) (10) 356 (406) 18 1 (356) 1,272 879 1,474
	870 1,473 9 1
Owners of Aegon N.V.
Non-controllinginterests

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Condensed consolidated statement of financial position
EUR millions Notes June 30,2021 December 31,2020
Assets Cash and cash equivalents 7,786 8,372 Investments 10 156,609 157,595 Investments for account ofpolicyholders 11 241,693 224,172 Derivatives 11,501 13,986 Investments injoint ventures 1,522 1,376 Investments in associates 1,265 1,264 Reinsurance assets 19,395 18,910 Deferred expenses 9,662 8,799 Other assets and receivables 8,580 9,009 Intangible assets 1,401 1,386 Total assets 459,413 444,868 Equity and liabilities Shareholders' equity 23,627 22,815 Other equity instruments 2,556 2,569 Issued capital and reserves attributable to owners 26,183 25,384 of Aegon N.V. Non-controlling interests 155 75 Group equity 26,338 25,459 Subordinated borrowings 2,131 2,085 Trustpass-through securities 125 126 Insurance contracts 120,677 122,146 Insurance contracts for account ofpolicyholders 143,952 135,441 Investment contracts 22,402 21,075 Investment contracts for account ofpolicyholders 100,610 91,624 Derivatives 13,395 14,617 Borrowings 14 9,303 8,524 Other liabilities 20,480 23,771 Total liabilities 433,075 419,410 Total equity and liabilities 459,413 444,868

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Condensed consolidated statement of changes in equity EUR millions Share capital1	Condensed consolidated statement of changes in equity EUR millions Share capital1	Retained earnings Revaluation reserves Remeasurement of defined benefitplans Other reserves Other equity instruments Issued capital and reserves2 Non- controlling interests Total	Retained earnings Revaluation reserves Remeasurement of defined benefitplans Other reserves Other equity instruments Issued capital and reserves2 Non- controlling interests Total	Retained earnings Revaluation reserves Remeasurement of defined benefitplans Other reserves Other equity instruments Issued capital and reserves2 Non- controlling interests Total
Six months ended June 30, 2021
At beginningofyear	7,480	10,943 7,480 (2,534) (554) 2,569	25,384 75	25,459
Net result recognized in the income statement - Other comprehensive income: Items that will not be reclassified toprofit or loss: Remeasurements of defined benefitplans - Income tax relatingto items that will not be reclassified - Items that may be reclassified subsequently toprofit or loss: Gains / (losses) on revaluation of available-for-sale investments - Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments - Changes in cash flow hedgingreserve - Movement in foreign currency translation and net foreign investment hedgingreserves - Equitymovements ofjoint ventures - Equitymovements of associates -		1,226 - - - - - - 483 - - - - (115) - - - (1,349) - - - - (218) - - - - (69) - - - - 193 (33) 387 - - - - (1) - - - - (6) -	1,226 9 483 - (115) - (1,349) - (218) - (69) - 547 - (1) - (6) -	1,235 483 (115) (1,349) (218) (69) 547 (1) (6)
Gains / (losses) on revaluation of available-for-sale investments
Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments
Changes in cash flow hedgingreserve
Movement in foreign currency translation and net foreign investment hedgingreserves
Equitymovements ofjoint ventures
Equitymovements of associates
Disposal ofgroupassets	-	- - - (3) -	(3) -	(3)
Income tax relatingto items that maybe reclassified		- 353 - 4 - 18 - - - - 18 (1,090) 334 381 - 1,244 (1,090) 334 381 - 71 - - - - (52) - - - - (23) - - - - - - - - (13) - - - - - 12,184 6,390 (2,200) (172) 2,556	356 - 18 - (356) - 870 9 71 - (106) - (23) - (13) - - 71 26,183 155	356 18 (356) 879 71 (106) (23) (13) 71 26,338
		10,981 5,873 (2,397) 456 2,571 202 - - - - - (1) - - - - - (48) - - - - 8 - -	25,020 20 202 1 (1) - (48) - 8 -	25,040 202 (1) (48) 8
		- 1,468 - - - - 110 - - - - 302 - - - - (49) 19 (137) - - - - 8 - - - - 7 - - - - (10) - - (401) - (4) -	1,468 - 110 - 302 - (167) - 8 - 7 - (10) - (406) -	1,468 110 302 (167) 8 7 (10) (406)
Gains / (losses) on revaluation of available-for-sale investments
disposal and impairment of available-for-sale investments
Changes in cash flow hedgingreserve
net foreign investment hedgingreserves
Equitymovements ofjoint ventures
Equitymovements of associates
Disposal ofgroupassets
Income tax relatingto items that maybe reclassified
Other -		1 - - - -	1 -	1
Total other comprehensive income - Total comprehensive income/ (loss) for 2020 -		1 1,429 (22) (136) - 203 1,429 (22) (136) -	1,272 - 1,473 1	1,272 1,474
Issuance andpurchase of(treasury)shares	-	9 - - - -	9 -	9
Coupons onperpetual securities		(28) - - - - 11 - - - (14) - - - - - 11,176 7,302 (2,419) 319 2,557	(28) - (3) - - 1 26,472 22	(28) (3) 1 26,494

1 Please refer to the note on share capital for a breakdown.

2 Issued capital and reserves attributable to owners of Aegon N.V.

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Condensed consolidated cash flow statement

Condensed consolidated cash flow statement
EUR millions	YTD 2021	YTD 2020
Result before tax	1,492	111
Results from financial transactions	(14,167)	4,944
Amortization and depreciation	435	268
Impairment losses	(2)	242
Income from joint ventures	(136)	(115)
Income from associates	(13)	(3)
Release of cash flow hedging reserve	(53)	(59)
Other	19	(81)
Adjustments of non-cash items	(13,917)	5,197
Insurance and investment liabilities	(1,352)	4,543
Insurance and investment liabilities for account of policyholders	11,207	(9,550)
Accrued expenses and other liabilities	(747)	43
Accrued income and prepayments	234	(794)
Changes in accruals	9,342	(5,758)
Purchase of investments (other than money market investments)	(18,784)	(22,569)
Purchase of derivatives	(633)	479
Disposal of investments (other than money market investments)	20,748	14,707
Disposal of derivatives	(154)	2,125
Net purchase of investments for account of policyholders	4,274	2,461
Net change in cash collateral	(2,374)	4,840
Net purchase of money market investments	(1,410)	(2,340)
Cash flow movements on operating items not reflected in income	1,667	(297)
Tax received / (paid)	63	(53)
Other	11	7
Net cash flows from operating activities	(1,343)	(794)
Purchase of individual intangible assets (other than VOBA and future servicing rights)	(14)	(17)
Purchase of equipment and real estate for own use	(26)	(27)
Acquisition of subsidiaries, net of cash	(1)	(14)
Acquisition joint ventures and associates	(23)	(20)
Disposal of individual intangible assets (other than VOBA and future servicing rights)	-	1
Disposal of equipment	1	1
Disposal of subsidiaries, net of cash	36	-
Disposal joint ventures and associates	-	157
Dividend received from joint ventures and associates	34	20
Net cash flows from investing activities	6	101
Issuance of treasury shares	16	20
Proceeds from TRUPS1, subordinated loans and borrowings	3,496	2,434
Repayment of TRUPS1, subordinated loans and borrowings	(2,821)	(2,791)
Coupons on perpetual securities	(31)	(33)
Payment of Right-of-use Assets	(27)	(32)
Equity contributions non-controlling interests	71	1
Net cash flows from financing activities	704	(400)
Net increase / (decrease) in cash and cash equivalents2	(633)	(1,093)
Net cash and cash equivalents at the beginning of the reporting period	8,372	12,263
Effects of changes in exchange rate	47	(32)
Net cash and cash equivalents at the end of the reporting period	7,786	11,138

1 Trust pass-through securities

2 Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 1,117 million (2020: EUR 2,509 million) dividends received EUR 80 million (2020: EUR 1,187 million) and interest paid EUR 3 million (2020: EUR 190 million). All included in operating activities except for dividend received from joint ventures and associates EUR 34 million (2020: EUR 20 million).

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Notes to the Condensed consolidated interim financial statements

Amounts are in EUR millions, unless otherwise stated.

Aegon N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law and recorded in the Commercial Register of The Hague under number 27076669 and with its registered address at Aegonplein 50, 2591 TV, The Hague, the Netherlands. Aegon N.V. serves as the holding company of its subsidiaries (collectively, ‘Aegon’ or ‘the Group’) and has listings of its common shares in Amsterdam and New York.

Headquarters are located in The Hague, the Netherlands. The Group employs over 22,000 people worldwide.

1. Basis of presentation

The condensed consolidated interim financial statements as at, and for the three-month (‘2Q 2021’) and six-month periods ended, June 30, 2021 (‘YTD 2021’), have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, as adopted by the European Union (hereafter ‘IFRS-EU’). They do not include all of the information required for a full set of financial statements prepared in accordance with IFRS-EU and should therefore be read together with the 2020 consolidated financial statements of Aegon N.V. as included in Aegon’s Integrated Annual Report for 2020. Aegon’s Integrated Annual Report for 2020 is available on its website (aegon.com).

The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements as at, and for the periods ended, June 30, 2021, were approved by the Supervisory Board on August 11, 2021.

The condensed consolidated interim financial statements are presented in euro (EUR) and all values are rounded to the nearest million unless otherwise stated. The consequence is that the rounded amounts may not add up to the rounded total in all cases.

The published figures in these condensed consolidated interim financial statements are unaudited.

2. Significant accounting policies

All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2020 consolidated financial statements. New IFRS accounting standards and amendments that became effective on or after January 1, 2021 had no impact on Aegon’s financial position or condensed consolidated interim financial statements (refer to paragraph 2.1).

2.1. New IFRS accounting standards effective from 2021

In August 2020, the IASB issued the ‘Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)’. The Phase 2 amendments provide temporary reliefs which address issues that might affect financial reporting during the interest rate benchmark reform, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. The Phase 2 amendments became effective on or after January 1, 2021 and have been endorsed by the European Union.

The Phase 2 amendments had no impact on Aegon’s financial position or condensed consolidated interim financial statements. Aegon continues to follow the developments of interest rate benchmark reform and intends to use the Phase 2 reliefs when applicable.

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2.2. Future adoption of new IFRS-EU accounting standards and amendments

For a complete overview of IFRS standards and amendments issued before January 1, 2021, which will be applied in future years and were not early adopted by the Group, please refer to Aegon’s Integrated Annual Report for 2020.

In February 2021, the IASB issued the following amendments:

• Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); and

• Definition of Accounting Estimates (Amendments to IAS 8).

These amendments are effective for annual reporting periods beginning on, or after, January 1, 2023, with early application permitted and have not been endorsed by the European Union. Aegon is assessing the impact of these amendments.

In March 2021, the IASB issued the ‘COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)’. The amendment is effective for annual reporting periods beginning on, or after, April 1, 2021, with early application permitted and has not been endorsed by the European Union. Impact of this amendment is not expected to be significant to Aegon’s financial position or condensed consolidated interim financial statements.

In May 2021, the IASB issued the ‘Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)’. The amendment is effective for annual reporting periods beginning on, or after, January 1, 2023, with early application permitted and have not been endorsed by the European Union. Aegon is assessing the impact of the amendments.

2.3. Judgments and critical accounting estimates

Preparing the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions, including the likelihood, timing or amount of future transactions or events, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. These estimates are inherently subject to change and actual results could differ from those estimates.

Uncertainty resulting from COVID-19

In the first six-month period of 2021 the COVID-19 pandemic continued to cause significant disruption to business, markets, and the industry. Progress on vaccinations has reduced the spread of COVID-19 and will likely continue to reduce the effects of the public health crisis on the economy. However, the pace of vaccinations has slowed, and new strains of the virus remain a risk. Equity markets in Aegon’s three core markets declined in the first half of 2020. Subsequently, equity markets increased as a result of fiscal stimulus, quantitative easing by central banks and roll-out of vaccines. Although interest rates remain low, they are well above lower levels of interest rates observed in early 2020.

Aegon’s net result amounted to EUR 1,235 million for the first six-month period of 2021, compared with EUR 202 million for the same period in 2020, and reflects strong operating result and fair value gains on investments from favorable market movements. In the first six-month period of 2021 Aegon’s operating result in the Americas was impacted by EUR 165 million of adverse mortality in Life, of which EUR 103 million (first six-month period of 2020: EUR 34 million) of claims are directly attributable to COVID-19 as the cause of death. This was offset by favorable morbidity experience in Accident & Health and is mostly related to Long-Term Care insurance with higher claims terminations due to higher mortality and discharges from care facilities. When the impacts of the COVID-19 pandemic subside, Aegon expects the number of new Long-Term care claims to reverse. In the first six-month period of 2021 the total impairment charges amounted to EUR 3 million, compared with EUR 246 million in the first six-month period of 2020. In 2020, impairment losses were significantly higher than in previous reporting periods and were the result of the uncertainty in the market and adverse impact of COVID-19. Aegon recorded impairments primarily in the energy, energy maintenance technologies, and communications sectors.

Aegon Group’s Solvency II capital position remained at a strong level increasing from 196% to 208% in the first half year of 2021.

Aegon continues to monitor the relevant market and the economic factors to proactively manage the associated risks. Management believes that the most significant risks are related to financial markets (particularly credit, equity, and interest rates risks) and underwriting risks (particularly related to mortality, morbidity, and policyholder behavior).

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Actuarial and economic assumptions

In the first six-month period of 2021, Aegon implemented actuarial assumption and model updates resulting in a net EUR 86 million charge to income before tax (first six-month period of 2020: EUR 850 million charge). This is mainly related to Aegon’s businesses in the Americas and the Netherlands.

The indexation assumption for a specific pensions portfolio linked to Dutch industry pension funds has updated after a sharp rise of the price inflation curve. Instead of a historical analysis, the substantiation of the updated indexation assumption will be based on a new forward-looking method that also takes into account the drivers (coverage ratio, asset mix, expected returns) for indexation pay-out by industry pension funds. The updated indexation assumption resulted in a lower market value liability of EUR 75 million. The release of the liability has been recorded as part of Benefits and expenses and in Other income for segment reporting purposes.

In addition, the Variable Annuities Guaranteed Lifetime Withdrawal Benefit (VA GLWB) surrender floor in the Americas has been updated to reflect latest portfolio and industry experience. The impact of this assumption change resulted in an EUR 123 million charge to income before tax and has been recorded as part of Benefits and expenses and in Other income / (Charges) for segment reporting purposes.

Sensitivities

Sensitivity on variable annuities and variable life insurance products in the United States

Sensitivities of Aegon’s variable annuities and variable life insurance products in the United States on expected long-term equity growth rate have not significantly changed compared to the sensitivities as reported in the Aegon’s 2020 Integrated Annual Report, except for sensitivities to mortality assumption and lapse rate.

A relative increase of 10% to the mortality assumption, dependent on product and characteristics of the block of business, would reduce net result by approximately EUR 136 million (December 31, 2020: EUR 124 million). A relative 20% increase in the lapse rate assumption would increase net result by approximately EUR 58 million (December 31, 2020: EUR 89 million).

Sensitivity on liability adequacy test (LAT) in the Netherlands

At June 30, 2021 the liability adequacy test (LAT) of Aegon the Netherlands remains in a deficit position. The LAT assesses the adequacy of the insurance liabilities by comparing them to their fair value. Aegon the Netherlands adjusts the outcome of the LAT for certain unrealized gains in the bond portfolio and certain differences between the fair value and the book value of assets measured at amortized cost, mainly residential mortgages. Please also refer to Note 2.19f Liability adequacy testing of Aegon’s 2020 Integrated Annual Report for further details on the accounting policy.

The LAT deficit per June 30, 2021 in Aegon the Netherlands amounted to EUR 4.7 billion (December 31, 2020: EUR 7.0 billion), which was partially offset by the shadow loss recognition of EUR 3.4 billion (December 31, 2020: EUR 4.5 billion), resulting in a net deficit of EUR 1.3 billion (December 31, 2020: EUR 2.5 billion). The improvement of the LAT deficit amounting to EUR 1.2 billion is driven by market movements (mainly increased interest rates and tightened credit spreads) and is recorded in the income statement as part of benefits and expenses for the six-month period ended June 30, 2021.

Sensitivities of Aegon the Netherlands on bond credit spread, mortgage spread and liquidity premium assumptions to assess the impact on the LAT have not significantly changed compared to the sensitivities as reported in the 2020 Aegon’s Integrated Annual Report, except for sensitivities to interest rate. An increase of 100 bps in interest rate would result in a decrease in LAT deficit of EUR 3.2 billion (December 31, 2020: EUR 3.9 billion). A decrease of 100 bps would result in an increase in LAT deficit of approximately EUR 4.3 billion (December 31, 2020: EUR 5.2 billion).

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2.4. Other

Taxes

Taxes on income for the six-month period ended June 30, 2021, are calculated using the tax rate that is estimated to be applicable to earnings for the full year.

Exchange rates

Assets and liabilities of foreign operations are translated to the presentation currency at the closing rates on the reporting date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date, if more appropriate. The following exchange rates (most important rates) are applied for the condensed consolidated interim financial statements:

Closing exchange rates

Closing exchange rates
			USD	GBP
June 30, 2021	1	EUR	1.1859	0.8594
December 31, 2020	1	EUR	1.2236	0.8951

Weighted average exchange rates

Weighted average exchange rates
			USD	GBP
Six months ended June 30, 2021	1	EUR	1.2052	0.8678
Six months ended June 30, 2020	1	EUR	1.1017	0.8737

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3. Segment information

3.1. Change in name convention of performance measure

Aegon has changed the name convention of its primary performance measure to improve alignment with industry practice. As of 2021, Aegon will no longer refer to underlying earnings before tax for segment reporting purposes, instead Aegon will refer to Operating result. Furthermore, Aegon introduced a new grouping of non-operating result which is the sum of Fair value items, Realized gains / (losses) on investments, and Net impairments. Other income / charges remains a separate category outside of Aegon’s operating result.

3.2. Change in measurement of performance measure

In addition, Aegon has changed the measurement of its operating result from January 1, 2021. The following changes have been made:

1. The running cost of the US macro hedge related to the variable annuity portfolio are recorded within Operating result instead of in Fair value items. Management views this as a better reflection of Aegon’s operating performance and will make Aegon’s operating result more relevant.

2. The periodic intangibles unlocking in the US Life and Transamerica Life Bermuda (‘TLB’) business is recorded in Fair value items, instead of Operating result, to improve the insight in Aegon’s recurring operating result.

3. Results from run-off businesses in the US are part of Aegon’s operating result. The results of run-off businesses were previously recorded outside of Aegon’s operating result. Based on management actions executed in prior years the importance of run-off businesses has diminished and continuing to report this as a separate line item is considered no longer relevant.

4. Following the announcement to sell Aegon’s operations in CEE, results from these businesses, previously reported in operating result, are prospectively recorded within Other income / charges.

For segment reporting purposes, the impact of these changes in measurement compared to the first six-months of 2020 was an increase in Aegon’s consolidated operating result of EUR 5 million, as certain gains are no longer reported in Fair value items (EUR 1 million) and results of Run-off businesses are no longer separately reported (EUR 4 million gain). There is no impact on Aegon’s net result, shareholders’ equity, dividend per share, or any of the main schedules included in Aegon’s Condensed Consolidated Interim Financial Statements, in any of the reporting periods. Comparative numbers have been restated in Aegon’s segment reporting note, enabling a like for like comparison, with the exception of the reclassification of the results from Aegon’s operations in CEE to Other income / charges which is applied prospectively.

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3.3. Segment results

The following table presents Aegon’s segment results.

EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated	EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated	EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated
Three months ended June 30, 2021 Operating result geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Non-operating items Other income / (charges) Result before tax Income tax (expense) / benefit Net result
	282 185 44 34 71 (54) 1 562 380 110 (18) (2) 1 (3) - 468 149 8 - 3 - 2 - 162 (4) (4) - - - (5) - (13) 15 13 - - - - - 28 540 126 (18) 1 1 (7) - 644 (212) 93 9 14 (4) (53) - (153) 611 404 35 49 68 (114) - 1,053 (104) (101) 11 (11) (23) 23 - (205) 507 303 47 38 46 (92) - 849	10 572 (38) 430 (2) 160 - (13) - 28 (40) 605 10 (143) (20) 1,034 20 (185) - 849
Inter-segment operating result after tax Revenues Life insurance gross premiums Accident and health insurance Property & casualty insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues	(5) (24) (23) (8) 47 14
	1,788 315 1,242 295 - - - 3,640 305 39 - 20 - - - 364 - 35 - 108 - - - 143 2,093 389 1,242 424 - - - 4,147 704 525 344 88 3 60 (64) 1,659 446 68 51 14 210 - (45) 745 3 - - 1 - 3 - 7 3,246 981 1,637 527 213 64 (109) 6,559	(183) 3,457 (12) 352 (43) 99 (238) 3,909 (18) 1,641 (92) 653 (3) 4 (351) 6,207
Inter-segment revenues	- 3 - - 45 61
EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated
Three months ended June 30, 2020 Operating result geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Non-operating items Other income / (charges) Result before tax Income tax (expense) / benefit Net result
	133 166 37 33 33 (55) (1) 347 (104) (552) (56) (2) 8 7 - (698) (6) (1) - 8 - - - 1 (94) (46) - (3) - - - (143) 7 1 - - - - - 8 (196) (598) (56) 3 8 7 - (832) (829) (36) 8 (28) - (24) - (909) (893) (468) (11) 9 41 (72) (1) (1,394) 220 110 3 (2) (11) 7 - 326 (673) (358) (8) 6 30 (65) (1) (1,068)	2 348 (10) (708) (1) 1 - (143) - 8 (11) (843) - (909) (9) (1,403) 9 335 - (1,068)
Inter-segment operating result after tax Revenues Life insurance gross premiums Accident and health insurance Property & casualty insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues	(7) (23) (22) (10) 45 18 1,794 327 1,166 245 - 1 (1) 3,533 366 31 6 26 - - - 430 - 33 - 91 - - - 124 2,160 392 1,173 362 - 1 (1) 4,087 757 568 387 93 2 65 (71) 1,801 402 60 48 12 165 - (43) 644 2 - - - 1 1 - 4 3,320 1,020 1,608 467 168 67 (115) 6,535	(147) 3,386 (11) 419 (30) 93 (188) 3,898 (14) 1,787 (59) 585 (3) 1 (264) 6,272
Inter-segment revenues	- 5 - - 43 66

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EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated	EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated	EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated
Six months ended June 30, 2021 Operating result geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Non-operating items Other income / (charges) Result before tax Income tax (expense) / benefit Net result
	445 370 84 62 146 (112) - 993 328 180 (66) (2) (1) 31 1 471 171 16 - 3 2 1 - 193 (7) (2) - - - (6) - (16) 24 14 - 1 - 8 - 47 515 208 (66) 1 - 34 1 694 (218) 126 6 29 (6) (89) - (152) 742 704 24 91 141 (166) 1 1,536 (112) (172) 12 (18) (44) 33 - (301) 630 532 35 73 97 (133) 1 1,235	(33) 960 (18) 452 (5) 188 - (16) - 47 (23) 671 12 (140) (44) 1,492 44 (257) - 1,235
Inter-segment operating result after tax Revenues Life insurance gross premiums Accident and health insurance Property & casualty insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues	(12) (46) (45) (16) 93 26
	3,479 707 2,384 635 - - - 7,206 620 181 3 140 - - - 944 - 68 - 215 - - - 283 4,099 956 2,387 990 - - - 8,433 1,408 1,025 1,163 176 5 120 (128) 3,769 919 140 102 28 423 - (89) 1,524 5 - - 1 1 4 - 10 6,432 2,121 3,653 1,196 429 123 (217) 13,736	(437) 6,768 (45) 899 (83) 200 (565) 7,867 (35) 3,734 (197) 1,327 (6) 4 (803) 12,933
Inter-segment revenues	- 6 - - 89 122
EUR millions Americas The Netherlands United Kingdom International Asset management Holdings and other activities Eliminations Segment total Joint ventures and associates eliminations Consolidated
Six months ended June 30, 2020 Operating result geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Non-operating items Other income / (charges) Result before tax Income tax (expense) / benefit Net result
	262 321 81 82 71 (113) 1 705 (754) 1,380 89 (8) (7) (21) - 679 5 2 - 8 1 - - 16 (134) (66) - (5) - (4) - (209) 15 - - - - - - 15 (868) 1,316 89 (5) (6) (24) - 501 (938) (48) (53) 25 - (56) - (1,071) (1,545) 1,589 117 102 64 (193) 1 135 380 (315) (3) (11) (18) 34 - 68 (1,165) 1,274 114 91 46 (159) 1 202	10 714 (30) 649 (5) 11 - (209) - 15 (35) 467 1 (1,070) (24) 111 24 92 - 202
Inter-segment operating result after tax Revenues Life insurance gross premiums Accident and health insurance Property & casualty insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues	(18) (45) (44) (18) 92 35
	3,617 978 2,735 611 - 4 (3) 7,942 728 169 13 150 - - - 1,060 - 66 - 194 - - - 260 4,345 1,212 2,748 955 - 4 (3) 9,262 1,562 1,063 1,259 187 3 129 (139) 4,063 796 125 98 26 336 - (89) 1,291 4 - - 1 1 2 - 8 6,707 2,400 4,105 1,168 340 135 (231) 14,624	(416) 7,526 (37) 1,022 (65) 195 (518) 8,744 (29) 4,034 (121) 1,170 (6) 2 (673) 13,951
Inter-segment revenues	- 9 - - 89 133

Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies.

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3.4. Investments

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.

EUR Millions Americas The Netherlands United Kingdom International Asset Management Holding and other activities Eliminations Total	EUR Millions Americas The Netherlands United Kingdom International Asset Management Holding and other activities Eliminations Total
June 30, 2021 Investments Shares 482 1,342 36 76 9 9 - Debt securities 59,063 27,613 1,216 7,969 13 - - Loans 10,776 35,508 - 108 - 40 - Other financial assets 8,863 84 749 133 84 13 - Investments in real estate 37 2,370 - 16 - - - Investmentsgeneral account 79,222 66,916 2,001 8,302 106 62 - Shares - 8,934 18,442 246 - - (3) Debt securities - 11,827 7,587 144 - - - Unconsolidated investment funds 112,002 718 71,112 627 - - - Other financial assets - 4,220 5,349 3 - - - Investments in real estate - - 485 - - - - Investments for account of policyholders 112,002 25,700 102,975 1,020 - - (3) Investments on balance sheet 191,223 92,616 104,975 9,322 106 62 (3) Off balance sheet investments third parties 228,997 6,890 134,473 2,084 198,612 - - Total revenuegenerating investments 420,220 99,505 239,448 11,406 198,718 62 (3)	1,953 95,874 46,432 9,927 2,423 156,609 27,620 19,557 184,459 9,572 485 241,693 398,302 571,054 969,356
Investments on balance sheet
Off balance sheet investments third parties Total revenuegenerating investments
Investments Available-for-sale 65,045 26,080 1,400 8,167 66 19 - Loans 10,776 35,508 - 108 - 40 - Financial assets at fair value throughprofit or loss 115,365 28,657 103,091 1,031 40 3 (3) Investments in real estate 37 2,370 485 16 - - - Total investments on balance sheet 191,223 92,616 104,975 9,322 106 62 (3)	100,777 46,432 248,185 2,908 398,302
Investments injoint ventures - 346 - 881 296 - - Investments in associates 62 1,012 8 19 156 21 (15) Other assets 35,320 15,194 4,815 2,655 428 33,343 (33,432) Consolidated total assets 226,606 109,168 109,799 12,877 986 33,427 (33,450)	1,522 1,265 58,324 459,413
EUR Millions Americas The Netherlands United Kingdom International Asset Management Holding and other activities Eliminations Total
December 31, 2020 Investments Shares 442 1,376 34 74 9 44 - Debt securities 59,419 30,880 1,077 7,926 48 1 - Loans 10,477 34,936 - 120 - 40 - Other financial assets 7,056 91 883 102 152 23 - Investments in real estate 37 2,331 - 16 - - - Investmentsgeneral account 77,431 69,615 1,994 8,238 208 108 - Shares - 8,227 16,877 187 - - (3) Debt securities - 12,150 7,579 156 - - - Unconsolidated investment funds 104,374 706 63,084 613 - - - Other financial assets - 4,520 5,232 3 - - - Investments in real estate - - 467 - - - - Investments for account of policyholders 104,374 25,603 93,240 959 - - (3) Investments on balance sheet 181,805 95,218 95,234 9,197 208 108 (3) Off balance sheet investments third parties 215,216 6,144 119,347 6,752 192,098 - (336) Total revenuegenerating investments 397,021 101,362 214,580 15,948 192,307 108 (339)	1,979 99,350 45,573 8,308 2,385 157,595 25,288 19,885 168,777 9,755 467 224,172 381,767 539,220 920,987
Investments on balance sheet
Off balance sheet investments third parties Total revenuegenerating investments
Investments Available-for-sale 63,864 25,972 1,494 8,088 134 28 - Loans 10,477 34,936 - 120 - 40 - Financial assets at fair value throughprofit or loss 107,427 31,979 93,272 973 74 40 (3) Investments in real estate 37 2,331 467 16 - - - Total investments on balance sheet 181,805 95,218 95,234 9,197 208 108 (3)	99,580 45,573 233,762 2,853 381,767
Investments injoint ventures - 327 - 846 204 - - Investments in associates 60 1,004 8 35 151 21 (15)	1,376 1,264
Investments injoint ventures
Investments in associates
Other assets 35,010 19,467 3,740 2,405 545 32,695 (33,400) Consolidated total assets 216,875 116,016 98,982 12,482 1,109 32,824 (33,419)	60,461 444,868

						Holding and
		The	United		Asset	other
EUR Millions	Americas	Netherlands	Kingdom	International	Management	activities	Eliminations	Total
December 31, 2020
Investments
Shares	442	1,376	34	74	9	44	-	1,979
Debt securities	59,419	30,880	1,077	7,926	48	1	-	99,350
Loans	10,477	34,936	-	120	-	40	-	45,573
Other financial assets	7,056	91	883	102	152	23	-	8,308
Investments in real estate	37	2,331	-	16	-	-	-	2,385
Investmentsgeneral account	77,431	69,615	1,994	8,238	208	108	-	157,595
Shares	-	8,227	16,877	187	-	-	(3)	25,288
Debt securities	-	12,150	7,579	156	-	-	-	19,885
Unconsolidated investment funds	104,374	706	63,084	613	-	-	-	168,777
Other financial assets	-	4,520	5,232	3	-	-	-	9,755
Investments in real estate	-	-	467	-	-	-	-	467
Investments for account of policyholders	104,374	25,603	93,240	959	-	-	(3)	224,172
Investments on balance sheet	181,805	95,218	95,234	9,197	208	108	(3)	381,767
Off balance sheet investments third parties	215,216	6,144	119,347	6,752	192,098	-	(336)	539,220
Total revenuegenerating investments	397,021	101,362	214,580	15,948	192,307	108	(339)	920,987
Investments
Available-for-sale	63,864	25,972	1,494	8,088	134	28	-	99,580
Loans	10,477	34,936	-	120	-	40	-	45,573
Financial assets at fair value throughprofit or loss	107,427	31,979	93,272	973	74	40	(3)	233,762
Investments in real estate	37	2,331	467	16	-	-	-	2,853
Total investments on balance sheet	181,805	95,218	95,234	9,197	208	108	(3)	381,767
Investments injoint ventures	-	327	-	846	204	-	-	1,376
Investments in associates	60	1,004	8	35	151	21	(15)	1,264
Other assets	35,010	19,467	3,740	2,405	545	32,695	(33,400)	60,461
Consolidated total assets	216,875	116,016	98,982	12,482	1,109	32,824	(33,419)	444,868

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4. Premium income and premiums paid to reinsurers

2Q 2Q EUR millions 2021 2020	YTD YTD 2021 2020
Premium income Life insurance 3,457 3,386 Non-life insurance 452 512 Totalpremium income 3,909 3,898	6,768 7,527 1,099 1,217 7,867 8,744
Accident and health insurance	899 1,022 200 195 1,099 1,217
Premiumspaid to reinsurers1 Life insurance 567 560 Non-life insurance 46 44 Totalpremiumspaid to reinsurers 613 604	1,065 1,114 94 86 1,158 1,200
Accident and health insurance	80 73 14 14 94 86
1Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses.

Premium income in the first half of 2021 decreased, compared to the first half of 2020, mainly driven by the reduction of the Individual Life portfolio in NL and reduction of upgraded Life insurance policies to the retirement platform in the UK.

5. Investment income

2Q 2Q EUR millions 2021 2020	YTD YTD 2021 2020
Interest income 1,302 1,397 Dividend income 314 358 Rental income 25 32 Total investment income 1,641 1,787	2,599 2,805 1,086 1,165 49 64 3,734 4,034
Investment income related togeneral account 1,202 1,305 Investment income for account of policyholders 439 482 Total 1,641 1,787	2,388 2,591 1,346 1,443 3,734 4,034

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6. Results from financial transactions

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2Q 2Q YTD YTD
EUR millions 2021 2020 2021 2020
Net fair value change of general account financial investments at FVTPL other
than derivatives 313 (20) 368 (219)
Realized gains /(losses) on financial investments 170 (9) 209 (3)
Gains /(losses) on investments in real estate 84 (46) 40 11
Net fair value change of derivatives (555) 1.012 (1.565) (127)
Net fair value change on for account of policyholder financial assets at FVTPL 11.287 23.465 13.996 (4.294)
Net fair value change on investments in real estate for account of policyholders 6 (17) 10 (36)
Net foreign currency gains /(losses) (11) (31) 123 (22)
Net fair value change on borrowings and other financial liabilities - (2) - 5
Total 11.294 24.352 13.181 (4.685)
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Net fair value change on for account of policyholder financial assets at fair value through profit or loss decreased in 2Q 2021 compared to 2Q 2020, mainly from less favorable equity markets. On a half year basis, the result increased driven by the impact of positive equity markets and as 1Q 2020 was heavily impacted by COVID-19. Net fair value changes on for account of policyholder financial assets at fair value through profit or loss are offset by changes in technical provisions reported as part of the lines “Change in valuation of liabilities for insurance contracts” and “Change in valuation of liabilities for investment contracts” in note 7 Benefits and expenses.

7. Benefits and expenses

2Q 2Q EUR millions 2021 2020	YTD YTD 2021 2020
Claims and benefits 16,334 31,829 Employee expenses 477 517 Administration expenses 411 418 Deferred expenses (159) (194) Amortization charges 140 249 Total 17,203 32,818	24,475 8,726 967 1,038 786 822 (305) (400) 345 513 26,268 10,700
Benefits and claimspaid life	10,628 6,246 691 779 8,816 1,465 2,072 (2,134) (23) 6 22,185 6,362 1,158 1,200 4 4 1,128 1,159 24,475 8,726
Benefits and claimspaid non-life
Change in valuation of liabilities for insurance contracts
Change in valuation of liabilities for investment contracts

The lines “Change in valuation of liabilities for insurance contracts” and “Change in valuation of liabilities for investment contracts” reflect changes in technical provisions resulting from “Net fair value changes on for account of policyholder financial assets at fair value through profit or loss” included in note 6 Results from financial transactions. In addition, the line “Change in valuation of liabilities for insurance contracts” includes the movement of the technical provisions for life insurance contracts.

8. Other charges

Other charges are mainly related to settlements related to monthly deduction rate adjustments on certain universal life policies, for more details refer to Note 17 commitments and contingencies.

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9. Income tax

The income tax charge includes recurring beneficial impacts of tax-exempt income and US tax credits. Tax-exempt income is comprised of the regular non-taxable items such as the dividend received deduction in the US and the participation exemption in the Netherlands. Tax credits mainly include tax benefits from US investments that provide affordable housing to individuals and families that meet median household income requirements. In 2Q 2021 a one-off beneficial impact of EUR 34 million was recorded from the enacted corporate income tax rate change in the UK, from 19% to 25% effective per April 1, 2023.

10. Investments

June 30, EUR millions 2021	December 31, 2020
Available-for-sale(AFS) 100,777 Loans 46,432 Financial assets at fair value through profit or loss (FVTPL) 6,977 Financial assets, for general account, excluding derivatives 154,186 Investments in real estate 2,423 Total investments forgeneral account, excluding derivatives 156,609	99,580 45,573 10,057 155,210 2,385 157,595
Financial assets, for general account, excluding derivatives
EUR millions AFS FVTPL Loans Total
Shares 375 1,578 - 1,953 Debt securities 93,523 2,351 - 95,874 Moneymarket and other short-term investments 5,974 133 - 6,107 Mortgages loans - - 40,198 40,198 Private loans - - 4,307 4,307 Deposits with financial institutions - - 82 82 Policyloans - - 1,833 1,833 Other 906 2,913 13 3,833 June 30, 2021 100,777 6,977 46,432 154,186
AFS FVTPL Loans Total
Shares 345 1,634 - 1,979 Debt securities 93,681 5,669 - 99,350 Moneymarket and other short-term investments 4,558 109 - 4,667 Mortgages loans - - 39,298 39,298 Private loans - - 4,358 4,358 Deposits with financial institutions - - 92 92 Policyloans - - 1,801 1,801 Other 996 2,645 25 3,665 December 31, 2020 99,580 10,057 45,573 155,210

Total investments for general account in the first half of 2021 decreased, compared to the end of 2020 position, mainly due to fair value decreases on assets from higher interest rates in US and NL, partially offset by the positive impact of foreign currency translations.

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11. Investments for account of policyholders

EUR millions June 30,2021	December 31,2020
Shares 27,620 Debt securities 19,557 Moneymarket and short-term investments 1,618 Deposits with financial institutions 3,733 Unconsolidated investment funds 184,459 Other 4,220 Total investments for account of policyholders at fair value through profit or loss, excluding derivatives 241,208 Investment in real estate 485 Total investments for account ofpolicyholders 241,693	25,288 19,885 1,051 4,185 168,777 4,520 223,705 467 224,172

Investments for account of policyholders in the first half of 2021 increased, compared to the end of 2020 position, mainly due to positive market movements in US and UK and the impact of foreign currency translations.

12. Fair value

The following tables provide an analysis of financial instruments recorded at fair value on a recurring basis by level of the fair value hierarchy:

Fair value hierarchy

EUR millions	Level I Level II Level III June 30, 2021	Total	Level I Level II Level III December 31, 2020	Total
Financial assets carried at fair value Available-for-sale investments
Shares	96 79 200	375	90 82 173	345
Debt securities	25.616 67.302 606	93.523	28.300 64.914 467	93.681
Money markets and other short-term instruments	1.748 4.226 -	5.974	832 3.726 -	4.558
Other investments at fair value	- 325 581	906	- 415 581	996
Total Available-for-sale investments	27.459 71.932 1.387	100.777	29.222 69.136 1.221	99.580
Fair value through profit or loss
Shares	92 228 1.258	1.578	80 226 1.329	1.634
Debt securities	113 2.203 35	2.351	168 5.260 242	5.669
Money markets and other short-term instruments	17 116 -	133	17 93 -	109
Other investments at fair value	1 403 2.510	2.913	1 470 2.174	2.645
Investments for account of policyholders1	126.089 114.332 788	241.208	118.057 104.635 1.012	223.705
Derivatives	26 11.470 5	11.501	34 13.930 22	13.986
Total Fair value through profit or loss	126.338 128.751 4.596	259.685	118.356 124.613 4.779	247.748
Total financial assets at fair value	153.797 200.683 5.983	360.463	147.578 193.750 6.000	347.327
Financial liabilities carried at fair value
Investment contracts for account of policyholders2	- 67.389 (34)	67.355	- 59.637 (12)	59.625
Derivatives	68 9.917 3.410	13.395	61 9.654 4.902	14.617
Total financial liabilities at fair value3	68 77.305 3.376	80.750	61 69.291 4.890	74.242

1 The investments for account of policyholders included in the table above represents only those investments carried at fair value through profit or loss.

2 The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value.

3 Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule.

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Significant transfers between Level I, Level II and Level III

The table below shows transfers between Level I and Level II for financial assets and financial liabilities recorded at fair value on a recurring basis.

Fair value transfers	Fair value transfers
EUR millions Transfers Level I to Level II Transfers Level II to Level I June 30, 2021	Transfers Level I to Level II Transfers Level II to Level I December 31, 2020
Financial assets carried at fair value Available-for-sale investments Debt securities 44 18	- 46
Debt securities
Total 44 18	- 46
Fair value through profit or loss Shares - -	- -
Shares
Total - -	- -
Total financial assets at fair value 44 18	- 46

Transfers are identified based on transaction volume and frequency, which are indicative of an active market.

Movements in Level III financial instruments measured at fair value

The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (‘Level III’), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period.

Roll forward of Level III financial instruments	Roll forward of Level III financial instruments
												Total unrealized gains and
		Acquisitions	Total gains /									losses for the period
		through	losses in						Transfers from	Transfers to		recorded in the P&L for
	January 1,	business	income	Total gains /				Net exchange	Level I and	Level I and		instruments held at June
EUR millions	2021	combinations	statement1	losses in OCI2	Purchases	Sales	Settlements	differences	Level II	Level II	June 30,2021	30,2021 ³
Financial assets carried at fair value
available-for-sale investments
Shares	173	-	3	1	39	(21)	-	5	-	-	200	-
Debt securities	467	-	(2)	10	144	(20)	(36)	10	191	(158)	606	-
Other investments at fair value	581	-	(60)	3	53	(10)	(4)	18	-	-	581	-
	1,221	-	(59)	13	235	(50)	(41)	33	191	(158)	1,387	-
Fair value through profit or loss
Shares	1,329	-	82	-	27	(180)	1	-	-	-	1,258	78
Debt securities	242	-	(1)	-	58	(264)	-	-	-	-	35	-
Other investments at fair value	2,173	-	327	-	244	(305)	-	71	-	-	2,510	-
Investments for account ofpolicyholders	1,012	-	76	-	229	(543)	-	13	-	-	788	(434)
Derivatives	22	-	(17)	-	-	-	-	-	-	-	5	(10)
	4,779	-	467	-	558	(1,293)	-	85	-	-	4,596	(365)
Total assets at fair value	6,000	-	409	13	793	(1,343)	(40)	118	191	(158)	5,983	(365)
Financial liabilities carried at fair value
Investment contracts for account ofpolicyholders	(12)	-	(8)	-	(25)	10	-	1	-	-	(34)	165
Derivatives	4,902	-	(1,558)	-	-	(7)	-	73	-	-	3,410	443
	4,890	-	(1,566)	-	(25)	3	-	74	-	-	3,376	608
												Total unrealized gains and
		Acquisitions	Total gains /									losses for the period
		through	losses in						Transfers from	Transfers to		recorded in the P&L for
	January 1,	business	income	Total gains /				Net exchange	Level I and	Level I and		instruments held at
EUR millions	2020	combinations	statement1	losses in OCI2	Purchases	Sales	Settlements	differences	Level II	Level II	December 31,2020	December 31,2020 ³
Financial assets carried at fair value
available-for-sale investments
Shares	157	-	(27)	24	49	(15)	(1)	(12)	-	(2)	173	-
Debt securities	1,074	-	3	(19)	155	(11)	(34)	(32)	26	(695)	467	-
Other investments at fair value	482	-	(140)	28	302	(19)	(22)	(50)	-	-	581	-
	1,712	-	(163)	34	505	(45)	(56)	(94)	26	(697)	1,221	-
Fair value through profit or loss
Shares	1,401	-	(132)	-	160	(97)	-	(3)	-	-	1,329	(98)
Debt securities	4	-	-	-	276	(37)	-	-	-	-	242	-
Other investments at fair value	2,049	-	122	-	432	(250)	-	(184)	16	(13)	2,173	(1)
Investments for account ofpolicyholders	1,805	-	3	-	(168)	(607)	-	(20)	-	-	1,012	37
Derivatives	56	-	(33)	-	-	-	-	-	-	-	22	(32)
	5,314	-	(40)	-	700	(991)	-	(207)	16	(13)	4,779	(93)
Total assets at fair value	7,026	-	(203)	33	1,205	(1,037)	(57)	(301)	42	(710)	6,000	(93)
Financial liabilities carried at fair value
Investment contracts for account ofpolicyholders	197	-	9	-	(200)	(16)	-	(3)	-	-	(12)	7
Derivatives	3,081	-	2,073	(9)	-	(15)	-	(228)	-	-	4,902	314
	3,278	-	2,082	(9)	(200)	(31)	-	(231)	-	-	4,890	321

• 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement.

• 2 Total gains and losses are recorded in line items gains/ (losses) on revaluation of available-for-sale investments and (gains)/ losses transferred to the income statement on disposal and impairment of available-for-sale investment of the statement of other comprehensive income.

• 3 Total gains / (losses) for the period during which the financial instrument was in Level III.

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Fair value information about financial instruments not measured at fair value

The following table presents the carrying values and estimated fair values of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis.

Fair value information about financial instruments not measured at fair value	Fair value information about financial instruments not measured at fair value
Carrying amount Total estimated fair value EUR millions June 30,2021	Carrying amount Total estimated fair value December 31,2020
Assets Mortgage loans - held at amortized cost 40,198 44,456 Private loans - held at amortized cost 4,307 5,008 Other loans - held at amortized cost 1,928 1,928	39,298 43,258 4,358 5,280 1,917 1,917
Liabilities Subordinated borrowings - held at amortized cost 2,131 2,382 Trustpass-through securities - held at amortized cost 125 138 Borrowings – held at amortized cost 9,303 9,806 Investment contracts - held at amortized cost 22,207 21,582	2,085 2,351 126 142 8,524 9,165 20,889 20,382

Financial instruments for which carrying value approximates fair value

Certain financial instruments that are not carried at fair value are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents, short-term receivables and accrued interest receivable, short-term liabilities, and accrued liabilities. These instruments are not included in the table above.

13. Share capital

EUR millions June 30, 2021	December 31, 2020
Share capital -par value 320 Share premium 7,106 Total share capital 7,426	320 7,160 7,480
Share capital -par value Balance at January1 320 Shares withdrawn - Balance 320	323 (3) 320
Sharepremium Balance at January1 7,160 Share dividend (54) Balance 7,106	7,213 (54) 7,160
2Q 2Q EUR millions 2021 2020	YTD YTD 2021 2020
Earnings per share (EUR per share) Basic earningsper common share 0.40 (0.53) Basic earningsper common share B 0.01 (0.01) Diluted earningsper common share 0.40 (0.53) Diluted earningsper common share B 0.01 (0.01)	0.58 0.08 0.01 - 0.58 0.08 0.01 -
Earnings per share calculation Net result attributable to owners of Aegon N.V. 842 (1,069) Coupons on other equity instruments (14) (19) Earnings attributable to common shares and common shares B 828 (1,088) Earnings attributable to common shareholders 822 (1,080) Earnings attributable to common shareholders B 6 (7) Weighted average number of common shares outstanding (in millions) 2,046 2,041 Weighted average number of common shares B outstanding (in millions) 560 561	1,226 202 (23) (28) 1,203 173 1,195 172 8 1 2,045 2,040 559 560

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Final dividend 2020

It was decided at the Annual General Meeting of Shareholders on June 3, 2021 to pay a final dividend for 2020 of EUR 0.06 per common share and EUR 0.0015 per common share B. After taking into account the interim dividend of EUR 0.06 per common share and EUR 0.0015 per common share B, this resulted in a total 2020 dividend of EUR 0.12 per common share and EUR 0.0030 per common share B.

The final dividend for 2020 was paid in cash or stock at the election of the shareholder. The value of the dividend in common shares is approximately equal to the cash dividend. Those who elected to receive a stock dividend received one Aegon common share for every 59 common shares held. The stock fraction was based on Aegon’s average share price as quoted on Euronext Amsterdam, using the high and low of each of the five trading days from June 24 up to and including June 30, 2021. The average price calculated on this basis amounted to EUR 3.52. The dividend was paid as of July, 7 2021.

2021 interim dividend

Aegon will pay an interim dividend for 2021 of EUR 0.08 per common share.

The interim dividend will be paid in cash or in stock at the election of the shareholder. The value of the dividend to be paid in shares will be approximately equal to the dividend to be paid in cash. Aegon intends to neutralize the dilutive effect of the 2021 interim dividend to be paid in shares in the fourth quarter of this year (refer to note 19).

Aegon’s shares will be quoted ex-dividend on August 20, 2021. The record date is August 23, 2021. The election period for shareholders will run from August 25 up to and including September 10, 2021. The stock fraction will be based on the average share price on Euronext Amsterdam, using the high and low of each of the five trading days from September 6 through September 10, 2021. The stock dividend ratio will be announced on Aegon’s website on September 10, 2021 after business hours. The dividend will be payable as of September 17, 2021.

14. Borrowings

EUR millions June 30, 2021	December 31, 2020
Capital funding 1,274 Operational funding 8,029 Total borrowings 9,303	1,241 7,283 8,524

During the first half of 2021, the operational funding increased by EUR 0.7 billion mainly due to the latest securitization of mortgage loans originated by Aegon the Netherlands “Saecure 20” of EUR 0.7 billion and an increase in Federal Home Loan Bank advances of EUR 0.5 billion, offset by a decrease of other mortgage loan funding of EUR 0.4 billion.

15. Financial risks

There have been no significant changes in sensitivities for equity market risk, bond credit spreads and liquidity premium per December 31, 2020 as reported in Aegon’s 2020 Integrated Annual Report. Aegon’s sensitivity to interest rate risk has changed per June 30, 2021. This is the net result of the effect of the implementation of an interest rate macro hedge in the United States and the effect from the improvement of the LAT deficit in the Netherlands.

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The table below shows the updated sensitivity per June 30, 2021 of the effect of a parallel shift in the yield curves on net result and shareholders’ equity.

EUR millions Estimated approximate effects on net result Estimated approximate effects on shareholders' equity June 30, 2021	Estimated approximate effects on net result Estimated approximate effects on shareholders' equity December 31, 2020
Parallel movements of yield curve Immediate movements ofyield curve, but notpermanently Shift up100 basispoints 20 (3,414) Shift down 100 basispoints (185) 2,587	187 (2,316) (462) 2,064
Shift up100 basispoints
Shift down 100 basispoints

16. Capital management and solvency

As at June 30, 2021, Aegon’s estimated capital position was:

Solvency II key figures
	June 30, 20211	December 31, 2020
EUR millions
Group Own Funds	19,436	18,582
Group SCR	9,353	9,473
GroupSolvencyII ratio	208%	196%
1 The Solvency II ratios are estimates, are not final until filed with the respective supervisory authority.

The table below provides the composition of Aegon’s Available Own Funds across Tiers:

Available Own Funds
	June 30, 2021	December 31, 2020
EUR millions
Tier 1 - unrestricted	13,918	12,971
Tier 1 - restricted	2,572	2,571
Tier 2	2,305	2,340
Tier 3	641	700
Total Available Own Funds	19,436	18,582

The table below provides the reconciliation from shareholders’ equity to Solvency II Own Funds:

Reconciliation Shareholders' Equity - Own Funds
	June 30, 2021	December 31, 2020
EUR millions
IFRS Shareholders' Equity	23,627	22,815
IFRS adjustments for Other Equity instruments and non controlling interests	2,710	2,644
IFRS Group Equity	26,338	25,459
Solvency II revaluations and reclassifications	(9,259)	(9,418)
Transferability restrictions1	(1,825)	(1,766)
Excess of Assets over Liabilities	15,254	14,274
Availability adjustments	4,271	4,416
Fungibility adjustments	(89)	(108)
Available Own Funds	19,436	18,582
1This includes the transferability restriction related to the RBC CAL conversion methodology.

The Solvency II revaluations and reclassifications mainly stem from the difference in valuation and presentation between IFRS-EU and Solvency II frameworks. The change in Solvency II revaluation and reclassifications is largely driven by increasing interest rates and positive equity returns in the US during the first six months of 2021, leading to lower revaluation reserves.

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17. Commitments and contingencies

Several US insurers, including Aegon subsidiaries, have been named in class actions as well as individual litigation relating to increases in monthly deduction rates (‘’MDR’’) on universal life products. Plaintiffs generally allege that the increases were made to recoup past losses rather than to cover the future costs of providing insurance coverage. Aegon’s subsidiary in the US has agreed to settle two such class actions that had been venued in the US District Court for the Central District of California. The settlement in the first case, approved in January 2019, arose from increases implemented in 2015-2016. Over 99% of affected policyholders participated in that settlement. While less than 1% of policyholders opted out of the settlement, they represented approximately 43% of the value of the settlement fund. In 2021, settlements have been reached with some of these opt out parties. In the second case, Aegon’s subsidiary agreed to settle a class action lawsuit arising out of MDR increases in 2017 and 2018. The court approved that settlement on September 16, 2020. Opt-outs in this case represent less than 7% of the value of the settlement fund. On October 15, 2020, two optout policyholders whose objections to the settlement were overruled by the trial court filed an appeal, which delayed implementation of the settlement. Aegon’s subsidiary expects settlement implementation to begin shortly. The remaining opt-out cases and disputes are ongoing, and Aegon continues to hold a provision for the remaining opt-outs from the settlements that were approved by the court in 2019 and 2020. If this provision for these cases proves to be insufficient, then these cases could have an adverse effect on Aegon’s business, results of operations, and financial position.

18. Acquisitions/Divestments

On February 28, 2021, Aegon completed the divestment of Stonebridge, a UK-based provider of accident insurance products to Global Premium Holdings group, part of Embignell group. Under the terms of the agreement, Aegon sold Stonebridge for a consideration of approximately GBP 60 million, consisting of the purchase price and dividends related to the transaction. This excludes a contingent consideration of up to GBP 10 million. The transaction had no material impact on Aegon’s capital position and results.

On April 7, 2021, Aegon has taken note of an announcement issued that day by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). The announcement issued by VIG reads as follows: “Acquisition of the Aegon entities prevented by Hungary for the moment. Vienna Insurance Group AG Wiener Versicherung Gruppe received a decree yesterday afternoon in which the Hungarian Ministry of the Interior announced that the intended acquisition by a foreign investor of the Aegon companies in Hungary is denied. As part of the approval process, Vienna Insurance Group has been in constructive talks with the responsible Hungarian Minister of Finance since January 2021. The decree is in contradiction with the course of the talks to date. Vienna Insurance Group expects that this issue will be resolved positively in the near future.” Aegon will continue to work with VIG to close the transaction.

19. Post reporting date events

On July 8, 2021, Aegon announced that it will repurchase common shares for an amount of EUR 133 million to neutralize the dilutive effect of both its 2020 final stock dividend and certain share-based variable compensation plans for senior management.

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Management statement

The Executive Board of Aegon N.V. is required to prepare the Interim report and the Condensed consolidated interim financial statements of Aegon N.V. in accordance with Dutch law and IAS 34, ‘Interim Financial Reporting’, as adopted by the European Union.

The Executive Board of Aegon N.V. is responsible for maintaining proper accounting records, for safeguarding assets and for taking reasonable steps to prevent and detect fraud and other irregularities.

It is responsible for selecting suitable accounting policies and applying them on a consistent basis, making judgements and estimates that are prudent and reasonable. It is also responsible for establishing and maintaining internal procedures which ensure that all major financial information is known to the Executive Board, so that the timeliness, completeness and correctness of the external financial reporting are assured.

As required by section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act (Wet op financieel toezicht), the members of the Executive Board confirm that to the best of their knowledge:

• The Aegon N.V. condensed consolidated interim accounts for the six-months period ended June 30, 2021 give a true and fair view of the assets, liabilities, financial position and profit or loss of Aegon N.V. and the undertakings included in the consolidation as a whole; and

• The Aegon N.V. interim report for the six-months period ended June 30, 2021 includes a fair review of the information required pursuant to article 5.25d, paragraph 8 and 9 of the Dutch Financial Supervision Act regarding Aegon N.V. and the undertakings included in the consolidation as a whole.

The Hague, the Netherlands, August 11, 2021

Lard Friese Chairman of the Executive Board and CEO

Matthew J. Rider Member of the Executive Board and CFO

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Review report

To: the Supervisory Board and the Executive Board of Aegon N.V.

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Aegon N.V., the Hague, as at June 30, 2021 and the related condensed consolidated statements of income and comprehensive income for the three-month and sixmonth periods then ended, and statements of changes in equity and cash flows for the six-month period then ended, and the selected notes. The Executive Board is responsible for the preparation and presentation of this condensed interim financial information in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope

We conducted our review in accordance with Dutch law including standard 2410, Review of Interim Financial Information Performed by the Independent Auditor of the entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information for the three-month and six-month periods ended June 30, 2021 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union.

Amsterdam, August 11, 2021

PricewaterhouseCoopers Accountants N.V.

Original has been signed by G.J. Heuvelink RA

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Disclaimers

Cautionary note regarding non-IFRS-EU measures

This document includes the following non-IFRS-EU financial measures: operating result, income tax, result before tax, market consistent value of new business, return on equity and addressable expenses. These non-IFRS-EU measures, except for addressable expenses, are calculated by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. Market consistent value of new business is not based on IFRS-EU, which are used to report Aegon’s primary financial statements and should not be viewed as a substitute for IFRS-EU financial measures. Aegon may define and calculate market consistent value of new business differently than other companies. Return on equity is a ratio using a non-IFRS-EU measure and is calculated by dividing the operating result after tax less cost of leverage by the average shareholders’ equity excluding the revaluation reserve. Operating expenses are all expenses associated with selling and administrative activities (excluding commissions) after reallocation of claim handling expenses to benefits paid. This includes certain expenses recorded in other charges, including restructuring charges. Addressable expenses are expenses reflected in the operating result, excluding deferrable acquisition expenses, expenses in joint ventures and associates and expenses related to operations in CEE countries. Aegon believes that these non-IFRS-EU measures, together with the IFRS-EU information, provide meaningful supplemental information about the operating results of Aegon’s business including insight into the financial measures that senior management uses in managing the business.

Forward-looking statements

The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forwardlooking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

• Changes in general economic and/or governmental conditions, particularly in the United States, the Netherlands and the United Kingdom;

• � Changes in the performance of financial markets, including emerging markets, such as with regard to:

• The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;

• The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds; and

• The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;

• Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;

• Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;

• Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;

• The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;

• Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;

• Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;

• Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;

• Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;

• Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;

• The frequency and severity of insured loss events;

• Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products;

• Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;

• Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;

• Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;

• Customer responsiveness to both new products and distribution channels;

• As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which we do business may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;

• The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;

• Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, cash capital at Holding, gross financial leverage and free cash flow;

• Changes in the policies of central banks and/or governments;

• Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;

• Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;

• Consequences of an actual or potential break-up of the European monetary union in whole or in part, or the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;

• Changes in laws and regulations, particularly those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, and the attractiveness of certain products to its consumers;

• Regulatory changes relating to the pensions, investment, and insurance industries in the jurisdictions in which Aegon operates;

• Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII); and

• Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels.

This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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Corporate and shareholder information

Headquarters

Aegon N.V. P.O. Box 85 2501 CB The Hague The Netherlands + 31 (0) 70 344 32 10 aegon.com

Group Corporate Communications & Investor Relations

Media relations

• 31 (0) 70 344 8344 gcc@aegon.com

Investor relations

• 31 (0) 70 344 83 05 or 877 548 96 68 - toll free, USA only ir@aegon.com

Publication dates results

November 11, 2021 3Q 2021 Results February 9, 2022 4Q 2021 Results

About Aegon

Aegon’s roots date back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in the Americas, Europe and Asia. In the US, Aegon’s largest market, we operate under the Transamerica brand. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon has never lost sight of its purpose, to help people achieve a lifetime of financial security. More information: aegon.com.

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