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AEGON LTD. — Interim / Quarterly Report 2022
May 12, 2022
30489_ffr_2022-05-12_14b5ccfa-a4ed-45ab-910d-2143fdea9949.zip
Interim / Quarterly Report
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6-K 1 d192033d6k.htm 6-K 6-K
Table of Contents
Securities and Exchange Commission
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d/16 of
the Securities Exchange Act of 1934
May 2022
AEGON N.V.
Aegonplein 50
2591 TV THE HAGUE
The Netherlands
Table of Contents
Aegons condensed consolidated interim financial statements for the period ended March 31, 2022, dated May 12, 2022, are included as appendix and incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AEGON N.V. | ||
|---|---|---|
| (Registrant) | ||
| Date: May 12, 2022 | By | /s/ J.H.P.M. van Rossum |
| J.H.P.M. van Rossum | ||
| Executive Vice President and Head of Corporate Financial Center |
Table of Contents
Condensed consolidated interim financial statements for the three-month period ended March 31, 2022 The Hague, May 12, 2022 Helping people live their best lives
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
Table of contents
| Condensed consolidated income statement | 2 |
|---|---|
| Condensed consolidated statement of comprehensive | |
| income | 3 |
| Condensed consolidated statement of financial | |
| position | 4 |
| Condensed consolidated statement of changes in | |
| equity | 5 |
| Condensed consolidated cash flow | |
| statement | 7 |
| Notes to the condensed consolidated interim financial statements | 8 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated income statement — EUR millions | Notes | 1Q 2022 | 1Q 2021 |
|---|---|---|---|
| Premium income | 4 | 3,930 | 3,958 |
| Investment income | 5 | 2,055 | 2,093 |
| Fee and commission income | 720 | 674 | |
| Total revenues | 6,706 | 6,725 | |
| Income from reinsurance ceded | 986 | 920 | |
| Results from financial transactions | 6 | (15,383) | 1,886 |
| Other income | 7 | 371 | 41 |
| Total income / (charges) | (7,319) | 9,573 | |
| Benefits and expenses | 8 | (7,688) | 9,066 |
| Impairment charges / (reversals) | 28 | 13 | |
| Interest charges and related fees | 82 | 84 | |
| Other charges | (6) | 5 | |
| Total charges / (income) | (7,583) | 9,167 | |
| Share in profit / (loss) of joint | |||
| ventures | 75 | 67 | |
| Share in profit / (loss) of associates | 34 | (15) | |
| Result before tax | 373 | 458 | |
| Income tax (expense) / benefit | 9 | 39 | (72) |
| Net result | 412 | 386 | |
| Net result attributable to: | |||
| Owners of Aegon N.V. | 385 | 383 | |
| Non-controlling interests | 27 | 3 | |
| Earnings per share (EUR per share) | 13 | ||
| Basic earnings per common share | 0.19 | 0.18 | |
| Basic earnings per common share B | - | - | |
| Diluted earnings per common share | 0.19 | 0.18 | |
| Diluted | |||
| earnings per common share B | - | - |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated
statement of comprehensive income — EUR millions | 1Q 2022 | 1Q 2021 |
| --- | --- | --- |
| Net result | 412 | 386 |
| Other comprehensive income: | | |
| Items that will not be reclassified to profit
or loss: | | |
| Changes in revaluation reserve real estate held
for own use | (1) | - |
| Remeasurements of defined benefit plans | 512 | 489 |
| Income tax relating to items that will not be
reclassified | (122) | (117) |
| Items that may be reclassified subsequently to
profit or loss: | | |
| Gains / (losses) on revaluation of available-for-sale investments | (4,945) | (2,576) |
| Gains / (losses) transferred to the income
statement on disposal and impairment of available-for-sale investments | (65) | (62) |
| Changes in cash flow hedging reserve | (266) | (138) |
| Movement in foreign currency translation and net
foreign investment hedging reserve | 355 | 648 |
| Equity movements of joint ventures | (23) | (2) |
| Equity movements of associates | (2) | (3) |
| Disposal of group assets | 1 | 6 |
| Income tax relating to items that may be
reclassified | 1,122 | 593 |
| Other | (1) | 11 |
| Total other comprehensive income / (loss) for the
period | (3,434) | (1,151) |
| Total comprehensive income / (loss) | (3,022) | (765) |
| Total comprehensive income / (loss)
attributable to: | | |
| Owners of Aegon N.V. | (3,054) | (772) |
| Non-controlling interests | 31 | 7 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated statement
of financial position — EUR millions | Notes | March 31, 2022 | December 31, 2021 |
| --- | --- | --- | --- |
| Assets | | | |
| Cash and cash equivalents | | 7,105 | 6,889 |
| Investments | 10 | 149,240 | 158,463 |
| Investments for account of policyholders | 11 | 236,078 | 250,953 |
| Derivatives | | 7,882 | 8,827 |
| Investments in joint ventures | | 1,809 | 1,743 |
| Investments in associates | | 1,330 | 1,289 |
| Reinsurance assets | | 21,423 | 20,992 |
| Deferred expenses | | 11,524 | 10,503 |
| Other assets and receivables | | 10,539 | 7,892 |
| Intangible assets | | 1,365 | 1,333 |
| Total assets | | 448,296 | 468,884 |
| Equity and liabilities | | | |
| Shareholders equity | | 21,177 | 24,282 |
| Other equity
instruments | | 2,372 | 2,363 |
| Issued capital and reserves attributable to
owners of Aegon N.V. | | 23,549 | 26,645 |
| Non-controlling interests | | 219 | 196 |
| Group equity | | 23,768 | 26,841 |
| Subordinated borrowings | | 2,227 | 2,194 |
| Trust pass-through securities | | 122 | 126 |
| Insurance contracts | | 122,115 | 124,422 |
| Insurance contracts for account of
policyholders | | 139,806 | 149,323 |
| Investment contracts | | 22,089 | 21,767 |
| Investment contracts for account of
policyholders | | 99,043 | 104,592 |
| Derivatives | | 11,654 | 10,639 |
| Borrowings | 14 | 9,459 | 9,661 |
| Other liabilities | | 18,013 | 19,321 |
| Total liabilities | | 424,528 | 442,044 |
| Total
equity and liabilities | | 448,296 | 468,884 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated statement of changes in equity For the period ended March 31, 2022 — EUR millions | Share capital 1 | Retained earnings | Revaluation reserves | Re- measurement of defined benefit plans | Other reserves | Other equity instruments | Issued capital and reserves 2 | Non- controlling interests | Total |
|---|---|---|---|---|---|---|---|---|---|
| Three months ended March 31, | |||||||||
| 2022 | |||||||||
| At beginning of year | 7,354 | 12,362 | 6,442 | (2,199) | 325 | 2,363 | 26,645 | 196 | 26,841 |
| Net result recognized in the income | |||||||||
| statement | - | 385 | - | - | - | - | 385 | 27 | 412 |
| Other comprehensive income: | |||||||||
| Items that will not be reclassified to | |||||||||
| profit or loss: | |||||||||
| Changes in revaluation reserve real estate held | |||||||||
| for own use | - | 18 | (18) | - | - | - | (1) | - | (1) |
| Remeasurements of defined benefit plans | - | - | - | 512 | - | - | 512 | - | 512 |
| Income tax relating to items that will not be | |||||||||
| reclassified | - | - | - | (122) | - | - | (122) | - | (122) |
| Items that may be reclassified subsequently | |||||||||
| to profit or loss: | |||||||||
| Gains / (losses) on revaluation of available-for-sale investments | (4,945) | - | - | - | (4,945) | - | (4,945) | ||
| Gains / (losses) transferred to income statement | |||||||||
| on disposal and impairment of available-for-sale investments | - | - | (65) | - | - | - | (65) | - | (65) |
| Changes in cash flow hedging reserve | - | - | (266) | - | - | - | (266) | - | (266) |
| Movement in foreign currency translation and net | |||||||||
| foreign investment hedging reserves | - | - | 89 | (11) | 273 | - | 351 | 4 | 355 |
| Equity movements of joint ventures | - | - | - | - | (23) | - | (23) | - | (23) |
| Equity movements of associates | - | - | - | - | (2) | - | (2) | - | (2) |
| Disposal of group assets | - | - | 1 | - | - | - | 1 | - | 1 |
| Income tax relating to items that may be | |||||||||
| reclassified | - | - | 1,125 | - | (3) | - | 1,122 | - | 1,122 |
| Other | - | (1) | - | - | - | - | (1) | - | (1) |
| Total other comprehensive income | - | 17 | (4,078) | 379 | 244 | - | (3,438) | 4 | (3,434) |
| Total comprehensive income / (loss) for 2022 | - | 401 | (4,078) | 379 | 244 | - | (3,054) | 31 | (3,022) |
| Issuance and purchase of (treasury) | |||||||||
| shares | - | (49) | - | - | - | - | (49) | - | (49) |
| Coupons on perpetual securities | - | (2) | - | - | - | - | (2) | - | (2) |
| Incentive plans | - | - | - | - | - | 9 | 9 | - | 9 |
| Change in ownership non-controlling interest | - | - | - | - | - | - | - | (8) | (8) |
| At end of period | 7,354 | 12,712 | 2,363 | (1,821) | 569 | 2,372 | 23,549 | 219 | 23,768 |
1 Please refer to the note on share capital for a breakdown.
2 Issued capital and reserves attributable to owners of Aegon N.V.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated statement of changes in equity For the period ended March 31, 2021 — EUR millions | Share capital 1 | Retained earnings | Revaluation reserves | Re- measurement of defined benefit plans | Other reserves | Other equity instruments | Issued capital and reserves 2 | Non- controlling interests | Total |
|---|---|---|---|---|---|---|---|---|---|
| Three months ended March 31, | |||||||||
| 2021 | |||||||||
| At beginning of year | 7,480 | 10,943 | 7,480 | (2,534) | (554) | 2,569 | 25,384 | 75 | 25,459 |
| Net result recognized in the income | |||||||||
| statement | - | 383 | - | - | - | - | 383 | 3 | 386 |
| Other comprehensive income: | |||||||||
| Items that will not be reclassified to | |||||||||
| profit or loss: | |||||||||
| Remeasurements of defined benefit plans | - | - | - | 489 | - | - | 489 | - | 489 |
| Income tax relating to items that will not be | |||||||||
| reclassified | - | - | - | (117) | - | - | (117) | - | (117) |
| Items that may be reclassified subsequently | |||||||||
| to profit or loss: | |||||||||
| Gains / (losses) on revaluation of available-for-sale investments | - | - | (2,576) | - | - | - | (2,576) | - | (2,576) |
| Gains / (losses) transferred to income statement | |||||||||
| on disposal and impairment of available-for-sale investments | - | - | (62) | - | - | - | (62) | - | (62) |
| Changes in cash flow hedging reserve | - | - | (138) | - | - | - | (138) | - | (138) |
| Movement in foreign currency translation and net | |||||||||
| foreign investment hedging reserves | - | - | 221 | (41) | 466 | - | 645 | 2 | 648 |
| Equity movements of joint ventures | - | - | - | - | (2) | - | (2) | - | (2) |
| Equity movements of associates | - | - | - | - | (3) | - | (3) | - | (3) |
| Disposal of group assets | - | - | - | - | 6 | - | 6 | - | 6 |
| Income tax relating to items that may be | |||||||||
| reclassified | - | - | 588 | - | 5 | - | 593 | - | 593 |
| Other | - | 9 | - | - | - | - | 9 | 2 | 11 |
| Total other comprehensive income | - | 9 | (1,967) | 331 | 471 | - | (1,156) | 4 | (1,151) |
| Total comprehensive income / (loss) for 2021 | - | 392 | (1,967) | 331 | 471 | - | (772) | 7 | (765) |
| Issuance and purchase of (treasury) | |||||||||
| shares | - | 1 | - | - | - | - | 1 | - | 1 |
| Coupons on perpetual | |||||||||
| securities | - | (9) | - | - | - | - | (9) | - | (9) |
| Incentive plans | - | - | - | - | - | 5 | 5 | - | 5 |
| At end of period | 7,480 | 11,328 | 5,512 | (2,203) | (82) | 2,574 | 24,609 | 82 | 24,691 |
1 Please refer to the note on share capital for a breakdown.
2 Issued capital and reserves attributable to owners of Aegon N.V.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Condensed consolidated cash flow statement — EUR millions | 1Q 2022 | 1Q 2021 |
|---|---|---|
| Result before tax | 373 | 458 |
| Results from financial transactions | 15,569 | (2,490) |
| Amortization and depreciation | 330 | 274 |
| Impairment losses | 10 | 11 |
| Income from joint ventures | (75) | (67) |
| Income from associates | (34) | 15 |
| Release of cash flow hedging reserve | (31) | (24) |
| Other | (307) | 3 |
| Adjustments of non-cash items | 15,461 | (2,278) |
| Insurance and investment liabilities | (1,603) | (1,387) |
| Insurance and investment liabilities for account | ||
| of policyholders | (15,159) | 2,287 |
| Accrued expenses and other liabilities | 443 | (492) |
| Accrued income and | ||
| prepayments | (1,546) | (109) |
| Changes in accruals | (17,865) | 298 |
| Purchase of investments (other than money market | ||
| investments) | (6,018) | (10,683) |
| Purchase of derivatives | (1,049) | (253) |
| Disposal of investments (other than money market | ||
| investments) | 8,794 | 12,091 |
| Disposal of derivatives | 74 | (217) |
| Net purchase of investments for account of | ||
| policyholders | 2,040 | 2,398 |
| Net change in cash collateral | (1,528) | (2,813) |
| Net purchase of | ||
| money market investments | (194) | (502) |
| Cash flow movements on operating items not | ||
| reflected in income | 2,118 | 21 |
| Tax received / (paid) | (21) | 37 |
| Other | 3 | (8) |
| Net cash flows from operating | ||
| activities | 69 | (1,473) |
| Purchase of individual intangible assets (other | ||
| than VOBA and future servicing rights) | (7) | (9) |
| Purchase of equipment and real estate for own | ||
| use | (17) | (10) |
| Acquisition of subsidiaries, net of cash | (28) | - |
| Acquisition joint ventures and associates | (30) | (9) |
| Disposal of subsidiaries, net of cash | 525 | 57 |
| Dividend received | ||
| from joint ventures and associates | 22 | 9 |
| Net cash flows from investing | ||
| activities | 466 | 38 |
| Purchase of treasury shares | (50) | - |
| Proceeds from TRUPS 1 , subordinated loans and borrowings | 638 | 680 |
| Repayment of TRUPS 1 , subordinated loans and borrowings | (895) | (438) |
| Coupons on perpetual securities | (3) | (12) |
| Payment of Right-of-use Assets | (13) | (14) |
| Change in | ||
| ownership non-controlling interests | (8) | - |
| Net cash flows from financing | ||
| activities | (331) | 215 |
| Net increase | ||
| / (decrease) in cash and cash equivalents 2 | 203 | (1,220) |
| Net cash and cash equivalents at the beginning of | ||
| the reporting period | 6,889 | 8,372 |
| Effects of changes in exchange rate | 13 | 57 |
| Net cash and cash equivalents at the end of the reporting period | 7,105 | 7,209 |
1 Trust pass-through securities
2 Included in net increase / (decrease) in cash and cash equivalents are interest received EUR 1,446 million (2021: EUR 1,451 million) dividends received EUR 734 million (2021: EUR 756 million) and interest paid EUR 36 million (2021: EUR 9 million). All included in operating activities except for dividend received from joint ventures and associates EUR 22 million (2021: EUR 9 million).
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
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 for the Aegon Group and has listings of its common shares in Amsterdam and New York.
Aegon N.V. (or the Company) and its subsidiaries (Aegon or the Group) have life insurance and pensions operations and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. 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. Headquarters are located in The Hague, the Netherlands. The Group employs over 21,000 people worldwide.
- Basis of presentation
The condensed consolidated interim financial statements as at, and for the three-month period ended, March 31, 2022 (first quarter 2022 or 1Q 2022), have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union (hereafter EU-IFRS). They do not include all of the information required for a full set of financial statements prepared in accordance with EU-IFRS and should therefore be read together with the 2021 consolidated financial statements of Aegon N.V. as included in Aegons Integrated Annual Report for 2021. Aegons Integrated Annual Report for 2021 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 three-month period ended, March 31, 2022, were approved by the Supervisory Board on May 11, 2022.
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.
- 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 2021 consolidated financial statements. New IFRS accounting standards and amendments that became effective on or after January 1, 2022 had no material impact on Aegons financial position or condensed consolidated interim financial statements (refer to paragraph 2.1).
2.1 New IFRS accounting standards effective from 2022
In 2022, the following amendments to existing standards issued by the IASB became effective:
◆ IAS 37 Provisions, Contingent Liabilities and Contingent Assets;
◆ IAS 16 Property, Plant and Equipment; and
◆ IFRS 3 Business Combinations.
2.2 Future adoption of new EU-IFRS accounting standards and amendments
For a complete overview of IFRS standards and amendments issued before January 1, 2022, which will be applied in future years and were not early adopted by the Group, please refer to Aegons Integrated Annual Report for 2021.
The IASB did not issue new amendments to its current standards in the three-month period ended, March 31, 2022.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
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.
Macro-economic context
In the first three-month period of 2022, we have seen the Russian invasion of Ukraine, which caused a humanitarian crisis and also impacted global financial markets and caused significant economic turbulence. Equity markets in Aegons three main markets decreased in the first quarter of 2022 compared to the growth of equity markets in 2021. Furthermore, although interest rates remain low, compared to December 31, 2021 interest rates have increased significantly in Aegons main markets. Additionally, credit spreads have widened compared to December 31, 2021 and affected Aegons results.
Uncertainty resulting from COVID-19
In the first three-month period of 2022 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 down, and new strains of the virus and reduced availability of healthcare remain risks.
In the first three-month period of 2022 Aegons operating result in the Americas was impacted by EUR 102 million of adverse mortality in Life, of which EUR 55 million (first three-month period of 2021: EUR 79 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. In 1Q 2022, Aegon continue to observe positive morbidity in Long-Term Care, but less favorable when compared to prior year. In 1Q 2022, Aegon continued to release a portion of the Long-Term Care incurred but not reported (IBNR) reserve established during the peak of the pandemic.
Aegon Groups Solvency II capital position remained at a strong level of 210% per March 31, 2022 (December 31, 2021: 211%).
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).
Actuarial and economic assumptions
In the first three-month period of 2022, Aegon implemented no actuarial assumption and model updates (first three-month period of 2021: EUR 51 million gain).
Sensitivities
Sensitivity on variable annuities and variable life insurance products in the United States
Sensitivities of Aegons 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 Aegons 2021 Integrated Annual Report.
Sensitivity on liability adequacy test (LAT) in the Netherlands
At March 31, 2022 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 Aegons 2021 Integrated Annual Report for further details on the accounting policy.
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
The LAT deficit per March 31, 2022 in Aegon the Netherlands amounted to EUR 3.4 billion (December 31, 2021: EUR 5.2 billion), which was partially offset by the shadow loss recognition of EUR 1.5 billion (December 31, 2021: EUR 3.0 billion), resulting in a net deficit of EUR 1.9 billion (December 31, 2021: EUR 2.2 billion). The improvement of the LAT deficit by EUR 0.3 billion is driven by market movements (mainly increased interest rates and widening credit spreads, partly offset by the increased inflation curve) and is recorded in the income statement as part of benefits and expenses for the three-month period ended March 31, 2022.
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 2021 Aegons Integrated Annual Report, except for sensitivities to interest rates. Following a decrease in the LAT deficit position per March 31, 2022 compared to December 31, 2021 the sensitivity to interest rates has changed. An increase of 100 bps in interest rates would result in a decrease in LAT deficit of EUR 2.8 billion (December 31, 2021: EUR 3.3 billion). A decrease of 100 bps would result in an increase in LAT deficit of approximately EUR 3.6 billion (December 31, 2021: EUR 4.3 billion).
2.4 Other
Taxes
Taxes on income for the three-month period ended March 31, 2022, 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 relevant rates to Aegon) are applied for the condensed consolidated interim financial statements:
Closing exchange rates
| March 31, 2022 | 1 | EUR | USD — 1.1126 | GBP — 0.8450 |
|---|---|---|---|---|
| December 31, 2021 | 1 | EUR | 1.1372 | 0.8396 |
| Weighted average exchange rates | ||||
| USD | GBP | |||
| Three months ended March 31, 2022 | 1 | EUR | 1.1220 | 0.8365 |
| Three months ended March 31, 2021 | 1 | EUR | 1.2046 | 0.8737 |
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
- Segment information
3.1 Segment results
| EUR millions | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended March | ||||||||||||||||||||
| 31, 2022 | ||||||||||||||||||||
| Operating result | ||||||||||||||||||||
| geographically | 166 | 187 | 51 | 47 | 68 | (55 | ) | - | 463 | 17 | 480 | |||||||||
| Fair value items | (423 | ) | (73 | ) | 53 | 9 | - | (19 | ) | - | (452 | ) | (47 | ) | (499 | ) | ||||
| Realized gains / (losses) on investments | 13 | 61 | - | (5 | ) | 4 | - | - | 73 | (2 | ) | 71 | ||||||||
| Impairment charges | (6 | ) | 3 | - | (1 | ) | - | (18 | ) | - | (21 | ) | 1 | (20 | ) | |||||
| Impairment reversals | 2 | - | - | - | - | - | - | 2 | - | 2 | ||||||||||
| Non-operating items | (414 | ) | (8 | ) | 53 | 3 | 3 | (37 | ) | - | (399 | ) | (48 | ) | (447 | ) | ||||
| Other income / (charges) | 4 | 16 | (23 | ) | 367 | (8 | ) | (26 | ) | - | 330 | 10 | 339 | |||||||
| Result before | ||||||||||||||||||||
| tax | (244 | ) | 195 | 81 | 417 | 64 | (118 | ) | - | 394 | (21 | ) | 373 | |||||||
| Income tax (expense) / benefit | 68 | (39 | ) | (3 | ) | (10 | ) | (23 | ) | 24 | - | 18 | 21 | 39 | ||||||
| Net result | (176 | ) | 156 | 78 | 408 | 41 | (93 | ) | - | 412 | - | 412 | ||||||||
| Inter-segment operating result after tax | (66 | ) | (24 | ) | (20 | ) | (6 | ) | 47 | 68 | ||||||||||
| Revenues | ||||||||||||||||||||
| Life insurance gross | ||||||||||||||||||||
| premiums | 1,787 | 342 | 1,112 | 394 | - | - | - | 3,636 | (307 | ) | 3,329 | |||||||||
| Accident and health | ||||||||||||||||||||
| insurance | 337 | 144 | - | 125 | - | - | - | 606 | (40 | ) | 567 | |||||||||
| Property & casualty insurance | - | 35 | - | 46 | - | - | - | 81 | (46 | ) | 35 | |||||||||
| Total gross | ||||||||||||||||||||
| premiums | 2,124 | 522 | 1,112 | 565 | - | - | - | 4,323 | (393 | ) | 3,930 | |||||||||
| Investment income | 779 | 403 | 802 | 94 | 3 | 115 | (119 | ) | 2,078 | (23 | ) | 2,055 | ||||||||
| Fee and commission | ||||||||||||||||||||
| income | 499 | 85 | 55 | 12 | 190 | - | (46 | ) | 795 | (75 | ) | 720 | ||||||||
| Other revenues | - | - | - | 5 | 4 | - | - | 9 | (9 | ) | - | |||||||||
| Total revenues | 3,403 | 1,010 | 1,969 | 677 | 197 | 115 | (165 | ) | 7,205 | (499 | ) | 6,706 | ||||||||
| Inter-segment revenues | - | 2 | - | - | 46 | 117 |
| EUR millions | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended March | ||||||||||||||||||||
| 31, 2021 | ||||||||||||||||||||
| Operating result | ||||||||||||||||||||
| geographically | 161 | 184 | 3 9 | 30 | 75 | (58 | ) | ( 1 | ) | 431 | (43 | ) | 388 | |||||||
| Fair value items | (52 | ) | 71 | (48 | ) | - | (2 | ) | 34 | 2 | 3 | 19 | 22 | |||||||
| Realized gains / (losses) on | ||||||||||||||||||||
| investments | 21 | 9 | - | - | 2 | - | - | 31 | (3 | ) | 28 | |||||||||
| Impairment charges | (4 | ) | 2 | - | - | - | (1 | ) | - | (3 | ) | - | (3 | ) | ||||||
| Impairment reversals | 9 | 1 | - | - | - | 8 | - | 19 | - | 19 | ||||||||||
| Non-operating items | (25 | ) | 82 | (48 | ) | - | (1 | ) | 41 | 2 | 50 | 16 | 66 | |||||||
| Other income / (charges) | (7 | ) | 33 | (3 | ) | 15 | (2 | ) | (35 | ) | - | 1 | 3 | 4 | ||||||
| Result before | ||||||||||||||||||||
| tax | 129 | 299 | (12 | ) | 44 | 72 | (52 | ) | 1 | 482 | (24 | ) | 458 | |||||||
| Income tax (expense) / benefit | (7 | ) | (71 | ) | - | (8 | ) | (21 | ) | 10 | - | (96 | ) | 24 | (72 | ) | ||||
| Net result | 122 | 228 | (11 | ) | 37 | 52 | (42 | ) | 1 | 386 | - | 386 | ||||||||
| Inter-segment operating result after tax | (7 | ) | (22 | ) | (22 | ) | (8 | ) | 46 | 12 | ||||||||||
| Revenues | ||||||||||||||||||||
| Life insurance gross | ||||||||||||||||||||
| premiums | 1,650 | 392 | 1,143 | 381 | - | - | - | 3,566 | (255 | ) | 3,311 | |||||||||
| Accident and health | ||||||||||||||||||||
| insurance | 315 | 142 | 3 | 119 | - | - | - | 579 | (33 | ) | 547 | |||||||||
| Property & casualty insurance | - | 33 | - | 107 | - | - | - | 140 | (40 | ) | 100 | |||||||||
| Total gross | ||||||||||||||||||||
| premiums | 1,965 | 5 6 8 | 1,146 | 607 | - | - | - | 4,285 | (327 | ) | 3,958 | |||||||||
| Investment income | 705 | 501 | 819 | 88 | 2 | 59 | (64 | ) | 2,110 | (17 | ) | 2,093 | ||||||||
| Fee and commission | ||||||||||||||||||||
| income | 473 | 72 | 51 | 14 | 213 | - | (44 | ) | 779 | (104 | ) | 674 | ||||||||
| Other revenues | - | - | - | 2 | - | - | - | 3 | (3 | ) | - | |||||||||
| Total revenues | 3,143 | 1,140 | 2,015 | 712 | 216 | 59 | (108 | ) | 7,177 | (451 | ) | 6,725 | ||||||||
| Inter-segment revenues | - | 4 | - | - | 44 | 60 |
Aegons segment information is prepared by consolidating on a proportionate basis Aegons joint ventures and associated companies.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
Aegon has changed the grouping of the operating segments included in the performance measure. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but reported in the International segment. The comparative figures in the segment results table have been adjusted to reflect this change, enabling a like for like comparison, which includes reclassifications between Americas and International for an operating result of EUR 2 million, life insurance gross premiums of EUR 41 million and Other revenues of EUR 2 million. There is no impact on the consolidated numbers of Aegon.
3.2 Investments
| EUR Millions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2022 | ||||||||||
| Investments | ||||||||||
| Shares | 483 | 1,411 | 29 | 10 | 9 | 1 | - | 1,943 | ||
| Debt securities | 56,765 | 22,339 | 1,078 | 7,266 | 11 | - | - | 87,460 | ||
| Loans | 11,752 | 35,473 | - | 84 | - | 38 | - | 47,346 | ||
| Other financial assets | 8,663 | 78 | 807 | 101 | 104 | - | - | 9,753 | ||
| Investments in real estate | 41 | 2,681 | - | 16 | - | - | - | 2,738 | ||
| Investments general | ||||||||||
| account | 77,703 | 6 1,981 | 1,9 14 | 7,478 | 12 4 | 3 9 | - | 149,240 | ||
| Shares | - | 8,498 | 18,261 | 13 | - | - | (4 | ) | 26,767 | |
| Debt securities | - | 10,899 | 7,155 | 21 | - | - | - | 18,075 | ||
| Unconsolidated investment | ||||||||||
| funds | 107,979 | 1,064 | 72,387 | 493 | - | - | - | 181,923 | ||
| Other financial assets | - | 3,444 | 5,272 | 6 | - | - | - | 8,722 | ||
| Investments in real estate | - | - | 591 | - | - | - | - | 591 | ||
| Investments for account of | ||||||||||
| policyholders | 107,979 | 23 ,9 05 | 103,665 | 53 2 | - | - | ( 4 | ) | 236,078 | |
| Investments on balance | ||||||||||
| sheet | 185,682 | 85,887 | 105,580 | 8,010 | 124 | 39 | (4 | ) | 385,319 | |
| Off balance sheet investments third parties | 233,122 | 7,705 | 142,603 | 3,408 | 206,954 | - | - | 593,792 | ||
| Total revenue generating investments | 418,804 | 93,592 | 248,183 | 11,419 | 207,078 | 39 | ( 4 | ) | 979,111 | |
| Investments | ||||||||||
| Available-for-sale | 61,976 | 21,244 | 1,383 | 7,364 | 85 | - | - | 92,053 | ||
| Loans | 11,752 | 35,473 | - | 84 | - | 38 | - | 47,346 | ||
| Financial assets at fair value | ||||||||||
| through profit or loss | 111,914 | 26,489 | 103,606 | 546 | 39 | 1 | (4 | ) | 242,591 | |
| Investments in real estate | 41 | 2,681 | 591 | 16 | - | - | - | 3,329 | ||
| Total investments on balance sheet | 185,682 | 85,887 | 105,580 | 8 ,0 10 | 12 4 | 3 9 | ( 4 | ) | 385,319 | |
| Investments in joint | ||||||||||
| ventures | - | 362 | - | 1,033 | 415 | (1 | ) | - | 1,809 | |
| Investments in | ||||||||||
| associates | - | 1,140 | 8 | 21 | 154 | 20 | (12 | ) | 1,330 | |
| Other assets | 38,033 | 13,178 | 4,171 | 2,900 | 447 | 29,445 | (28,337 | ) | 59,838 | |
| Consolidated total assets | 223,716 | 100,567 | 109,758 | 11,964 | 1,141 | 29,503 | (28,353 | ) | 448,296 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| EUR Millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, 2 021 | |||||||||
| Investments | |||||||||
| Shares | 493 | 1,410 | 29 | 72 | 9 | 1 | - | 2,015 | |
| Debt securities | 61,014 | 26,951 | 1,159 | 8,060 | 11 | - | - | 97,195 | |
| Loans | 11,352 | 35,990 | - | 93 | - | 20 | - | 47,455 | |
| Other financial assets | 8,040 | 79 | 687 | 73 | 276 | - | - | 9,155 | |
| Investments in real estate | 39 | 2,588 | - | 16 | - | - | - | 2,643 | |
| Investments general account | 80,938 | 67,0 17 | 1,8 76 | 8,315 | 296 | 21 | - | 158,463 | |
| Shares | - | 9,078 | 20,221 | 243 | - | - | (4 | ) | 29,539 |
| Debt securities | - | 12,044 | 7,649 | 128 | - | - | - | 19,821 | |
| Unconsolidated investment funds | 115,596 | 1,059 | 74,698 | 597 | - | - | - | 191,950 | |
| Other financial assets | - | 3,493 | 5,581 | 6 | - | - | - | 9,080 | |
| Investments in real estate | - | - | 563 | - | - | - | - | 563 | |
| Investments for account of | |||||||||
| policyholders | 115,596 | 25,6 73 | 108,713 | 9 74 | - | - | ( 4 | ) | 250,953 |
| Investments on balance sheet | 196,534 | 92 ,6 9 0 | 110,589 | 9,288 | 296 | 21 | ( 4 | ) | 409,416 |
| Off balance sheet investments third | |||||||||
| parties | 239,566 | 7,711 | 151,097 | 2,982 | 212,779 | - | - | 614,136 | |
| Total revenue | |||||||||
| generating investments | 436,100 | 100,402 | 261,687 | 12,270 | 213,076 | 21 | ( 4 | ) | 1,023,552 |
| Investments | |||||||||
| Available-for-sale | 65,694 | 24,443 | 1,299 | 8,191 | 257 | - | - | 99,884 | |
| Loans | 11,352 | 35,990 | - | 93 | - | 20 | - | 47,455 | |
| Financial assets at fair value through profit or | |||||||||
| loss | 119,450 | 29,669 | 108,727 | 987 | 40 | 1 | (4 | ) | 258,871 |
| Investments in real estate | 39 | 2,588 | 563 | 16 | - | - | - | 3,206 | |
| Total | |||||||||
| investments on balance sheet | 196,534 | 92 ,6 9 0 | 110,589 | 9,288 | 296 | 21 | ( 4 | ) | 409,416 |
| Investments in joint ventures | 56 | 343 | - | 936 | 368 | 39 | - | 1,743 | |
| Investments in associates | - | 1,103 | 9 | 18 | 151 | 20 | (12 | ) | 1,289 |
| Other | |||||||||
| assets | 37,447 | 13,271 | 3,160 | 2,736 | 510 | 33,444 | (34,133 | ) | 56,436 |
| Consolidated | |||||||||
| total assets | 234,037 | 10 7,4 0 8 | 113,758 | 12,979 | 1,326 | 33,525 | (34,149 | ) | 468,884 |
Amounts included in the tables on investments are presented on an EU-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.
Aegon has changed the grouping of the operating segments included in the performance measure as of 2022. As per January 1, 2022, Mongeral Aegon Group (MAG Seguros) is no longer reported within the Americas segment, but is reported in the International segment. This change is applied prospectively in the investments overview.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
- Premium income and premiums paid to reinsurers
| EUR millions | 1Q 2021 | |
|---|---|---|
| Premium income | ||
| Life insurance | 3,329 | 3,311 |
| Non-life insurance | 602 | 647 |
| Total premium income | 3,930 | 3 ,958 |
| Accident and health insurance | 567 | 547 |
| Property & casualty insurance | 35 | 100 |
| Non-life Insurance premium income | 602 | 647 |
| Premiums paid to reinsurers 1 | ||
| Life insurance | 519 | 497 |
| Non-life insurance | 46 | 47 |
| Total premiums paid to reinsurers | 565 | 545 |
| Accident and health insurance | 41 | 40 |
| Property & | ||
| casualty insurance | 5 | 7 |
| Non-life Insurance paid to reinsurers | 46 | 47 |
1 Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement - refer to note Benefits and expenses.
- Investment income
| EUR millions — Interest income | 1,277 | 1,297 |
|---|---|---|
| Dividend income | 749 | 772 |
| Rental income | 29 | 24 |
| Total investment income | 2,055 | 2,093 |
| Investment income related to general account | 1,179 | 1,186 |
| Investment income for account of | ||
| policyholders | 876 | 907 |
| Total | 2,055 | 2,093 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
- Results from financial transactions
| EUR millions | ||||
|---|---|---|---|---|
| Net fair value change of general account financial | ||||
| investments at FVTPL other | ||||
| than derivatives | 208 | 54 | ||
| Realized gains /(losses) on financial | ||||
| investments | 67 | 39 | ||
| Gains /(losses) on investments in real | ||||
| estate | 86 | (43 | ) | |
| Net fair value change of derivatives | (1,444 | ) | (1,011 | ) |
| Net fair value change on for account of policyholder | ||||
| financial assets at FVTPL | (14,406 | ) | 2,710 | |
| Net fair value change on investments in real estate | ||||
| for account of policyholders | 29 | 3 | ||
| Net foreign currency gains /(losses) | 76 | 135 | ||
| Net fair value | ||||
| change on borrowings and other financial liabilities | 2 | - | ||
| Total | (15,383 | ) | 1,886 |
Net fair value change on for account of policyholder financial assets at fair value through profit or loss are a charge in 1Q 2022, mainly due to declining equity markets, rising interest rates and credit spread widening in 1Q 2022 compared to December 31, 2021. 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 8 Benefits and expenses.
- Other income
Other income includes the book gain on the divestment of Aegon Hungary to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), amounting to EUR 372 million. For more information on this divestment refer to note 18 Acquisitions/Divestments.
- Benefits and expenses
| EUR millions — Claims and benefits | (8,607 | ) | 8,141 | |
|---|---|---|---|---|
| Employee expenses | 511 | 490 | ||
| Administration expenses | 358 | 376 | ||
| Deferred expenses | (194 | ) | (146 | ) |
| Amortization | ||||
| charges | 244 | 205 | ||
| Total | (7,688 | ) | 9,066 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| EUR millions — Benefits and claims paid life | 5,603 | 6,263 | ||
|---|---|---|---|---|
| Benefits and claims paid non-life | 352 | 347 | ||
| Change in valuation of liabilities for insurance | ||||
| contracts | (12,210 | ) | 769 | |
| Change in valuation of liabilities for investment | ||||
| contracts | (3,517 | ) | (357 | ) |
| Other | 12 | (2 | ) | |
| Policyholder claims and benefits | (9,760 | ) | 7,019 | |
| Premium paid to reinsurers | 565 | 545 | ||
| Profit sharing and rebates | 2 | 2 | ||
| Commissions | 586 | 576 | ||
| Total | (8,607 | ) | 8,141 |
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.
- Income tax
The income tax benefit for 1Q 2022 amounts to EUR 39 million and includes recurring beneficial impacts of tax-exempt income and US tax credits. Non-taxable income in 1Q 2022 is related to tax exempt result in the Netherlands on the sale of the Hungarian business as well as the regular non-taxable items such as the dividend received deduction in the United States and the participation exemption in the Netherlands. Tax credits mainly include tax benefits from United States investments that provide affordable housing to individuals and families that meet median household income requirements.
- Investments
| EUR
millions | March 31, 2022 | December 31, 2021 |
| --- | --- | --- |
| Available-for-sale (AFS) | 92,053 | 99,884 |
| Loans | 47,346 | 47,455 |
| Financial assets at
fair value through profit or loss (FVTPL) | 7,103 | 8,481 |
| Financial assets, for general account,
excluding derivatives | 14 6 ,50 2 | 155,8 2 0 |
| Investments in real
estate | 2,738 | 2,643 |
| Total
investments for general account , excluding derivatives | 14 9 ,2 4 0 | 158 ,4 6 3 |
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
| Financial assets, for general account, excluding derivatives — EUR millions | AFS | FVTPL | Loans | Total |
|---|---|---|---|---|
| Shares | 293 | 1,650 | - | 1,943 |
| Debt securities | 85,627 | 1,833 | - | 87,460 |
| Money market and other short-term | ||||
| investments | 5,125 | 87 | - | 5,212 |
| Mortgages loans | - | - | 40,572 | 40,572 |
| Private loans | - | - | 4,772 | 4,772 |
| Deposits with financial institutions | - | - | 63 | 63 |
| Policy loans | - | - | 1,936 | 1,936 |
| Other | 1,007 | 3,534 | 3 | 4,544 |
| March 31, | ||||
| 2022 | 92,053 | 7,103 | 47,346 | 146,502 |
| AFS | FVTPL | Loans | Total | |
| Shares | 350 | 1,665 | - | 2,015 |
| Debt securities | 93,899 | 3,296 | - | 97,195 |
| Money market and other short-term | ||||
| investments | 4,790 | 120 | - | 4,910 |
| Mortgages loans | - | - | 40,624 | 40,624 |
| Private loans | - | - | 4,883 | 4,883 |
| Deposits with financial institutions | - | - | 52 | 52 |
| Policy loans | - | - | 1,893 | 1,893 |
| Other | 844 | 3,401 | 3 | 4,248 |
| December 31, | ||||
| 2021 | 99,884 | 8,481 | 47,455 | 155,820 |
Total investments for general account, excluding derivatives, in the first three months of 2022 decreased, compared to the position at December 31, 2021, mainly due to rising interest rates and credit spread widening affecting bond valuation in mainly the Americas and the Netherlands.
- Investments for account of policyholders
| EUR
millions | March 31, 2022 | December 31, 2021 |
| --- | --- | --- |
| Shares | 26,767 | 29,539 |
| Debt securities | 18,075 | 19,821 |
| Money market and short-term investments | 1,739 | 1,482 |
| Deposits with financial institutions | 3,539 | 4,105 |
| Unconsolidated investment funds | 181,923 | 191,950 |
| Other | 3,444 | 3,493 |
| Total investments for account of policyholders
at fair value through profit or loss, excluding derivatives | 235,488 | 250,390 |
| Investment in
real estate | 591 | 563 |
| Total
investments for account of policyholders | 236, 078 | 250,953 |
Investments for account of policyholders in the first three months of 2022 decreased, compared to the position at December 31, 2021, mainly due to declining equity markets, rising interest rates and credit spread widening.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
- 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| M arch 31, 2022 | December 31, 2021 | |||||||||
| EUR millions | Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | ||
| Financial assets carried at fair value | ||||||||||
| Available-for-sale investments | ||||||||||
| Shares | 22 | 75 | 195 | 293 | 84 | 75 | 191 | 350 | ||
| Debt securities | 21,641 | 63,124 | 863 | 85,627 | 25,166 | 68,131 | 603 | 93,899 | ||
| Money markets and other short-term | ||||||||||
| instruments | 1,176 | 3,949 | - | 5,125 | 1,204 | 3,586 | - | 4,790 | ||
| Other investments | ||||||||||
| at fair value | - | 390 | 617 | 1,007 | - | 246 | 599 | 844 | ||
| Total Available-for-sale investments | 22,839 | 67,53 7 | 1,676 | 92,053 | 26,453 | 72,038 | 1,393 | 99,884 | ||
| Fair value through profit or loss | ||||||||||
| Shares | 74 | 226 | 1,349 | 1,650 | 85 | 237 | 1,343 | 1,665 | ||
| Debt securities | 117 | 1,707 | 9 | 1,833 | 130 | 3,161 | 5 | 3,296 | ||
| Money markets and other short-term | ||||||||||
| instruments | 18 | 69 | - | 87 | 18 | 102 | - | 120 | ||
| Other investments at fair value | 1 | 350 | 3,183 | 3,534 | 2 | 389 | 3,010 | 3,401 | ||
| Investments for account of policyholders 1 | 119,705 | 115,212 | 571 | 235,488 | 129,794 | 119,653 | 943 | 250,390 | ||
| Derivatives | 328 | 7,553 | 2 | 7,882 | 150 | 8,676 | 1 | 8,827 | ||
| Total Fair | ||||||||||
| value through profit or loss | 120,242 | 125,117 | 5,114 | 250,473 | 130,178 | 132,219 | 5,301 | 267,698 | ||
| Total | ||||||||||
| financial assets at fair value | 143,082 | 192,654 | 6,790 | 342,526 | 156,631 | 204,256 | 6,694 | 367,582 | ||
| Financial liabilities carried at fair | ||||||||||
| value | ||||||||||
| Investment contracts for account of policyholders 2 | - | 68,339 | (96 | ) | 68,244 | - | 71,249 | (6 | ) | 71,242 |
| Derivatives | 136 | 8,833 | 2,685 | 11,654 | 39 | 7,162 | 3,437 | 10,639 | ||
| Total | ||||||||||
| financial liabilities at fair value | 136 | 77,173 | 2,589 | 79,898 | 39 | 78,411 | 3,431 | 81,881 |
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.
Significant transfers between Level I, Level II and Level III
In 1Q 2022, there are no transfers between Level I and Level II for financial assets and financial liabilities recorded at fair value on a recurring basis. Transfers are identified based on transaction volume and frequency, which are indicative of an active market.
Unaudited
Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
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 For the period ended M arch 3 1, 2022 — EUR millions | At January 1, 2022 | Total gains / losses in income statement 1 | | Total gains / losses in OCI 2 | | Purchases | | Sales | | Settlements | | Net exchange differences | Transfers from Level I and Level II | Transfers to Level I and Level II | | At March 31, 2022 | | Total unrealized gains and losses for the period recorded in the P&L for instruments held at M arch
31, 2022 ³ | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial assets carried at
fair value available-for-sale investments | | | | | | | | | | | | | | | | | | | | |
| Shares | 191 | | 1 | | 11 | | (1 | ) | (12 | ) | - | | 4 | - | - | | 195 | | - | |
| Debt securities | 603 | | (2 | ) | (41 | ) | 413 | | (47 | ) | (9 | ) | 8 | 4 | (66 | ) | 863 | | - | |
| Other investments at fair value | 599 | | (20 | ) | 8 | | 39 | | (17 | ) | (4 | ) | 13 | - | - | | 617 | | - | |
| | 1,393 | | (20 | ) | (22 | ) | 451 | | (76 | ) | (13 | ) | 25 | 4 | (66 | ) | 1,676 | | - | |
| Fair value through profit or
loss | | | | | | | | | | | | | | | | | | | | |
| Shares | 1,343 | | 42 | | - | | 29 | | (65 | ) | - | | - | - | - | | 1,349 | | 42 | |
| Debt securities | 5 | | - | | - | | 27 | | (23 | ) | - | | - | - | - | | 9 | | - | |
| Other investments at fair
value | 3,010 | | 222 | | - | | 89 | | (203 | ) | - | | 66 | - | - | | 3,183 | | 74 | |
| Investments for account of
policyholders | 943 | | (7 | ) | - | | (372 | ) | 6 | | - | | 1 | - | - | | 571 | | (62 | ) |
| Derivatives | 1 | | 1 | | - | | - | | - | | - | | - | - | - | | 2 | | 1 | |
| | 5,301 | | 2 58 | | - | | (227 | ) | (284 | ) | - | | 67 | - | - | | 5,114 | | 54 | |
| Total assets at fair value | 6,694 | | 237 | | (22 | ) | 224 | | (361 | ) | (13 | ) | 91 | 4 | (66 | ) | 6,790 | | 54 | |
| Financial liabilities
carried at fair value | | | | | | | | | | | | | | | | | | | | |
| Investment contracts for
account of policyholders | (6 | ) | (8 | ) | - | | (197 | ) | 115 | | - | | 1 | - | - | | (96 | ) | (8 | ) |
| Derivatives | 3,437 | | (790 | ) | - | | - | | (3 | ) | - | | 40 | - | - | | 2,685 | | 607 | |
| | 3,431 | | (798 | ) | - | | (197 | ) | 112 | | - | | 41 | - | - | | 2,589 | | 599 | |
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.
| Roll forward of Level III financial instruments For the period ended December 3 1, 2021 — At January 1, 2021 | | Total gains / losses in income statement 1 | | Total gains / losses in OCI 2 | Purchases | | Sales | | Settlements | | Net exchange differences | Transfers from Level I and Level II | Transfers to Level I and Level II | | At December 31, 2021 | | Total unrealized gains and losses for the period recorded in the P&L for instruments held at
December 31, 2021 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial assets carried at
fair value available-for-sale investments | | | | | | | | | | | | | | | | | | | |
| Shares | 173 | | 1 | | 3 | 30 | | (26 | ) | - | | 11 | - | - | | 191 | | - | |
| Debt securities | 467 | | (1 | ) | 6 | 228 | | (29 | ) | (46 | ) | 22 | 203 | (246 | ) | 603 | | - | |
| Other investments at fair value | 581 | | (113 | ) | 7 | 111 | | (24 | ) | (6 | ) | 43 | - | - | | 599 | | - | |
| | 1,221 | | (114 | ) | 16 | 368 | | (80 | ) | (52 | ) | 77 | 203 | (246 | ) | 1,393 | | - | |
| Fair value through profit or
loss | | | | | | | | | | | | | | | | | | | |
| Shares | 1,329 | | 150 | | - | 179 | | (316 | ) | 1 | | 1 | - | - | | 1,343 | | 147 | |
| Debt securities | 242 | | (1 | ) | - | 124 | | (361 | ) | - | | - | - | - | | 5 | | 1 | |
| Other investments at fair
value | 2,173 | | 796 | | - | 492 | | (638 | ) | - | | 186 | - | - | | 3,010 | | (1 | ) |
| Investments for account of
policyholders | 1,012 | | 206 | | - | (198 | ) | (93 | ) | - | | 22 | - | (7 | ) | 943 | | 162 | |
| Derivatives | 22 | | (17 | ) | - | - | | (4 | ) | - | | - | - | - | | 1 | | (10 | ) |
| | 4,779 | | 1,13 4 | | - | 59 7 | | (1,411 | ) | - | | 210 | - | (7 | ) | 5,301 | | 299 | |
| Total assets at fair value | 6,000 | | 1,020 | | 16 | 965 | | (1,491 | ) | (52 | ) | 286 | 203 | (253 | ) | 6,694 | | 299 | |
| Financial liabilities
carried at fair value | | | | | | | | | | | | | | | | | | | |
| Investment contracts for
account of policyholders | (12 | ) | (1 | ) | - | (361 | ) | 366 | | - | | 2 | - | - | | (6 | ) | 3 | |
| Derivatives | 4,902 | | (1,627 | ) | - | - | | (14 | ) | - | | 176 | - | - | | 3,437 | | 607 | |
| | 4,890 | | (1,628 | ) | - | (361 | ) | 352 | | - | | 178 | - | - | | 3,431 | | 610 | |
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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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
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 — Carrying amount | Total estimated fair value | Carrying amount | Total estimated fair value | |
|---|---|---|---|---|
| EUR | ||||
| millions | March 31, 2022 | December 31, 2021 | ||
| Assets | ||||
| Mortgage loans - held at amortized cost | 40,572 | 41,941 | 40,624 | 44,366 |
| Private loans - held at amortized cost | 4,772 | 5,002 | 4,883 | 5,491 |
| Other loans - held | ||||
| at amortized cost | 2,002 | 2,002 | 1,949 | 1,949 |
| Liabilities | ||||
| Subordinated borrowings - held at amortized | ||||
| cost | 2,227 | 2,305 | 2,194 | 2,438 |
| Trust pass-through securities - held at amortized | ||||
| cost | 122 | 133 | 126 | 139 |
| Borrowings held at amortized cost | 9,459 | 10,069 | 9,661 | 10,171 |
| Investment contracts | ||||
| - held at amortized cost | 21,904 | 21,032 | 21,573 | 20,861 |
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.
- Share capital
| EUR millions — Share capital - par value | 321 | 321 | |
|---|---|---|---|
| Share | |||
| premium | 7,033 | 7,033 | |
| Total share | |||
| capital | 7,354 | 7,354 | |
| Share capital - par value | |||
| Balance at January 1 | 321 | 320 | |
| Dividend | - | 1 | |
| Balance | 321 | 3 21 | |
| Share premium | |||
| Balance at January 1 | 7,033 | 7,160 | |
| Share | |||
| dividend | - | (127 | ) |
| Balance | 7,033 | 7,033 |
| EUR millions | ||||
|---|---|---|---|---|
| Earnings per share ( EU R per share) | ||||
| Basic earnings per common share | 0.19 | 0.18 | ||
| Basic earnings per common share B | - | - | ||
| Diluted earnings per common share | 0.19 | 0.18 | ||
| Diluted earnings per | ||||
| common share B | - | - | ||
| Earnings per share calculation | ||||
| Net result attributable to owners of Aegon | ||||
| N.V. | 385 | 383 | ||
| Coupons on other | ||||
| equity instruments | (2 | ) | (9 | ) |
| Earnings attributable to common shares and common | ||||
| shares B | 382 | 375 | ||
| Earnings attributable to common shareholders | 380 | 372 | ||
| Earnings attributable to common shareholders | ||||
| B | 3 | 3 | ||
| Weighted average number of common shares outstanding | ||||
| (in millions) | 2,026 | 2,044 | ||
| Weighted average | ||||
| number of common shares B outstanding (in millions) | 538 | 559 |
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
Share buyback
During 1Q 2022, Aegon executed a program to repurchase 10,158,360 common shares for an amount of EUR 50 million to meet its obligations resulting from the 2021 and 2022 share-based compensation plans for senior management. Between January 7, 2022 and January 24, 2022, these common shares were repurchased at an average price of EUR 4.9227 per share. These shares are held as treasury shares and are used to cover future stock dividends.
On March 23, 2022, Aegon announced that it intends to return EUR 300 million of surplus cash capital to shareholders via a share buyback in the course of 2022, barring unforeseen circumstances. The share buyback will be executed in three tranches of EUR 100 million each, with each tranche conditional on maintaining the capital positions of Aegons main units in line with its stated ambitions, and the Cash Capital at the Holding being above the middle of the operating range.
The EUR 300 million share buyback program commenced on April 1, 2022 and is expected to be completed on or before December 15, 2022. The first tranche of EUR 100 million is expected to be completed on or before June 30, 2022. For each tranche Aegon will engage a third party to execute the buyback transactions on its behalf. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period, and will subsequently be proposed to be cancelled at Aegons 2023 Annual General Meeting of Shareholders.
- Borrowings
| EUR millions — Capital funding | 1,279 | 1,292 |
|---|---|---|
| Operational | ||
| funding | 8,179 | 8,369 |
| Total | ||
| borrowings | 9,459 | 9,661 |
During 1Q 2022, the operational funding decreased by EUR 0.2 billion due to a decrease in pre-mortgage warehouse-related funding.
- Financial risks
Aegons sensitivity to interest rate risk as disclosed in Aegons 2021 Integrated Annual Report has changed impacted by rising interest rates during the first three months of 2022. The table below shows the updated sensitivity per March 31, 2022 and reflects the effect of a parallel shift in the yield curves on net result and shareholders equity.
| EUR millions | March 31, 2022 — Estimated approximate effects on net result | Estimated approximate effects on shareholders equity | Estimated approximate effects on net result | Estimated approximate effects on shareholders equity | ||||
|---|---|---|---|---|---|---|---|---|
| Parallel movements of yield curve | ||||||||
| Immediate movements of yield curve, but not | ||||||||
| permanently | ||||||||
| Shift up 100 basis points | (227 | ) | (4,084 | ) | (340 | ) | (4,227 | ) |
| Shift down 100 basis | ||||||||
| points | 109 | 4,676 | 127 | 3,627 |
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
- Capital management and solvency
As at March 31, 2022, Aegons estimated capital position was:
| Solvency II key figures — EUR
millions | March 31, 2022 ¹ | December 31, 2021 |
| --- | --- | --- |
| Group Own Funds | 19,067 | 19,431 |
| Group SCR | 9,088 | 9,226 |
| Group Solvency II
ratio | 210 % | 211 % |
¹ The Solvency II ratios are estimates, are not final until filed with the respective supervisory authority.
The table below provides the composition of Aegons Available Own Funds across Tiers:
| Eligible own funds — EUR
millions | March 31, 2022 | December 31, 2021 |
| --- | --- | --- |
| Tier 1 - unrestricted | 13,771 | 14,044 |
| Tier 1 - restricted | 2,328 | 2,364 |
| Tier 2 | 2,294 | 2,348 |
| Tier 3 | 674 | 675 |
| Total Eligible
Own Funds | 19 ,0 6 7 | 19 ,4 3 1 |
The table below provides the reconciliation from shareholders equity to Solvency II Own Funds:
| Reconciliation Shareholders Equity - Own Funds — EUR
millions | March 31, 2022 | | December 31, 2021 | |
| --- | --- | --- | --- | --- |
| EU-IFRS Shareholders Equity | 21,177 | | 24,282 | |
| EU-IFRS adjustments for Other Equity instruments and non controlling interests | 2,591 | | 2,559 | |
| EU-IFRS Group Equity | 23,768 | | 26,841 | |
| Solvency II revaluations and
reclassifications | (5,910 | ) | (9,565 | ) |
| Transferability
restrictions 1 | 1,830 | | 1,772 | |
| Excess of Assets over Liabilities | 16,028 | | 15,504 | |
| Availability adjustments | 3,198 | | 4,020 | |
| Tiering restrictions | (56 | ) | - | |
| Fungibility
adjustments | (103 | ) | (93 | ) |
| Total
Eligible own funds | 19 ,0 6 7 | | 19 ,4 3 1 | |
1 This 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 EU-IFRS and Solvency II frameworks.
Availability adjustments in the first three months of 2022 decreased, compared to the position at December 31, 2021, mainly due to the tender offer (EUR 386 million) and the share buyback (EUR 300 million), as these items are included in foreseeable dividends and other distributions to holders of equity instruments. For more information about the tender offer and share buyback to note 19 Post reporting date events.
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
17. Commitments and contingencies
There have been no material changes in commitments and contingencies as reported in Aegons 2021 Integrated Annual Report.
18. Acquisitions/Divestments
On March 23, 2022, Aegon completed the divestment of its Hungarian businesses to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). The gross proceeds of the transaction amount to EUR 620 million. As a result of the transaction, the Group Solvency II ratio improved by approximately 6 percentage points. The book gain amounted to EUR 372 million, which includes a loss of EUR 39 million related to the recycling of the foreign currency translation reserve and revaluation reserve though the income statement. As a result of this transaction, IFRS equity has increased by EUR 411 million. The completion of this sale is part of the full closing of the sale of Aegons insurance, pension, and asset management businesses in Central and Eastern Europe to VIG for EUR 830 million, as announced in November 2020.
On February 28, 2022, Transamerica acquired 100% equity interest in TAG Resources, LLC (TAG). TAG aggregates small to mid-market employer retirement plans (pooled-plan space) and provides administration and fiduciary oversight services as a third-party administrator for such plans, including providing plan design, consulting, and compliance to plan sponsors. The acquisition does not have a material impact on Aegons capital position or results.
19. Post reporting date events
On April 21, 2022 Aegon completed the divestment of its Turkish business to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). The divestment had no material impact on Aegons capital position and operational results going forward.
On April 1, 2022 Aegon completed a tender offer buying back EUR 429 million of perpetual capital securities, part of the EUR 950 million notes issued in 2004. Aegon bought back the securities at a purchase price of 90%. The gain realized on this tender offer amounts to EUR 43 million and will be recognized in retained earnings in 2Q 2022. The impact of this transaction has been reflected in Aegons Solvency II position in line with its policy to record foreseeable transactions in 1Q 2022.
Furthermore, a share buyback program of EUR 300 million has been announced on March 23, 2022 to be executed in the course of 2022, barring unforeseen circumstances. The share buyback will be executed in three tranches of EUR 100 million each, with each tranche conditional on maintaining the capital positions of Aegons main units in line with its stated ambitions, and the Cash Capital at the Holding being above the middle of the operating range.
The EUR 300 million share buyback program commenced on April 1, 2022 and is expected to be completed on or before December 15, 2022. For each tranche Aegon will engage a third party to execute the buyback transaction on its behalf. The first tranche of EUR 100 million is expected to be completed on or before June 30, 2022. The common shares will be repurchased at a maximum of the average of the daily volume-weighted average prices during the repurchase period, and will subsequently be proposed to be cancelled at Aegons 2023 Annual General Meeting of Shareholders.
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
Disclaimers
Cautionary note regarding non- EU-IFRS measures
This document includes the following non-EU-IFRS financial measures: operating result, income tax and result before tax. These non-EU-IFRS measures are calculated by consolidating on a proportionate basis Aegons joint ventures and associated companies. The reconciliation of these measures to the most comparable EU-IFRS measure is provided in note 3 Segment information of Aegons Condensed Consolidated Interim Financial Statements. Aegon believes that these non-EU-IFRS measures, together with the EU-IFRS information, provide meaningful supplemental information about the operating results of Aegons 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 may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, 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 and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
◆ Unexpected delays, difficulties, and expenses in executing against our environmental, climate, diversity and inclusion or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, safety and health laws;
◆ Changes in general economic and/or governmental conditions, particularly in the United States, the Netherlands and the United Kingdom;
◆ Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
◆ Changes in the performance of financial markets, including emerging markets, such as with regard to:
-
The frequency and severity of defaults by issuers in Aegons 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;
-
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 Aegons investment portfolio and decline in ratings of Aegons counterparties;
◆ Lowering of one or more of Aegons debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegons ability to raise capital and on its liquidity and financial condition;
◆ Lowering of one or more of insurer financial strength ratings of Aegons 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 Unions 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 Aegons business;
◆ The frequency and severity of insured loss events;
◆ Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegons insurance products;
◆ Aegons 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 Aegons 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 Aegons 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 Aegons ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
◆ Aegons 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 Aegons 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 Aegons 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 Aegons 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 Aegons expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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Table of Contents
Condensed consolidated interim financial statements
for the three-month period ended
March 31, 2022
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
Investor relations
- 31 (0) 70 344 83 05
or 877 548 96 68 - toll free, USA only
| Publication dates results | |
|---|---|
| August 11, 2022 | 2Q 2022 Results |
| November 10, 2022 | 3Q 2022 Results |
About Aegon
Aegon is an integrated, diversified, international financial services group. The company offers investment, protection, and retirement solutions, with a strategic focus on three core markets (the United States, the United Kingdom, and the Netherlands), three growth markets (Spain & Portugal, Brazil, and China), and one global asset manager.
Aegons purpose of Helping people live their best lives runs through all its activities. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity.
Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com .
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