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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the nine months ended September 30, 2013
Aegon N.V.
(Translation of registrant’s name into English)
Aegonplein 50
P.O. Box 85
2501 CB The Hague
The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
x Form 20-F ¨ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
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The financial statements, notes thereto and Operating and Financial Review and Prospects of Aegon N.V. listed below are attached hereto as Exhibit 99.1. Such financial statements and discussion and analysis are incorporated by reference herein and in Aegon’s Registration Statements under the Securities Act of 1933 on Form F-3 (Nos 333-178225, 333-178224, 333-174878, 333-155858, 333- 155857 and 333-150786) and on Form S-8 (Nos 333-89814, 333-129662, 333-132839, 333-132841, 333-138210, 333-144174, 333- 144175, 333-150774, 333-151983, 333-151984 and 333-157843).
Item 1: Interim Financial Statements
Condensed consolidated income statement for the nine months ended September 30, 2013 and September 30, 2012
Condensed consolidated statement of comprehensive income for the nine months ended September 30, 2013 and September 30, 2012
Condensed consolidated statement of financial position at September 30, 2013 and December 31, 2012
Condensed consolidated statement of changes in equity for the nine months ended September 30, 2013 and September 30, 2012
Condensed consolidated cash flow statement for the nine months ended September 30, 2013 and September 30, 2012
Notes to the condensed consolidated Interim financial statements
Item 2: Operating and financial review and prospects
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: November 7, 2013 |
| /s/ J.H.P.M. van Rossum |
| J.H.P.M. van Rossum |
| Senior Vice President Corporate Controller |
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Condensed Consolidated
Interim Financial Statements
Q3 2013
| aegon.com | The Hague, November 7, 2013 |
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| 2 | ||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Notes to the condensed consolidated interim financial statements |
7 | |||
| Unaudited | 1 |
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| 2 | Unaudited |
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Amounts for 2012 have been restated for the changes in accounting policies as disclosed in note 2.
| Unaudited | 3 |
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Amounts for 2012 have been restated for the changes in accounting policies as disclosed in note 2.
| 4 | Unaudited |
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1 For a breakdown of share capital please refer to note 18.
2 Issued capital and reserves attributable to equity holders of Aegon N.V.
Amounts for 2012 have been restated for the changes in accounting policies as disclosed in note 2.
| Unaudited | 5 |
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Amounts for 2012 have been restated for the changes in accounting policies as disclosed in note 2.
| 6 | Unaudited |
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Notes to the Condensed Consolidated Interim Financial Statements
Amounts 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 consolidated subsidiaries (“Aegon” or “the Group”) have life insurance and pensions operations in over twenty countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Its headquarters are located in The Hague, the Netherlands. The Group employs over 23,000 people worldwide.
1. Basis of presentation
The Condensed Consolidated Interim Financial Statements as at, and for the nine month period ended, September 30, 2013, have been prepared in accordance with IAS 34 “Interim Financial Reporting”, as adopted by the European Union (hereafter “IFRS”). They do not include all of the information required for a full set of financial statements prepared in accordance with IFRS and should therefore be read together with the 2012 consolidated financial statements of Aegon N.V. as included in Aegon’s Annual Report for 2012. Aegon’s Annual Report for 2012 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. Certain amounts in prior periods have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders’ equity or earnings per share. The Condensed Consolidated Interim Financial Statements as at, and for the nine months ended, September 30, 2013, were approved by the Executive Board on November 6, 2013.
The published figures in these Condensed Consolidated Interim Financial Statements are unaudited.
2. Significant accounting policies
The accounting policies and methods of computation applied in the Condensed Consolidated Interim Financial Statements are the same as those applied in the 2012 consolidated financial statements, except for the newly applied accounting policies.
Adoption of new accounting policies
Aegon applies new and amended standards that require restatement of previous financial statements. These include IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements”, IAS 19 (revised 2011) “Employee Benefits” and IAS 1 “Presentation of Financial Statements”. Application of IFRS 13 “Fair Value Measurement” is required prospectively as of the beginning of the annual reporting period.
The nature and the impact of each new standard/amendment that has been applied for the first time in 2013 is described below:
| t | IFRS 7, “Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities”: The amendments to IFRS 7 enable users of the financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognized financial assets and recognized financial liabilities, on the entity’s financial position. The amendment affects disclosure only and is included in note 20. |
| Unaudited | 7 |
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| t | IFRS 10, “Consolidated Financial Statements”: IFRS 10 replaces all the guidance on control and consolidation in IAS 27, “Consolidated and Separate Financial Statements”, and SIC-12, “Consolidation – Special Purpose Entities”. The application of this new standard impacted the financial position of Aegon by consolidating one securitization vehicle that was previously not consolidated. In addition, for several investment funds the consolidation conclusion has been revisited, resulting in changes compared to previous years. The impact of the adoption of IFRS 10 on the financial position of Aegon is described in note 2.1. |
| t | IFRS 11, “Joint Arrangements”: IFRS 11 replaces IAS 31, “Interests in Joint Ventures” and SIC-13, “Jointly-controlled Entities — Non-monetary Contributions by Venturers”. IFRS 11 removes the option to account for jointly controlled entities (JCEs) using proportionate consolidation. Instead, JCEs that meet the definition of a joint venture under IFRS 11 must be accounted for using the equity method. The effect of this standard is that Aegon starts to account for its joint ventures on a net equity value basis. The impact of the adoption of IFRS 11 on the financial position of Aegon is described in note 2.1. |
| t | IFRS 12, “Disclosure of Interests in Other Entities”: IFRS 12 imposes disclosure requirements on interests in subsidiaries, associates, joint ventures, and structured entities. This standard affects disclosure only and has therefore no impact on Aegon’s financial position or performance. Aegon will provide the disclosures in the Annual Report 2013 as required. |
| t | IFRS 13, “Fair Value Measurement”: IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The application of IFRS 13 has not impacted the fair value measurements carried out by the Group, which are described in note 2.3. IFRS 13 also requires specific disclosures on fair values, some of which replace existing disclosure requirements in other standards, including IFRS 7, “Financial Instruments: Disclosures”. Some of these disclosures, specifically for financial instruments, are required in interim condensed consolidated financial statements. Aegon provides these disclosures in note 16. |
| t | IAS 1, “Financial Statement Presentation – Presentation of Items of Other Comprehensive Income”: The amendments require the grouping of items within other comprehensive income that may be reclassified to the profit or loss section of the income statement. The amendments also reaffirm existing requirements that items in other comprehensive income and profit or loss should be presented as either a single statement or two consecutive statements. The amendment affects presentation only and changes are included in the condensed statement of comprehensive income. |
| t | IAS 19, “Employee Benefits”: The revised standard eliminates the option to defer the recognition of actuarial gains and losses, known as the “corridor method”. The amendments streamline the presentation of changes in assets and liabilities arising from defined benefit plans, including requiring remeasurements to be presented in other comprehensive income, to immediately recognize all past service costs and to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability (asset). The impact of the adoption of the revised IAS 19 on the financial position of Aegon is described in note 2.2. |
| t | IAS 27, “Separate Financial Statements”: IAS 27 was amended following the issuance of IFRS 10. The revised IAS 27 deals only with the accounting for subsidiaries, associates and joint ventures in the separate financial statements of the parent company. The application of the amendments has not impacted the financial position of the Group. |
| t | IAS 28, “Investments in Associates and Joint Ventures”: IAS 28 was amended following the issuance of IFRS 10 and IFRS 11. The revised IAS 28 describes the application of the equity method to investments in joint ventures in addition to associates. The application of the amendments has not impacted the financial position of the Group. |
For a complete overview of IFRS standards, published before January 1, 2013, that will be applied in future years, but were not early adopted by the Group, please refer to Aegon’s Annual Report for 2012.
Taxes
Taxes on income for the nine months interim period, ending September 30, 2013, are accrued using the tax rate that would be applicable to expected total annual earnings.
| 8 | Unaudited |
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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. Actual results may differ from the estimates made.
In preparing the Condensed Consolidated Interim Financial Statements, significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2012, except for the newly applied assumption changes.
Assumptions changes
In third quarter of 2013, to reflect the low interest rate environment, Aegon lowered its long-term assumption for 10-year US Treasury yields by 50 basis points to 4.25% and extended the uniform grading period from 5 years to 10 years. Aegon also changed its assumed returns for US separate account bond fund to 4% over the next 10 years and 6% thereafter from its previous assumptions of 4% over the next 5 years and 6% thereafter. In addition, Aegon changed its long-term equity market return assumption for the estimated gross profit in variable life and variable annuity products in the Americas from 9% to 8%. In total, these assumption changes led to a negative impact on earnings of EUR 405 million in the third quarter of 2013. Both the assumptions for the bond fund and that for the long-term equity market are gross assumptions from which asset management and policy fees are deducted to determine the policyholder return.
Exchange rates
Assets and liabilities are translated at the closing rates on the balance sheet 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 are applied for the Condensed Consolidated Interim Financial Statements:
Closing exchange rates
| USD | GBP | |||||||||||||||
| September 30, 2013 |
1 | EUR | 1.3537 | 0.8359 | ||||||||||||
| December 31, 2012 |
1 | EUR | 1.3184 | 0.8111 |
Weighted average exchange rates
| USD | GBP | |||||||||||||||
| Q3 2013 |
1 | EUR | 1.3161 | 0.8512 | ||||||||||||
| Q3 2012 |
1 | EUR | 1.2811 | 0.8115 |
Other
Aegon N.V. is subject to legal restrictions on the amount of dividends it can pay to its shareholders. Under Dutch law, the amount that is available to pay dividends consists of total shareholders’ equity less the issued and outstanding capital and less the reserves required by law. The revaluation account and legal reserves, foreign currency translation reserve and other reserves, cannot be freely distributed. In case of negative balances for individual reserves legally to be retained, no distributions can be made out of retained earnings to the level of these negative amounts.
| Unaudited | 9 |
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In addition, Aegon’s subsidiaries, principally insurance companies, are subject to restrictions on the amounts of funds they may transfer in the form of cash dividends or otherwise to their parent companies. There can be no assurance that these restrictions will not limit or restrict Aegon in its ability to pay dividends in the future.
2.1 Changes in accounting policies for consolidation and joint arrangements
Aegon has early adopted IFRS 10 – “Consolidated Financial Statements” on January 1, 2013. Aegon also adopted IFRS 11, “Joint Arrangements”, IFRS 12, “Disclosure of Interests in Other Entities”, and consequential amendments to IAS 27, “Separate Financial Statements” and IAS 28, “Investments in Associates and Joint Ventures”, at the same time.
a. Subsidiaries
IFRS 10 changes the definition of control such that an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. To meet the definition of control in IFRS 10, all three criteria must be met, including: (a) an investor has power over an investee; (b) the investor has exposure, or rights, to variable returns from its involvement with the investee; and (c) the investor has the ability to use its power over the investee to affect the amount of the investor’s returns.
Aegon has applied the new standard retrospectively, in accordance with the transitional provisions of IFRS 10. The application of this new standard impacted the financial position of Aegon by consolidating one securitization vehicle that was previously not consolidated. In addition, for several investment funds the consolidation conclusion has been revisited which resulted in changes compared to previous years. The effect of the change in accounting policies for consolidation on the financial position, comprehensive income and the cash flows of Aegon at January 1, 2012, and December 31, 2012, are summarized together with the impact of IFRS 11 and revised IAS 19 in note 2.4.
b. Joint arrangements
IFRS 11 replaces IAS 31 “Interests in Joint Ventures” and SIC-13 “Jointly-controlled Entities — Non-monetary Contributions by Venturers”. IFRS 11 removes the option to account for jointly controlled entities (JCEs) using proportionate consolidation. Instead, JCEs that meet the definition of a joint venture under IFRS 11 must be accounted for using the equity method.
In general, joint arrangements are contractual agreements whereby the Group undertakes with other parties an economic activity that is subject to joint control. Joint control exists when it is contractually agreed to share control of an economic activity. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Aegon has early adopted IFRS 11 - “Joint Arrangements”, on January 1, 2013. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. Aegon has assessed the nature of its joint arrangements and determined them to be joint ventures. The joint ventures will be accounted for using the equity method and are no longer proportionately consolidated.
Aegon has applied the new policies for interests in joint ventures occurring on or after January 1, 2012, in accordance with the transition provisions of IFRS 11. The effects of the change in accounting policies for joint arrangements on the financial position of the Group are summarized in note 2.4.
| 10 | Unaudited |
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2.2 Changes in accounting policies for assets and liabilities relating to employee benefits
Aegon adopted IAS 19 - “Employee Benefits”, on January 1, 2013. As a result, Aegon changed its accounting policies for the assets and liabilities relating to employee benefits.
Aegon has applied the new policies for employee benefits retrospectively in accordance with the transitional provisions of the revised IAS 19. Aegon’s accounting policies for assets and liabilities relating to employee benefits as set out below reflect the changes under the revised IAS 19.
a. Short-term employee benefits
Prior to January 1, 2013, short-term benefits were recognized based on the employee’s entitlement to the benefits. Under the revised IAS 19 a liability is recognized for the undiscounted amount of short-term employee absences benefits expected to be settled within one year after the end of the period in which the service was rendered. Accumulating short-term absences are recognized over the period in which the service is provided. Benefits that are not service-related are recognized when the event that gives rise to the obligation occurs. This change in accounting policies has no impact on Aegon’s financial position.
b. Post-employment benefits
The Group has issued defined contribution plans and defined benefit plans. A plan is classified as a defined contribution plan when the Group has no further obligation than the payment of a fixed contribution. All other plans are classified as defined benefit plans.
Defined contribution plans
The contribution payable to a defined contribution plan for services provided is recognized as an expense in the income statement. An asset is recognized to the extent that the contribution paid exceeds the amount due for services provided.
Defined benefit plans
Revised IAS 19 includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and losses that are recognized in other comprehensive income and permanently excluded from profit and loss; expected returns on plan assets that are no longer recognized in profit or loss. Instead, there is a requirement to recognize interest on the net defined benefit liability (asset) in profit or loss, calculated using the discount rate used to measure the defined benefit obligation, and; unvested past service costs are recognized in profit or loss at the earlier of when the amendment occurs or when the related restructuring or termination costs are recognized. Other amendments include new disclosures, such as quantitative sensitivity disclosures.
Upon transition to revised IAS 19, Aegon recognizes all actuarial gains and losses as they occur and therefore no longer applies the corridor approach. Furthermore, past service costs are recognized immediately if the benefits have vested directly after the introduction of, or changes to, a pension plan.
The effects of the change in accounting policies for assets and liabilities relating to employee benefits on the financial position of the Group are summarized in note 2.4.
| Unaudited | 11 |
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2.3 Changes in accounting policies for fair value measurement relating to financial and non-financial assets and liabilities
Aegon adopted IFRS 13 – “Fair Value Measurement”, on January 1, 2013. This resulted in the Group changing its accounting policies for the fair value measurement of financial and non-financial assets and liabilities.
IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. Under IFRS 13, fair value is defined as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
(a) in the principal market for the asset or liability; or
(b) in the absence of a principal market, in the most advantageous market for the asset or liability.
The application of IFRS 13 has not impacted Aegon’s fair value measurements. The description of Aegon’s methods of determining fair value is included in the consolidated financial statements 2012 and has not changed under IFRS 13. IFRS 13 requires specific disclosures on fair values, some of which replace existing disclosure requirements in other standards, including IFRS 7 Financial Instruments: Disclosures. Some of these disclosures, specifically for financial instruments, are required in interim condensed consolidated financial statements. These disclosures are provided in note 16.
| 12 | Unaudited |
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2.4 Impact of changes in accounting policies on the financial position
| Impact of changes in accounting policies on condensed consolidated income statement
|
||||||||||||||||
| YTD 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
YTD 2012 (restated) |
|||||||||||||
| EUR millions | ||||||||||||||||
| Total income |
36,756 | (522 | ) | - | 36,234 | |||||||||||
| Total charges |
(35,426 | ) | 471 | 51 | (34,904 | ) | ||||||||||
| Share in net result of joint ventures |
- | (1 | ) | - | (1 | ) | ||||||||||
| Share in net result of associates |
24 | - | - | 24 | ||||||||||||
| Income before tax |
1,354 | (52 | ) | 51 | 1,353 | |||||||||||
| Income tax (expense) / benefit |
(205 | ) | 20 | (17 | ) | (202 | ) | |||||||||
| Net income |
1,149 | (32 | ) | 34 | 1,151 | |||||||||||
| Net income attributable to: |
||||||||||||||||
| Equity holders of Aegon N.V. |
1,148 | (32 | ) | 34 | 1,150 | |||||||||||
| Non-controlling interests |
1 | - | - | 1 | ||||||||||||
| Earnings per share (EUR per share) |
||||||||||||||||
| Basic earnings per share |
0.50 | (0.02 | ) | 0.02 | 0.50 | |||||||||||
| Diluted earnings per share |
0.50 | (0.02 | ) | 0.02 | 0.50 | |||||||||||
| Earnings per common share calculation |
||||||||||||||||
| Net income attributable to equity holders of Aegon N.V. |
1,148 | (32 | ) | 34 | 1,150 | |||||||||||
| Preferred dividend |
(59 | ) | - | - | (59 | ) | ||||||||||
| Coupons on other equity instruments |
(146 | ) | - | - | (146 | ) | ||||||||||
| Earnings attributable to common shareholders |
943 | (32 | ) | 34 | 945 | |||||||||||
| Weighted average number of common shares outstanding (in million) |
1,895 | - | - | 1,895 | ||||||||||||
| Impact of changes in accounting policies on condensed consolidated statement of comprehensive income
|
||||||||||||||||
| YTD 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
YTD 2012 (restated) |
|||||||||||||
| EUR millions | ||||||||||||||||
| Net income |
1,149 | (32 | ) | 34 | 1,151 | |||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||||||
| Changes in revaluation reserve real estate held for own use |
3 | - | - | 3 | ||||||||||||
| Remeasurements of defined benefit plans |
- | - | (602 | ) | (602 | ) | ||||||||||
| Income tax relating to items that will not be reclassified |
- | (1 | ) | 152 | 151 | |||||||||||
| Items that may be reclassified to profit or loss: |
||||||||||||||||
| Gains / (losses) on revaluation of available-for-sale investments |
3,628 | (20 | ) | - | 3,608 | |||||||||||
| Changes in cash flow hedging reserve |
35 | 5 | 40 | |||||||||||||
| Income tax relating to items that may be reclassified |
(981 | ) | 7 | - | (974 | ) | ||||||||||
| Disposal of group assets |
||||||||||||||||
| Movement in foreign currency translation and net foreign investment hedging reserves |
341 | 1 | (13 | ) | 329 | |||||||||||
| Equity movements of joint ventures |
- | 10 | - | 10 | ||||||||||||
| Other comprehensive income for the period |
(279 | ) | (2 | ) | - | (281 | ) | |||||||||
| Total other comprehensive income for the period |
2,747 | - | (463 | ) | 2,284 | |||||||||||
| Total comprehensive income |
3,896 | (32 | ) | (429 | ) | 3,435 | ||||||||||
| Total comprehensive income attributable to: |
||||||||||||||||
| Equity holders of Aegon N.V. |
3,896 | (32 | ) | (429 | ) | 3,435 | ||||||||||
| Non-controlling interests |
- | - | - | - | ||||||||||||
| Unaudited | 13 |
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| Impact of changes in accounting policies on condensed consolidated statement of financial position
|
||||||||||||||||||||||||||||||||
| January 1, 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
January 1, 2012 (restated) |
December 31, 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
December 31, 2012 (restated) |
|||||||||||||||||||||||||
| EUR millions | ||||||||||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||||||||||
| Investments |
144,079 | (1,374 | ) | - | 142,705 | 146,234 | (1,213 | ) | - | 145,021 | ||||||||||||||||||||||
| Investments for account of policyholders |
142,529 | (866 | ) | - | 141,663 | 153,670 | (702 | ) | - | 152,968 | ||||||||||||||||||||||
| Investments in joint ventures |
- | 1,224 | - | 1,224 | - | 1,568 | - | 1,568 | ||||||||||||||||||||||||
| Defined benefit assets |
303 | - | (285 | ) | 18 | 201 | - | (179 | ) | 22 | ||||||||||||||||||||||
| Other assets |
58,465 | (299 | ) | - | 58,166 | 66,013 | (708 | ) | - | 65,305 | ||||||||||||||||||||||
| Total assets |
345,376 | (1,315 | ) | (285 | ) | 343,776 | 366,118 | (1,055 | ) | (179 | ) | 364,884 | ||||||||||||||||||||
| Equity and liabilities |
||||||||||||||||||||||||||||||||
| Shareholders’ equity |
21,000 | (122 | ) | (964 | ) | 19,914 | 24,669 | (154 | ) | (1,027 | ) | 23,488 | ||||||||||||||||||||
| Other equity instruments |
4,720 | - | - | 4,720 | 5,018 | - | - | 5,018 | ||||||||||||||||||||||||
| Issued capital and reserves attributable to equity holders of Aegon N.V. |
25,720 | (122 | ) | (964 | ) | 24,634 | 29,687 | (154 | ) | (1,027 | ) | 28,506 | ||||||||||||||||||||
| Non-controlling interests |
14 | - | - | 14 | 13 | - | - | 13 | ||||||||||||||||||||||||
| Group equity |
25,734 | (122 | ) | (964 | ) | 24,648 | 29,700 | (154 | ) | (1,027 | ) | 28,519 | ||||||||||||||||||||
| Insurance contracts |
104,974 | (1,452 | ) | - | 103,522 | 105,209 | (1,205 | ) | - | 104,004 | ||||||||||||||||||||||
| Insurance contracts for account of policyholders |
73,425 | (866 | ) | - | 72,559 | 76,871 | (702 | ) | - | 76,169 | ||||||||||||||||||||||
| Investment contracts |
20,847 | (1 | ) | - | 20,846 | 17,768 | (1 | ) | - | 17,767 | ||||||||||||||||||||||
| Investment contracts for account of policyholders |
71,433 | - | - | 71,433 | 78,418 | - | - | 78,418 | ||||||||||||||||||||||||
| Defined benefit obligations |
2,184 | - | 1,147 | 3,331 | 2,222 | - | 1,328 | 3,550 | ||||||||||||||||||||||||
| Deferred tax liabilities |
2,499 | (27 | ) | (468 | ) | 2,004 | 3,622 | (33 | ) | (480 | ) | 3,109 | ||||||||||||||||||||
| Other liabilities |
44,280 | 1,153 | - | 45,433 | 52,308 | 1,040 | - | 53,348 | ||||||||||||||||||||||||
| Total liabilities
|
319,642 | (1,193 | ) | 679 | 319,128 | 336,418 | (901 | ) | 848 | 336,365 | ||||||||||||||||||||||
| Total equity and liabilities |
345,376 | (1,315 | ) | (285 | ) | 343,776 | 366,118 | (1,055 | ) | (179 | ) | 364,884 | ||||||||||||||||||||
| Impact of changes in accounting policies on condensed consolidated statement of changes in equity
|
||||||||||||||||||||||||||||||||
| September 30, 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
September 30, 2012 (restated) |
December 31, 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
December 31, 2012 (restated) |
|||||||||||||||||||||||||
| EUR millions | ||||||||||||||||||||||||||||||||
| Share capital |
9,098 | - | - | 9,098 | 9,099 | - | - | 9,099 | ||||||||||||||||||||||||
| Retained earnings |
10,162 | (156 | ) | 49 | 10,055 | 10,543 | (155 | ) | 58 | 10,446 | ||||||||||||||||||||||
| Revaluation reserves |
5,880 | 8 | - | 5,888 | 6,082 | (9 | ) | - | 6,073 | |||||||||||||||||||||||
| Remeasurement of defined benefit plans |
- | - | (1,442 | ) | (1,442 | ) | - | - | (1,085 | ) | (1,085 | ) | ||||||||||||||||||||
| Other reserves |
(605 | ) | (6 | ) | - | (611 | ) | (1,055 | ) | 10 | - | (1,045 | ) | |||||||||||||||||||
|
Shareholders’ equity |
24,535 | (154 | ) | (1,393 | ) | 22,988 | 24,669 | (154 | ) | (1,027 | ) | 23,488 | ||||||||||||||||||||
| Impact of changes in accounting policies on condensed consolidated cash flow statement
|
| |||||||||||||||
| Q3 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
Q3 2012 (restated) |
|||||||||||||
| EUR millions |
||||||||||||||||
|
Cash flow from operating activities |
(1,124 | ) | 23 | - | (1,101 | ) | ||||||||||
|
Cash flow from investing activities |
(159 | ) | 52 | - | (107 | ) | ||||||||||
|
Cash flow from financing activities |
1,084 | (57 | ) | - | 1,027 | |||||||||||
|
Net increase / (decrease) in cash and cash equivalents |
(199 | ) | 18 | - | (181 | ) | ||||||||||
| Net cash and cash equivalents at January 1 |
7,826 | (109 | ) | - | 7,717 | |||||||||||
| Effects of changes in foreign exchange rates |
67 | (1 | ) | - | 66 | |||||||||||
| Net cash and cash equivalents at end of period |
7,694 | (92 | ) | - | 7,602 | |||||||||||
| September 30, 2012 (previously reported) |
Change in accounting policy IFRS 10/11 |
Change in accounting policy IAS 19 |
September 30, 2012 (restated) |
|||||||||||||
| Cash and cash equivalents |
7,810 | (92 | ) | - | 7,718 | |||||||||||
| Bank overdrafts |
(116 | ) | - | - | (116 | ) | ||||||||||
| Net cash and cash equivalents |
7,694 | (92 | ) | - | 7,602 | |||||||||||
| 14 | Unaudited |
Table of Contents
3. Segment information
3.1 Income statement
| EUR millions | Americas | The Netherlands |
United Kingdom |
New Markets |
Holding and other activities |
Eliminations | Segment Total |
Joint ventures and associates eliminations |
Consolidated | |||||||||||||||||||||||||||
| Three months ended September 30, 2013 |
||||||||||||||||||||||||||||||||||||
| Underlying earnings before tax geographically |
371 | 85 | 26 | 74 | (25 | ) | - | 531 | (17 | ) | 514 | |||||||||||||||||||||||||
| Fair value items |
(502 | ) | 14 | (8 | ) | (12 | ) | 15 | - | (493 | ) | 4 | (489 | ) | ||||||||||||||||||||||
| Realized gains / (losses) on investments |
7 | 190 | 9 | (4 | ) | - | - | 202 | 2 | 204 | ||||||||||||||||||||||||||
| Impairment charges |
(43 | ) | (13 | ) | (12 | ) | (4 | ) | - | - | (72 | ) | - | (72 | ) | |||||||||||||||||||||
| Impairment reversals |
27 | - | - | - | - | - | 27 | - | 27 | |||||||||||||||||||||||||||
| Other income / (charges) |
90 | (2 | ) | (1 | ) | (124 | ) | (5 | ) | - | (42 | ) | 7 | (35 | ) | |||||||||||||||||||||
| Run-off businesses |
1 | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||||
| Income before tax |
(49 | ) | 274 | 14 | (70 | ) | (15 | ) | - | 154 | (4 | ) | 150 | |||||||||||||||||||||||
| Income tax (expense) / benefit |
56 | (84 | ) | 89 | 6 | 6 | - | 73 | 4 | 77 | ||||||||||||||||||||||||||
| Net income |
7 | 190 | 103 | (64 | ) | (9 | ) | - | 227 | - | 227 | |||||||||||||||||||||||||
| Inter-segment underlying earnings |
(42 | ) | (15 | ) | (14 | ) | 65 | 6 | ||||||||||||||||||||||||||||
| Revenues |
||||||||||||||||||||||||||||||||||||
| Life insurance gross premiums |
1,550 | 431 | 1,487 | 304 | - | (18 | ) | 3,754 | (96 | ) | 3,658 | |||||||||||||||||||||||||
| Accident and health insurance |
455 | 41 | - | 41 | 2 | (2 | ) | 537 | (2 | ) | 535 | |||||||||||||||||||||||||
| General insurance |
- | 104 | - | 55 | - | - | 159 | (19 | ) | 140 | ||||||||||||||||||||||||||
| Total gross premiums |
2,005 | 576 | 1,487 | 400 | 2 | (20 | ) | 4,450 | (117 | ) | 4,333 | |||||||||||||||||||||||||
| Investment income |
832 | 587 | 413 | 54 | 84 | (83 | ) | 1,887 | (10 | ) | 1,877 | |||||||||||||||||||||||||
| Fee and commission income |
314 | 78 | 12 | 150 | - | (59 | ) | 495 | (20 | ) | 475 | |||||||||||||||||||||||||
| Other revenues |
1 | - | - | 1 | 1 | - | 3 | (1 | ) | 2 | ||||||||||||||||||||||||||
| Total revenues |
3,152 | 1,241 | 1,912 | 605 | 87 | (162 | ) | 6,835 | (148 | ) | 6,687 | |||||||||||||||||||||||||
| Inter-segment revenues |
5 | 1 | - | 72 | 84 | |||||||||||||||||||||||||||||||
| EUR millions | Americas | The Netherlands |
United Kingdom |
New Markets |
Holding and other activities |
Eliminations | Segment Total |
Joint ventures and associates eliminations |
Consolidated | |||||||||||||||||||||||||||
| Three months ended September 30, 2012 |
||||||||||||||||||||||||||||||||||||
| Underlying earnings before tax geographically |
362 | 85 | 27 | 70 | (50 | ) | - | 494 | (23 | ) | 471 | |||||||||||||||||||||||||
| Fair value items |
(45 | ) | (53 | ) | (17 | ) | (1 | ) | (26 | ) | - | (142 | ) | 17 | (125 | ) | ||||||||||||||||||||
| Realized gains / (losses) on investments |
69 | 40 | 14 | 5 | - | - | 128 | (4 | ) | 124 | ||||||||||||||||||||||||||
| Impairment charges |
(44 | ) | (13 | ) | - | (5 | ) | - | - | (62 | ) | 7 | (55 | ) | ||||||||||||||||||||||
| Impairment reversals |
27 | - | - | - | - | - | 27 | - | 27 | |||||||||||||||||||||||||||
| Other income / (charges) |
(1 | ) | (3 | ) | 15 | (8 | ) | - | - | 3 | - | 3 | ||||||||||||||||||||||||
| Run-off businesses |
12 | - | - | - | - | - | 12 | - | 12 | |||||||||||||||||||||||||||
| Income before tax |
380 | 56 | 39 | 61 | (76 | ) | - | 460 | (3 | ) | 457 | |||||||||||||||||||||||||
| Income tax (expense) / benefit |
(77 | ) | (4 | ) | - | (23 | ) | 21 | - | (83 | ) | 3 | (80 | ) | ||||||||||||||||||||||
| Net income |
303 | 52 | 39 | 38 | (55 | ) | - | 377 | - | 377 | ||||||||||||||||||||||||||
| Inter-segment underlying earnings |
(49 | ) | (14 | ) | (15 | ) | 71 | 7 | ||||||||||||||||||||||||||||
| Revenues |
||||||||||||||||||||||||||||||||||||
| Life insurance gross premiums |
1,643 | 405 | 1,445 | 292 | - | (18 | ) | 3,767 | (142 | ) | 3,625 | |||||||||||||||||||||||||
| Accident and health insurance |
476 | 34 | - | 43 | 1 | (1 | ) | 553 | (1 | ) | 552 | |||||||||||||||||||||||||
| General insurance |
- | 107 | - | 37 | - | - | 144 | - | 144 | |||||||||||||||||||||||||||
| Total gross premiums |
2,119 | 546 | 1,445 | 372 | 1 | (19 | ) | 4,464 | (143 | ) | 4,321 | |||||||||||||||||||||||||
| Investment income |
927 | 572 | 728 | 79 | 90 | (93 | ) | 2,303 | (39 | ) | 2,264 | |||||||||||||||||||||||||
| Fee and commission income |
282 | 79 | 37 | 138 | - | (67 | ) | 469 | (12 | ) | 457 | |||||||||||||||||||||||||
| Other revenues |
2 | - | - | 1 | 1 | - | 4 | (3 | ) | 1 | ||||||||||||||||||||||||||
| Total revenues |
3,330 | 1,197 | 2,210 | 590 | 92 | (179 | ) | 7,240 | (197 | ) | 7,043 | |||||||||||||||||||||||||
| Inter-segment revenues |
7 | - | - | 79 | 93 | |||||||||||||||||||||||||||||||
| Unaudited | 15 |
Table of Contents
| EUR millions | Americas | The Netherlands |
United Kingdom |
New Markets |
Holding and other activities |
Eliminations | Segment Total |
Joint ventures and associates eliminations |
Consolidated | |||||||||||||||||||||||||||
| Nine months ended September 30, 2013 |
||||||||||||||||||||||||||||||||||||
| Underlying earnings before tax geographically |
1,043 | 244 | 77 | 188 | (97 | ) | (1 | ) | 1,454 | (42 | ) | 1,412 | ||||||||||||||||||||||||
| Fair value items |
(881 | ) | (95 | ) | (11 | ) | (23 | ) | (39 | ) | - | (1,049 | ) | 32 | (1,017 | ) | ||||||||||||||||||||
| Realized gains / (losses) on investments |
84 | 276 | 38 | (1 | ) | - | - | 397 | 1 | 398 | ||||||||||||||||||||||||||
| Impairment charges |
(98 | ) | (35 | ) | (28 | ) | (10 | ) | - | - | (171 | ) | - | (171 | ) | |||||||||||||||||||||
| Impairment reversals |
52 | - | - | - | - | - | 52 | - | 52 | |||||||||||||||||||||||||||
| Other income / (charges) |
84 | (29 | ) | (47 | ) | (22 | ) | (5 | ) | - | (19 | ) | 6 | (13 | ) | |||||||||||||||||||||
| Run-off businesses |
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| Income before tax |
284 | 361 | 29 | 132 | (141 | ) | (1 | ) | 664 | (3 | ) | 661 | ||||||||||||||||||||||||
| Income tax (expense) / benefit |
3 | (93 | ) | 88 | (23 | ) | 35 | - | 10 | 3 | 13 | |||||||||||||||||||||||||
| Net income |
287 | 268 | 117 | 109 | (106 | ) | (1 | ) | 674 | - | 674 | |||||||||||||||||||||||||
| Inter-segment underlying earnings |
(131 | ) | (43 | ) | (43 | ) | 196 | 21 | ||||||||||||||||||||||||||||
| Revenues |
||||||||||||||||||||||||||||||||||||
| Life insurance gross premiums |
4,641 | 3,062 | 5,033 | 1,023 | 1 | (56 | ) | 13,704 | (341 | ) | 13,363 | |||||||||||||||||||||||||
| Accident and health insurance |
1,351 | 213 | - | 136 | 6 | (6 | ) | 1,700 | (10 | ) | 1,690 | |||||||||||||||||||||||||
| General insurance |
- | 382 | - | 137 | - | - | 519 | (25 | ) | 494 | ||||||||||||||||||||||||||
| Total gross premiums |
5,992 | 3,657 | 5,033 | 1,296 | 7 | (62 | ) | 15,923 | (376 | ) | 15,547 | |||||||||||||||||||||||||
| Investment income |
2,528 | 1,684 | 1,595 | 179 | 255 | (255 | ) | 5,986 | (48 | ) | 5,938 | |||||||||||||||||||||||||
| Fee and commission income |
942 | 241 | 68 | 425 | - | (180 | ) | 1,496 | (54 | ) | 1,442 | |||||||||||||||||||||||||
| Other revenues |
4 | - | - | 2 | 3 | - | 9 | (3 | ) | 6 | ||||||||||||||||||||||||||
| Total revenues |
9,466 | 5,582 | 6,696 | 1,902 | 265 | (497 | ) | 23,414 | (481 | ) | 22,933 | |||||||||||||||||||||||||
| Inter-segment revenues |
15 | 1 | 1 | 221 | 259 | |||||||||||||||||||||||||||||||
| EUR millions | Americas | The Netherlands |
United Kingdom |
New Markets |
Holding and other activities |
Eliminations | Segment Total |
Joint ventures and associates eliminations |
Consolidated | |||||||||||||||||||||||||||
| Nine months ended September 30, 2012 |
||||||||||||||||||||||||||||||||||||
| Underlying earnings before tax geographically |
1,014 | 240 | 83 | 222 | (167 | ) | (2 | ) | 1,390 | (54 | ) | 1,336 | ||||||||||||||||||||||||
| Fair value items |
(60 | ) | 115 | (20 | ) | (6 | ) | 59 | - | 88 | 38 | 126 | ||||||||||||||||||||||||
| Realized gains / (losses) on investments |
132 | 68 | 48 | 10 | - | - | 258 | (4 | ) | 254 | ||||||||||||||||||||||||||
| Impairment charges |
(137 | ) | (19 | ) | - | (9 | ) | (4 | ) | 2 | (167 | ) | 7 | (160 | ) | |||||||||||||||||||||
| Impairment reversals |
51 | - | - | - | - | (2 | ) | 49 | - | 49 | ||||||||||||||||||||||||||
| Other income / (charges) |
(3 | ) | (272 | ) | 34 | (26 | ) | (1 | ) | - | (268 | ) | (1 | ) | (269 | ) | ||||||||||||||||||||
| Run-off businesses |
17 | - | - | - | - | - | 17 | - | 17 | |||||||||||||||||||||||||||
| Income before tax |
1,014 | 132 | 145 | 191 | (113 | ) | (2 | ) | 1,367 | (14 | ) | 1,353 | ||||||||||||||||||||||||
| Income tax (expense) / benefit |
(203 | ) | 17 | (10 | ) | (68 | ) | 48 | - | (216 | ) | 14 | (202 | ) | ||||||||||||||||||||||
| Net income |
811 | 149 | 135 | 123 | (65 | ) | (2 | ) | 1,151 | - | 1,151 | |||||||||||||||||||||||||
| Inter-segment underlying earnings |
(142 | ) | (47 | ) | (47 | ) | 214 | 22 | ||||||||||||||||||||||||||||
| Revenues |
||||||||||||||||||||||||||||||||||||
| Life insurance gross premiums |
4,839 | 2,587 | 4,432 | 1,048 | - | (52 | ) | 12,854 | (568 | ) | 12,286 | |||||||||||||||||||||||||
| Accident and health insurance |
1,376 | 186 | - | 147 | 3 | (3 | ) | 1,709 | (10 | ) | 1,699 | |||||||||||||||||||||||||
| General insurance |
- | 375 | - | 108 | - | - | 483 | - | 483 | |||||||||||||||||||||||||||
| Total gross premiums |
6,215 | 3,148 | 4,432 | 1,303 | 3 | (55 | ) | 15,046 | (578 | ) | 14,468 | |||||||||||||||||||||||||
| Investment income |
2,747 | 1,715 | 1,917 | 254 | 278 | (280 | ) | 6,631 | (139 | ) | 6,492 | |||||||||||||||||||||||||
| Fee and commission income |
861 | 245 | 103 | 395 | - | (201 | ) | 1,403 | (33 | ) | 1,370 | |||||||||||||||||||||||||
| Other revenues |
3 | - | - | 2 | 4 | - | 9 | (3 | ) | 6 | ||||||||||||||||||||||||||
| Total revenues |
9,826 | 5,108 | 6,452 | 1,954 | 285 | (536 | ) | 23,089 | (753 | ) | 22,336 | |||||||||||||||||||||||||
| Inter-segment revenues |
23 | - | 1 | 233 | 279 | |||||||||||||||||||||||||||||||
Non-IFRS measures
For segment reporting purposes the following non-IFRS financial measures are included: underlying earnings before tax, income tax and income before tax. These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. Aegon believes that its non-IFRS measures provide meaningful information about the underlying results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business.
Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using the non-IFRS measures presented here. While many other insurers in Aegon’s peer group present substantially similar non-IFRS measures, the non-IFRS measures presented in this document may nevertheless differ from the non-IFRS measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards. Readers are cautioned to consider carefully the different ways in which Aegon and its peers present similar information before comparing them.
| 16 | Unaudited |
Table of Contents
Aegon believes the non-IFRS measures shown herein, when read together with Aegon’s reported IFRS financial statements, provide meaningful supplemental information for the investing public to evaluate Aegon’s business after eliminating the impact of current IFRS accounting policies for financial instruments and insurance contracts, which embed a number of accounting policies alternatives that companies may select in presenting their results (i.e. companies can use different local GAAPs to measure the insurance contract liability) and that can make the comparability from period to period difficult.
The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the tables in this note.
Underlying earnings
Certain assets held by Aegon Americas, Aegon the Netherlands and Aegon United Kingdom are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Underlying earnings exclude any over- or underperformance compared to management’s long-term expected return on assets.
Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable.
In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis, including the segregated funds offered by Aegon Canada and the total return annuities and guarantees on variable annuities of Aegon USA. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. Included in underlying earnings is a long-term expected return on these products and excluded is any over- or underperformance compared to management’s expected return. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon the Netherlands and Variable Annuities Europe (included in New Markets) are excluded from underlying earnings, and the long-term expected return for these guarantees is set at zero.
Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from underlying earnings and reported under fair value items.
Fair value items
Fair value items include the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings. Changes to these long-term return assumptions are also included in the fair value items.
In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.
Realized gains or losses on investments
Includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios.
Impairment charges/reversals
Includes impairments and reversals on available-for-sale debt securities and impairments on shares including the effect of deferred policyholder acquisition costs, mortgage loans and loan portfolios on amortized cost and associates respectively.
| Unaudited | 17 |
Table of Contents
Other income or charges
Other income or charges is used to report any items which cannot be directly allocated to a specific line of business. Also items that are outside the normal course of business are reported under this heading.
Other charges include restructuring charges that are considered other charges for segment reporting purposes because they are outside the normal course of business. In the condensed consolidated income statement, these charges are included in operating expenses.
Run-off businesses
Includes underlying results of business units where management has decided to exit the market and to run-off the existing block of business. Currently, this line includes the run-off of the institutional spread-based business, structured settlements blocks of business, Bank-Owned and Corporate-Owned Life Insurance (BOLI/COLI) business, and the sale of the life reinsurance business in the United States. Aegon has other blocks of business for which sales have been discontinued and of which the earnings are included in underlying earnings.
Share in earnings of joint ventures and associates
Earnings from Aegon’s joint ventures in Spain, China and Japan and Aegon’s associates in India, Brazil and Mexico are reported on an underlying earnings basis.
| 18 | Unaudited |
Table of Contents
3.2 Investments geographically
Amounts included in the tables on investments geographically are presented on an IFRS-basis and include the reclassifications following the changes in accounting policies as included in notes 2.1 to 2.4.
| amounts in million EUR (unless otherwise stated) |
||||||||||||||||||||||||||||||||||||
| Americas USD |
United Kingdom GBP |
September 30, 2013 | Americas | The Netherlands |
United Kingdom |
New Markets |
Holding & other activities |
Eliminations | Total EUR |
|||||||||||||||||||||||||||
| Investments | ||||||||||||||||||||||||||||||||||||
| 1,954 | 43 | Shares | 1,443 | 448 | 52 | 23 | - | (2 | ) | 1,964 | ||||||||||||||||||||||||||
| 79,912 | 8,837 | Debt securities | 59,033 | 19,242 | 10,571 | 2,781 | - | - | 91,627 | |||||||||||||||||||||||||||
| 11,730 | 1 | Loans | 8,665 | 23,633 | 2 | 513 | - | - | 32,813 | |||||||||||||||||||||||||||
| 11,744 | 161 | Other financial assets | 8,676 | 288 | 192 | 23 | 288 | - | 9,467 | |||||||||||||||||||||||||||
| 984 | - | Investments in real estate | 727 | 820 | - | 1 | - | - | 1,548 | |||||||||||||||||||||||||||
| 106,324 | 9,042 | Investments general account | 78,544 | 44,431 | 10,817 | 3,341 | 288 | (2 | ) | 137,419 | ||||||||||||||||||||||||||
| 1,794 | 13,713 | Shares | 1,325 | 7,817 | 16,405 | 64 | - | (7 | ) | 25,604 | ||||||||||||||||||||||||||
| 6,674 | 9,904 | Debt securities | 4,930 | 17,345 | 11,848 | 141 | - | - | 34,264 | |||||||||||||||||||||||||||
| 89,258 | 20,410 | Unconsolidated investment funds | 65,936 | - | 24,418 | 5,841 | - | - | 96,195 | |||||||||||||||||||||||||||
| 473 | 2,902 | Other financial assets | 350 | 398 | 3,471 | 10 | - | - | ||||||||||||||||||||||||||||