Aegon Ltd 6-K, filed Aug 12, 2021

Aegon Ltd. (AEG)

6-K 2021-08-12 For: 2021-06-30

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Added on April 07, 2026

About this 6-K

Aegon Ltd filed this 6-K on August 12, 2021.

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Index	Page Number

Item 1: Condensed consolidated interim financial statements

Condensed consolidated income statement		4

Condensed consolidated statement of comprehensive income		5

Condensed consolidated statement of financial position		6

Condensed consolidated statement of changes in equity		7

Condensed consolidated cash flow statement		8

Notes to the Condensed consolidated interim financial statements		9

Item 2: Operating and financial review and prospects		30



Condensed consolidated income statement
EUR millions	Notes		YTD 2021			YTD 2020

Premium income		4		7,867		8,744

Investment income		5		3,734		4,034

Fee and commission income				1,327		1,170

Other revenues				4		2

Total revenues				12,933		13,951

Income from reinsurance ceded				1,686		1,952

Results from financial transactions		6		13,477		(4,962)

Other income				41		55

Total income				28,136		10,996

Benefits and expenses		7		26,268		10,700

Impairment charges / (reversals)				3		246

Interest charges and related fees				167		233

Other charges		8		58		101

Total charges				26,497		11,280

Share in profit / (loss) of joint ventures				136		115

Share in profit / (loss) of associates				13		3

Result before tax				1,788		(167)

Income tax (expense) / benefit		9		(331	)	151

Net result				1,457		(16)

Net result attributable to:

Owners of Aegon N.V.				1,448		(17)

Non-controlling interests				9		1



Earnings per share (EUR per share)		13

Basic earnings per common share				0.69		(0.02)

Basic earnings per common share B				0.02		-

Diluted earnings per common share				0.69		(0.02)

Diluted earnings per common share B				0.02		-



Condensed consolidated statement of comprehensive income
EUR millions	Notes	YTD 2021			YTD 2020

Net result			1,457		(16)

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			483		(48)

Income tax relating to items that will not be reclassified			(115	)	8

Items that may be reclassified subsequently to profit or loss:

Gains / (losses) on revaluation of available-for-sale investments			(1,349	)	1,468

Gains / (losses) transferred to the income statement on disposal and impairment of available-for-sale investments			(218	)	110

Changes in cash flow hedging reserve			(69	)	302

Movement in foreign currency translation and net foreign investment hedging reserve			547		(167)

Equity movements of joint ventures			(1	)	8

Equity movements of associates			(6	)	7

Disposal of group assets			(3	)	(10)

Income tax relating to items that may be reclassified			356		(406)

Other			18		1

Total other comprehensive income / (loss) for the period			(356	)	1,272

Total comprehensive income / (loss)			1,101		1,256

Total comprehensive income / (loss) attributable to:

Owners of Aegon N.V.			1,092		1,255

Non-controlling interests			9		1



Condensed consolidated statement of financial position

EUR millions	Notes		June 30, 2021		December 31, 2020

Assets

Cash and cash equivalents				7,786	8,372

Investments		10		155,851	156,541

Investments for account of policyholders		11		241,693	224,172

Derivatives				11,501	13,986

Investments in joint ventures				1,522	1,376

Investments in associates				1,265	1,264

Reinsurance assets				19,395	18,910

Deferred expenses				9,662	8,799

Other assets and receivables				8,580	9,009

Intangible assets				1,401	1,386

Total assets				458,655	443,814

Equity and liabilities

Shareholders’ equity				23,052	22,018

Other equity instruments				2,556	2,569
Issued capital and reserves attributable to owners of Aegon N.V.				25,608	24,586

Non-controlling interests				155	75
Group equity				25,762	24,661

Subordinated borrowings				2,131	2,085

Trust pass-through securities				125	126

Insurance contracts				120,677	122,146

Insurance contracts for account of policyholders				143,952	135,441

Investment contracts				22,402	21,075

Investment contracts for account of policyholders				100,610	91,624

Derivatives				13,395	14,617

Borrowings		14		9,303	8,524

Other liabilities				20,298	23,515

Total liabilities				432,893	419,153


Total equity and liabilities				458,655	443,814



Condensed consolidated statement of changes in equity

EUR millions	Share capital ¹		Retained earnings		Revaluation reserves		Remeasurement of defined benefit plans		Other reserves		Other equity instruments		Issued capital and reserves ²		Non- controlling interests		Total

Six months ended June 30, 2021

At beginning of year		7,480		10,146		7,480		(2,534)		(554)		2,569		24,586		75		24,661

Net result recognized in the income statement		-		1,448		-		-		-		-		1,448		9		1,457

Other comprehensive income:
*Items that will not be reclassified to profit or loss:*
Remeasurements of defined benefit plans		-		-		-		483		-		-		483		-		483
Income tax relating to items that will not be reclassified		-		-		-		(115)		-		-		(115)		-		(115)

*Items that may be reclassified subsequently to profit or loss:*
Gains / (losses) on revaluation of available-for-sale investments		-		-		(1,349)		-		-		-		(1,349)		-		(1,349)
Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments		-		-		(218)		-		-		-		(218)		-		(218)
Changes in cash flow hedging reserve		-		-		(69)		-		-		-		(69)		-		(69)
Movement in foreign currency translation and net foreign investment hedging reserves		-		-		193		(33)		387		-		547		-		547
Equity movements of joint ventures		-		-		-		-		(1)		-		(1)		-		(1)
Equity movements of associates		-		-		-		-		(6)		-		(6)		-		(6)
Disposal of group assets		-		-		-		-		(3)		-		(3)		-		(3)
Income tax relating to items that may be reclassified		-		-		353		-		4		-		356		-		356
Other		-		18		-		-		-		-		18		-		18
Total other comprehensive income		-		18		(1,090)		334		381		-		(356)		-		(356)
Total comprehensive income / (loss) for 2021		-		1,466		(1,090)		334		381		-		1,092		9		1,101

Issuance and purchase of (treasury) shares		-		71		-		-		-		-		71		-		71
Dividends paid on common shares		(54)		(52)		-		-		-		-		(106)		-		(106)
Coupons on perpetual securities		-		(23)		-		-		-		-		(23)		-		(23)
Incentive plans		-		-		-		-		-		(13)		(13)		-		(13)
Equity contributions non-controlling interests		-		-		-		-		-		-		-		71		71
At end of period		7,426		11,608		6,390		(2,200)		(172)		2,556		25,608		155		25,762

Six months ended June 30, 2020

At beginning of year		7,536		10,374		5,873		(2,397)		456		2,571		24,413		20		24,433

Net result recognized in the income statement		-		(17)		-		-		-		-		(17)		1		(16)

Other comprehensive income:
*Items that will not be reclassified to profit or loss:*
Changes in revaluation reserve real estate held for own use		-		-		(1)		-		-		-		(1)		-		(1)
Remeasurements of defined benefit plans		-		-		-		(48)		-		-		(48)		-		(48)
Income tax relating to items that will not be reclassified		-		-		-		8		-		-		8		-		8

*Items that may be reclassified subsequently to profit or loss:*
Gains / (losses) on revaluation of available-for-sale investments		-		-		1,468		-		-		-		1,468		-		1,468
Gains / (losses) transferred to income statement on disposal and impairment of available-for-sale investments		-		-		110		-		-		-		110		-		110
Changes in cash flow hedging reserve		-		-		302		-		-		-		302		-		302
Movement in foreign currency translation and net foreign investment hedging reserves		-		-		(49)		19		(137)		-		(167)		-		(167)
Equity movements of joint ventures		-		-		-		-		8		-		8		-		8
Equity movements of associates		-		-		-		-		7		-		7		-		7
Disposal of group assets		-		-		-		-		(10)		-		(10)		-		(10)
Income tax relating to items that may be reclassified		-		-		(401)		-		(4)		-		(406)		-		(406)
Other		-		1		-		-		-		-		1		-		1
Total other comprehensive income		-		1		1,429		(22)		(136)		-		1,272		-		1,272
Total comprehensive income / (loss) for 2020		-		(16)		1,429		(22)		(136)		-		1,255		1		1,256

Issuance and purchase of (treasury) shares		-		9		-		-		-		-		9		-		9
Coupons on perpetual securities		-		(28)		-		-		-		-		(28)		-		(28)
Incentive plans		-		11		-		-		-		(14)		(3)		-		(3)
Equity contributions non-controlling interests		-		-		-		-		-		-		-		1		1
At end of period		7,536		10,351		7,302		(2,419)		319		2,557		25,646		22		25,669



Condensed consolidated cash flow statement

EUR millions	YTD 2021			YTD 2020

Result before tax		1,788			(167	)
Results from financial transactions		(14,463	)		5,222
Amortization and depreciation		435			268
Impairment losses		(2	)		242
Income from joint ventures		(136	)		(115	)
Income from associates		(13	)		(3	)
Release of cash flow hedging reserve		(53	)		(59	)
Other		19			(81	)

Adjustments of non-cash items		(14,213	)		5,474
Insurance and investment liabilities		(1,352	)		4,543
Insurance and investment liabilities for account of policyholders		11,207			(9,550	)
Accrued expenses and other liabilities		(747	)		43
Accrued income and prepayments		234			(794	)

Changes in accruals		9,342			(5,758	)
Purchase of investments (other than money market investments)		(18,784	)		(22,569	)
Purchase of derivatives		(633	)		479
Disposal of investments (other than money market investments)		20,748			14,707
Disposal of derivatives		(154	)		2,125
Net purchase of investments for account of policyholders		4,274			2,461
Net change in cash collateral		(2,374	)		4,840
Net purchase of money market investments		(1,410	)		(2,340	)

Cash flow movements on operating items not reflected in income		1,667			(297	)
Tax received / (paid)		63			(53	)
Other		11			7

Net cash flows from operating activities		(1,343	)		(794	)
Purchase of individual intangible assets (other than VOBA and future servicing rights)		(14	)		(17	)
Purchase of equipment and real estate for own use		(26	)		(27	)
Acquisition of subsidiaries, net of cash		(1	)		(14	)
Acquisition joint ventures and associates		(23	)		(20	)
Disposal of individual intangible assets (other than VOBA and future servicing rights)		-			1
Disposal of equipment		1			1
Disposal of subsidiaries, net of cash		36			-
Disposal joint ventures and associates		-			157
Dividend received from joint ventures and associates		34			20

Net cash flows from investing activities		6			101

Issuance of treasury shares		16			20

Proceeds from TRUPS¹, subordinated loans and borrowings		3,496			2,434

Repayment of TRUPS¹, subordinated loans and borrowings		(2,821	)		(2,791	)
Coupons on perpetual securities		(31	)		(33	)
Payment of Right-of-use Assets		(27	)		(32	)
Equity contributions non-controlling interests		71			1

Net cash flows from financing activities		704			(400	)

Net increase / (decrease) in cash and cash equivalents ²		(633	)		(1,093	)

Net cash and cash equivalents at the beginning of the reporting period		8,372			12,263
Effects of changes in exchange rate		47			(32	)
Net cash and cash equivalents at the end of the reporting period		7,786			11,138



	Shareholders’ equity				Net result
	per June 30				First half		First half
Amounts in EUR millions	2021		2020		2021		2020
In accordance with IFRS		23,052		23,089		1,457		(16)
Adjustment of EU ‘IAS 39’ carve out		758		1,051		(296)		277
Tax effect of the adjustment		(183)		(226)		74		(59)
Effect of the adjustment after tax		575		826		(222)		218
In accordance with IFRS-EU		23,627		23,914		1,235		202



			USD	GBP

June 30, 2021	1	EUR	1.1859	0.8584

December 31, 2020	1	EUR	1.2236	0.8951


		1.		The running cost of the US macro hedge related to the variable annuity portfolio are recorded within Operating result instead of in Fair value items. Management views this as a better reflection of Aegon’s operating performance and will make Aegon’s operating result more relevant.
		2.		The periodic intangibles unlocking in the US Life and Transamerica Life Bermuda (‘TLB’) business is recorded in Fair value items, instead of Operating result, to improve the insight in Aegon’s recurring operating result.
		3.		Results from run-off businesses in the US are part of Aegon’s operating result. The results of run-off businesses were previously recorded outside of Aegon’s operating result. Based on management actions executed in prior years the importance of run-off businesses has diminished and continuing to report this as a separate line item is considered no longer relevant.
		4.		Following the announcement to sell Aegon’s operations in CEE, results from these businesses, previously reported in operating result, are prospectively recorded within Other income / charges.



EUR millions	Americas		The Netherlands		United Kingdom		International		Asset management		Holdings and other activities		Eliminations		Segment total		Joint ventures and associates eliminations		Consolidated
*Six months ended June 30, 2021*

Operating result geographically		445		3 70		84		62		146		(112)		-		993		(33)		960

Fair value items		328		477		(66)		(2)		(1)		31		1		767		(18)		749

Realized gains / (losses) on investments		171		16		-		3		2		1		-		193		(5)		188

Impairment charges		(7)		(2)		-		-		-		(6)		-		(16)		-		(16)

Impairment reversals		24		14		-		1		-		8		-		47		-		47

Non- operating items		515		505		(66)		1		-		34		1		991		(23)		967

Other income / (charges)		(218)		126		6		29		(6)		(89)		-		(152)		12		(140)

Result before tax		742		1,000		24		91		141		(166)		1		1,832		(44)		1,788

Income tax (expense) / benefit		(112)		(246)		12		(18)		(44)		33		-		(375)		44		(331)
Net result		630		754		35		73		97		(133)		1		1,457		-		1,457
Inter-segment operating result after tax		(12)		(46)		(45)		(16)		93		26

Revenues
Life insurance gross premiums		3,479		707		2,384		635		-		-		-		7,206		(437)		6,768
Accident and health insurance		620		181		3		140		-		-		-		944		(45)		899
Property & casualty insurance		-		68		-		215		-		-		-		283		(83)		200
Total gross premiums		4,099		9 56		2,387		990		-		-		-		8,433		(565)		7,867
Investment income		1,408		1,025		1,163		176		5		120		(128)		3,769		(35)		3,734
Fee and commission income		919		140		102		28		423		-		(89)		1,524		(197)		1,327
Other revenues		5		-		-		1		1		4		-		10		(6)		4
Total revenues		6,432		2,121		3,653		1,196		429		123		(217)		13,736		(803)		12,933
Inter-segment revenues		-		6		-		-		89		122



EUR millions	Americas		The Netherlands		United Kingdom		International		Asset management		Holdings and other activities		Eliminations		Segment total		Joint ventures and associates eliminations		Consolidated
*Six months ended June 30, 2020*

Operating result geographically		262		321		81		82		71		(113)		1		705		10		714

Fair value items		(754)		1,102		89		(8)		(7)		(21)		-		402		(30)		372

Realized gains / (losses) on investments		5		2		-		8		1		-		-		16		(5)		11

Impairment charges		(134)		(66)		-		(5)		-		(4)		-		(209)		-		(209)

Impairment reversals		15		-		-		-		-		-		-		15		-		15

Non- operating items		(868)		1,039		8 9		(5)		(6)		(24)		-		224		(35)		189

Other income / (charges)		(938)		(48)		(53)		25		-		(56)		-		(1,071)		1		(1,070)

Result before tax		(1,545)		1,312		117		102		64		(193)		1		(143)		(24)		(167)

Income tax (expense) / benefit		380		(256)		(3)		(11)		(18)		34		-		126		24		151

Net result		(1,165)		1,056		114		91		46		(159)		1		(16)		-		(16)

Inter-segment operating result after tax		(18)		(45)		(44)		(18)		92		35

Revenues

Life insurance gross premiums		3,617		978		2,735		611		-		4		(3)		7,942		(416)		7,526

Accident and health insurance		728		169		13		150		-		-		-		1,060		(37)		1,022

Property & casualty insurance		-		66		-		194		-		-		-		260		(65)		195

Total gross premiums		4,345		1,212		2,748		955		-		4		(3)		9,262		(518)		8,744

Investment income		1,562		1,063		1,259		187		3		129		(139)		4,063		(29)		4,034

Fee and commission income		796		125		98		26		336		-		(89)		1,291		(121)		1,170

Other revenues		4		-		-		1		1		2		-		8		(6)		2

Total revenues		6,707		2,400		4,105		1,168		340		135		(231)		14,624		(673)		13,951

Inter-segment revenues		-		9		-		-		89		133



EUR M illions	Americas		The Netherlands		United Kingdom		International		Asset Management		Holding and other activities		Eliminations		Total
June 30, 2021

Investments

Shares		482		1,342		36		76		9		9		-		1,953

Debt securities		59,063		27,613		1,216		7,969		13		-		-		95,874

Loans		10,776		34,750		-		108		-		40		-		45,674

Other financial assets		8,863		84		749		133		84		13		-		9,927

Investments in real estate		37		2,370		-		16		-		-		-		2,423
Investments general account		79,222		66,158		2,001		8,302		106		62		-		155,851

Shares		-		8,934		18,442		246		-		-		(3)		27,620

Debt securities		-		11,827		7,587		144		-		-		-		19,557

Unconsolidated investment funds		112,002		718		71,112		627		-		-		-		184,459

Other financial assets		-		4,220		5,349		3		-		-		-		9,572

Investments in real estate		-		-		485		-		-		-		-		485
Investments for account of policyholders		112,002		25,700		102,975		1,020		-		-		(3)		241,693

Investments on balance sheet		191,223		91,858		104,975		9,322		106		62		(3)		397,544

Off balance sheet investments third parties		228,997		6,890		134,473		2,084		198,612		-		-		571,054
Total revenue generating investments		420,220		98,747		239,448		11,406		198,718		62		(3)		968,599

Investments

Available-for-sale		65,045		26,080		1,400		8,167		66		19		-		100,777

Loans		10,776		34,750		-		108		-		40		-		45,674

Financial assets at fair value through profit or loss		115,365		28,657		103,091		1,031		40		3		(3)		248,185

Investments in real estate		37		2,370		485		16		-		-		-		2,908
Total investments on balance sheet		191,223		91,858		104,975		9,322		106		62		(3)		397,544

Investments in joint ventures		-		346		-		881		296		-		-		1,522

Investments in associates		62		1,012		8		19		156		21		(15)		1,265

Other assets		35,320		15,194		4,815		2,655		428		32,768		(32,857)		58,324
Consolidated total assets		226,606		108,410		109,799		12,877		986		32,851		(32,874)		458,655


EUR Millions	Americas		The Netherlands		United Kingdom		International		Asset Management		Holding and other activities		Eliminations		Total
December 31, 2020

Investments

Shares		442		1,376		34		74		9		44		-		1,979

Debt securities		59,419		30,880		1,077		7,926		48		1		-		99,350

Loans		10,477		33,882		-		120		-		40		-		44,519

Other financial assets		7,056		91		883		102		152		23		-		8,308

Investments in real estate		37		2,331		-		16		-		-		-		2,385
Investments general account		77,431		68,561		1,994		8,238		208		108		-		156,541

Shares		-		8,227		16,877		187		-		-		(3)		25,288

Debt securities		-		12,150		7,579		156		-		-		-		19,885

Unconsolidated investment funds		104,374		706		63,084		613		-		-		-		168,777

Other financial assets		-		4,520		5,232		3		-		-		-		9,755

Investments in real estate		-		-		467		-		-		-		-		467
Investments for account of policyholders		104,374		25,603		93,240		959		-		-		(3)		224,172

Investments on balance sheet		181,805		94,164		95,234		9,197		208		108		(3)		380,713

Off balance sheet investments third parties		215,216		6,144		119,347		6,752		192,098		-		(336)		539,220
Total revenue generating investments		397,021		100,308		214,580		15,948		192,307		108		(339)		919,933

Investments

Available-for-sale		63,864		25,972		1,494		8,088		134		28		-		99,580

Loans		10,477		33,882		-		120		-		40		-		44,519

Financial assets at fair value through profit or loss		107,427		31,979		93,272		973		74		40		(3)		233,762

Investments in real estate		37		2,331		467		16		-		-		-		2,853
Total investments on balance sheet		181,805		94,164		95,234		9,197		208		108		(3)		380,713

Investments in joint ventures		-		327		-		846		204		-		-		1,376

Investments in associates		60		1,004		8		35		151		21		(15)		1,264

Other assets		35,010		19,467		3,740		2,405		545		34,190		(34,896)		60,461
Consolidated total assets		216,875		114,962		98,982		12,482		1,109		34,319		(34,914)		443,814




	June 30,		December 31,
EUR millions	2021		2020

Available-for-sale (AFS)		100,777		99,580

Loans		45,674		44,519

Financial assets at fair value through profit or loss (FVTPL)		6,977		10,057

Financial assets, for general account, excluding derivatives		153,428		154,156

Investments in real estate		2,423		2,385

Total investments for general account, excluding derivatives		155,851		156,541


Financial assets, for general account, excluding derivatives
EUR millions	AFS		FVTPL		Loans		Total

Shares		375		1,578		-		1,953

Debt securities		93,523		2,351		-		95,874

Money market and other short-term investments		5,974		133		-		6,107

Mortgages loans		-		-		39,440		39,440

Private loans		-		-		4,307		4,307

Deposits with financial institutions		-		-		82		82

Policy loans		-		-		1,833		1,833

Other		906		2,913		13		3,833

June 30, 2021		100,777		6,977		45,674		153,428

	AFS		FVTPL		Loans		Total

Shares		345		1,634		-		1,979

Debt securities		93,681		5,669		-		99,350

Money market and other short-term investments		4,558		109		-		4,667

Mortgages loans		-		-		38,244		38,244

Private loans		-		-		4,358		4,358

Deposits with financial institutions		-		-		92		92

Policy loans		-		-		1,801		1,801

Other		996		2,645		25		3,665

December 31, 2020		99,580		10,057		44,519		154,156



Fair value hierarchy

EUR millions	June 30, 2021								December 31, 2020
	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		96		79		200		375		90		82		173		345

Debt securities		25,616		67,302		606		93,523		28,300		64,914		467		93,681

Money markets and other short-term instruments		1,748		4,226		-		5,974		832		3,726		-		4,558

Other investments at fair value		-		325		581		906		-		415		581		996
Total Available- for - sale investments		27,459		71,932		1,387		100,777		29,222		69,136		1,221		99,580

Fair value through profit or loss

Shares		92		228		1,258		1,578		80		226		1,329		1,634

Debt securities		113		2,203		35		2,351		168		5,260		242		5,669

Money markets and other short-term instruments		17		116		-		133		17		93		-		109

Other investments at fair value		1		403		2,510		2,913		1		470		2,174		2,645

Investments for account of policyholders ¹		126,089		114,332		788		241,208		118,057		104,635		1,012		223,705

Derivatives		26		11,470		5		11,501		34		13,930		22		13,986
Total Fair value through profit or loss		126,338		128,751		4,596		259,685		118,356		124,613		4,779		247,748
Total financial assets at fair value		153,797		200,683		5,983		360,463		147,578		193,750		6,000		347,327

Financial liabilities carried at fair value

Investment contracts for account of policyholders ²		-		67,389		(34)		67,355		-		59,637		(12)		59,625

Derivatives		68		9,917		3,410		13,395		61		9,654		4,902		14,617
Total financial liabilities at fair value		68		77,305		3,376		80,750		61		69,291		4,890		74,242



Fair value transfers

EUR millions	June 30, 2021				December 31, 2020

	Transfers		Transfers		Transfers		Transfers
	Level I to		Level II to		Level I to		Level II to
	Level II		Level I		Level II		Level I

Financial assets carried at fair value Available-for-sale investments

Debt securities		44		18		-		46
Total		44		18		-		46

Fair value through profit or loss

Shares		-		-		-		-
Total		-		-		-		-
Total financial assets at fair value		44		18		-		46



Roll forward of Level III financial instruments

EUR millions	January 1, 2021		Total gains / losses in income statement ¹		Total gains / losses in OCI²		Purchases		Sales		Settlements		Net exchange differences		Transfers from Level I and Level II		Transfers to Level I and Level II		June 30, 2021		Total unrealized gains and losses for the period recorded in the P&L for instruments held at June 30, 2021³

Financial assets carried at fair value available- for- sale investments

Shares		173		3		1		39		(21)		-		5		-		-		200		-

Debt securities		467		(2)		10		144		(20)		(36)		10		191		(158)		606		-

Other investments at fair value		581		(60)		3		53		(10)		(4)		18		-		-		581		-
		1,221		(59)		13		235		(50)		(41)		33		191		(158)		1,387		-

Fair value through profit or loss

Shares		1,329		82		-		27		(180)		1		-		-		-		1,258		78

Debt securities		242		(1)		-		58		(264)		-		-		-		-		35		-

Other investments at fair value		2,173		327		-		244		(305)		-		71		-		-		2,510		-

Investments for account of policyholders		1,012		76		-		229		(543)		-		13		-		-		788		(434)

Derivatives		22		(17)		-		-		-		-		-		-		-		5		(10)
		4,779		467		-		558		(1,293)		-		85		-		-		4,596		(365)

Total assets at fair value		6,000		409		13		793		(1,343)		(40)		118		191		(158)		5,983		(365)

Financial liabilities carried at fair value

Investment contracts for account of policyholders		(12)		(8)		-		(25)		10		-		1		-		-		(34)		165

Derivatives		4,902		(1,558)		-		-		(7)		-		73		-		-		3,410		443
		4,890		(1,566)		-		(25)		3		-		74		-		-		3,376		608



EUR millions	January 1, 2020		Total gains / losses in income statement ¹		Total gains / losses in OCI²		Purchases		Sales		Settlements		Net exchange differences		Transfers from Level I and Level II		Transfers to Level I and Level II		December 31, 2020		Total unrealized gains and losses for the period recorded in the P&L for instruments held at December 31, 2020 ³

Financial assets carried at fair value available- for- sale investments

Shares		157		(27)		24		49		(15)		(1)		(12)		-		(2)		173		-

Debt securities		1,074		3		(19)		155		(11)		(34)		(32)		26		(695)		467		-

Other investments at fair value		482		(140)		28		302		(19)		(22)		(50)		-		-		581		-
		1,712		(163)		34		505		(45)		(56)		(94)		26		(697)		1,221		-

Fair value through profit or loss

Shares		1,401		(132)		-		160		(97)		-		(3)		-		-		1,329		(98)

Debt securities		4		-		-		276		(37)		-		-		-		-		242		-

Other investments at fair value		2,049		122		-		432		(250)		-		(184)		16		(13)		2,173		(1)

Investments for account of policyholders		1,805		3		-		(168)		(607)		-		(20)		-		-		1,012		37

Derivatives		56		(33)		-		-		-		-		-		-		-		22		(32)
		5,314		(40)		-		700		(991)		-		(207)		16		(13)		4,779		(93)
Total assets at fair value		7,026		(203)		33		1,205		(1,037)		(57)		(301)		42		(710)		6,000		(93)

Financial liabilities carried at fair value

Investment contracts for account of policyholders		197		9		-		(200)		(16)		-		(3)		-		-		(12)		7

Derivatives		3,081		2,073		(9)		-		(15)		-		(228)		-		-		4,902		314
		3,278		2,082		(9)		(200)		(31)		-		(231)		-		-		4,890		321



Fair value information about financial instruments not measured at fair value

	Carrying		Total estimated fair		Carrying		Total estimated fair
	amount		value		amount		value
EUR millions	June 30, 2021				December 31, 2020

Assets

Mortgage loans - held at amortized cost		39,440		44,456		38,244		43,258

Private loans - held at amortized cost		4,307		5,008		4,358		5,280

Other loans - held at amortized cost		1,928		1,928		1,917		1,917

Liabilities

Subordinated borrowings - held at amortized cost		2,131		2,382		2,085		2,351

Trust pass-through securities - held at amortized cost		125		138		126		142

Borrowings – held at amortized cost		9,303		9,806		8,524		9,165

Investment contracts - held at amortized cost		22,207		21,582		20,889		20,382



Share premium

Balance at January 1	7,160		7,213

Share dividend	(54	)	(54	)
Balance	7,106		7,160


EUR millions	YTD 2021		YTD 2020

Earnings per share (EUR per share)

Basic earnings per common share		0.69		(0.02)

Basic earnings per common share B		0.02		-

Diluted earnings per common share		0.69		(0.02)
Diluted earnings per common share B		0.02		-

Earnings per share calculation

Net result attributable to owners of Aegon N.V.		1,448		(17)

Coupons on other equity instruments		(23)		(28)
Earnings attributable to common shares and common shares B		1,425		(45)

Earnings attributable to common shareholders		1,415		(45)

Earnings attributable to common shareholders B		10		-

Weighted average number of common shares outstanding (in millions)		2,045		2,040

Weighted average number of common shares B outstanding (in millions)		559		560



Solvency II key figures

	June 30, 2021¹		December 31, 2020

EUR millions

Group Own Funds		19,436		18,582

Group SCR		9,353		9,473

Group Solvency II ratio		208%		196%



Available Own Funds

	June 30, 2021		December 31, 2020

EUR millions

Tier 1 - unrestricted		13,918		12,971

Tier 1 - restricted		2,572		2,571

Tier 2		2,305		2,340

Tier 3		641		700

Total Available Own Funds		19,436		18,582



Reconciliation Shareholders’ Equity - Own Funds

	June 30, 2021		December 31, 2020

EUR millions

IFRS Shareholders’ Equity		23,627		22,815

IFRS adjustments for Other Equity instruments and non controlling interests		2,710		2,644

IFRS Group Equity		26,338		25,459

Solvency II revaluations and reclassifications		(9,259)		(9,418)

Transferability restrictions ¹		(1,825)		(1,766)

Excess of Assets over Liabilities		15,254		14,274

Availability adjustments		4,271		4,416

Fungibility adjustments		(89)		(108)

Available Own Funds		19,436		18,582



EUR millions	DPAC		Deferred costs of reinsurance		Deferred transaction costs

Balance at January 1, 2021		8,253		141		404
Costs deferred during the year		292		-		13
Amortizations through income statement		(269)		(19)		(12)
Shadow accounting adjustments		556		14		-
Net exchange differences		276		-		13
Other		(5)		3		-
At June 30, 2021		9,104		140		418



EUR millions	First half 2021	First half 2020

At January 1	815		952
Amortization/depreciation through income statement	(51)		(44)
Shadow accounting adjustments	29		5
Net exchange differences	26		(5)
At June 30	819		908



Liabilities for financial guarantees for minimum benefits

EUR millions	United States ¹	The Netherlands ²	Total ³

At January 1, 2021	2,715	2,032	4,747
Incurred guarantee benefits ⁴	(1,128)	(448)	(1,576)
Paid guarantee benefits	(1)	-	(1)
Transfers to disposal groups	-	-	-
Net exchange differences	68	-	68
At June 30, 2021	1,654	1,584	3,238


Balance at June 30, 2021
Account value ⁵	34,422	9,344	43,766
Net amount at risk ⁶	292	1,800	2,092

At January 1, 2020	1,296	1,735	3,031
Incurred guarantee benefits ⁴	1,638	297	1,935
Paid guarantee benefits	(2)	-	(2)
Net exchange differences	(217)	-	(217)
At December 31, 2020	2,715	2,032	4,747
Balance at December 31, 2020
Account value ⁵	32,870	8,968	41,838
Net amount at risk ⁶	661	2,427	3,088



Liabilities for guarantees Americas

EUR millions	GMDB ¹		GMIB ²		Total ⁴

At January 1, 2021		488		638		1,127
Incurred guarantee benefits ⁵		12		(66)		(55)
Paid guarantee benefits		(26)		(14)		(40)
Net exchange differences		15		19		34
At June 30, 2021		490		577		1,067

		GMDB ^1,3		GMIB ^2,3

Balance at June 30, 2021

Account value ⁶		55,753		5,756

Net amount at risk ⁷		814		497

Average attained age of contractholders		71		72

At January 1, 2020		448		686		1,133

Incurred guarantee benefits ⁵		144		44		189

Paid guarantee benefits		(61)		(34)		(95)

Net exchange differences		(43)		(57)		(100)
At December 31, 2020		488		638		1,127

	GMDB ^1,3		GMIB ^2,3

Balance at December 31, 2020

Account value ⁶		52,481		5,337

Net amount at risk ⁷		919		542

Average attained age of contractholders		70		72



Liabilities for guarantees The Netherlands
EUR millions	GMI ^1,2

At January 1, 2021		7,973

Incurred guarantee benefits ³		(1,476	)

At June 30, 2021		6,497

Balance at June 30, 2021

Account value ⁴		20,125

Net amount at risk ⁵		6,447

At January 1, 2020		6,422

Incurred guarantee benefits ³		1,551

At December 31, 2020		7,973

Balance at December 31, 2020

Account value ⁴		20,202

Net amount at risk ⁵		7,931



EUR millions	Amortized cost		Unrealized gains		Unrealized losses			Total fair value		Fair value of instruments with unrealized gains		Fair value of instruments with unrealized losses
At June 30, 2021
Debt securities, money market instruments and other
United States government		8,457		2,040		(34	)		10,463		9,659		804
Dutch government		4,318		1,369		-			5,687		5,685		2
Other government		9,100		2,871		(31	)		11,940		11,112		827
Mortgage-backed securities		5,393		436		(45	)		5,784		4,701		1,082
Asset-backed securities		3,863		148		(8	)		4,003		3,067		936
Corporate		49,746		6,177		(276	)		55,647		47,212		8,434
Money market investments		5,974		-		-			5,974		5,710		264
Other		940		33		(67	)		906		579		327
Total		87,791		13,074		(462	)		100,403		87,725		12,678

Of which held by Aegon Americas and NL		79,085		12,152		(405	)		90,833		79,373		11,460


EUR millions	Amortized cost		Unrealized gains		Unrealized losses			Total fair value		Fair value of instruments with unrealized gains		Fair value of instruments with unrealized losses
At December 31, 2020
Debt securities, money market instruments and other
United States government		8,336		2,608		(9	)		10,935		10,661		274
Dutch government		4,769		1,736		-			6,505		6,502		3
Other government		9,085		3,659		(8	)		12,736		12,465		271
Mortgage-backed securities		5,678		482		(69	)		6,092		5,314		777
Asset-backed securities		3,980		158		(17	)		4,121		2,789		1,332
Corporate		45,986		7,404		(98	)		53,292		51,252		2,039
Money market investments		4,559		-		(1	)		4,558		4,136		422
Other		1,032		39		(75	)		996		616		380
Total		83,426		16,087		(277	)		99,235		93,736		5,499

Of which held by Aegon Americas and NL		74,880		14,938		(249	)		89,569		84,593		4,976



Unrealized losses - debt securities, money market investments and other

EUR millions	Jun. 30, 2021					Dec. 31, 2020

	Carrying value of instruments with unrealized losses		Unrealized losses			Carrying value of instruments with unrealized losses		Unrealized losses
Residential mortgage-backed securities (RMBSs)		513		(19	)		142		(17	)
Commercial mortgage-backed securities (CMBSs)		462		(19	)		543		(40	)
Asset-backed securities (ABSs) - CDOs backed by ABS, Corp. bonds, Bank loans		860		(6	)		1,182		(13	)
ABSs - Other		74		(2	)		123		(3	)
Financial Industry - Banking		1,101		(23	)		149		(7	)
Financial Industry - Insurance		304		(10	)		85		(7	)
Financial Industry - Other		1,161		(24	)		536		(9	)
Industrial		4,360		(142	)		1,141		(60	)
Utility		1,172		(55	)		333		(9	)
Government		1,127		(37	)		361		(10	)
Other		326		(67	)		380		(75	)
Total held by Aegon Americas and NL		11,460		(405	)		4,976		(249	)
Held by other segments		1,217		(58	)		523		(28	)
Total		12,678		(462	)		5,499		(277	)



AFS RMBS by quality

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
GSE guaranteed		1,029		2		1		-		-		1,032		1,036
Prime jumbo		-		1		-		-		21		22		29
Alt-A		4		43		-		5		199		251		311
Negative amortization floaters		-		-		-		-		165		165		210
Other housing		3		7		5		4		274		294		383
At June 30, 2021		1,036		52		6		10		659		1,763		1,970

Of which insured		-		-		3		-		66		69		61



AFS RMBS by quality

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
GSE guaranteed		1,081		2		1		-		-		1,083		1,101
Prime jumbo		4		14		1		-		13		31		38
Alt-A		9		83		11		8		177		288		352
Negative amortization floaters		-		2		-		6		302		311		367
Other housing		3		15		5		4		278		306		389
At December 31, 2020		1,097		116		18		18		770		2,020		2,248

Of which insured		-		8		16		4		63		90		84



CMBS by quality

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
CMBS		2,040		566		156		55		44		2,862		2,995
CMBS and CRE CDOs		-		-		-		-		-		1		1
At June 30, 2021		2,040		567		156		55		44		2,862		2,995



CMBS by quality

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
CMBS		2,013		599		138		34		51		2,836		2,969
CMBS and CRE CDOs		-		-		-		-		-		1		1
At December 31, 2020		2,013		600		138		34		51		2,837		2,970



ABS Americas and NL

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
Credit cards		38		-		-		-		-		38		49
Autos		24		27		7		4		-		62		64
Small business loans		-		-		-		-		10		10		10
CDOs backed by ABS, Corp. bonds, Bank loans		1,839		87		19		32		34		2,012		2,015
Other ABS		378		100		815		103		5		1,401		1,483
At June 30, 2021		2,279		215		841		140		49		3,523		3,621


ABS Americas and NL

EUR millions	AAA		AA		A		BBB		<BBB		Total amortized cost		Total fair value
Credit cards		43		1		-		-		-		44		57
Autos		32		47		2		22		40		142		145
Small business loans		-		-		-		-		12		12		12
CDOs backed by ABS, Corp. bonds, Bank loans		1,802		197		39		41		47		2,126		2,124
Other ABS		350		99		740		103		6		1,298		1,379
At December 31, 2020		2,227		344		781		165		104		3,622		3,717




	Jun. 30, 2021
Debt securities	Investment grade carrying value of securities with unrealized losses		Below investment grade carrying value of securities with unrealized losses		Investment grade unrealized loss		Below investment grade unrealized loss
0 – 6 months		6,019		252		(167)	(6)
6 – 12 months		3,544		25		(93)	(4)
> 12 months		745		284		(27)	(41)
Total		10,309		561		(287)	(50)



			Dec. 31, 2020
Debt securities	Investment grade carrying value of securities with unrealized losses		Below investment grade carrying value of securities with unrealized losses		Investment grade unrealized loss		Below investment grade unrealized loss
0 – 6 months		1,640		97		(25)	(10)
6 – 12 months		1,073		363		(26)	(37)
> 12 months		847		210		(28)	(48)
Total		3,560		670		(79)	(95)



Gross realized gains and (losses)
EUR millions	Gross realized gains		Gross realized losses

June 30, 2021
Debt securities		268		(104)

June 30, 2020
Debt securities		50		(33)



Gross realized losses
EUR millions	0 -12 months		>12 months		Total

June 30, 2021
Debt securities		(88)		(15)		(104)

June 30, 2020
Debt securities		(24)		(10)		(33)