Segmented income statement and operating result| 2022 | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Gross written premiums | 4,276 | 1,952 | - | - | - | -187 | 6,041 |
| Change in provision for unearned premiums | -4 | - | - | - | - | - | -4 |
| Gross insurance premiums | 4,272 | 1,952 | - | - | - | -187 | 6,037 |
| Reinsurance premiums | -113 | -1 | - | - | - | - | -114 |
| Net insurance premiums | 4,159 | 1,951 | - | - | | -187 | 5,923 |
| | | | | | | | |
| Investment income | 195 | 1,523 | - | 1 | 111 | -97 | 1,732 |
| Realised gains and losses | -34 | -335 | - | - | 3 | 78 | -288 |
| Fair value gains and losses | -76 | 154 | - | - | -3 | -38 | 38 |
| Result on investments on behalf of policyholders | - | -1,943 | - | - | - | - | -1,943 |
| Result on investments related to investment contracts | - | -351 | - | - | - | - | -351 |
| Fee and commission income | 24 | 19 | 201 | 122 | - | -118 | 247 |
| Other income | 1 | 127 | - | 1 | 15 | - | 144 |
| Share of result of associates and joint ventures | - | - | - | 1 | -3 | - | -3 |
| Total income | 4,269 | 1,145 | 201 | 124 | 123 | -362 | 5,500 |
| | | | | | | | |
| Insurance claims and benefits | -3,290 | 180 | - | - | - | 126 | -2,984 |
| Insurance claims and benefits recovered from reinsurers | 63 | 1 | - | - | - | - | 64 |
| Net insurance claims and benefits | -3,227 | 181 | - | - | | 126 | -2,919 |
| | | | | | | | |
| Changes in liabilities arising from investment contracts | - | 351 | - | - | - | - | 351 |
| Operating expenses | -286 | -182 | -115 | -102 | -146 | 52 | -779 |
| Restructuring provision expenses | -3 | 1 | - | - | -1 | - | -4 |
| Commission expenses | -602 | -20 | -29 | - | - | 62 | -589 |
| Impairments | -36 | -76 | - | - | 17 | - | -95 |
| Interest expense | -24 | -337 | - | -2 | -62 | -21 | -447 |
| Other expenses | -4 | -40 | -18 | -5 | -34 | 12 | -90 |
| Total expenses | -955 | -303 | -163 | -110 | -226 | 104 | -1,652 |
| | | | | | | | |
| Result before tax | 87 | 1,023 | 38 | 15 | -103 | -131 | 929 |
| | | | | | | | |
| Income tax (expense) / gain | -14 | -245 | -10 | -4 | 34 | 34 | -204 |
| | | | | | | | |
| Net result | 73 | 779 | 28 | 11 | -68 | -97 | 725 |
| | | | | | | | |
| Attributable to: | | | | | | | |
| Non-controlling interests | - | 1 | - | - | -9 | - | -8 |
| | | | | | | | |
| - Shareholders of the parent | 73 | 778 | 28 | 10 | -107 | -97 | 685 |
| - Holders of other equity instruments | - | - | - | - | 48 | - | 48 |
| Result attributable to holders of equity instruments | 73 | 778 | 28 | 10 | -59 | -97 | 733 |
Operating result| 2022 | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Result before tax | 87 | 1,023 | 38 | 15 | -103 | -131 | 929 |
| minus: investment related | -127 | 187 | - | - | 18 | -1 | 78 |
| minus: incidentals | -112 | 68 | -1 | -11 | - | -132 | -188 |
| Operating result | 325 | 768 | 39 | 25 | -120 | 2 | 1,039 |
In 2022, incidentals are mainly related to strengthening of Non-life provisions due to the 10% increase of the legal minimum wage as of 1 January 2023 (€ -91 million for the 8% extra increase on top of the 2% normally provisioned), results of the employee benefit pension scheme, amortisations of VOBA on the acquisitions of Loyalis and Veherex (see chapter 6.5.1), M&A costs related to the business combination of a.s.r. and Aegon Nederland N.V., project costs for the implementation of IFRS 17 and IFRS 9 and start-up costs for innovations.
For more information see chapter 6.10.
Impairments| 2022 | | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Associates and joint ventures | Impairment | - | - | - | - | -1 | - | -1 |
| | Reversal | - | - | - | - | - | - | - |
| Investments | Impairment | -35 | -98 | - | - | - | - | -133 |
| | Reversal | - | 23 | - | - | - | - | 23 |
| Loans and receivables | Impairment | -8 | -2 | - | - | - | - | -10 |
| | Reversal | 6 | 2 | - | - | 19 | - | 27 |
| Total impairments | Impairment | -43 | -101 | - | - | -1 | - | -145 |
| | Reversal | 7 | 24 | - | - | 19 | - | 50 |
| | | | | | | | | |
| | Total | -36 | -76 | - | - | 17 | - | -95 |
Segmented income statement and operating result| 2021 | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Gross written premiums | 4,124 | 1,893 | - | - | - | -157 | 5,859 |
| Change in provision for unearned premiums | 16 | - | - | - | - | - | 16 |
| Gross insurance premiums | 4,140 | 1,893 | - | - | - | -157 | 5,875 |
| Reinsurance premiums | -98 | -1 | - | - | - | - | -99 |
| Net insurance premiums | 4,042 | 1,892 | - | - | - | -157 | 5,777 |
| | | | | | | | |
| Investment income | 142 | 1,422 | - | - | 10 | -4 | 1,571 |
| Realised gains and losses | 45 | 422 | - | - | 34 | -11 | 490 |
| Fair value gains and losses | 16 | 94 | - | - | -2 | 2 | 110 |
| Result on investments on behalf of policyholders | - | 1,636 | - | - | - | - | 1,636 |
| Result on investments related to investment contracts | - | 185 | - | - | - | - | 185 |
| Fee and commission income | 23 | 12 | 161 | 117 | - | -110 | 204 |
| Other income | 1 | 23 | - | 2 | 32 | -2 | 56 |
| Share of result of associates and joint ventures | - | 1 | - | 1 | 7 | - | 9 |
| Total income | 4,269 | 5,688 | 161 | 119 | 81 | -283 | 10,036 |
| | | | | | | | |
| Insurance claims and benefits | -3,079 | -3,986 | - | - | - | 219 | -6,846 |
| Insurance claims and benefits recovered from reinsurers | 23 | 7 | - | - | - | - | 29 |
| Net insurance claims and benefits | -3,056 | -3,980 | - | - | - | 219 | -6,817 |
| | | | | | | | |
| Changes in liabilities arising from investment contracts | - | -185 | - | - | - | - | -185 |
| Operating expenses | -269 | -173 | -102 | -94 | -137 | 51 | -725 |
| Restructuring provision expenses | -3 | -1 | - | - | - | - | -4 |
| Commission expenses | -564 | -19 | - | - | - | 57 | -526 |
| Impairments | -1 | -13 | - | -9 | - | - | -22 |
| Interest expense | -15 | -293 | -1 | -1 | -9 | -43 | -362 |
| Other expenses | -4 | -43 | -23 | -6 | -126 | 16 | -186 |
| Total expenses | -856 | -727 | -125 | -110 | -272 | 80 | -2,010 |
| | | | | | | | |
| Result before tax | 357 | 981 | 36 | 10 | -191 | 16 | 1,209 |
| | | | | | | | |
| Income tax (expense) / gain | -88 | -230 | -9 | -5 | 65 | -3 | -270 |
| | | | | | | | |
| Net result | 269 | 751 | 27 | 5 | -126 | 13 | 939 |
| | | | | | | | |
| Attributable to: | | | | | | | |
| Non-controlling interests | - | 1 | - | - | -4 | - | -3 |
| | | | | | | | |
| - Shareholders of the parent | 269 | 750 | 27 | 5 | -170 | 13 | 894 |
| - Holders of other equity instruments | - | - | - | - | 48 | - | 48 |
| Result attributable to holders of equity instruments | 269 | 750 | 27 | 5 | -122 | 13 | 942 |
Operating result| 2021 | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Result before tax | 357 | 981 | 36 | 10 | -191 | 16 | 1,209 |
| minus: investment related | 57 | 217 | - | - | 32 | -3 | 303 |
| minus: incidentals | -22 | 11 | - | -18 | -93 | 18 | -104 |
| Operating result | 322 | 754 | 36 | 28 | -131 | 1 | 1,009 |
In 2021, incidentals are mainly related to results of the employee benefit pension scheme, amortisations of VOBA on the acquisitions of Loyalis and Veherex (see chapter 6.5.1), project costs for the implementation of IFRS 17 and IFRS 9 and start-up costs for innovations.
Starting from 2022, the inflation linked value changes are classified as non-operating result. The comparative 2021 figures for the operating result of Non-life and Life have been adjusted accordingly for respectively € -3 million and € -9 million.
Impairments| 2021 | | Non-life | Life | Asset Management | Distribution and Services | Holding and Other | Eliminations | Total |
|---|
| Intangible assets | Impairment | - | - | - | -9 | - | - | -9 |
| | Reversal | - | - | - | - | - | - | - |
| Investments | Impairment | -3 | -12 | - | - | - | - | -16 |
| | Reversal | 3 | - | - | - | - | - | 3 |
| Loans and receivables | Impairment | -13 | -2 | - | - | - | - | -15 |
| | Reversal | 12 | 2 | - | - | - | - | 14 |
| Total impairments | Impairment | -16 | -15 | - | -9 | - | - | -40 |
| | Reversal | 15 | 2 | - | - | - | - | 17 |
| | | | | | | | | |
| | Total | -1 | -13 | - | -9 | - | - | -22 |
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