See accounting policy Z.
6.5.13.1 Share capital
Share capital| | 31 December 2022 | 31 December 2021 |
|---|
| |
Number of Shares
(in millions) | Amounts
(in € millions) |
Number of Shares
(in millions) | Amounts
(in € millions) |
|---|
| Ordinary shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 325 | 52 |
| - Of which unsubscribed | 175 | 28 | 187 | 30 |
| Subscribed and paid-up capital | 150 | 24 | 138 | 22 |
| | | | | |
| Preference shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 325 | 52 |
| - Of which unsubscribed | 325 | 52 | 325 | 52 |
| Subscribed and paid-up capital | - | - | - | - |
The share capital increased as a result of issued share capital to finance the intended business combination of a.s.r. and Aegon Nederland N.V.
6.5.13.2 Share premium reserve
The share premium reserve increased by € 577 million due to issued share capital to finance the intended business combination of a.s.r. and Aegon Nederland N.V. (€ 591 million) and the cancellation of 2,036 thousand treasury shares (€ -14 million), as approved at the AGM in May 2022, see chapter 6.5.13.5.
6.5.13.3 Unrealised gains and losses recorded in equity
Unrealised gains and losses recorded in equity| | 31 December 2022 | 31 December 2021 |
|---|
| | Investments available for sale | Revaluation of property in own use | Total | Investments available for sale | Revaluation of property in own use | Total |
|---|
| Gross unrealised gains and losses | -1,844 | 50 | -1,794 | 3,074 | 38 | 3,112 |
| Related tax | 526 | -13 | 513 | -679 | -10 | -688 |
| Shadow accounting | 503 | - | 503 | -1,257 | - | -1,257 |
| Tax related to shadow accounting | -130 | - | -130 | 324 | - | 324 |
| Unrealised gains and losses related to segregated investment pools | -19 | - | -19 | -40 | - | -40 |
| Tax related to segregated investment pool | 5 | - | 5 | 10 | - | 10 |
| | | | | | | |
| Total unrealised gains and losses recorded in equity | -959 | 37 | -922 | 1,433 | 28 | 1,461 |
6.5.13.4 Actuarial gains and losses
The balance of actuarial gains and losses related to the pension obligation increased by € 887 million after tax and € 1195 million before tax (2021: increased by € 198 million after tax and € 249 million before tax). The increase is mainly due to an increase in the discount rate (see chapter 6.5.17).
6.5.13.5 Treasury shares
As part of the employee share purchase plan a.s.r. sold 124 thousand shares for an amount of € 4,06 million. The employee share purchase plan led to a decrease of € 0.2 million in retained earnings. For more information on the employee share purchase plan, see chapter 6.7.6.
In February 2022, a.s.r. announced the repurchase of ordinary shares as an additional capital distribution. a.s.r. repurchased 1,798 thousand shares under an open market share buyback (SBB) programme for an amount of € 75 million (average share price € 41.70).
In the AGM in May 2022 the resolution was adopted to cancel the 2,036 thousand shares which were acquired in 2021. The cancellation was effected in August 2022.
The amount of treasury shares held at year-end of € 79 million (2021: € 83 million) represents 1,903 thousand (2021: 2,264 thousand) treasury shares.
6.5.13.6 Other equity instruments
Other equity instruments| | 2022 | 2021 | Coupon date | First possible redemption date |
|---|
| Hybrid Tier 2 instrument 5% fixed interest | 497 | 497 | Annually with effect from 30 September 2015 | 30 September 2024 |
| Restricted Tier 1 instrument 4.625% fixed interest | 507 | 507 | Semi-annually with effect from 19 April 2018 | 19 October 2027 |
| Total other equity instruments | 1,004 | 1,004 | | |
The Tier 1 and Tier 2 instruments bear discretionary interest and have no maturity date, but can be redeemed at the option of a.s.r. on any coupon due date from the above mentioned possible redemption date.
The Tier 1 and Tier 2 instruments have subordination provisions, rank junior to all other liabilities and senior to only shareholders' equity. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and mandatory coupon payment events.
The coupon payments in respect of the Tier 1 and Tier 2 instruments are deductible for tax purposes.
Distributed amounts to holders of equity instruments as discretionary interest| | 2022 | 2021 |
|---|
| Hybrid Tier 2 instrument 5% fixed interest | 25 | 25 |
| Restricted Tier 1 instrument 4.625% fixed interest | 23 | 23 |
| | | |
| Total distributed amounts | 48 | 48 |
The Tier 1 and Tier 2 instruments are classified as equity as there is no requirement to settle the obligation in cash or another financial asset or to exchange financial assets or financial liabilities under conditions that are potentially unfavourable for a.s.r.
6.5.13.7 Earnings per share
Basic earnings per share at year end| | 2022 | 2021 |
|---|
| Net result attributable to holders of ordinary shares for calculating the earnings per ordinary share | 685 | 894 |
| Weighted average number of ordinary shares in issue | 137,004,580 | 136,260,472 |
| Basic earnings per ordinary share (in euros) | 5.00 | 6.56 |
Diluted earnings per share at year end| | 2022 | 2021 |
|---|
| Net result | 685 | 894 |
| - effect of Restricted Tier 1 capital instrument | 17 | 17 |
| Adjusted net result attributable to holders of ordinary shares for calculating the diluted earnings per ordinary share | 702 | 911 |
| Weighted average number of ordinary shares in issue | 137,004,580 | 136,260,472 |
| Weighted average number of ordinary shares resulting from conversion of bonds Restricted Tier 1 | 21,645,022 | 21,645,022 |
| Weighted average number of shares used to calculate the diluted earnings per ordinary share | 158,649,601 | 157,905,493 |
| Diluted earnings per ordinary share (in euros) | 4.42 | 5.77 |
Net result in the table is after tax and non-controlling interests.
For additional information related to net result, see chapter 6.2.2.
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