2023 annual report
7.9Capital management

Key figures

Eligible own funds
SCR

The solvency ratio stood at 176%1 as at 31 December 2023 including a 31%-points decrease due to the acquisition of Aegon NL and the deduction for proposed dividend, as a result of 11,578 million EOF and 6,581 million SCR.

The EOF increased to 11,578 million (31 December 2022: 7,441 million), mainly driven by the acquisition of Aegon NL and organic capital creation, which was partly offset by market and operational developments and by the proposed dividend. The SCR increased to 6,581 million (31 December 2022: 3,360 million), primarily due to the addition of the Aegon NL business. Standard formula risks and Internal Model risks are aggregated using the IT3 methodology.

The capital requirements of Other Financial Sector entities (including Knab) are also part of this category.

Reconciliation total equity IFRS vs EOF Solvency II

The table above presents the reconciliation of IFRS equity to the solvency II as per 31 December 2023. The main differences between the IFRS equity and EOF Solvency II are:

  • Adjustment of other equity instruments (the other equity instruments excludes any discretionary interest);

  • Total net revaluation of assets and liabilities (intagible assets and technical provisions);

  • Other revaluations mainly elimination of goodwill and revaluation of Financial Institutions;

  • Own fund items, for example addition of subordinated liabilities, other equity instruments (excluding any discretionary interest), and foreseeable dividend.

  • 1As of 2023 a.s.r. reports a Solvency II ratio including Financial Institutions. The 2022 figures have been restated accordingly.
  • 2As of 2023 a.s.r. reports a Solvency II ratio including Financial Institutions. The 2022 figures have been restated accordingly.