A related party is a person or entity that has significant influence over another entity, or has the ability to affect the financial and operating policies of the other party. Parties related to a.s.r. include associates, joint ventures, key management personnel, close family members of any person referred to above, entities controlled or significantly influenced by any person referred to above and any other affiliated entity.
The group regularly enters into transactions with related parties during the conduct of its business. These transactions mainly involve loans, deposits and commissions, and are conducted on terms equivalent to those that prevail in arm’s length transactions.
The remuneration of the key personnel is disclosed in chapter 7.7.4.
The DB obligation of Aegon NL classifies as multiple-employer contract. For more information, see chapter 7.5.15.1.
Positions and transactions between a.s.r., associates, joint ventures and other related parties
The table below shows the financial scope of a.s.r.’s related party transactions:
Associates;
Joint ventures.
| | Associates | Joint ventures | Total |
|---|---|---|---|
| 2023 | | | |
| Balance sheet items with related parties as at 31 December | | | |
| Loans and receivables | 41 | 4 | 45 |
| Other liabilities | 140 | - | 140 |
| | | | |
| Transactions in the income statement for the financial year | | | |
| Fee income | 75 | - | 75 |
| Operating and other expenses | 1 | - | 1 |
| | Associates | Joint ventures | Total |
|---|---|---|---|
| 2022 | | | |
| Balance sheet items with related parties as at 31 December | | | |
| Loans and receivables | 37 | 8 | 45 |
| Other liabilities | 176 | - | 176 |
| | | | |
| Transactions in the income statement for the financial year | | | |
| Fee income | 74 | - | 74 |
| Operating and other expenses | 1 | - | 1 |
No provisions for impairments have been recognised on the loans and receivables for the years 2023 and 2022.
At 4 July 2023 the Management Board (MB) was introduced and replaced the Business Executive Committee (BEC). The three members of the Executive Board (EB) are also members of the MB. The members of the MB have mortgage loans with a.s.r. amounting to € 2,413 thousand (2022: € 435 thousand including BEC). The mortgages have been issued subject to normal employee conditions. The employee conditions include limits and thresholds to the amounts that qualify for a personnel interest-rate discount. For mortgage loans higher than € 340 thousand arm’s length condition apply. The average interest on the mortgage loans for MB-members is 2.45% (2022: 2.6%). In 2023, the mortgage loans of MB-members were settled for an amount of € 89 thousand (2022: € 61 thousand). The Supervisory Board (SB) has no mortgage loans.
In 2023, a.s.r. paid € 68 million dividend to Aegon Ltd. and a.s.r. issued a group loan of € 285 million to Knab.