7.5.17Borrowings

See accounting policies U and V.

Borrowings
31 December 202431 December 2023
Loans3,0615,363
Lease liabilities7488
Total Borrowings3,1355,451

As at year-end, borrowings had the following terms to maturity:

Maturity of borrowings
31 December 202431 December 2023
Maturity - Falling due within 1 year1151,022
Maturity - Falling due between 1 and 5 years8462,481
Maturity - Falling due after 5 years2,1741,948
Maturity Borrowings3,1355,451

At year-end 2024, the fair value of borrowings was 3,136 million (2023: 5,520 million). For information regarding the fair value, see section 7.7.1.2. The average interest rate payable on loans was 4.18% (2023: 2.61%). The average incremental borrowing rate on the lease liabilities was 3.81% (2023: 1.95%).

On 20 March 2024, Aegon hypotheken closed a transaction under the Dutch SAECURE programme to sell Class A mortgage backed securities (RMBS). ‘SAECURE 22’ consisted of a principal amount of 600 million of class A notes.

In 2023 Aegon life restructured ‘SAECURE 17’, by expanding ‘SAECURE 17’ with new mortgage loans and extend the FORD for the next 5 years. After the restructuring ‘SAECURE 17’ exists of 4,350 million of class A notes with a first optional redemption date in January 2030.

The following structured entities are group companies and have been consolidated:

  • SAECURE 17 B.V.;

  • SAECURE 18 NHG B.V.;

  • SAECURE 20 B.V.;

  • SAECURE 21 B.V.;

  • SAECURE 22 B.V.;

  • Aegon Hypotheken Financiering B.V.;

  • Aegon Hypotheken Prefunding B.V.;

  • Delphinus 2023-I B.V.

  • Orcinus 2023 B.V.

The structured entities relate to the funding or securitisation of mortgage loans. a.s.r. holds no shares in the structured entities. The contractual agreements with these entities do not include provisions in which a.s.r. could be required to provide financial support in certain circumstances. a.s.r. has not provided, nor has intentions to provide, financial or other support without having a contractual obligation to do so.