7.6.1Insurance contract revenue
See accounting policy W1.
Insurance contract revenue
| 2024 | Non-life | Life | Total |
|---|---|---|---|
| Contracts not measured under the PAA | | | |
| Amounts relating to changes in liabilities for remaining coverage: | | | |
| - Expected insurance claims, benefits and expenses | 1,786 | 3,459 | 5,245 |
| - Release of the risk adjustment for non-financial risk for risk expired | 23 | 191 | 214 |
| - CSM recognised in profit or loss for services provided | 148 | 312 | 461 |
| - Other/ experience adjustments arising from premiums not relating to future service | 66 | 18 | 84 |
| Recovery of insurance acquisition cash flows | 24 | 6 | 31 |
| | 2,047 | 3,987 | 6,034 |
| | | | |
| Contracts measured under the PAA | 3,567 | - | 3,567 |
| | | | |
| Insurance contract revenue | 5,614 | 3,987 | 9,601 |
Insurance contract revenue
| 2023 | Non-life | Life | Total |
|---|---|---|---|
| Contracts not measured under the PAA | | | |
| Amounts relating to changes in liabilities for remaining coverage: | | | |
| - Expected insurance claims, benefits and expenses | 1,465 | 2,362 | 3,827 |
| - Release of the risk adjustment for non-financial risk for risk expired | 33 | 120 | 154 |
| - CSM recognised in profit or loss for services provided | 70 | 210 | 280 |
| - Other/ experience adjustments arising from premiums not relating to future service | 94 | 17 | 111 |
| Recovery of insurance acquisition cash flows | 24 | 6 | 30 |
| | 1,686 | 2,716 | 4,402 |
| | | | |
| Contracts measured under the PAA | 3,693 | - | 3,693 |
| | | | |
| Insurance contract revenue | 5,379 | 2,716 | 8,095 |
The increase in total Non-life (€ 235 million) and Life (€ 1,271 million) insurance contract revenue is mostly related to the acquired activities of Aegon NL. Furthermore, the Non-life increase is also driven by organic growth of the P&C and Disability portfolios.
The insurance contract revenue related to the a.s.r. and Aegon NL post-employment benefit plans of € 254 million (2023: € 182 million) are not included in the life figures since these have been eliminated in the consolidation process.
Insurance Contract Revenue reconciliation
| | 31 December 2024 | 31 December 2023 | ||
|---|---|---|---|---|
| | Notes to the consolidated balance sheet | Notes to the consolidated income statement | Notes to the consolidated balance sheet | Notes to the consolidated income statement |
| 7.5.13.1 Insurance contracts Non-Life | 5,614 | | 5,379 | |
| 7.5.13.2 Insurance contracts Life | 2,906 | | 2,113 | |
| 7.5.14.1 Life - Direct participating insurance contracts | 1,081 | | 603 | |
| 7.6.1 Insurance contract revenue Non-Life | | 5,614 | | 5,379 |
| 7.6.1 Insurance contract revenue Life | | 3,987 | | 2,716 |
| Insurance contract revenue | 9,601 | 9,601 | 8,095 | 8,095 |