v3.26.1
Fair value (Tables)
 12 Months Ended
Dec. 31, 2025
Text block 1 [Abstract]  
Summary of the Analysis of Assets and Liabilities Recorded at Fair Value on a Recurring Basis by Level of the Fair Value Hierarchy
Fair value hierarchy
The following table sets out the fair values of financial instruments by the level of the fair value hierarchy into which each fair value measurement is categorized. It does not include fair value information for cash and cash equivalents, receivables, and payables, whose carrying amounts are a reasonable approximation of fair value, or for lease liabilities.
 
    
2025
  
Fair value hierarchy
         Level I            Level II           Level III            Total  
Shares
      5        -        5        10   
Debt securities
      4,165        42,717        528        47,411  
Money market and other short-term investments
      2,102        207        -        2,308  
Other investments at fair value
      -        27        1        28  
Total financial assets measured at FVOCI
   
 
6,272
 
   
 
42,951
 
   
 
533
 
   
 
49,757
 
         
Shares
      179        30        54        263  
Debt securities
      253        2,075        110        2,438  
Money market and other short-term investments
      1,708        160        -        1,868  
Loans
      -        -        82        82  
Other investments at fair value
      18        716        3,987        4,721  
Derivatives
      14        464        8        485  
Investments in real estate
      -        -        42        42  
Investments in real estate for policyholders
      -        -        437        437  
Investments - Policyholder risk
      89,715        125,710        389        215,814  
         
Total financial assets measured at FVPL
   
 
91,886
 
   
 
129,156
 
   
 
5,109
 
   
 
226,151
 
Real estate held for own use (revalued amount)
      -        -        56        56  
         
Total financial assets measured at fair value
   
 
98,158
 
   
 
172,107
 
   
 
5,699
 
   
 
275,964
 
Investment contracts without DPF - Policyholder risk
      -        85,161        -        85,161  
Derivatives
      50        1,419        -        1,469  
         
Total financial liabilities measured at fair value
   
 
50
 
   
 
86,580
 
   
 
-
 
   
 
86,630
 
 
     2024  
Fair value hierarchy
         Level I            Level II           Level III            Total  
Shares
      34        -        4        39   
Debt securities
      5,170        46,242        799        52,211  
Money market and other short-term investments
      2,388        47        -        2,435  
Other investments at fair value
      -        31        -        31  
         
Total financial assets measured at FVOCI
   
 
7,592
 
   
 
46,320
 
   
 
803
 
   
 
54,715
 
Shares
      163        30        86        279  
Debt securities
      308        1,970        107        2,385  
Money market and other short-term investments
      1,961        135        -        2,096  
Loans
      -        -        82        82  
Other investments at fair value
      1        718        4,457        5,176  
Derivatives
      30        732        9        771  
Investments in real estate
      -        -        57        57  
Investments in real estate for policyholders
      -        -        457        457  
Investments - Policyholder risk
      97,682        119,829        312        217,824  
Total financial assets measured at FVPL
   
 
100,146
 
   
 
123,414
 
   
 
5,567
 
   
 
229,127
 
Real estate held for own use (revalued amount)
      -        -        66        66  
         
Total financial assets measured at fair value
   
 
107,738
 
   
 
169,734
 
   
 
6,436
 
   
 
283,908
 
Investment contracts without DPF - Policyholder risk
      -        79,078        -        79,078  
Derivatives
      53        2,382        -        2,435  
         
Total financial liabilities measured at fair value
   
 
53
 
   
 
81,460
 
   
 
-
 
   
 
81,513
 
Schedule of Transfers between Level 1 and Level II for Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis The table below shows significant transfers between Level I and Level II for financial assets and financial liabilities recorded at fair value on a recurring basis. There was no transfer between Level I and Level II during 2025.
 
 
 
 
 
 
   
2025
     2024  
       Level I to Level II        Level II to Level I        Level I to Level II        Level II to Level I  
Debt securities
     -       -       308       261   
Money market and other short-term investments
     -       -       48       -  
         
Total financial assets measured at FVOCI
  
 
-
 
  
 
-
 
  
 
356
 
  
 
261
 
Debt securities
     -       -       11       4  
Total financial assets measured at FVPL
  
 
-
 
  
 
-
 
  
 
11
 
  
 
4
 
         
Total financial assets measured at fair value
  
 
-
 
  
 
-
 
  
 
367
 
  
 
265
 
Disclosures of Changes in Level 3 Assets
Movements in Level III financial instruments measured at fair value
The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level III), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period.
 
     
On January
1, 2025
  
 
    
Disposal of
a business
  
 
    

 		 Total gains /
(losses) in
income
statement
 1
 
 
 
 		    

 		 Total
gains /
(losses) in
OCI
2
 
 
 
 		    
Purch-
ases
  
 
     Sales       Settle-
ments
 		    
 		 Net ex-
change
difference
 
 		     Reclas-
sification		  
 		    

 
Trans-
fers
from
levels
I and II
 
 
 
 
    
 
Trans-
fers
to
levels
I and II
 
 
 
 
    
On
December
31, 2025
  
 
 
    
Total
URGL for
the period
3
  
 
 
 
Shares     4       -       -       -       -       -       -       -       -       -       -       5       -  
Debt securities     799       -       7       5       124       (82 )      (86 )      (84 )      -       71       (226 )      528       -  
Other     -       -       -       (1 )      1       -       -       -       -       -       -       1       -  
Total FVOCI
  
 
803
 
  
 
-
 
  
 
7
 
  
 
5
 
  
 
125
 
  
 
(83
) 
  
 
(86
) 
  
 
(84
) 
  
 
-
 
  
 
71
 
  
 
(226
) 
  
 
533
 
  
 
-
 
Shares     86       -       7       -       17       (46 )      -       (9 )      -       -       -       54       7  
Debt securities     107       -       -       -       2       (1 )      (5 )      (13 )      -       23       (2 )      110       -  
Loans     82       -       4       -       12       (5 )      -       (10 )      -       -       -       82       3  
Other investments     4,457       -       (9 )      -       463       (400 )      -       (525 )      -       -       -       3,987       16  
Derivatives     9       -       -       -       -       (1 )      -       -       -       -       -       8       (1 ) 
Investments in real estate     57       -       10       -       -       (23 )      -       (4 )      1       -       -       42       13  
Investments in real estate for policyholders     457       -       8       -       12       (16 )      -       (24 )      -       -       -       437       19  
Investments -                          
Policyholder risk     312       (14 )      (36 )      -       320       (38 )      -       (28 )      -       -       (127 )      389       1  
Total FVPL
  
 
5,567
 
  
 
(14
) 
  
 
(17
) 
  
 
-
 
  
 
827
 
  
 
(530
) 
  
 
(5
) 
  
 
(614
) 
  
 
1
 
  
 
23
 
  
 
(129
) 
  
 
5,109
 
  
 
57
 
Real estate held for own use     66       -       -       1       (1 )      (1 )      -       (7 )      (1 )      -       -       56       -  
Total financial assets
  
 
6,436
 
  
 
(14
) 
  
 
(10
) 
  
 
6
 
  
 
952
 
  
 
(614
) 
  
 
(91
) 
  
 
(706
) 
  
 
-
 
  
 
93
 
  
 
(355
) 
  
 
5,699
 
  
 
57
 
 
     
On January
1, 2024
  
 
    

 		 Total gains /
(losses) in
income
statement
 1
 
 
 
 		    

 		 Total
gains /
(losses) in
OCI 
2
 
 
 
 		    
Purch-
ases
  
 
     Sales       Settle-
ments
 		    
 		 Net ex-
change
difference
 
 		     Reclas-
sification		  
 		    

 
Trans-
fers
from
levels
I and II
 
 
 
 
    
 
Trans-
fers
to
levels
I and II
 
 
 
 
    
On
December
31, 2024
  
 
 
    
Total URGL
for the
period 
3
  
 
Shares     4       -       -       -       -       -       -       -       -       -       4       -  
Debt securities     516       9       (27 )      218       (126 )      (41 )      44       -       301       (96 )      799       -  
Money markets and other short-term investments     9       -       (9 )      -       -       -       -       -       -       -       -       -  
Total FVOCI
  
 
530
 
  
 
9
 
  
 
(36
) 
  
 
218
 
  
 
(126
) 
  
 
(41
) 
  
 
44
 
  
 
-
 
  
 
301
 
  
 
(96
) 
  
 
803
 
  
 
-
 
Shares     94       (3 )      -       16       (27 )      -       6       -       -       -       86       (5 ) 
Debt securities     86       (19 )      -       18       (14 )      (5 )      6       -       53       (18 )      107       (18 ) 
Loans     -       -       -       12       (1 )      -       4       68       -       -       82       -  
Other investments     4,237       (175 )      -       505       (323 )      -       280       (68 )      -       -       4,457       (206 ) 
Derivatives     8       1       -       -       (1 )      -       -       -       -       -       9       1  
Investments in real estate     55       1       -       1       (2 )      -       3       -       -       -       57       -  
Investments in real estate for policyholders     433       9       -       26       (32 )      -       21       -       -       -       457       59  
Investments - Policyholder risk     342       3       -       62       (112 )      -       18       -       -       -       312       1  
Total FVPL
  
 
5,255
 
  
 
(183
) 
  
 
-
 
  
 
638
 
  
 
(511
) 
  
 
(5
) 
  
 
338
 
  
 
-
 
  
 
53
 
  
 
(18
) 
  
 
5,567
 
  
 
(169
) 
Real estate held for own use     64       (1 )      (1 )      -       (1 )      -       4       -       -       -       66       (1 ) 
Total financial assets
  
 
5,849
 
  
 
(174
) 
  
 
(37
) 
  
 
857
 
  
 
(638
) 
  
 
(45
) 
  
 
385
 
  
 
-
 
  
 
354
 
  
 
(114
) 
  
 
6,436
 
  
 
(169
) 
Derivatives     6       (6 )      -       -       -       -       -       -       -       -       -       -  
Total financial liabilities
  
 
6
 
  
 
(6
) 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
  
 
-
 
 
1
 
Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item Results from financial transactions of the income statement.
2
 
Total gains and losses are recorded in line items Unrealized gains / (losses) on financial assets measured at FVOCI and Realized gains / (losses) on disposal of financial assets measured at FVOCI of the statement of comprehensive income.
3
 
Total unrealized gains or losses (URGL) for the period recorded in the profit or loss during which the financial instrument was in Level III.
Information about Significant Unobservable Inputs
The table below presents information on the valuation techniques and significant unobservable inputs used in recurring fair value measurements of certain Level III financial instruments.
During 2024 and 2025, no valuation techniques or significant unobservable inputs were applied in the measurement of financial liabilities.
 
    Valuation technique 
1
    
Significant unobservable
input
2
 
 
  
 
December 31,
2025
 
 
    
Range
 (weighted
average)
  
 
 
      December 31,
2024		  
 		    
Range
 (weighted
average)
  
 
Financial assets
            
Shares
   Net asset value     n.a.       5       n.a.       -       n.a.  
Debt securities
   Broker quote     n.a.        449       n.a.       688       n.a.  
  Discounted cash flow     Constant Prepayment Rate       -       -       28       21.11%   
    Other     n.a.       79       n.a.        83       n.a.  
        528         799    
Other
   Other     n.a.       1       n.a.       -       n.a.  
Total FVOCI
              
 
533
 
          
 
799
 
        
Shares
   Net asset value     n.a.       50       n.a.       83       n.a.  
  Broker quote     n.a.       4       n.a.       3       n.a.  
Debt securities
   Broker quote     n.a.       96       n.a.       94       n.a.  
    Other     n.a.       14       n.a.       13       n.a.  
     
 
164
 
    
 
193
 
  
Investment funds
   Net asset value     n.a.       3,220         3,633    
Tax credit investments
   Discounted cash flow     Discount rate       766       6.71%       823       6.72%  
Loans
   Other     n.a.       82         82    
             
Total FVPL
              
 
4,068
 
          
 
4,538
 
        
             
Total financial assets 
3
              
 
4,765
 
          
 
5,530
 
        
 
1
 
Other in the table above (column Valuation technique) includes investments for which the fair value is uncorroborated and no broker quote is received.
2
 
Not applicable (n.a.) has been included when the unobservable inputs are not developed by the Group and are not reasonably available. Refer to the section Fair value measurement in this note for a detailed description of Aegon’s methods of determining fair value and the valuation techniques.
3
 
Investments where the policyholder bears the risk are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Assets where the policyholder bears the risk, and their returns, belong to policyholders and do not impact Aegon’s net result or equity. The effect on total assets is offset by the effect on total liabilities.
Carrying Values and Estimated Fair Values of Assets and Liabilities
The following table presents the carrying amount and estimated fair values of assets and liabilities, excluding assets and liabilities that are carried at fair value on a recurring basis.
 
               Estimated fair value hierarchy        Total estimated fair  
On December 31, 2025
      Carrying amount          Level I          Level II          Level III        value  
Assets
               
Debt securities - held at amortized cost
      36        36        -        -        36   
Loans - held at amortized cost
      9,672        -        1        8,901        8,902  
Deposits with financial institutions - held at amortized cost
      11        11        -        -        11  
Liabilities
               
Subordinated borrowings - held at amortized cost
      1,461        692        620        -        1,312  
Trust pass-through securities - held at amortized cost
      99        -        118        -        118  
Borrowings – held at amortized cost
      1,982        837        1,221        -        2,059  
Investment contracts - held at amortized cost
      12,652        -        -        9,473        9,473  
December 31, 2024
               
Assets
               
Debt securities - held at amortized cost
      36        36        -        -        36  
Loans - held at amortized cost
      10,598        -        1        9,379        9,380  
Deposits with financial institutions - held at amortized cost
      11        11        -        -        11  
Liabilities
               
Subordinated borrowings - held at amortized cost
      1,653        763        727        -        1,490  
Trust pass-through securities - held at amortized cost
      113        -        133        -        133  
Borrowings – held at amortized cost
      3,013        867        2,209        -        3,076  
Investment contracts - held at amortized cost
      12,592        -        -        9,432        9,432  
Carrying Values and Estimated Fair Values of Assets and Liabilities
The table that follows summarizes the carrying amounts of financial assets and financial liabilities that are classified as fair value through profit or loss, with appropriate distinction between those financial assets and financial liabilities held for trading and those that, upon initial recognition, were designated as fair value through profit or loss.
 
         
2025 
          2024 
       Trading     Designated        Trading     Designated 
Investments - Aegon risk
   7,306    2,066     7,661    2,356 
Investments - Policyholder risk
   -    216,251     -    218,281 
Derivatives with positive values not designated as hedges
   390    -     606    - 
         
Total financial assets measured at FVPL
  
7,695
   
218,317 
   
8,267
   
220,637 
Investment contracts without DPF - Policyholder risk
   -    85,161     -    79,078 
Derivatives with negative values not designated as hedges
   597    -     1,331    - 
         
Total financial liabilities measured at FVPL
  
597
   
85,161 
   
1,331
   
79,078 
Summary of Gains and losses recognized in the income statement on financial assets and financial liabilities
Gains and losses on financial assets and financial liabilities classified at fair value through profit or loss
Gains and losses recognized in the income statement on financial assets and financial liabilities classified as fair value through profit or loss can be summarized as follows:
 
    
2025 
    2024 
      Trading      Designated     Trading      Designated 
Net gains and (losses)
    195    25,783     (1,643)    20,912