v3.26.1
Segment information
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Segment information
5 Segment information
Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Director, who is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are:
 
●
  
Americas
: business units in the United States (excluding Aegon AM US), including any of the units’ activities located outside of the United States;
●
  
United Kingdom
: business activities from platform business and traditional insurance in the United Kingdom;
●
  
International
: operations in Spain & Portugal, China, Brazil, Bermuda, Hong Kong, and Singapore, including any of the units’ activities located outside these countries;
●
  
Asset Management
: business activities from AAM Global Platforms and Strategic Partnerships; and
●
  
Holding and other activities
: financing, employee and other administrative expenses of holding companies.
The Netherlands
, which covered business activities from Aegon the Netherlands, ceased to be a reporting segment following
the
completion of the transaction with a.s.r. in 2023.
 
 
 
 
 
 
Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures (JVs) and associated companies except for its approximate 24% stake in a.s.r. The result of associate a.s.r. is included in Other income / (charges).
Performance Measure
Aegon uses the
non-IFRS
performance measure operating result that reflects Aegon’s profit before tax from underlying business operations and mainly excludes components that relate to accounting mismatches, that are dependent on market volatility or relate to events that are considered outside of the normal course of business.
The reconciliation from the result before tax from continuing operations, being the most comparable IFRS measure, to operating result is presented later in this note. Items excluded from operating result are fair value items, realized gains/(losses) on investments, impairment losses and reversals of impairment losses, and other income/(charges).
Realized gains/(losses) on investments includes realized gains and losses on financial assets measured at amortized cost. Impairment losses and reversals of impairment losses reflect the change in ECL for financial assets.
Fair value items include:
●
   Over- or underperformance of investments and guarantees held at fair value for which management’s best estimate investment return is included in operating result;
●
   Hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items;
●
   Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products;
●
   Certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and include the total return annuities and variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings;
●
   Changes in value of VFA products that result in (a reversal of) onerous contracts;
●
   Changes in discount rates for General model insurance contracts, including the revaluation of changes in
non-financial
assumptions and experience adjustments that adjust CSM to current interest rates.
Other income / (charges) include:
●
   The impact of changes in actuarial assumptions and model updates on onerous contracts;
●
   The impact of changes in financial assumptions and the passage of time on onerous groups of VFA contracts to which no risk mitigation is applied;
●
   Other items that are outside of the normal course of business, including restructuring charges.
In the Consolidated income statement, for onerous contracts, actuarial assumption and model updates are included in Insurance service result. Restructuring charges are included in Other operating expenses.
 
 
 
 
 
 
Segment results
The following table presents Aegon’s segment results.
 
Segment results
 
For the year ended December 31, 2025
    Americas     United
Kingdom		     Interna-
tional		     Asset
Manage-
ment		     Holding
and other
activities		     Elimi-
nations		     Segment
total		     JVs and
associates
elimi-
nations		     Consoli-
dated		  
Operating result
   
 
1,209
 
  
 
219
 
  
 
224
 
  
 
217
 
  
 
(224
) 
  
 
58
 
  
 
1,702
 
  
 
137
 
  
 
1,840
 
Fair value items
      27       (69 )      (28 )      -       42       108       80       (22 )      58  
Realized gains / (losses) on investments
      (296 )      -       48       -       -       -       (248 )      (50 )      (297 ) 
Impairment (losses) / reversals
      (60 )      -       (2 )      (2 )      -       -       (64 )      1       (63 ) 
Non-operating
items
   
 
(328
) 
  
 
(69
) 
  
 
18
 
  
 
(2
) 
  
 
42
 
  
 
108
 
  
 
(231
) 
  
 
(71
) 
  
 
(302
) 
Other income / (charges)
      (518 )      (90 )      (21 )      (20 )      217       115       (317 )      (176 )      (493 ) 
Result before tax from continuing operations
   
 
362
 
  
 
60
 
  
 
221
 
  
 
195
 
  
 
35
 
  
 
281
 
  
 
1,154
 
  
 
(109
) 
  
 
1,045
 
Income tax (expense) / benefit
      12       (32 )      (69 )      (54 )      29       (59 )      (174 )      109       (65 ) 
Net result
   
 
374
 
  
 
28
 
  
 
152
 
  
 
141
 
  
 
64
 
  
 
222
 
  
 
980
 
  
 
-
 
  
 
980
 
Inter-segment operating result
      (647 )      (83 )      120       123       265       222        
Revenues
                   
Insurance contracts
                   
- Insurance contracts: direct part.
      999       269       2       -       -       -       1,270       (1 )      1,269  
- Insurance contracts: without direct part.
      7,478       76       1,745       -       -       (39 )      9,261       (1,510 )      7,751  
Investment contracts with DPF
                   
- Insurance contracts: direct part.
      -       77       -       -       -       -       77       -       77  
Insurance revenue
   
 
8,477
 
  
 
422
 
  
 
1,748
 
  
 
-
 
  
 
-
 
  
 
(39
) 
  
 
10,608
 
  
 
(1,511
) 
  
 
9,097
 
Interest revenue on financial instruments calculated using the effective interest method
      3,162       64       59       1       45       (7 )      3,325       (5 )      3,320  
Interest income from instruments measured at FVPL
      298       518       1       15       -       -       832       -       832  
Other investment income
      13       2,008       131       17       732       (732 )      2,170       (146 )      2,024  
Fee and commission income
      1,724       311       25       669       -       (147 )      2,583       (193 )      2,390  
Other revenues
      -       -       37       1       -       -       38       (38 )      -  
Total revenues
   
 
13,675
 
  
 
3,323
 
  
 
2,001
 
  
 
704
 
  
 
777
 
  
 
(925
) 
  
 
19,556
 
  
 
(1,893
) 
  
 
17,664
 
Inter-segment revenues
           40             -             -            149            736                                                         
The Other charges of the Americas in 2025 are mainly due to unfavorable assumption updates, reserves for legal cases and restructuring charges.
 
Segment results
 
For the year ended December 31, 2024
    Americas     United
Kingdom		     Interna-
tional		     Asset
Manage-
ment		     Holding
and other
activities		     Elimi-
nations		     Segment
total		     JVs and
associates
elimi-
nations		     Consoli-
dated		  
Operating result
   
 
1,062
 
  
 
198
 
  
 
183
 
  
 
201
 
  
 
(209
) 
  
 
50
 
  
 
1,485
 
  
 
234
 
  
 
1,719
 
Fair value items
      (161 )      (67 )      2       2       23       (7 )      (208 )      (1 )      (209 ) 
Realized gains / (losses) on investments
      (51 )      -       15       -       -       -       (36 )      (17 )      (53 ) 
Impairment (losses) / reversals
      (224 )      -       (12 )      -       -       -       (236 )      7       (229 ) 
Non-operating
items
   
 
(435
) 
  
 
(67
) 
  
 
5
 
  
 
2
 
  
 
23
 
  
 
(7
) 
  
 
(480
) 
  
 
(11
) 
  
 
(491
) 
Other income / (charges)
      (452 )      (48 )      2       (45 )      326       (28 )      (245 )      (324 )      (568 ) 
Result before tax from continuing operations
   
 
175
 
  
 
83
 
  
 
189
 
  
 
158
 
  
 
140
 
  
 
14
 
  
 
760
 
  
 
(100
) 
  
 
660
 
Income tax (expense) / benefit
      8       (16 )      (59 )      (48 )      31       -       (85 )      100       16  
Net result
   
 
183
 
  
 
67
 
  
 
130
 
  
 
110
 
  
 
171
 
  
 
14
 
  
 
676
 
  
 
-
 
  
 
676
 
Inter-segment operating result
      (596 )      (86 )      267       131       269       14        
Revenues
                   
Insurance contracts
                   
- Insurance contracts: direct part.
      1,101       257       2       -       -       -       1,361       (1 )      1,360  
- Insurance contracts: without direct part.
      8,001       206       1,671       -       -       (45 )      9,833       (1,433 )      8,400  
Investment contracts with DPF
                   
- Insurance contracts: direct part.
      -       80       -       -       -       -       80       -       80  
Insurance revenue
   
 
9,102
 
  
 
543
 
  
 
1,674
 
  
 
-
 
  
 
-
 
  
 
(45
) 
  
 
11,275
 
  
 
(1,434
) 
  
 
9,841
 
Interest revenue on financial instruments calculated using the effective interest method
      3,117       76       70       1       76       (11 )      3,330       (5 )      3,325  
Interest income from instruments measured at FVPL
      346       463       1       13       -       -       823       -       823  
Other investment income
      16       2,050       111       15       475       (475 )      2,192       (124 )      2,069  
Fee and commission income
      1,761       283       25       643       -       (153 )      2,558       (179 )      2,378  
Other revenues
      -       -       34       1       -       -       35       (35 )      -  
Total revenues
   
 
14,342
 
  
 
3,414
 
  
 
1,915
 
  
 
673
 
  
 
552
 
  
 
(684
) 
  
 
20,213
 
  
 
(1,777
) 
  
 
18,436
 
Inter-segment revenues
              46              -             -            154            483                                                       
The Other charges of the Americas in 2024 are mainly due to unfavorable assumption updates and restructuring charges.
Impairment losses in the Americas were mainly related to ECL balance increases for bonds and mortgages following a more adverse economic scenario output and real estate occupancy rates.
 
 
 
 
 
 
Segment results
 
For the year ended December 31, 2023
      Americas      
 		 The
Nether-
lands 
1
 
 
 		     United
Kingdom		  
 		     Interna-
tional		  
 		    
 		 Asset
Manage-
ment		  
 
 		    
 		 Holding
and other
activities		  
 
 		     Elimi-
nations		  
 		     Segment
total		  
 		    

 		 JVs and
associates
elimi-
nations		  
 
 
 		     Consoli-
dated		  
 
Operating result
   
 
1,107
 
  
 
-
 
  
 
214
 
  
 
196
 
  
 
145
 
  
 
(173
) 
  
 
10
 
  
 
1,498
 
  
 
19
 
  
 
1,517
 
Fair value items      138       -       (76 )      (1 )      (8 )      24       (1 )      76       9       85  
Realized gains / (losses) on investments      (683 )      -       -       24       -       -       -       (659 )      (30 )      (689 ) 
Impairment (losses) / reversals      (62 )      -       -       (23 )      -       (7 )      -       (92 )      2       (90 ) 
Non-operating
items
   
 
(607
) 
  
 
-
 
  
 
(76
) 
  
 
(1
) 
  
 
(8
) 
  
 
17
 
  
 
(1
) 
  
 
(675
) 
  
 
(19
) 
  
 
(695
) 
Other income / (charges)      (961 )      (65 )      (85 )      (110 )      (31 )      110       2       (1,140 )      (90 )      (1,230 ) 
Result before tax
   
 
(460
) 
  
 
(65
) 
  
 
52
 
  
 
85
 
  
 
106
 
  
 
(46
) 
  
 
11
 
  
 
(317
) 
  
 
(91
) 
  
 
(408
) 
Income tax (expense) / benefit      214       -       (23 )      (69 )      (36 )      31       -       118       91       209  
Net result
   
 
(246
) 
  
 
(65
) 
  
 
29
 
  
 
16
 
  
 
70
 
  
 
(14
) 
  
 
11
 
  
 
(199
) 
  
 
-
 
  
 
(199
) 
Inter-segment operating result
      (569 )      (48 )      (75 )      256       150       274       11        
Revenues
                     
Insurance contracts
                     
- Insurance contracts: direct part.      9,468       -       600       1,095       -       -       (51 )      11,112       (1,490 )      9,622  
- Insurance contracts: without direct part.      -       -       -       700       -       -       -       700       -       700  
Investment contracts with DPF
                     
- Insurance contracts: direct part.   
-
     -     64     -     -     -     -     64     -     64  
Insurance revenue
   
 
9,468
 
  
 
-
 
  
 
663
 
  
 
1,795
 
  
 
-
 
  
 
-
 
  
 
(51
) 
  
 
11,876
 
  
 
(1,490
) 
  
 
10,386
 
Interest revenue on financial instruments calculated using the effective interest method      3,108       -       58       87       2       90       (6 )      3,339       (3 )      3,336  
Interest income from instruments measured at FVPL      339       -       486       1       -       -       -       826       -       826  
Other investment income      14       -       1,818       104       14       498       (498 )      1,950       (116 )      1,833  
Fee and commission income      1,653       -       214       34       632       -       (158 )      2,376       (215 )      2,160  
Other revenues   
-
     -     -     37     1     -     -     38     (38)     -  
Total revenues
   
 
14,582
 
  
 
-
 
  
 
3,239
 
  
 
2,058
 
  
 
649
 
  
 
589
 
  
 
(713
) 
  
 
20,404
 
  
 
(1,862
) 
  
 
18,541
 
Inter-segment revenues    49     -     -     1     172     500                              
 
1
 
The net result represents the standalone result of ‘The Netherlands’. After elimination, the remaining result is EUR (17). See note 45 Held for sale and discontinued operations in the annual report of 2023 for more details.
On July 4, 2023, Aegon announced the completion of the combination of its Dutch pension, life and
non-life
insurance, banking, and mortgage origination activities with a.s.r., and the beginning of its asset management partnership with a.s.r. As part of the transaction, Aegon received EUR 2.2 billion in cash proceeds and almost 30% stake in a.s.r. In light of the transaction, Aegon the Netherlands is no longer reported as a separate segment, and its first-half 2023 results are included in Other charges in the income statement.
The Other charges of the Americas in 2023 are mainly due to unfavorable assumption updates and restructuring charges.
Operating result reconciliation
The reconciliation from Operating result to Result before tax from continuing operations, being the most comparable IFRS measure, is presented in the table below. For items that cannot be directly reconciled to the notes, the explanation appears below the table.
 
    
 
   Note
 
  
 
   2025
 
        2024          2023  
Result before tax from continuing operations
     
 
1,045
 
  
 
660
 
  
 
(391
) 
Elimination of share in earnings of joint ventures and associates
        (137 )      (234 )      (19 ) 
Insurance revenue
   
 
6
  
     (11 )      2       (15 ) 
Insurance service expenses
   
 
7
 
     456       428       427  
Net income / (expenses) on reinsurance held
   
 
8
 
     (33 )      (56 )      (23 ) 
Net fair value change of financial investments at fair
value through profit or loss, other than derivatives
   
 
9.4 / 10.4
 
     (871 )      (240 )      (224 ) 
Net fair value change of derivatives
   
 
9.4 / 10.4
 
     (4 )      3       (7 ) 
Realized gains and losses on financial investments
   
 
9.4 / 10.4
 
     251       93       683  
Net fair value change on investments in real estate
   
 
9.4 / 10.4
 
     (10 )      (1 )      (2 ) 
Impairment (losses) / reversals
   
 
9.5 / 10.5
 
     63       229       90  
Insurance finance income / (expenses)
   
 
9
 
     802       440       375  
Net reinsurance finance income / (expenses) on reinsurance held
   
 
9
 
     (24 )      (13 )      (85 ) 
Investment contract income / (expenses)
   
 
10
 
     (13 )      (6 )      (5 ) 
Fee and commission income
   
 
12
 
     (6 )      (21 )      (11 ) 
Commissions and expenses
   
 
13
 
     320       342       597  
Other income
   
 
14
 
     (129 )      (146 )      (18 ) 
Other charges
   
 
14
 
     6       6       79  
Results of businesses disposed during reporting periods
              -       -       48  
Operating result
     
 
1,702
 
  
 
1,485
 
  
 
1,498
 
Tax effect
1
       (371 )      (309 )      (246 ) 
         
Operating result after tax
           
 
1,332
 
  
 
1,176
 
  
 
1,252
 
 
1
 
Tax effect was calculated using the respective operating segment’s statutory rate and presented on consolidated basis.
 
 
 
●
   Insurance service expenses are mainly driven by three items: assumption changes on onerous contracts included in Other income / (charges) amounting to a loss of EUR 217 million (2024: loss of EUR 472 million), experience adjustments that relate to current service included in Other income / (charges) amounting to a loss of EUR 122 million (2024: EUR 5 million), changes in value of VFA products that result in (a reversal of) onerous contracts included in Fair value items, amounting to a loss of EUR 27 million (2024: gain of 57 million).
●
   Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in the operating result.
●
   Insurance finance income / (expenses) mainly relate to changes in discount rates, amounting to a loss of EUR 802 million (2024: loss of EUR 440 million), which is included in Fair value items.
●
   Commissions and expenses, which are included in Other income / (charges), relate to items that cannot be directly allocated to a specific line of business and restructuring charges.
Other selected income statement items
 
        Americas    
United
  Kingdom
      International    
Asset
 Management
    
 Holding and other
activities
        Total  
2025
             
Amortization of deferred expenses and future servicing rights and other intangibles      (24 )      (4 )      -       (12 )      -       (40 ) 
Depreciation      (43 )      (14 )      (5 )      (2 )      (14 )      (77 ) 
Impairment losses / (reversals) on financial assets, excluding receivables      (62 )      -       (1 )      -       -       (63 ) 
Impairment losses / (reversals) on
non-financial
assets and receivables		      (4 )      -       -       (2 )      -       (6 ) 
2024
             
Amortization of deferred expenses and future servicing rights and other intangibles      (23 )      (5 )      -       (12 )      -       (40 ) 
Depreciation      (65 )      (13 )      (5 )      (1 )      (9 )      (94 ) 
Impairment losses / (reversals) on financial assets, excluding receivables      (223 )      -       (5 )      -       -       (228 ) 
Impairment losses / (reversals) on
non-financial
assets and receivables		      (9 )      -       -       -       -       (9 ) 
2023
             
Amortization of deferred expenses and future servicing rights and other intangibles      (24 )      (2 )      (1 )      (6 )      -       (33 ) 
Depreciation      (64 )      (12 )      (5 )      (2 )      (14 )      (97 ) 
Impairment losses / (reversals) on financial assets, excluding receivables      (59 )      -       -       -       -       (59 ) 
Impairment losses / (reversals) on
non-financial
assets and receivables		      (32 )      -       (21 )      -       (7 )      (60 ) 
Number of employees
 
        Americas    
United
  Kingdom
      International    
Asset
 Management
    
 Holding and other
activities
        Total  
2025
             
Number of employees - headcount
1
     6,844        2,833        3,189        1,350        1,088        15,304   
Of which Aegon’s share in JV and associates
2
     -       -       2,364       275       -       2,639  
2024
             
Number of employees - headcount
1
     6,996       2,861       3,319       1,366       1,040       15,582  
Of which Aegon’s share in JV and associates
2
     -       -       2,552       226       -       2,778  
2023
             
Number of employees - headcount
1
     6,967       2,591       3,654       1,409       1,037       15,658  
Of which Aegon’s share in JV and associates
2
     -       49       2,936       219       -       3,204  
 
1
 
Includes direct employees and tied agents
2
 
Excludes a.s.r., as the results of this associate are not included in Operating result.
 
 
 
 
Summarized assets and liabilities per segment
 
On December 31, 2025
      Americas       
United
 Kingdom
  
 
      International       
Asset
management
  
 
     
Holding and other
activities
  
 
      Eliminations         Total  
Assets
                    
Cash and Cash equivalents      802        211        101        166        1,453        -       2,733   
Investments      158,284        125,128        1,487        230        11        -       285,141  
Investments in joint ventures      -        -        1,065        502        -        -       1,566  
Investments in associates      78        -        -        296        2,264        -       2,638  
Reinsurance contract assets      17,092        1        4,165        -        -        (4,106 )      17,153  
Insurance contract assets      18        -        -        -        -        -       18  
Deferred expenses      438        14        -        -        -        -       452  
Other assets
      5,509        1,568        149        357        9,032        (9,084 )      7,530  
Total assets
   
 
182,221
 
   
 
126,923
 
   
 
6,968
 
   
 
1,551
 
   
 
12,760
 
   
 
(13,190
) 
  
 
317,233
 
Liabilities
                    
Reinsurance contract liabilities      7        4        184        -        -        -       195  
Insurance contract liabilities      130,447        44,705        5,208        -        -        (4,292 )      176,067  
Investment contracts with DPF      -        21,269        12        -        -        -       21,281  
Investment contracts without DPF      39,170        58,644        -        -        -        -       97,814  
Other liabilities
      7,744        1,056        220        326        3,264        (230 )      12,380  
Total liabilities
   
 
177,368
 
   
 
125,678
 
   
 
5,624
 
   
 
326
 
   
 
3,264
 
   
 
(4,522
) 
  
 
307,738
 
 
On December 31, 2024
      Americas       
United
 Kingdom
  
 
      International       
Asset
management
  
 
     
Holding and other
activities
  
 
      Eliminations         Total  
Assets
                    
Cash and Cash equivalents      1,049        231        110        162        1,917        -       3,469   
Investments      173,726        118,218        1,599        162        11        -       293,716  
Investments in joint ventures      -        -        1,020        483        -        -       1,503  
Investments in associates      -        -        -        289        2,833        -       3,122  
Reinsurance contract assets      15,968        3        5,183        -        -        (5,133 )      16,021  
Insurance contract assets      122        -        3        -        -        -       125  
Deferred expenses      473        17        -        -        -        -       490  
Other assets
      6,622        1,585        163        438        8,251        (8,114 )      8,944  
Total assets
   
 
197,960
 
   
 
120,054
 
   
 
8,078
 
   
 
1,534
 
   
 
13,011
 
   
 
(13,247
) 
  
 
327,390
 
Liabilities
                    
Reinsurance contract liabilities      90        5        208        -        -        -       303  
Insurance contract liabilities      142,996        44,339        6,243        -        -        (5,219 )      188,359  
Investment contracts with DPF      -        22,332        -        -        -        -       22,332  
Investment contracts without DPF      40,728        50,942        -        -        -        -       91,669  
Other liabilities
      10,318        988        226        378        3,698        (192 )      15,414  
Total liabilities
   
 
194,131
 
   
 
118,605
 
   
 
6,676
 
   
 
378
 
   
 
3,698
 
   
 
(5,411
) 
  
 
318,077
 
Investments in the above table are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting.
 
 
 
 
Investments
 
       Americas     
United
 Kingdom
      International     
Asset
Management
     
Holding
 and other
activities
     
  2025
Total
  
Shares
      211        15,315        60        9        -        15,595   
Debt securities
      48,104        6,871        1,125        102        -        56,202  
Unconsolidated investment funds
      92,292        98,164        215        -        -        190,671  
Loans
      9,753        1,714        3        -        11        11,481  
Other financial assets
      7,900        2,627        67        119        -        10,713  
Investments in real estate
      24        437        19        -        -        479  
Total investments on balance sheet
   
 
158,284
 
   
 
125,128
 
   
 
1,487
 
   
 
230
 
   
 
11
 
   
 
285,141
 
Off-balance
sheet investments third parties
      220,501        158,105        4,602        223,228        -        606,437  
Total revenue-generating investments
   
 
378,786
 
   
 
283,233
 
   
 
6,089
 
   
 
223,459
 
   
 
11
 
   
 
891,578
 
Investments
                  
Financial assets measured at FVOCI
                  
- Backing insurance contracts without direct part.
      39,952        -        1,158        -        -        41,109  
-
Non-insurance
related assets
      8,540        -        7        100        -        8,648  
Financial assets measured at FVPL
                  
- Backing direct part. insurance contracts
      65,746        43,592        243        -        -        109,580  
- Backing insurance contracts without direct part.
      6,811        990        43        -        -        7,845  
- Backing direct part. investment contracts
      -        21,441        -        -        -        21,441  
-
Non-insurance
related assets
      27,540        58,668        18        94        -        86,320  
Financial assets measured at amortized cost
      9,671        -        1        36        11        9,719  
Investments in real estate
      24        437        19        -        -        479  
Total investments on balance sheet
   
 
158,284
 
   
 
125,128
 
   
 
1,487
 
   
 
230
 
   
 
11
 
   
 
285,141
 
 
       Americas     
United
 Kingdom
      International     
Asset
Management
     
Holding
 and other
activities
     
  2024
Total
  
Shares
      256        15,196        54        9        -        15,515   
Debt securities
      52,572        6,952        1,279        88        -        60,890  
Unconsolidated investment funds
      101,401        91,172        202        -        -        192,775  
Loans
      10,679        2,051        2        -        11        12,743  
Other financial assets
      8,778        2,389        45        66        -        11,278  
Investments in real estate
      40        457        17        -        -        514  
Total investments on balance sheet
   
 
173,726
 
   
 
118,218
 
   
 
1,599
 
   
 
162
 
   
 
11
 
   
 
293,716
 
Off-balance
sheet investments third parties
      228,398        149,282        4,507        221,192        -        603,380  
Total revenue-generating investments
   
 
402,124
 
   
 
267,500
 
   
 
6,106
 
   
 
221,354
 
   
 
11
 
   
 
897,096
 
Investments
                  
Financial assets measured at FVOCI
                  
- Backing insurance contracts without direct participation
      45,424        -        1,332        -        -        46,757  
-
Non-insurance
related assets
      7,906        -        7        46        -        7,959  
Financial assets measured at FVPL
                  
- Backing direct participation insurance contracts
      73,233        43,712        222        -        -        117,167  
- Backing insurance contracts without direct participation
      7,457        1,140        19        -        -        8,616  
- Backing direct participation investment contracts
      -        23,687        -        -        -        23,687  
-
Non-insurance
related assets
      29,068        49,222        -        80        -        78,371  
Financial assets measured at amortized cost
      10,597        -        1        36        11        10,645  
Investments in real estate
      40        457        17        -        -        514  
Total investments on balance sheet
   
 
173,726
 
   
 
118,218
 
   
 
1,599
 
   
 
162
 
   
 
11
 
   
 
293,716
 
 
 
 
 
 
 
Insurance, reinsurance and investment contracts with discretionary participation features
 
       Americas     
United
  Kingdom
     International      Eliminations        Total  
2025
             
Insurance contracts
             
Direct participation contracts
      67,074        44,188       246        -       111,508   
Without direct participation contracts
      63,355        517       4,918        (4,292 )      64,497  
Contracts measured under the PAA
      -        -       44        -       44  
Investment contracts with DPF
             
Direct participation contracts
      -        21,269       -        -       21,269  
Without direct participation contracts
      -        -       12        -       12  
           
Insurance contracts and investment contracts with DPF
   
 
130,429
 
   
 
65,974
 
  
 
5,220
 
   
 
(4,292
) 
  
 
197,331
 
Reinsurance contracts held
      17,086        (3 )      3,981        (4,106 )      16,958  
2024
             
Insurance contracts
             
Direct participation contracts
      74,446        43,744       219        -       118,409  
Without direct participation contracts
      68,428        595       5,980        (5,219 )      69,784  
Contracts measured under the PAA
      -        -       41        -       41  
Investment contracts with DPF
             
Direct participation contracts
      -        22,332       -        -       22,332  
           
Insurance contracts and investment contracts with DPF
   
 
142,874
 
   
 
66,671
 
  
 
6,239
 
   
 
(5,219
) 
  
 
210,565
 
Reinsurance contracts held
      15,878        (2 )      4,975        (5,133 )      15,719