v3.26.1
Insurance Net Investment Result
 12 Months Ended
Dec. 31, 2025
Insurance Net Investment Result [Abstract]  
Insurance net investment result
9 Insurance net investment result
 
           Insurance contracts    
Investment
contracts
with DPF
    
2025
  
    
 
Note
 
  
 
Direct part.
 
  
 
Without
 direct part.
 
 
  
 
 Direct part.
 
  
 
   Total
 
Insurance investment return
           
Interest revenue on financial instruments calculated using the effective interest method   
 
9.1
  
     -       2,683       -       2,683  
Interest income from instruments measured at FVPL
   
 
9.2
 
     234       248       133       615  
Other investment income
   
 
9.3
 
     785       10       403       1,198  
Results from financial transactions
   
 
9.4
 
     13,395       (131 )      2,367       15,632  
Impairment (losses) / reversals
   
 
9.5
 
     -       (46 )      -       (46 ) 
Interest expenses              -       (135 )      -       (135 ) 
Profit or loss impacts
     
 
14,415
 
  
 
2,630
 
  
 
2,903
 
  
 
19,948
 
Unrealized gains / (losses) on financial assets (FVOCI)
        -       1,331       -       1,331  
Realized gains / (losses) on disposal of financial assets(FVOCI)              -       312       -       312  
OCI impacts
           
 
-
 
  
 
1,643
 
  
 
-
 
  
 
1,643
 
Total insurance investment return
           
 
14,415
 
  
 
4,272
 
  
 
2,903
 
  
 
21,590
 
Insurance finance income / (expenses) – General model
           
Interest accreted to insurance contracts
        -       (3,021 )      -       (3,021 ) 
Interest rate and other financial assumption changes
        -       (1,771 )      -       (1,771 ) 
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       128       -       129  
Insurance finance income / (expenses) – Variable fee approach
           
Change in fair value of underlying assets        (14,316 )      -       (2,916 )      (17,232 ) 
Change in fulfillment value - risk mitigation option              836       -       -       836  
Total insurance finance income / (expenses)
     
 
(13,480
) 
  
 
(4,663
) 
  
 
(2,916
) 
  
 
(21,059
) 
Represented by:
           
Amounts recognized in profit or loss
        (13,488 )      (3,823 )      (2,916 )      (20,227 ) 
Amounts recognized in OCI
        8       (841 )      -       (833 ) 
Reinsurance finance income / (expenses) on reinsurance held
           
Interest accreted to reinsurance contracts
        -       580       -       580  
Interest rate and other financial assumption changes
        -       183       -       183  
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       (82 )      -       (82 ) 
Changes in risk of
non-performance
of reinsurers
              -       2       -       2  
Total reinsurance finance income / (expenses) on reinsurance held
     
 
-
 
  
 
683
 
  
 
-
 
  
 
683
 
Represented by:
           
Amounts recognized in profit or loss
        -       564       -       564  
Amounts recognized in OCI
              -       119       -       119  
Insurance net investment result
     
 
935
 
  
 
292
 
  
 
(13
) 
  
 
1,214
 
Represented by:
           
Amounts recognized in profit or loss
        927       (629 )      (13 )      285  
Amounts recognized in OCI
              8       921       -       929  
 
 
 
 
 
           Insurance contracts    
Investment
contracts
with DPF
    
2024
  
    
 
Note
 
  
 
Direct part.
 
  
 
Without
 direct part.
 
 
  
 
 Direct part.
 
  
 
   Total
 
Insurance investment return
           
Interest revenue on financial instruments calculated using the effective interest method   
 
9.1
  
     -       2,720       -       2,720  
Interest income from instruments measured at FVPL   
 
9.2
 
     197       308       132       637  
Other investment income   
 
9.3
 
     816       10       514       1,340  
Results from financial transactions   
 
9.4
 
     10,192       (223 )      1,624       11,593  
Impairment (losses) / reversals   
 
9.5
 
     -       (190 )      -       (190 ) 
Interest expenses              -       (171 )      -       (171 ) 
Profit or loss impacts
     
 
11,204
 
  
 
2,454
 
  
 
2,271
 
  
 
15,929
 
Gains / (losses) on investments in equity instruments (FVOCI)        -       1       -       1  
Unrealized gains / (losses) on financial assets (FVOCI)        -       (1,101 )      -       (1,101 ) 
Realized gains / (losses) on disposal of financial assets(FVOCI)              -       70       -       70  
           
OCI impacts
           
 
-
 
  
 
(1,030
) 
  
 
-
 
  
 
(1,030
) 
           
Total insurance investment return
           
 
11,204
 
  
 
1,424
 
  
 
2,271
 
  
 
14,899
 
Insurance finance income / (expenses) – General model
           
Interest accreted to insurance contracts        -       (3,096 )      -       (3,096 ) 
Interest rate and other financial assumption changes        -       1,921       -       1,921  
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       (121 )      -       (121 ) 
Insurance finance income / (expenses) – Variable fee approach
           
Change in fair value of underlying assets        (12,719 )      -       (2,270 )      (14,990 ) 
Change in fulfilment value - risk mitigation option              2,029       -       -       2,029  
Total insurance finance income / (expenses)
     
 
(10,690
) 
  
 
(1,296
) 
  
 
(2,270
) 
  
 
(14,256
) 
Represented by:
           
Amounts recognized in profit or loss        (10,699 )      (3,537 )      (2,270 )      (16,506 ) 
Amounts recognized in OCI        9       2,241       -       2,250  
Reinsurance finance income / (expenses) on reinsurance held
           
Interest accreted to reinsurance contracts        -       606       -       606  
Interest rate and other financial assumption changes        -       (627 )      -       (627 ) 
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       82       -       82  
Changes in risk of
non-performance
of reinsurers		              -       (5 )      -       (5 ) 
Total reinsurance finance income / (expenses) on reinsurance held
     
 
-
 
  
 
55
 
  
 
-
 
  
 
55
 
Represented by:
           
Amounts recognized in profit or loss        -       611       -       611  
Amounts recognized in OCI              -       (556 )      -       (556 ) 
Insurance net investment result
     
 
514
 
  
 
183
 
  
 
-
 
  
 
697
 
Represented by:
           
Amounts recognized in profit or loss        505       (472 )      -       34  
Amounts recognized in OCI
              9       655       -       663  
 
 
 
 
 
 
           Insurance contracts    
Investment
contracts
with DPF
    
2023
  
    
 
Note
 
  
 
Direct part.
 
  
 
Without
 direct part.
 
 
  
 
 Direct part.
 
  
 
   Total
 
Insurance investment return           
Interest revenue on financial instruments calculated using the effective interest method   
 
9.1
  
     -       2,738       -       2,738  
Interest income from instruments measured at FVPL   
 
9.2
 
     231       369       137       737  
Other investment income   
 
9.3
 
     845       11       427       1,283  
Results from financial transactions   
 
9.4
 
     11,446       (467 )      1,322       12,302  
Impairment (losses) / reversals   
 
9.5
 
     -       (86 )      -       (86 ) 
Interest expenses              -       (218 )      -       (218 ) 
Profit or loss impacts
     
 
12,523
 
  
 
2,347
 
  
 
1,886
 
  
 
16,756
 
Unrealized gains / (losses) on financial assets (FVOCI)        -       1,311       -       1,311  
Realized gains / (losses) on disposal of financial assets (FVOCI)              -       577       -       577  
           
OCI impacts
           
 
-
 
  
 
1,888
 
  
 
-
 
  
 
1,888
 
           
Total insurance investment return
           
 
12,523
 
  
 
4,235
 
  
 
1,886
 
  
 
18,644
 
Insurance finance income / (expenses) – General model
           
Interest accreted to insurance contracts        -       (3,098 )      -       (3,098 ) 
Interest rate and other financial assumption changes        -       (1,587 )      -       (1,587 ) 
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       (421 )      -       (421 ) 
Insurance finance income / (expenses) – Variable fee approach
           
Change in fair value of underlying assets        (13,730 )      -       (1,921 )      (15,651 ) 
Change in fulfilment value - risk mitigation option        1,493       -       -       1,493  
Insurance finance income / (expenses) – Premium allocation approach
           
Insurance finance expenses from PAA contracts              -       (12 )      -       (12 ) 
Total insurance finance income / (expenses)
     
 
(12,237
) 
  
 
(5,118
) 
  
 
(1,921
) 
  
 
(19,276
) 
Represented by:
           
Amounts recognized in profit or loss        (12,244 )      (3,485 )      (1,921 )      (17,650 ) 
Amounts recognized in OCI        7       (1,633 )      -       (1,626 ) 
Reinsurance finance income / (expenses) on reinsurance held
           
Interest accreted to reinsurance contracts        -       630       -       630  
Interest rate and other financial assumption changes        -       283       -       283  
Revaluation of changes in
non-financial
assumptions and experience adjustments to current interest rates		        -       148       -       148  
Changes in risk of
non-performance
of reinsurers		              -       (12 )      -       (12 ) 
Total reinsurance finance income / (expenses) on reinsurance held
     
 
-
 
  
 
1,048
 
  
 
-
 
  
 
1,048
 
Represented by:
           
Amounts recognized in profit or loss        -       699       -       699  
Amounts recognized in OCI              -       349       -       349  
Insurance net investment result
     
 
285
 
  
 
165
 
  
 
(34
) 
  
 
415
 
Represented by:
           
Amounts recognized in profit or loss        278       (440 )      (34 )      (196 ) 
Amounts recognized in OCI              7       604       -       611  
During 2025, 2024 and 2023, Aegon did not change the basis of disaggregation of Insurance finance income / (expenses) between the Income statement and OCI.
9.1 Interest revenue on financial instruments calculated using the effective interest method
 
Insurance contracts without direct participation
         
2025
          2024           2023  
Debt securities and money market instruments
      2,211        2,233        2,166   
Loans
      421       428        433  
Other
      52       60        139  
       
For the year ended December 31
   
 
2,683
 
  
 
2,720
 
   
 
2,738
 
 
 
 
 
 
9.2 Interest income from instruments measured at FVPL
 
     Insurance contracts     Investment
contracts with DPF		          
      
  Direct
part.
  
 
     
Without
direct part.
  
 
     Direct part.          Total  
Non-derivative
assets applying the fair value option
      234        (10 )      133        357  
Non-derivative
assets failing the SPPI criteria
      -        258       -        258  
         
For the year ended December 31, 2025
   
 
234
 
   
 
248
 
  
 
133
 
   
 
615
 
Derivatives to which hedge accounting was not applied
      -        (4 )      -        (4 ) 
Non-derivative
assets applying the fair value option
      197        11       132        340  
Non-derivative
assets failing the SPPI criteria
      -        301       -        301  
         
For the year ended December 31, 2024
   
 
197
 
   
 
308
 
  
 
132
 
   
 
637
 
Non-derivative
assets applying the fair value option
      231        54       137        422  
Non-derivative
assets failing the SPPI criteria
      -        315       -        315  
         
For the year ended December 31, 2023
   
 
231
 
   
 
369
 
  
 
137
 
   
 
737
 
9.3 Other investment income
 
     Insurance contracts     Investment
contracts with DPF		          
      
  Direct
part.
  
 
     
Without
direct part.
  
 
     Direct part.          Total  
Dividend income
      769        11       394        1,174   
Rental income
      16        (1 )      10        25  
         
For the year ended December 31, 2025
   
 
785
 
   
 
10
 
  
 
403
 
   
 
1,198
 
Dividend income
      801        12       504        1,317  
Rental income
      15        (2 )      10        23  
         
For the year ended December 31, 2024
   
 
816
 
   
 
10
 
  
 
514
 
   
 
1,340
 
Dividend income
      828        12       417        1,257  
Rental income
      17        (2 )      11        26  
         
For the year ended December 31, 2023
   
 
845
 
   
 
11
 
  
 
427
 
   
 
1,283
 
 
 
 
 
 
 
9.4 Results from financial transactions
 
     Insurance contracts    
Investment
contracts with DPF
    
2025
  
       Direct part.      
Without
direct part.
  
 
     Direct part.       Total  
         
Net fair value change of financial investments at FVPL (excl. derivatives)
         
Shares      1,010       12       542       1,565  
Debt securities and money market investments      95       1,358       54       1,507  
Unconsolidated investment funds      12,074       -       1,775       13,849  
Loans      -       4       -       4  
Other      -       86       -       86  
  
 
13,179
 
  
 
1,459
 
  
 
2,371
 
  
 
17,010
 
Net fair value change of derivatives
         
Economic hedges where no hedge accounting is applied      (1 )      41       (7 )      33  
Change in fair value of hedges on guarantees in products with DPF      213       -       -       213  
Ineffective portion of hedge transactions to which hedge accounting is applied      -       (2 )      -       (2 ) 
  
 
212
 
  
 
39
 
  
 
(7
) 
  
 
244
 
Realized gains and (losses) on financial investments
         
Debt securities and money market investments      -       (2 )      -       (2 ) 
Loans      -       7       -       7  
  
 
-
 
  
 
5
 
  
 
-
 
  
 
5
 
Realized gains and (losses) on financial investments comprised of:
         
Investments measured at FVOCI      -       (2 )      -       (2 ) 
Investments measured at amortized cost      -       7       -       7  
Other
         
Gains / (losses) on investments in real estate      4       -       3       7  
Net fair value change on investments in real estate      -       9       -       9  
    
 
4
 
  
 
9
 
  
 
3
 
  
 
15
 
For the year ended December 31, 2025
   
 
13,395
 
  
 
1,512
 
  
 
2,367
 
  
 
  17,275
 
Represented by:
         
Assets designated at FVPL      13,183       (305 )      2,374       15,252  
Assets mandatorily measured at FVPL      212       174       (7 )      380  
Other      -       1,643       -       1,643  
 
 
 
 
 
 
     Insurance contracts     Investment
contracts with DPF		    
   2024
  
       Direct part.       Without
direct part.		  
 		     Direct part.       Total  
         
Net fair value change of financial investments at FVPL (excl. derivatives)
         
Shares      996       (4 )      639       1,632  
Debt securities and money market investments      (164 )      (1,145 )      (107 )      (1,416 ) 
Unconsolidated investment funds      10,819       -       1,215       12,034  
Other      -       (90 )      -       (90 ) 
  
 
11,651
 
  
 
(1,240
) 
  
 
1,748
 
  
 
12,159
 
Net fair value change of derivatives
         
Economic hedges where no hedge accounting is applied      (167 )      (17 )      (127 )      (311 ) 
Change in fair value of hedges on guarantees in products with DPF      (1,297 )      -       -       (1,297 ) 
  
 
(1,464
) 
  
 
(17
) 
  
 
(127
) 
  
 
(1,608
) 
Realized gains and (losses) on financial investments
         
Debt securities and money market investments
      -       (1 )      -       (1 ) 
Loans      -       4       -       4  
  
 
-
 
  
 
3
 
  
 
-
 
  
 
3
 
Realized gains and (losses) on financial investments comprised of:
         
Investments measured at FVOCI      -       (1 )      -       (1 ) 
Investments measured at amortized cost      -       4       -       4  
Other
         
Gains / (losses) on investments in real estate      5       -       3       8  
Net fair value change on investments in real estate      -       1       -       1  
         
    
 
5
 
  
 
1
 
  
 
3
 
  
 
9
 
For the year ended December 31, 2024
   
 
10,192
 
  
 
(1,253
) 
  
 
1,624
 
  
 
10,563
 
Represented by:
         
Assets designated at FVPL      11,655       (127 )      1,751       13,280  
Assets mandatorily measured at FVPL      (1,464 )      (96 )      (127 )      (1,686 ) 
Other      -       (1,030 )      -       (1,030 ) 
 
     Insurance contracts     Investment
contracts with DPF		    
  2023
  
       Direct part.       Without
direct part.		  
 		     Direct part.       Total  
         
Net fair value change of financial investments at FVPL (excl. derivatives)
         
Shares
      800       13       413       1,225  
Debt securities and money market investments
      55       1,366       36       1,457  
Unconsolidated investment funds
      11,800       11       939       12,750  
Other
      -       15       -       15  
  
 
12,655
 
  
 
1,404
 
  
 
1,388
 
  
 
15,447
 
Net fair value change of derivatives
         
Economic hedges where no hedge accounting is applied
      (95 )      29       (48 )      (114 ) 
Bifurcated embedded derivatives
      -       (1 )      -       (1 ) 
Change in fair value of hedges on guarantees in products with DPF      (1,085 )      -       -       (1,085 ) 
Ineffective portion of hedge transactions to which hedge accounting is applied
      -       3       -       3  
  
 
(1,181
) 
  
 
31
 
  
 
(48
) 
  
 
(1,197
) 
Realized gains and (losses) on financial investments
         
Loans
      -       (15 )      -       (15 ) 
  
 
-
 
  
 
(16
) 
  
 
-
 
  
 
(16
) 
Realized gains and (losses) on financial investments comprised of:
         
Investments measured at amortized cost
      -       (15 )      -       (15 ) 
Other
         
Gains / (losses) on investments in real estate
      (28 )      -       (18 )      (46 ) 
Net fair value change on investments in real estate
      -       2       -       2  
         
    
 
(28
) 
  
 
2
 
  
 
(18
) 
  
 
(44
) 
For the year ended December 31, 2023
   
 
11,446
 
  
 
1,421
 
  
 
1,322
 
  
 
14,190
 
Represented by:
         
Assets designated at FVPL
      12,627       (562 )      1,370       13,435  
Assets mandatorily measured at FVPL
      (1,181 )      95       (48 )      (1,134 ) 
Other
      -       1,888       -       1,888  
 
 
 
 
 
 
9.5 Impairment (losses) / reversals
 
Insurance contracts without direct participation
   
 
    2025
 
         2024           2023  
Impairment (losses) on financial assets, excluding receivables
       
Debt securities and money market investments
      (107 )      (103 )      (77 ) 
Loans
      57       (88 )      (15 ) 
Impairment reversals on financial assets, excluding receivables
       
Debt securities and money market investments
      9       3       37  
Impairment (losses) / reversals on
non-financial
assets and receivables
      (5 )      (3 )      (31 ) 
       
For the year ended December 31
   
 
(46
) 
  
 
(190
) 
  
 
(86
) 
Impairment losses in 2025 decreased by EUR 144 million to EUR 46 million mainly due to lower expected credit loss (ECL) balance in Aegon US for mortgages following more favorable economic scenario output and real estate occupancy rates.