| Investments |
19 Investments
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Insurance contracts |
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Investment contracts
with DPF |
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Non-Insurance
related |
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2025 |
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Direct part. |
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Without direct part. |
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Direct part. |
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FVOCI – with recycling |
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- |
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41,100 |
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- |
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8,647 |
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49,747 |
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FVOCI – no recycling |
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- |
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9 |
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- |
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1 |
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10 |
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Amortized cost |
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- |
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7,443 |
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- |
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2,276 |
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9,719 |
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FVPL – designated |
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109,580 |
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1,637 |
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21,441 |
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85,222 |
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217,880 |
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FVPL – mandatory |
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- |
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6,207 |
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- |
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1,098 |
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7,306 |
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Total financial assets (excl. derivatives) |
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Investments in real estate |
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217 |
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42 |
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132 |
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87 |
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479 |
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Total investments |
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109,798 |
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56,439 |
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21,573 |
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97,331 |
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285,141 |
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2024 |
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FVOCI – with recycling |
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- |
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46,719 |
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- |
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7,958 |
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54,677 |
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FVOCI – no recycling |
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- |
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38 |
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- |
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1 |
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39 |
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Amortized cost |
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- |
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8,220 |
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- |
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2,425 |
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10,645 |
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FVPL – designated |
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117,167 |
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1,926 |
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23,687 |
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77,400 |
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220,180 |
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FVPL – mandatory |
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- |
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6,690 |
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- |
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970 |
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7,661 |
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Total financial assets (excl. derivatives) |
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Investments in real estate |
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237 |
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57 |
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150 |
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70 |
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514 |
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Total investments |
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| 19.1 Financial assets, excluding derivatives, by measurement category
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Investments - Aegon risk 2025 |
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FVOCI
(with recycling) |
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FVOCI
(no recycling) |
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Amortized
cost |
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FVPL
(designated) |
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FVPL
(mandatory) |
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Fair value |
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Shares |
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- |
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10 |
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- |
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- |
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263 |
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273 |
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273 |
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Debt securities |
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47,411 |
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- |
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36 |
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1,123 |
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1,315 |
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49,884 |
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49,884 |
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Money market and other short-term investments |
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2,308 |
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- |
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- |
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146 |
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1,722 |
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4,176 |
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4,176 |
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Deposits with financial institutions |
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- |
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- |
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11 |
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- |
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- |
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11 |
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11 |
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Loans |
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- |
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- |
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9,672 |
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82 |
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- |
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9,754 |
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8,985 |
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Other |
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28 |
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- |
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- |
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716 |
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4,005 |
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4,749 |
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4,749 |
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Total |
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Shares |
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- |
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39 |
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- |
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- |
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279 |
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317 |
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317 |
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Debt securities |
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52,211 |
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- |
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36 |
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1,400 |
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985 |
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54,632 |
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54,632 |
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Money market and other short-term investments |
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2,435 |
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- |
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- |
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157 |
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1,939 |
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4,531 |
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4,531 |
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Deposits with financial institutions |
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- |
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- |
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11 |
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- |
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- |
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11 |
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11 |
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Loans |
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- |
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- |
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10,598 |
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82 |
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- |
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10,680 |
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9,462 |
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Other |
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31 |
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- |
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- |
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718 |
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4,458 |
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5,207 |
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5,207 |
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Total |
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| In both 2025 and 2024, no significant transactions took place with respect to shares recognized at FVOCI. No dividends were received during 2025 (2024: 0).
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Investments - Policyholder risk |
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2024 |
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Shares |
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15,321 |
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15,198 |
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Debt securities |
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6,318 |
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6,259 |
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Money market and other short-term investments |
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1,788 |
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1,541 |
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Unconsolidated investment funds |
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190,671 |
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192,775 |
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Deposits with financial institutions |
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1,716 |
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2,052 |
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Total |
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| Of the debt securities, money market, and other short-term investments and loans EUR 5,774 million is current (December 31, 2024: EUR 6,106 million). Where necessary, Aegon applied the fair value option on investments where policyholders bear the risk for investment performance. See note 38 Fair Value for a summary of all financial assets and financial liabilities measured at fair value through profit or loss. See note 40 Transfers of financial assets for a discussion of collateral received and paid. In 2025, the Group has not made changes to its business model or reclassified financial assets. 19.2 Investment properties
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| |
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2024 |
|
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|
514 |
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|
488 |
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Additions |
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9 |
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24 |
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Subsequent expenditure capitalized |
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3 |
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3 |
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Disposals |
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(39 |
) |
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(34 |
) |
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Fair value gains/(losses) |
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18 |
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10 |
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Transfers to other headings |
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1 |
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- |
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Net exchange differences |
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(28 |
) |
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23 |
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On December 31 |
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Value of Aegon’s properties, which were appraised in the current year |
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96% |
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100% |
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Appraisals performed by independent external appraisers |
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91% |
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96% |
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