v3.26.1
Investments in joint ventures and associates
 12 Months Ended
Dec. 31, 2025
Investments in subsidiaries, joint ventures and associates [abstract]  
Investments in joint ventures and associates
21 Investments in joint ventures and associates 
 
     Joint ventures     Associates  
     
    2025
         2024    
    2025
        2024  
On January 1
   
 
1,503
 
  
 
1,430
 
  
 
3,122
 
  
 
2,906
 
Additions
      1       1       81       -  
Disposals
      -       -       (603 )      (34 ) 
Share in net income
      303       238       200       345  
Share in changes in equity (note 25.6)
      3       (27 )      56       85  
Dividend
      (185 )      (141 )      (215 )      (199 ) 
Net exchange difference
      (59 )      1       (3 )      -  
Other
      -       -       -       19  
On December 31
   
 
1,566
 
  
 
1,503
 
  
 
2,638
 
  
 
3,122
 
The disposals of associates mainly reflects the reduction of investments in ASR Nederlands N.V. (a.s.r.) from 29.96% to 24.12%, as well as Aegon’s participation in a.s.r. share buyback programs.
The joint ventures and associates are accounted for using the equity method and are
non-current.
The investments in joint ventures and associates include interest in insurance companies that are required to maintain a minimum solvency margin based on local directives. Such restrictions can affect the ability of these joint ventures and associates to transfer funds in the form of cash dividends, or repayment of loans or advances, and therefore, there can be no assurance that these restrictions will not become a limitation in the future. See note
39 Commitments and contingencies
for any commitments and contingencies related to investments in joint ventures. There are no unrecognized shares of losses in joint ventures and associates. The financial statements of the principal joint ventures and associates have the same reporting date as the Group. See note
43 Group companies
for a listing of the investments in joint ventures and associates and the Group’s percentage holding.
Joint ventures include our joint operation in China operating under the name Aegon THTF Life Insurance Co. Other than disclosed in note
29.3 Critical judgments and estimates
, for the valuation of the insurance liabilities of our joint venture in China the risk-free yield curve is based on government bond yields and is constructed using a market-observed curve up to a last liquid point (20 years) and then extrapolating in 20 years to an ultimate spot rate. The ultimate spot rate used for discounting liability cash flows aligns with local market practice in China and amounts to 4.5% on December 31, 2025 (2024: 4.2%) excluding an illiquidity premium (ILP) of 30 bps (2024: 30 bps) for the first 20 years and 20 bps thereafter (2024: 20 bps).
Summarized financial information of joint ventures
The summarized financial information presented in the following table presents the joint ventures on a 100% basis. Aegon considers its investments in Santander Vida Seguros y Reaseguros S.A. (Santander Spain Life) and Aegon Industrial Fund Management Co.Ltd. (AIFMC) as material joint ventures and are therefore presented separately.
 
 
 
 
     Santander Spain Life     AIFMC     Other Joint ventures  
    
 
2025
 
     2024    
 
2025
 
     2024    
 
2025
 
     2024  
Summarized statement of financial position
             
Cash and cash equivalents
      30       30       62       436       66       72  
Other current assets
      57       63       764       744       2,315       1,055  
Total current assets
   
 
87
 
  
 
93
 
  
 
827
 
  
 
1,180
 
  
 
2,381
 
  
 
1,127
 
Non-current
assets
      1,004       1,023       571       194       5,718       7,429  
Total assets
   
 
   1,091
 
  
 
   1,116
 
  
 
   1,398
 
  
 
   1,374
 
  
 
   8,099
 
  
 
   8,556
 
Current financial liabilities excluding trade payables and other provisions      -       -       -       -       3       4  
Other current liabilities
      231       53       374       350       596       452  
Total current liabilities
   
 
231
 
  
 
53
 
  
 
374
 
  
 
350
 
  
 
599
 
  
 
456
 
Non-current
financial liabilities excluding trade payables and other provisions		      -       -       -       -       61       66  
Other
non-current
liabilities
      236       406       -       38       6,160       6,874  
Total
non-current
financial liabilities
   
 
236
 
  
 
406
 
  
 
-
 
  
 
38
 
  
 
6,221
 
  
 
6,941
 
Total liabilities
   
 
467
 
  
 
459
 
  
 
374
 
  
 
388
 
  
 
6,820
 
  
 
7,397
 
Net assets
   
 
624
 
  
 
657
 
  
 
1,024
 
  
 
985
 
  
 
1,279
 
  
 
1,159
 
Summarized statement of comprehensive income
             
Revenue
      381       340       488       415       2,807       2,662  
Depreciation and amortization
      (36 )      (34 )      (5 )      (6 )      (29 )      (28 ) 
Interest income
      6       6       27       18       166       128  
Interest expense
      -       -       -       -       (4 )      (9 ) 
Profit or loss
      101       95       257       280       435       272  
Income tax (expense) or income
      (25 )      (21 )      (71 )      (78 )      (100 )      (80 ) 
Post-tax
profit or (loss)
   
 
76
 
  
 
74
 
  
 
186
 
  
 
202
 
  
 
335
 
  
 
192
 
Other comprehensive income
      3       4       -       -       5       (134 ) 
Total comprehensive income
   
 
79
 
  
 
78
 
  
 
186
 
  
 
202
 
  
 
340
 
  
 
58
 
Dividends received
      57       53       34       29       95       59  
An overview of the summarized financial information of the carrying amount of the joint ventures (JVs), and results of the JVs based on the Group’s relative holding are as follows:
 
     Santander Spain Life      AIFMC      Other Joint ventures  
    
 
2025
 
      2024     
 
2025
 
      2024     
 
2025
 
      2024  
Net assets of JVs as presented above
           624             657            1,024             985            1,279            1,159  
Net assets of JVs excluding goodwill
      545        577        1,024        985        1,160        1,040  
Group share of net assets of JVs, excluding goodwill
      278        294        502        483        588        526  
Goodwill on acquisition
      80        80        1        1        119        120  
Carrying amount
   
 
357
 
   
 
374
 
   
 
502
 
   
 
483
 
   
 
707
 
   
 
646
 
Group share of
post-tax
profit or loss
   
 
39
 
   
 
38
 
   
 
91
 
   
 
99
 
   
 
174
 
   
 
101
 
Group share of other comprehensive income
   
 
2
 
   
 
2
 
   
 
-
 
   
 
-
 
   
 
3
 
   
 
(67
) 
Group share of Total comprehensive income
   
 
40
 
   
 
40
 
   
 
91
 
   
 
99
 
   
 
176
 
   
 
35
 
Aegon’s group share of net assets of joint ventures, as presented in the table above, is less than Aegon’s share of the net assets as presented in the summarized financial information on a 100% basis, due to the inclusion of third parties in the joint ventures.
Summarized financial information of associates
The following tables reflect the condensed statement of financial position and income statement of Aegon’s material associate ASR Nederland N.V. (a.s.r.) at 100%. a.s.r. is a listed company in the Netherlands in which Aegon holds a stake of 24.12% as at December 31, 2025.
 
 
 
 
 
 
     a.s.r.  
Summarized statement of financial position
   
 
    2025
 
         2024  
Investments
      79,124       80,484  
Derivatives
      15,905        11,767   
Other assets
      47,326       46,457  
Total assets
   
 
142,355
 
  
 
138,709
 
Insurance liabilities
      101,431       102,723  
Borrowings and subordinated liabilities
      4,802       5,140  
Derivatives
      15,453       8,666  
Other liabilities
      10,405       12,293  
Total liabilities
   
 
132,091
 
  
 
128,822
 
Non-controlling
interest
      13       47  
Other equity instruments
      1,477       977  
Total other equity components
   
 
1,490
 
  
 
1,024
 
Net assets
   
 
8,774
 
  
 
8,863
 
 
     a.s.r.  
Summarized statement of comprehensive income
   
 
    2025
 
         2024  
Insurance revenues
      10,342       9,601  
Insurance service result
      765       772  
Profit or loss from continuing operations
      808       1,418  
Income tax expense or income
      (159 )      (375 ) 
Post-tax
profit or loss from continuing operations
   
 
649
 
  
 
1,043
 
Post-tax
profit or loss from discontinued operations
      -       35  
Other comprehensive income - that will not be recycled to profit or loss
      228       283  
Total comprehensive income
   
 
877
 
  
 
1,361
 
Dividends received
      200       188  
Group share
   
 
24.12%
 
  
 
29.95%
 
Group share of
post-tax
profit or loss
   
 
178
 
  
 
325
 
Group share of other comprehensive income
   
 
56
 
  
 
85
 
 
Carrying amount of investment in a.s.r.
   
 
  2025  
 
       2024    
Net assets of a.s.r. as presented above
      8,774        8,863   
Net assets of a.s.r. excluding goodwill, fair value adjustments and other equity transactions
      8,723       8,827  
Group share of net assets of a.s.r. excluding goodwill, fair value adjustments and other equity transactions
      2,104       2,644  
Fair value adjustments
      66       50  
Goodwill on acquisition
      94       117  
On December 31
   
 
2,264
 
  
 
2,811
 
The fair value of the investment in a.s.r. has been determined based on the quoted price of the listed shares and the number of shares held on the reporting date. The fair value of Aegon’s stake in a.s.r. is EUR 2,992 million (2024: EUR 2,864 million).
The following table includes associates that Aegon considered immaterial. 
 
     Other Associates  
Summarized statement of financial position
   
 
    2025
 
   
 
    2024
 
Current assets
      495        501  
Non-current
assets
      1,090        732  
Total assets
   
 
1,585
 
   
 
1,233
 
Current liabilities
      308        343  
Non-current
liabilities
      10        25  
Total current liabilities
   
 
319
 
   
 
369
 
Net assets
   
 
1,266
 
   
 
864
 
Summarized statement of comprehensive income
      
Post-tax
profit or (loss)
      92        86  
Other comprehensive income
      -        -  
Total comprehensive income
   
 
92
 
   
 
86
 
Dividends received
      15        11  
Carrying amount
      374        311