| Other equity instruments |
26 Other equity instruments
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Perpetual
contingent
convertible
securities |
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Junior
perpetual
capital
securities |
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Perpetual
cumulative
subordinated
bonds |
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Share options
and incentive
plans 1 |
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Total |
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500 |
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923 |
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454 |
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95 |
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1,972 |
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| Shares granted / Share options cost incurred |
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- |
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- |
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- |
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37 |
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37 |
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| Shares vested / Share options forfeited |
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- |
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- |
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- |
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(31 |
) |
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(31 |
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| On December 31, 2025 |
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500 |
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923 |
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454 |
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74 |
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1,951 |
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| Shares granted / Share options cost incurred |
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- |
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- |
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- |
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49 |
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49 |
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| Shares vested / Share options forfeited |
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- |
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- |
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- |
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(28 |
) |
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(28 |
) |
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| On December 31, 2024 |
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500 |
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923 |
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454 |
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66 |
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1,943 |
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| Shares granted / Share options cost incurred |
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- |
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- |
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- |
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33 |
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33 |
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| Shares vested / Share options forfeited |
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- |
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- |
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- |
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(25 |
) |
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(25 |
) |
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| On December 31, 2023 |
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1 |
Incentive plans include the shares granted to personnel that are not yet vested. |
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| Perpetual contingent convertible securities |
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Coupon rate |
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Coupon date |
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Year of next call |
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2024 |
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2023 |
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| EUR 500 million |
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5.625% 1 |
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Semi-annually, April 15 |
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2029 |
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500 |
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500 |
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500 |
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| On December 31 |
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1 |
The coupon is fixed at 5.625% until the first call date and reset thereafter to a 5-year mid swap plus a margin of 5.207%. | The securities have been issued at par and include subordination provisions, ranking junior to all other liabilities and senior only to shareholders’ equity. The conditions of the securities contain certain provisions for coupon payment deferral. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time between April 15, 2029 and October 15, 2029 and every reset date (October 15, with five-year intervals) thereafter.
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| Junior perpetual capital securities |
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Coupon rate |
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Coupon date |
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Year of next
call |
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2024 |
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2023 |
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| USD 500 million |
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floating CMS rate 1 |
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Quarterly, July 15 |
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2026 |
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402 |
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402 |
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402 |
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floating DSL rate 2 |
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Quarterly, July 15 |
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2026 |
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521 |
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521 |
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521 |
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| On December 31 |
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| 1 |
The coupon of the USD 500 million junior perpetual capital securities is reset each quarter based on the aggregate of (i) the 10-year USD SOFR ICE swap rate, (ii) a spread adjustment of 29 basis points and (iii) a credit spread of 10 basis points, with a maximum of 8.5%. |
| 2 |
The coupon of the EUR 950 million junior perpetual capital securities is reset each quarter based on the then prevailing 10-year Dutch government bond yield plus a spread of 10 basis points, with a maximum of 8%. |
| 3 |
On April 5, 2022 Aegon completed a tender offer buying back EUR 429 million of perp etual capital securities , part of the EUR 950 million notes issued in 2004. | The interest rate exposure on some of these securities has been swapped to a SOFR- or EURIBOR- based yield. The securities have been issued at par. The securities include subordination provisions, ranking junior to all other liabilities and senior only to shareholders’ equity. The conditions of the securities contain certain provisions for coupon payment deferral and, in situations under Aegon’s control, mandatory coupon payment events. Although the securities have no stated maturity, Aegon has the right to call the securities for redemption at par for the first time on the coupon date in the years as specified, or on any coupon payment date thereafter.
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Perpetual cumulative subordinated |
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Coupon rate |
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Coupon date |
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Year of next |
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2024 |
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2023 |
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2028 |
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136 |
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136 |
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136 |
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2031 |
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203 |
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203 |
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203 |
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2035 |
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114 |
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114 |
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114 |
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The coupon of the EUR 114 million bonds was originally set at 8 % until June 8, 2005 . Subsequently, the coupon was reset at 4.156 % until June 8, 2015 ; to 1.506 % until June 8, 2025 ; and to 3.568 % thereafter. |
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The coupon of the EUR 136 million bonds was originally set at 7.25 % until October 14, 2008 . Subsequently, the coupon has been reset at 5.185 % until October 14, 2018 and 1.425 % until October 14, 2028 . |
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The coupon of the EUR 203 million bonds was originally set at 7.125 % until March 4, 2011 . Subsequently, the coupon has been reset at 4.26 % until March 4, 2021 and 0.496 % until March 4, 2031 . |
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If the bonds are not called on the respective call dates and after consecutive periods of 10 years, the coupons will be reset at the then prevailing effective yield of ten-year Dutch government securities plus a spread of 85 basis points. | These bonds have the same subordination provisions as dated subordinated debt. In addition, the bonds’ terms include provisions for deferring coupon payments. Although the bonds have no stated maturity, Aegon has the right to call the bonds for redemption at par for the first time on the coupon date in the year of the next call.
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