31 Borrowings

 

Aegon’s borrowings are defined separately as capital funding and operational funding. Capital funding includes debt securities issued for general corporate purposes and to capitalize its business units. Capital funding is part of the Company’s total capitalization and is used to finance its subsidiaries and the cash held at the holding company. Operational funding includes debt securities issued to finance dedicated asset pools. These assets are either legally segregated or tracked as separate portfolios.

The difference between the contractually required payment at the maturity date and the carrying amount of the borrowings amounted to EUR 6 million positive (2024: EUR 8 million positive).

Capital funding

A detailed composition of capital funding is included in the following table:

 

Operational funding

In 2025, the operational funding decreased by EUR 895 million mainly due to the paydown of Federal Home Loan Bank (FHLB) borrowings. This borrowing program is part of Aegon’s asset–liability management strategy.

 

 

 

 

 

 

 

Other

The floating-rate undrawn committed borrowing facilities expiring beyond one year amounted to EUR 1,351 million on December 31, 2025 (2024: EUR 1,544 million). The decrease of the facilities was the result of net exchange differences.