Financial risks (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Maximum Exposure to Credit Risk

The following table contains an analysis of Aegon’s maximum credit risk exposure from financial assets. Please see note

39 Commitments and contingencies

and

40 Transfers of financial assets

for further information on capital commitments and contingencies and on collateral given, which may expose the Group to credit risk.


							Letters								Surplus
	Maximum						of				Master				collateral
	exposure						credit /		Real		netting				(or over-
	to credit						guaran-		estate		agree-		Total		collaterali-		Net
	risk		Cash		Securities		tees		property		ments		collateral		zation)		exposure

Debt securities		56,202		-		-		53		-		-		53		-		56,149

Money market and other short-term investments		5,964		-		289		-		-		-		289		22		5,696

Loans		9,787		112		-		23		21,460		-		21,594		11,808		1

Unconsolidated investment funds		190,671		-		-		-		-		-		-		-		190,671

Deposits with financial institutes		1,727		-		-		-		-		-		-		-		1,727

Other investments		4,749		-		-		-		-		-		-		-		4,749

Derivative assets		485		124		513		-		-		213		850		406		42

Reinsurance assets		17,153		-		15,363		731		-		-		16,093		-		1,060

On December 31, 2025		286,739		236		16,165		807		21,460		213		38,880		12,236		260,095



Debt securities		60,890		-		-		61		-		-		61		-		60,829

Money market and other short-term investments		6,071		-		324		-		-		-		324		20		5,767

Loans		10,798		51		-		20		23,694		-		23,766		12,982		14

Unconsolidated investment funds		192,775		-		-		-		-		-		-		-		192,775

Deposits with financial institutes		2,063		-		-		-		-		-		-		-		2,063

Other investments		5,207		-		-		-		-		-		-		-		5,207

Derivative assets		771		220		713		-		-		171		1,104		461		128

Reinsurance assets		16,021		-		14,141		732		-		-		14,872		-		1,149

On December 31, 2024		294,597		271		15,177		813		23,694		171		40,127		13,462		267,932

Summary of Changes in Fair Value have been Recognized for these Investments

The following table presents changes in fair value attributable to changes in credit risk, recognized for these investments:



	2025						2024

	Loans		Debt securities		Total		Loans		Debt securities		Total

Change in fair value during the year		1		7		8		3		16		19

Cumulative change in fair value		-		45		45		-		59		59

Summary of Group Limits Per Credit Rating



Group limits per credit rating	2025 USD million	2024 EUR million

AAA	750	900

AA	750	900

A	575	675

BBB	375	450

BB	225	250

B	110	125

CCC or lower	45	50

Schedule of Ratings Distribution of General Account Portfolios



	Americas						United Kingdom				International					Asset Management				2025 Total 1

Financial assets	Amortized cost			Fair value			Amortized cost		Fair value		Amortized cost		Fair value			Amortized cost		Fair value		Amortized cost			Fair value			Carrying value

AAA		847			5,625			-		30		-		40			-		127		847			5,822			6,669

AA		4,023			7,916			-		416		-		130			-		-		4,023			8,462			12,485

A		4,319			18,580			-		217		1		694			24		-		4,355			19,491			23,846

BBB		423			18,406			-		4		-		346			3		-		426			18,756			19,182

BB		-			984			-		1		-		22			1		-		1			1,007			1,007

B		93			262			-		7		-		8			-		-		93			277			370

CCC or lower		-			569			-		-		-		1			8		-		8			570			577

Assets not rated		-			4,349			-		744		-		24			-		68		-			5,189			5,189

Total		9,704			56,690			-		1,420		1		1,266			36		194		9,752			59,574			69,326

ECL on financial assets		(33	)		(340	)		-		-		-		(7	)		-		-		(33	)		(347	)		(380	)

On December 31, 2025		9,671			56,690			-		1,420		1		1,266			36		194		9,719			59,574			69,293

																				2024 Total 1

AAA		1,013			5,265			-		25		-		37			-		73		1,013			5,400			6,412

AA		4,421			9,114			-		525		-		167			-		-		4,421			9,805			14,226

A		4,546			19,771			-		220		1		684			24		-		4,571			20,674			25,245

BBB		654			20,895			-		59		-		451			3		-		668			21,405			22,073

BB		4			1,162			-		1		-		42			1		-		4			1,205			1,209

B		78			487			-		-		-		5			-		-		78			492			570

CCC or lower		-			720			-		-		-		6			8		-		8			726			733

Assets not rated		-			4,844			-		740		-		4			-		54		-			5,668			5,668

Total		10,715			62,258			-		1,569		1		1,395			36		126		10,763			65,375			76,138

ECL on financial assets		(118	)		(327	)		-		-		-		(14	)		-		-		(118	)		(341	)		(459	)

On December 31, 2024		10,597			62,258			-		1,569		1		1,395			36		126		10,645			65,375			76,020

1	Includes investments of Holding and other activities.

Summary of Credit Quality of Gross Positions of Reinsurance Assets

The following table shows the credit quality of the reinsurance contracts:



Carrying value	2025		2024

AAA		-		-

AA		1,008		1,087

A		14,832		14,041

Below A		208		3

Not rated		910		587

On December 31		16,958		15,719

Schedule of Credit Risk Concentration

4.2.4 Credit risk concentration

The following tables present specific credit risk concentration information for general account financial assets.



Debt securities and money market investments	Americas		United Kingdom		International		Asset Management		2025 Total 1		Of which past due and/or impaired

Residential mortgage-backed securities (RMBSs)		827		-		-		-		827		(16	)

Commercial mortgage-backed securities (CMBSs)		2,419		26		34		-		2,479		(40	)

Asset-backed securities (ABSs)		616		-		1		-		617		(1	)

ABSs – Other		5,820		43		26		102		5,991		(29	)

Financial - Banking		3,261		165		190		-		3,616		(15	)

Financial - Other		9,831		54		158		100		10,144		(53	)

Capital goods and other industry		3,273		18		76		-		3,366		(41	)

Communications & Technology		3,879		11		77		-		3,967		(44	)

Consumer cyclical		3,354		9		100		-		3,463		(35	)

Consumer non-cyclical		5,062		38		116		-		5,216		(33	)

Energy		2,325		10		41		-		2,376		(12	)

Transportation		1,658		4		20		-		1,682		(6	)

Utility		3,902		2		37		-		3,941		(10	)

Government bonds		5,762		302		293		17		6,374		(13	)

On December 31, 2025		51,990		682		1,169		220		54,060		(347	)

									2024 Total 1

Residential mortgage-backed securities (RMBSs)		684		-		-		-		684		(19	)

Commercial mortgage-backed securities (CMBSs)		2,469		65		47		-		2,582		(22	)

Asset-backed securities (ABSs)		582		-		3		-		585		-

ABSs – Other		4,761		54		49		88		4,952		(16	)

Financial - Banking		3,751		172		178		-		4,101		(19	)

Financial - Other		10,464		24		224		46		10,758		(57	)

Capital goods and other industry		3,639		24		79		-		3,742		(31	)

Communications & Technology		4,642		4		112		-		4,758		(58	)

Consumer cyclical		3,641		25		91		-		3,757		(39	)

Consumer non-cyclical		5,987		49		116		-		6,151		(31	)

Energy		2,766		27		51		-		2,844		(13	)

Transportation		1,786		-		29		-		1,816		(6	)

Utility		4,763		16		54		-		4,833		(12	)

Government bonds		6,926		370		286		18		7,601		(18	)

On December 31, 2024		56,861		830		1,320		152		59,162		(341	)

1	Includes investments of Holding and other activities.



Government bonds per country of risk	Americas		United Kingdom		International		Asset Management		2025 Total 1		Americas		United Kingdom		International		Asset Management		2024 Total 1

United States		5,017		2		64		-		5,084		6,095		-		69		-		6,164

Netherlands		-		-		2		-		2		-		-		2		-		2

United Kingdom		-		257		-		17		275		-		316		-		18		334

Austria		-		-		9		-		9		-		-		10		-		10

Belgium		-		-		3		-		3		-		-		4		-		4

France		-		18		8		-		25		-		28		8		-		36

Hungary		19		-		2		-		21		21		-		4		-		25

Indonesia		63		-		-		-		63		69		-		-		-		69

Luxembourg		-		5		1		-		6		-		5		1		-		7

Spain		-		-		188		-		188		-		-		161		-		161

Rest of Europe		76		-		8		-		84		82		-		12		-		93

Rest of world		586		19		7		-		612		660		20		16		-		695

On December 31		5,762		302		293		17		6,374		6,926		370		286		18		7,601

1	Includes investments of Holding and other activities.



Credit rating *	Government Bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		2025 Total 1		Government Bonds		Corporate bonds		RMBSs CMBSs ABSs		Other		2024 Total 1

AAA		160		536		3,407		1,708		5,811		169		434		2,888		1,892		5,383

AA		4,754		2,413		1,200		-		8,367		5,857		2,686		1,202		-		9,745

A		777		14,804		3,573		-		19,154		823		16,127		3,169		-		20,119

BBB		402		17,264		1,059		-		18,725		417		20,099		847		-		21,363

BB		247		672		83		-		1,002		265		834		99		-		1,198

B		19		171		154		-		345		53		398		94		-		545

CCC or lower		15		103		439		-		557		18		205		503		-		726

Assets not rated		-		-		-		94		94		-		-		-		83		83

On December 31		6,374		35,963		9,914		1,802		54,054		7,601		40,783		8,802		1,976		59,162

1	Includes investments of Holding and other activities.

*	CNLP Ratings are used and are the lower of the Barclay’s Rating, and the Internal Rating with the Barclay’s rating being a blended rating of S&P, Fitch, and Moody’s.



Mortgage loans	Americas		International		2025 Total		Of which past due and / or impaired			Americas		International		2024 Total		Of which past due and/or impaired

Agricultural		40		-		40		(1	)		47		-		47		-

Apartment		4,954		-		4,954		(5	)		5,618		-		5,618		(8	)

Industrial		455		-		455		-			474		-		474		-

Office		1,105		-		1,105		(27	)		1,270		-		1,270		(109	)

Retail		1,257		-		1,257		-			1,384		-		1,384		(1	)

Other commercial		1,942		1		1,943		-			1,885		1		1,886		-

On December 31		9,753		1		9,754		(33	)		10,679		1		10,680		(118	)

Summary of Income Received From Investments in RMBSs, SMBSs and ABSs



							2025									2024

	Interest income		Gains/(losses) on sale		Total Income		Investments		Interest income		Gains/(losses) on sale			Total Income		Investments

RMBSs		57		7		64		827		58		(13	)		45		684

CMBSs		115		87		202		2,479		97		98			194		2,582

ABSs		33		-		33		617		38		12			50		585

ABSs - Other		296		114		410		5,991		206		58			264		4,952

Total		501		208		708		9,914		399		155			554		8,802

Summary of Economic Variable Assumptions

Economic variable assumptions

The most significant

period-end

assumptions used for the ECL estimate are set out below. The scenarios “base,” “upside,” and “downside” were used for all portfolios.



Economic variable assumptions on December 31, 2025		2026		2027		2028		2029		Units

Interest rates	Base		4.29		4.32		4.33		4.30	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Interest rates	Upside		4.39		4.41		4.33		4.30	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Interest rates	Downside		3.05		3.76		4.02		4.16	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Unemployment rate	Base		4.78		4.59		4.29		4.05	(%, SA)

Unemployment rate	Upside		3.83		3.94		3.66		3.47	(%, SA)

Unemployment rate	Downside		8.34		7.60		6.16		4.94	(%, SA)

House Price Index	Base		429.08		438.87		455.20		471.22	Existing Single-Family Home Price: Median, (Ths. USD, SA)

House Price Index	Upside		450.23		472.07		494.28		513.52	Existing Single-Family Home Price: Median, (Ths. USD, SA)

House Price Index	Downside		362.72		383.66		404.10		420.99	Existing Single-Family Home Price: Median, (Ths. USD, SA)

Domestic GDP	Base		24,484.94		24,932.78		25,485.10		26,129.71	Bil. Ch. 2012 USD, SAAR 2

Domestic GDP	Upside		24,887.20		25,401.41		26,012.56		26,724.26	Bil. Ch. 2012 USD, SAAR 2

Domestic GDP	Downside		23,372.80		23,689.06		24,425.29		25,270.54	Bil. Ch. 2012 USD, SAAR 2

Equity	Base		6,363.30		6,460.73		6,953.76		7,485.28	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

Equity	Upside		6,831.53		6,904.30		7,343.79		7,756.76	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

Equity	Downside		4,423.87		4,764.13		5,780.16		6,786.08	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

Economic variable assumptions on December 31, 2024		2025		2026		2027		2028		Units

Interest rates	Base		4.33		4.26		4.24		4.18	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Interest rates	Upside		4.43		4.35		4.24		4.18	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Interest rates	Downside		3.17		3.74		3.94		4.04	Interest Rates: 10-Year Treasury Constant Maturities, (% p.a., NSA 1 )

Unemployment rate	Base		4.08		4.09		4.05		4.01	(%, SA)

Unemployment rate	Upside		3.13		3.44		3.42		3.42	(%, SA)

Unemployment rate	Downside		8.23		7.46		6.18		5.00	(%, SA)

House Price Index	Base		419.04		424.10		434.08		448.91	Existing Single-Family Home Price: Median, (Ths. USD, SA)

House Price Index	Upside		439.72		456.26		471.39		489.21	Existing Single-Family Home Price: Median, (Ths. USD, SA)

House Price Index	Downside		354.16		369.92		385.26		401.39	Existing Single-Family Home Price: Median, (Ths. USD, SA)

Domestic GDP	Base		23,973.45		24,343.12		24,819.66		25,356.09	Bil. Ch. 2012 USD, SAAR 2

Domestic GDP	Upside		24,319.86		24,807.47		25,341.29		25,943.15	Bil. Ch. 2012 USD, SAAR 2

Domestic GDP	Downside		22,959.57		23,369.09		24,147.35		24,980.66	Bil. Ch. 2012 USD, SAAR 2

Equity	Base		5,912.89		5,814.62		6,098.72		6,483.85	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

Equity	Upside		6,264.59		6,132.21		6,356.19		6,630.75	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

Equity	Downside		3,867.82		4,095.95		4,899.05		5,712.91	Standard & Poor’s (S&P); Moody’s Analytics Forecasted

1	NSA: National Security Agency.

2	SAAR: Seasonally adjusted annual rate.

Summary of Weighted Assigned to Each Economic Scenario

The weightings assigned to each economic scenario were as follows:



Weightings	Base		Upside		Downside

On December 31, 2025		40		30		30

On December 31, 2024		40		30		30

Summary of Reconciliation of Changes in Loss Allowance



	ECL staging

Debt securities		Stage 1		Stage 2		Stage 3		POCI		Total

Loss allowance on January 1, 2025		(187	)	(41	)	(108	)	(4	)	(341	)

Transfers:

- Transfer from Stage 1 to Stage 2		2		(2	)	-		-		-

- Transfer from Stage 2 to Stage 1		(1	)	1		-		-		-

- Transfer from Stage 2 to Stage 3		-		4		(4	)	-		-

- Transfer from Stage 3 to Stage 2		-		(1	)	1		-		-

- Transfer from Stage 3 to Stage 1		(9	)	-		9		-		-

Impact of stage transfers on year-end ECL		9		(10	)	(51	)	-		(52	)

Financial assets derecognized during the period		30		15		28		-		73

New financial assets originated or purchased		(29	)	-		(14	)	-		(43	)

Change in models		(26	)	3		(5	)	3		(24	)

Net exchange differences		23		5		14		-		42

Loss allowance on December 31, 2025		(188	)	(27	)	(130	)	(1	)	(347	)

Loss allowance on January 1, 2024		(147	)	(25	)	(64	)	(2	)	(238	)

Transfers:

- Transfer from Stage 1 to Stage 2		4		(4	)	-		-		-

- Transfer from Stage 1 to Stage 3		1		-		(1	)	-		-

- Transfer from Stage 2 to Stage 1		(5	)	5		-		-		-

- Transfer from Stage 2 to Stage 3		-		12		(12	)	-		-

- Transfer from Stage 3 to Stage 2		-		(4	)	4		-		-

Impact of stage transfers on year-end ECL		2		(7	)	(50	)	-		(54	)

Financial assets derecognized during the period		18		3		35		-		56

New financial assets originated or purchased		(38	)	(2	)	(2	)	-		(42	)

Change in models		(12	)	(16	)	(14	)	(2	)	(45	)

Net exchange differences		(11	)	(2	)	(6	)	-		(20	)

Loss allowance on December 31, 2024		(187	)	(41	)	(108	)	(4	)	(341	)

Summary of Reconciliation of the Loss Allowance Movements with an Impact on the Income Statement with the Net Impairment Charge

Based on the above, the following is a reconciliation of the loss allowance movements with an impact on the income statement with the net impairment charge presented in the income statement. Other represents impairment charges on asset types that are not individually material.



	2025		2024

Loans measured at amortized cost	57		(88	)

Debt securities measured at FVOCI	(120	)	(140	)

Other	(6	)	(9	)

Net impairment charge in profit or loss	(69	)	(237	)

Summary of Equity Real Estate and Other Non-fixed-income Portfolio



Equity, real estate and non- fixed income exposure	Americas		United Kingdom		International		Asset Management		2025 Total		Americas		United Kingdom		International		Asset Management		2024 Total

Equity funds		131		-		-		9		140		145		-		-		9		154

Common shares		70		16		6		-		92		95		14		5		-		114

Preferred shares		10		-		-		-		10		16		-		-		-		16

Investments in real estate		24		-		19		-		42		40		-		17		-		57

Hedge funds		4		-		-		-		4		7		-		-		-		7

Other alternative investments		2,468		-		2		-		2,470		2,682		-		-		-		2,682

Other financial assets 1		1,542		714		49		1		2,306		1,800		716		33		2		2,551

On December 31		4,249		731		75		10		5,065		4,785		730		56		10		5,582

1	Majority of Other financial assets contains Real estate Limited Partnership for Aegon US and Aegon enhanced fund for Aegon UK.

Summary of Market Risk Concentrations in Shares



Market risk concentrations – shares	Americas		United Kingdom		International		Asset Management		2025 Total		Americas		United Kingdom		International		Asset Management		2024 Total

Communication		1		-		-		-		1		2		-		-		-		2

Consumer		7		-		-		-		7		2		-		-		-		2

Financials		16		-		6		-		22		23		-		5		-		28

Funds		125		16		27		-		169		140		14		-		-		154

Industries		12		-		-		-		12		6		-		-		-		6

Other		50		-		4		9		63		83		-		33		9		125

On December 31		211		16		37		9		273		256		14		39		9		317

Summary of Closing Levels of Certain Major Indices

The table below sets forth the closing levels of certain major indices at the end of the last five years.



	2025	2024	2023	2022	2021

S&P 500	6,846	5,882	4,770	3,840	4,766

Nasdaq	25,250	21,012	15,011	10,466	15,645

FTSE 100	9,931	8,173	7,733	7,452	7,385

AEX	951	879	787	689	798

Summary of Sensitivity Analysis of Contractual Service Margin, Net Income and Shareholders' Equity to Equity Markets

An analysis of Aegon’s sensitivity to a 10% and 25% increase or decrease in equity prices at the reporting date, assuming that all other variables remain constant, is presented below.



	2025							2024

Estimated approximate effects on:		CSM		Net result		Equity			CSM		Net result		Equity

10% increase in equity price

Financial instruments		-		18		21			-		(8	)	(6	)

Insurance and reinsurance assets		-		127		122			-		(28	)	(30	)

Insurance and reinsurance liabilities		298		(45	)	(47	)		363		154		160

10% decrease in equity price

Financial instruments		-		(16	)	(19	)		-		8		1

Insurance and reinsurance assets		-		(176	)	(169	)		-		7		7

Insurance and reinsurance liabilities		(299	)	96		91			(331	)	(169	)	(178	)

25% increase in equity price

Financial instruments		-		41		50			-		(24	)	(15	)

Insurance and reinsurance assets		-		277		267			-		(95	)	(99	)

Insurance and reinsurance liabilities		748		(70	)	(78	)		916		398		413

25% decrease in equity price

Financial instruments		-		(31	)	(39	)		-		24		9

Insurance and reinsurance assets		-		(165	)	(159	)		-		326		340

Insurance and reinsurance liabilities		(764	)	(80	)	(84	)		(847	)	(770	)	(807	)

Schedule of Interest Rate

The following table shows interest rates at the end of each of the past five years.



	2025	2024	2023	2022	2021

3-month Term SOFR	3.65%	4.31%	5.33%	4.59%	0.91%

3-month EURIBOR	2.03%	2.71%	3.91%	2.13%	-0.57%

10-year US Treasury	4.17%	4.57%	3.86%	3.83%	1.78%

Schedule of Parallel Movement of Yield Curve

An analysis of Aegon’s sensitivity to a 100 basis points parallel increase or decrease in market interest rates at the reporting date, assuming that all other variables remain constant, is presented below:



	2025							2024

Estimated approximate effects on:		CSM		Net result		Equity			CSM		Net result		Equity

100 bps increase - Yield curve

Financial instruments		-		(11	)	(662	)		-		(12	)	(729	)

Insurance and reinsurance assets		(1	)	(553	)	(2,835	)		-		(717	)	(3,596	)

Insurance and reinsurance liabilities		87		656		3,047			49		742		4,009

100 bps decrease - Yield curve

Financial instruments		-		14		780			-		15		859

Insurance and reinsurance assets		-		695		3,257			-		957		4,255

Insurance and reinsurance liabilities		(91	)	(872	)	(3,874	)		(50	)	(989	)	(5,113	)

Summary of Information on Historical Net Result and Shareholders' Equity

Information on Aegon’s historical net result and shareholders’ equity in functional currency are shown in the table below:



	2025	2024	2023

Net result

Americas (in USD)	423	198	(266	)

United Kingdom (in GBP)	24	56	26

Equity in functional currency

Americas (in USD)	5,599	3,838	3,690

United Kingdom (in GBP)	1,087	1,198	1,256

Summary of Quantitative Information about Financial Exposure to Currency Risk

The summary of quantitative information about Aegon’s exposure to currency risk arising from insurance and reinsurance contracts and financial instruments is as follows:



	2025						2024

		EUR	GBP	USD	Other	Total		EUR	GBP	USD	Other	Total

Financial instruments - assets		722	1,437	66,487	689	69,335		729	1,588	72,942	819	76,078

Financial instruments - liabilities		2,774	58,644	41,641	-	103,059		2,823	51,034	44,925	-	98,783

Insurance and reinsurance contract - assets		8	1	17,110	52	17,171		7	3	16,090	46	16,147

Insurance and reinsurance contract - liabilities		712	65,978	126,161	4,693	197,544		720	66,675	137,867	5,730	210,993

Schedule of Sensitivity Analysis of Net Income and Shareholders' Equity



Estimated translation effect of movement in exchange rates 1	Net income		Equity

2025

Increase by 15% of USD exchange rate	63		889

Increase by 15% of GBP exchange rate	4		226

Increase by 15% of non-euro exchange rate	90		1,259

Decrease by 15% of USD exchange rate	(50	)	(656	)

Decrease by 15% of GBP exchange rate	(3	)	(167	)

Decrease by 15% of non-euro exchange rate	(66	)	(931	)

2024

Increase by 15% of USD exchange rate	43		734

Increase by 15% of GBP exchange rate	8		264

Increase by 15% of non-euro exchange rate	72		1,126

Decrease by 15% of USD exchange rate	(31	)	(543	)

Decrease by 15% of GBP exchange rate	(6	)	(195	)

Decrease by 15% of non-euro exchange rate	(53	)	(832	)

1	The effect of currency exchange movements is reflected as a one-time shift up or down in the value of the non-euro currencies relative to the euro on December 31.

Summary of Maturity Analysis - Insurance and Reinsurance Contracts

Maturity analysis - insurance and reinsurance contracts

The following tables provide a maturity analysis of Aegon’s insurance and reinsurance contracts, which reflects the dates on which the cash flows are expected to occur. The undiscounted net cash flows below represent the undiscounted best estimate liability for the relevant periods.


Undiscounted best estimate liability	< 1 yr		1 < 2 yrs		2 < 3 yrs		3 < 4 yrs		4 < 5 yrs		> 5 yrs		Total

2025

Insurance contracts:

- Direct participation contracts		10,502		9,904		9,237		8,684		8,567		132,619		179,513

- Without direct participation contracts		2,455		2,288		2,330		2,438		2,531		160,468		172,510

Investment contracts with DPF:

- Direct participation contracts		2,136		2,028		1,859		1,660		1,614		21,208		30,505

Reinsurance contracts liability		10		11		11		12		12		306		362

Total		15,103		14,230		13,437		12,794		12,725		314,602		382,890

2024

Insurance contracts:

- Direct participation contracts		10,086		9,874		9,554		8,886		8,689		156,595		203,683

- Without direct participation contracts		3,238		2,962		2,777		2,782		2,849		170,682		185,290

Investment contracts with DPF:

- Direct participation contracts		1,880		1,964		1,911		1,688		1,681		23,816		32,940

Reinsurance contracts liability		20		21		20		20		20		827		928

Total		15,224		14,821		14,261		13,376		13,239		351,920		422,841

Summary of Maturity Analysis - Insurance and Reinsurance Contracts - Expected Release of Risk Adjustment


Expected release of risk adjustment	< 1 yr			1 < 2 yrs			2 < 3 yrs			3 < 4 yrs			4 < 5 yrs			> 5 yrs			Total

2025

Insurance contracts:

- Direct participation contracts		35			31			27			27			26			328			474

- Without direct participation contracts		41			37			38			40			41			2,464			2,660

Investment contracts with DPF:

- Direct participation contracts		10			9			7			7			7			57			97

Reinsurance contracts liability		(2	)		(2	)		(2	)		(2	)		(2	)		(22	)		(30	)

Total		84			76			70			72			72			2,827			3,201

2024

Insurance contracts:

- Direct participation contracts		31			30			27			27			26			395			535

- Without direct participation contracts		53			48			45			44			45			2,525			2,760

Investment contracts with DPF:

- Direct participation contracts		10			9			7			8			8			71			112

Reinsurance contracts liability		(15	)		(13	)		(12	)		(11	)		(11	)		(299	)		(361	)

Total		79			74			67			68			68			2,691			3,047

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows



Non-derivatives - Undiscounted gross contractual cash flows	On demand		< 1 yr		1 < 2 yrs		2 < 3 yrs		3 < 4 yrs		4 < 5 yrs		> 5 yrs		Total

2025

Trust pass-through securities		-		83		3		3		3		3		61		156

Subordinated loans		-		78		78		59		40		40		2,234		2,529

Borrowings		-		94		713		48		48		48		1,004		1,956

Investment contracts		38,487		58,621		104		21		3		12		41		97,290

Lease liabilities		-		31		28		26		22		17		96		219

Other financial liabilities		2,877		1,099		36		4		-		-		-		4,016

2024

Trust pass-through securities		-		10		94		3		3		3		72		187

Subordinated loans		-		88		88		88		67		46		2,577		2,954

Borrowings		-		1,155		588		805		51		51		1,112		3,762

Investment contracts		39,959		50,922		9		118		24		4		60		91,095

Lease liabilities		-		37		30		27		25		21		123		261

Other financial liabilities		3,419		856		27		-		4		-		-		4,307

Summary of Relationship Between Amounts Payable On Demand That Arise From Contracts With In Scope Of IFRS17 And Carrying Amount Of Related Groups Of Contracts

For liquidity risk arising from contracts within the scope of IFRS 17, Aegon shows in below table the amounts that are payable on demand, disclosing the relationship between such amounts and the carrying amount of the related portfolios of contracts.



	2025			2024

Liabilities arising from (re)insurance contracts		Amount payable on demand	Carrying amount		Amount payable on demand	Carrying amount

Insurance contracts:

- Direct participation contracts		122,098	128,354		129,566	136,033

- Without direct participation contracts		37,919	47,269		40,782	50,767

Reinsurance contracts held, in a liability position		1	2		-	-

On December 31		160,018	175,624		170,348	186,801

Summary of information about probability default rate explanatory

As Aegon US best represents the Group, PD data for the Americas is presented.



			2025				2024

PD range	Minimum		Maximum		Minimum		Maximum

AAA		0.0001		0.0018		0.0001		0.0021

AA		0.0002		0.0031		0.0002		0.0034

A		0.0006		0.0050		0.0006		0.0052

BBB		0.0016		0.0079		0.0017		0.0079

BB		0.0048		0.0133		0.0048		0.0131

B		0.0117		0.0320		0.0120		0.0307

CCC or lower		0.0209		1.0000		0.0196		1.0000

Derivatives [member]

Statement [LineItems]

Summary of Maturity Analysis Gross Undiscounted Contractual Cash Flows

The following tables present the Group’s maturity analysis for its financial instruments, based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a gross and net basis. Also, the gross undiscounted inflows and outflows on

non-derivatives.



Derivatives - Undiscounted contractual cash flows 1	On demand		< 1 yr			1 < 2 yrs			2 < 3 yrs			3 < 4 yrs			4 < 5 yrs			> 5 yrs			Total

2025

Gross settled

Cash inflows		-		893			192			141			175			128			1,867			3,395

Cash outflows		-		(839	)		(176	)		(126	)		(182	)		(116	)		(1,742	)		(3,180	)

Net settled

Cash inflows		-		449			308			299			235			241			4,348			5,881

Cash outflows		-		(436	)		(280	)		(237	)		(221	)		(223	)		(7,828	)		(9,224	)

2024

Gross settled

Cash inflows		-		1,301			182			218			153			196			2,603			4,653

Cash outflows		-		(1,241	)		(135	)		(191	)		(134	)		(194	)		(2,450	)		(4,345	)

Net settled

Cash inflows		-		582			425			380			323			286			6,587			8,583

Cash outflows		-		(475	)		(360	)		(323	)		(259	)		(246	)		(11,644	)		(13,308	)

Derivatives include all financial derivatives regardless of whether they have a positive or a negative value. It does not include bifurcated embedded derivatives. These are presented together with the host contract. For interest rate derivatives only, cash flows related to the pay leg are taken into account for determining the gross undiscounted cash flows.

Debt securities [member]

Statement [LineItems]

Summary of Credit Risk Exposure

The following tables contain an analysis of Aegon’s credit risk exposure for debt instruments and loans for which an ECL allowance is recognized.

Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets



	ECL staging

Debt securities		Stage 1		Stage 2		Stage 3		POCI		Total

Gross carrying amount on January 1, 2025		51,529		335		291		92		52,247

Transfers:

- Transfer from Stage 1 to Stage 2		(269	)	269		-		-		-

- Transfer from Stage 1 to Stage 3		(12	)	-		12		-		-

- Transfer from Stage 2 to Stage 3		-		(36	)	36		-		-

- Transfer from Stage 3 to Stage 2		-		1		(1	)	-		-

- Transfer from Stage 2 to Stage 1		24		(24	)	-		-		-

- Transfer from Stage 3 to Stage 1		12		-		(12	)	-		-

Derecognized assets (excl. write-offs)		(8,729	)	(146	)	(75	)	(13	)	(8,963	)

New financial assets originated or purchased		8,632		4		27		-		8,663

Unrealized gains/losses through equity		1,528		18		(46	)	(12	)	1,488

Amortizations through income statement		115		1		27		19		162

Net exchange differences		(6,035	)	(42	)	(33	)	(11	)	(6,120	)

Other movements		7		(23	)	14		-		(2	)

Transfer to/from other headings		(21	)	-		(7	)	-		(28	)

Gross carrying amount on December 31, 2025		46,782		358		232		75		47,446

Expected credit losses		(188	)	(27	)	(130	)	(1	)	(347	)

Gross carrying amount on January 1, 2024		46,461		357		325		100		47,242

Transfers:

- Transfer from Stage 1 to Stage 2		(200	)	200		-		-		-

- Transfer from Stage 1 to Stage 3		(10	)	-		10		-		-

- Transfer from Stage 2 to Stage 3		-		(48	)	48		-		-

- Transfer from Stage 3 to Stage 2		-		7		(7	)	-		-

- Transfer from Stage 2 to Stage 1		150		(150	)	-		-		-

- Transfer from Stage 3 to Stage 1		2		-		(2	)	-		-

Derecognized assets (excl. write-offs)		(5,201	)	(69	)	(102	)	(21	)	(5,394	)

New financial assets originated or purchased		8,421		21		(9	)	-		8,434

Unrealized gains/losses through equity		(1,294	)	(7	)	(17	)	(10	)	(1,329	)

Amortizations through income statement		94		1		27		17		138

Movements related to fair value hedges		(2	)	-		-		-		(2	)

Net exchange differences		3,154		22		19		6		3,201

Other movements		(1	)	-		(1	)	-		(2	)

Transfer to/from other headings		(45	)	2		-		-		(43	)

Gross carrying amount on December 31, 2024		51,529		335		291		92		52,247

Expected credit losses		(187	)	(41	)	(108	)	(4	)	(341	)

Mortgage loans [member]

Statement [LineItems]

Summary of Credit Risk Exposure



Financial assets measured at FVOCI - with recycling	Stage 1			Stage 2			Stage 3			Purchased credit impaired			2025 Total			Stage 1			Stage 2			Stage 3			Purchased credit impaired			2024 Total

AAA		3,843			-			-			-			3,843			3,295			-			-			-			3,295

AA		7,787			-			1			-			7,788			9,100			-			1			-			9,101

A		18,394			-			9			-			18,403			19,443			-			-			-			19,443

BBB		18,050			84			-			1			18,135			20,724			7			-			1			20,732

BB		810			124			-			-			934			949			157			-			-			1,106

B		150			95			-			-			245			361			95			-			-			456

CCC and lower		48			55			221			74			398			85			79			289			91			544

Net carrying amount		49,082			358			232			75			49,747			53,957			337			291			92			54,677

Expected credit loss		(189	)		(27	)		(130	)		(1	)		(347	)		(187	)		(42	)		(108	)		(4	)		(341	)


Loans at amortized cost	Stage 1			Stage 2			Stage 3			Purchased credit impaired			2025 Total			Stage 1			Stage 2			Stage 3			Purchased credit impaired			2024 Total

Internal grade 1		847			-			-			-			847			977			35			-			-			1,013

Internal grade 2		4,023			-			-			-			4,023			4,410			11			-			-			4,421

Internal grade 3		4,304			15			-			-			4,319			4,539			-			7			-			4,546

Internal grade 4		413			7			3			-			423			644			10			-			-			654

Internal grade 5		-			93			-			-			93			4			78			-			-			81

Internal grade 6		-			-			-			-			-			-			-			-			-			-

Internal grade 7 or lower		-			-			-			-			-			-			-			-			-			-

Gross carrying amount		9,587			115			3			-			9,705			10,573			135			7			-			10,716

Expected credit loss		(11	)		(21	)		(1	)		-			(33	)		(38	)		(75	)		(5	)		-			(118	)

Net carrying amount		9,575			94			2			-			9,672			10,535			60			2			-			10,598

Summary of Changes in the Gross Carrying Amount / Market Value of the Financial Assets



			ECL staging

Loans	Stage 1			Stage 2		Stage 3		Total

Gross carrying amount on January 1, 2025	10,574			135		7		10,716

Transfers:

- Transfer from Stage 1 to Stage 2	(22	)		22		-		-

- Transfer from Stage 2 to Stage 3	-			(3	)	3		-

- Transfer from Stage 2 to Stage 1	2			(2	)	-		-

Derecognized assets (excl. write-offs)	(654	)		(45	)	(8	)	(707	)

New financial assets originated or purchased	934			23		-		957

Realized gains and losses through income statement	5			1		2		7

Net exchange differences	(1,251	)		(16	)	(1	)	(1,268	)

Gross carrying amount on December 31, 2025	9,588			115		3		9,705

Expected credit losses	(11	)		(21	)	(1	)	(33	)

Net carrying amount on December 31, 2025	9,576			94		2		9,672

Gross carrying amount on January 1, 2024	10,147			35		-		10,182

Transfers:

- Transfer from Stage 1 to Stage 2	(162	)		162		-		-

- Transfer from Stage 1 to Stage 3	(7	)		-		7		-

- Transfer from Stage 2 to Stage 1	75			(75	)	-		-

Derecognized assets (excl. write-offs)	(633	)		(69	)	-		(702	)

New financial assets originated or purchased	483			76		-		559

Realized gains and losses through income statement	3			1		-		4

Net exchange differences	667			7		-		674

Other movements	(1	)		(1	)	-		(1	)

Gross carrying amount on December 31, 2024	10,574			135		7		10,716

Expected credit losses	(38	)		(75	)	(5	)	(118	)

Net carrying amount on December 31, 2024	10,536			60		2		10,598