Investments in joint ventures and associates (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments accounted for using equity method [abstract] |
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| Summary of Investments In Associates Subsidaries And Joint Venture |
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Joint ventures |
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Associates |
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2024 |
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2024 |
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1,503 |
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1,430 |
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3,122 |
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2,906 |
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Additions |
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1 |
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1 |
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81 |
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- |
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Disposals |
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- |
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- |
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(603 |
) |
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(34 |
) |
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Share in net income |
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303 |
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238 |
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200 |
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345 |
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Share in changes in equity (note 25.6) |
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3 |
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(27 |
) |
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56 |
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85 |
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Dividend |
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(185 |
) |
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(141 |
) |
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(215 |
) |
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(199 |
) |
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Net exchange difference |
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(59 |
) |
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1 |
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(3 |
) |
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- |
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Other |
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- |
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- |
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- |
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19 |
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On December 31 |
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| Summary of Financial Information of Joint Ventures |
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Santander Spain Life |
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AIFMC |
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Other Joint ventures |
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2024 |
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2024 |
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2024 |
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Summarized statement of financial position |
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Cash and cash equivalents |
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30 |
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30 |
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62 |
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436 |
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66 |
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72 |
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Other current assets |
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57 |
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63 |
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764 |
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744 |
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2,315 |
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1,055 |
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1,004 |
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1,023 |
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571 |
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194 |
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5,718 |
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7,429 |
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Total assets |
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| Current financial liabilities excluding trade payables and other provisions |
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- |
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- |
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- |
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- |
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3 |
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4 |
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Other current liabilities |
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231 |
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53 |
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374 |
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350 |
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596 |
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452 |
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Total current liabilities |
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Non-current financial liabilities excluding trade payables and other provisions |
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- |
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- |
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- |
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- |
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61 |
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66 |
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Other non-current liabilities |
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236 |
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406 |
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- |
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38 |
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6,160 |
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6,874 |
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Total non-current financial liabilities |
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Total liabilities |
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Net assets |
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Summarized statement of comprehensive income |
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Revenue |
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381 |
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|
340 |
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|
488 |
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|
415 |
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2,807 |
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2,662 |
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Depreciation and amortization |
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(36 |
) |
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(34 |
) |
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(5 |
) |
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(6 |
) |
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(29 |
) |
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(28 |
) |
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Interest income |
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6 |
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6 |
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27 |
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18 |
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|
166 |
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128 |
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Interest expense |
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- |
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- |
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- |
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- |
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(4 |
) |
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(9 |
) |
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Profit or loss |
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|
101 |
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|
95 |
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|
257 |
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|
280 |
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|
435 |
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272 |
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Income tax (expense) or income |
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(25 |
) |
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(21 |
) |
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(71 |
) |
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(78 |
) |
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(100 |
) |
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(80 |
) |
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Post-tax profit or (loss) |
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Other comprehensive income |
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3 |
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4 |
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- |
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- |
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5 |
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(134 |
) |
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Total comprehensive income |
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Dividends received |
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|
57 |
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53 |
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34 |
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29 |
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|
95 |
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59 |
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| Summary of Overview of Summarized Financial Information to Carrying Amount of Joint Ventures And Results of the JVs Based on the Group's Relative Holding |
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:
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Santander Spain Life |
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|
AIFMC |
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Other Joint ventures |
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| |
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|
2024 |
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|
2024 |
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2024 |
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Net assets of JVs as presented above |
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624 |
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|
657 |
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|
1,024 |
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|
985 |
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1,279 |
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1,159 |
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Net assets of JVs excluding goodwill |
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|
545 |
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|
577 |
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|
1,024 |
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|
985 |
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1,160 |
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|
1,040 |
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Group share of net assets of JVs, excluding goodwill |
|
|
278 |
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|
294 |
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|
502 |
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|
483 |
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|
588 |
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|
526 |
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Goodwill on acquisition |
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|
80 |
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|
80 |
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|
1 |
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|
1 |
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|
119 |
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|
120 |
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Carrying amount |
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Group share of post-tax profit or loss |
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Group share of other comprehensive income |
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Group share of Total comprehensive income |
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| 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.
|
| Schedule Of Financial Information Of Associates |
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.
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a.s.r. |
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Summarized statement of financial position |
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2024 |
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Investments |
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|
79,124 |
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|
80,484 |
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Derivatives |
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|
15,905 |
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11,767 |
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Other assets |
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|
47,326 |
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46,457 |
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Total assets |
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Insurance liabilities |
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|
101,431 |
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102,723 |
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|
Borrowings and subordinated liabilities |
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4,802 |
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|
5,140 |
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Derivatives |
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15,453 |
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|
8,666 |
|
|
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Other liabilities |
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|
10,405 |
|
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|
12,293 |
|
|
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Total liabilities |
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|
|
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|
|
|
|
|
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|
13 |
|
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|
47 |
|
|
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Other equity instruments |
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|
1,477 |
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|
977 |
|
|
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|
Total other equity components |
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Net assets |
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a.s.r. |
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Summarized statement of comprehensive income |
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|
2024 |
|
|
|
|
Insurance revenues |
|
|
10,342 |
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|
|
9,601 |
|
|
|
|
Insurance service result |
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|
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 |
|
|
|
|
|
|
|
|
|
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|
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 |
|
|
|
|
|
|
|
|
|
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|
Dividends received |
|
|
200 |
|
|
|
188 |
|
|
|
|
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|
24.12% |
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|
29.95% |
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|
|
Group share of post-tax profit or loss |
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|
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Group share of other comprehensive income |
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|
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|
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|
|
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|
Carrying amount of investment in a.s.r. |
|
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|
|
|
|
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 |
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| 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.
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Other Associates |
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|
Summarized statement of financial position |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
495 |
|
|
|
501 |
|
|
|
|
|
|
|
1,090 |
|
|
|
732 |
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
308 |
|
|
|
343 |
|
|
|
|
|
|
|
10 |
|
|
|
25 |
|
|
|
|
Total current liabilities |
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
|
|
|
|
|
Summarized statement of comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Post-tax profit or (loss) |
|
|
92 |
|
|
|
86 |
|
|
|
|
Other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Dividends received |
|
|
15 |
|
|
|
11 |
|
|
|
|
Carrying amount |
|
|
374 |
|
|
|
311 |
|
|