AEGON NV (ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory)

5 Segment information

Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Board which is regarded as the chief operating decision maker. All reportable segments are involved in insurance or reinsurance business, asset management or services related to these activities. The reportable segments are:

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Americas: one operating segment which covers business units in the United States, Brazil and Mexico, including any of the units’ activities located outside these countries;

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the Netherlands;

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United Kingdom (including Variable Annuities Europe);

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Central & Eastern Europe;

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Spain & Portugal;

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Asia: one operating segment which covers businesses operating in Hong Kong, Singapore, China, Japan, India and Indonesia including any of the units’ activities located outside these countries;

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Asset Management: one operating segment which covers business activities from Aegon Asset Management;

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Holding and other activities: one operating segment which includes financing, reinsurance activities, employee and other administrative expenses of holding companies.

Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies.

Performance Measure

A non-IFRS performance measure of reporting segments utilized by the Company is underlying earnings before tax. Underlying earnings before tax reflects Aegon’s profit from underlying business operations and excludes components that relate to accounting mismatches that are dependent on market volatility, updates to best estimate actuarial and economic assumptions and model updates or events that are considered outside the normal course of business.

Aegon believes that its performance measure underlying earnings before tax provides meaningful information about the underlying results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using underlying earnings before tax. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards.

The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the tables in this note.

The items that are excluded from underlying earnings before tax as described further below are: fair value items, realized gains or losses on investments, impairment charges/reversals, other income or charges, run-off businesses and share in earnings of joint ventures and associates.

Impact from assumption and model updates

In 2017 a charge of EUR 276 million (2016: EUR 118 million charge) has been recorded in other income/ (charges) in respect of assumption changes and model updates. The impact is mainly attributable to Aegon’s business in the Americas and the Netherlands. Assumption changes and model updates in the Americas led to a net negative impact of EUR 402 million and were mainly driven by a charge of EUR 303 million (USD 343 million) from the conversion of the largest block of universal life business to a new model. The model allows for modeling policyholder behavior and other assumptions on a policy by policy basis, whereas in the previous model this was done at a cohort level. A model change in fixed annuities discount rate, resulted in a charge of EUR 44 million (USD 50 million) and other assumption changes and model updates led to a charge of EUR 54 million (USD 61 million). In the Netherlands, assumption changes and model updates led to a gain of EUR 101 million, which mainly relates to the guarantee provision.

During 2016 Aegon implemented actuarial assumption and model updates resulting in a net EUR 118 million charge (2015: EUR 131 million charge) to income before tax.

Fair value items

Fair value items include the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings before tax.

In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.

Certain assets held by Aegon are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Underlying earnings before tax exclude any over- or underperformance compared to management’s long-term expected return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable.

In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis and the total return annuities and guarantees on variable annuities. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. Included in underlying earnings before tax is a long-term expected return on these products and excluded is any over- or underperformance compared to management’s expected return.

The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon’s businesses in the Netherlands, VA Europe (included in United Kingdom) and Japan are excluded from underlying earnings before tax, and the long-term expected return for these guarantees is set at zero. In addition, fair value items include market related results on our loyalty bonus reserves in the United Kingdom. The value of these reserves are directly related to policyholder investments which value is directly impacted by movements in equity and bond markets.

Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from underlying earnings before tax and reported under fair value items.

Realized gains or losses on investments

Includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios.

Impairment charges/reversals

Impairment charges include impairments on available-for-sale debt securities, shares including the effect of deferred policyholder acquisition costs, mortgage loans and other loan portfolios at amortized cost, joint ventures and associates. Impairment reversals include reversals on available-for-sale debt securities.

Other income or charges

Other income or charges includes the following:

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items which cannot be directly allocated to a specific line of business;

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the impact of assumption and model updates used to support calculations of our liabilities for insurance and investment contracts sold to policyholders and related assets; and

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items that are outside the normal course of business, including restructuring charges.

In the Consolidated income statement, these restructuring charges are included in operating expenses. Actuarial assumption and model updates are recorded in ‘Policyholder claims and benefits’ in the Consolidated income statement.

Run-off businesses

Includes underlying results of business units where management has decided to exit the market and to run -off the existing block of business. This line includes results related to the run-off of the institutional spread-based business, structured settlements blocks of business, the life reinsurance business and the bank-owned and corporate-owned life insurance (BOLI/COLI) business in the United States. Aegon has other blocks of business for which sales have been discontinued and of which the earnings are included in underlying earnings before tax.

Share in earnings of joint ventures and associates

Earnings from Aegon’s joint ventures in the Netherlands, Mexico, Spain, Portugal, China and Japan and Aegon’s associates in India, Brazil, the Netherlands, United Kingdom, Mexico and France are reported on an underlying earnings before tax basis.

The following table presents Aegon’s segment results.


Income statement - Underlying earnings	LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO
2017
Underlying earnings before tax		1,381			520			116			67			4			49			136			(170	)		-			2,103			61			2,163
Fair value items		170			30			(82	)		-			-			-			-			24			-			142			(97	)		45
Realized gains / (losses) on investments		157			184			62			1			-			4			3			-			-			413			(5	)		408
Impairment charges		(38	)		(27	)		-			(2	)		-			(1	)		-			(3	)		-			(71	)		-			(71	)
Impairment reversals		22			10			-			-			-			-			-			-			-			32			-			32
Other income / (charges)		(353	)		296			40			-			-			(19	)		(49	)		16			-			(68	)		(4	)		(72	)
Run-off businesses		30			-			-			-			-			-			-			-			-			30			-			30
Income / (loss) before tax		1,369			1,013			137			66			4			33			90			(134	)		-			2,579			(44	)		2,534
Income tax (expense) / benefit		198			(196	)		(56	)		(9	)		(6	)		(28	)		(42	)		29			-			(110	)		44			(65	)
Net income / (loss)		1,567			818			81			57			(2	)		5			48			(105	)		-			2,469			-			2,469
Inter-segment underlying earnings		(78	)		(111	)		(87	)		(11	)		(1	)		(1	)		214			73

Revenues
2017
Life insurance gross premiums		7,437			1,857			9,603			411			208			983			-			7			(9	)		20,498			(546	)		19,952
Accident and health insurance		2,115			203			32			1			83			97			-			-			-			2,531			(20	)		2,511
General insurance		-			148			-			216			103			-			-			1			(1	)		466			(103	)		363
Total gross premiums		9,553			2,208			9,635			628			394			1,080			-			8			(10	)		23,496			(670	)		22,826
Investment income		3,368			2,172			1,517			49			37			246			4			295			(291	)		7,396			(58	)		7,338
Fee and commission income		1,919			326			235			43			17			63			609			-			(221	)		2,991			(189	)		2,802
Other revenues		5			-			-			-			3			1			-			4			-			13			(5	)		7
Total revenues		14,844			4,706			11,387			720			450			1,390			613			308			(522	)		33,895			(922	)		32,973
Inter-segment revenues		-			(1	)		-			-			-			3			222			298


Income statement - Underlying earnings	LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO
2016
Underlying earnings before tax		1,249			534			59			55			8			21			149			(162	)		-			1,913			48			1,960
Fair value items		(521	)		(228	)		(7	)		-			(1	)		(9	)		-			(74	)		-			(840	)		(72	)		(912	)
Realized gains / (losses) on investments		(13	)		189			153			-			(1	)		8			3			-			-			340			(6	)		334
Impairment charges		(72	)		(29	)		-			1			-			(1	)		(5	)		(7	)		1			(113	)		-			(112	)
Impairment reversals		42			17			-			-			-			-			-			-			(1	)		58			-			58
Other income / (charges)		(100	)		44			(678	)		(23	)		-			(5	)		(2	)		(6	)		-			(771	)		-			(771	)
Run-off businesses		54			-			-			-			-			-			-			-			-			54			-			54
Income / (loss) before tax		638			526			(474	)		34			6			14			145			(249	)		-			641			(31	)		610
Income tax (expense) / benefit		(80	)		(109	)		18			(15	)		(8	)		(27	)		(48	)		65			-			(203	)		31			(172	)
Net income / (loss)		559			418			(456	)		19			(2	)		(13	)		97			(183	)		-			438			-			438
Inter-segment underlying earnings		(194	)		(95	)		(87	)		(14	)		(1	)		74			234			84

Revenues
2016
Life insurance gross premiums		7,363			2,015			9,888			399			191			1,121			-			6			(84	)		20,898			(498	)		20,400
Accident and health insurance		2,204			210			36			1			73			104			-			(4	)		-			2,624			(15	)		2,609
General insurance		-			266			-			179			92			-			-			5			(5	)		536			(92	)		444
Total gross premiums		9,567			2,491			9,924			578			355			1,225			-			7			(89	)		24,058			(606	)		23,453
Investment income		3,717			2,135			1,661			45			45			232			3			406			(403	)		7,841			(54	)		7,788
Fee and commission income		1,651			350			95			36			14			61			632			-			(242	)		2,596			(188	)		2,408
Other revenues		4			-			-			-			2			-			1			3			-			11			(4	)		7
Total revenues		14,940			4,976			11,680			659			416			1,517			636			416			(734	)		34,507			(852	)		33,655
Inter-segment revenues		-			3			-			-			-			79			243			409


Income statement - Underlying earnings	LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO			LOGO
2015
Underlying earnings before tax		1,278			537			(27	)		37			12			20			170			(163	)		2			1,867			34			1,901
Fair value items		(691	)		126			(25	)		-			-			7			-			(68	)		-			(651	)		(59	)		(710	)
Realized gains / (losses) on investments		(74	)		306			103			2			-			7			3			-			-			346			(8	)		338
Impairment charges		(43	)		(25	)		-			(2	)		-			-			-			-			-			(70	)		(21	)		(91	)
Impairment reversals		114			5			-			-			-			-			-			-			-			119			-			119
Other income / (charges)		(913	)		27			(1,247	)		(2	)		17			(61	)		(1	)		-			-			(2,180	)		21			(2,159	)
Run-off businesses		88			-			-			-			-			-			-			-			-			88			-			88
Income / (loss) before tax		(241	)		977			(1,196	)		35			29			(27	)		172			(230	)		2			(482	)		(33	)		(514	)
Income tax (expense) / benefit		6			(223	)		268			(11	)		(7	)		(3	)		(50	)		71			-			51			33			83
Net income / (loss)		(235	)		753			(928	)		24			22			(30	)		121			(159	)		2			(431	)		-			(431	)
Inter-segment underlying earnings		(220	)		(55	)		(63	)		(14	)		-			77			264			10

Revenues
2015
Life insurance gross premiums		7,046			2,240			8,465			477			174			1,713			-			4			(106	)		20,013			(431	)		19,583
Accident and health insurance		2,266			234			47			1			64			105			-			6			(6	)		2,717			(14	)		2,703
General insurance		-			473			-			164			80			-			-			2			-			720			(80	)		640
Total gross premiums		9,312			2,947			8,512			642			317			1,819			-			13			(112	)		23,450			(524	)		22,925
Investment income		3,680			2,277			2,331			45			41			194			7			392			(391	)		8,576			(51	)		8,525
Fee and commission income		1,704			351			98			39			13			62			650			-			(284	)		2,633			(195	)		2,438
Other revenues		9			-			-			-			2			-			-			7			-			19			(5	)		14
Total revenues		14,705			5,575			10,941			726			373			2,076			657			412			(787	)		34,677			(775	)		33,902
Inter-segment revenues		24			2			-			-			-			101			261			399

The Group uses underlying earnings before tax in its segment reporting as an important indicator of its financial performance. The reconciliation of this measure to the income before tax is shown below. Aegon believes that underlying earnings before tax, together with the other information included in this report, provides a meaningful measure for the investing public to evaluate Aegon’s business relative to the businesses of its peers.

The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the table below. For those items that cannot be directly reconciled to the respective notes, the explanation is provided below the table.


	Note		2017			2016			2015
Underlying earnings before tax				2,103			1,913			1,867

Elimination of share in earnings of joint ventures and associates				61			48			34
Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives		10		(437	)		(783	)		(571	)
Realized gains and losses on financial investments		10		431			327			349
Gains and (losses) on investments in real estate		10		193			70			145
Net fair value change of derivatives		10		(134	)		(277	)		(29	)
Net foreign currency gains and (losses)		10		5			30			(5	)
Realized gains and (losses) on repurchased debt		10		1			1			2
Other income		11		540			66			83
Change in valuation of liabilities for insurance contracts		12		(254	)		(144	)		(602	)
Change in valuation of liabilities for investment contracts		12		(19	)		(18	)		-
Policyholder claims and benefits - Other		12		34			45			17
Commissions and expenses		14		256			75			130
Impairment (charges) reversals		15		(40	)		(97	)		(1,250	)
Other charges		17		(235	)		(700	)		(774	)
Run-off businesses		5		30			54			88
Income / (loss) before tax				2,534			610			(514	)

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Net fair value change of general account financial investments at fair value through profit or loss, other than derivatives is reported as part of the respective line in Note 10 and reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings before tax.

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Net fair value change of derivatives is reported as part of the respective line in Note 10 and includes: 1) the over- or underperformance of derivatives of EUR 9 million gain (2016: EUR 8 million gain, 2015: EUR 4 million gain) for which the expected long-term return is included in underlying earnings before tax; 2) Net fair value change on economic hedges where no hedge accounting is applied of EUR 145 million loss (2016: EUR 297 million loss, 2015: EUR 41 million loss); 3) Ineffective portion of hedge transactions to which hedge accounting is applied of EUR 2 million gain (2016: EUR 12 million gain, 2015: EUR 8 million gain).

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Net foreign currency gains and (losses) are reported as part of the respective line in Note 10.

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Change in valuation of liabilities for insurance contracts is reported as part of the respective line in Note 12.

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Change in valuation of liabilities for investment contracts is reported as part of the respective line in Note 12.

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Policyholder claims and benefits - Other are reported as part of the “Other” line in note 12 and is related to policyholder tax.

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Commissions and expenses include: 1) Restructuring charges of EUR 116 million (2016: EUR 54 million charge, 2015: EUR 59 million charge) which are reported as part of Employee and Administration expenses lines in Note 14; 2) Amortization of deferred expenses of EUR 285 million gain (2016: gain of EUR 137 million, 2015: gain of EUR 126 million) which is reported as part of the respective line in Note 14. This is offset against realized gains and losses and impairments on financial investments; 3) Amortization of VOBA and future servicing rights of EUR 94 million gain (2016: charge of EUR 8 million; 2015: gain of EUR 63 million) which is reported as part of the respective line in Note 14. Commissions and expenses include a DPAC/VOBA fair value adjustment of EUR 135 million (2016: EUR 105 million; 2015: EUR 41 million).

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Impairment (charges) reversals include: 1) Impairment charges and reversals on financial assets, excluding receivables of EUR 42 million charge (2016: EUR 59 million charge, 2015: EUR 24 million gain) as shown in Note 15; 2) Impairment charges and reversals on non-financial assets and receivables of EUR 1 million gain (2016: EUR 38 million charge; 2015: EUR 1,274 million charge) reported as part of the respective line in Note 15.

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There are no interest charges and related fees that are classified for segment reporting purposes as non-underlying earnings.


Other selected income statement items	LOGO			LOGO			LOGO		LOGO			LOGO		LOGO		LOGO		LOGO		LOGO		LOGO
2017
Amortization of deferred expenses, VOBA and future servicing rights		336			27			134		55			-		33		-		-		-		586
Depreciation		44			16			28		8			3		1		3		2		-		105
Impairment charges / (reversals) on financial assets, excluding receivables		19			17			-		2			-		-		-		3		-		42
Impairment charges / (reversals) on non-financial assets and receivables		(2	)		3			-		-			-		-		-		-		-		-

2016
Amortization of deferred expenses, VOBA and future servicing rights		761			32			177		59			-		32		-		-		2		1,065
Depreciation		38			17			21		9			3		1		-		2		-		89
Impairment charges / (reversals) on financial assets, excluding receivables		35			12			-		(1	)		-		1		5		7		-		59
Impairment charges / (reversals) on non-financial assets and receivables		7			(2	)		31		(1	)		-		-		-		-		-		36

2015
Amortization of deferred expenses, VOBA and future servicing rights		731			39			377		80			-		34		-		-		-		1,261
Depreciation		31			17			23		9			2		1		-		-		-		84
Impairment charges / (reversals) on financial assets, excluding receivables		(68	)		20			-		2			21		-		-		-		-		(24	)
Impairment charges / (reversals) on non-financial assets and receivables		-			2			1,274		-			-		-		-		-		-		1,275

Number of employees	LOGO			LOGO			LOGO		LOGO					LOGO		LOGO		LOGO		LOGO		LOGO
2017
Number of employees - headcount		10,951			3,089			3,435		2,337					610		6,025		1,500		371		28,318
Of which Aegon’s share of employees in joint ventures and associates		549			-			-		-					83		5,702		163		-		6,497

2016
Number of employees - headcount		11,943			4,464			2,673		2,317					600		5,579		1,474		330		29,380
Of which Aegon’s share of employees in joint ventures and associates		561			-			-		-					41		5,186		156		-		5,944

2015
Number of employees - headcount		12,701			4,503			2,478		2,470					534		7,163		1,382		299		31,530
Of which Aegon’s share of employees in joint ventures and associates		545			-			-		-					33		6,780		141		-		7,499


Summarized assets and liabilities per segment	LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO			LOGO
2017

Assets
Cash and Cash equivalents		548		8,382		317		67		116		71		141		1,125		-			10,768
Assets held for sale		-		-		5,249		-		-		-		-		-		-			5,249
Investments		73,469		53,975		2,011		1,055		720		5,326		157		91		-			136,804
Investments for account of policyholders		102,964		26,697		62,961		1,343		105		-		-		-		(6	)		194,063
Investments in joint ventures		6		1,008		-		-		480		118		99		1		-			1,712
Investments in associates		77		74		7		6		-		14		122		8		-			308
Deferred expenses		8,552		76		945		70		1		490		-		-		-			10,135
Other assets		26,628		6,763		1,840		245		72		1,786		101		28,427		(28,979	)		36,883
Total assets		212,245		96,975		73,331		2,787		1,494		7,805		620		29,651		(28,985	)		395,923

Liabilities
Insurance contracts		68,556		34,379		1,451		624		703		6,696		-		24		(1,615	)		110,818
Insurance contracts for account of policyholders		72,501		25,587		22,862		1,109		108		-		-		-		-			122,168
Investment contracts		6,824		9,787		278		52		-		2		-		-		-			16,943
Investment contracts for account of policyholders		30,463		3,255		40,482		234		-		-		-		-		-			74,434
Liabilities held for sale		-		-		5,003		-		-		-		-		-		-			5,003
Other liabilities		19,145		17,400		1,103		365		250		133		218		5,526		(1,684	)		42,456
Total liabilities		197,490		90,408		71,178		2,385		1,061		6,830		218		5,550		(3,299	)		371,821


Summarized assets and liabilities per segment	LOGO		LOGO		LOGO		LOGO		LOGO		LOGO			LOGO		LOGO			LOGO			LOGO
2016

Assets
Cash and Cash equivalents		928		7,410		1,010		47		92		271			183		1,407			-			11,347
Assets held for sale		-		-		8,705		-		-		-			-		-			-			8,705
Investments		93,046		53,788		2,236		983		747		5,328			90		85			-			156,303
Investments for account of policyholders		107,341		27,985		66,786		1,418		88		-			-		-			(7	)		203,610
Investments in joint ventures		7		877		-		-		495		134			99		-			-			1,614
Investments in associates		95		21		8		2		-		21			125		(1	)		-			270
Deferred expenses		9,351		84		1,084		71		1		832			-		-			-			11,423
Other assets		20,725		7,766		1,920		174		77		2,018			109		29,308			(29,946	)		32,152
Total assets		231,493		97,931		81,747		2,696		1,500		8,604			607		30,800			(29,952	)		425,425

Liabilities
Insurance contracts		75,942		34,900		1,747		558		722		7,466			-		20			(1,785	)		119,569
Insurance contracts for account of policyholders		75,328		26,275		18,112		1,126		89		-			-		-			-			120,929
Investment contracts		10,148		9,043		355		24		-		2			-		-			-			19,572
Investment contracts for account of policyholders		32,013		3,160		49,309		292		-		-			-		-			-			84,774
Liabilities held for sale		-		-		8,816		-		-		-			-		-			-			8,816
Other liabilities		21,837		19,445		1,249		318		238		(78	)		180		6,438			(2,203	)		47,424
Total liabilities		215,268		92,822		79,586		2,318		1,049		7,390			180		6,458			(3,988	)		401,084


Investments	LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO			LOGO
2017
Shares		567		859		5		54		5		1		2		57		-			1,551
Debt securities		54,535		21,411		1,779		712		646		5,252		9		-		-			84,344
Loans		8,831		30,189		-		275		54		6		-		13		-			39,368
Other financial assets		8,904		21		228		10		-		67		146		20		-			9,395
Investments in real estate		633		1,495		-		4		15		-		-		-		-			2,147
Investments general account		73,469		53,975		2,011		1,055		720		5,326		157		91		-			136,804

Shares		-		9,262		15,856		244		14		-		-		-		(6	)		25,370
Debt securities		3,116		13,370		8,125		216		9		-		-		-		-			24,836
Unconsolidated investment funds		99,426		276		33,476		873		81		-		-		-		-			134,132
Other financial assets		422		3,788		4,850		11		1		-		-		-		-			9,072
Investments in real estate		-		-		655		-		-		-		-		-		-			655
Investments for account of policyholders		102,964		26,697		62,961		1,343		105		-		-		-		(6	)		194,063

Investments on balance sheet		176,434		80,672		64,972		2,398		825		5,326		157		91		(6	)		330,868
Off-balance sheet investments third parties		212,736		1,759		114,906		5,709		528		2,718		143,923		-		(981	)		481,297
Total revenue-generating investments		389,170		82,431		179,878		8,107		1,353		8,043		144,079		91		(987	)		812,165

Investments
Available-for-sale		59,459		19,841		2,007		756		651		5,299		137		20		-			88,170
Loans		8,831		30,189		-		275		54		6		-		13		-			39,368
Financial assets at fair value through profit or loss		107,511		29,147		62,310		1,363		105		21		20		57		(6	)		200,528
Investments in real estate		633		1,495		655		4		15		-		-		-		-			2,801
Total investments on balance sheet		176,434		80,672		64,972		2,398		825		5,326		157		91		(6	)		330,868

Investments in joint ventures		6		1,008		-		-		480		118		99		1		-			1,712
Investments in associates		77		74		7		6		-		14		122		8		-			308
Other assets		35,728		15,221		8,352		383		189		2,347		242		29,552		(28,979	)		63,034
Consolidated total assets		212,245		96,975		73,331		2,787		1,494		7,805		620		29,651		(28,985	)		395,923


Investments	LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO		LOGO			LOGO			LOGO
2016
Shares		793		334		84		35		4		-		2		62			-			1,314
Debt securities		70,766		23,741		2,036		633		683		5,310		-		-			-			103,169
Loans		10,820		28,117		-		303		45		18		-		-			-			39,303
Other financial assets		9,924		358		115		10		-		-		88		23			-			10,519
Investments in real estate		743		1,238		-		3		15		-		-		-			-			1,999
Investments general account		93,046		53,788		2,236		983		747		5,328		90		85			-			156,303

Shares		-		9,689		15,503		295		13		-		-		-			(7	)		25,492
Debt securities		4,779		15,434		9,847		235		10		-		-		-			-			30,305
Unconsolidated investment funds		102,534		-		36,600		879		64		-		-		-			-			140,077
Other financial assets		27		2,862		4,150		9		1		-		-		-			-			7,049
Investments in real estate		-		-		686		-		-		-		-		-			-			686
Investments for account of policyholders		107,341		27,985		66,786		1,418		88		-		-		-			(7	)		203,610

Investments on balance sheet		200,387		81,774		69,021		2,401		834		5,328		90		85			(7	)		359,914
Off-balance sheet investments third parties		240,072		952		5,333		3,154		507		2,734		130,889		-			(864	)		382,776
Total revenue-generating investments		440,458		82,725		74,354		5,556		1,342		8,061		130,979		85			(871	)		742,690

Investments
Available-for-sale		77,918		23,044		2,152		660		687		5,289		87		23			-			109,860
Loans		10,820		28,117		-		303		45		18		-		-			-			39,303
Financial assets at fair value through profit or loss		110,906		29,374		66,183		1,436		88		21		4		62			(7	)		208,066
Investments in real estate		743		1,238		686		3		15		-		-		-			-			2,685
Total investments on balance sheet		200,387		81,774		69,021		2,401		834		5,328		90		85			(7	)		359,914

Investments in joint ventures		7		877		-		-		495		134		99		-			-			1,614
Investments in associates		95		21		8		2		-		21		125		(1	)		-			270
Other assets		31,003		15,260		12,718		293		170		3,122		293		30,715			(29,946	)		63,627
Consolidated total assets		231,493		97,931		81,747		2,696		1,500		8,604		607		30,800			(29,952	)		425,425

AEGON NV | CIK:0000769218 |

ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory