v3.26.1
Segment information
 6 Months Ended
Jun. 30, 2026
Disclosure of operating segments [abstract]  
Segment information
3 Segment information
Aegon’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the Executive Director, who is regarded as the chief operating decision maker. The segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures (JVs) and associated companies except for its approximate 24% stake in a.s.r. The result of associate a.s.r. is included in Other income / (charges).
3.1 Segment results
The following table presents Aegon’s segment results. As from the date of the agreement of the sale, United Kingdom segment is classified as discontinued operations and its results are presented in Other income/(charges).
 
1H 2026
   Americas    
United
 Kingdom
    
Interna-
tional
    
Asset
Manage-
ment
    
Holding
and other
activities
    
Elimi-
nations
    
Segment
total
    
JVs and
associates
elimi-
nations
    
Consoli-
dated
  
Operating result
  
 
648
 
  
 
-
 
  
 
123
 
  
 
150
 
  
 
(117
) 
  
 
(1
) 
  
 
804
 
  
 
166
 
  
 
970
 
Fair value items     25       -       10       (5 )      (16 )      (22 )      (7 )      (22 )      (29 ) 
Realized gains / (losses) on investments     56       -       1       -       -       -       57       (1 )      56  
Impairment (losses) / reversals     19       -       1       -       -       -       21       (1 )      20  
Non-operating
items
  
 
101
 
  
 
-
 
  
 
13
 
  
 
(5
) 
  
 
(16
) 
  
 
(22
) 
  
 
71
 
  
 
(23
) 
  
 
48
 
Other income / (charges)     (343 )      10       11       (6 )      212       (44 )      (160 )      (204 )      (364 ) 
Result before tax
  
 
406
 
  
 
10
 
  
 
147
 
  
 
140
 
  
 
79
 
  
 
(67
) 
  
 
715
 
  
 
(62
) 
  
 
653
 
Income tax (expense) / benefit     (67 )      -       (44 )      (35 )      25       14       (107 )      62       (45 ) 
Net result
  
 
339
 
  
 
10
 
  
 
103
 
  
 
104
 
  
 
104
 
  
 
(53
) 
  
 
608
 
  
 
-
 
  
 
608
 
Inter-segment result
  
 
(61
) 
  
 
(41
) 
  
 
124
 
  
 
2
 
  
 
29
 
  
 
(53
) 
      
Revenues
                  
Insurance contracts: direct part.     463       -       2       -       -       -       465       -       464  
Insurance contracts: without direct part.     3,687       -       696       -       -       (19 )      4,365       (582 )      3,783  
Investment contracts with DPF: direct part.     -       -       4       -       -       -       4       (4 )      -  
Investment contracts with DPF: without direct part.     -       -       1       -       -       -       1       (1 )      -  
Insurance revenue
  
 
4,150
 
  
 
-
 
  
 
703
 
  
 
-
 
  
 
-
 
  
 
(19
) 
  
 
4,835
 
  
 
(587
) 
  
 
4,247
 
Interest revenue on financial instruments calculated using the effective interest method     1,504       -       52       1       15       (2 )      1,570       (28 )      1,542  
Interest income from instruments measured at FVPL     141       -       2       4       -       -       147       (2 )      145  
Other investment income     6       -       71       9       103       (103 )      87       (78 )      8  
Fee and commission income     723       -       15       498       -       (121 )      1,115       (107 )      1,008  
Other revenues     -       -       13       5       -       -       19       (19 )      -  
Total revenues
  
 
6,524
 
  
 
-
 
  
 
857
 
  
 
517
 
  
 
118
 
  
 
(244
) 
  
 
7,772
 
  
 
(821
) 
  
 
6,950
 
Inter-segment revenues
  
 
73
 
  
 
-
 
  
 
-
 
  
 
68
 
  
 
103
 
                                
 
1H 2025   Americas     United
Kingdom 
1
     Interna-
tional		    
Asset
Manage-
ment
    
Holding
and other
activities
     Elimi-
nations		    
Segment
total
    
JVs and
associates
elimi-
nations
     Consoli-
dated		  
Operating result
  
 
627
 
  
 
-
 
  
 
99
 
  
 
104
 
  
 
(117
) 
  
 
28
 
  
 
741
 
  
 
12
 
  
 
753
 
Fair value items     40       -       (38 )      (2 )      31       126       158       (2 )      156  
Realized gains / (losses) on investments     (73 )      -       19       -       -       -       (54 )      (20 )      (74 ) 
Impairment (losses) / reversals     (1 )      -       (2 )      (2 )      -       -       (5 )      3       (2 ) 
Non-operating
items
  
 
(34
) 
  
 
-
 
  
 
(21
) 
  
 
(4
) 
  
 
31
 
  
 
126
 
  
 
98
 
  
 
(18
) 
  
 
80
 
Other income / (charges)     (326 )      45       (1 )      (13 )      48       119       (128 )      (50 )      (177 ) 
Result before tax
  
 
267
 
  
 
45
 
  
 
77
 
  
 
86
 
  
 
(38
) 
  
 
273
 
  
 
711
 
  
 
(56
) 
  
 
656
 
Income tax (expense) / benefit     (7 )      -       (31 )      (24 )      16       (59 )      (106 )      56       (50 ) 
Net result
  
 
260
 
  
 
45
 
  
 
46
 
  
 
63
 
  
 
(22
) 
  
 
214
 
  
 
606
 
  
 
-
 
  
 
606
 
Inter-segment result
  
 
(423
) 
  
 
(40
) 
  
 
56
 
  
 
62
 
  
 
132
 
  
 
214
 
      
Revenues
                  
Insurance contracts: direct part.     521       -       1       -       -       -       522       -       522  
Insurance contracts: without direct part.     3,935       -       942       -       -       (20 )      4,857       (821 )      4,036  
Insurance revenue
  
 
4,456
 
  
 
-
 
  
 
943
 
  
 
-
 
  
 
-
 
  
 
(20
) 
  
 
5,379
 
  
 
(821
) 
  
 
4,558
 
Interest revenue on financial instruments calculated using the effective interest method     1,608       -       31       1       25       (4 )      1,660       (2 )      1,658  
Interest income from instruments measured at FVPL     143       -       1       10       -       -       154       -       154  
Other investment income     9       -       65       15       496       (496 )      89       (79 )      10  
Fee and commission income     859       -       13       322       -       (75 )      1,119       (89 )      1,030  
Other revenues     -       -       18       1       -       -       19       (19 )      -  
Total revenues
  
 
7,076
 
  
 
-
 
  
 
1,070
 
  
 
348
 
  
 
521
 
  
 
(595
) 
  
 
8,420
 
  
 
(1,009
) 
  
 
7,410
 
Inter-segment revenues
  
 
21
 
  
 
-
 
  
 
-
 
  
 
76
 
  
 
498
 
                                
 
1
 
1H 2025 figures are restated as Aegon UK is classified as discontinued operations.
 
 
 
 
 
 
Operating result reconciliation
The reconciliation from Operating result to Result before tax from continuing operations, being the most comparable IFRS measure, is presented in the table below. For items that cannot be directly reconciled to the notes, the explanation appears below the table.
 
     
Note
     
  1H 2026
       1H 2025 
2
  
Result before tax from continuing operations
      
 
601
 
  
 
570
 
Elimination of share in earnings of joint ventures and associates
         (166 )      (12 ) 
Insurance service expenses
   
 
4
 
      531       274  
Net income / (expenses) on reinsurance held
   
 
4
 
      (192 )      (14 ) 
Net fair value change of financial investments at FVPL, other than derivatives
   
 
5
 
      (545 )      (425 ) 
Net fair value change of derivatives
   
 
5
 
      -       (5 ) 
Realized gains and losses on financial investments
   
 
5
 
      (40 )      30  
Net fair value change on investments in real estate
   
 
5
 
      1       (12 ) 
Impairment (losses) / reversals
   
 
5
 
      (20 )      2  
Insurance finance income / (expenses)
   
 
5
 
      552       239  
Net reinsurance finance income / (expenses) on reinsurance held
   
 
5
 
      -       13  
Fee and commission income
   
 
6
 
      -       (6 ) 
Commissions and expenses
   
 
7
 
      63       48  
Other income
         (26 )      -  
Other charges
         1       (3 ) 
Effects related to discontinued operations
               41       40  
Operating result
      
 
804
 
  
 
741
 
Tax effect
1
        (157 )      (158 ) 
       
Operating result after tax
            
 
646
 
  
 
583
 
 
1
 
Tax effect was calculated using the respective operating segment’s statutory rate and presented on consolidated basis.
2
 
1H 2025 figures are restated as Aegon UK is classified as discontinued operations.
 
•   Insurance service expenses are mainly driven by two items:
 
°
 		   Assumption changes on onerous contracts amounting to a loss of EUR 511 million (2025: loss of EUR 181 million), which is included in Other income / (charges).
 
°
 		   Change in value of VFA products that result in (a reversal of) onerous contracts, amounting to a gain of EUR 2 million (2025: loss of EUR 41 million), which is included in Fair value items.
•   Net income / (expenses) on reinsurance held mainly consist of assumption changes that relate to (a reversal of) underlying onerous contracts, amounting to a gain of EUR 185 million (2025: gain of EUR 14 million), which is included in Other income / (charges).
•   Net fair value change of financial investments at fair value through profit or loss, other than derivatives reflects the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in the operating result.
•  
Insurance finance income / (expenses) mainly relates to changes in the fair value of VFA products, amounting to a loss of EUR
552 million (2025: loss of EUR 239
million), which is included in Fair value items.
•   Net reinsurance finance income / (expenses) on reinsurance held relate to changes in discount rates and is included in Fair value items.
•   Commissions and expenses, which are included in Other income / (charges), relate to items that cannot be directly allocated to a specific line of business and restructuring charges.
3.2 Investments
Amounts included in the table below are presented on an IFRS basis, which means that investments in joint ventures and associates are not consolidated on a proportionate basis. Instead, these investments are included on a single line using the equity method of accounting.
 
 
 
 
 
 
June 30, 2026
      Americas       
United
Kingdom
  
 
      International       
Asset
Management
  
 
     
Holding
and other
activities
  
 
 
        Total  
 Shares      212        -        60        10        -        282  
 Debt securities      51,233        -        1,162        96        -        52,491  
 Unconsolidated investment funds      97,254        -        241        -        -        97,495  
 Loans      9,557        -        3        -        11        9,571  
 Other financial assets      6,937        -        75        283        -        7,294  
 Investments in real estate      35        -        18        -        -        53  
 Total investments on balance sheet
   
 
165,228
 
   
 
-
 
   
 
1,559
 
   
 
389
 
   
 
11
 
   
 
167,187
 
 Off-balance
sheet investments third parties		      218,372        -        8,444        286,659        -        513,475  
Total revenue-generating investments
   
 
383,599
 
   
 
-
 
   
 
10,003
 
   
 
287,048
 
   
 
11
 
   
 
680,662
 
Investments
                  
Financial assets measured at FVOCI
                  
 - Backing insurance contracts without direct part.      42,305        -        1,202        -        -        43,506  
 -
Non-insurance
related assets		      8,955        -        1        79        -        9,034  
Financial assets measured at FVPL
                  
 - Backing direct part. insurance contracts      68,985        -        273        -        -        69,258  
 - Backing insurance contracts without direct part.      6,376        -        43        -        -        6,419  
 -
Non-insurance
related assets		      29,099        -        20        275        -        29,394  
Financial assets measured at amortized cost
      9,474        -        1        36        11        9,522  
 Investments in real estate      35        -        18        -        -        53  
 Total investments on balance sheet
   
 
165,228
 
   
 
-
 
   
 
1,559
 
   
 
389
 
   
 
11
 
   
 
167,187
 
 Investments in joint ventures      -        -        1,140        562        -        1,702  
 Investments in associates      80        -        -        284        2,397        2,761  
 Other assets
1
     25,072        14        4,406        561        10,759        27,830  
 Assets held for sale      -        138,246        -        -        -        138,246  
Consolidated total assets
   
 
190,380
 
   
 
138,260
 
   
 
7,106
 
   
 
1,796
 
   
 
13,168
 
   
 
337,725
 
 
1
 
Other assets total eliminates intercompany transactions of EUR 12,984 million.
 
December 31, 2025
      Americas       
United
Kingdom
  
 
      International       
Asset
Management
  
 
     
Holding
and other
activities
  
 
 
        Total  
 Shares
      211        15,315        60        9        -        15,595  
 Debt securities      48,104        6,871        1,125        102        -        56,202  
 Unconsolidated investment funds      92,292        98,164        215        -        -        190,671  
 Loans      9,753        1,714        3        -        11        11,481  
 Other financial assets      7,900        2,627        67        119        -        10,713  
 Investments in real estate      24        437        19        -        -        479  
 Total investments on balance sheet
   
 
158,284
 
   
 
125,128
 
   
 
1,487
 
   
 
230
 
   
 
11
 
   
 
285,141
 
 Off-balance
sheet investments third parties		      220,501        158,105        4,602        223,228        -        606,437  
Total revenue-generating investments
   
 
378,786
 
   
 
283,233
 
   
 
6,089
 
   
 
223,459
 
   
 
11
 
   
 
891,578
 
Investments
                  
Financial assets measured at FVOCI
                  
 - Backing insurance contracts without direct part.      39,952        -        1,158        -        -        41,109  
 -
Non-insurance
related assets		      8,540        -        7        100        -        8,648  
Financial assets measured at FVPL
                  
 - Backing direct part. insurance contracts      65,746        43,592        243        -        -        109,580  
 - Backing insurance contracts without direct part.      6,811        990        43        -        -        7,845  
 - Backing direct part. investment contracts      -        21,441        -        -        -        21,441  
 -
Non-insurance
related assets		      27,540        58,668        18        94        -        86,320  
Financial assets measured at amortized cost
      9,671        -        1        36        11        9,719  
 Investments in real estate      24        437        19        -        -        479  
 Total investments on balance sheet
   
 
158,284
 
   
 
125,128
 
   
 
1,487
 
   
 
230
 
   
 
11
 
   
 
285,141
 
 Investments in joint ventures      -        -        1,065        502        -        1,566  
 Investments in associates      78        -        -        296        2,264        2,638  
 Other assets
1
     23,859        1,795        4,416        523        10,485        27,888  
Consolidated total assets
   
 
182,221
 
   
 
126,923
 
   
 
6,968
 
   
 
1,551
 
   
 
12,760
 
   
 
317,233
 
 
1
 
Other assets total eliminates intercompany transactions of EUR 13,190 million.
 
 
 
 
 
 
3.3 (Re)Insurance contracts and investment contracts with discretionary participation feature (DPF)
 
       Americas     
United
 Kingdom
     International      Eliminations        Total  
June 30, 2026
             
Insurance contracts
             
Direct participation contracts
      70,145        -       274        -       70,419  
Without direct participation contracts
      66,233        -       4,907        (4,218 )      66,922  
Contracts measured under the PAA
      -        -       50        -       50  
Investment contracts with DPF
             
Without direct participation contracts
      -        -       20        -       20  
           
Insurance contracts and investment contracts with DPF
   
 
136,378
 
   
 
-
 
  
 
5,250
 
   
 
(4,218
) 
  
 
137,410
 
Reinsurance contracts held
      17,298        -       3,967        (4,091 )      17,173  
December 31, 2025
             
Insurance contracts
             
Direct participation contracts
      67,074        44,188       246        -       111,508  
Without direct participation contracts
      63,355        517       4,918        (4,292 )      64,497  
Contracts measured under the PAA
      -        -       44        -       44  
Investment contracts with DPF
             
Direct participation contracts
      -        21,269       -        -       21,269  
Without direct participation contracts
      -        -       12        -       12  
           
Insurance contracts and investment contracts with DPF
   
 
130,429
 
   
 
65,974
 
  
 
5,220
 
   
 
(4,292
) 
  
 
197,331
 
Reinsurance contracts held
      17,086        (3 )      3,981        (4,106 )      16,958