Management of the company is responsible for the preparation and fair presentation of the company financial statements and for the preparation of the Report of the Executive Board, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the company financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Netherlands Civil Code, we report, to the extent of our competence, that the Report of the Executive Board is consistent with the company financial statements as required by 2:391 sub 4 of the Netherlands
AUDITOR’S REPORT TO THE SUPERVISORY BOARD AND THE EXECUTIVE BOARD OF AEGON N.V.
Operating earnings before tax by line of business 166 162 111 191 630 Individual savings and retirement products 136 163 146 79 524 6 7 6 13 32 Share in net results of associates 7 10 8 11 36
New life sales 209 204 186 212 811 New premium production accident and health insurance 176 160 166 178 680 17 14 11 14 56 New premium production general insurance 12 13 12 21 58
Acquisition date is the date on which the acquirer effectively obtains control of the acquiree. In most cases this includes at least the transfer of risks and rewards related to the acquired business or assets/
Assets held by long-term employee benefit funds are part of plan assets. These are assets (other than non-transferable financial instruments issued by the reporting entity) that: Are held by an entity that is legally separate from the reporting entity and exists solely to pay or fund employee benefi ts; and
Capitalization is the recognition of a cost as part of the cost of an asset on the balance sheet.
Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund)
Discretionary participation feature is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits: That are likely to be a signifi cant portion of the total contractual benefi ts; Whose amount or timing is contractually at the discretion of the issuer; and
• The profit or loss of the company, fund or other entity that issues the contract.
Equity instruments are financial instruments issued by the Group that are classified as equity if they evidence a residual interest in the assets of the Group after deducting all of its liabilities.
A contract that will or may be settled in the entity’s own equity instruments and is; • A non-derivative for which the entity is or may be obliged to deliver a variable number of the entity’s own equity instruments; or
General account investments is investments of which the financial risks are not borne by the policyholder.
Insurance contract is a contract under which one party (the insurer)
by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder.
Private loan is a non-derivative financial asset with a fixed interest rate and a maturity date, which is not bought in an active market but negotiated between the two parties involved. Private loans are not embodied in securities. When a private loan takes the form of a private placement of bonds or other investments directly to an institutional investor like an insurance company, it has more the character of a bond loan and such financial instruments are classified as availablefor -sale investments rather than as loans and receivables.
Qualifying insurance policies are a component of plan assets. These are insurance policies issued by an insurer that is not a related party of the reporting entity, if the proceeds of the policies: Can be used only to pay or fund employee benefi ts under a defi ned benefi t plan; and
Trust Pass-Through securities are securities through which the holders participate in a trust. The assets of these trusts consist of debentures issued by an AEGON group company.
DPAC or the VOBA amortization schedule to reflect changes between the past and current expectations of key assumptions used in the projection of future gross profits.
The statements contained in this annual report that are not historical facts are forward-looking statements as defined in the US
• The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities we hold; The frequency and severity of insured loss events; Changes affecting mortality, morbidity and other factors that may impact the profi tability of our insurance products; Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels; Changes affecting currency exchange rates, in particular the
Respect, quality, transparency and trust constitute AEGON’s core values as the company continually strives to meet the expectations of customers, shareholders, employees and business partners. AEGON is driven to deliver new thinking and our ambition is to be the best in the industry.