United States

Securities and Exchange Commission

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

October 15, 2019

Commission File No. 1-10882

 

 

AEGON N.V.

 

 

Aegonplein 50

2591 TV THE HAGUE

The Netherlands

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☒ Form 20-F         ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule

101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule

101(b)(7): ☐

 

 

 

 

This document has been prepared for incorporation by reference in Aegon’s registration statement under the Securities Act of 1933 on Form F-3 filed on August 31, 2017.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				AEGON N.V.
				(Registrant)
Date: October 15, 2019				By		/s/ J.H.P.M. van Rossum
						J.H.P.M. van Rossum
						Executive Vice President and Head of Corporate Financial Center

Effective January 1, 2019 Aegon adopted a voluntary accounting policy change related to the liability adequacy test (LAT) of Aegon the Netherlands, which is applied retrospectively.

The recognition of a LAT deficit in Aegon the Netherlands triggered a review and change of its existing accounting policy related to the LAT. The change relates to the period considered for the unrealized gains on financial assets that are accounted for at amortized cost which are taken into account in the LAT, specifically where they relate to intercompany transactions between insurance and non-insurance entities.

The change does not impact other reporting units within Aegon as this change is specific to Aegon the Netherlands.

The impact of the voluntary accounting policy change resulted in a restatement of certain balances as of December 31, 2018 and for the six-month period ended June 30, 2018. Refer to note 2 of the unaudited condensed consolidated interim financial statements as of June 30, 2019 and for the six-month period then ended included in Aegon N.V.’s Current Report on Form 6-K filed with the SEC on August 15, 2019.

The impact of the voluntary accounting policy change on comparative numbers for the financial years 2017 and 2016, which were not restated, is provided in the following tables, including references to the notes to the consolidated financial statements as published in Aegon’s 2018 Annual Report on Form 20-F.

 

 

Impact of voluntary change in accounting policy on the consolidated statement of comprehensive income
								Change in
								accounting												Change in												Change in
								policy				December								accounting				December								accounting				December
				December				related to				31, 2018				December				policy related				31, 2017				December				policy related				31, 2016
				31, 2018				liability				(after				31, 2017				to liability				(after				31, 2016				to liability				(after
				(as previously				adequacy				voluntary				(as previously				adequacy				voluntary				(as previously				adequacy				voluntary
EUR millions				reported) 1				testing				change)				reported) 1				testing				change)				reported) 1				testing				change)
		Note
Net income / (loss)					711				-				711				2,469				-				2,469				438				-				438
Items that may be reclassified subsequently to profit or loss:
Gains / (losses) on revaluation of available-for-sale investments					(2,138	)			(4	)			(2,142	)			1,283				93				1,376				854				(123	)			731
Income tax relating to items that may be reclassified					493				1				494				951				(23	)			927				225				31				256
Net effect comprehensive income					(393	)			(3	)			(396	)			431				70				501				(863	)			(92	)			(956	)
Total comprehensive income / (loss) attributable to:
Owners of Aegon N.V.					(395	)			(3	)			(398	)			435				70				505				(878	)			(92	)			(970	)
Non-controlling interests					2				-				2				(3	)			-				(3	)			15				-				15
1 As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.
Impact of voluntary change in accounting policy on the consolidated statement of financial position
								Change in
								accounting												Change in												Change in
								policy												accounting				December								accounting				December
				December				related to				December				December				policy related				31, 2017				December				policy related				31, 2016
				31, 2018				liability				31, 2018				31, 2017				to liability				(after				31, 2016				to liability				(after
				(as previously				adequacy				(after				(as previously				adequacy				voluntary				(as previously				adequacy				voluntary
EUR millions				reported) 1				testing				restated)3				reported) 1				testing				change)				reported) 2				testing				change)
		Note
Equity and liabilities
Shareholders’ equity		32			19,225				(26	)			19,200				20,288				(23	)			20,266				20,520				(92	)			20,428
Insurance contracts		36			115,294				34				115,328				110,818				30				110,848				119,569				123				119,692
Deferred tax liabilities		43			538				(9	)			529				1,029				(8	)			1,021				2,201				(31	)			2,170

¹ As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.    

² As reported in Aegon’s Annual Report on Form 20-F dated March 22, 2018.    

³ As reported in Aegon’s unaudited condensed consolidated interim financial statements as of June 30, 2019 on Form 6-K dated August 15, 2019.    

 

Impact of voluntary change in accounting policy on the statement of changes in equity
										Change in
										accounting												Change in												Change in
										policy												accounting				December								accounting				December
						December				related to				December				December				policy related				31, 2017				December				policy related				31, 2016
						31, 2018				liability				31, 2018				31, 2017				to liability				(after				31, 2016				to liability				(after
						(as previously				adequacy				(after				(as previously				adequacy				voluntary				(as previously				adequacy				voluntary
EUR millions						reported) 1				testing				restated)				reported) 1				testing				change)				reported) 1				testing				change)
		Note
Share capital			32.1				7,808				-				7,808				8,053				-				8,053				8,193				-				8,193
Retained earnings			32				9,657				-				9,657				9,374				-				9,374				7,419				-				7,419
Revaluation reserves			32.4				3,461				(26	)			3,436				4,920				(23	)			4,898				5,381				(92	)			5,289
Remeasurement of defined benefit plans			32.5				(1,850	)			-				(1,850	)			(1,669	)			-				(1,669	)			(1,820	)			-				(1,820	)
Other reserves			32.6				149				-				149				(390	)			-				(390	)			1,347				-				1,347
Shareholders’ equity							19,225				(26	)			19,200				20,288				(23	)			20,266				20,520				(92	)			20,428

¹ As reported in Aegon’s Annual Report on Form 20-F dated March 21, 2019.