Today, Aegon has published an enhanced 2015 financial supplement to reflect the voluntary changes in accounting policies, effective January 1, 2016, as announced at Aegon’s Analyst & Investor conference on January 13, 2016.
In addition, based on the amended strategic plans announced on January 13, 2016, Aegon has reconsidered its segment reporting. These reporting changes will be applied as of the publication of Aegon's first quarter 2016 results on May 12, 2016.
Amended accounting policies
Effective January 1, 2016, Aegon will make voluntary changes in accounting policies, which will be applied retrospectively.
Firstly, Aegon will adopt a group-wide accounting policy for reinsurance transactions that are entered into as part of a plan to exit a business. Also, Aegon will make two voluntary accounting policy changes that better reflect its business strategy in the United Kingdom.
The changes in the United Kingdom do not impact other reporting units, however, these changes do increase alignment with other reporting units within Aegon. Comparative quarterly 2015 data that reflect the amended accounting policies is available in Aegon's updated financial supplement.
New reporting format
Given that Aegon will change its managerial view to how geographical areas and underlying businesses have developed since 2010, internal management reports will change as of 2016 accordingly. Alignment of segment reporting with those changes and developments will be put in place in 2016 reflecting Aegon's announcements related to its strategic plan.
The following segments will be reported from 2016 onwards:
- Americas
- Europe
- Asia
- Asset Management
The change in segment reporting does not have an impact on the financial position, results of operations or cash flows of Aegon.
For technical reasons, Aegon also filed a Supplemental Annual Report on Form 6-K with the United States Securities and Exchange Commission (SEC), reflecting the voluntary changes in accounting policies and the change in segment reporting. The audited and officially reported results for 2013, 2014 and 2015 remain unchanged.
For additional information on the voluntary changes in accounting policies and the change in segment reporting please refer to Aegon's 2015 annual report.