Form 6-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GcRcPUoMD83MU9yiuYelAexHYg/Gx00LuWTaQgvyH7hYdA/ZbsY2YzyxDsxYBRbt CHRMLE2Dso+41UBTKQ1YHQ== 0001193125-08-106931.txt : 20080508 0001193125-08-106931.hdr.sgml : 20080508 20080508080346 ACCESSION NUMBER: 0001193125-08-106931 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080508 FILED AS OF DATE: 20080508 DATE AS OF CHANGE: 20080508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEGON NV CENTRAL INDEX KEY: 0000769218 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10882 FILM NUMBER: 08812013 BUSINESS ADDRESS: STREET 1: AEGONPLEIN 50 STREET 2: PO BOX 202 2501 CE CITY: THE HAGUE STATE: P7 BUSINESS PHONE: 011-31-70-344-7308 MAIL ADDRESS: STREET 1: AEGONPLEIN 50 STREET 2: PO BOX 202 2501 CE CITY: THE HAGUE STATE: P7 6-K 1 d6k.htm FORM 6-K Form 6-K

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

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

the Securities Exchange Act of 1934

May 2008

AEGON N.V.

AEGONplein 50

2591 TV THE HAGUE

The Netherlands

AEGON’s press release, dated May 7, 2008, is included as appendix and incorporated herein by reference.

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: May 8, 2008	By	/s/ E. Lagendijk
		E. Lagendijk
		Executive Vice President and
		General Counsel

EX-99.1 2 dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1


1Q2008 RESULTS RELEASE		MAY 7, 2008

Strong underlying performance (up 9%); net income affected by market conditions

^¡	Strong business performance results in a 9% rise in underlying earnings before tax

^¡	Operating earnings and net income affected by recent turmoil in world financial markets

^¡	AEGON reports no significant impairments, reflecting high quality of investment portfolio

^¡	AEGON confident it will meet 2010 value of new business target despite decline in first quarter

Chairman’s Statement

AEGON’s Chairman of the Executive Board and CEO Alexander Wynaendts stated:

“AEGON’s businesses continued to demonstrate strong underlying performance, despite the turbulent environment. Retail sales progressed well during the quarter, in particular in the US and the Netherlands. The downturn in financial markets and a weak US dollar resulted in AEGON reporting considerably lower operating earnings and net income for the first quarter. Since the end of the quarter we have seen a reversal of the widening of credit spreads, which would have reduced significantly the negative impact of fair value assets on AEGON’s operating earnings and net income. The quality of our investment portfolio is again demonstrated by the fact that AEGON experienced no material impairments in the first quarter. In addition, our capital position and cash flows remain strong. We also remain confident in our progress toward our 2010 VNB target. Finally, in line with our international growth strategy, we successfully continued our international expansion in Central and Eastern Europe and Turkey.”

PERFORMANCE INDICATORS


*amounts in EUR millions (except per share data)*	Notes	1Q 2008		1Q 2007		%		At constant currency %
	1
Underlying earnings before tax	2	658		602		9		22
Net operating earnings		267		484		(45	)	(38	)
Net income	3	153		707		(78	)	(75	)
Net income per share		0.07		0.42		(83	)	(79	)
New life sales	4	686		826		(17	)	(8	)
Total deposits	5	8,636		12,976		(33	)	(25	)
Value of new business (VNB)		186		232		(20	)	(12	)
Return on equity - underlying earnings	6	13	%	11	%	18

For notes see page 28.

Media relations

+ 31 70 344 8344

Investor relations

+ 31 70 344 8305

+ 1 877 548 9668 – toll free USA only

Media conference call

8:15 am CET

Analyst & Investors call

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Website

www.aegon.com

Financial supplement

AEGON’s Q1 2008 financial

supplement is available on

www.aegon.com

2008050701

Strategic developments

AEGON has a focused strategy, aimed at creating long-term value for all its stakeholders. The Group’s objectives are to expand its international presence, further strengthen its distribution networks and invest in its growing pension businesses. AEGON took a number of specific steps to meet these objectives:

^¡

AEGON strengthened its position in the developing pension and asset management markets in Central and Eastern Europe (CEE) by signing an agreement to acquire the UNIQA Asset Management Company and the Heller-Saldo 2000 Pension Fund Management Company in Hungary, with a total number of pension fund members of 140,000. Following the acquisition, AEGON Hungary’s pension revenue generating investments will amount to EUR 1.9 billion.

^¡

As part of its ongoing efforts to expand in rapidly developing markets, AEGON also announced the acquisition of Turkish life and pension company Ankara Emeklilik. Turkey, with its population of 74 million people, has a low life insurance penetration and the private pensions market has significant growth potential. In addition, Ankara Emeklilik has a well-established presence in the Turkish life insurance and private pensions market, with more than 54,000 pension fund members and EUR 35 million in revenue generating investments. Ankara Emeklilik sells through a variety of different channels and has an agreement with Şekerbank to distribute products and services through a nationwide network of 236 branches.

^¡

In April, AEGON and Industrial Securities, one of China’s leading securities firms, announced the establishment of a new asset management joint venture following final approval from the country’s regulatory authorities. The joint venture will be named AEGON Industrial Fund Management Company. Under the agreement, AEGON will acquire a 49% interest in Industrial Fund Management Company (IFMC), a subsidiary of Industrial Securities. IFMC is a Chinese mutual fund manager with approximately EUR 3 billion in revenue generating investments. Industrial Securities will retain the remaining 51% of IFMC.

AEGON’s value of new business (VNB) decreased to EUR 186 million. The decline was due primarily to the impact of a weaker US dollar and British pound and a lower contribution from the Group’s life reinsurance and institutional businesses in the Americas. There was a decline in VNB from both Taiwan and the Netherlands, because of a recent change in business mix and the effect of markets on unit-linked sales in Taiwan, while in Spain new business volumes were also lower. AEGON’s operations in CEE again reported strong growth in VNB, helped by the launch of a new mandatory pension fund in Romania at the start of 2008.

Value of new business 1Q 2008

LOGO

Internal rates of return, meanwhile, improved, rising to 18.4% as the Group continued to focus on writing profitable new business.

Local knowledge. Global power. | Page 2 of 37

Financial highlights

FINANCIAL OVERVIEW


*EUR millions*	Notes	1Q 2008		1Q 2007		%		At constant currency %
	1

Underlying earnings before tax by line of business
Life and protection		252		260		(3	)	7
Individual savings and retirement products		116		125		(7	)	5
Pensions and asset management		121		132		(8	)	(1	)
Institutional products		108		87		24		41
Reinsurance		43		36		19		34
Distribution		9		10		(10	)	(13	)
General insurance		17		3		N.M.		N.M.
Interest charges and other		(17	)	(58	)	(71	)	(61	)
Share in net results of associates		9		7		29		36
Underlying earnings before tax		658		602		9		22
Over / (under) performance of fair value items		(316	)	39		N.M.		N.M.
Operating earnings before tax		342		641		*(47*	)	*(40*	)

Operating earnings before tax by line of business
Life and protection		232		262		(11	)	(2	)
Individual savings and retirement products		(58	)	136		N.M.		N.M.
Pensions and asset management		87		146		(40	)	(34	)
Institutional products		(55	)	100		N.M.		N.M.
Reinsurance		31		36		(14	)	(3	)
Distribution		9		10		(10	)	(13	)
General insurance		17		2		N.M.		N.M.
Interest charges and other		70		(58	)	N.M.		N.M.
Share in net results of associates		9		7		29		36
Operating earnings before tax		342		641		*(47*	)	*(40*	)

Gains/(losses) on investments		(39	)	283		N.M.		N.M.
Impairment charges		(32	)	7		N.M.		N.M.
Other income/(charges)		(54	)	15		N.M.		N.M.
Income before tax		217		946		*(77*	)	*(73*	)
Income tax		(64	)	(239	)	(73	)	(68	)
Net income		153		707		(78	)	(75	)

Net underlying earnings		503		455		11		23
Net operating earnings		267		484		*(45*	)	*(38*	)

Underlying earnings geographically
Americas		478		478		0		14
The Netherlands		113		87		30		30
United Kingdom		45		66		(32	)	(23	)
Other countries		39		29		34		37
Holding and other		(17	)	(58	)	(71	)	(61	)
Underlying earnings before tax		658		602		9		22
Operating earnings geographically
Americas		104		505		(79	)	(76	)
The Netherlands		84		99		(15	)	(15	)
United Kingdom		45		66		(32	)	(23	)
Other countries		39		29		34		37
Holding and other		70		(58	)	N.M.		N.M.
Operating earnings before tax		342		641		*(47*	)	*(40*	)

Commissions and expenses		1,416		1,515		(7	)	2
of which operating expenses		783		795		(2	)	7

Local knowledge. Global power. | Page 3 of 37

Operational highlights

Overview

AEGON’s businesses delivered a strong underlying performance in the first quarter of 2008 despite the impact of recent turmoil in world financial markets and weaker currencies in both the United States and the United Kingdom. Underlying earnings, which exclude the effect of market fluctuations on fair value items, were up 9% (or 22% on a constant currency basis). This increase was primarily the result of business growth as well as more favorable investment spreads in the Americas, strong life insurance earnings in CEE, and higher investment income in the Netherlands.

Extremely volatile financial markets, characterized by an unparalleled spike in credit spreads, declining risk free interest rates and lower equity markets had a significant impact on the Group’s operating earnings. Operating earnings include the fair value movements of certain investment classes in the Netherlands and the Americas, as well as a number of products containing financial guarantees. These items considerably underperformed their long-term expected returns. As a result, AEGON’s operating earnings before tax declined to EUR 342 million.

Net income was down to EUR 153 million, a result of lower operating earnings and a decline in realized investment gains. Despite unfavorable market conditions, net impairments totaled just EUR 32 million (3 bps of general account investments) during the quarter. AEGON’s subprime portfolio experienced no impairments this quarter.

Underlying earnings before tax

Underlying earnings before tax increased by 9% (or 22% in constant currencies). Underlying earnings from the Americas, the Netherlands and Other countries all showed strong growth compared with the same period in 2007. In the Americas, earnings benefited from higher spreads and continued underlying growth. In the Netherlands, earnings were positively impacted by higher investment income and the inclusion of a Dutch life insurance company acquired in 2007. The United Kingdom reported a decrease in its underlying earnings, due primarily to the impact of lower financial markets on fund-related fees. Earnings from Other countries were mainly driven by growth of the life insurance business in CEE.

Operating earnings before tax

Operating earnings before tax decreased to EUR 342 million. The weakening of the US dollar and the British pound impacted operating earnings. Operating earnings in the Americas and The Netherlands showed a decline as a result of the impact of financial markets on the performance of fair value items.

The first quarter saw an unprecedented widening in credit spreads. This had a negative impact on the market value of AEGON’s EUR 4.2 billion synthetic CDO (collateralized debt obligation) program and other credit-related financial instruments. Lower interest rates, meanwhile, affected the fair value of guarantees in AEGON’s segregated fund business in Canada, as well as the Group’s total return annuities and its GMWB (guaranteed minimum withdrawal benefits) variable annuity riders. AEGON’s hedge funds portfolio experienced an underperformance, after outperforming expected long-term returns for ten consecutive quarters. As a result of widening credit spreads, AEGON’s operating earnings included a EUR 87 million gain from bonds issued by the Group. These bonds are held in the Group’s accounts at fair value and are hedged using swaps. Movements in the fair value of these swaps usually offset any gains or losses from the bonds themselves.

Net income

Net income was down to EUR 153 million, primarily the result of lower operating earnings and lower realized investment gains in the Americas and the Netherlands. A negative tax impact from intercompany reinsurance transactions largely explains the increase in the effective tax rate.

Commissions and expenses

Commissions and expenses declined 7% in the first quarter. Operating expenses were 2% lower, due to the recent strengthening of the euro. In constant currency, operating expenses increased 7%, due to further investments in the business.

Local knowledge. Global power. | Page 4 of 37

SALES


*EUR millions*	Notes	1Q 2008		1Q 2007		%		At constant currency %
New life sales
Life single premiums		2,757		3,875		(29	)	(22	)
Life recurring premiums annualized		410		438		(6	)	4
Total recurring plus 1/10 single		686		826		*(17*	)	(8	)

New premium production accident and health insurance		166		176		(6	)	7
New premium production general insurance		16		12		33		30

Gross deposits (on and off balance) by line of business
Fixed annuities		306		193		59		81
Variable annuities		685		683		0		13
Saving deposits		648		569		14		14
Retail mutual funds		564		584		(3	)	10
Pensions and asset management		3,183		3,161		1		14
Institutional guaranteed products		3,249		7,786		(58	)	(52	)
Reinsurance		1		0		N.M.		N.M.
Total gross deposits		8,636		12,976		*(33*	)	*(25*	)

Net deposits (on and off balance) by line of business
Fixed annuities		(795	)	(1,316	)	40		31
Variable annuities		(152	)	(175	)	13		6
Saving deposits		(72	)	(65	)	(11	)	(11	)
Retail mutual funds		171		192		(11	)	1
Pensions and asset management		1,170		(264	)	N.M.		N.M.
Institutional guaranteed products		(1,195	)	1,946		N.M.		N.M.
Reinsurance		(15	)	0		N.M.		N.M.
Total net deposits		(888	)	318		*N.M.*		*N.M.*

REVENUE GENERATING INVESTMENTS
		At Mar. 31 2008		At Dec. 31 2007

Revenue generating investments (total)	7	339,833		370,470		(8	)	(3	)

Investments general account		125,359		132,861		(6	)
Investments for account of policyholders		126,273		142,384		(11	)
Off balance sheet investments third parties		88,201		95,225		(7	)

Sales

Overall new life sales were down to EUR 686 million, due mainly to lower sales of both life reinsurance and bank- and corporate-owned life insurance in the Americas. Retail life sales in the Americas were up 9% and immediate annuity sales in the Netherlands also showed strong growth. New life sales in Asia decreased significantly as a result of the ongoing shift from traditional to unit-linked products and variable annuity deposits, as well as the negative effect from markets on unit-linked sales in Taiwan. Unit-linked sales in CEE were impacted by equity market volatility. In the United Kingdom, declines in sales of individual pensions were offset by increases in group business and higher sales of individual protection and annuity products.

Deposits

In the Americas, Pensions & asset management experienced continued strong growth in deposits. Fixed annuities sales benefited from a steepening of the yield curve. Variable annuity deposits increased primarily as a result of continued strong sales through banks, broker/dealers, fee planners and the inclusion of Merrill Lynch’s life insurance companies. Retail mutual funds continued to experience positive net inflows despite negative market sentiment. The decline in net deposits is mainly a result of the decline in institutional guaranteed products as no deals were possible at acceptable spreads. CEE again showed a solid increase in total gross deposits, as did Asia where a new variable annuity product was launched in Taiwan.

Local knowledge. Global power. | Page 5 of 37

AEGON’s investment portfolio

During the first quarter this year, there was a further deterioration in international credit markets. AEGON’s credit risks are concentrated primarily in the United States. The Group has structured its US investment portfolio defensively to weather a stressed credit environment. As a result, net impairments on investments totaled just EUR 32 million for the Group in the first quarter, evidence of the continued high quality of the Group’s investment portfolio.

Lower financial markets have, however, led to revaluation of credit related assets. Unlike impairments, these revaluations have no impact on the Group’s earnings. Under IFRS, for the ‘available for sale’ investment portfolio, any changes in the fair value are reflected in the revaluation reserve as part of the Group’s shareholders’ equity. Since the beginning of this year, AEGON’s revaluation reserve has declined by EUR 1.5 billion as a consequence of significantly wider credit spreads and lower equity markets, partly offset by lower interest rates.

Revaluations reflect movements in financial markets. Assets are only impaired if AEGON intends to sell at a loss or otherwise does not expect to receive full principal and interest on a particular investment. AEGON is a long-term investor and generally intends to retain large parts of the portfolio until maturity. Moreover, as a result of the Group’s effective asset and liability management, AEGON has ample liquidity in its investment portfolio.

AEGON continues to have limited exposure to the US subprime market. However, the credit risk is concentrated primarily in a certain segment, floating rate subprime assets, with over 85% rated AAA and AA. The value of these securities has been affected by the recent deterioration in the US financial markets. At the end of March, these investments, totaling EUR 1,098 million, showed an unrealized net loss of EUR 334 million. While there is clearly a risk of future impairments in this area, AEGON believes this exposure is of manageable size.

Revenue generating investments

Revenue generating investments totaled EUR 340 billion at the end of March 2008, down 8% from year-end 2007 and down 3% on a constant currency basis. The decline on a constant currency basis was due primarily to lower financial markets during the first quarter.

Capital management

At the end of March, shareholders’ equity totalled EUR 12.6 billion, a decrease of EUR 2.6 billion compared with the end of December 2007. AEGON’s revaluation reserve declined by EUR 1.5 billion. Foreign currency translation effects had an impact of EUR 1.1 billion, primarily due to a decline in the value of the US dollar and UK pound since year-end 2007 (of 7% and 9% respectively). The positive impact of net income (EUR 153 million) was partly offset by paid coupons on perpetuals (EUR 46 million) and the cost of repurchasing AEGON shares to hedge the Group’s 2008 employee stock option program (EUR 73 million).

AEGON applies leverage tolerances to its capital base, which reflects the capital employed in its core activities. This capital base consists of three elements: shareholders’ equity, capital securities and subordinated and senior debt. AEGON aims to ensure that shareholders’ equity accounts for at least 70% of its overall capital base, capital securities⁸ 25% and subordinated and senior debt a maximum of 5%. AEGON manages its economic exposure to currency revaluations in its capital base. AEGON has raised the majority of its perpetual securities denominated in US dollars. These securities are part of Group equity and as a result are carried in the balance sheet at the original EUR/USD exchange rate. At the end of March 2008, shareholders’ equity represented 72% of AEGON’s total capital base. Group equity, which includes other equity instruments (such as perpetual capital securities) and minority interests, represented 93% of total capital ^{8, 9}.

Local knowledge. Global power. | Page 6 of 37

In January, AEGON launched a 30-year USD 1.5 billion AXXX innovative capital management transaction. This financing transaction provides the company with flexible solutions that will help manage the Group’s reserves and capital in a cost efficient manner.

The initial size of this transaction is USD 300 million. AEGON will continue to explore further opportunities for securitizations and other innovative capital market transactions as part of an ongoing commitment to manage capital and reserve requirements efficiently and effectively.

Local knowledge. Global power. | Page 7 of 37

Appendix I • Americas • The Netherlands • United Kingdom • Other countries

AMERICAS - EARNINGS


*USD millions*	Notes	1Q 2008		1Q 2007		%
	1
Underlying earnings before tax by line of business
Life		159		153		4
Accident and health		115		116		(1	)
Life and protection		274		269		2
Fixed annuities		95		86		10
Variable annuities		70		66		6
Retail mutual funds		4		4		0
Individual savings and retirement products		169		156		8
Pensions and asset management		45		41		10
Institutional guaranteed products		141		94		50
BOLI/COLI		21		21		0
Institutional products		162		115		41
Reinsurance		65		47		38
Share in net results of associates		1		(1	)	N.M.
Underlying earnings before tax		716		627		14
Over / (under) performance of fair value items		(560	)	35		N.M.
Operating earnings before tax		156		662		*(76*	)

Operating earnings before tax by line of business
Life		135		155		(13	)
Accident and health		109		117		(7	)
Life and protection		244		272		(10	)
Fixed annuities		8		98		(92	)
Variable annuities		(103	)	69		N.M.
Retail mutual funds		4		4		0
Individual savings and retirement products		(91	)	171		N.M.
Pensions and asset management		38		42		(10	)
Institutional guaranteed products		(99	)	110		N.M.
BOLI/COLI		17		21		(19	)
Institutional products		(82	)	131		N.M.
Reinsurance		46		47		(2	)
Share in net results of associates		1		(1	)	N.M.
Operating earnings before tax		156		662		*(76*	)

Gains/(losses) on investments		(71	)	174		N.M.
Impairment charges		(21	)	16		N.M.
Income before tax		64		852		*(92*	)
Income tax		(103	)	(227	)	(55	)
Net income		(39	)	625		*N.M.*

Net underlying earnings		522		476		10
Net operating earnings		111		500		*(78*	)

Commissions and expenses		1,169		1,192		(2	)
of which operating expenses		547		532		3

Local knowledge. Global power. | Page 8 of 37

AMERICAS - SALES


*USD millions*	Notes	1Q 2008		1Q 2007		%
New life sales
Life single premiums		241		650		(63	)
Life recurring premiums annualized		238		248		(4	)
Total recurring plus 1/10 single		262		313		*(16*	)

Life		187		172		9
BOLI/COLI		14		60		(77	)
Reinsurance		61		81		(25	)
Total recurring plus 1/10 single		262		313		*(16*	)

New premium production accident and health insurance		237		219		8

Gross deposits (on and off balance) by line of business
Fixed annuities		459		253		81
Variable annuities		974		892		9
Retail mutual funds		773		741		4
Pensions and asset management		4,252		3,470		23
Institutional guaranteed products		4,870		10,198		(52	)
Reinsurance		2		0		N.M.
Total gross deposits		11,330		15,554		*(27*	)

Net deposits (on and off balance) by line of business
Fixed annuities		(1,192	)	(1,723	)	31
Variable annuities		(279	)	(232	)	(20	)
Retail mutual funds		247		245		1
Pensions and asset management		1,644		821		100
Institutional guaranteed products		(1,792	)	2,549		N.M.
Reinsurance		(23	)	0		N.M.
Total net deposits		(1,395	)	1,660		*N.M.*

REVENUE GENERATING INVESTMENTS
		At Mar. 31 2008		At Dec. 31 2007
Revenue generating investments (total)	7	317,075		325,999		(3	)
Investments general account		132,172		134,678		(2	)
Investments for account of policyholders		76,192		81,663		(7	)
Off balance sheet investments third parties		108,711		109,658		(1	)

Local knowledge. Global power. | Page 9 of 37

Americas

^¡	Strong underlying earnings growth of 14% reflects organic growth, the acquisition of Merrill Lynch’s life insurance companies and higher investment spreads

^¡	Double digit sales growth in both Individual savings & retirement and pensions, and retail life sales up 9%

^¡	Operating earnings significantly affected by market valuations on fair value items

^¡	No significant impairments reflecting high quality of investment portfolio

“AEGON Americas reported solid underlying earnings growth of 14% during the first quarter. For the most part, the basics of our diversified business portfolio continued to perform well in a difficult economic environment,” said Pat Baird, CEO of AEGON Americas. “We believe our investment portfolio and investment oriented products to be well positioned to weather the difficult credit environment. Our operating earnings and net income were negatively affected by widening credit spreads and market valuations being determined primarily by distressed sellers of certain asset classes.”

Overview

AEGON Americas’ underlying performance remained strong and all business lines reported organic growth, with the exception of fixed annuities. Higher investment spreads in the institutional business contributed positively to earnings, as did the inclusion of Merrill Lynch’s life insurance companies. However, Americas faced significant headwinds during the first quarter with unprecedented credit spread widening and growing concerns of an economic slowdown in the United States. These led to mark-to-market valuations impacting the operating earnings.

Retail life sales showed continued growth, with a double-digit increase in deposits in both Individual savings & retirement and pensions. The current financial crisis did however affect production in AEGON Americas’ institutional business.

The investment portfolio continues to weather the current turmoil in terms of impairment charges. Although the subprime portfolio experienced negative revaluations this quarter due to credit spread widening there were no impairments on this portfolio.

Underlying earnings before tax

^¡	Underlying earnings from Life & protection remained relatively flat. Strong organic growth was offset by unfavorable mortality experience.

^¡	Earnings from Individual savings & retirement increased by 8% thanks to a favorable mortality experience on a closed structured settlement block, as well as additional income from the Merrill Lynch acquisition.

^¡	Continued organic growth resulted in a 10% increase in underlying earnings from Pensions & asset management activities.

^¡	Underlying earnings from the Institutional line of business were up 41%. The decrease in short term interest rates during the quarter produced strong positive spreads on institutional guaranteed products, while BOLI/COLI earnings remained flat.

^¡	Life reinsurance earnings increased 38% on solid growth and positive mortality.

Operating earnings before tax

Operating earnings before tax declined to USD 156 million, primarily due to the dislocation of financial markets. Increased financial market volatility had a significant negative mark-to-market impact on items carried at fair value.

These fair value items include hedge funds, derivatives, total return annuities and guarantees on variable annuities like GMWB and Canadian segregated funds. Each of these underperformed during the quarter, including hedge funds, which underperformed after ten straight quarters of outperformance. The total underperformance (against long-term expected returns) of fair value items during the quarter was USD 560 million versus an overperformance in the first quarter 2007 of USD 35 million.

^¡	Operating earnings from Life & protection business were negatively impacted by USD 30 million, due primarily to the underperformance of hedge fund investments.

Local knowledge. Global power. | Page 10 of 37

^¡

Individual savings & retirement business showed an overall underperformance in fair value items of USD 260 million. A drop in the risk free rate in Canada resulted in an underperformance of AEGON Canada’s segregated funds. Low interest rates in the United States, meanwhile, led to declines in the value of AEGON USA’s total return and GMWB products.

^¡	Earnings from Pensions & asset management activities declined as a result of an underperformance in fair value items totaling USD 7 million.

^¡

The continued widening of credit spreads caused significant negative mark-to-market on credit derivatives. A large part of the underperformance is related to the synthetic CDO program managed by the Institutional business. While these assets cause substantial short-term operating earnings volatility, AEGON does not expect any cash losses on this program and believes these market adjustments will reverse over time as the transactions under the program mature. Total underperformance of earnings in the Institutional business was USD 244 million.

^¡	Earnings from life reinsurance were in line with last years’ earnings. Although underlying earnings contributed positive growth of USD 18 million, this was offset by the underperformance of fair value assets and the total return product run off.

Net income

AEGON Americas reported a net loss for the first quarter of USD 39 million, a reflection of lower operating earnings and the impact of impairment charges and realized investment losses.

Net income was also impacted by an extraordinary tax expense totaling USD 90 million related to an internal reinsurance agreement between US and Irish companies within the AEGON Group. These agreements contain an embedded derivative, valued on a mark-to-market basis. While there is no direct impact on AEGON’s overall pre-tax earnings (since any gain or loss on the embedded derivative is eliminated in consolidation), the tax rate differential between the United States and Ireland does cause fluctuations in tax expenses.

Commissions and expenses

Commissions and expenses decreased 2%. Operating expenses increased 3% driven by increases in employee benefit and acquisition expenses.

Sales and deposits

Retail life production increased 9% primarily as a result of a growth in both sales of high net worth products and in direct marketing activities. This was partly offset by declines in both BOLI/COLI production, as compared to a strong first quarter in 2007, and life reinsurance where clients seek higher retention levels. In total, new life sales in the Americas declined to USD 262 million.

In deposits, double-digit growth in both pensions and Individual savings & retirement line of business were offset by a large decrease in institutional deposits. The result was a decline in total gross deposits of 27%.

Fixed annuity deposits were up 81%, with especially strong sales through the bank channel due in part to a more favorable interest rate environment and rate specials with key accounts. Variable annuity deposits, up 9%, were spurred by the introduction of the new Retirement Income Choice benefit rider. Despite volatile equity markets, sales through the bank, broker /dealer and fee planner channels rose by 17% and 63% respectively. This increase was offset by declines in Canada, and in the direct marketing and agency channels.

Pension deposits continued to show significant growth, up 27%, with particularly strong results from the larger case market.

New spread-based institutional sales declined by 66% in the first quarter on strict pricing discipline through a volatile spread environment.

Local knowledge. Global power. | Page 11 of 37

Value of new business

VNB of USD 118 million was down 20%. Life and Protection VNB increased 66% on higher sales, better returns and lower expenses. However, lower sales volumes in the Institutional and Life reinsurance business led to an overall decline in total VNB. Pensions enjoyed strong sales growth, but reported flat VNB as a result of lower terminal funding sales linked to new retirement plans. The internal rate of return on new business was virtually unchanged at 12.6%.

Please refer to page 27 of this release for further details on AEGON’s VNB.

Revenue generating investments

Total revenue generating investments decreased by 3% in the first quarter to USD 317 billion.

Local knowledge. Global power. | Page 12 of 37

THE NETHERLANDS - EARNINGS


*EUR millions*	Notes	1Q 2008		1Q 2007		%
	1
Underlying earnings before tax by line of business
Life		32		28		14
Accident and health		8		10		(20	)
Life and protection		40		38		5
Saving products		1		5		(80	)
Retail mutual funds		0		0		N.M.
Individual savings and retirement products		1		5		(80	)
Pensions and asset management		51		42		21
Distribution		11		8		38
General insurance		10		(6	)	N.M.
Underlying earnings before tax		113		87		30
Over / (under) performance of fair value items		(29	)	12		N.M.
Operating earnings before tax		84		99		*(15*	)

Operating earnings before tax by line of business
Life		32		28		14
Accident and health		8		10		(20	)
Life and protection		40		38		5
Saving products		1		5		(80	)
Retail mutual funds		0		0		N.M.
Individual savings and retirement products		1		5		(80	)
Pensions and asset management		22		54		(59	)
Distribution		11		8		38
General insurance		10		(6	)	N.M.
Operating earnings before tax		84		99		*(15*	)

Gains/(losses) on investments		(49	)	138		N.M.
Impairment charges		(17	)	(5	)	N.M.
Income before tax		18		232		*(92*	)
Income tax		1		(41	)	N.M.
Net income		19		191		*(90*	)

Net underlying earnings		92		62		48
Net operating earnings		70		74		(5	)

Commissions and expenses		310		294		5
of which operating expenses		219		200		10

Local knowledge. Global power. | Page 13 of 37

THE NETHERLANDS - SALES


*EUR millions*	Notes	1Q 2008		1Q 2007		%
New life sales
Life single premiums		445		379		17
Life recurring premiums annualized		26		24		8
Total recurring plus 1/10 single		71		62		15

Life		31		24		29
Pensions		40		38		5
Total recurring plus 1/10 single		71		62		15

New premium production accident and health insurance		6		7		(14	)
New premium production general insurance		8		7		14

Gross deposits (on and off balance) by line of business
Saving deposits		648		569		14
Pensions and asset management		47		110		(57	)
Total gross deposits		695		679		2

Net deposits (on and off balance) by line of business
Saving deposits		(72	)	(65	)	(11	)
Pensions and asset management		36		(1,077	)	N.M.
Total net deposits		(36	)	(1,142	)	97

REVENUE GENERATING INVESTMENTS

		At Mar. 31 2008		At Dec. 31 2007
		At Mar. 31 2008		At Dec. 31 2007
Revenue generating investments (total)	7	64,965		65,643		(1	)
Investments general account		31,460		30,813		2
Investments for account of policyholders		20,649		21,354		(3	)
Off balance sheet investments third parties		12,856		13,476		(5	)

Local knowledge. Global power. | Page 14 of 37

The Netherlands

^¡	Underlying earnings before tax up 30% on higher investment income and the consolidation of a life insurance company

^¡	Operating earnings significantly affected by market valuations on fair value items

^¡	New life sales up 15% on strong growth in individual annuities

“From an operational point of view, the Netherlands showed good progress during the first quarter,” said Jos Streppel, AEGON’s Chief Financial Officer. “Underlying earnings were up and, in most lines of business, sales increased. But financial markets were volatile and inevitably impacted our operating earnings.”

Overview

AEGON The Netherlands reported an increase in underlying earnings before tax of 30% in the first quarter, a result of higher investment income, better claim experience from the general insurance activities and the inclusion of a life insurance company acquired in June 2007. For most lines of business, sales increased, while immediate annuities showed the strongest gains. Operating earnings before tax, however, were lower, primarily driven by a lower valuation of private equity investments.

Underlying earnings before tax

^¡	Earnings for the life business were up 14%, primarily on higher investment income. Despite positive technical results, earnings from Accident & health insurance at EUR 8 million were lower than last year because of an increase in expenses.

^¡	The individual savings business, meanwhile, reported lower earnings, due to higher guarantee costs.

^¡	Underlying earnings for Pensions & asset management increased by 21%. Higher investment income and the inclusion of a Dutch life insurance company, contributed positively to earnings, partly offset by lower technical results.

^¡	Lower expenses and an increase in commission income led to higher earnings from Distribution.

^¡	General insurance reported a significant improvement in its performance as earnings for the first quarter last year were negatively affected by claims from severe winter storms.

Operating earnings before tax

Operating earnings before tax decreased by 15%, as a result of a decline in the value of the company’s private equity investments. Changes to the fair value of private equity investments are reflected in the operating earnings of the Pensions & asset management business.

Net income

Net income was significantly down. This decline was the result of a number of different factors including lower operating earnings, a decrease in investment gains on equities, negative movements in the fair value of guarantees (net of hedging), and the impact of impairments on equities. Investment gains were lower following the decision to sell a significant part of the equity portfolio in 2007. The increase in the fair value of guarantees during the first quarter reflected lower equity markets and an increase in the volatility of financial markets. The effective tax rate was low, mainly due to the presence of tax-exempt gains and earnings.

Commissions and expenses

Commissions and expenses rose 5%, largely because of higher operating expenses, which is mainly the result of an increase in employee benefit charges and higher project spending.

Sales and deposits

Total new life sales in the Netherlands grew by 15%, thanks primarily to very strong sales of immediate annuities. Pension sales were also up, a reflection of increased sales in the institutional market and higher sales through the broker channel. Sales of managed assets decreased, however, largely because of intense competition in this segment of the market. Accident and health production was also lower, mainly because of a decline in sales of the ‘WIA’ disability product. General insurance production was up, the result of the inclusion of several large contracts.

Gross deposits of saving products showed an increase in the first quarter, a reflection of recent marketing campaigns and more attractive interest rates. Inflows in the ‘Levensloop’ product remained relatively stable, while overall ‘Levensloop’ assets continued to grow. Total net deposits improved significantly.

Local knowledge. Global power. | Page 15 of 37

Value of new business

As a result of changes to its business mix, the VNB declined. The company’s internal rate of return, meanwhile, reached 10.7%, close to AEGON’s hurdle rate of 11%.

Please refer to page 27 for more detailed information on VNB.

Revenue generating investments

At the end of March 2008, revenue generating investments totaled EUR 65 billion, down fractionally from end-2007 levels. The decrease is a reflection of lower equity markets during the first quarter.

Local knowledge. Global power. | Page 16 of 37

UNITED KINGDOM - EARNINGS


*GBP millions*	Notes	1Q 2008		1Q 2007		%
Operating earnings before tax by line of business
Life		8		5		60
Accident and health		0		0		N.M.
Life and protection		8		5		60
Pensions and asset management		28		38		(26	)
Distribution		(2	)	1		N.M.
Operating earnings before tax		34		44		*(23*	)

Gains/(losses) on investments		2		1		100
Other income/(charges)	10	(41	)	10		N.M.
Income before tax		(5	)	55		*N.M.*
Income tax attributable to policyholder return		41		(7	)	N.M.
Income before income tax on shareholders return		36		48		*(25*	)
Income tax on shareholders return		(5	)	(10	)	(50	)
Net income		31		38		*(18*	)

Net underlying earnings		30		37		*(19*	)
Net operating earnings		30		37		*(19*	)

Commissions and expenses		157		144		9
of which operating expenses		98		90		9

Local knowledge. Global power. | Page 17 of 37

UNITED KINGDOM - SALES


*GBP millions*	Notes	1Q 2008		1Q 2007	%
New life sales	11
Life single premiums		1,498		1,827	(18	)
Life recurring premiums annualized		141		114	24
Total recurring plus 1/10 single		291		297	(2	)

Life		55		48	15
Pensions		236		249	(5	)
Total recurring plus 1/10 single		291		297	(2	)

Gross deposits (on and off balance) by line of business
Pensions and asset management		112		185	(39	)
Total gross deposits		112		185	*(39*	)

Net deposits (on and off balance) by line of business
Pensions and asset management		(41	)	56	N.M.
Total net deposits		(41	)	56	*N.M.*

REVENUE GENERATING INVESTMENTS

		At Mar. 31 2008		At Dec. 31 2007
Revenue generating investments (total)	7	50,551		53,115	(5	)
Investments general account		4,233		4,157	2
Investments for account of policyholders		43,611		46,095	(5	)
Off balance sheet investments third parties		2,707		2,863	(5	)

Local knowledge. Global power. | Page 18 of 37

United Kingdom

^¡	Operating earnings decline on lower financial markets

^¡	Growth in group pension and individual annuities were offset by lower sales of personal pensions and investment bonds

^¡	Value of new business up 3% in local currency; margins continued to improve

“Our strategy is bearing fruit,” said Otto Thoresen, CEO of AEGON UK. “We saw steady growth in our annuity, individual protection and corporate pension businesses during the quarter. In addition, we’re making strong progress with our bank distribution partnerships and our efforts to extend the range of products and services we offer. Financial market volatility, however, had an impact on both our earnings and on general market sentiment.”

Overview

Operating earnings before tax declined 23%, due primarily to the impact of lower bond and equity markets on fund-related charges in the pension business. Strong growth in sales of group pensions and individual annuities were offset by declines in personal pensions and investment bonds. The value of new business rose by 3% in local currency, despite lower sales volumes.

Underlying earnings before tax

In the UK underlying earnings equal operating earnings.

Operating earnings before tax

^¡	Earnings from Life & protection operations grew 60% as result of continued growth in the company’s annuity and individual protection businesses, following a successful strategy to expand into higher margin products.

^¡	Earnings from Pensions & asset management business were 26% lower as a decline in asset values during the quarter led to a fall in income from fund-related charges.

^¡	Lower sales and the cost of new investments resulted in a decrease in earnings from AEGON UK’s distribution activities. Tax changes on investment products, worsening investor sentiment and concerns over the UK housing market all contributed to the overall decline in sales.

Net income

Net income decreased by 18% due to lower operating earnings. A higher proportion of earnings was generated by the Life & protection business, which is taxed at a lower rate. The company’s effective tax rate fell to 13.5%, following the UK government’s recent decision to reduce corporation tax.

Commissions and expenses

Total commissions and expenses rose 9%. Operating expenses were higher as a result of recent business growth and an increase in performance-related costs in the company’s asset management business. Higher amortization charges as a result of maturing of the portfolio also led to an increase in expenses.

Sales and deposits

Overall, new life sales were down 2%. Sales of group pensions and annuities showed strong growth, but were offset by a decline in individual pensions and investment bonds.

Sales of individual pensions were lower compared with the record levels seen last year. These record levels were the result of exceptional activity following ‘Pension A-Day’ in May 2006. Meanwhile, recent tax changes and increased financial market volatility led to lower sales of investment bonds, retail mutual funds and managed assets. Currently, AEGON UK has a relatively small share of the on-shore investment bond market. However, this is expected to grow in the coming months, following the launch of a new investment bond product earlier this year. This product offers customers a wide choice of funds, flexible charging and commission structures and the certainty of capital guarantees.

Local knowledge. Global power. | Page 19 of 37

In Q2 2008 AEGON will launch a pension contract called Income for Life. This is a variable annuity style contract, developed for the at-retirement pension market.

Value of new business

VNB increased 3% in local currency as a result of further improvement in margins, despite a decline in sales volumes. Much of the improvement in margins was concentrated in the annuity and individual protection businesses. In the first quarter, the internal rate of return on new business rose to 13.0%.

Please refer to page 27 for more detailed information on VNB.

Revenue generating investments

At the end of March 2008, AEGON UK had a total of GBP 51 billion in revenue generating investments, a decline compared with end-2007 levels due to lower equity and bond markets.

Local knowledge. Global power. | Page 20 of 37

OTHER COUNTRIES - EARNINGS


*EUR millions*	Notes	1Q 2008		1Q 2007		%
Operating earnings before tax by line of business
Life		17		8		113
Accident and health		2		1		100
Life and protection		19		9		111
Variable annuities		1		0		N.M.
Retail mutual funds		1		0		N.M.
Individual savings and retirement products		2		0		N.M.
Pensions and asset management		3		4		(25	)
General insurance		7		8		(13	)
Share in net results of associates		8		8		0
Operating earnings before tax		39		29		34

Gains/(losses) on investments		0		2		N.M.
Impairment charges		(1	)	0		N.M.
Income before tax		38		31		23
Income tax		(10	)	(14	)	(29	)
Net income		28		17		65

Net underlying earnings		27		16		69
Net operating earnings		27		16		69

Commissions and expenses		91		79		15
of which operating expenses		43		39		10

Local knowledge. Global power. | Page 21 of 37

OTHER COUNTRIES - SALES


*EUR millions*	Notes	1Q 2008	1Q 2007	%
New life sales	11
Life single premiums		172	272	(37	)
Life recurring premiums annualized		39	55	(29	)
Total recurring plus 1/10 single		56	82	*(32*	)

Life		56	82	(32	)
Total recurring plus 1/10 single		56	82	*(32*	)

New premium production accident and health insurance		2	2	0
New premium production general insurance		8	5	60

Gross deposits (on and off balance)
Variable annuities		35	2	N.M.
Retail mutual funds		48	18	167
Pensions and asset management		151	126	20
Total gross deposits		234	146	60

Net deposits (on and off balance)
Variable annuities		34	1	N.M.
Retail mutual funds		6	6	0
Pensions and asset management		92	102	(10	)
Total net deposits		132	109	21

REVENUE GENERATING INVESTMENTS

		At Mar. 31 2008	At Dec. 31 2007
Revenue generating investments (total)	7	10,724	10,885	(1	)
Investments general account		4,878	4,801	2
Investments for account of policyholders		2,655	2,729	(3	)
Off balance sheet investments third parties		3,191	3,355	(5	)

Local knowledge. Global power. | Page 22 of 37

Other countries

^¡	Operating earnings up 34% on strong performance from the life business

^¡	Pension deposits in CEE show further significant growth

^¡	Lower equity markets result in overall decline in life sales

Overview

Other countries reported a 34% increase in operating earnings before tax, primarily the result of strong life earnings. Deposits rose as AEGON’s pension business in CEE continued to show significant growth as well as strong growth of variable annuity deposits in Taiwan. However, declining equity markets during the quarter resulted in a 32% decline in new life sales. Other countries generated almost a quarter of AEGON’s value of new business in the first quarter, a reflection of their continued importance to the Group.

Underlying earnings before tax

In Other countries underlying earnings equal operating earnings.

Operating earnings before tax

^¡	Operating earnings from Life & protection more than doubled to EUR 19 million as a result of strong growth from the in-force book in Poland and a release of EUR 4 million from reserves in Hungary.

^¡	Operating earnings from Individual savings & retirement products increased to EUR 2 million due to higher fee income from retail mutual funds in Hungary and higher variable annuity sales in Taiwan.

^¡	Pensions & asset management posted a slight decrease in operating earnings during the quarter as higher contributions from Hungary and Poland were offset by the cost of investments in new pension funds in the Czech Republic, Romania and Slovakia.

^¡	Operating earnings from General insurance also declined, due primarily to higher claims in Hungary following severe storms in the country last March.

^¡	Operating earnings from associate companies were unchanged.

Net income

Other countries reported a 65% increase in net income. The increase was the result of higher operating earnings and lower taxes, partly offset by a decline in gains on investments.

Commissions and expenses

Commissions and expenses increased by 15%. The majority of this increase was due to the cost of investments in new ventures in CEE and the inclusion of a number of newly acquired companies. In addition, a shift to regular premium products in the region led to an increase in commissions.

Sales and deposits

In CEE, new life sales declined to EUR 22 million. Regular premium sales increased 9% as a result of the successful development of broker and agency networks in Slovakia and the Czech Republic. However, this was more than offset by the decline in single premium sales in Poland because of weaker equity markets.

In Asia, new life sales in Taiwan decreased to EUR 13 million as a result of lower equity markets and the ongoing shift from traditional to unit-linked products and variable annuity deposits, which amounted to EUR 35 million. In the coming months, new variable annuity products will be introduced. Unit-linked products accounted for 70% of new life sales for Taiwan in the first quarter. In China, single premium sales increased to EUR 18 million as a result of strong single premium unit-linked sales in the bank channel. Sales increases in China stem primarily from recent efforts to expand AEGON’s distribution network in the country and the introduction of new products. Further progress in this regard has been made with the opening earlier this month of a new branch office in the southern Chinese province of Guangdong.

In Spain, new life sales increased to EUR 18 million as a result of higher recurring premium sales. The partnership with CAM, which is not consolidated in AEGON’s accounts, saw a decrease of 37% in new life sales. CAM is currently in the process of implementing a new sales strategy to grow sales again going forward.

Individual savings & retirement net deposits increased strongly to EUR 40 million primarily as a result of higher variable annuity deposits in Taiwan.

Sales of mortgages in Hungary continued to grow with a total of EUR 35 million provided to homebuyers.

Local knowledge. Global power. | Page 23 of 37

Pension & asset management net deposits decreased 10% to EUR 92 million. Continued strong pension deposits in CEE were partly offset by lower deposits in the asset management business.

General insurance new premium production rose to EUR 8 million as a result of a successful sales campaign for motor insurance in Hungary.

Value of new business

VNB from Other countries decreased 11%, primarily as a result of lower sales volumes. Other countries accounted for 23% of AEGON’s total VNB. In Asia, the decrease in VNB was due largely to a change in product mix and lower production in Taiwan. In CEE, VNB was up 64%, buoyed by the launch of a new mandatory pension fund in Romania, which added EUR 7 million in value of new business. Excluding the new pension fund in Romania, overall VNB from CEE increased 14%. In Spain, VNB decreased mainly due to lower sales from CAM. Asia accounted for 12% of VNB from Other countries, CEE for 55% and France and Spain for the remaining 33%. By 2010, AEGON strives for Other countries’ contribution to VNB to reach between 30% and 35%.

The internal rate of return (IRR) in Asia rose in the first quarter as a result of a shortening in the expected average duration of unit-linked policies. The reduction in IRR in CEE is a reflection of lower rates of return on the Romanian pension business and its significant contribution to overall VNB from the region. In Spain, AEGON’s bank distribution partnerships continued to deliver high rates of return.

Please refer to page 27 for more detailed VNB information.

Revenue generating investments

Revenue generating investments decreased 1% in the first quarter as a result of lower financial markets.

Local knowledge. Global power. | Page 24 of 37

Appendix II - Tables


NET UNDERLYING EARNINGS GEOGRAPHICALLY

*EUR millions*	Notes	1Q 2008		1Q 2007		%
	1
Americas		348		364		(4	)
The Netherlands		92		62		48
United Kingdom		40		55		(27	)
Other countries		27		16		69
Holding and other activities		(4	)	(42	)	90
Net underlying earnings		503		455		11

OVER / UNDER PERFORMANCE OF FAIR VALUE ITEMS

*EUR millions*
Operating earnings before tax		342		641		*(47*	)
(Over) / under performance of fair value items - Americas		374		(27	)	N.M.
(Over) / under performance of fair value items - The Netherlands		29		(12	)	N.M.
(Over) / under performance of fair value items - Holding and other activities		(87	)	0		N.M.
Underlying earnings before tax		658		602		9

Net underlying earnings		503		455		11

AMERICAS - OVER / UNDER PERFORMANCE OF FAIR VALUE ITEMS

*USD millions*
Over / (under) performance of fair value items by line of business
Life and protection		(30	)	3		N.M.
Individual savings and retirement products		(260	)	15		N.M.
Pensions and asset management		(7	)	2		N.M.
Institutional products		(244	)	15		N.M.
Reinsurance		(19	)	0		N.M.
Total over / (under) performance of fair value items		(560	)	35		*N.M.*

Total over / (under) performance of fair value items in EUR		(374	)	27		*N.M.*

NETHERLANDS - OVER / UNDER PERFORMANCE OF FAIR VALUE ITEMS

*EUR millions*
Over / (under) performance of fair value items by line of business
Pensions and asset management		(29	)	12		N.M.
Total over / (under) performance of fair value items		(29	)	12		*N.M.*

EXPLANATION

Certain assets held by AEGON Americas and AEGON The Netherlands 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 hedge funds, private equities, real estate limited partnerships, convertible bonds and structured products. Underlying earnings exclude any over- or underperformance compared to management’s long-term expected return on these assets. Based on current holdings and asset class returns, the long-term expected return on an annual basis is 8-10%, depending on the asset class, including cash income and market value changes. The expected earnings from these assets classes are net of DPAC where applicable.

In addition, certain products offered by AEGON Americas contain guarantees and are reported on a fair value basis, including the segregated funds offered by AEGON Canada and the total return annuity products of AEGON USA. 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 is a long-term expected return on these products and any over- or underperformance compared to management’s expected return is excluded from underlying earnings.

The Holding includes certain issued bonds that are held at fair value through profit or loss. The interest rate risk on these bonds is hedged using swaps. The widening of AEGON’s credit spread resulted in a gain of EUR 87 mln on the fair value movement on these bonds.

Local knowledge. Global power. | Page 25 of 37

SALES


*EUR millions*	1Q 2008		1Q 2007		%
New life sales	686		826		*(17*	)
Gross deposits (on and off balance)	8,636		12,976		*(33*	)

New life sales
Life single premiums	2,757		3,875		(29	)
Life recurring premiums annualized	410		438		(6	)
Total recurring plus 1/10 single	686		826		*(17*	)

Life	284		308		(8	)
Pensions	352		410		(14	)
BOLI/COLI	9		46		(80	)
Reinsurance	41		62		(34	)
Total recurring plus 1/10 single	686		826		*(17*	)

New premium production accident and health insurance	166		176		(6	)
New premium production general insurance	16		12		33

Gross deposits (on and off balance)
Fixed annuities	306		193		59
Variable annuities	685		683		0
Saving products	648		569		14
Retail mutual funds	564		584		(3	)
Pensions and asset management	3,183		3,161		1
Institutional guaranteed products	3,249		7,786		(58	)
Reinsurance	1		0		N.M.
Total gross deposits	8,636		12,976		*(33*	)

Net deposits (on and off balance) by line of business
Fixed annuities	(795	)	(1,316	)	40
Variable annuities	(152	)	(175	)	13
Saving deposits	(72	)	(65	)	(11	)
Retail mutual funds	171		192		(11	)
Pensions and asset management	1,170		(264	)	N.M.
Institutional guaranteed products	(1,195	)	1,946		N.M.
Reinsurance	(15	)	0		N.M.
Total net deposits	(888	)	318		*N.M.*

EMPLOYEE NUMBERS

	At Mar. 31 2008		At Dec. 31 2007
Number of employees	30,734		30,414

Local knowledge. Global power. | Page 26 of 37

VALUE OF NEW BUSINESS AND IRR


		VNB	VNB			IRR	IRR
*EUR millions, after tax*	Notes	EUR 1Q 2008	EUR 1Q 2007	%		% 1Q 2008	% 1Q 2007
Americas		79	113	(30	)	12.6	12.8
The Netherlands		12	15	(20	)	10.7	13.4
United Kingdom		53	58	(9	)	13.0	12.5
Asia		5	12	(58	)	17.0	13.2
Central and Eastern Europe		23	14	64		39.0	47.7
Other European Countries		14	21	(33	)	43.2	47.2
Total		186	232	*(20*	)	18.4	17.9

MODELED NEW BUSINESS, APE AND DEPOSITS


*EUR millions*	Notes	Premium business APE		Deposit business Deposits
	12
Americas		295	335	5,997	10,807
The Netherlands		73	67	0	0
United Kingdom		378	446	0	0
Asia		17	35	7	0
Central and Eastern Europe		25	27	17	3
Other European Countries		59	64	6	4
Total		847	975	6,026	10,814

VNB/PVNBP SUMMARY


		Premium business				Deposit business
		VNB	PVNBP	VNB/ PVNBP	VNB/ APE	VNB	PVNBP	VNB/ PVNBP	VNB/ Deposits
*EUR millions*	Notes	1Q 2008		%	%	1Q 2008		%	%
	13
Americas		49	1,438	3.4	16.5	30	6,828	0.4	0.5
The Netherlands		12	625	1.9	16.2	0	0	—	—
United Kingdom		53	2,573	2.0	13.9	0	0	—	—
Asia		5	99	4.6	26.6	1	51	1.3	10.0
Central and Eastern Europe		12	166	7.1	48.2	12	400	2.9	68.6
Other European Countries		14	542	2.6	23.5	0	6	3.1	3.1
Total		144	5,444	2.6	16.9	42	7,284	0.6	0.7

Local knowledge. Global power. | Page 27 of 37

Notes:

¹⁾

2007 Q1 information has been adjusted to reflect the retrospective application of the change in accounting principles relating to guarantees in the Netherlands and, where applicable, the change in definition of operating earnings to include AEGON’s share in the net results of associates and a new line of business format. These changes were implemented in Q2 2007.

²⁾

³⁾	Net income refers to net income attributable to equity holders of AEGON N.V.

⁴⁾	New life sales is defined as new recurring premiums + 1/10 of single premiums.

⁵⁾	Deposits on and off balance sheet.

⁶⁾	Return on equity is calculated by dividing the net underlying earnings after cost of leverage by the average shareholders’ equity excluding the preferred shares and the revaluation reserve.

⁷⁾	As of 2008, Real estate for own use (both general account and for account of policyholders) has been reclassified from revenue generating investments to other assets.

⁸⁾	Capital securities that are denominated in foreign currencies are, for purposes of calculating the capital base ratio, revalued to the period-end exchange rate.

⁹⁾	All ratios exclude AEGON’s revaluation reserve.

¹⁰⁾	Included in other non-operating income/(charges) are charges made to policyholders with respect to income tax.

There is an equal and opposite tax charge which is reported in the line Income tax attributable to policyholder return.

¹¹⁾	Includes production on investment contracts without a discretionary participation feature of which the proceeds are not recognized as revenues but are directly added to our investment contract liabilities.

¹²⁾	APE = recurring premium + 1/10 single premium.

¹³⁾	PVNBP: Present Value New Business Premium.

Local knowledge. Global power. | Page 28 of 37

Appendix III - Financial information

CONDENSED CONSOLIDATED BALANCE SHEETS


*EUR millions*		At Mar. 31 2008		At Dec. 31 2007		%
Investments general account		125,359		132,861		(6	)
Investments for account of policyholders		126,273		142,384		(11	)
Investments in associates		470		472		(0	)
Deferred expenses and rebates		11,082		11,488		(4	)
Other assets and receivables		18,948		18,484		3
Cash and cash equivalents		10,383		8,431		23
Total assets		292,515		314,120		(7	)

Shareholders’ equity		12,597		15,151		(17	)
Other equity instruments		4,801		4,795		0
Minority interest		15		16		(6	)
Group equity		17,413		19,962		*(13*	)
Insurance contracts general account		84,394		88,496		(5	)
Insurance contracts for account of policyholders		70,543		78,394		(10	)
Investment contracts general account		33,636		36,089		(7	)
Investment contracts for account of policyholders		55,875		63,756		(12	)
Other liabilities		30,654		27,423		12
Total equity and liabilities		292,515		314,120		(7	)

CAPITAL BASE

Group equity		17,413		19,962		(13	)
Trust pass-through securities		137		143		(4	)
Subordinated borrowings		34		34		0
Senior debt related to insurance activities		1,313		1,255		5
Total capital base		18,897		21,394		*(12*	)

CONDENSED CONSOLIDATED INCOME STATEMENT

*EUR millions*	Notes	1Q 2008		1Q 2007		%
	1
Premium income		6,315		7,352		(14	)
Investment income		2,422		2,562		(5	)
Fee and commission income		434		459		(5	)
Other revenues		1		2		(50	)
Total revenues		9,172		10,375		*(12*	)
Income from reinsurance ceded		335		438		(24	)
Results from financial transactions		(8,900	)	1,479		N.M.
Total income		607		12,292		*(95*	)

Benefits and expenses		270		11,258		(98	)
Impairment charges		34		(2	)	N.M.
Interest charges and related fees		95		97		(2	)
Total charges		399		11,353		*(96*	)

Share in net results of associates		9		7		29
Income before tax		217		946		*(77*	)
Income tax		(64	)	(239	)	(73	)
Net income attributable to equity holders of AEGON N.V.		153		707		*(78*	)

Net income per common share
Basic earnings per share		0.07		0.42		(83	)
Dilluted earnings per share		0.07		0.42		(83	)

Local knowledge. Global power. | Page 29 of 37

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


*EUR millions*	At Mar. 31 2008		At Dec. 31 2007
Shareholders’ equity at January 1	15,151		18,605
Net income	153		2,551
Movements in foreign currency translations reserve	(1,066	)	(1,445	)
Movements in revaluation reserves	(1,510	)	(2,164	)
Total recognized net income for the period	(2,423	)	(1,058	)

Dividends paid on ordinary shares	0		(583	)
Preferred dividend	0		(85	)
Repurchased and sold own shares	(73	)	(1,438	)
Coupons on perpetuals (net of tax)	(46	)	(175	)
Other changes	(12	)	(115	)
Shareholders’ equity at end of period	12,597		15,151

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS


*EUR millions*	Notes	1Q 2008		1Q 2007		%
	1
Cash flow from operating activities		1,615		2,711		*(40*	)

Cash flow from investing activities
Purchase and disposal of intangible assets		(1	)	(1	)	0
Purchase and disposal of equipment		(11	)	(8	)	(38	)
Purchase, disposal and dividends of subsidiaries and associates		(6	)	(256	)	98
		(18	)	(265	)	93

Cash flow from financing activities
Issuance and purchase of share capital		(73	)	(114	)	36
Issuance, repayment and coupuons of perpetuals		(62	)	(55	)	(13	)
Issuance, repayment and finance interest on borrowings		810		108		N.M.
		675		(61	)	N.M.

Net increase/ (decrease) in cash and cash equivalents		2,272		2,385		(5	)

Local knowledge. Global power. | Page 30 of 37

AMOUNTS PER COMMON SHARE


	Notes	1Q 2008		1Q 2007		%
	1
Net income in EUR	2	0.07		0.42		(83	)
Net income fully diluted in EUR	2	0.07		0.42		(83	)

Net income in USD		0.10		0.55		(82	)
Net income fully diluted in USD		0.10		0.55		(82	)

Net operating earnings in EUR	2	0.15		0.28		(46	)
Net operating earnings fully diluted in EUR	2	0.15		0.28		(46	)

Net operating earnings in USD		0.22		0.37		(41	)
Net operating earnings fully diluted in USD		0.22		0.37		(41	)

		At Mar. 31 2008		At Dec. 31 2007
Shareholders’ equity in EUR	3	7.03		8.69
Shareholders’ equity in USD	3	11.12		12.79

NET INCOME PER COMMON SHARE CALCULATION

*EUR millions (except per share data)*	Notes	1Q 2008		1Q 2007		%
	1
Net income		153		707		(78	)
Coupons on perpetuals		(46	)	(41	)	(12	)
Net income attributable to ordinary shareholders		107		666		(84	)

Weighted average number of ordinary shares outstanding		1,499		1,581		(5	)
Net income per share		0.07		0.42		(83	)

Quarterly net income per share

first quarter		0.07		0.42		(83	)
second quarter				0.34
third quarter				0.31
fourth quarter				0.40

Local knowledge. Global power. | Page 31 of 37

SEGMENT REPORTING


*EUR millions*	Notes	1Q 2008		1Q 2007		%
	1
Operating earnings before tax geographically
Americas		104		505		(79	)
The Netherlands		84		99		(15	)
United Kingdom		45		66		(32	)
Other countries		39		29		34
Holding and other activities		64		(56	)	N.M.
Eliminations		6		(2	)	N.M.
Total operating earnings before tax		342		641		*(47*	)

Revenues geographically
Americas		3,341		4,005		(17	)
The Netherlands		2,368		2,218		7
United Kingdom		2,914		3,504		(17	)
Other countries		533		631		(16	)
Holding and other activities		60		222		(73	)
Eliminations		(44	)	(205	)	79
Total revenues		9,172		10,375		*(12*	)

Revenues
Life insurance gross premiums		5,573		6,566		(15	)
Accident and health insurance		569		615		(7	)
General insurance		173		171		1
Total gross premiums		6,315		7,352		*(14*	)
Investment income		2,422		2,562		(5	)
Fee and commission income		434		459		(5	)
Other revenues		1		2		(50	)
Total revenues		9,172		10,375		*(12*	)

Local knowledge. Global power. | Page 32 of 37

INVESTMENTS GEOGRAPHICALLY

amounts in million EUR (unless otherwise stated)


Americas USD	United Kingdom GBP	At March 31, 2008	Americas	The Netherlands	United Kingdom	Other countries	Holdings, other activities & eliminations		Total EUR
		Investments
2,095	46	Shares	1,325	1,921	58	194	91		3,589
96,170	4,182	Bonds	60,821	18,287	5,255	3,977	21		88,361
19,626	5	Loans	12,412	9,094	6	611	0		22,123
13,554	0	Other financial assets	8,572	97	0	96	0		8,765
727	0	Investments in real estate	460	2,061	0	0	0		2,521
132,172	4,233	Investments general account	83,590	31,460	5,319	4,878	112		125,359
0	21,354	Shares	0	8,764	26,833	201	(18	)	35,780
0	12,765	Bonds	0	10,904	16,041	287	0		27,232
76,192	2,753	Separate accounts and investment funds	48,186	0	3,459	2,043	0		53,688
0	5,080	Other financial assets	0	981	6,383	124	0		7,488
0	1,659	Investments in real estate	0	0	2,085	0	0		2,085
76,192	43,611	Investments for account of policyholders	48,186	20,649	54,801	2,655	(18	)	126,273

208,364	47,844	Investments on balance sheet	131,776	52,109	60,120	7,533	94		251,632
108,711	2,707	Off balance sheet investments third parties	68,752	12,856	3,402	3,191	0		88,201
317,075	50,551	*Total revenue generating investments )**	200,528	64,965	63,522	10,724	94		339,833

		Investments
102,707	4,159	Available-for-sale	64,955	19,020	5,226	2,253	116		91,570
19,626	5	Loans	12,412	9,094	6	611	0		22,123
0	0	Held-to-maturity	0	0	0	1,966	0		1,966
85,304	42,021	Financial assets at fair value through profit or loss	53,949	21,934	52,803	2,703	(22	)	131,367
727	1,659	Investments in real estate	460	2,061	2,085	0	0		4,606
208,364	47,844	Total investments on balance sheet	131,776	52,109	60,120	7,533	94		251,632

INVESTMENTS GEOGRAPHICALLY

amounts in million EUR (unless otherwise stated)

Americas USD	United Kingdom GBP	At December 31, 2007	Americas	The Netherlands	United Kingdom	Other countries	Holdings, other activities & eliminations		Total EUR
		Investments
2,386	48	Shares	1,621	1,997	66	181	70		3,935
98,834	4,104	Bonds	67,138	18,225	5,595	3,951	22		94,931
19,813	5	Loans	13,459	8,517	7	571	0		22,554
12,890	0	Other financial assets	8,756	66	0	98	0		8,920
755	0	Investments in real estate	513	2,008	0	0	0		2,521
134,678	4,157	Investments general account	91,487	30,813	5,668	4,801	92		132,861
0	23,291	Shares	0	9,736	31,757	212	(24	)	41,681
0	13,360	Bonds	0	10,628	18,216	248	0		29,092
81,663	2,820	Separate accounts and investment funds	55,474	0	3,845	2,165	0		61,484
0	4,785	Other financial assets	0	990	6,525	104	0		7,619
0	1,839	Investments in real estate	0	0	2,508	0	0		2,508
81,663	46,095	Investments for account of policyholders	55,474	21,354	62,851	2,729	(24	)	142,384

216,341	50,252	Investments on balance sheet	146,961	52,167	68,519	7,530	68		275,245
109,658	2,863	Off balance sheet investments third parties	74,491	13,476	3,903	3,355	0		95,225
325,999	53,115	*Total revenue generating investments )**	221,452	65,643	72,422	10,885	68		370,470

		Investments
104,391	4,080	Available-for-sale	70,913	19,163	5,563	2,310	98		98,047
19,813	5	Loans	13,459	8,517	7	571	0		22,554
0	0	Held-to-maturity	0	0	0	1,876	0		1,876
91,382	44,328	Financial assets at fair value through profit or loss	62,076	22,479	60,441	2,773	(30	)	147,739
755	1,839	Investments in real estate	513	2,008	2,508	0	0		5,029
216,341	50,252	Total investments on balance sheet	146,961	52,167	68,519	7,530	68		275,245

*)	As of 2008, Real estate for own use (both general account and for account of policyholders) has been reclassified from revenue generating investments to other assets. The comparative 2007 information has been adjusted accordingly.

Local knowledge. Global power. | Page 33 of 37

ASSETS AND CAPITAL GEOGRAPHICALLY

amounts in million EUR (unless otherwise stated)


Americas USD	United Kingdom GBP		Americas	The Netherlands	United Kingdom	Other countries	Total EUR
		At March 31, 2008
236,902	53,622	Assets business units	149,824	62,851	67,381	9,151	289,207
		Other assets					3,308
		Total assets on balance sheet					292,515

17,260	1,984	Capital in units	10,916	3,056	2,493	1,373	17,838

		Total capital base					18,897
		Other net liabilities					(1,059	)
		Total					17,838

		At December 31, 2007
243,946	55,495	Assets business units	165,713	62,009	75,668	9,205	312,595
		Other assets					1,525
		Total assets on balance sheet					314,120

19,056	2,166	Capital in units	12,945	3,079	2,954	1,413	20,391

		Total capital base					21,394
		Other net liabilities					(1,003	)
		Total					20,391

RECONCILIATION NON-GAAP MEASURES TO INCOME BEFORE TAX


*EUR millions*	Notes	1Q 2008		1Q 2007	%
	1
Net operating earnings		267		484	*(45*	)
Income tax on operating earnings		75		157	*(52*	)
Operating earnings before tax		342		641	*(47*	)
Net gains and losses on investments		(39	)	283	N.M.
Impairment charges		(32	)	7	N.M.
Policyholder tax		(54	)	15	N.M.
Income before tax		217		946	*(77*	)

Currencies

Income statement items: average rate 1 EUR = USD 1.4989 (2007: USD 1.3097).

Income statement items: average rate 1 EUR = GBP 0.7569 (2007: GBP 0.6699).

Balance sheet items: closing rate 1 EUR = USD 1.5812 (2007: USD1.3318; year-end 2007: USD 1.4721).

Balance sheet items: closing rate 1 EUR = GBP 0.7958 (2007: GBP 0.6798; year-end 2007: GBP 0.7334).

Notes:

¹⁾	As adjusted for the retrospective application of the accounting change and, where applicable, for the change in definition of operating earnings to include our share in the net results of associates. These changes were implemented in Q2 2007.

²⁾	After deduction of preferred dividend and coupons on perpetuals.

³⁾	Shareholders’ equity per share is calculated after deduction of the preferred share capital of EUR 2.1 billion (at Dec. 31, 2007:

EUR 2.1 billion) and considering the number of treasury shares. The number of common shares used in the calculation of shareholders’ equity per share is 1,492 million (at Dec. 31, 2007: 1,500 million).

Local knowledge. Global power. | Page 34 of 37

Other explanatory notes

The interim condensed consolidated financial statements included in Appendix III have been prepared in accordance with IAS 34 ‘Interim financial reporting. It does not include all of the information required for full financial statements and should therefore be read together with the 2007 consolidated financial statements of AEGON N.V. as included in AEGON’s Annual Report over 2007.

As of January 1, 2008, AEGON reclassified, on the phase of its balance sheet, the real estate for own use from Investments general account and Investments for account of policyholders to Other assets and receivables. In addition AEGON reclassified cash flows from real estate held for own use as cash flows from operating activities to investing activities, to the extent that they relate to real estate that is occupied by AEGON’s own employees. The comparative 2007 information has been adjusted accordingly. This change reduced Investments general account by EUR 330 million and Investments for account of policyholder by EUR 141 million with an offsetting increase in Other assets and receivables of EUR 471 million.

All other accounting policies and methods of computation applied in the interim financial statements are the same as those applied in the 2007 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. For AEGON this is equal to IFRS as published by the International Accounting Standards Board.

The published figures in these interim financial statements are unaudited.

Condensed consolidated income statement

The result from financial transactions in Q1 2008 amount to a loss of EUR 8,900 million compared to a gain of EUR 1,479 million in Q1 2007. This decrease primarily reflects losses on investments for account of policyholders. These losses are offset by a decrease in the benefits and expenses line which decreases from an amount of EUR 11,258 million in Q1 2007 to EUR 270 million in Q1 2008.

Capital and funding

The capital management section, provided on pages 6 & 7, includes information on issuances, repurchases and repayments of debt and equity securities effectuated in this interim reporting period.

Business combinations

On February 21, 2008, AEGON Hungary signed an agreement to purchase 100% of the registered capital of UNIQA Asset Management Company and Heller-Saldo 2000 Pension Fund Management Company, both Hungarian entities, from UNIQA Insurance Company.

The shares will be transferred to AEGON by June 30, 2008, subject to the approval of the regulatory authorities. Following the acquisition, assets under management will increase by approximately EUR 300 million.

On February 26, 2008, AEGON has entered into an agreement to acquire 100% of Ankara Emeklilik Anonim Sirketi (Ankara Emeklilik), a Turkish life insurance and pension provider, from Polis Bakim ve Yardim Sandigi. The transaction is subject to regulatory approval in Turkey, and is expected to close in the first half of 2008. Ankara Emeklilik has a presence in the Turkish life insurance and private pension market, with over 54,000 pension fund members and approximately EUR 35 million in assets under management. Ankara Emeklilik sells its products and services through a variety of different channels and has an agreement in place to distribute through a nationwide network of 236 branches belonging to Şekerbank.

Commitments and contingencies

There have been no material changes in contingent assets and liabilities reported in the 2007 consolidated financial statements of AEGON.

Local knowledge. Global power. | Page 35 of 37

Events after the balance sheet date

On April 21, 2008, AEGON and China’s Industrial Securities have completed the establishment of their asset management joint venture following the recent final approval by the regulatory authorities. Under the agreement, AEGON has acquired a 49% interest in Industrial Fund Management Company (IFMC), a Chinese mutual fund manager with approximately EUR 3 billion assets under management as of March 31, 2008. Industrial Securities, one of China’s leading securities companies, will retain the remaining 51% of IFMC.

The initial agreement was announced on May 28, 2007. The joint venture will be renamed AEGON Industrial Fund Management Company. Both shareholders will be equally represented in the Board of Directors. The current management team, led by CEO Yang Dong, will continue to lead AEGON Industrial FMC with the objective of becoming one of the top players in the Chinese fund management market. Over the past two years, assets under management have increased from EUR 600 million to EUR 3 billion.

Local knowledge. Global power. | Page 36 of 37

About AEGON

AEGON is one of the world’s largest life insurance and pension groups, and a strong provider of investment products. AEGON empowers local business units to identify and provide products and services that meet the evolving needs of customers, using distribution channels best suited to local markets. AEGON takes pride in balancing a local approach with the power of an expanding global operation.

With headquarters in The Hague, the Netherlands, AEGON companies employ approximately 30,000 people worldwide. AEGON’s businesses serve millions of customers in over twenty markets throughout the Americas, Europe, and Asia.

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 with the ambition to be the best in the industry.

Group Corporate Communications & Investor Relations


Media relations	Media conference call

Phone: + 31 (0)70 – 344 8344	8:15 am CET
E-mail: gcc-ir@aegon.com	Audio webcast on www.aegon.com

Investor relations	Analyst & investor call

Phone: + 31 (0)70 –344 8305 or +1 877 548 9668 –toll free USA only	3:00 pm CET
E-mail: ir@aegon.com	Audio webcast on www.aegon.com

	Call-in numbers:

Financial supplement	USA	+1 480 629 1990

AEGON’s 2008 Financial supplement is	UK	+44 208 515 2301
available on www.aegon.com	NL	+31 20 796 5332

Website www.aegon.com

Cautionary note regarding non-GAAP measures

This press release includes certain non-GAAP financial measures: net operating earnings, operating earnings before tax, net underlying earnings, underlying earnings before tax and value of new business. The reconciliation of net operating earnings and operating earnings before tax to the most comparable IFRS measures is provided on page 34. A reconciliation of (net) underlying earnings to operating earnings before tax is provided on page 25. Value of new business is not based on IFRS, which are used to report AEGON’s quarterly statements and should not be viewed as a substitute for IFRS financial measures. AEGON believes that these non-GAAP measures, together with the IFRS information, provide a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

Local currencies and constant currency exchange rates

This press release contains certain information about our results and financial condition in USD for the Americas, GBP for the United Kingdom, HUF for Hungary and NTD for Taiwan because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about us presented in EUR, which is the currency of our primary financial statements.

Forward-looking statements

The statements contained in this press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

^¡	Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;

^¡	Changes in the performance of financial markets, including emerging markets, such as with regard to:

The frequency and severity of defaults by issuers in our fixed income investment portfolios; and

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 profitability 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 EUR/USD and EUR/GBP exchange rates;

^¡	Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;

^¡	Changes in laws and regulations, particularly those affecting our operations, the products we sell, and the attractiveness of certain products to our consumers;

^¡	Regulatory changes relating to the insurance industry in the jurisdictions in which we operate;

^¡	Acts of God, acts of terrorism, acts of war and pandemics;

^¡	Changes in the policies of central banks and/or governments;

^¡	Litigation or regulatory action that could require us to pay significant damages or change the way we do business;

^¡	Customer responsiveness to both new products and distribution channels;

^¡	Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products;

^¡	Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives; and

^¡	The impact our adoption of the International Financial Reporting Standards may have on our reported financial results and financial condition.

Local knowledge. Global power. | Page 37 of 37

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