Aegon (AEG) 6-K Current report (foreign)

Exhibit 99.1

Table of contents

CONDENSED CONSOLIDATED BALANCE SHEET	P 2
CONDENSED CONSOLIDATED INCOME STATEMENT	P 3
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	P 4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	P 5
CONDENSED CONSOLIDATED CASH FLOW STATEMENT	P 6
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	P 7

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CONDENSED CONSOLIDATED BALANCE SHEET

EUR millions	Notes		Dec. 31, 2010		Dec. 31, 2009
ASSETS
Intangible assets		6		4,359		4,609
Investments		4		143,188		134,205
Investments for account of policyholders		5		146,237		125,845
Derivatives				6,251		4,917
Investments in associates				733		696
Reinsurance assets				5,580		5,110
Defined benefit assets				352		356
Deferred tax assets				512		278
Deferred expenses and rebates		7		11,948		11,481
Other assets and receivables				7,912		6,823
Cash and cash equivalents				5,231		4,314
Total assets				332,303		298,634
EQUITY AND LIABILITIES
Shareholders’ equity				17,210		12,164
Convertible core capital securities		9		1,500		2,000
Other equity instruments				4,704		4,709
Issued capital and reserves attributable to equity holders of AEGON N.V.				23,414		18,873
Minority interest				11		10
Group equity				23,425		18,883
Trust pass-through securities				143		130
Insurance contracts				100,506		93,790
Insurance contracts for account of policyholders				77,650		69,760
Investment contracts				23,237		27,932
Investment contracts for account of policyholders				69,527		57,421
Derivatives				5,971		5,716
Borrowings		10		8,518		7,485
Provisions				357		421
Defined benefit liabilities				2,152		2,104
Deferred revenue liability				82		69
Deferred tax liabilities				1,824		817
Other liabilities		11		18,495		13,714
Accruals				416		392
Total liabilities				308,878		279,751
Total equity and liabilities				332,303		298,634

page 2 Local knowledge. Global power. Unaudited

CONDENSED CONSOLIDATED INCOME STATEMENT

EUR millions (except per share data)	Notes		Q4 2010			Q4 2009			FY 2010			FY 2009
Premium income		12		4,777			4,537			21,097			19,473
Investment income		13		2,032			2,012			8,762			8,681
Fee and commission income				476			414			1,744			1,593
Other revenues				2			1			5			4
Total revenues				7,287			6,964			31,608			29,751
Income from reinsurance ceded				475			380			1,869			1,721
Results from financial transactions		14		4,208			3,309			15,662			14,937
Other income		15		6			2			40			—
Total income				11,976			10,655			49,179			46,409
Benefits and expenses		16		11,224			9,973			46,057			44,726
Impairment charges / (reversals)		17		317			216			701			1,369
Interest charges and related fees				95			93			426			412
Other charges		18		(1	)		5			122			389
Total charges				11,635			10,287			47,306			46,896
Share in net result of associates				11			5			41			23
Income / (loss) before tax				352			373			1,914			(464	)
Income tax (expense) / benefit				(34	)		20			(154	)		668
Net income / (loss)				318			393			1,760			204
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				318			393			1,759			204
Minority interest				—			—			1			—
Earnings and dividend per share(EUR per share)
Earnings per share1				0.16			0.12			0.83			(0.16	)
Diluted earnings per share1,2				0.16			0.12			0.83			(0.16	)
Earnings per share after potential attribution to convertible core capital securities1,3				0.14			0.09			0.76			—
Diluted earnings per share after conversion of convertible core capital securities1,2				0.13			0.09			0.68			—
Dividend per common share				—			—			—			—
Net income / (loss) per common share calculation
Net income / (loss)				318			393			1,759			204
Preferred dividend				—			—			(90	)		(122	)
Coupons on perpetuals				(45	)		(45	)		(187	)		(182	)
Coupons and premium on convertible core capital securities				—			(148	)		(63	)		(148	)
Earnings attributable to common shareholders				273			200			1,419			(248	)
Potential coupon on convertible core capital securities				(32	)		(42	)		(127	)		—
Earnings after potential attribution to convertible core capital securities				241			158			1,292			(248	)
Weighted average number of common shares outstanding				1,707			1,707			1,707			1,587
Weighted average number of common shares outstanding, after conversion of core capital securities				2,082						2,165

¹ After deduction of preferred dividend, coupons on perpetuals and coupons and premium on core capital securities.

² The potential conversion of the convertible core capital securities is taken into account in the calculation of diluted earnings per share if this would have a dilutive effect (i.e. diluted earnings per share would be lower than the earnings after potential attribution to convertible core capital securities).

³ Reflect basic earnings per share. For FY 2009, basic earnings per share is EUR (0.16).

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR millions	Q4 2010			Q4 2009			FY 2010			FY 2009
Net income / (loss)		318			393			1,760			204
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		(2,128	)		348			3,873			7,860
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments		32			(65	)		(203	)		640
Changes in revaluation reserve real estate held for own use		—			(2	)		4			(1	)
Changes in cash flow hedging reserve		120			(167	)		373			(731	)
Movement in foreign currency translation and net foreign investment hedging reserve		323			218			1,046			(204	)
Equity movements of associates		(35	)		(2	)		(25	)		27
Disposal of group assets		—			35			(22	)		94
Aggregate tax effect of items recognized in other comprehensive income		576			(49	)		(1,409	)		(2,315	)
Other		1			(6	)		(10	)		(6	)
Other comprehensive income for the period		(1,111	)		310			3,627			5,364
Total comprehensive income		(793	)		703			5,387			5,568
Total comprehensive income attributable to:
Equity holders of AEGON N.V.		(793	)		699			5,386			5,564
Minority interest		—			4			1			4

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR millions	Share capital 2		Retained earnings			Revaluation reserves			Other reserves			Convertible core capital securities			Other equity instruments			Issued capital and reserves1			Minority interest		Total
Full year ended December 31, 2010
At beginning of year		8,184		7,995			(1,709	)		(2,306	)		2,000			4,709			18,873			10		18,883
Net income recognized in the income statement		—		1,759			—			—			—			—			1,759			1		1,760
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			3,873			—			—			—			3,873			—		3,873
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			(203	)		—			—			—			(203	)		—		(203	)
Changes in revaluation reserve real estate held for own use		—		—			4			—			—			—			4			—		4
Changes in cash flow hedging reserve		—		—			373			—			—			—			373			—		373
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			1,046			—			—			1,046			—		1,046
Equity movements of associates		—		—			—			(25	)		—			—			(25	)		—		(25	)
Disposal of group assets		—		—			(22	)		—			—			—			(22	)		—		(22	)
Aggregate tax effect of items recognized in other comprehensive income		—		—			(1,358	)		(51	)		—			—			(1,409	)		—		(1,409	)
Other		—		7			—			(17	)		—			—			(10	)		—		(10	)
Total other comprehensive income		—		7			2,667			953			—			—			3,627			—		3,627
Total comprehensive income for 2010		—		1,766			2,667			953			—			—			5,386			1		5,387
Repayments on convertible core capital securities		—		—			—			—			(500	)		—			(500	)		—		(500	)
Preferred dividend		—		(90	)		—			—			—			—			(90	)		—		(90	)
Coupons on perpetuals		—		(187	)		—			—			—			—			(187	)		—		(187	)
Coupons and premium on convertible core capital securities		—		(63	)		—			—			—			—			(63	)		—		(63	)
Share options		—		—			—			—			—			(5	)		(5	)		—		(5	)
At end of period		8,184		9,421			958			(1,353	)		1,500			4,704			23,414			11		23,425
Full year ended December 31, 2009
At beginning of year		7,347		8,093			(7,167	)		(2,218	)		3,000			4,699			13,754			6		13,760
Net income / (loss) recognized in the income statement		—		204			—			—			—			—			204			—		204
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			7,860			—			—			—			7,860			—		7,860
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			640			—			—			—			640			—		640
Changes in revaluation reserve real estate held for own use		—		—			(1	)		—			—			—			(1	)		—		(1	)
Changes in cash flow hedging reserve		—		—			(731	)		—			—			—			(731	)		—		(731	)
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			(204	)		—			—			(204	)		—		(204	)
Equity movements of associates		—		—			—			27			—			—			27			—		27
Disposal of group assets		—		—			59			35			—			—			94			—		94
Aggregate tax effect of items recognized in other comprehensive income		—		—			(2,369	)		54			—			—			(2,315	)		—		(2,315	)
Other		—		(10	)		—			—			—			—			(10	)		4		(6	)
Total other comprehensive income		—		(10	)		5,458			(88	)		—			—			5,360			4		5,364
Total comprehensive income / (loss) for 2009		—		194			5,458			(88	)		—			—			5,564			4		5,568
Shares issued		837		(14	)		—			—			—			—			823			—		823
Repayment convertible core capital securities		—		—			—			—			(1,000	)		—			(1,000	)		—		(1,000	)
Treasury shares		—		175			—			—			—			—			175			—		175
Preferred dividend		—		(122	)		—			—			—			—			(122	)		—		(122	)
Coupons on perpetual securities		—		(182	)		—			—			—			—			(182	)		—		(182	)
Coupons and premium on convertible core capital securities		—		(148	)		—			—			—			—			(148	)		—		(148	)
Share options		—		—			—			—			—			10			10			—		10
Other		—		(1	)		—			—			—			—			(1	)		—		(1	)
At end of period		8,184		7,995			(1,709	)		(2,306	)		2,000			4,709			18,873			10		18,883

¹ Issued capital and reserves attributable to equity holders of AEGON N.V.

² For a breakdown of share capital please refer to note 8.

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CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR millions	FY 2010			FY 2009
Cash flow from operating activities		1,263			(7,005	)
Purchases and disposals of intangible assets		(18	)		(10	)
Purchases and disposals of equipment and other assets		(83	)		(177	)
Purchases, disposals and dividends of subsidiaries and associates		(177	)		(138	)
Cash flow from investing activities		(278	)		(325	)
Issuance and purchase of share capital		—			1,012
Dividends paid		(90	)		(122	)
Issuances, repayments and coupons of convertible core capital securities		(563	)		(1,273	)
Issuances, repayments and coupons of perpetuals		(251	)		(244	)
Issuances and repayments on borrowings		1,023			2,383
Cash flow from financing activities		119			1,756
Net increase / (decrease) in cash and cash equivalents		1,104			(5,574	)
Net cash and cash equivalents at January 1		4,013			9,506
Effects of changes in exchange rate		57			81
Net cash and cash equivalents at end of period		5,174			4,013
	Dec. 31, 2010			Dec. 31, 2009
Cash and cash equivalents		5,231			4,314
Bank overdrafts		(57	)		(301	)
Net cash and cash equivalents		5,174			4,013

page 6 Local knowledge. Global power. Unaudited

Notes to the condensed consolidated interim financial statements

Amounts in EUR millions, unless otherwise stated

1. Basis of presentation

The condensed consolidated interim financial statements as at and for the quarter ended December 31, 2010, have been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union (EU) as issued by the International Accounting Standards Board (IASB). It does not include all of the information required for a full set of financial statements prepared in accordance with IFRS and should therefore be read together with the 2009 consolidated financial statements of AEGON N.V. as included in AEGON’s Annual Report for 2009. AEGON’s Annual Report for 2010 will be available on our website (www.aegon.com) as per March 31, 2011.

The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements were approved by the Executive Board on February 23, 2011.

The published figures in these condensed consolidated interim financial statements are unaudited.

2. Significant accounting policies

Except for the changes highlighted below, all accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2009 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board as adopted by the European Union.

Taxes on income for the Q4 2010 interim periods is accrued using the tax rate that would be applicable to expected total annual earnings.

Operating segments

Starting January 1, 2010 AEGON introduced a new reporting format for segment reporting that aligns with changes implemented in the way AEGON manages its businesses.

AEGON’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the executive board which is regarded as the “chief operating decision maker”. The operating segments are:

• AEGON Americas. Covers business units in the United States, Canada, Mexico and Brazil, including any of the units’ activities located outside these countries.

• AEGON The Netherlands. Covers businesses operating in the Netherlands.

• AEGON United Kingdom. Covers businesses operating in the United Kingdom.

• New markets. Covers businesses operating in Central and Eastern Europe, Asia, Spain and France as well as AEGON’s variable annuity activities in Europe and AEGON Asset Management.

• Holding and other activities. Includes financing, employee and other administrative expenses of Holding companies.

In addition, AEGON made the following other changes:

• The use of “operating earnings” is discontinued to further simplify AEGON’s reporting and to focus on the key performance indicator “underlying earnings”.

• The line item “Run-off businesses” is introduced which includes earnings of certain business units where management has decided to exit the market and to run-off the existing block of business. Currently, this line item includes the earnings of the institutional spread-based business and structured settlements (pay out annuities) business of AEGON Americas. AEGON believes that excluding the earnings of these blocks of business enhances the comparability from period to period of AEGON’s key earnings measure underlying earnings.

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• Earnings from the Company’s associates in insurance companies in Spain, India, Brazil and Mexico are reported on an underlying earnings basis and sales from these associates are reported proportionally.

The change in operating segments had no impact on equity or net income. The comparative segment information presented in note 3 has been adjusted to make the information consistent with the current period figures.

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning January 1, 2010:

IFRS 3 (revised) Business Combinations

The revised IFRS 3, applicable prospectively to all new acquisitions undertaken after January 1, 2010, continues to require the application of the acquisition method to business combinations, with some significant changes. For example, all payments to purchase a business will be recorded at fair value at the acquisition date, with contingent payments classified as other liabilities subsequently re-measured at fair value through profit or loss. There is a choice on an acquisition-by-acquisition basis to measure the non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. All acquisition-related transaction costs will be expensed.

The adoption of IFRS 3 (revised) does not change the accounting treatment, including the accounting for contingent consideration, for past acquisitions. The adoption of this standard did not have any impact during the current period as there were no acquisitions.

IAS 27 (revised) Consolidated and separate financial statements and consequential amendments to IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures

The revised IAS 27, applicable prospectively to all new transactions undertaken with non-controlling interest (minority interest) after January 1, 2010, requires the recording of the effect of all transactions in equity if there is no change in control. Where an interest is disposed and control (or significant influence or joint control) is lost, any remaining interest in the entity is re-measured to fair value and a gain or

loss is recognized in profit and loss. In the past, the effect of transactions with non-controlling interests were accounted for as partial acquisitions and disposals and reflected either as goodwill or within the profit and loss account. The adoption of IAS 27 revised had no impact during the current period as there were no transactions with non-controlling interests and no disposals where an interest in an entity was retained after the loss of control (or significant influence or joint control) of that entity.

In addition, the following new standards, amendments to existing standards and interpretations are mandatory for the first time for the financial year beginning January 1, 2010 but are not currently relevant for the Group:

• Amendment to IFRS 2 – Share based payment (Group cash settled and share based payment transactions)

• Amendment to IAS 32 – Classification of Rights Issues

• Amendment to IAS 39 Financial Instruments – Eligible hedged items

• Improvements to IFRS (2009)

Critical accounting estimates

Certain amounts recorded in the condensed consolidated interim financial statements reflect estimates and assumptions made by management. Actual results may differ from the estimates made.

Equity growth assumptions

Estimated gross profits on variable life and variable annuity products in the Americas include a short- and long term equity market return assumption. In the second quarter of 2010, AEGON set its short-term equity market return assumption equal to its long-term assumption at 9%, reflecting continued volatility experienced in equity markets and the use of macro equity hedges. For the fourth quarter ended December 31, 2010, holding the short-term equity market assumption at 9% resulted in an additional gain of EUR 142 million, reflected in fair value items. The gains/ losses from the effects of the short-term return assumptions included in fair value items are more than offset by the effects of the company’s macro equity hedge.

page 8 Local knowledge. Global power. Unaudited

Exchange rates

The following exchange rates are applied for the condensed consolidated interim financial statements: Income statement

items: average rate 1 EUR = USD 1.3210 (2009: USD 1.4071); 1 EUR = GBP 0.8544 (2009: GBP 0.8903).

Balance sheet items: closing rate 1 EUR = USD 1.3362 (2009: USD 1.4406); 1 EUR = GBP 0.8608 (2009: GBP 0.8881).

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3. Segment information

3.1 Income statement

Three months ended December 31, 2010

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Three months ended December 31, 2010
Underlying earnings before tax geographically		406			87			(6	)		59			(57	)		—			489			(14	)		475
Fair value items		8			18			—			—			4			—			30			—			30
Realized gains / (losses) on investments		247			1			8			—			(1	)		—			255			—			255
Impairment charges		(115	)		(1	)		(24	)		(11	)		—			—			(151	)		—			(151	)
Impairment reversals		17			1			—			—			—			—			18			—			18
Other income / (charges)		(200	)		5			(13	)		(40	)		(11	)		1			(258	)		—			(258	)
Run-off businesses		(28	)		—			—			—			—			—			(28	)		—			(28	)
Share in net result of associates		—			—			—			—			—			—			—			11			11
Income before tax		335			111			(35	)		8			(65	)		1			355			(3	)		352
Income tax (expense) / benefit		(40	)		(30	)		16			1			16			—			(37	)		3			(34	)
Net income		295			81			(19	)		9			(49	)		1			318			—			318
Inter-segment underlying earnings		(40)			(20)			(18)			70			8
Revenues
Life insurance gross premiums		1,707			516			1,674			367			—			—			4,264			(125	)		4,139
Accident and health insurance		465			27			—			18			—			—			510			(1	)		509
General insurance		—			94			—			35			—			—			129			—			129
Total gross premiums		2,172			637			1,674			420			—			—			4,903			(126	)		4,777
Investment income		987			530			471			58			83			(79	)		2,050			(18	)		2,032
Fee and commission income		278			89			43			135			—			(69	)		476			—			476
Other revenues		—			—			—			2			—			—			2			—			2
Total revenues		3,437			1,256			2,188			615			83			(148	)		7,431			(144	)		7,287
Inter-segment revenues		—			—			1			69			78

Three months ended December 31, 2009

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Three months ended December 31, 2009
Underlying earnings before tax geographically		350			95			33			48			(50	)		2			478			(10	)		468
Fair value items		(159	)		(31	)		7			(2	)		21			—			(164	)		—			(164	)
Realized gains / (losses) on investments		109			178			26			—			2			—			315			—			315
Impairment charges		(203	)		(11	)		(55	)		(21	)		—			—			(290	)		3			(287	)
Impairment reversals		60			18			—			—			—			—			78			—			78
Other income / (charges)		—			—			9			(4	)		—			—			5			—			5
Run-off businesses		(47	)		—			—			—			—			—			(47	)		—			(47	)
Share in net result of associates		—			—			—			—			—			—			—			5			5
Income before tax		110			249			20			21			(27	)		2			375			(2	)		373
Income tax (expense) / benefit		71			(45	)		(5	)		(2	)		(1	)		—			18			2			20
Net income		181			204			15			19			(28	)		2			393			—			393
Inter-segment underlying earnings		(3)			(1)			1			(1)			4
Revenues
Life insurance gross premiums		1,530			573			1,658			297			—			—			4,058			(83	)		3,975
Accident and health insurance		391			26			—			12			—			—			429			—			429
General insurance		—			94			—			39			—			—			133			—			133
Total gross premiums		1,921			693			1,658			348			—			—			4,620			(83	)		4,537
Investment income		851			580			539			50			20			(10	)		2,030			(18	)		2,012
Fee and commission income		240			87			49			38			—			—			414			—			414
Other revenues		—			—			—			—			1			—			1			—			1
Total revenues		3,012			1,360			2,246			436			21			(10	)		7,065			(101	)		6,964
Inter-segment revenues		—			4			—			(1)			7

page 10 Local knowledge. Global power. Unaudited

Full year ended December 31, 2010

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Full year ended December 31, 2010
Underlying earnings before tax geographically		1,598			385			72			200			(283	)		—			1,972			(50	)		1,922
Fair value items		(24	)		361			(9	)		(10	)		(97	)		—			221			—			221
Realized gains / (losses) on investments		380			155			14			13			96			—			658			(2	)		656
Impairment charges		(464	)		(17	)		(39	)		(22	)		—			—			(542	)		—			(542	)
Impairment reversals		81			6			3			—			—			—			90			—			90
Other income / (charges)		(306	)		38			48			(56	)		(34	)		1			(309	)		—			(309	)
Run-off businesses		(165	)		—			—			—			—			—			(165	)		—			(165	)
Share in net result of associates		—			—			—			—			—			—			—			41			41
Income before tax		1,100			928			89			125			(318	)		1			1,925			(11	)		1,914
Income tax (expense) / benefit		31			(217	)		(5	)		(34	)		60			—			(165	)		11			(154	)
Net income		1,131			711			84			91			(258	)		1			1,760			—			1,760
Inter-segment underlying earnings		(154)			(51)			(67)			248			24
Revenues
Life insurance gross premiums		6,877			3,185			7,425			1,306			—			—			18,793			(427	)		18,366
Accident and health insurance		1,850			201			—			72			—			—			2,123			(2	)		2,121
General insurance		—			451			—			159			—			—			610			—			610
Total gross premiums		8,727			3,837			7,425			1,537			—			—			21,526			(429	)		21,097
Investment income		4,073			2,161			2,340			234			305			(279	)		8,834			(72	)		8,762
Fee and commission income		998			348			164			479			—			(245	)		1,744			—			1,744
Other revenues		1			—			—			4			1			—			6			(1	)		5
Total revenues		13,799			6,346			9,929			2,254			306			(524	)		32,110			(502	)		31,608
Inter-segment revenues		—			1			3			246			274

Full year ended December 31, 2009

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Full year ended December 31, 2009
Underlying earnings before tax geographically		817			398			52			170			(252	)		—			1,185			(35	)		1,150
Fair value items		(87	)		(374	)		28			3			(114	)		—			(544	)		—			(544	)
Realized gains / (losses) on investments		63			351			79			5			20			—			518			(1	)		517
Impairment charges		(1,065	)		(132	)		(184	)		(27	)		(5	)		—			(1,413	)		3			(1,410	)
Impairment reversals		115			21			—			—			—			—			136			—			136
Other income / (charges)		(3	)		—			67			(387	)		—			—			(323	)		—			(323	)
Run-off businesses		(13	)		—			—			—			—			—			(13	)		—			(13	)
Share in net result of associates		—			—			—			—			—			—			—			23			23
Income before tax		(173	)		264			42			(236	)		(351	)		—			(454	)		(10	)		(464	)
Income tax (expense) / benefit		669			(23	)		(33	)		(53	)		98			—			658			10			668
Net income		496			241			9			(289	)		(253	)		—			204			—			204
Inter-segment underlying earnings		(19)			(11)			3			(5)			32
Revenues
Life insurance gross premiums		5,961			3,066			7,014			1,284			—			—			17,325			(423	)		16,902
Accident and health insurance		1,689			206			—			68			—			—			1,963			—			1,963
General insurance		—			457			—			151			—			—			608			—			608
Total gross premiums		7,650			3,729			7,014			1,503			—			—			19,896			(423	)		19,473
Investment income		3,913			2,211			2,296			283			86			(42	)		8,747			(66	)		8,681
Fee and commission income		896			383			174			140			—			—			1,593			—			1,593
Other revenues		2			—			—			2			1			—			5			(1	)		4
Total revenues		12,461			6,323			9,484			1,928			87			(42	)		30,241			(490	)		29,751
Inter-segment revenues		1			2			2			—			37

Unaudited page 11

Underlying earnings

Certain assets held by AEGON Americas, AEGON The Netherlands and AEGON UK 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 investments in 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 assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of Deferred Policy Acquisition Costs (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 annuities and guarantees on variable annuities 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 excluded is any over- or underperformance compared to management’s expected return. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of AEGON The Netherlands and Variable Annuities Europe (included in New Markets) are excluded from underlying earnings, the long-term expected return for these guarantees is set at zero.

Holding and other activities include 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 fair value movement resulting from changes in AEGON’s credit spread used in the valuation of these bonds are excluded from underlying earnings and reported under fair value items.

Fair value items

Fair value items include the ‘over’ or ‘under’ performance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings, the gains (losses) on real estate and hedge ineffectiveness.

In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.

Realized gains or losses on investments

Includes realized gains and losses on available-for-sale investments, as well as mortgage and loan portfolios.

Impairment charges/reversals

Includes impairments (reversals) on available-for-sale debt securities and impairments on shares including the effect of deferred policyholder acquisition costs and mortgage and loan portfolios on amortized cost and associates.

Other income or charges

Other income or charges is used to report any items which cannot be directly allocated to a specific line of business. Also items that are outside the normal course of business are included under this heading.

Other charges include restructuring charges in that are considered other charges for segment reporting purposes because these are outside the normal course of business. In the condensed consolidated income statement, these charges are included in operating expenses.

Run-off businesses

Includes results of business units where management has decided to exit the market and to run–off the existing block of business. Currently, this line includes the run-off of the institutional spread-based business and structured settlements blocks of business in the United States. AEGON has other blocks of businesses for which sales have been discontinued and of which the earnings are included in underlying earnings.

Interest charges and other

‘Interest charges and other’ includes funding interest expenses and holding expenses.

page 12 Local knowledge. Global power. Unaudited

Share in earnings of associates

Earnings from the Company’s associates in insurance companies in Spain, India, Brazil and Mexico are reported
on an underlying earnings basis. Other associates are included on a net income basis.

Non-IFRS measures

This report includes the non-IFRS financial measure: underlying earnings before tax. The reconciliation of this measure to the most comparable IFRS measures is presented in the tables in this note. This non-IFRS measure is calculated by consolidating on a proportionate basis the revenues and expenses of our associated companies in Spain, India, Brazil and Mexico. We believe that our non-IFRS measure provides meaningful information about the underlying operating results of our business including insight into the financial measures that our senior management uses in managing our business.

Among other things our senior management is compensated based in part on AEGON’s results against targets using the

non-IFRS measure presented here. While many other insurers in our peer group present substantially similar non-IFRS measures, the non-IFRS measure presented in this document may nevertheless differ from the non-IFRS measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards and readers are cautioned to consider carefully the different ways in which we and our peers present similar information before comparing them.

AEGON believes the non-IFRS measure shown herein, when read together with our reported IFRS financial statements, provides meaningful supplemental information for the investing public to evaluate AEGON’s business after eliminating the impact of current IFRS accounting policies for financial instruments and insurance contracts, which embed a number of accounting policy alternatives that companies may select in presenting their results (i.e. companies can use different local GAAPs) and that can make the comparability from period to period difficult.

Unaudited page 13

3.2 Investments geographically

At December 31, 2010

					amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At December 31, 2010	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,737		53	Shares		1,300		945		62		72		—		(3	)		2,376
	89,687		7,917	Debt securities		67,121		18,504		9,198		2,041		—		—			96,864
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	17,481		—	Other financial assets		13,083		40		—		45		293		—			13,461
	974		—	Investments in real estate		729		2,055		—		—		—		—			2,784
	125,128		7,978	Investments general account		93,645		37,173		9,269		2,811		293		(3	)		143,188
	—		25,470	Shares		—		8,087		29,589		3,139		—		(5	)		40,810
	—		13,573	Debt securities		—		14,435		15,768		223		—		—			30,426
	79,308		6,393	Separate accounts and investment funds		59,353		—		7,427		1,309		—		—			68,089
	—		3,250	Other financial assets		—		536		3,775		1,467		—		—			5,778
	—		976	Investments in real estate		—		—		1,134		—		—		—			1,134
	79,308		49,662	Investments for account of policyholders		59,353		23,058		57,693		6,138		—		(5	)		146,237
	204,436		57,640	Investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425
	115,297		—	Off balance sheet investments third parties		86,287		12,353		—		25,126		—		—			123,766
	319,733		57,640	Total revenue generating investments		239,285		72,584		66,962		34,075		293		(8	)		413,191
				Investments
	102,792		7,899	Available-for-sale		76,929		19,261		9,177		1,879		4		—			107,250
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	—		—	Held-to-maturity		—		—		—		139		—		—			139
	85,421		48,757	Financial assets at fair value through profit or loss		63,928		23,286		56,642		6,278		289		(8	)		150,415
	974		976	Investments in real estate		729		2,055		1,134		—		—		—			3,918
	204,436		57,640	Total investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425
	114		8	Investments in associates		85		59		9		576		4		—			733
	27,165		5,415	Other assets		20,331		11,626		6,290		1,703		30,824		(28,629	)		42,145
	231,715		63,063	Consolidated total assets		173,414		71,916		73,261		11,228		31,121		(28,637	)		332,303

At December 31, 2009

					amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At December 31, 2010	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,917		47	Shares		1,331		661		53		54		—		(3	)		2,096
	86,699		6,973	Debt securities		60,182		20,384		7,852		2,001		1,049		—			91,468
	17,255		10	Loans		11,978		12,975		11		604		—		—			25,568
	16,975		—	Other financial assets		11,783		40		—		48		622		—			12,493
	714		—	Investments in real estate		496		2,084		—		—		—		—			2,580
	123,560		7,030	Investments general account		85,770		36,144		7,916		2,707		1,671		(3	)		134,205
	—		21,910	Shares		—		7,184		24,669		2,750		—		(5	)		34,598
	—		12,712	Debt securities		—		13,777		14,314		212		—		—			28,303
	71,915		4,237	Separate accounts and investment funds		49,920		—		4,772		1,117		—		—			55,809
	—		3,572	Other financial assets		—		788		4,023		1,276		—		—			6,087
	—		931	Investments in real estate		—		—		1,048		—		—		—			1,048
	71,915		43,362	Investments for account of policyholders		49,920		21,749		48,826		5,355		—		(5	)		125,845
	195,475		50,392	Investments on balance sheet		135,690		57,893		56,742		8,062		1,671		(8	)		260,050
	111,956		2,768	Off balance sheet investments third parties		77,715		12,968		3,116		8,983		—		—			102,782
	307,431		53,160	Total revenue generating investments		213,405		70,861		59,858		17,045		1,671		(8	)		362,832
				Investments
	99,706		6,944	Available-for-sale		69,211		20,944		7,819		1,888		1,049		—			100,911
	17,255		10	Loans		11,978		12,975		11		604		—		—			25,568
	—		—	Held-to-maturity		—		—		—		70		—		—			70
	77,800		42,507	Financial assets at fair value through profit or loss		54,005		21,890		47,864		5,500		622		(8	)		129,873
	714		931	Investments in real estate		496		2,084		1,048		—		—		—			3,628
	195,475		50,392	Total investments on balance sheet		135,690		57,893		56,742		8,062		1,671		(8	)		260,050
	103		7	Investments in associates		72		53		8		560		4		(1	)		696
	28,545		5,736	Other assets		19,815		8,176		6,460		1,346		30,088		(27,997	)		37,888
	224,123		56,135	Consolidated total assets		155,577		66,122		63,210		9,968		31,763		(28,006	)		298,634

page 14 Local knowledge. Global power. Unaudited

4. Investments

EUR millions					Dec. 31, 2010				Dec. 31, 2009
Available-for-sale (AFS)						107,250				100,911
Loans						27,703				25,568
Held-to-maturity (HTM)						139				70
Financial assets at fair value through profit or loss (FVTPL)						5,312				5,076
Financial assets, excluding derivatives						140,404				131,625
Investments in real estate						2,784				2,580
Total investments for general account						143,188				134,205
Total financial assets, excluding derivatives
	AFS		FVTPL		HTM		Loans		Total
Shares		1,298		1,078		—		—		2,376
Debt securities		94,936		1,789		139		—		96,864
Money market and other short term investments		10,141		659		—		—		10,800
Mortgages		—		—		—		23,781		23,781
Private loans		—		—		—		829		829
Deposits with financial institutions		—		—		—		748		748
Policy loans		—		—		—		2,169		2,169
Receivables out of share lease agreements		—		—		—		25		25
Other		875		1,786		—		151		2,812
Dec. 31, 2010		107,250		5,312		139		27,703		140,404
	AFS		FVTPL		HTM		Loans		Total
Shares		1,097		999		—		—		2,096
Debt securities		89,716		1,682		70		—		91,468
Money market and other short term investments		9,189		875		—		—		10,064
Mortgages		—		—		—		21,525		21,525
Private loans		—		—		—		760		760
Deposits with financial institutions		—		—		—		1,047		1,047
Policy loans		—		—		—		2,039		2,039
Receivables out of share lease agreements		—		—		—		39		39
Other		909		1,520		—		158		2,587
Dec. 31, 2009		100,911		5,076		70		25,568		131,625

Government bond investments

Included in our available-for-sale debt securities and money market investments are EUR 1,250 million (December 31, 2009: EUR 2,192 million) of exposures to central governments

of European peripheral countries of Portugal, Italy, Ireland, Greece and Spain. The table below provides the amortized cost and fair value of our exposure to central governments of these countries.

EXPOSURE TO CENTRAL GOVERNMENTS OF EUROPEAN PERIPHERAL COUNTRIES

EUR millions	Dec 31, 2010				Dec. 31, 2009
	Amortized cost		Fair value		Amortized cost		Fair value
Portugal		33		32		56		58
Italy		114		112		138		143
Ireland		37		32		135		138
Greece		58		45		94		92
Spain		1,008		904		1,769		1,784
Total		1,250		1,125		2,192		2,215

Unaudited page 15

5. Investments for account of policyholders

EUR millions	Dec. 31, 2010		Dec. 31, 2009
Shares		40,810		34,598
Debt securities		30,426		28,303
Money market and short-term investments		2,597		2,925
Deposits with financial institutions		2,630		2,357
Separate accounts and unconsolidated investment funds		68,089		55,809
Other		551		805
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives		145,103		124,797
Investment in real estate		1,134		1,048
Total investments for account of policyholders		146,237		125,845

6. Intangible assets

EUR millions	Dec. 31, 2010		Dec. 31, 2009
Goodwill		652		720
VOBA		3,221		3,362
Future servicing rights		444		493
Software		32		18
Other		10		16
Total intangible assets		4,359		4,609

Goodwill decreased as a result of impairments in the Americas’ Bank Owned Life Insurance /Corporate Owned Life Insurance (BOLI/COLI) business (EUR 89 million) following the decision to put this business in run-off and impairments in the Hungarian pensions business (EUR 4 million), following actions taken by the government of Hungary. The remaining decrease in goodwill is attributable to foreign currency effects.

The decrease in value of business acquired (VOBA) is mainly attributable to foreign currency effects offset by amortizations and the impact of shadow accounting.

The decrease in future servicing rights related to the impairments in the America’s BOLI/COLI business (EUR 68 million) and impairments in the Hungarian pensions business (EUR 9 million).

7. Deferred expenses and rebates

EUR millions	Dec. 31, 2010		Dec. 31, 2009
DPAC for insurance contracts and investment contracts with discretionary participation features		11,341		10,900
Deferred transaction costs for investment management services		380		328
Unamortized interest rate rebates		227		253
Total deferred expenses and rebates		11,948		11,481

Deferred policy acquisition costs (DPAC) balances increased, reflecting changes in foreign currency exchange rates and

newly deferred expenses offset by amortizations and the impact of shadow accounting.

page 16 Local knowledge. Global power. Unaudited

8. Share capital

EUR millions	Dec. 31, 2010		Dec. 31, 2009
Share capital - par value		278		278
Share premium		7,906		7,906
Total share capital		8,184		8,184
Share capital - par value
Balance at January 1		278		251
Issuance		—		27
Balance		278		278
Share premium
Balance at January 1		7,906		7,096
Issuance		—		810
Balance		7,906		7,906

9. Convertible core capital securities

On August 30, 2010, AEGON repurchased EUR 500 million of the original EUR 3 billion in core capital secured through its largest shareholder, Vereniging AEGON and funded by the Dutch government. With this repurchase the nominal amount paid to the Dutch government totals EUR 1.5 billion. The first EUR 1 billion was repurchased on November 30, 2009.

The total payment to the Dutch government on August 30, 2010 amounted to EUR 563 million. Under the terms of AEGON’s agreement with the Dutch government, the premium for repurchase amounted to EUR 52 million or 10.3% premium. The amount repurchased includes accrued interest from May 25, 2010 of EUR 11 million.

10. Borrowings

EUR millions	Dec. 31, 2010		Dec. 31, 2009
Debentures and other loans		7,742		6,512
Commercial paper		701		520
Short term deposits		18		152
Bank overdrafts		57		301
Total borrowings		8,518		7,485

Debentures and other loans increased as a result of an issuance of notes under the Dutch SAECURE program for an amount of EUR 1,018 million and EUR 842 million respectively. The securities bear a coupon varying from three month Euribor plus 0.95% to 1.35%. The net proceeds were used to finance a part of the existing Dutch mortgage portfolio of AEGON The Netherlands.

A EUR 900 million borrowing from the European Central Bank as part of its Long Term Refinancing Operation (LTRO) program has been repaid as at July 1, 2010.

Debentures and other loans have been positively impacted by foreign currency exchange rates. Included in Debentures and other loans is EUR 987 million relating to borrowings measured at fair value (2009: EUR 959 million).

Unaudited page 17

Commercial paper and Bank overdrafts vary with the normal course of business. Short term deposits have been reduced

since cash inflows have been used to repay short term debt.

11. Other liabilities

EUR millions					Dec. 31, 2010		Dec. 31, 2009
Payables due to policyholders						980		577
Payables due to brokers and agents						1,015		1,090
Payables out of reinsurance						914		815
Social security and taxes payable						74		55
Income tax payable						385		174
Investment creditors						542		512
Cash collateral						7,664		4,020
Repurchase agreements						5,077		4,867
Share appreciation rights						1		1
Other creditors						1,843		1,603
Total other liabilities						18,495		13,714
12. Premium income and premium to reinsurers
EUR millions	Q4 2010		Q4 2009		FY 2010		FY 2009
Gross
Life		4,139		3,976		18,366		16,903
Non-Life		638		561		2,731		2,570
		4,777		4,537		21,097		19,473
Reinsurance
Life		417		381		1,509		1,422
Non-Life		88		75		350		305
		505		456		1,859		1,727
13. Investment income
EUR millions	Q4 2010		Q4 2009		FY 2010		FY 2009
Interest income		1,858		1,751		7,958		7,798
Dividend income		132		227		632		721
Rental income		42		34		172		162
Total investment income		2,032		2,012		8,762		8,681
Investment income related to general account		1,501		1,417		6,258		6,109
Investment income account of policyholders		531		595		2,504		2,572
Total		2,032		2,012		8,762		8,681

page 18 Local knowledge. Global power. Unaudited

14. Result from financial transactions

EUR millions	Q4 2010			Q4 2009			FY 2010			FY 2009
Net fair value change of general account financial investments at FVTPL other than derivatives		108			76			257			193
Realized gains and losses on financial investments		66			317			564			475
Gains and (losses) on investments in real estate		186			(38	)		135			(179	)
Net fair value change of derivatives		(1,243	)		144			1,340			(582	)
Net fair value change on for account of policyholder financial assets at FVTPL		5,035			2,699			13,217			15,219
Net fair value change on investments in real estate for account of policyholders		(15	)		85			73			(37	)
Net foreign currency gains and (losses)		(3	)		21			60			(25	)
Net fair value change on borrowings and other financial liabilities		56			4			(2	)		(138	)
Realized gains and (losses) on repurchased debt		18			1			18			11
Total		4,208			3,309			15,662			14,937

Net fair value changes on for account of policyholder financial assets at fair value through profit and loss are offset by amounts in the benefits and expenses line. Net fair value

changes of general account financial investments at fair value through profit and loss other than derivatives is positive as a result of improved equity and bond markets for the quarter.

15. Other income

Other income in Q4 2010 relates to a gain on the sale of Assurantiebedrijf Hoofdstad B.V. te Diemen in the Netherlands of EUR 4.3 million.

Other income for the full year 2010 also includes a gain relating to the sale of the funeral insurance business in the

Netherlands of EUR 33 million. On April 1, 2010, AEGON completed the sale of this business to Egeria. Refer to note 19 – Acquisitions / Disposals for more details about this disposal.

16. Benefits and expenses

EUR millions	Q4 2010			Q4 2009			FY 2010			FY 2009
Claims and Benefits		10,300			9,254			42,825			41,506
Employee expenses		538			466			2,151			2,036
Administration expenses		355			364			1,182			1,227
Deferred expenses		(392	)		(392	)		(1,611	)		(1,612	)
Amortization charges		423			281			1,510			1,569
Total		11,224			9,973			46,057			44,726

Unaudited page 19

17. Impairment charges / (reversals)

EUR millions	Q4 2010			Q4 2009			FY 2010			FY 2009
Impairment charges / (reversals) comprise:
Impairment charges on financial assets, excluding receivables1		160			264			615			1,463
Impairment reversals on financial assets, excluding receivables1		(18	)		(78	)		(90	)		(136	)
Impact of the above impairments on the valuation of insurance assets and liabilities		—			4			—			4
Impairment charges / (reversals) on non-financial assets and receivables		175			26			176			38
Total		317			216			701			1,369
Impairment charges on financial assets, excluding receivables, from:
Shares		3			6			7			96
Debt securities and money market instruments		99			218			475			1,227
Loans		44			31			114			131
Other		14			3			19			3
Investments in associates		—			6			—			6
Total		160			264			615			1,463
Impairment reversals on financial assets, excluding receivables, from:
Debt securities and money market instruments		(6	)		(64	)		(73	)		(116	)
Loans		(12	)		(14	)		(17	)		(20	)
Total		(18	)		(78	)		(90	)		(136	)

¹ Impairment charges / (reversals) on financial assets, excluding receivables, are excluded from underlying earnings before tax for segment reporting (refer to note 3).

18. Other charges

Other charges in Q4 2010 included a charge related to bank tax charged by the Hungarian Government of EUR 5 million.

Other charges in 2010 included a one-time provision of EUR 95 million for the settlement of a dispute related to a Bank Owned Life Insurance (BOLI) policy in the United States. Subsequent to the disruption in the credit market, which affected the investment value of the policy’s underlying assets, a suit was filed alleging that the contractual terms were not adhered to. In relation to this settlement EUR 9 million insurance recovery was recognized in Q4 2010.

2009 included the loss on the sale of AEGON Taiwan of EUR 385 million.

19. Acquisitions / Disposals

On April 1, 2010, AEGON completed the sale of its funeral insurance business in the Netherlands to Dutch investment firm Egeria for EUR 212 million. The actual proceeds from the sale amounted to EUR 162 million, the remainder was upstreamed as a dividend prior to the sale.

The value of the assets and liabilities sold amounted to EUR 1,084 million and EUR 933 million respectively. The assets included an amount of EUR 320 million of cash. Included in the gain are unrealized gains in an amount of EUR 22 million, reflecting revaluation reserves which were recycled through the income statement. In 2009, AEGON’s funeral insurance business generated EUR 70 million in gross written premiums.

20. Commitments and contingencies

There have been no material changes in contingent assets and liabilities reported in the 2009 consolidated financial statements of AEGON.

page 20 Local knowledge. Global power. Unaudited

Disclaimers

Cautionary note regarding non-GAAP measures

These condensed consolidated interim financial statements include a non-GAAP financial measure: underlying earnings before tax. The reconciliation of underlying earnings before tax to the most comparable IFRS measure is provided in Note 3 “Segment information” of our Condensed consolidated interim financial statements. AEGON believes that this non-GAAP measures, together with the IFRS information, provide meaningful supplemental information that our management uses to run our business as well as useful information for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

Local currencies and constant currency exchange rates

These condensed consolidated interim financial statements contains certain information about our results and financial condition in USD for the Americas and GBP for the United Kingdom, 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 these condensed consolidated interim financial statements 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: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to AEGON. 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, persistence 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 Americas, the Netherlands, the United Kingdom and new 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;

• Lowering of one or more of our debt ratings issued by recognized rating organizations and the adverse impact such action may have on our ability to raise capital and on our liquidity and financial condition;

• Lowering of one or more of insurer financial strength ratings of our insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability of its insurance subsidiaries and liquidity;

• The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital we are required to maintain;

• 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;

• The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including our ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;

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

• Our inability to obtain approval from the Dutch Central Bank to repurchase our Core Capital Securities; and

• Our inability to divest Transamerica Reinsurance on terms acceptable to us.

Further details of potential risks and uncertainties affecting the company are described in the company’s filings with Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Unaudited Page 21

Shareholder information

Headquarters		Publication date figures in 2011
AEGON N.V.		Thursday, May 12, 2011	Results first quarter 2011 and
P.O. Box 85			Embedded Value report 2010
2501 CB The Hague		Thursday, August 11, 2011	Results second quarter 2011
The Netherlands		Thursday, November 10, 2011	Results third quarter 2011
Telephone	+ 31 (0) 70 344 32 10
www.aegon.com
Group Corporate Communications & Investor Relations
Media relations
Telephone	+ 31 (0) 70 344 89 56
E-mail	gcc-ir@aegon.com
Investor relations
Telephone	+ 31 (0) 70 344 83 05
or	877 548 96 68 - toll free, USA only
E-mail	ir@aegon.com

AEGON’s Q4 2010 press release and Financial Supplement are available on www.aegon.com.

page 22 Local knowledge. Global power. Unaudited

About AEGON

Throughout their working lives and into retirement, millions of people around the world rely on AEGON to help them secure their long-term financial futures.

As an international life insurance, pension and asset management company, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 27,500 people and serve some 40 million customers across the globe.

AEGON uses its strength and expertise to create added value for customers, shareholders, employees and the wider community. AEGON does this by encouraging innovation and by growing its businesses profitably and sustainably.

AEGON’s ambition is to be a leader in all its chosen markets by 2015.

Local knowledge. Global power.