TIDMAGN 
 
Q1 2012 RESULTS                MAY 10, 2012 
 
AEGON delivers growth in sales and earnings; maintains strong capital position 
 
- Business growth, cost reductions and favorable financial markets drive 
higher earnings 
 
 * Underlying earnings increase to EUR 425 million, including additional 
adverse mortality experience of EUR 12 million compared to Q1 2011 
 
  * Impairments decline to lowest level in four years to EUR 41 million 
 
  * Net income increases to EUR 521 million driven by favorable fair value 
items results and tax benefits 
 
  * Return on equity of 6.9%, or 7.8% excluding run-off businesses 
 
  * Target of doubling fee-based earnings achieved: 35% of first quarter 
underlying earnings from fee businesses 
 
- Strong increase in total sales driven by pension and asset management 
deposits 
 
  * US pension sales and new asset management mandates drive 50% increase in 
deposits to EUR 11 billion 
 
  * Accident and health sales increase 23% to EUR 195 million, driven by growth 
in the Americas 
 
  * New life sales decline 11% to EUR 445 million; increase in US offset by 
lower sales in UK and Netherlands 
 
  * MCVNB increases to EUR 125 million; product repricing as a result of low 
interest rates 
 
- Continued strong capital position and cash flows 
 
 * IGDa) solvency ratio increases to 201%; IGD surplus capital of EUR 7.1 
billion 
 
  * Capital base ratio of 74.2%; on track to exceed minimum of 75% by the end 
of 2012 
 
  * Operational free cash flow increases to EUR 805 million, including EUR 400 
million of exceptional items 
 
Statement of Alex Wynaendts, CEO 
 
"Following a year of considerable transformation, AEGON's businesses made a 
strong start in the first quarter of 2012 with solid increases in sales and 
earnings. Our successful efforts to reduce costs across our organization have 
created greater focus while also contributing to higher earnings. Our emphasis 
on serving the growing demand for retirement planning solutions led to the 
substantial increase in pension deposits in the United States and our 
third-party asset management business succeeded in capturing a significant 
inflow of new business. In keeping with one of our key strategic objectives, 
we delivered early on our target to generate a greater proportion of earnings 
from fee-based versus spread-based business. 
 
"We were pleased with the low level of impairments during the quarter, their 
lowest in four years. At the same time, it continues to be our priority to 
maintain AEGON's strong capital position in this period of continued economic 
uncertainty. 
 
"AEGON's first quarter results confirm the resilience of our franchise and 
that the actions being pursued by management are the right ones. It is for 
this reason that we look forward to resuming a dividend payment, which will be 
decided during our upcoming Annual General Meeting of Shareholders." 
 
KEY PERFORMANCE INDICATORS 
 
amounts in EUR millions b)              Notes Q1 2012 Q4 2011  % Q1 2011    % 
 
Underlying earnings before tax              1     425     346 23     414    3 
 
Net income                                  2     521      81  -     327   59 
 
Sales                                       3   1,758   1,409 25   1,411   25 
 
Market consistent value of new business     4     125      71 76     121    3 
 
Return on equity                            5    6.9%    5.2% 33    7.7% (10) 
 
For notes see page 20. 
 
 
 
STRATEGIC HIGHLIGHTS 
 
- AEGON details UK pensions reform proposition 
 
- AEGON expands strategic partnership with Liberbank in Spain 
 
- AEGON to delist its common shares from the London Stock Exchange 
 
Sustainable earnings growth with an improved risk-return profile 
 
AEGON aims to deliver sustainable earnings growth with an improved risk-return 
profile. The following targets* have been set by the company: 
 
- Grow underlying earnings before tax on average by 7%-10% per annum between 
2010 and 2015. 
 
- Achieve a return on equity of 10%-12% by 2015. 
 
- Increase fee-based earnings to 30%-35% of underlying earnings before tax by 
2015. 
 
- Increase normalized operational free cash flow 
by 30% by 2015 from 2010 level. 
 
* Main economic assumptions embedded in targets: annual gross equity market 
return of 9%, 10 year US interest rate of 4.75% in 2016 and EUR/USD rate of 
1.35. 
 
AEGON believes it can achieve these targets at the lower end of the target 
ranges as the economic slowdown adversely affects the company's growth 
potential. 
 
AEGON's ambition 
 
AEGON's aim to be a leader in all of its chosen markets by 2015 is supported 
by four strategic objectives: Optimize Portfolio, Enhance Customer Loyalty, 
Deliver Operational Excellence and Empower Employees. These key objectives 
have been embedded in all AEGON businesses. They provide the strategic 
framework for the company's ambition to become the most-recommended life 
insurance and pension provider by customers and distributors, as well as the 
most-preferred employer in the sector. 
 
Optimize portfolio 
 
In the United Kingdom, AEGON is positioning itself to capture the opportunities 
presented by pension reform and the introduction of automatic enrolment into 
pension schemes. In March 2012, AEGON announced it would be working with the 
National Employment Savings Trust (NEST) Corporation in the United Kingdom to 
provide integrated auto-enrolment support for employers who want to run an 
AEGON pension scheme alongside a NEST scheme.Auto-enrolment is expected to 
increase employer and employee engagement in workplace pension arrangements 
and AEGON is well placed to offer complementary pension solutions. AEGON is 
on track to launch a dedicated workplace savings platform solution in mid-2012, 
as part of its recently launched AEGON Retirement Choices (ARC) platform. 
 
AEGON is also focused on securing strategic distribution agreements in the 
United Kingdom ahead of the market changes as a result of the Retail 
Distribution Review and has recently confirmed it has been selected for the 
restricted advice panel of leading adviser group Sesame Bankhall. 
 
Asia represents a key long-term growth market for AEGON. To fully optimize the 
prospects for AEGON's businesses throughout the region, all of AEGON's Asian 
operations are now managed from the company's regional head office in Hong 
Kong. This allows AEGON to better leverage product and distribution expertise, 
capture efficiencies, and pursue organic growth of AEGON's franchise in Asia. 
 
As of the first quarter of 2012, AEGON has revised its financial reporting to 
reflect these changes in its organization. Businesses that were previously 
managed by AEGON Americas are included in the Asia line of business within the 
"New Markets" segment going forward. The change does not have any impact on 
consolidated total underlying earnings or net income reported by AEGON. 
 
In Spain, AEGON has reached an agreement with Liberbank to expand its 
long-term life insurance and pension partnership with the acquisition of 50% 
of Liberbank Vida. In addition to the network of Caja Cantabria, the agreement 
now also includes the branch networks of Cajastur and Caja Extremadura. The 
agreement allows AEGON and Liberbank to provide life insurance and pension 
products to over one million clients through a network of over 700 branch 
offices. 
 
In India, AEGON Religare has relaunched iTerm,an innovative term life insurance 
product combining it with a number of optional new riders. The company once again 
demonstrates its leading position in online sales and expects to sell at least 15 
to 20 percent of its policies through online distribution within two years as 
millions of Indian consumers go online. Since the introduction of iTerm in 
2009, over 19,000 policies have been sold online. 
 
AEGON received approval from the Dutch Central Bank (DNB) to set up a second 
premiepensioen-instelling (PPI), a low-cost carrier for individual retirement 
savings accounts. AEGON's second PPI will provide defined contribution pension 
solutions for small- and medium-sized enterprises and is complimentary to 
AEGON's first PPI which specifically targets larger corporations. 
 
Deliver operational excellence 
 
In the United Kingdom, AEGON has successfully implemented its new operating 
model and reached its target to reduce operating expenses for its Life and 
Pension businesses by 25% from 2009 levels. The program to restructure the 
business delivers GBP 80 million in expense savings, the benefits of which are 
visible in 2012. 
 
In the Netherlands, AEGON is on track with reorganizing its business to be 
more agile and better positioned to respond to changing conditions and 
opportunities in the Dutch market. The reorganization program and other 
initiatives will result in reducing the cost base for AEGON The Netherlands by 
EUR 100 million, compared to the cost base for 2010. The cost savings aim to 
offset pressure on underlying earnings from higher mortgage funding costs, 
increased longevity provisioning and a declining life insurance back-book. The 
majority of the cost savings is expected to be achieved in 2012. To date, 
AEGON has implemented costs savings of EUR 49 million. 
 
Delisting from London Stock Exchange 
 
AEGON will make an application to delist its common shares from the London 
Stock Exchange (LSE) in the United Kingdom. The volume of AEGON shares traded 
on the LSE is negligible and does not justify the related expenses. The last 
trading date will be announced once the application to delist has been 
accepted by the LSE. AEGON shares will remain listed on Euronext Amsterdam and 
the New York Stock Exchange. 
 
 
FINANCIAL OVERVIEW c) 
 
EUR millions                         Notes Q1 2012 Q4 2011    % Q1 2011    % 
 
Underlying earnings before tax 
Americas                                       292     316  (8)     336 (13) 
The Netherlands                                 79      75    5      81  (2) 
United Kingdom                                  29    (26)    -      12  142 
New markets                                     88      65   35      68   29 
Holding and other                             (63)    (84)   25    (83)   24 
Underlying earnings before tax                 425     346   23     414    3 
 
Fair value items                               156    (20)    -    (85)    - 
Realized gains / (losses)                       45      49  (8)      91 (51) 
on investments 
Impairment charges                            (41)    (94)   56    (62)   34 
Other income / (charges)                      (17)   (194)   91     (3)    - 
Run-off businesses                             (2)       1    -      22    - 
Income before tax                              566      88    -     377   50 
Income tax                                    (45)     (7)    -    (50)   10 
Net income                                     521      81    -     327   59 
 
Net income / (loss) attributable to: 
Equity holders of AEGON N.V.                   521      79    -     327   59 
Non-controlling interests                        -       2    -       -    - 
 
Net underlying earnings                        328     253   30     333  (2) 
 
Commissions and expenses                     1,399   1,684 (17)   1,513  (8) 
of which operating expenses             11     781     872 (10)     837  (7) 
 
New life sales 
Life single premiums                         1,160   1,876 (38)   1,726 (33) 
Life recurring premiums annualized             329     311    6     328    - 
Total recurring plus 1/10 single               445     498 (11)     501 (11) 
 
New life sales 
Americas                                12     120     109   10     105   14 
The Netherlands                                 32     117 (73)      65 (51) 
United Kingdom                                 213     189   13     247 (14) 
New markets                             12      80      83  (4)      84  (5) 
Total recurring plus 1/10 single               445     498 (11)     501 (11) 
 
New premium production                         195     188    4     159   23 
accident and health insurance 
New premium production                          14      13    8      13    8 
general insurance 
 
Gross deposits (on and off balance) 
Americas                                12   7,392   5,009   48   5,629   31 
The Netherlands                                560     560    -     462   21 
United Kingdom                                   8       9 (11)      19 (58) 
New markets                             12   3,083   1,522  103   1,267  143 
Total gross deposits                        11,043   7,100   56   7,377   50 
 
Net deposits (on and off balance) 
Americas                                12   1,061   (886)    -   (233)    - 
The Netherlands                              (185)   (160) (16)   (115) (61) 
United Kingdom                                 (1)       1    -       2    - 
New markets                             12   1,364     108    - (1,719)    - 
Total net deposits excluding                 2,239   (937)    - (2,065)    - 
run-off businesses 
Run-off businesses                         (1,160)   (611) (90)   (880) (32) 
Total net deposits                           1,079 (1,548)    - (2,945)    - 
 
 
OPERATIONAL HIGHLIGHTS 
 
Underlying earnings before tax 
 
AEGON's underlying earnings before tax increased 3% compared with the first 
quarter 2011 to EUR 425 million in the first quarter of 2012. This increase is 
the result of a strong delivery on cost reduction programs, higher fee-based 
earnings due to favorable equity markets and favorable currency movements. 
Earnings were negatively impacted by adverse mortality experience and lower 
fixed annuity earnings in the Americas, and in the Netherlands by poor 
morbidity experience. 
 
Underlying earnings from the Americas amounted to EUR 292 million. The 13% 
decrease compared to the first quarter of 2011 is primarily due to unfavorable 
mortality results (EUR 12 million) and lower fixed annuity earnings, as the 
product is de-emphasized, partly offset by higher fee-based earnings. In addition, 
earnings were impacted by recurring charges for Corporate Center expenses (EUR 
7 million) and an increase in employee benefit expenses (EUR 10 million). 
 
In the Netherlands, underlying earnings decreased 2% to EUR 79 million. The 
decline was mainly the result of adverse claim experience on disability 
products in the non-life business offset by a higher contribution from AEGON's 
growing Dutch mortgage loan portfolio. 
 
In the United Kingdom, underlying earnings more than doubled to EUR 29 
million. The strong improvement in earnings was driven by the successful 
implementation of the cost reduction program in AEGON's businesses in the 
United Kingdom and the non-recurrence of exceptional charges recorded in the 
previous year. 
 
Underlying earnings from New Markets increased 29% to EUR 88 million. The 
increase was mainly the result of higher underlying earnings at AEGON Asset 
Management as a result of the effects of growth, increased fees and phasing of 
expenses, only partly offset by lower underlying earnings from Central & 
Eastern Europe and Variable Annuities Europe. 
 
Total holding costs decreased 24% to EUR 63 million as part of AEGON's 
Corporate Center expenses are now charged to the operating units. This change 
reflects the various services and support provided by the Corporate Center to 
operating units. The first quarter 2012 charge to operating units amounted to 
EUR 16 million. 
 
Net income 
 
All operating units contributed positively to net income in the first quarter 
2012. The increase to EUR 521 million was driven by higher underlying 
earnings, favorable results on fair value items and lower impairments. 
 
Fair value items 
 
The results from fair value items increased to 
EUR 156 million. These positive results mainly related to alternative asset 
performance in the Americas, the guarantee portfolio in the Netherlands and 
derivates in the holding. 
 
Realized gains on investments 
 
In the first quarter, realized gains on investments amounted to EUR 45 million 
and were the result of normal trading in the investment portfolio. 
 
Impairment charges 
 
Impairments decreased to EUR 41 million, the lowest amount in four years. 
Impairments continue to be primarily linked to residential mortgage-backed 
securities in the United States. 
 
Other charges 
 
Other charges amounted to EUR 17 million and consisted mainly of a EUR 17 
million charge related to the full year 2012 Hungarian bank tax. Restructuring 
charges in the Netherlands (EUR 3 million) and AEGON Asset Management (EUR 1 
million) were offset by income related to policyholder tax of EUR 6 million. 
 
Run-off businesses 
 
The results of run-off businesses amounted to a loss of EUR 2 million as 
positive results for BOLI/COLI (EUR 17 million) were offset by a loss on the 
 
institutional spread-based business (EUR 7 million) and the amortization of 
the prepaid cost of reinsurance asset related to the divestment of the life 
reinsurance activities (EUR 9 million). 
 
Income tax 
 
Income tax amounted to a charge of EUR 45 million in the first quarter, 
including a benefit of EUR 51 million related to the run-off of the company's 
institutional spread-based activities in Ireland. Also, a EUR 27 million tax 
benefit was recorded in the United Kingdom as a result of an announced tax 
rate reduction and the Netherlands reported a tax benefit of EUR 19 million 
resulting from a settlement. 
 
Return on equity 
 
Higher average shareholders' equity excluding revaluation reserves and lower 
net underlying earnings compared with the first quarter 2011, resulted in a 
return on equity of 6.9% for the first quarter 2012. Return on equity 
excluding the run-off businesses amounted to 7.8% over the same period. 
 
Operating expenses 
 
In the first quarter, operating expenses decreased 7% to EUR 781 million as a 
result of cost savings, lower restructuring charges and divestments. 
 
Sales and deposits 
 
AEGON's total sales increased 25% to EUR 1.8 billion. Increased new life sales 
in the Americas were offset by lower sales in the United Kingdom and the 
Netherlands. Strong gross deposits were particularly driven by pension 
deposits in the Americas and good performance in both the retail and 
institutional segments of AEGON Asset Management. New premium production for 
accident and health also increased strongly, mainly driven by travel insurance 
in the United States. 
 
Market consistent value of new business 
 
AEGON manages its business on an economic framework basis, meaning that it 
prices its products based on hedgeable market circumstances, versus 
assumptions about future economic conditions. As of the first quarter of 2012, 
AEGON starts disclosing the market consistent value of new business on a 
quarterly basis. At the same time, the publication of value of new business on 
the company's traditional embedded value basis is being discontinued. 
 
Compared with the first quarter of 2011, the market consistent value of new 
business increased slightly to EUR 125 million. Higher profitability in the 
annuity business in the United Kingdom and a higher contribution from mortgage 
loans in the Netherlands were partially offset by a decrease in value of new 
business in the Americas due to lower interest rates. 
 
Revenue-generating investments 
 
Revenue-generating investments rose 3% compared with year-end 2011 to EUR 437 
billion at March 31, 2012. The increase as a result of net inflows and the 
effect of higher equity markets on unit-linked and off balance sheet assets 
was partly offset by outflows from run-off businesses and fixed annuities. 
 
Capital management 
 
AEGON's core capital excluding revaluation reserves amounted to EUR 17.7 
billion, equivalent to 74.2%6 of the company's total capital base at March 31, 
2012. AEGON is on track to reach a capital base ratio of at least 75% by the 
end of 2012. 
 
Shareholders' equity increased to EUR 21.3 billion. The increase was a result 
of first quarter's net income and an increase in the revaluation reserves 
partly offset by a decline in the value of the US dollar against the euro. 
 
REVENUE-GENERATING INVESTMENTS 
 
                                             Mar. 31, Dec. 31, 
                                                 2012     2011   % 
 
Revenue-generating investments (total)        436,753  423,518   3 
Investments general account                   140,770  144,079 (2) 
Investments for account of policyholders      149,501  142,529   5 
Off balance sheet investments third parties   146,482  136,910   7 
 
 
The revaluation reserves increased slightly to EUR 3.6 billion during the 
first quarter mainly the result of a tightening of credit spreads. 
 
In addition, the foreign currency translation reserves declined, primarily the 
result of a strengthening of the euro against the US dollar. Shareholders' 
equity per common share, excluding preference capital, amounted to EUR 10.18 
at March 31, 2012. 
 
At the end of the first quarter 2012, excess capital in the holding amounted 
to EUR 1.4 billion. AEGON aims to maintain at least 1.5 times holding expenses 
as a buffer at the holding, in 2012 equivalent to approximately EUR 750 
million. 
 
At March 31, 2012, AEGON's Insurance Group Directive (IGD) ratio was 201%, an 
increase from the level of 195% at the end of 2011. Measured on a local 
solvency basis, the Risk Based Capital (RBC) ratio in the United States 
remained level at 445%, the IGD ratio in the Netherlands increased to 210%, 
while the Pillar I ratio in the United Kingdom was 135% at the end of the 
first quarter 2012. 
 
In May, AEGON completed the sale of EUR 667 million of SAECURE 11 notes. The 
transaction included a USD 600 million tranche of USD denominated residential 
mortgage-backed securities (RMBS) placed with US investors. With this 
transaction, AEGON is further diversifying its RMBS investor base outside 
Europe. 
 
AEGON believes the successful placement is a recognition by US investors that 
Dutch RMBS notes are regarded as high-quality and that AEGON's SAECURE program 
is acknowledged as a top-tier program in the Dutch RMBS market. The net 
proceeds will be used to refinance part of the existing Dutch mortgage loan 
portfolio of AEGON. 
 
Cash flows 
 
AEGON aims to deliver sustainable cash flows and has announced its intention 
to improve operational free cash flow from its 2010 normalized level of EUR 
1.0-1.2 billion per annum by 30% by 2015. 
 
AEGON's subsidiaries generated EUR 805 million in operational free cash flows 
during the first quarter. Operational free cash flows were positively impacted 
by favorable interest rate movements and rising equity markets. Excluding 
exceptional items of approximately EUR 400 million, operational free cash 
flows totaled EUR 405 million. Operational free cash flows represent 
distributable earnings generation of the business units. The impact of capital 
preservation initiatives is not included in the reported operational free cash 
flows. 
 
APPENDIX I -- Americas --The Netherlands --United Kingdom --New Markets 
 
FINANCIAL OVERVIEW, 
Q1 2012 GEOGRAPHICALLY c) 
EUR millions                                                                        Holding, 
                                                                                       other 
                                                                                  activities 
                                                            The  United     New            & 
                                           Americas Netherlands Kingdom Markets eliminations Total 
 
Underlying earnings before 
tax by line of business 
Life                                            102          56      17      38            -   213 
Individual savings and                          126           -       -     (4)            -   122 
retirement products 
Pensions                                         62          21      13       1            -    97 
Non-life                                          -         (5)       -      12            1     8 
Distribution                                      -           7     (1)       -            -     6 
Asset Management                                  -           -       -      29            -    29 
Other                                             -           -       -       -         (64)  (64) 
Share in underlying earnings                      2           -       -      12            -    14 
before tax of associates 
Underlying earnings before tax                  292          79      29      88         (63)   425 
 
Fair value items                                 64          42     (2)       7           45   156 
Realized gains / (losses)                         9          34       -       2            -    45 
on investments 
Impairment charges                             (30)         (3)       -     (4)          (4)  (41) 
Other income / (charges)                        (1)         (3)       6    (18)          (1)  (17) 
Run-off businesses                              (2)           -       -       -            -   (2) 
Income before tax                               332         149      33      75         (23)   566 
Income tax                                     (53)         (8)      13    (27)           30  (45) 
Net income                                      279         141      46      48            7   521 
 
Net underlying earnings                         208          62      48      59         (49)   328 
 
EMPLOYEE NUMBERS 
 
                                           Mar. 31,    Dec. 31, 
                                               2012        2011 
 
Employees excluding agents                   22,132      22,249 
Agents                                        2,936       3,039 
Total number of employees                    25,068      25,288 
excluding Associates 
AEGON's share of employees                    2,908       3,982 
(including agents) in Associates 
Total                                        27,976      29,270 
 
 
AMERICAS 
 
- Underlying earnings before tax amount to USD 383 million, impacted by 
adverse mortality experience 
 
- Net income increases to USD 366 million, driven by positive fair value items 
and lower impairments 
 
- Strong sales of life insurance and accident & health at USD 157 million and 
USD 231 million respectively 
 
- Gross deposits of USD 9.7 billion up 26% driven by continued strong pension 
deposits 
 
Underlying earnings before tax 
 
Underlying earnings from the Americas in the first quarter 2012 amounted to 
USD 383 million. The decrease compared to the first quarter of 2011 is 
primarily due to unfavorable mortality results (USD 16 million) partly offset 
by higher fee-based earnings. In addition, earnings were impacted by recurring 
charges for Corporate Center expenses of USD 9 million and an increase of USD 
13 million in employee benefit expenses. 
 
- Earnings from Life & Protection in the Americas amounted to USD 128 million. 
Compared with Q1 2011, earnings included USD 16 million of higher mortality 
claims. 
 
- Individual Savings & Retirement earnings decreased to USD 163 million. 
Earnings from variable annuities improved to USD 97 million as a result of 
higher account balances. Fixed annuity earnings decreased to USD 62 million as 
a result of declining asset balances as the product is de-emphasized. 
 
- Earnings from Employer Solutions & Pensions remained level at USD 81 million 
as the effect of growth in account balances was offset by increased benefit 
plan and Corporate Center expenses. 
 
- Canada earnings decreased to USD 8 million, while earnings from Latin 
America amounted to USD 3 million. 
 
Net income 
 
Net income from AEGON's businesses in the Americas increased to USD 366 
million in the first quarter. The main drivers were positive results from fair 
value items and lower impairments, partly offset by a decrease in underlying 
earnings, a decline in results from run-off businesses and lower realized 
gains on investments. 
 
Results from fair value items amounted to USD 83 million for the quarter. 
Alternative asset performance was USD 158 million above its expected return, 
mainly driven by a significant change in the valuation of a fund containing 
mineral rights. In addition, credit derivatives gained USD 54 million as a 
result of credit spread tightening. The macro hedge loss of USD 108 million 
reflected the strong increase in equity markets during the quarter and the 
continued low interest rate environment. 
 
Gains on investments of USD 12 million were realized as a result of normal 
trading activity. Net impairments amounted to USD 39 million, the lowest 
amount in four years. Impairments continue to be primarily linked to US 
residential mortgage-backed securities. 
 
The results of run-off businesses amounted to a loss of USD 3 million. The 
loss on the institutional spread-based business and the amortization of the 
prepaid cost of reinsurance asset related to the divestment of the life 
reinsurance activities was partly offset by positive results from BOLI/COLI. 
 
Net income included a net tax expense of USD 69 million in the first quarter, 
including a tax benefit of USD 34 million related to the run-off of the 
company's institutional spread-based activities in Ireland. 
 
Return on capital 
 
In the first quarter 2012, the return on average capital, excluding 
revaluation reserves, invested in AEGON's business in the Americas amounted to 
5.6%. Excluding the capital allocated to the run-off businesses, the return on 
capital in the Americas would have amounted to 6.6%. Return on capital of 
AEGON's businesses excludes the benefit of leverage at the holding. 
 
Operating expenses 
 
Operating expenses decreased 1% to USD 478 million, primarily due to the 
divestiture of Transamerica Reinsurance and the wind down of the BOLI/COLI 
activities. Excluding restructuring charges, run-off activities, employee 
benefit plan expenses and the Corporate Center cost allocation, operating 
expenses increased 1%. 
 
Sales and desposits 
 
New life sales increased 10% to USD 157 million, primarily driven by strong 
indexed universal life sales as the product was recently launched into the 
brokerage channel. New premium production for accident & health insurance 
increased to USD 231 million, mainly the result of increased travel insurance 
sales. 
 
Gross deposits increased to USD 9.7 billion as a result of higher takeover 
deposits in the retirement plan space and increased stable value deposits. 
 
Variable annuity sales continued to be strong, despite a re-pricing of the 
company's variable annuity offerings reflecting the current low interest rate 
environment and subsequent higher hedging costs in its riders. 
 
Net deposits increased to USD 1.4 billion in the first quarter - excluding 
run-off businesses. AEGON's core growth areas of variable annuities and 
pensions recorded net inflows of USD 0.4 billion and USD 2.3 billion 
respectively, which were partly offset by fixed annuity outflows of USD 0.6 
billion. AEGON is de-emphasizing sales of fixed annuities as part of 
a strategic repositioning and incurs net outflows 
as a result. 
 
Market consistent value of new business 
 
In view of the fact that interest rates declined sharply in the third quarter 
of 2011, AEGON has actively repriced products and slowed down sales of 
unprofitable business in order to meet its return targets. As a result, a 
decline in the market consistent value of new business was mitigated and 
amounted to USD 62 million in the first quarter 2012. A strong contribution 
from the pensions business was more than offset by lower value of new business 
on certain universal life insurance and variable annuity products compared to 
the first quarter of 2011. 
 
Revenue-generating investments 
 
Revenue-generating investments amounted to USD 327 billion at March 31, 2012, 
an increase of 3% compared with year-end 2011. The decrease in general account 
assets as a result of outflows from the run-off businesses and fixed annuities 
was more than offset by net inflows and the effect of higher equity markets on 
unit-linked and off balance sheet assets. 
 
REVENUE-GENERATING INVESTMENTS 
 
                                      Mar. 31, Dec. 31, 
                                          2012     2011   % 
 
Revenue-generating investments         326,661  315,791   3 
(total) 
Investments general account            114,117  116,283 (2) 
Investments for account of              86,279   80,137   8 
policyholders 
Off balance sheet investments third    126,265  119,371   6 
parties 
 
 
AMERICAS c) 
 
USD millions                           Notes Q1 2012 Q4 2011     % Q1 2011    % 
 
Underlying earnings before 
tax by line of business 
Life and protection                              128     154  (17)     180 (29) 
Fixed annuities                                   62      58     7      90 (31) 
Variable annuities                                97     121  (20)      93    4 
Retail mutual funds                                4       5  (20)       6 (33) 
Individual savings and                           163     184  (11)     189 (14) 
retirement products 
Employer solutions & pensions                     81      83   (2)      81    - 
Canada                                             8       4   100      11 (27) 
Latin America                                      3       1   200     (2)    - 
Underlying earnings before tax                   383     426  (10)     459 (17) 
 
Fair value items                                  83   (189)     -    (17)    - 
Realized gains / (losses)                         12       7    71      34 (65) 
on investments 
Impairment charges                              (39)    (87)    55    (80)   51 
Other income / (charges)                         (1)    (50)    98       -    - 
Run- off businesses                              (3)       1     -      30    - 
Income before tax                                435     108     -     426    2 
Income tax                                      (69)      13     -    (76)    9 
Net income                                       366     121     -     350    5 
 
Net income / (loss) attributable to: 
Equity holders of AEGON N.V.                     366     121     -     350    5 
 
Net underlying earnings                          273     301   (9)     337 (19) 
 
Commissions and expenses                       1,055   1,347  (22)   1,186 (11) 
of which operating expenses                      478     481   (1)     481  (1) 
 
New life sales                            12 
Life single premiums                              65      43    51     100 (35) 
Life recurring premiums annualized               150     144     4     133   13 
Total recurring plus 1/10 single                 157     148     6     143   10 
 
Life & protection                                124     116     7     110   13 
Employer solutions & pensions                      9       5    80       6   50 
Canada                                            14      15   (7)      17 (18) 
Latin America                                     10      12  (17)      10    - 
Total recurring plus 1/10 single                 157     148     6     143   10 
 
New premium production                           231     233   (1)     189   22 
accident and health insurance 
 
Gross deposits (on and off                12 
balance) by line of business 
Life & protection                                  3       4  (25)       3    - 
Fixed annuities                                   91      72    26      83   10 
Variable annuities                             1,214   1,396  (13)   1,179    3 
Retail mutual funds                              754     627    20     775  (3) 
Individual savings &                           2,059   2,095   (2)   2,037    1 
retirement products 
Employer solutions & pensions                  7,544   4,517    67   5,554   36 
Canada                                            74      82  (10)      97 (24) 
Latin America                                      4       4     -       -    - 
Total gross deposits                           9,684   6,702    44   7,691   26 
 
Net deposits (on and off                  12 
balance) by line of business 
Life & protection                               (10)     (9)  (11)    (14)   29 
Fixed annuities                                (628)   (752)    16   (801)   22 
Variable annuities                               363     658  (45)     220   65 
Retail mutual funds                             (31)   (191)    84    (50)   38 
Individual savings &                           (296)   (285)   (4)   (631)   53 
retirement products 
Employer solutions & pensions                  1,797   (950)     -     485    - 
Canada                                         (105)    (37) (184)   (158)   34 
Latin America                                      4       4     -       -    - 
Total net deposits excluding                   1,390 (1,277)     -   (318)    - 
run-off businesses 
Run-off businesses                           (1,519)   (812)  (87) (1,202) (26) 
Total net deposits                             (129) (2,089)    94 (1,520)   92 
 
 
THE NETHERLANDS 
 
- Underlying earnings before tax of EUR 79 million, including a loss of EUR 5 
million in Non-life 
 
- Net income increases to EUR 141 million 
 
- New life sales decrease to EUR 32 million as result of lower sales in Life 
and Pensions 
 
Underlying earnings before tax 
 
In the first quarter 2012, underlying earnings from AEGON's operations in the 
Netherlands decreased to EUR 79 million as higher earnings in Life & Savings 
were offset by lower earnings in Non-life. In addition, earnings were impacted 
by recurring charges for Corporate Center expenses of EUR 4 million. 
 
- Earnings from AEGON's Life & Savings operations in the Netherlands increased 
to EUR 56 million, up 30% compared to the first quarter of 2011, partly driven 
by a higher contribution from AEGON's growing mortgage loan portfolio and cost 
savings. 
 
- Earnings from the Pension business amounted to EUR 21 million, as the 
benefit of expense savings was mainly offset by lower investment income. 
 
- Non-life recorded a loss of EUR 5 million, as a result of adverse claim 
experience on disability products which has been only partly offset by a 
reserve release following an update of assumptions. General trends in claim 
experience in disability in the Dutch non-life market are negative and are 
expected to continue throughout 2012 as a result of the current economic 
conditions. 
 
- Earnings from the distribution businesses decreased to EUR 7 million mainly 
driven by deteriorated market conditions. 
 
Net income 
 
Net income from AEGON's businesses in the Netherlands increased to EUR 141 
million and included a one-off tax benefit of EUR 19 million. Results on fair 
value items improved compared to the first quarter of 2011 and amounted to EUR 
42 million. Gains on investments totaled EUR 34 million for the quarter and 
were a result of normal trading activity in the portfolio. Other charges 
included EUR 3 million related to the restructuring program 
in the Netherlands. 
 
Return on capital 
 
The return on average capital, excluding revaluation reserves, invested in 
AEGON's businesses in the Netherlands declined to 6.4%, the combined result of 
higher average capital levels and lower net underlying earnings. Return on 
capital of AEGON's businesses excludes the benefit of leverage at the holding. 
 
Operating expenses 
 
Operating expenses declined 1% to EUR 187 million, mainly driven by realized 
cost savings. Operating expenses included additional charges of EUR 3 million 
related to the restructuring of the Dutch operations. 
 
Sales and deposits 
 
New life sales decreased in the first quarter to EUR 32 million. Pension sales 
declined to EUR 14 million, as the comparable quarter of 2011 included a large 
single contract. Individual life sales declined and amounted to EUR 18 million, 
primarily driven by a shrinking Dutch life insurance market and lower production 
levels of mortgage-related life insurance. 
 
Production of mortgages in the first quarter of 2012 declined to EUR 649 
million, primarily the result of less activity on the Dutch mortgage market. 
 
Premium production for accident & health amounted to EUR 9 million. Sales in 
income insurance products declined compared to the first quarter of 2011, as a 
result of price increases to improve margins. General insurance production 
amounted to EUR 9 million, up 13% compared to the first quarter of 2011, due 
to growth in newly added distribution channels. 
 
Gross deposits increased to EUR 560 million, following a marketing campaign at 
AEGON Bank and the offering of more competitive interest rates. 
 
Market consistent value of new business 
 
The market consistent value of new business in the Netherlands increased 
significantly compared to the first quarter of 2011 to EUR 27 million. The 
increase was mainly driven by a higher contribution from mortgage loans and 
the successful introduction of a new mortgage product in 2011 (Banksparen). 
 
Revenue-generating investments 
 
Revenue-generating investments increased 3% to EUR 64 billion, compared with 
the previous quarter. The increase was driven mainly by the positive effect of 
higher equity markets and lower credit spreads. 
 
THE NETHERLANDS 
 
EUR millions                           Notes Q1 2012 Q4 2011    % Q1 2011    % 
 
Underlying earnings before 
tax by line of business 
Life and Savings                                  56      40   40      43   30 
Pensions                                          21      36 (42)      22  (5) 
Non-life                                         (5)       2    -       5    - 
Distribution                                       7       -    -      11 (36) 
Share in underlying earnings                       -     (3)    -       -    - 
before tax of associates 
Underlying earnings before tax                    79      75    5      81  (2) 
 
Fair value items                                  42     189 (78)    (60)    - 
Realized gains / (losses)                         34      33    3      35  (3) 
on investments 
Impairment charges                               (3)     (5)   40     (2) (50) 
Other income / (charges)                         (3)    (84)   96     (8)   63 
Income before tax                                149     208 (28)      46    - 
Income tax                                       (8)    (60)   87     (7) (14) 
Net income                                       141     148  (5)      39    - 
 
Net income / (loss) attributable to: 
Equity holders of AEGON N.V.                     141     148  (5)      39    - 
 
Net underlying earnings                           62      50   24      66  (6) 
 
Commissions and expenses                         270     261    3     272  (1) 
of which operating expenses                      187     191  (2)     189  (1) 
 
New life sales 
Life single premiums                             245     856 (71)     457 (46) 
Life recurring premiums annualized                 7      31 (77)      19 (63) 
Total recurring plus 1/10 single                  32     117 (73)      65 (51) 
 
Life and Savings                                  18      13   38      26 (31) 
Pensions                                          14     104 (87)      39 (64) 
Total recurring plus 1/10 single                  32     117 (73)      65 (51) 
 
New premium production                             9       7   29      10 (10) 
accident and health insurance 
New premium production                             9       6   50       8   13 
general insurance 
 
Gross deposits (on and off 
balance) by line of business 
Life and Savings                                 560     560    -     382   47 
Pensions                                           -       -    -      80    - 
Total gross deposits                             560     560    -     462   21 
 
Net deposits (on and off 
balance) by line of business 
Life and Savings                               (185)   (160) (16)   (142) (30) 
Pensions                                           -       -    -      27    - 
Total net deposits                             (185)   (160) (16)   (115) (61) 
 
REVENUE-GENERATING INVESTMENTS 
 
                                          Mar. 31, Dec. 31, 
                                              2012     2011     % 
 
Revenue-generating investments (total)      64,283   62,242     3 
Investments general account                 39,572   39,019     1 
Investments for account of policyholders    24,711   23,223     6 
 
 
UNITED KINGDOM 
 
- Underlying earnings before tax increase to GBP 25 million as a result of 
lower expenses 
 
- Net income amounts to GBP 39 million 
 
- New life sales decrease to GBP 178 million due to anticipated lower pension 
sales 
 
Underlying earnings before tax 
 
In the first quarter of 2012, underlying earnings before tax increased to GBP 
25 million, driven by lower expenses and the non-recurrence of exceptional 
charges. Earnings were negatively impacted by recurring charges for Corporate 
Center expenses of GBP 2 million. 
 
- Earnings from Life declined to GBP 15 million, the result of lower earnings 
from annuities and adverse claims experience in individual protection. 
 
- Earnings from Pensions improved strongly to 
GBP 11 million, mainly driven by the non-recurrence of exceptional charges 
recorded in the previous year and successful implementation of the cost 
reduction program in the AEGON's business in the UK. 
 
- Distribution recorded a loss of GBP 1 million. 
 
Net income 
 
Net income declined to GBP 39 million, as higher underlying earnings were more 
than offset by lower realized gains on investments. Results on fair value 
items amounted to a loss of GBP 2 million. There were no impairments or 
realized gains during the quarter. A reduction in the corporate tax rate in 
the United Kingdom had a positive impact of GBP 22 million. 
 
Return on capital 
 
The return on average capital, excluding revaluation reserves, invested in 
AEGON's businesses in the United Kingdom increased to 6.3%, primarily as a 
result of higher net underlying earnings from pensions. Net underlying 
earnings for the first quarter of 2012 included a tax benefit of GBP 22 
million from a reduction in the corporate tax rate in the 
United Kingdom. There was a similar benefit in 
the first quarter in 2011. Return on capital of AEGON's businesses excludes 
the benefit of leverage at the holding. 
 
Operating expenses 
 
Operating expenses for the first quarter of 2012 amounted to GBP 62 million, a 
37% reduction following the successful implementation of the cost reduction 
program in the United Kingdom. Operating expenses in the first quarter 
benefited from favorable timing differences. For the full year, AEGON expects 
to achieve operating expenses at target level. 
 
Sales and deposits 
 
New life sales decreased 16% to GBP 178 million compared to the first quarter 
of 2011, as a result of an anticipated decrease in sales of pensions. In group 
pensions, increases in new business from increments and new entrants to 
existing schemes was offset by an anticipated decrease in sales of new schemes 
following reductions in commission levels to maintain margins. Compared to the 
fourth quarter of 2011, sales increased by 11%. 
 
Market consistent value of new business 
 
The market consistent value of new business in the United Kingdom increased to 
GBP 22 million, mainly driven by lower acquisition expenses and positive 
margin on the annuities business, partly offset by lower margins on unitized 
and protection business. 
 
Revenue-generating investments 
 
Revenue-generating investments increased 3% to GBP 53 billion, compared with 
year-end of 2011, primarily the result of higher equity markets. 
 
UNITED KINGDOM 
 
GBP millions                           Notes Q1 2012 Q4 2011    % Q1 2011     % 
 
Underlying earnings before 
tax by line of business 
Life                                              15      30 (50)      21  (29) 
Pensions                                          11    (50)    -     (9)     - 
Distribution                                     (1)     (2)   50     (2)    50 
Underlying earnings before tax                    25    (22)    -      10   150 
 
Fair value items                                 (2)       3    -     (1) (100) 
Realized gains / (losses)                          -       6    -      25     - 
on investments 
Impairment charges                                 -     (1)    -       -     - 
Other income / (charges)                   7       5    (49)    -     (5)     - 
Income before tax                                 28    (63)    -      29   (3) 
Income tax attributable to                       (5)     (4) (25)     (1)     - 
policyholder return 
Income before income tax                          23    (67)    -      28  (18) 
on shareholders return 
Income tax on shareholders return                 16     (9)    -      18  (11) 
Net income                                        39    (76)    -      46  (15) 
 
Net income / (loss) attributable to: 
Equity holders of AEGON N.V.                      39    (76)    -      46  (15) 
 
Net underlying earnings                           40    (40)    -      33    21 
 
Commissions and expenses                         142     184 (23)     172  (17) 
of which operating expenses                       62      98 (37)      98  (37) 
 
New life sales                             8 
Life single premiums                             600     648  (7)     841  (29) 
Life recurring premiums annualized               118      96   23     127   (7) 
Total recurring plus 1/10 single                 178     161   11     211  (16) 
 
Life                                              17      17    -      16     6 
Pensions                                         161     144   12     195  (17) 
Total recurring plus 1/10 single                 178     161   11     211  (16) 
 
Gross deposits (on and off 
balance) by line of business 
Variable annuities                                 7       8 (13)      17  (59) 
Total gross deposits                               7       8 (13)      17  (59) 
 
Net deposits (on and off b 
alance) by line of business 
Variable annuities                               (1)       1    -       2     - 
Total net deposits                               (1)       1    -       2     - 
 
REVENUE-GENERATING INVESTMENTS 
 
                                            Mar. 31, Dec. 31, 
                                                2012     2011   % 
 
Revenue-generating investments (total)        52,761   51,052   3 
Investments general account                    8,298    8,313   - 
Investments for account of policyholders      44,463   42,739   4 
 
 
NEW MARKETS 
 
- Underlying earnings before tax increase to EUR 88 million driven by asset 
management and Asia 
 
- Net income amounts to EUR 48 million, including EUR 17 million charge for 
Hungarian bank tax 
 
- New life sales decline 5% to EUR 80 million, the result of lower sales in 
Asia 
 
- Strong deposits of EUR 3.1 billion driven by both retail and institutional 
inflows for asset management 
 
Underlying earnings before tax 
In New Markets, underlying earnings before tax increased 29% to EUR 88 
million. The increase is mainly the result of higher underlying earnings at 
AEGON Asset Management and Asia, only partly offset by lower underlying 
earnings from Central & Eastern Europe and Variable Annuities Europe. In 
addition, earnings were impacted by recurring charges for Corporate Center 
expenses to all operating units of EUR 2 million. 
 
- Earnings from Central & Eastern Europe declined to EUR 23 million, primarily 
as a result of adverse currency movements. In Hungary, favorable claim 
experience was offset by lower margins on mortgage loans. In Poland, earnings 
declined as a result of the pension legislation changes implemented in 2011. 
 
- Results from AEGON's operations in Asia increased to EUR 9 million as a 
result of higher investment income, favorable currency movements and 
implemented cost savings. 
 
- Earnings from Spain & France increased 9% to 
EUR 25 million as result of business growth in Spain and the inclusion of 
earnings from Caixa Sabadell Vida. 
 
- Earnings from Variable Annuities Europe declined to EUR 2 million which was 
mainly the result of higher expenses related to projects to position the 
company for future growth. 
 
- Earnings from AEGON Asset Management increased significantly to EUR 29 
million, which is the result of growth, increased fee income and timing 
differences in operating expenses. 
 
Net income 
 
Net income from AEGON's operations in New Markets declined 2% and amounted to 
EUR 48 million. Higher underlying earnings and positive results from fair 
value items were offset by higher impairment charges. 
 
The first quarter also included a charge of EUR 17 million related to the full 
year Hungarian bank tax, while the comparable quarter last year had included a 
charge of EUR 20 million which was more than offset by a benefit of EUR 37 
million related to a settlement of legal claims. 
 
Return on capital 
 
The return on average capital, excluding revaluation reserves, invested in 
AEGON's businesses in New Markets increased to 9.0%, mainly the result of 
higher net underlying earnings. Return on capital of AEGON's businesses 
excludes the benefit of leverage at the holding. 
 
Operating expenses 
 
Operating expenses declined 4% to EUR 143 million in the first quarter, mainly 
the result from timing differences in asset management operating expenses, 
which are expected to reverse in the remainder of the year. 
 
Sales and deposits 
 
New life sales declined 5% compared with the first quarter 2011 to EUR 80 
million. 
 
- In Central & Eastern Europe, new life sales amounted to EUR 27 million. At 
constant currencies, new life sales increased 7% as lower production in 
Hungary was more than offset by higher production in Poland and Turkey. 
 
- In Asia, new life sales declined to EUR 15 million, mainly as a result of 
lower universal life sales in Hong Kong and Singapore after repricing and 
lower sales in India following regulatory changes. This was only partly offset 
by higher production in China due to a more focused approach towards 
distribution channels. 
 
- New life sales in Spain & France remained level at EUR 38 million as the 
inclusion of Caixa Sabadell Vida offset the lower production at other joint 
venture partners in Spain. 
 
New premium production from AEGON's general insurance in Central & Eastern 
Europe remained level and amounted to EUR 5 million. New premium production 
from AEGON's accident & health insurance in CEE and Asia remained level at 
EUR 10 million. 
 
Gross deposits in New Markets amounted to EUR 3.1 billion and increased 
strongly compared to first quarter of 2011. Gross deposits in AEGON Asset 
Management increased substantially to EUR 2.8 billion as a result of good 
performance in both the retail and institutional segments. In the CEE gross 
deposits declined following pension legislation changes in Hungary and Poland. 
 
Market consistent value of new business 
 
The market consistent value of new business in New Markets decreased to 
EUR 24 million as a result of lower margins in Spain and the effect of 
lower interest rates on margins in Asia and for Variable Annuities Europe. 
 
Revenue-generating investments 
 
Revenue-generating investments increased 13% compared with the fourth quarter 
of 2011 to EUR 63 billion, mainly driven by the positive performance of 
capital markets. 
 
REVENUE-GENERATING INVESTMENTS 
 
                                             Mar. 31, Dec. 31, 
                                                 2012     2011  % 
 
Revenue-generating investments (total)         63,288   56,156 13 
Investments general account                     4,957    4,782  4 
Investments for account of policyholders        6,663    6,415  4 
Off balance sheet investments third parties    51,668   44,959 15 
 
 
NEW MARKETS c) 
 
EUR millions                         Notes Q1 2012 Q4 2011     % Q1 2011     % 
 
Underlying earnings before tax 
Central Eastern Europe                          23      26  (12)      26  (12) 
Asia                                             9       1     -       -     - 
Spain & France                                  25      24     4      23     9 
Variable Annuities Europe                        2       1   100       5  (60) 
AEGON Asset Management                          29      13   123      14   107 
Underlying earnings before tax                  88      65    35      68    29 
 
Fair value items                                 7    (10)     -       -     - 
Realized gains / (losses)                        2       2     -       3  (33) 
on investments 
Impairment charges                             (4)    (25)    84     (2) (100) 
Other income / (charges)                      (18)       1     -      11     - 
Income before tax                               75      33   127      80   (6) 
Income tax                                    (27)    (10) (170)    (31)    13 
Net income                                      48      23   109      49   (2) 
 
Net income / (loss) attributable to: 
Equity holders of AEGON N.V.                    48      21   129      49   (2) 
Non-controlling interests                        -       2     -       -     - 
 
Net underlying earnings                         59      55     7      44    34 
 
Commissions and expenses                       208     217   (4)     203     2 
of which operating expenses                    143     153   (7)     149   (4) 
 
New life sales                          12 
Life single premiums                           146     230  (37)     209  (30) 
Life recurring premiums annualized              66      60    10      63     5 
Total recurring plus 1/10 single                80      83   (4)      84   (5) 
 
Life                                            75      80   (6)      70     7 
Associates                                       5       3    67      14  (64) 
Total recurring plus 1/10 single                80      83   (4)      84   (5) 
 
Central Eastern Europe                          27      26     4      27     - 
Asia                                            15      15     -      19  (21) 
Spain & France                                  38      42  (10)      38     - 
Total recurring plus 1/10 single                80      83   (4)      84   (5) 
 
New premium production                          10       9    11      10     - 
accident and health insurance 
New premium production                           5       7  (29)       5     - 
general insurance 
 
Gross deposits                          12 
(on and off balance) 
Central Eastern Europe                         116     153  (24)     182  (36) 
Asia                                            34      32     6      11     - 
Spain & France                                  10      34  (71)       8    25 
Variable Annuities Europe                      120     118     2     131   (8) 
AEGON Asset Management                       2,803   1,185   137     935   200 
Total gross deposits                         3,083   1,522   103   1,267   143 
 
Net deposits                            12 
(on and off balance) 
Central Eastern Europe                          42     144  (71)     108  (61) 
Asia                                            31      29     7      11   182 
Spain & France                                (26)    (12) (117)    (11) (136) 
Variable Annuities Europe                       28      38  (26)      26     8 
AEGON Asset Management                       1,289    (91)     - (1,853)     - 
Total net deposits                           1,364     108     - (1,719)     - 
 
 
APPENDIX II 
 
MARKET CONSISTENT VALUE OF NEW BUSINESS 
 
                               MC VNB 
EUR millions, after tax        Q1 2012 Q4 2011        %  Q1 2011        % 
 
Americas                            47     (5)        -       66     (29) 
The Netherlands                     27      37     (27)        1        - 
United Kingdom                      27      24       13       19       42 
New Markets                         24      15       60       35     (31) 
Total                              125      71       76      121        3 
 
MODELED NEW BUSINESS, APE AND 
DEPOSITS 
                                   Premium business 
                                   APE 
EUR millions             Notes Q1 2012 Q4 2011        %  Q1 2011        % 
                             9 
Americas                           279     284      (2)      218       28 
The Netherlands                     70     173     (60)       75      (7) 
United Kingdom                     216     187       16      237      (9) 
New Markets                        129     108       19      120        8 
Total                              694     752      (8)      650        7 
 
                                   Deposit business 
                                  Deposits 
EUR millions             Notes Q1 2012 Q4 2011        %  Q1 2011        % 
                             9 
Americas                         4,935   3,449       43    4,340       14 
United Kingdom                       8      10     (20)       19     (58) 
New Markets                        180     251     (28)      215     (16) 
Total                            5,123   3,710       38    4,574       12 
 
MC VNB/PVNBP SUMMARY 
                                   Premium business 
                               MC VNB   PVNBP    MC VNB/    MC VNB/ 
                                                  PVNBP      APE 
EUR millions             Notes Q1 2012 Q1 2012        %        % 
                            10 
Americas                            32   1,212      2.6     11.3 
The Netherlands                     27     816      3.3     38.5 
United Kingdom                      27   1,408      1.9     12.4 
New Markets                         23     962      2.4     18.1 
Total                              109   4,398      2.5     15.7 
 
                                   Deposit business 
                               MC VNB   PVNBP    MC VNB/    MC VNB/ 
                                                  PVNBP    Deposits 
EUR millions             Notes Q1 2012 Q1 2012        %        % 
                            10 
Americas                            15   7,424      0.2      0.3 
United Kingdom                       -       8        -        - 
New Markets                          1     280      0.2      0.4 
Total                               16   7,712      0.2      0.3 
 
 
Notes: 
 
1)  For segment reporting purposes underlying earnings before tax, net underlying earnings, 
    commissions and expenses, operating expenses, income tax including associated companies, 
    income before tax including associated companies and market consistent value of new 
    business are calculated by consolidating on a proportionate basis the revenues and 
    expenses of certain of our associated companies in Spain, India, Brazil and Mexico. We 
    believe that our non-IFRS measures provide 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 
    measures presented here. While other insurers in our peer group present substantially 
    similar non-IFRS measures, the non-IFRS measures presented in this document may 
    nevertheless differ from the non-IFRS measures presented by other insurers. T 
2)  Net income refers to net income attributable to equity holders of AEGON N.V. and minority 
    interest. 
3)  Sales is defined as new recurring premiums plus 1/10 of single premiums plus 1/10 of gross 
    deposits plus new premium production accident and health plus new premium production 
    general insurance. 
4)  The present value, at point of sale, of all cashflows for new business written during the 
    reporting period, calculated using approximate point of sale economics assumptions. Market 
    consistent value of new business is calculated using a risk neutral approach, ignoring the 
    investment returns expected to be earned in the future in excess of risk free rates (swap 
    curves), with the exeption of an allowance for liquidity premium. The market consistent 
    value of new business is calculated on a post tax basis, after allowing for the time value 
    financial options and guarentees, a market value margin for non-hedgeable financial and 
    non-financial risks and the costs of non-hedgeable stranded capital. 
5)  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. 
6)  Capital securities that are denominated in foreign currencies are, for purposes of 
    calculating the capital base ratio, revalued to the period-end exchange rate. All ratios 
    exclude AEGON's revaluation reserve. 
7)  Included in other income/(charges) are charges made to policyholders with respect to 
    income tax in the United Kingdom. 
8)  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. 
9)  APE = recurring premium + 1/10 single 
    premium. 
10) PVNBP: Present value of new business premiums (PVNBP) is the premiums for the new business 
    sold during the reporting period, projected using assumptions and projection periods that 
    are consistent with those used to calculate the market consistent value of new business, 
    discounted back to point of sale using the swap curve (plus liquidity premium where 
    applicable). 
11) Reconciliation of operating expenses, used for segment reporting, to our IFRS based 
    operating expenses. 
                                                     Q1 2012 
 
    Employee expenses                                    504 
    Administrative expenses                              262 
    Operating expenses for IFRS reporting                766 
    Operating expenses related to                         15 
    associates 
    Operating expenses in earnings release               781 
 
12) New life sales, gross deposits and net deposits data include results of our associated 
    companies in Spain, India, Brazil and Mexico which are consolidated on a proportionate 
    basis. 
13) Operational free cash flow reflect the sum of the return on free surplus, earnings on 
    in-force business, release of required surplus on in-force business reduced by new 
    business first year strain and required surplus on new business. Refer to our Embedded 
    Value 2011 report for further details. 
 
a)  The calculation of the IGD (Insurance Group Directive) capital surplus and ratio are based 
    on Solvency I capital requirements on IFRS for entities within the EU (Pillar 1 for AEGON 
    UK), and local regulatory solvency measurements for non-EU entities. 
 
    Specifically, required capital for the life insurance companies in the US is calculated as 
    two times the upper end of the Company Action Level range (200%) as applied by the 
    National Association of Insurance Commissioners in the US. The calculation of the IGD 
    ratio excludes the available and required capital of the UK With-Profit funds. In the UK 
    solvency surplus calculation the local regulator only allows the available capital number 
    of the With-Profit funds included in overall local available capital to be equal to the 
    amount of With-Profit funds' required capital. 
b)  The results in this release are 
    unaudited. 
c)  The comparative 2011 figures have been revised to reflect changes in AEGON's organization. 
    Businesses in Asia, which were previously managed by AEGON Americas, are included in the 
    Asia line of business within the New Markets segment. This revision in financial reporting 
    reflects changes in management of the organization, as AEGON's Asian operations are now 
    managed from the company's regional head office in Hong Kong. 
 
Currencies 
Income statement items: average rate 1 EUR = USD 1.3101 (2011: USD 1.3663). 
Income statement items: average rate 1 EUR = GBP 0.8335 (2011: GBP 0.8523). 
Balance sheet items: closing rate 1 EUR = USD 1.3317 (2011: USD 1.4207; 
year-end 2011: USD 1.2982). 
Balance sheet items: closing rate 1 EUR = GBP 0.8335 (2011: GBP 0.8837; 
year-end 2011: GBP 0.8353). 
 
 
 
ADDITIONAL INFORMATION 
 
The Hague, May 10, 2012 
 
Media conference call 
 
7:45 a.m. CET: Podcast available after the call on www.aegon.com 
 
Analyst & investor conference call 
 
9:00 a.m. CET: Audio webcast on www.aegon.com 
 
Call-in numbers 
 
United States: +1 480 629 9673 
 
United Kingdom: +44 207 153 2027 
 
The Netherlands: +31 45 631 6902 
 
Replay 
 
Two hours after the conference call, a replay will be available on 
www.aegon.com. 
 
Supplements 
 
AEGON's Q1 2012 Financial Supplement and Condensed Consolidated Interim 
Financial Statements are available on www.aegon.com. 
 
About AEGON 
 
As an international life insurance, pensions and asset management company based 
in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe 
and Asia. AEGON companies employ over 25,000 people and have nearly 47 
million customers across the globe. 
 
Key figures - EUR              Q1 2012     Full year 
                                                2011 
 
Underlying earnings before 425 million   1.5 billion 
tax 
New life sales             445 million   1.8 billion 
Gross deposits            11.0 billion    32 billion 
 
Revenue-generating 
investments                437 billion   424 billion 
(end of period) 
Contact information 
 
Media Relations: 
Greg Tucker 
+ 31 (0) 70 344 8956 
gcc-ir@aegon.com 
 
Investor Relations: 
Willem van den Berg 
+ 31 (0) 70 344 8305 
ir@aegon.com 
 
www.aegon.com 
 
 
 
 
END 
 

Aegon Nv (LSE:AGN)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Aegon Nv.
Aegon Nv (LSE:AGN)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Aegon Nv.