Aegon Grows Earnings and Sales in Q4; Proposes Increased Final Dividend

   Aegon Grows Earnings and Sales in Q4; Proposes Increased Final Dividend

  PR Newswire

  THE HAGUE, the Netherlands, February 15, 2013

THE HAGUE, the Netherlands, February 15, 2013 /PRNewswire/ --



  *Higher underlying earnings driven by growth, lower expenses and favorable
    markets
  *Underlying earnings increase 29% to EUR 447 million as a result of
    business growth, successful delivery on cost reduction programs, the
    non-recurrence of exceptional charges in the UK and favorable equity
    markets and currency movements
  *Strong increase in net income to EUR 422 million driven by higher
    underlying earnings, realized gains on investments, lower impairments and
    book gains on divestments
  *Return on equity increases to 7.2%, and 8.0% excluding run-off businesses

  *Consecutive sales growth
  *New life sales increase 36% to EUR 677 million; particularly strong sales
    in the UK, NL and US
  *Accident & health and general insurance sales increase 5% to EUR 212
    million
  *Deposits of EUR 9.2 billion; 30% increase reflects continued strong
    pension, variable annuity and asset management deposits
  *Market consistent value of new business increases strongly to EUR 204
    million as a result of product repricing, improved margins and higher
    sales

  *Strong capital position and cash flows
  *Capital base ratio of 76.7%, well-above target of at least 75% by year-end
    2012
  *IGD ^a) solvency ratio increases to 230%
  *Operational free cash flow of EUR 530 million
  *Final dividend of EUR 0.11 per common share

Statement of Alex Wynaendts, CEO

Our solid fourth quarter performance, both in terms of sales and earnings, is
a result of the steps we have taken to transform our business. We continue to
experience strong customer demand for our core products and services in each
of our markets, reflecting the strength of our franchise. Furthermore, our
disciplined approach to pricing demonstrates our commitment to selling
products that provide value for both our customers and Aegon in the continuing
low interest rate environment.

During the quarter, we expanded further our distribution network in the United
States and have secured an important new bank partnership in Spain. In
addition, we have reinforced our position in Central & Eastern Europe by
increasing our scale in Romania and entering Ukraine.

We are also pleased with the balanced agreement we have reached with our
largest shareholder, Vereniging Aegon, to cancel all preferred shares.
Following shareholder approval, this transaction will simplify Aegon's capital
structure and enable us to maintain a high quality capital base under new
European solvency requirements, and in a way that minimizes the impact on
common shareholders.

We have made clear progress in positioning our businesses to compete
successfully in the new environment. Moreover, our continued strong capital
position and cash flows support our proposal to increase our final dividend to
EUR 0.11 per share.

  Keyperformance indicators




    amounts in EUR
    millions b)         Notes Q4 2012  Q3 2012  % Q4 2011  % FY 2012 FY 2011  %

    Underlying
    earnings before
    tax                    1     447    472   (5)    346  29   1,787   1,522  17

    Net income             2     422    374   13      81   -   1,571     872  80

    Sales                  3   1,813  1,550   17   1,409  29   6,725   5,701  18

    Market consistent
    value of new
    business               4     204    173   18      71 187     619     422  47

    Return on equity       5    7.2%   7.7%   (6)   5.2%  38    7.1%    6.7%   6

STRATEGIC HIGHLIGHTS

  *Aegon forms strategic partnership with Banco Santander in Spain; ends JV
    with Unnim
  *Position in Central & Eastern Europe strengthened with acquisitions in
    Romania and Ukraine

Aegon ' s ambition At Aegon's latest analyst & investor conference in December
2012, management highlighted the progress underway in delivering on its
strategic priorities and detailed actions underway in Aegon's largest market,
the United States, to capture opportunities while delivering sustainable,
profitable growth, consistent with Aegon's strict risk-return requirements.
Aegon's operations in the United States - which now all operate under the
Transamerica brand - are pursuing growth by focusing on the core markets of
life and supplemental health insurance, pensions and at-retirement solutions
through product innovation, expanding distribution and differentiated customer
service.

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 business partners, as well as
the most-preferred employer in the sector.

Continued economic uncertainty has increased the opportunities for Aegon in
pursuing its clear purpose of helping people take responsibility for their
financial future. To capture these opportunities, Aegon will accelerate the
development of new business models by investing in innovative,
technology-driven distribution channels, to connect better and more frequently
with customers, improve service levels and increase retention rates. Aegon's
accelerated investments in technology will also better support intermediaries
to adapt to the changing distribution environment.

In recent years, Aegon has implemented a broad restructuring program to
sharpen its focus on its core lines of business, significantly reduce its
overall cost base, and create greater efficiencies across the organization. A
further demonstration of Aegon's more disciplined focus has been a better
balance between spread-based and fee-generating business, a substantially
improved risk-return profile and an improved capital base ratio.

Optimize portfolio Aegon has reached an agreement to exit its life, health and
pension joint venture with Unnim Banc and sell its 50% stake to Unnim for a
total consideration of EUR 353 million. The sale is expected to result in a
book gain of approximately EUR 105 million before tax. It is anticipated that
the transaction will close during the second quarter of 2013. Aegon's share in
underlying earnings before tax of the joint venture totaled EUR 20 million in
2012.

This anticipated divestment by Aegon is a consequence of the consolidation
underway within the Spanish banking sector. However, Aegon maintains a
long-term commitment to Spain and has recently reinforced its market position
with an exclusive 25-year strategic partnership with Banco Santander, Spain's
largest financial group, to distribute life and general insurance products
through its extensive network of over 4,600 bank branches. The long-term
alliance provides access to a potential client base of 12 million individuals
across the country. Under the terms of the agreement, Aegon will acquire a 51%
stake in both a life insurance company as well as in a non-life insurance
company for a consideration of EUR 220 million. Depending on the performance
of the partnership, Aegon may pay an additional amount after five years.
Furthermore, Aegon Spain will provide the back-office services to the joint
venture companies.

In Central & Eastern Europe, Aegon recently announced two transactions to
further strengthen its position in this developing region. In December 2012,
Aegon acquired Fidem Life, the fifth largest life insurance company in
Ukraine. The transaction was closed on February 8, 2013. Last month, Aegon
announced to take over Eureko's life insurance and pension business in Romania
and to integrate it within Aegon's existing operations. Following the
transaction, Aegon will become the country's third largest pension provider
and a top ten provider of life insurance products. The transaction is expected
to close in the second half of 2013, pending regulatory approval. Aegon has
been active in Central & Eastern Europe since 1992 and now has operations in
Hungary, Poland, the Czech Republic, Slovakia, Romania, Turkey and Ukraine.

Deliver operational excellence Aegon has made a strong commitment to improving
its performance as measured by factors other than purely financial.
Consequently, Aegon has achieved "silver class" status in RobecoSAM's
Sustainability Yearbook. Aegon's silver-class listing is based on its score in
the RobecoSAM's annual Corporate Sustainability Assessment, part of the Dow
Jones' 2012 Sustainability Index (DJSI). Companies within the silver class
must score within a range of 1-5 percent from the score of the sector's
sustainability leader. Aegon showed significant improvement in performance,
keeping its presence in the DJSI World Index and has again been included in
the more strenuous DJSI Europe Index. The ranking can be attributed mainly to
strong gains in brand management, environmental risk detection, financial
inclusion, human capital development, and talent attraction and retention.

Aegon continues to make substantial progress in improving efficiency. In the
Netherlands, Aegon is on track to reduce operating expenses by EUR 100
million, compared to the cost base for 2010. The cost savings aim to offset
pressure on underlying earnings. Up to and including the fourth quarter, Aegon
has implemented costs savings of EUR 89 million.

Enhance customer loyalty A key element of Aegon's strategy is to get closer to
its end-customers by an increased utilization of technology and investment in
innovative capabilities to address customer needs at every stage of the life
cycle. At the heart of this approach is Aegon's determination to shorten the
distance between the company and its customers, provide the possibility of
interaction with greater ease and regularity, and better utilize the knowledge
about customers and their potential needs which the company possesses.
Pursuing innovation and employing technology to a much greater degree are
essential to Aegon's ability to enhance customer loyalty. Aegon further seeks
to provide greater clarity and understanding about the products and services
it provides, while working to create a distinctive customer experience through
enhanced service. Increasingly, individuals are exploring financial services
and insurance-related products online and possess greater knowledge about how
certain products and services will address their needs. Aegon has recently
launched online sites to enable customers to actually purchase products via
the internet - or be referred to advisors - in the United States and China.
Aegon is also leveraging digital technology in Turkey to enable intermediaries
to have high-quality customer conversations, and in Hungary, its recently
launched mobile application was designated for a top industry award.

Putting the customer first is central to Aegon's refreshed strategy and
longer-term ambitions. Management within all business units are fully aligned
and incentivized to create the culture within Aegon that fully demonstrates
this shared focus, and to measure customer satisfaction on a consistent basis.

Following 'The Changing Face of Retirement' survey, which studied retirement
readiness across Europe and the United States, Aegon has recently released a
supplemental report on aging trends within Japan. The Japanese have
traditionally been recognized for their high savings rates, however this trend
has changed since the mid-1990s. Aegon's study has revealed that the decline
in Japan's saving rates has been so stark that household savings behavior now
lags behind other countries surveyed. Although individuals do acknowledge the
importance of planning for retirement, only 2% feel they are saving enough.
Aegon, with its partner Sony Life, provides annuity products in Japan to serve
the increasing need for retirement solutions. During 2012, Aegon Sony Life
substantially increased its sales as it expanded its distribution reach by
adding new bank partners and further leveraged on Sony Life's network of over
4,000 professional agents.

  Financial overviewc) 



                             Q4    Q3
    EUR millions    Notes  2012  2012     % Q4 2011    % FY 2012 FY 2011     %

    Underlying
    earnings before
    tax
    Americas                342   344   (1)     316    8   1,317   1,273     3
    The Netherlands          83    82     1      75   11     315     298     6
    United Kingdom           25    26   (4)    (26)    -     105       5     -
    New markets              52    70  (26)      65 (20)     274     249    10
    Holding and
    other                  (55)  (50)  (10)    (84)   35   (224)   (303)    26
    Underlying
    earnings before
    tax                     447   472   (5)     346   29   1,787   1,522    17

    Fair value
    items                  (79) (126)    37    (20)    -      52   (416)     -
    Realized gains
    / (losses) on
    investments             149   128    16      49    -     407     446   (9)
    Impairment
    charges                (58)  (35)  (66)    (94)   38   (176)   (388)    55
    Other income /
    (charges)               106     3     -   (194)    -   (162)   (267)    39
    Run-off
    businesses             (14)    12     -       1    -       2      28  (93)
    Income before
    tax                     551   454    21      88    -   1,910     925    ##
    Income tax            (129)  (80)  (61)     (7)    -   (339)    (53)     -
    Net income              422   374    13      81    -   1,571     872    80

    Net income /
    (loss)
    attributable
    to:
    Equity holders
    of Aegon N.V.           422   373    13      79    -   1,570     869    81
    Non-controlling
    interests                 -     1     -       2    -       1       3  (67)

    Net underlying
    earnings                348   369   (6)     253   38   1,382   1,233    12

    Commissions and
    expenses              1,478 1,382     7   1,684 (12)   5,829   6,272   (7)
    of which
    operating
    expenses           11   848 798       6     872  (3)   3,241   3,442   (6)

    New life sales
    Life single
    premiums              2,058 1,125    83   1,876   10   5,411   5,864   (8)
    Life recurring
    premiums
    annualized              471   293    61     311   51   1,414   1,249    13
    Total recurring
    plus 1/10
    single                  677   405    67     498   36   1,955   1,835     7

    New life sales
    Americas           12   148   126    17     109   36     520     418    24
    The Netherlands         166    25     -     117   42     246     254   (3)
    United Kingdom          306   206    49     189   62     936     852    10
    New markets        12    57    48    19      83 (31)     253     311  (19)
    Total recurring
    plus 1/10
    single                  677   405    67     498   36   1,955   1,835     7

    New premium
    production
    accident and
    health
    insurance               196   190     3     188    4     768     645    19
    New premium
    production
    general
    insurance                16    12    33      13   23      55      52     6

    Gross deposits
    (on and off
    balance)
    Americas           12 6,615 6,391     4   5,009   32  27,042  23,028    17
    The Netherlands         282   275     3     560 (50)   1,484   2,048  (28)
    United Kingdom           15     5   200       9   67      37      56  (34)
    New markets        12 2,334 2,755  (15)   1,522   53  10,909   6,556    66
    Total gross
    deposits              9,246 9,426   (2)   7,100   30  39,472  31,688    25

    Net deposits
    (on and off
    balance)
    Americas           12   788   904  (13)   (886)    -   3,491   2,147    63
    The Netherlands       (248) (480)    48   (160) (55)   (979)   (334) (193)
    United Kingdom            5   (6)     -       1    -     (3)      18     -
    New markets        12   446 1,208  (63)     108    -   3,637 (2,596)     -
    Total net
    deposits
    excluding
    run-off
    businesses              991 1,626  (39)   (937)    -   6,146   (765)     -
    Run-off
    businesses            (601) (301) (100)   (611)    2 (2,541) (3,139)    19
    Total net
    deposits                390 1,325  (71) (1,548)    -   3,605 (3,904)     -

    Revenue-generating
    investments

                                  Dec. 31, Sept. 30,
                                      2012      2012   %
    Revenue-generating
    investments (total)            457,856   463,041  (1)
    Investments general account    146,234   147,955  (1)
    Investments for account of
    policyholders                  153,670   156,831  (2)
    Off balance sheet
    investments third parties      157,952   158,255   -

OPERATIONAL HIGHLIGHTS

Underlying earnings before tax Aegon's underlying earnings before tax
increased 29% to EUR 447 million in the fourth quarter of 2012. This is the
result of business growth, a strong delivery on cost reduction programs, the
non-recurrence of exceptional charges in the United Kingdom and favorable
equity markets and currency movements.

Underlying earnings from the Americas rose to EUR 342 million. The 8% increase
compared to the fourth quarter of 2011 is mainly due to growth of the business
and favorable currency exchange rates.

In the Netherlands, underlying earnings increased 11% to EUR 83 million as
higher earnings in Life & Savings more than offset lower earnings in Pensions
and Non-life.

In the United Kingdom, underlying earnings increased to EUR 25 million. This
strong improvement in earnings compared to the same period last year was
driven by the non-recurrence of exceptional charges and the successful
implementation of the cost reduction program. Earnings were negatively
impacted by adverse persistency following the implementation of the Retail
Distribution Review and investments in new propositions in the pension
business. It is expected that the effects of adverse persistency will continue
in the first half of 2013.

Underlying earnings from New Markets decreased 20% to EUR 52 million. Higher
earnings of Aegon Asset Management as a result of strong growth were more than
offset by lower underlying earnings from Asia and Spain. Results in Spain were
impacted by the divestment of the joint venture with Banca Cívica and results
from Aegon's partnership with CAM are no longer included pending the exit from
this joint venture.

Total holding costs decreased 35% to EUR 55 million. This is mainly the result
of Aegon's Corporate Center expenses being charged, in part, to operating
units as of the first quarter of 2012. These charges reflect the services and
support provided to operating units by the Corporate Center and amounted to
amounted to EUR 16 million in the fourth quarter of 2012. In addition, lower
operating expenses also contributed to the decrease.

Net income Net income increased to EUR 422 million driven by higher underlying
earnings, realized gains on investments and book gains on divestments, and
lower impairments. These were only partly offset by lower results on fair
value items and higher tax charges.

Fair value items The results from fair value items amounted to a loss of EUR
79 million. The loss was mainly driven by the holding company, which included
the impact of lower credit spreads on the valuation of Aegon bonds and the
negative effect on the fair value of swaps, as a result of unfavorable
interest rates movements.

Realized gains on investments In the fourth quarter, realized gains on
investments amounted to EUR 149 million and were the combined effect of
trading as a result of asset liability management and normal activity in the
investment portfolio in a low interest rate environment.

Impairment charges Impairments improved significantly compared to last year
and amounted to EUR 58 million. In the Americas, impairments were primarily
linked to one large mortgage loan in the United States, while in New Markets
impairments were largely related to mortgage loans in Hungary.

Other income Other income amounted to EUR 106 million. Book gains on both the
sale of Aegon's minority stake in Prisma Capital Partners (EUR 100 million)
and the divestment of its 50% stake in a joint venture with Banca Cívica (EUR
35 million) were partly offset by a BOLI wrap charge in the United States (EUR
26 million).

Run-off businesses The results of run-off businesses amounted to a loss of EUR
14 million, which was primarily due to the reinsurance business. Aegon
divested its life reinsurance business during 2011 through a reinsurance
transaction and carries an intangible asset as a result. Increased transfers
of clients from Aegon to Scor resulted in an acceleration of the amortization
of the intangible asset during the quarter (EUR 18 million).

Income tax Income tax amounted to EUR 129 million in the fourth quarter,
translating into an effective tax rate of 23%. The main drivers of the lower
than nominal tax rate were tax exempt income in the Americas and the
Netherlands, tax credits in the Americas and Central & Eastern Europe and the
benefit of a future tax rate decrease in the United Kingdom.

Return on equity The increase in return on equity to 7.2% for the fourth
quarter of 2012, was driven by the positive effect of growth in net underlying
earnings partly offset by higher shareholders' equity excluding revaluation
reserves. Return on equity for Aegon's ongoing businesses, excluding the
run-off businesses, amounted to 8.0% over the same period.

Operating expenses In the fourth quarter, operating expenses decreased 3% to
EUR 848 million mainly as a result of significant cost savings in the United
Kingdom. On a comparable basis, total operating expenses also decreased 3%
compared with the fourth quarter of 2011.

Sales Aegon's total sales increased substantially to EUR 1.8 billion. New life
sales grew strongly in many markets, most notably in the Netherlands and the
United Kingdom where higher pension production was driven by a strong market
proposition and the introduction of the Retail Distribution Review
respectively. In the Americas, the main drivers behind the increase were
continued successful sales of indexed universal life products and the
discontinuance of certain unprofitable universal life products which resulted
in higher activity. Gross deposits remained strong for the variable annuity,
retail mutual fund, retirement plan and asset management businesses.

Market consistent value of new business The market consistent value of new
business increased to EUR 204 million as a result of a combination of higher
volumes, product repricing in the United States, a higher contribution from
mortgage and pension production in the Netherlands and improved margins in
Central & Eastern Europe and Asia.

Revenue-generating investments Revenue-generating investments declined 1%
compared to the third quarter-end of 2012 toEUR 458 billion at December 31,
2012 as net inflows were more than offset by the effect of adverse currency
movements.

Capital management Aegon's core capital excluding revaluation reserves
amounted to EUR 18.6 billion, equivalent to 76.7% ^6 of the company's total
capital base at December 31, 2012. This is well-above the company's capital
base ratio target of at least 75% by the end of 2012 as agreed with the
European Commission.

Shareholders' equity increased to EUR 24.7 billion, mainly as a result of
fourth quarters' net income. The revaluation reserves increased slightly
during the fourth quarter to EUR 6.1 billion, mainly a reflection of lower
credit spreads partly offset by slightly higher interest rates. Shareholders'
equity per common share, excluding preference capital and revaluation
reserves, amounted to EUR 8.47 at December 31, 2012.

In the fourth quarter, excess capital in the holding increased to EUR 2.0
billion as dividends received from business units were partly offset by
interest payments and operational expenses. During 2012, Aegon aimed to
maintain excess capital at the holding of at least EUR 750 million.

At December 31, 2012, Aegon's Insurance Group Directive (IGD) ratio amounted
to 230%, an increase from the level of 222% at the end of the third quarter.
Measured on a local solvency basis, the Risk Based Capital (RBC) ratio in the
United States increased to ~495%. This was mainly the result of strong net
income in the quarter partly offset by dividends paid to the holding company.
The IGD ratio in the Netherlands remained stable at ~250%, while the Pillar I
ratio in the United Kingdom increased to ~140% at the end of the fourth
quarter of 2012.

Cash flows Operational free cash flows amounted to EUR 530 million. Excluding
negative market impacts ofEUR 89 million, the operational free cash flows
amounted to EUR 619 million. Market impacts related mainly to interest rate
movements. Operational free cash flows excluding market impacts were
particularly strong during the quarter, primarily the effect of reserve
releases and proceeds from divestments. Operational free cash flows represent
the distributable earnings generated by the business units.

Final dividend 2012

At the Annual General Meeting of Shareholders on May 15, 2013, the Supervisory
Board will, absent unforeseen circumstances, propose a final dividend for 2012
of EUR 0.11 per common share. The final dividend will be paid in cash or
stocks at the election of the shareholder. The value of the stock dividend
will be approximately equal to the cash dividend.

If the proposed dividend is approved by shareholders, Aegon shares will be
quoted ex-dividend on May 17, 2013. The record date for the dividend will be
May 21, 2013. The election period will run from May 23 up to and including
June 7, 2013. The stock fraction for the stock dividend will be based on the
average price for the Aegon share on the Euronext Amsterdam stock exchange for
the five trading days from June 3 through June 7, 2013. The dividend will be
payable as of June 14, 2013.

Annual General Meeting of Shareholders

The record date for attending and voting at the Annual General Meeting of
Shareholders of Aegon N.V. is April 17, 2013. The agenda for this meeting will
be published on April 3, 2013.

ADDITIONAL INFORMATION

The Hague, February 15, 2013

Media conference call

7:45 a.m. CET Podcast available after the call on aegon.com

Analyst & investor conference call

9:00 a.m. CET Audio webcast on aegon.com

Dial-in numbers

United States: +1 480 629 9673United Kingdom: +44 207 153 2027The Netherlands:
+31 45 631 6902

Two hours after the conference call, a replay will be available on aegon.com .

Presentations

Presentations will be available on aegon.com at 7:35 a.m. CET

Supplements

Aegon's Q4 2012 Financial Supplement and Condensed Consolidated Interim
Financial Statements are available on aegon.com .

Use this link for the full version of the press release:
http://www.aegon.com/en/Home/Media/Press-Releases/20131/2013/Aegon-grows-earnings-and-sales-in-Q4-proposes-increased-final-dividend/

DISCLAIMERS

Cautionary note regarding non-GAAP measures

This document includes certain non-GAAP financial measures: underlying
earnings before tax and market consistent value of new business. The
reconciliation of underlying earnings before tax to the most comparable IFRS
measure is provided in Note 3 "Segment information" of Aegon's Condensed
consolidated interim financial statements. Market consistent value of new
business is not based on IFRS, which are used to report Aegon's primary
financial statements and should not be viewed as a substitute for IFRS
financial measures. Aegon may define and calculate market consistent value of
new business differently than other companies. Aegon believes that these
non-GAAP measures, together with the IFRS information, provide meaningful
supplemental information that Aegon's management uses to run its business as
well as useful information for the investment community to evaluate Aegon's
business relative to the businesses of its peers.

Local currencies and constant currency exchange rates

This document contains certain information about Aegon's results, financial
condition and revenue generating investments presented 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 Aegon presented in EUR, which is the
currency of Aegon's primary financial statements.

Forward-looking statements

The statements contained in this document 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. Aegon undertakes
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 Aegon's fixed income
    investment portfolios;
  *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 Aegon holds; and
  *The effects of declining creditworthiness of certain private sector
    securities and the resulting decline in the value of sovereign exposure
    that Aegon holds;
  *Changes in the performance of Aegon's investment portfolio and decline in
    ratings of Aegon's counterparties;
  *Consequences of a potential (partial) break-up of the euro;
  *The frequency and severity of insured loss events;
  *Changes affecting mortality, morbidity, persistence and other factors that
    may impact the profitability of Aegon's insurance products;
  *Reinsurers to whom Aegon has ceded significant underwriting risks may fail
    to meet their obligations;
  *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;
  *Changes in the availability of, and costs associated with, liquidity
    sources such as bank and capital markets funding, as well as conditions in
    the credit markets in general such as changes in borrower and counterparty
    creditworthiness;
  *Increasing levels of competition in the United States, the Netherlands,
    the United Kingdom and emerging markets;
  *Changes in laws and regulations, particularly those affecting Aegon's
    operations, ability to hire and retain key personnel, the products Aegon
    sells, and the attractiveness of certain products to its consumers;
  *Regulatory changes relating to the insurance industry in the jurisdictions
    in which Aegon operates;
  *Changes in customer behavior and public opinion in general related to,
    among other things, the type of products also Aegon sells, including
    legal, regulatory or commercial necessity to meet changing customer
    expectations;
  *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 Aegon's debt ratings issued by recognized
    rating organizations and the adverse impact such action may have on
    Aegon's ability to raise capital and on its liquidity and financial
    condition;
  *Lowering of one or more of insurer financial strength ratings of Aegon's
    insurance subsidiaries and the adverse impact such action may have on the
    premium writings, policy retention, profitability and liquidity of its
    insurance subsidiaries;
  *The effect of the European Union's Solvency II requirements and other
    regulations in other jurisdictions affecting the capital Aegon is required
    to maintain;
  *Litigation or regulatory action that could require Aegon to pay
    significant damages or change the way Aegon does business;
  *As Aegon's operations support complex transactions and are highly
    dependent on the proper functioning of information technology, a computer
    system failure or security breach may disrupt Aegon's business, damage its
    reputation and adversely affect its results of operations, financial
    condition and cash flows;
  *Customer responsiveness to both new products and distribution channels;
  *Competitive, legal, regulatory, or tax changes that affect profitability,
    the distribution cost of or demand for Aegon's products;
  *Changes in accounting regulations and policies may affect Aegon's reported
    results and shareholders' equity;
  *The impact of acquisitions and divestitures, restructurings, product
    withdrawals and other unusual items, including Aegon's ability to
    integrate acquisitions and to obtain the anticipated results and synergies
    from acquisitions;
  *Catastrophic events, either manmade or by nature, could result in material
    losses and significantly interrupt Aegon's business; and
  *Aegon's failure to achieve anticipated levels of earnings or operational
    efficiencies as well as other cost saving initiatives.

Further details of potential risks and uncertainties affecting Aegon are
described in its filings with the Netherlands Authority for the Financial
Markets and the US Securities and Exchange Commission, including the Annual
Report. These forward-looking statements speak only as of the date of this
document. Except as required by any applicable law or regulation, Aegon
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 Aegon's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.

About Aegon As an international 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 approximately 24,000 people
and have millions of customers across the globe. Further information:
aegon.com.

Media relationsGreg Tucker +31-(0)70-344-8956 gcc@aegon.com

Investor relationsWillem van den Berg +31-(0)70-344-8305 ir@aegon.com

PRN NLD
 
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