Form 6-K
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Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

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

the Securities Exchange Act of 1934

November 2009

AEGON N.V.

AEGONplein 50

2591 TV THE HAGUE

The Netherlands

 

 

 


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AEGON’s unaudited condensed consolidated interim financial statements for the nine month period ended September 30, 2009 are included as appendix and incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    AEGON N.V.
    (Registrant)
Date: November 20, 2009     By   /s/ E. Lagendijk
      E. Lagendijk
      Executive Vice President and
      General Counsel


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TABLE OF CONTENTS

 

Condensed consolidated balance sheet

   p 4

Condensed consolidated income statement

   p 5

Condensed consolidated statement of comprehensive income

   p 6

Condensed Consolidated statement of changes in equity

   p 7

Condensed consolidated cash flow statement

   p 8

Notes to the condensed consolidated interim financial statements

   p 9

 

 

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CONDENSED CONSOLIDATED BALANCE SHEET

 

EUR millions

   Notes    Sept. 30,
2009
   Dec. 31,
2008

ASSETS

        

Intangible assets

   6    4,575    5,425

Investments

   4    132,617    130,481

Investments for account of policyholders

   5    119,647    105,400

Derivatives

      3,341    8,057

Investments in associates

      716    595

Reinsurance assets

      4,844    5,013

Defined benefit assets

      371    448

Deferred tax assets

      442    1,447

Deferred expenses and rebates

   7    11,155    12,794

Other assets and receivables

      6,397    7,376

Cash and cash equivalents

      7,578    10,223
            

Total assets

      291,683    287,259

EQUITY AND LIABILITIES

        

Shareholders’ equity

      11,649    6,055

Convertible core capital securities

      3,000    3,000

Other equity instruments

      4,708    4,699

Minority interest

      6    6
            

Group equity

      19,363    13,760

Trust pass-through securities

      133    161

Subordinated borrowings

      8    41

Insurance contracts

      92,403    97,377

Insurance contracts for account of policyholders

      67,468    60,808

Investment contracts

      29,109    36,231

Investment contracts for account of policyholders

      53,817    45,614

Derivatives

      3,880    6,089

Borrowings

   9    7,144    5,339

Provisions

      493    495

Defined benefit liabilities

      2,082    2,080

Deferred revenue liability

      61    42

Deferred tax liabilities

      660    424

Other liabilities

      14,718    18,237

Accruals

      344    561
            

Total liabilities

      272,320    273,499
            

Total equity and liabilities

      291,683    287,259
            

 

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CONDENSED CONSOLIDATED INCOME STATEMENT

 

EUR millions (except per share data)

   Notes    Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Premium income

   10    4,396      5,274      14,936      17,181   

Investment income

   11    2,228      2,463      6,669      7,321   

Fee and commission income

      399      408      1,179      1,266   

Other revenues

      2      1      3      4   
                           

Total revenues

      7,025      8,146      22,787      25,772   

Income from reinsurance ceded

      426      401      1,341      1,150   

Results from financial transactions

   12    11,860      (9,358   11,628      (20,566

Other income

      (4   5      (2   5   
                           

Total income

      19,307      (806   35,754      6,361   

Benefits and expenses

      18,956      (1,074   34,753      5,212   

Impairment charges / (reversals)

   13    310      444      1,153      579   

Interest charges and related fees

      93      164      319      370   

Other charges

   14    (2   2      384      2   
                           

Total charges

      19,357      (464   36,609      6,163   

Share in result of associates

      6      (1   18      19   
                           

Income / (loss) before tax

      (44   (343   (837   217   

Income tax

      189      14      648      (117
                           

Net income / (loss)

      145      (329   (189   100   
                           

Net income / (loss) attributable to:

           

Equity holders of AEGON N.V.

      145      (329   (189   100   
                           

Earnings and dividend per share (EUR per share)

           

Earnings per share 1,3

      0.06      (0.25   (0.29   (0.10

Earnings per share after potential attribution to convertible core capital securities 1,3

   0.02         

Diluted earnings per share 1,2

      0.06      (0.25   (0.29   (0.10

Dividend per common share

      —        —        —        0.30   
                           

Net income per common share calculation

           

Net income

      145      (329   (189   100   

Preferred dividend

      —        —        (122   (112

Coupons on perpetuals

      (44   (49   (137   (140
                           

Earnings attributable to common shareholders

      101      (378   (448   (152

Potential coupon on convertible core capital securities

      (64      
                           

Earnings after potential attribution to convertible core capital securities

      37      (378   (448   (152

Weighted average number of common shares outstanding

      1,605      1,504      1,546      1,504   
                           

 

Notes:

 

1

After deduction of preferred dividend and coupons on perpetuals.

2

The potential conversion of the convertible core capital securities is not taken into account in the calculation of diluted earnings per share as this would have an anti-dilutive effect (i.e. diluted earnings per share would be higher than the earnings after potential attribution to convertible core capital securities).

3

Figures for Q3 2008, Ytd 2009 and Ytd 2008 reflect Basic earnings per share. For Q3 2009, Basic earnings per share reflect the earnings after potential attribution to convertible core capital securities.

 

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

EUR millions

   Notes    Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Net income / (loss)

      145      (329   (189   100   

Other comprehensive income:

           

Gross movement in foreign currency translation reserve

      (453   1,126      (422   156   

Gross movement in revaluation reserves

      4,768      (3,384   7,713      (6,945

Tax relating to components of other comprehensive income

      (1,428   836      (2,266   1,976   

Other

      31      (7   29      (7
                           

Other comprehensive income for the period

      2,918      (1,429   5,054      (4,820

Total comprehensive income

      3,063      (1,758   4,865      (4,720
                           

Total comprehensive income attributable to:

           

Equity holders of AEGON N.V.

      3,063      (1,760   4,865      (4,722

Minority interest

      —        2      —        2   
                           

 

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

EUR millions

   Total Share
capital
   Retained
earnings
    Revaluation
and hedging
reserves
    Other
reserves
    Convertible
core capital
securities
   Other equity
instruments
    Issued
capital and
reserves1
    Minority
interest
   Total  

Nine months ended September 30, 2009

                     

At beginning of year

   7,347    8,093      (7,167   (2,218   3,000    4,699      13,754      6    13,760   

Revaluations

   —      —        7,063      —        —      —        7,063      —      7,063   

Disposal of group assets

   —      —        59      —        —      —        59      —      59   

Gains/(losses) transferred to income statement on disposal and impairment

   —      —        605      —        —      —        605      —      605   

Equity movements of associates

   —      —        —        29      —      —        29      —      29   

Foreign currency translation differences

   —      —        (20   —        —      —        (20   —      (20

Movement in foreign currency translation reserve and net foreign investment hedging reserves

   —      —        —        (363   —      —        (363   —      (363

Aggregate tax effect of items recognized directly in equity

   —      —        (2,325   —        —      —        (2,325   —      (2,325

Other

   —      —        6      —        —      —        6      —      6   
                                                   

Net income / (loss) recognized directly in equity

   —      —        5,388      (334   —      —        5,054      —      5,054   

Net income / (loss) recognized in the income statement

   —      (189   —        —        —      —        (189   —      (189
                                                   

Total comprehensive income / (loss) for the first Nine months ended September 30, 2009

   —      (189   5,388      (334   —      —        4,865      —      4,865   

Shares issued

   829    (14   —        —        —      —        815      —      815   

Treasury shares

   —      171      —        —        —      —        171      —      171   

Preferred dividend

   —      (122   —        —        —      —        (122   —      (122

Coupons on perpetuals (net of tax)

   —      (137   —        —        —      —        (137   —      (137

Expenses convertible core capital securities (net of tax)

   —      (1   —        —        —      —        (1   —      (1

Share options

   —      —        —        —        —      9      9      —      9   

Other

   —      3      —        —        —      —        3      —      3   
                                                   

At end of period

   8,176    7,804      (1,779   (2,552   3,000    4,708      19,357      6    19,363   
                                                   

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

  

Nine months ended September 30, 2008

  

At beginning of year

   7,359    10,349      (516   (2,041   —      4,795      19,946      16    19,962   

Revaluations

   —      —        (7,327   —        —      —        (7,327   —      (7,327

Gains/(losses) transferred to income statement on disposal and impairment

   —      —        640      —        —      —        640      —      640   

Equity movements of associates

   —      —        —        (41   —      —        (41   —      (41

Foreign currency translation differences

   —      —        (206   —        —      —        (206   —      (206

Movement in foreign currency translation reserve and net foreign investment hedging reserves

   —      —        —        129      —      —        129      —      129   

Aggregate tax effect of items recognized directly in equity

   —      —        2,003      —        —      —        2,003      —      2,003   

Other

   —      32      (52   —        —      —        (20   2    (18
                                                   

Net income / (loss) recognized directly in equity

   —      32      (4,942   88      —      —        (4,822   2    (4,820

Net income / (loss) recognized in the income statement

   —      100      —        —        —      —        100      —      100   
                                                   

Total comprehensive income / (loss) for the first Nine months ended September 30, 2008

   —      132      (4,942   88      —      —        (4,722   2    (4,720

Treasury shares

   —      (217   —        —        —      —        (217   —      (217

Other equity instruments redeemed

   —      —        —        —        —      (114   (114   —      (114

Dividends paid on common shares

   —      (548   —        —        —      —        (548   —      (548

Preferred dividend

   —      (112   —        —        —      —        (112   —      (112

Coupons on perpetuals (net of tax)

   —      (140   —        —        —      —        (140   —      (140

Share options

   —      —        —        —        —      12      12      —      12   
                                                   

At end of period

   7,359    9,464      (5,458   (1,953   —      4,693      14,105      18    14,123   
                                                   

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

  

 

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CONDENSED CONSOLIDATED CASH FLOW STATEMENT

 

EUR millions

   Notes    Ytd 2009     Ytd 2008  

Cash flow from operating activities

      (4,785   1,774   

Purchases and disposals of intangible assets

      (4   (6

Purchases and disposals of equipment and other assets

      (134   90   

Purchases, disposals and dividends of subsidiaries and associates

      (53   (164
               

Cash flow from investing activities

      (191   (80

Issuance and purchase of share capital

      1,000      (217

Dividends paid

      (122   (660

Issuances, repayments and coupons of convertible capital securities

      (121   —     

Issuances, repayments and coupons of perpetuals

      (184   (301

Issuances, repayments and finance interest on borrowings

      2,126      720   
               

Cash flow from financing activities

      2,699      (458

Net increase/(decrease) in cash and cash equivalents

      (2,277   1,236   
               

Net cash and cash equivalents at January 1

      9,506      7,385   

Effects of changes in exchange rate

      46      (16
               

Net cash and cash equivalents at end of period

      7,275      8,605   
               

 

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Notes to the condensed consolidated interim financial statements

Amounts in EUR millions, unless otherwise stated

1. Basis of presentation

The condensed consolidated interim financial statements as at and for the 9 month period ended September 30, 2009, have been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union (EU) and with IFRS as issued by the International Accounting Standards Board (IASB). It does not include all of the information required for a full set of financial statements prepared in accordance with IFRS and should therefore be read together with the 2008 consolidated financial statements of AEGON N.V. as included in AEGON’s Annual Report for 2008.

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

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

2. Significant accounting policies

Except for the changes highlighted below, all accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2008 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted by the European Union.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning January 1, 2009:

IFRS 8 ‘Operating segments’. This standard requires disclosure of information about the Group’s operating segments and replaces the requirement to determine primary (geographical) and secondary (business) reporting segments of the Group.

Under IFRS 8, AEGON’s operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the executive board which is regarded as the “chief executive decision maker”. The operating segments are:

 

   

AEGON Americas. Main business lines include life and protection, individual savings and retirement, pensions and asset management, institutional products and life reinsurance.

 

   

AEGON The Netherlands. Main business lines include life and protection, individual savings and retirement, pensions and asset management, distribution and general insurance.

 

   

AEGON United Kingdom. Main business lines include life and protection, pensions and asset management and distribution.

 

   

Other countries. Other countries include the country units Central and Eastern Europe, other European countries, European variable annuities and Asia. Main business lines include life and protection, pensions and asset management and general insurance.

 

   

Holding and other activities. Includes finance, employee and other administrative expenses of the group staff functions.

This report includes a non-IFRS financial measure: Underlying earnings before tax. AEGON believes this non-IFRS measure, together with the IFRS measure (Net income), provides a meaningful measure for the investing public to evaluate AEGON’s business relative to the businesses of our peers. In addition, underlying earnings is a key performance indicator on which the executive board manages AEGON’s performance. The reconciliation of this measure to the most comparable IFRS measure is shown in note 3 - Segment information.

The adoption of IFRS 8 had no impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

 

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Underlying earnings

Certain assets held by AEGON Americas, AEGON The Netherlands and AEGON UK are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These includes assets such as hedge funds, private equities, real estate limited partnerships, convertible bonds and structured products. Underlying earnings exclude any over- or underperformance compared to management’s long-term expected return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of DPAC where applicable.

In addition, certain products offered by AEGON Americas contain guarantees and are reported on a fair value basis, including the segregated funds offered by AEGON Canada and the total return annuities and guarantees on variable annuities of AEGON USA. The earnings on these products are impacted by movements in equity markets and risk free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. Included in underlying earnings is a long-term expected return on these products and any over- or underperformance compared to management’s expected return is excluded from underlying earnings. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of AEGON The Netherlands and Variable Annuities Europe (included in Other countries) are excluded from underlying earnings, because the long-term expected return for these guarantees is set at zero.

The Holding includes certain issued bonds that are held at fair value through profit or loss. The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in AEGON’s credit spread are excluded from underlying earnings.

IAS 1 (revised) ‘Presentation of financial statements’

The revised standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented as a single line.

In addition, the standard introduces the statement of comprehensive income: it presents all items of recognized income and expenses, either in one single statement, or in two linked statements. AEGON has elected to present two statements. The adoption of this standard had no impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

IFRS 2 ‘Share-based Payment – Vesting Conditions and Cancellations’

The Standard has been amended to clarify the definition of vesting conditions and to prescribe the accounting treatment of an award that is effectively cancelled because a non-vesting condition is not satisfied. The adoption of this amendment had no impact on the financial position or performance of the Group.

Amendment to IFRS 7 ‘Financial Instruments: Disclosures’. The amendment increases the disclosure requirements about fair value measurement and amends the disclosure about liquidity risk. The amendment introduces a three-level hierarchy for fair value measurement disclosures about financial instruments and requires some specific quantitative disclosures for those instruments classified in the lowest level in the hierarchy. These disclosures will help to improve comparability between entities about the effects of fair value measurements. In addition, the amendment clarifies and enhances the existing requirements for the disclosure of liquidity risk primarily requiring a separate liquidity risk analysis for derivative and non-derivative financial liabilities. It also requires a maturity analysis for financial assets where the information is needed to understand the nature and context of liquidity risk. The Group will make additional relevant disclosures in its consolidated financial statements for the year ending December 31, 2009.

IAS 23 ‘Borrowing Costs (revised)’

The standard has been revised to require capitalization of borrowing costs on qualifying assets. This amendment is not relevant to the Group as the Group already has a policy to capitalize borrowing costs.

In addition, the following new standards, amendments to existing standards and interpretations are mandatory for the first time for the financial year beginning January 1, 2009 but are not currently relevant for the Group:

 

   

IFRIC 16 ‘Hedges of a net investment in a foreign operation’;

 

   

Amendments to IAS 39 ‘Eligible hedged items’;

 

   

Improvements to IFRS (2008).

 

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Critical accounting estimates

Certain amounts recorded in the condensed consolidated interim financial statements reflect estimates and assumptions made by management. Actual results may differ from the estimates made. Interim results are not necessarily indicative for full year results.

Exchange rates

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

Income statement items: average rate 1 EUR = USD 1.3720 (2008: USD 1.5197); 1 EUR = GBP 0.8855 (2008: GBP 0.7825).

Balance sheet items: closing rate 1 EUR = USD 1.4643 (2008: USD 1.4303; year-end 2008: USD 1.3917); 1 EUR = GBP 0.9093 (2008: GBP 0.7903; year-end 2008: GBP 0.9525).

 

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3. Segment information

3.1 Income statement

Three months ended September 30, 2009

Segment information

EUR millions

   Americas     The
Netherlands
    United
Kingdom
    Other
countries
    Holding and
other activities
    Eliminations     Total  

Three months ended September 30, 2009

              

Underlying earnings before tax geographically

   289      102      (13   42      (68   (1   351   

Over/(under) performance of fair value items

   (76   39      7      (1   (27   —        (58
                                          

Total operating earnings before tax

   213      141      (6   41      (95   (1   293   

Gains/(losses) on investments

   (73   (34   30      2      (25   —        (100

Impairment charges

   (227   (12   (80   (1   —        —        (320

Impairment reversals

   35      —        —        —        —        —        35   

Other income/(charges)

   (3   —        49      2      —        —        48   
                                          

Income before tax

   (55   95      (7   44      (120   (1   (44

Income tax

   221      (21   (30   (13   32      —        189   
                                          

Net income

   166      74      (37   31      (88   (1   145   
                                          

Inter-segment underlying earnings

   (3   (1   1      (1   4       

Revenues

              

Life insurance gross premiums

   1,417      483      1,740      165      —        —        3,805   

Accident and health insurance

   406      34      —        16      —        —        456   

General insurance

   —        97      —        38      —        —        135   
                                          

Total gross premiums

   1,823      614      1,740      219      —        —        4,396   

Investment income

   925      557      690      42      43      (29   2,228   

Fee and commission income

   217      97      54      31      —        —        399   

Other revenues

   1      —        —        1      —        —        2   
                                          

Total revenues

   2,966      1,268      2,484      293      43      (29   7,025   
                                          

Inter-segment revenues

   —        (1   —        —        30       
                                  

 

Three months ended September 30, 2008

 

  

           
     Americas     The
Netherlands
    United
Kingdom
    Other countries     Holding and
other activities
    Eliminations     Total  

Three months ended September 30, 2008

              

Underlying earnings before tax geographically

   388      74      35      42      (45   6      500   

Over/(under) performance of fair value items

   (453   (126   —        —        123      —        (456
                                          

Total operating earnings before tax

   (65   (52   35      42      78      6      44   

Gains/(losses) on investments

   33      (25   (4   (5   26      —        25   

Impairment charges

   (328   (49   (15   (18   —        —        (410

Impairment reversals

   3      —        —        —        —        —        3   

Other income/(charges)

   5      —        (8   —        (2   —        (5
                                          

Income before tax

   (352   (126   8      19      102      6      (343

Income tax

   (26   72      10      (10   (32   —        14   
                                          

Net income

   (378   (54   18      9      70      6      (329
                                          

Inter-segment underlying earnings

   (16   (4   1      (2   21       

Revenues

              

Life insurance gross premiums

   1,451      574      2,286      353      —        —        4,664   

Accident and health insurance

   417      34      —        17      —        —        468   

General insurance

   —        99      —        43      —        —        142   
                                          

Total gross premiums

   1,868      707      2,286      413      —        —        5,274   

Investment income

   1,130      612      616      77      58      (30   2,463   

Fee and commission income

   220      100      55      33      —        —        408   

Other revenues

   —        —        —        1      —        —        1   
                                          

Total revenues

   3,218      1,419      2,957      524      58      (30   8,146   
                                          

Inter-segment revenues

   —        —        1      —        29       
                                  

 

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Nine months ended September 30, 2009

Segment information

 

EUR millions

   Americas     The
Netherlands
    United
Kingdom
    Other
countries
    Holding and
other activities
    Eliminations     Total  

Nine months ended September 30, 2009

              

Underlying earnings before tax geographically

   501      303      14      119      (202   (2   733   

Over/(under) performance of fair value items

   73      (204   6      2      (163   —        (286
                                          

Total operating earnings before tax

   574      99      20      121      (365   (2   447   
                                          

Gains/(losses) on investments

   (48   34      68      8      46      —        108   

Impairment charges

   (862   (121   (129   (6   (5   —        (1,123

Impairment reversals

   56      3      —        —        —        —        59   

Other income/(charges)

   (3   —        58      (383   —        —        (328
                                          

Income before tax

   (283   15      17      (260   (324   (2   (837

Income tax

   598      22      (28   (43   99      —        648   
                                          

Net income

   315      37      (11   (303   (225   (2   (189
                                          

Inter-segment underlying earnings

   (16   (10   2      (4   28       

Revenues

              

Life insurance gross premiums

   4,388      2,493      5,356      690      —        —        12,927   

Accident and health insurance

   1,298      180      —        58      —        —        1,536   

General insurance

   —        363      —        110      —        —        473   
                                          

Total gross premiums

   5,686      3,036      5,356      858      —        —        14,936   

Investment income

   3,058      1,631      1,785      159      162      (126   6,669   

Fee and commission income

   657      296      140      86      —        —        1,179   

Other revenues

   1      —        —        2      —        —        3   
                                          

Total revenues

   9,402      4,963      7,281      1,105      162      (126   22,787   
                                          

Inter-segment revenues

   1      (2   2      —        125       
                                  

Nine months ended September 30, 2008

 

     Americas     The
Netherlands
    United
Kingdom
    Other
countries
    Holding and
other activities
    Eliminations     Total  

Nine months ended September 30, 2008

              

Underlying earnings before tax geographically

   1,307      303      128      110      (108   14      1,754   

Over/(under) performance of fair value items

   (727   (317   —        —        195      —        (849
                                          

Total operating earnings before tax

   580      (14   128      110      87      14      905   
                                          

Gains/(losses) on investments

   (61   (64   (1   —        25      —        (101

Impairment charges

   (431   (70   (27   (19   —        —        (547

Impairment reversals

   10      —        —        —        —        —        10   

Other income/(charges)

   5      —        (53   —        (2   —        (50
                                          

Income before tax

   103      (148   47      91      110      14      217   

Income tax

   (210   118      44      (34   (35   —        (117
                                          

Net income

   (107   (30   91      57      75      14      100   
                                          

Inter-segment underlying earnings

   (55   (24   1      (4   82       

Revenues

              

Life insurance gross premiums

   4,345      2,602      7,071      1,187      —        —        15,205   

Accident and health insurance

   1,248      186      —        60      —        —        1,494   

General insurance

   —        362      —        120      —        —        482   
                                          

Total gross premiums

   5,593      3,150      7,071      1,367      —        —        17,181   

Investment income

   3,414      1,740      1,899      203      171      (106   7,321   

Fee and commission income

   692      312      178      84      —        —        1,266   

Other revenues

   2      —        —        2      —        —        4   
                                          

Total revenues

   9,701      5,202      9,148      1,656      171      (106   25,772   
                                          

Inter-segment revenues

   1      —        1      —        104       
                                  

 

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3.2 Investments geographically

At September 30, 2009

INVESTMENTS GEOGRAPHICALLY

 

               amounts in million EUR (unless otherwise stated)
Americas    United
Kingdom
             The    United    Other    Holding &
other
         Total
USD    GBP   

At September 30, 2009

   Americas    Netherlands    Kingdom    countries    activities    Eliminations     EUR
      Investments                    
1,707    47   

Shares

   1,165    641    52    54    —      (3   1,909
86,776    6,722   

Bonds

   59,261    20,584    7,392    1,942    1,054    —        90,233
18,011    10   

Loans

   12,300    12,154    11    682    —      —        25,147
18,490    —     

Other financial assets

   12,627    127    —      87    —      —        12,841
728    —     

Investments in real estate

   497    1,990    —      —      —      —        2,487
                                             
125,712    6,779   

Investments general account

   85,850    35,496    7,455    2,765    1,054    (3   132,617
—      21,897   

Shares

   —      6,786    24,081    847    —      (7   31,707
—      13,186   

Bonds

   —      13,356    14,501    157    —      —        28,014
68,927    3,774   

Separate accounts and investment funds

   47,072    —      4,151    1,070    —      —        52,293
—      5,152   

Other financial assets

   —      902    5,666    201    —      —        6,769
—      786   

Investments in real estate

   —      —      864    —      —      —        864
                                             
68,927    44,795   

Investments for account of policyholders

   47,072    21,044    49,263    2,275    —      (7   119,647
194,639    51,574   

Investments on balance sheet

   132,922    56,540    56,718    5,040    1,054    (10   252,264
115,844    2,650   

Off balance sheet investments third parties

   79,112    13,116    2,914    6,627    —      —        101,769
                                             
310,483    54,224   

Total revenue generating investments

   212,034    69,656    59,632    11,667    1,054    (10   354,033
                                             
      Investments                    
101,293    6,688   

Available-for-sale

   69,174    21,253    7,355    1,889    1,054    —        100,725
18,011    10   

Loans

   12,300    12,154    11    682    —      —        25,147
—      —     

Held-to-maturity

   —      —      —      56    —      —        56
74,607    44,090   

Financial assets at fair value through profit or loss

   50,951    21,143    48,488    2,413    —      (10   122,985
728    786   

Investments in real estate

   497    1,990    864    —      —      —        3,351
                                             
194,639    51,574   

Total investments on balance sheet

   132,922    56,540    56,718    5,040    1,054    (10   252,264
                                             
98    13   

Investments in associates

   67    55    14    578    4    (2   716
29,026    6,243   

Other assets

   19,823    6,437    6,865    1,231    14,646    (10,299   38,703
                                             
223,763    57,830   

Consolidated total Assets

   152,812    63,032    63,597    6,849    15,704    (10,311   291,683
                                             
At December 31, 2008

 

INVESTMENTS GEOGRAPHICALLY

 

    
               amounts in million EUR (unless otherwise stated)
Americas
USD
   United
Kingdom
GBP
  

At December 31, 2008

   Americas    The
Netherlands
   United
Kingdom
   Other
countries
   Holding &
other
activities
   Eliminations     Total
EUR
     

Investments

                   
1,436    39   

Shares

   1,031    1,297    41    183    52    (2   2,602
83,846    4,915   

Bonds

   60,247    18,298    5,161    4,827    20    —        88,553
19,194    10   

Loans

   13,792    10,416    10    1,116    —      —        25,334
15,635    —     

Other financial assets

   11,235    112    —      117    —      —        11,464
679    —     

Investments in real estate

   488    2,040    —      —      —      —        2,528
                                             
120,790    4,964   

Investments general account

   86,793    32,163    5,212    6,243    72    (2   130,481
—      17,360   

Shares

   —      6,416    18,225    167    —      (9   24,799
—      12,675   

Bonds

   —      11,675    13,307    330    —      —        25,312
58,943    2,381   

Separate accounts and investment funds

   42,353    —      2,500    1,420    —      —        46,273
—      6,376   

Other financial assets

   —      1,042    6,693    150    —      —        7,885
—      1,077   

Investments in real estate

   —      —      1,131    —      —      —        1,131
                                             
58,943    39,869   

Investments for account of policyholders

   42,353    19,133    41,856    2,067    —      (9   105,400
179,733    44,833   

Investments on balance sheet

   129,146    51,296    47,068    8,310    72    (11   235,881
106,434    2,289   

Off balance sheet investments third parties

   76,478    11,783    2,403    5,299    —      —        95,963
                                             
286,167    47,122   

Total revenue generating investments

   205,624    63,079    49,471    13,609    72    (11   331,844
                                             
     

Investments

                   
94,444    4,859   

Available-for-sale

   67,862    19,110    5,101    2,602    72    —        94,747
19,194    10   

Loans

   13,792    10,416    10    1,116    —      —        25,334
—      —     

Held-to-maturity

   —      —      —      2,269    —      —        2,269
65,416    38,887   

Financial assets at fair value through profit or loss

   47,004    19,730    40,826    2,323    —      (11   109,872
679    1,077   

Investments in real estate

   488    2,040    1,131    —      —      —        3,659
                                             
179,733    44,833   

Total investments on balance sheet

   129,146    51,296    47,068    8,310    72    (11   235,881
                                             
30    13   

Investments in associates

   21    55    13    503    4    (2   594
36,795    7,192   

Other assets

   26,440    12,460    7,552    1,660    17,395    (14,723   50,784
                                             
216,558    52,038   

Consolidated total Assets

   155,607    63,811    54,633    10,473    17,471    (14,736   287,259
                                             

 

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4. Investments

INVESTMENTS

 

EUR millions

   Notes    Sept. 30, 2009    Dec. 31, 2008

Available-for-sale (AFS)

      100,725    94,747

Loans

      25,147    25,333

Held-to-maturity (HTM)

      56    2,270

Financial assets at fair value through profit or loss (FVTPL)

      4,202    5,603
            

Financial assets, excluding derivatives

      130,130    127,953

Investments in real estate

      2,487    2,528
            

Total Investments for general account

      132,617    130,481
            

Total financial assets, excluding derivatives

 

     AFS    FVTPL    HTM    Loans    Total

Shares

   1,069    840    —      —      1,909

Bonds

   88,532    1,645    56    —      90,233

Money market and other short term investments

   10,173    242    —      —      10,415

Mortgages

   —      —      —      21,081    21,081

Private loans

   —      —      —      780    780

Deposits with financial institutions

   —      —      —      1,079    1,079

Policy loans

   —      —      —      2,000    2,000

Receivables out of share lease agreements

   —      —      —      44    44

Other

   951    1,475    0    163    2,589
                        

Sept. 30, 2009

   100,725    4,202    56    25,147    130,130
                        
     AFS    FVTPL    HTM    Loans    Total

Shares

   1,429    1,173    —      —      2,602

Bonds

   84,019    2,282    2,255    —      88,556

Money market and other short term investments

   8,318    146    —      —      8,464

Mortgages

   —      —      —      20,166    20,166

Private loans

   —      —      —      822    822

Deposits with financial institutions

   —      —      —      1,640    1,640

Policy loans

   —      —      —      2,473    2,473

Receivables out of share lease agreements

   —      —      —      54    54

Other

   981    2,002    15    178    3,176
                        

Dec. 31, 2008

   94,747    5,603    2,270    25,333    127,953
                        

Exposure to capital securities in the financial sector

The value of our investments in deeply subordinated securities in the financial services sector may be significantly impacted if issuers of certain securities with optional deferral features exercise the option to defer coupon payments or defer as a condition of receiving state support. These securities are broadly referred to as capital securities which can be categorized as Trust Preferred, Hybrid, Tier 1 or Upper Tier 2.

The ‘Trust Preferred’ category is comprised of capital securities issued by US-based financial services entities where the capital securities typically have an original maturity of 30 years (callable after 10 years) and generally have common structural features, including a cumulative coupon in the event of deferral. The ‘Hybrid’ category is comprised of capital securities issued by financial services entities which typically have an original maturity of more than 30 years and may be perpetual. In addition, Hybrids have other features that may not be consistent across issues such as a cumulative or non-cumulative coupon, capital replacement and an alternative payment mechanism, and could also be subordinate to the traditional Trust Preferred in the company’s capital structure. Capital securities categorized as ‘Tier 1’ are issued by non-US banks and are perpetual with a non-cumulative deferrable coupon. Capital securities categorized as ‘Upper Tier 2’ are also issued by non-US banks but these positions are generally perpetual where the deferrable coupon is cumulative.

Deferral of coupons might trigger recognition of impairment losses. AEGON has exposures to a number of capital securities issued by companies that received state support. Our total exposure to capital securities of companies that received state support amount to EUR 1,207 million, with unrealized losses of EUR 371 million.

 

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Impairment assessments following coupon deferrals are performed by AEGON on a security-by-security basis and losses will be recognized when appropriate. In Q3 2009, AEGON recognized EUR 126 million of impairment losses on capital securities based on announced coupon deferrals before September 30, 2009.

5. Investments for account of policyholders

INVESTMENTS FOR ACCOUNT OF POLICYHOLDERS

 

     Sept. 30, 2009    Dec. 31, 2008

Shares

   31,707    24,799

Debt securities

   28,014    25,312

Money market and short-term investments

   3,263    3,761

Deposits with financial institutions

   2,593    3,070

Separate accounts and unconsolidated investment funds

   52,293    46,273

Other

   913    1,054
         

Total investments for account of policyholders at fair value through profit or loss, excluding derivatives

   118,783    104,269

Investment in real estate

   864    1,131
         

Total investments for account of policyholders

   119,647    105,400
         

6. Intangible assets

INTANGIBLE ASSETS

 

     Sept. 30, 2009    Dec. 31, 2008

Goodwill

   715    720

VOBA

   3,318    4,119

Future servicing rights

   490    522

Software

   21    29

Other

   31    35
         

Total intangible assets

   4,575    5,425
         

VOBA balances decreased significantly primarily reflecting the impact of shadow accounting. Shadow accounting ensures that all gains and losses on investments affect the measurement of the insurance assets and liabilities in the same way, regardless of whether they are realized or unrealized and regardless of whether the unrealized gains and losses are recognized in the income statement or directly in equity in the revaluation reserve. In some instances, realized gains or losses on investments have a direct effect on the measurement of the insurance assets and liabilities. For example, some insurance contracts include benefits that are contractually based on the investment returns realized by the insurer. In addition, realization of gains or losses on available-for-sale investments can lead to unlocking of VOBA or DPAC and can also affect the outcome of the liability adequacy test to the extent that it considers actual future investment returns. For similar changes in unrealized gains and losses, shadow accounting is applied. If an unrealized gain or loss triggers a shadow accounting adjustment to VOBA, DPAC or the insurance liabilities, the corresponding adjustment is recognized in shareholders’ equity in the revaluation reserve, together with the unrealized gain or loss.

 

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7. Deferred expenses and rebates

DEFERRED EXPENSES AND REBATES

 

     Sept. 30, 2009    Dec. 31, 2008

DPAC for insurance contracts and investment contracts with discretionary participation features

   10,583    12,224

Deferred transaction costs for investment management services

   314    307

Unamortized interest rate rebates

   258    263
         

Total Deferred expenses and rebates

   11,155    12,794
         

DPAC balances decreased significantly primarily reflecting the impact of shadow accounting; refer to VOBA balances (Note 6) for an explanation of Shadow accounting).

8. Share capital

SHARE CAPITAL

 

     Sept. 30, 2009    Dec. 31, 2008  

Share capital - par value

   270    251   

Share premium

   7,906    7,096   
           

Total share capital

   8,176    7,347   
           

Share capital - par value

     

Balance at January 1

   251    258   

Issuance

   19    —     

Withdrawal

   —      (12

Share dividend

   —      5   
           

Balance

   270    251   
           

Share premium

     

Balance at January 1

   7,096    7,101   

Issuance

   810    —     

Share dividend

   —      (5
           

Balance

   7,906    7,096   
           

On August 13, 2009 AEGON completed a share issuance raising EUR 1 billion of capital. As part of the issuance 157.8 mln ordinary shares of a par value of EUR 0.12 were issued and 32.7 million treasury shares were re-issued. The shares were issued at EUR 5.25 per share.

Expenses relating to this share issuance amounting to EUR 14 million have been charged to retained earnings.

9. Borrowings

BORROWINGS

 

     Sept. 30, 2009    Dec. 31, 2008

Debentures and other loans

   5,670    3,840

Commercial paper

   789    428

Short term deposits

   382    354

Bank overdrafts

   303    717
         

Total borrowings

   7,144    5,339
         

During Q2 2009 AEGON issued senior unsecured notes with a nominal value of EUR 1 billion due April 29, 2012. The notes, issued at a price of 99.675, carry a coupon of 7%. In addition AEGON borrowed EUR 900 million from the European Central Bank, under its Long Term Refinancing Operation (LTRO) program. The borrowing has a 1 year term and bears 1% interest per annum. The borrowing is fully collateralized.

 

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10. Premium income

PREMIUM INCOME

 

     Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Gross

        

Life

   3,805      4,664      12,927      15,205   

Non-Life

   591      610      2,009      1,976   
                        
   4,396      5,274      14,936      17,181   

Reinsurance

        

Life

   (335   (310   (1,041   (928

Non-Life

   (74   (76   (230   (232
                        

Total

   3,987      4,888      13,665      16,021   
                        

 

11. Investment income

 

INVESTMENT INCOME

 

  

  

     Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Interest income

   1,967      2,220      6,047      6,539   

Dividend income

   221      194      494      621   

Rental income

   40      49      128      161   
                        

Total investment income

   2,228      2,463      6,669      7,321   
                        

Investment income related to general account

   1,461      1,749      4,692      5,119   

Investment income account of policyholders

   767      714      1,977      2,202   
                        

Total

   2,228      2,463      6,669      7,321   
                        

 

12. Result from financial transactions

 

RESULT FROM FINANCIAL TRANSACTIONS

 

  

  

     Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Net fair value change of general account financial investments at FVTPL other than derivatives

   151      (459   117      (606

Realized gains and losses on financial investments

   32      —        158      (69

Gains and (losses) on investments in real estate

   (105   (1   (141   63   

Net fair value change of derivatives

   184      193      (726   (23

Net fair value change on for account of policyholder financial assets at FVTPL

   11,666      (9,207   12,520      (19,800

Net fair value change on investments in real estate for account of policyholders

   12      (71   (122   (326

Net foreign currency gains and (losses)

   (32   87      (46   13   

Net fair value change on borrowings and other financial liabilities

   (51   100      (142   182   

Realized gains and (losses) on repurchased debt

   3      —        10      —     
                        

Total

   11,860      (9,358   11,628      (20,566
                        

In Q3 2009, result from financial transactions included a loss of EUR 27 mln in respect of AEGON’s own credit spread on bonds issued by the company, reflecting the narrowing of credit spreads seen in the market in the third quarter of 2009 (Q3 2008: gain of EUR 123 million). For the nine month period ended September 30, 2009 the loss amounted to EUR 163 million (2008: gain EUR 195 million).

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

 

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13. Impairment charges/(reversals)

IMPAIRMENT CHARGES / (REVERSALS)

 

     Q3 2009     Q3 2008     Ytd 2009     Ytd 2008  

Impairment charges / (reversals) comprise:

        

Impairment charges on financial assets, excluding receivables

   344      440      1,199      589   

Impairment reversals on financial assets, excluding receivables

   (34   (2   (58   (9

Impact of the above impairments on the valuation of insurance assets and liabilities

   —        4      —        (4

Impact charges on non-financial assets and receivables

   —        2      12      3   
                        

Total

   310      444      1,153      579   
                        

Impairment charges on financial assets, excluding receivables, from:

        

Shares

   9      23      90      62   

Debt securities and money market instruments

   306      404      1,009      500   

Loans

   29      13      100      27   
                        

Total

   344      440      1,199      589   
                        

Impairment reversals on financial assets, excluding receivables, from:

        

Debt securities and money market instruments

   (29   (2   (52   (9

Loans

   (5   —        (6   —     
                        

Total

   (34   (2   (58   (9
                        

14. Other charges

Year-to-date 2009, other charges include a loss of EUR 385 million resulting from the sale of AEGON Taiwan. The proceeds from the sale amounted to EUR 11 million. The value of the assets and liabilities sold amounted to EUR 4,457 million and EUR 4,159 million respectively. Unrealized losses for an amount of EUR 94 million, reflecting revaluation reserves, foreign currency translation reserves and net investment hedges were recycled through the income statement. Sales expenses amounted to EUR 4 million.

15. Business combinations

On August 31, 2009 AEGON completed the sale of its Taiwanese life insurance business to Zhongwei Company Ltd, announced on April 22, 2009. Control on AEGON Taiwan was already transferred to the acquirer in Q2 2009, upon signing of the agreement. Refer to note 14 – Other charges for the impact of the disposal on AEGON’s result.

On June 23, 2009 AEGON has completed its acquisition of Banca Transilvania’s 50% shareholding in BT AEGON, the Romanian pension business the two companies set up last year. The agreement to buy Banca Transilvania’s stake was originally announced in January of this year. AEGON paid approximately EUR 11 million for the shareholding, which gives AEGON full control of the pension business. As part of the transaction, AEGON and Banca Transilvania have signed a distribution agreement under which Banca Transilvania will continue to offer AEGON life insurance and pension products.

16. Commitments and contingencies

On May 13, 2009 a lower court in The Netherlands ruled in respect of a dispute regarding AEGON’s KoersPlan product, which is a unit-linked product, sold in substantial volumes in The Netherlands. The dispute regards transparency issues and the charges, including insurance premium included in this product. AEGON believes the court decided incorrectly and intends to appeal. The decision does not have a direct effect on claims brought by individual clients but, if this decision is ultimately upheld on appeal and/or by the Dutch Supreme Court and is followed by other courts in The Netherlands in individual cases, it could have a material negative effect on AEGON’s financial position or profitability.

On June 5, 2009, the Dutch Supreme Court ruled in three disputes regarding securities lending (aandelenlease), including a dispute regarding AEGON’s Sprintplan product. This product was sold in the past by AEGON the Netherlands. AEGON believes these decisions are broadly in line with the earlier decisions by lower courts regarding these types of products and the policy followed by us in respect of these products which is based upon the arrangement made previously between consumers representative organizations and another supplier of these types of products in The Netherlands. AEGON does not expect the Dutch Supreme Court decision to have a material adverse effect on the company’s financial position or profitability.

 

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On August 5, 2009, the Enterprise Chamber of the Amsterdam court of appeals in the Netherlands ruled in favor of AEGON in connection with a dispute with unions and employers in the harbors of Rotterdam regarding the consolidation of equity of OPTAS, a life insurance company AEGON acquired at the beginning of 2007. The court rejected a request to order a restatement of AEGON’s financial statements over 2007. The foundation representing the employers and insured harbor employees in the harbors appealed to the Dutch Supreme Court.

There have been no other material changes in contingent assets and liabilities reported in the 2008 consolidated financial statements of AEGON

17. Events after the balance sheet date

On October 29, 2009, AEGON has notified the Dutch State and Vereniging AEGON that it will exercise its option to repay EUR 1 billion of the EUR 3 billion in core capital which the company secured last year through its largest shareholder, Vereniging AEGON and which was funded by the Dutch State. AEGON first announced its intention to repay the Dutch State in August when it raised EUR 1 billion in a successful equity issue. The amount will be repaid on November 30, 2009 including 8.5% accrued interest from May 22, 2009, amounting to EUR 44 million, in accordance with the terms of AEGON’s agreement with the Dutch State. The Dutch Central Bank has given its consent for the repayment.

Under the terms of AEGON’s agreement with the Dutch State, the premium for repayment amounts to a maximum of 13% depending on the volume weighted average share price of AEGON shares on the five trading days from November 23 until November 27.

The repayment of EUR 1 billion, the accrued interest and premium for repayment will be reflected in group equity. The repayment of EUR 1 billion will be reflected in convertible core capital securities. The accrued interest and premium for repayment are not tax deductible and will be reflected in retained earnings. Consequently, there will be no significant impact on the 2009 income statement.

 

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Cautionary note regarding non-GAAP measures

These condensed consolidated interim financial statements include certain non-GAAP financial measures: underlying earnings before tax and operating earnings before tax. The reconciliation of underlying earnings before tax and operating earnings before tax to the most comparable IFRS measures is provided on page 12 and 13.

AEGON believes that these non-GAAP measures, together with the IFRS information, provide a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

Local currencies and constant currency exchange rates

These condensed consolidated interim financial statements contain certain information about investments in USD for the Americas and GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. None of this information is a substitute for or superior to financial information about us presented in EUR, which is the currency of our primary financial statements.

Forward-looking statements

The statements contained in these condensed consolidated interim financial statements that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. 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 our fixed income investment portfolios; and

 

   

The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities AEGON holds;

 

   

The frequency and severity of insured loss events;

 

   

Changes affecting mortality, morbidity and other factors that may impact the profitability of AEGON’s insurance products;

 

   

Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;

 

   

Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;

 

   

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

 

   

Changes in laws and regulations, particularly those affecting AEGON’s operations, the products AEGON sells, and the attractiveness of certain products to AEGON’s consumers;

 

   

Regulatory changes relating to the insurance industry in the jurisdictions in which AEGON operates;

 

   

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

 

   

Effects of deliberations of the European Commission regarding the aid we received from the Dutch State in December 2008

 

   

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

 

   

Litigation or regulatory action that could require AEGON to pay significant damages or change the way AEGON does business;

 

   

Customer responsiveness to both new products and distribution channels;

 

   

Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for AEGON’s products;

 

   

AEGON’s failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives; and

 

   

The impact AEGON’s adoption of the International Financial Reporting Standards may have on AEGON’s reported financial results and financial condition.

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

 

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CORPORATE AND SHAREHOLDER INFORMATION

HEADQUARTERS

AEGON N.V.

P.O. Box 85

2501 CB The Hague

The Netherlands

Telephone: + 31 70 344 32 10

www.aegon.com

GROUP CORPORATE COMMUNICATIONS & INVESTOR RELATIONS

AEGON N.V.

P.O. Box 85

2501 CB The Hague

The Netherlands

MEDIA

Telephone:     + 31 70 344 83 44

E-mail:           gcc-ir@aegon.com

ANALYSTS AND INVESTORS

Telephone:     + 31 70 344 83 05 or + 1 877 548 96 68 - toll free USA only

E-mail:           ir@aegon.com

PUBLICATION DATE RESULTS

 

Thursday, February 25    Results fourth quarter 2009
Thursday, May 12    Results first quarter 2010 and Embedded Value report 2009
Thursday, August 12    Results second quarter 2010
Thursday, November 11    Results third quarter 2010

SUPPLEMENTS

AEGON’s Q3 2009 press release and Q3 2009 Financial Supplement are available on AEGON’s website www.aegon.com.

 

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ABOUT AEGON

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

As an international life insurance, pension and investment company, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 29,000 people and serve over 40 million customers across the globe.

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

AEGON’s aim is to be a leading force in global financial services.

 

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