(1)Condensed Consolidated Interim Financial Statements. aegon.com. The Hague, August 13, 2015. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Q2 2015.

(2) WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67.

(3) Condensed consolidated income statement. 2. Condensed consolidated statement of comprehensive income. 3. Condensed consolidated statement of financial position. 4. Condensed consolidated statement of changes in equity. 5. Condensed consolidated cash flow statement. 6. Notes to the condensed consolidated interim financial statements. 7. Unaudited. 1. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Table of contents.

(4) Condensed consolidated income statement EUR millions Premium income 1 Investment income Fee and commission income Other revenues Total revenues Income from reinsurance ceded Results from financial transactions Other income Total income Benefits and expenses 1 Impairment charges / (reversals) Interest charges and related fees Other charges Total charges. Notes. Q2 2015. Q2 2014. YTD 2015. YTD 2014. 4. 4,981 2,262 626 7 7,877 788 (7,179) 1,486. 4,360 2,140 487 2 6,989 744 4,444 3 12,181. 10,622 4,360 1,208 9 16,199 1,474 2,725 20,398. 9,625 4,088 953 3 14,669 1,443 6,672 12 22,795. 1,074 (6) 75 1,143. 11,695 8 65 4 11,772. 19,466 7 183 11 19,667. 21,708 16 182 6 21,912. 5. 6. 7 8. Share in net result of joint ventures Share in net result of associates Income before tax Income tax (expense) / benefit Net income Net income attributable to: Equity holders of Aegon N.V. Non-controlling interests Earnings per share (EUR per share) Basic earnings per common share Basic earnings per common share B Diluted earnings per common share Diluted earnings per common share B. 14 8 431 (88) 343. 61 3 796 (130) 666. 20 16 919 (184) 735. 350 -. 343 -. 666 -. 735 -. 0.15 0.15 -. 0.28 0.01 0.28 0.01. 0.31 0.01 0.31 0.01. 15. 0.15 0.15 -. Premium income and Benefits and expenses as previously reported in Q1 2015 have been adjusted, refer to note 1 basis of presentation.. EUR millions Earnings per share (EUR per share) Basic earnings per common share Basic earnings per common share B Diluted earnings per common share Diluted earnings per common share B. Q2 2015. 0.15 0.15 -. Q2 2014. 0.15 0.15 -. YTD 2015. 0.28 0.01 0.28 0.01. YTD 2014. 0.31 0.01 0.31 0.01. Earnings per share calculation Net income attributable to equity holders of Aegon N.V. Preferred dividend Coupons on other equity instruments Earnings attributable to common shares and common shares B. 350 (31) 318. 343 (37) 306. 666 (68) 598. 735 (83) 652. Earnings attributable to common shareholders Earnings attributable to common shareholders B. 316 2. 304 2. 594 4. (647) 4. 2,098 583. 2,093 580. 2,097 582. Q2 2015. Q2 2014. Weighted average number of common shares outstanding (in millions) Weighted average number of common shares B outstanding (in millions). 2,092 579. Condensed consolidated statement of comprehensive income EUR millions. 2. Net income Other comprehensive income:. 350. 343. YTD 2015 666. YTD 2014. Unaudited 735. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. 1. 32 3 378 (28) 350.

(5) Earnings attributable to common shares and common shares B. 318. 306. 598. 652. Earnings attributable to common shareholders Earnings attributable to common shareholders B. 316 2. 304 2. 594 4. (647) 4. 2,098 583. 2,093 580. 2,097 582. Q2 2015. Q2 2014. Weighted average number of common shares outstanding (in millions) Weighted average number of common shares B outstanding (in millions). 2,092 579. Condensed consolidated statement of comprehensive income. Net income Other comprehensive income: Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use Remeasurements of defined benefit plans Income tax relating to items that will not be reclassified Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale investments (Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments Changes in cash flow hedging reserve Movement in foreign currency translation and net foreign investment hedging reserve Equity movements of joint ventures Equity movements of associates Disposal of group assets Income tax relating to items that may be reclassified Other Other comprehensive income for the period Total comprehensive income/(loss) Total comprehensive income/(loss) attributable to: Equity holders of Aegon N.V. Non-controlling interests. Unaudited. YTD 2015. YTD 2014. 350. 343. 666. 735. (1) 894 (240). (2) (209) 59. 4 267 (81). (2) (443) 125. (3,120). 1,493. (1,525). 3,312. (148) (521). (207) 182. (280) 37. (319) 380. (456) (5) (1) 1,110 1 (2,486) (2,136). 192 6 7 (408) (3) 1,110 1,453. 1,277 (2) (1) 660 4 359 1,025. 173 12 6 (988) (5) 2,252 2,987. (2,136) -. 1,453 -. 1,025 -. 2,988 (1). 3. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. EUR millions.

(6) Condensed consolidated statement of financial position. Assets Intangible assets Investments Investments for account of policyholders Derivatives Investments in joint ventures Investments in associates Reinsurance assets Deferred expenses Assets held for sale Other assets and receivables Cash and cash equivalents Total assets. Notes. 9 10 11 12. 14 17. Equity and liabilities Shareholders' equity Other equity instruments Issued capital and reserves attributable to equity holders of Aegon N.V. Non-controlling interests Group equity. Trust pass-through securities Subordinated borrowings Insurance contracts Insurance contracts for account of policyholders Investment contracts Investment contracts for account of policyholders Derivatives Borrowings Liabilities held for sale Other liabilities Total liabilities Total equity and liabilities. 4. Dec. 31, 2014. 12 16 17. 2,216 158,956 205,903 21,937 1,553 256 10,154 11,930 9,625 7,400 10,882 440,812. 2,073 153,653 191,467 28,014 1,468 140 9,593 10,373 9,881 7,628 10,610 424,902. 25,047 3,796 28,844. 24,293 3,827 28,120. 9. 9. 28,853. 28,129. 152 755 119,085 110,882 17,043 97,551 20,666 14,335 7,881 23,610 411,959. 143 747 111,927 102,250 15,359 91,849 26,048 14,158 7,810 26,481 396,772. 440,812. 424,902. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. EUR millions. Jun. 30, 2015.

(7) Condensed consolidated statement of changes in equity. Share capital. 1. EUR millions. Retained Revaluation earnings reserves. Remeasure ment of defined benefit plans. Other Other equity reserves instruments. Issued capital and reserves 2. Noncontrolling interests. Total. Six months ended June 30, 2015 At beginning of year. 8,597. 9,076. 8,308. Net income recognized in the income statement. -. 666. -. Other comprehensive income: Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use Remeasurements of defined benefit plans Income tax relating to items that will not be reclassified. -. -. 4 -. -. (1,611) -. 267 (81). (77). 3,827. 28,120. 9. 28,129. -. -. 666. -. 666. -. -. 4 267 (81). -. 4 267 (81). Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale investments (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments Changes in cash flow hedging reserve Movement in foreign currency translation and net foreign investment hedging reserves Equity movements of joint ventures Equity movements of associates Income tax relating to items that may be reclassified Other Total other comprehensive income. -. (1,525). -. -. -. (1,525). -. (1,525). -. -. (280) 37. -. -. -. (280) 37. -. (280) 37. -. 4 4. 687 (1,078). (81) 105. 1,358 (2) (1) (27) 1,328. -. 1,277 (2) (1) 660 4 359. -. 1,277 (2) (1) 660 4 359. Total comprehensive income/ (loss) for 2015. -. 670. (1,078). 105. 1,328. -. 1 (108) 8,490. 58 (147) (14) (54) (7) 9,582. 7,230. (1,506). (706). Shares issued and withdrawn Issuance and purchase of treasury shares Dividends paid on common shares Coupons on non-cumulative subordinated notes Coupons on perpetual securities Share options and incentive plans At end of period. 1,025. -. 1,025. 1,251. (30) 3,796. 1 58 (255) (14) (54) (38) 28,844. 9. 1 58 (255) (14) (54) (38) 28,853. (1,778). Six months ended June 30, 2014 8,701. 8,361. 3,023. Net income recognized in the income statement. -. 735. -. Other comprehensive income: Items that will not be reclassified to profit or loss: Changes in revaluation reserve real estate held for own use Remeasurements of defined benefit plans Income tax relating to items that will not be reclassified. -. -. Items that may be reclassified subsequently to profit or loss: Gains / (losses) on revaluation of available-for-sale investments (Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments Changes in cash flow hedging reserve Movement in foreign currency translation and net foreign investment hedging reserves Equity movements of joint ventures Equity movements of associates Income tax relating to items that may be reclassified Other Total other comprehensive income Total comprehensive income / (loss) for 2014. -. -. -. -. -. -. (4) (4). Issuance and purchase of treasury shares Other equity instruments redeemed Dividends paid on common shares Coupons on non-cumulative subordinated notes Coupons on perpetual securities Share options and incentive plans At end of period 8,701 1 For a breakdown of share capital please refer to note 15. 2 Issued capital and reserves attributable to equity holders of Aegon N.V.. Unaudited. (2) 1. 3,312 (319) 380. -. (443) 125. 5,015. 22,616. 10. 22,626. -. -. 735. -. 735. -. -. (2) (443) 125. -. (2) (443) 125. -. -. -. -. -. -. 3,312 (319) 380. -. 3,312 (319) 380. (985) 2,387. (10) (328). 183 12 6 (3) 198. -. 173 12 6 (988) (4) 2,253. (1) (1). 173 12 6 (988) (5) 2,252. 732. 2,387. (328). 198. -. 2,988. (1). 2,987. (65) 15 (138) (11) (72) 7 8,830. 5,410. (1,034). (65) (1,169) (138) (11) (72) (13) 24,136. 9. (65) (1,169) (138) (11) (72) (13) 24,144. (1,581). (1,184) (20) 3,811. 5. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. At beginning of year.

(8) Condensed consolidated cash flow statement. Cash flow from operating activities Purchases and disposals of intangible assets Purchases and disposals of equipment and other assets Purchases, disposals and dividends of subsidiaries, associates and joint ventures Cash flow from investing activities. Issuance and purchase of treasury shares Dividends paid Issuances, repurchases and coupons of perpetuals Issuances, repurchases and coupons of non-cumulative subordinated notes Issuances and repayments of borrowings Cash flow from financing activities. 6. Q2 2015 368 (21) (34) 218 162. (53) (147) (72) (18) (173) (463). Q2 2014 1,566 (18) (27) 27 (18). (38) (138) (1,265) (15) 1,777 320. Net increase / (decrease) in cash and cash equivalents Net cash and cash equivalents at January 1 Effects of changes in foreign exchange rates Net cash and cash equivalents at end of period. 67 10,649 202 10,918. 1,868 5,652 34 7,554. Cash and cash equivalents Cash and cash equivalents classified as Assets held for sale Bank overdrafts classified as other liabilities Net cash and cash equivalents. 10,882 45 (9) 10,918. 7,850 (296) 7,554. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. EUR millions.

(9) Notes to the condensed consolidated interim financial statements Amounts in EUR millions, unless otherwise stated Aegon N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law and recorded in the Commercial Register of The Hague under number 27076669 and with its registered address at Aegonplein 50, 2591 TV, The Hague, the Netherlands. Aegon N.V. serves as the holding company for the Aegon Group and has listings of its common shares in Amsterdam and New York. Aegon N.V. (or ‘the Company’) and its consolidated subsidiaries (‘Aegon’ or ‘the Group’) have life insurance and pensions operations in over twenty-five countries in the Americas, Europe and Asia and are also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Its headquarters are located in The Hague, the Netherlands. The Group employs approximately 28,000 people worldwide.. 1. Basis of presentation The condensed consolidated interim financial statements as at, and for the period ended, June 30, 2015, have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, as adopted by the European Union (hereafter ‘IFRS’). They do 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 2014 consolidated financial statements of Aegon N.V. as included in Aegon’s Annual Report for 2014. Aegon’s Annual Report for 2014 is available on its website (aegon.com). 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. Certain amounts in prior periods may have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income, shareholders’ equity or earnings per share. Premium income and Benefits and expenses as previously reported in Q1 2015 have been adjusted as they were overstated by EUR 706 million. Q2 2015 YTD numbers presented in this report include this change. This adjustment had no effect on net income, shareholders’ equity or earnings per share as reported in any of these periods. The overstatement resulted from the. The condensed consolidated interim financial statements as at, and for the period ended, June 30, 2015, were approved by the Executive Board on August 12, 2015. The condensed consolidated interim financial statements are presented in euro (EUR) and all values are rounded to the nearest million unless otherwise stated. The consequence is that the rounded amounts may not add up to the rounded total in all cases. The published figures in these condensed consolidated interim financial statements are unaudited.. 2. Significant accounting policies All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2014 consolidated financial statements. New IFRS accounting standards effective The following standards, interpretations, amendments to standards and interpretations became effective in 2015: IAS 19 Employee Benefits - Amendment Employee Contributions; Annual improvements 2010-2012 Cycle; and Annual improvements 2011-2013 Cycle. Unaudited. 7. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. conversion of certain contracts which were treated as new business instead of existing business..

(10) None of these revised standards and interpretations had a significant effect on the condensed consolidated interim financial statements as at and for the period ended June 30, 2015. For a complete overview of IFRS standards, published before January 1, 2015, that will be applied in future years, and were not early adopted by the Group, please refer to Aegon’s Annual Report for 2014. Taxes Taxes on income for the six months interim period, ending June 30, 2015, are accrued using the tax rate that would be applicable to expected total annual earnings. Judgments and critical accounting estimates Preparing the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions, including the likelihood, timing or amount of future transactions or events, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from the estimates made. In preparing the condensed consolidated interim financial statements, significant judgments made by management in applying the Group’s accounting policies and the key sources of estimating uncertainty were not significantly different than those that were applied to the consolidated financial statements as at and for the year ended December 31, 2014. Exchange rates Assets and liabilities are translated at the closing rates on the balance sheet date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date, if more appropriate. The following exchange rates are applied for the condensed consolidated interim financial statements:. USD. GBP. June 30, 2015. 1. EUR. 1.1142. 0.7085. December 31, 2014. 1. EUR. 1.2101. 0.7760. USD. GBP. Weighted average exchange rates. Six months ended June 30, 2015. 1. EUR. 1.1162. 0.7322. Six months ended June 30, 2014. 1. EUR. 1.3704. 0.8212. 3. Segment information Aegon conducts its operations through five primary reporting segments: 1.. Aegon Americas: Covers business units in the United States, Canada, Brazil and Mexico, including any of the units’ activities located outside these countries;. 2.. Aegon the Netherlands: Covers businesses operating in the Netherlands;. 3. Aegon UK: Covers businesses operating in the United Kingdom; 4.. New Markets: Covers businesses operating in Central & Eastern Europe; Asia, Spain and Portugal, as well as Aegon’s variable annuities activities in Europe and Aegon Asset Management that are aggregated as one reportable segment due to their respective size;. 5. 8. Holding and other activities: Includes financing, employee and other administrative expenses of holding companies. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Closing exchange rates.

(11) These segments are based on the business as presented in internal reports that are regularly reviewed by the Executive Board which is regarded as the chief operating decision maker. Aegon’s segment information is prepared by consolidating on a proportionate basis Aegon’s joint ventures and associated companies. Performance Measure A performance measure of reporting segments utilized by the Company is underlying earnings before tax. Underlying earnings before tax reflects Aegon’s profit from underlying business operations and excludes components that relate to accounting mismatches that are dependent on market volatility or relate to events that are considered outside the normal course of business. Aegon believes that its performance measure underlying earnings before tax provides meaningful information about the underlying results of Aegon’s business, including insight into the financial measures that Aegon’s senior management uses in managing the business. Among other things, Aegon’s senior management is compensated based in part on Aegon’s results against targets using underlying earnings before tax. While many other insurers in Aegon’s peer group present substantially similar performance measures, the performance measures presented in this document may nevertheless differ from the performance measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards. The reconciliation from underlying earnings before tax to income before tax, being the most comparable IFRS measure, is presented in the tables in this note. The items that are excluded from underlying earnings before tax as described further below are: fair value items, realized gain or losses on investments, impairment charges/reversals, other income or charges, run-off businesses and share in earnings of joint ventures and associates. Fair value items Fair value items include the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings before tax. Changes to these long-term return assumptions are also included. In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items. Certain assets held by Aegon Americas, Aegon the Netherlands and Aegon UK are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate (limited partnerships), convertible bonds and structured products. Underlying earnings before tax exclude any over- or underperformance compared to management’s long-term expected return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable. In addition, certain products offered by Aegon Americas contain guarantees and are reported on a fair value basis, including the segregated funds offered by Aegon Canada and the total return annuities and guarantees on variable annuities of Aegon USA. The earnings on these products are impacted by movements in equity markets and risk-free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. Included in underlying earnings before tax is a long-term expected return on these products and excluded is any over- or underperformance compared to management’s expected return. Unaudited. 9. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. in the fair value items..

(12) The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of Aegon the Netherlands and Variable Annuities Europe (included in New Markets) are excluded from underlying earnings before tax, and the long-term expected return for these guarantees is set at zero. Holding and other activities include certain issued bonds that are held at fair value through profit or loss (FVTPL). The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in Aegon’s credit spread used in the valuation of these bonds are excluded from underlying earnings before tax and reported under fair value items. Realized gains or losses on investments Includes realized gains and losses on available-for-sale investments, mortgage loans and other loan portfolios. Impairment charges/reversals Impairment charges include impairments on available-for-sale debt securities, shares including the effect of deferred policyholder acquisition costs, mortgage loans and other loan portfolios at amortized cost, joint ventures and associates. Impairment reversals include reversals on available-for-sale debt securities. Other income or charges Other income or charges is used to report any items which cannot be directly allocated to a specific line of business. Also items that are outside the normal course of business are reported under this heading. Other charges include restructuring charges that are considered other charges for segment reporting purposes because they are outside the normal course of business. In the condensed consolidated interim financial statements, these charges are included in operating expenses. Run-off businesses Includes underlying results of business units where management has decided to exit the market and to run-off the existing block of business. Currently, this line includes results related to the run-off of the institutional spread-based business, structured settlements blocks of business, bank-owned and corporate-owned life insurance (BOLI/COLI) business, and the sale of the life which the earnings are included in underlying earnings before tax. Share in earnings of joint ventures and associates Earnings from Aegon’s joint ventures in the Netherlands, Mexico, Spain, Portugal, China and Japan and Aegon’s associates in India, Brazil, the Netherlands, United Kingdom, Mexico and France are reported on an underlying earnings before tax basis.. 10. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. reinsurance business in the United States. Aegon has other blocks of business for which sales have been discontinued and of.

(13) Segment information 3.1 Income statement. Underlying earnings before tax geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Other income / (charges) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues Inter-segment revenues. 358 (288) (25) (14) 23 3 55 26 82 (56). 136 (117) 101 (3) 1 117 (26) 91 (15). 1,750 583 2,334 917 444 7 3,701 6. EUR millions Three months ended June 30, 2014 Underlying earnings before tax geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Other income / (charges) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues Inter-segment revenues. Underlying earnings before tax geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Other income / (charges) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings 1. 367 37 147 552 596 87 1,235 1. Americas. The Netherlands. 331 (118) 51 (6) 21 (11) (1) 268 (51) 216 (42). 131 (132) 47 (5) 2 (5) 39 (7) 32 (15). 1,538 454 1,991 798 328 3,118 4. EUR millions Six months ended June 30, 2015. Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Unaudited Fee and commission income Other revenues Total revenues Inter-segment revenues. Americas. 540 39 154 734 684 80 1,498 -. Americas. The Netherlands. 648 (379) (54) (21) 26 11 230 (4) 226 (110). 267 34 241 (11) 3 (22) 513 (118) 395 (27). 3,443 1,135 4,578 1,826 849 7 7,260 12. 1,413 166 279 1,858 1,185 172 3,216 1. United Kingdom New Markets. 34 (7) 54 (11) 70 5 75 (16). 1,520 12 1,532 691 9 2,232 -. 62 (3) 4 1 63 (24) 39 84. 615 36 60 711 25 208 3 946 90. United Kingdom New Markets. 32 (13) 97 2 117 (27) 90 (14). 1,171 14 1,186 608 10 1,803 -. 62 1 2 (15) 1 51 (16) 35 65. 486 35 56 577 60 148 785 71. United Kingdom New Markets. 72 (30) 56 10 109 (16) 93 (33) 2,890 25 2,915 1,235 21 4,171 -. 113 (8) 9 (1) 114 (46) 67 164 1,372 96 122 1,590 142 403 4 2,139 176. Holding and other activities. (43) 123 81 (20) 61 3. 2 2 4 98 1 102 100. Holding and other activities. (42) (1) (43) 13 (30) 6. (1) 1 80 1 82 80. Holding and other activities. (83) (69) (152) 37 (115) 6 2 3 5 192 2 199 195. Eliminations. 1 1 1. (27) (2) (29) (97) (70) (196). Eliminations. -. (18) (1) (20) (79) (56) (155). Segment Total. Joint ventures and associates eliminations. Consolidated. 549 (293) 134 (17) 23 (11) 3 389 (39) 350. (8) (3) (11) 11 -. 549 (300) 131 (17) 23 (11) 3 378 (28) 350. 4,228 668 207 5,103 2,229 678 11 8,021. (100) (1) (20) (121) 33 (52) (4) (144). Joint ventures and associates Segment Total eliminations. 514 (263) 198 (26) 23 (14) (1) 432 (88) 343. 3,716 542 211 4,469 2,151 509 2 7,131. 1 (1) (1) (1) 1 -. (88) (1) (20) (109) (10) (22) (142). 4,128 667 187 4,981 2,262 626 7 7,877. Consolidated. 514 (262) 197 (26) 23 (15) (1) 431 (88) 343. 3,628 541 191 4,360 2,140 487 2 6,989. Eliminations. Segment Total. Joint ventures and associates eliminations. Consolidated. (1) (1) (1). 1,018 (451) 252 (32) 28 (11) 11 814 (148) 666. 3 (16) (5) (18) 18 -. 1,020 (467) 247 (32) 28 (11) 11 796 (130) 666. (219) (12) (39) (270) (28) (100) (5) (402). 8,851 1,410 362 10,622 4,360 11 1,208 9 16,199. (51) (3) (54) (192) (138) (384). 9,069 1,421 401 10,892 4,388 1,307 14 16,601. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. EUR millions Three months ended June 30, 2015. The Netherlands.

(14) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues Inter-segment revenues. 1,538 454 1,991 798 328 3,118 4. EUR millions Six months ended June 30, 2015 Underlying earnings before tax geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Other income / (charges) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues Inter-segment revenues. 1. 540 39 154 734 684 80 1,498 -. Americas. The Netherlands. 648 (379) (54) (21) 26 11 230 (4) 226 (110). 267 34 241 (11) 3 (22) 513 (118) 395 (27). 3,443 1,135 4,578 1,826 849 7 7,260 12. 1,413 166 279 1,858 1,185 172 3,216 1. 117 (27) 90 (14). 1,171 14 1,186 608 10 1,803 -. 51 (16) 35 65. 486 35 56 577 60 148 785 71. United Kingdom New Markets. 72 (30) 56 10 109 (16) 93 (33) 2,890 25 2,915 1,235 21 4,171 -. 113 (8) 9 (1) 114 (46) 67 164 1,372 96 122 1,590 142 403 4 2,139 176. (43) 13 (30) 6. (1) 1 80 1 82 80. Holding and other activities. (83) (69) (152) 37 (115) 6 2 3 5 192 2 199 195. -. (18) (1) (20) (79) (56) (155). Eliminations. (1) (1) (1). (51) (3) (54) (192) (138) (384). (1) 432 (88) 343. 3,716 542 211 4,469 2,151 509 2 7,131. (1) 1 -. (88) (1) (20) (109) (10) (22) (142). Joint ventures and associates Segment Total eliminations. 1,018 (451) 252 (32) 28 (11) 11 814 (148) 666. 9,069 1,421 401 10,892 4,388 1,307 14 16,601. 3 (16) (5) (18) 18 -. (219) (12) (39) (270) (28) (100) (5) (402). (1) 431 (88) 343. 3,628 541 191 4,360 2,140 487 2 6,989. Consolidated. 1,020 (467) 247 (32) 28 (11) 11 796 (130) 666. 8,851 1,410 362 10,622 4,360 1,208 9 16,199. Life insurance gross premiums as previously reported in Q1 2015 have been adjusted, refer to note 1 basis of presentation.. EUR millions Six months ended June 30, 2014 Underlying earnings before tax geographically Fair value items Realized gains / (losses) on investments Impairment charges Impairment reversals Other income / (charges) Run-off businesses Income/ (loss) before tax Income tax (expense) / benefit Net income/ (loss) Inter-segment underlying earnings Revenues Life insurance gross premiums Accident and health insurance General insurance Total gross premiums Investment income Fee and commission income Other revenues Total revenues Inter-segment revenues. 12. 39 (7) 32 (15). Americas. The Netherlands. 633 (167) 60 (12) 31 (8) 13 550 (115) 435 (83). 259 (167) 131 (9) 4 (8) 211 (35) 175 (29). 3,026 871 3,897 1,601 641 1 6,140 8. 2,039 170 290 2,498 1,320 158 3,976 -. United Kingdom New Markets. 58 (16) 113 (2) 154 (36) 118 (28) 2,391 29 2,420 1,072 20 3,512 -. 123 8 4 (24) (1) 109 (32) 77 130 859 90 114 1,064 113 290 1 1,468 141. Holding and other activities. (63) (36) (1) (101) 29 (71) 10 1 2 3 158 2 163 159. Eliminations. 1 1 1. (36) (2) (38) (156) (113) (308). Joint ventures and associates Segment Total eliminations. 1,012 (379) 308 (45) 35 (20) 13 924 (189) 735. 8,280 1,160 404 9,844 4,108 995 4 14,952. (8) 5 (1) (1) (5) 5 -. (173) (9) (38) (220) (20) (42) (1) (283). Consolidated. 1,004 (373) 306 (45) 35 (21) 13 919 (184) 735. 8,107 1,151 367 9,625 4,088 953 3 14,669. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. 1. (1) 268 (51) 216 (42).

(15) 3.2 Investments geographically Investments geographically Amounts included in the tables on investments geographically are presented on an IFRS basis. EUR millions (unless otherwise stated) Americas USD millions. United Kingdom GBP millions. 739 73,175 10,729 10,286 846 95,774 5,500 107,490 25 113,015. 108 9,612 289 10,009 12,981 9,269 23,123 2,893 882 49,149. 208,788 175,691 384,480. 59,159 540 59,698. 79,419 10,729 117,795 846 208,788. June 30, 2015 Investments Shares Debt securities Loans Other financial assets Investments in real estate Investments general account Shares Debt securities Unconsolidated investment funds Other financial assets Investments in real estate Investments for account of policyholders. Americas. The Netherlands. United Kingdom. New Markets. Holding & other activities. Eliminations. Total EUR. 663 65,675 9,629 9,231 759 85,957 4,936 96,473 22 101,431. 153 23,612 27,787 346 1,118 53,016 9,225 18,101 374 27,700. 153 13,566 408 14,128 18,322 13,083 32,637 4,083 1,245 69,371. 49 5,026 446 27 2 5,549 283 217 6,891 19 7,410. 130 78 99 307 -. (1) (1) (10) (10). 1,148 107,878 37,941 10,110 1,879 158,956 27,821 36,338 136,000 4,499 1,245 205,903. Investments on balance sheet Off balance sheet investments third parties Total revenue generating investments. 187,389 157,684 345,072. 80,716 831 81,547. 83,498 762 84,260. 12,960 120,881 133,841. 307 307. (11) (11). 364,859 280,158 645,017. 9,800 48,476 882 59,159. Investments Available-for-sale Loans Financial assets at fair value through profit or loss Investments in real estate Total investments on balance sheet. 71,279 9,629 105,721 759 187,389. 22,779 27,787 29,031 1,118 80,716. 13,832 68,421 1,245 83,498. 5,021 446 7,490 2 12,960. 18 78 211 307. (11) (11). 112,930 37,941 210,864 3,124 364,859. 10 98 38,930 247,827. 17 4,751 63,927. Investments in joint ventures Investments in associates Other assets Consolidated total assets. 9 88 34,940 222,426. 803 21 29,346 110,887. 24 6,706 90,229. 739 122 4,341 18,161. 2 35,585 35,894. (36,774) (36,785). 1,553 256 74,144 440,812. Americas USD millions. United Kingdom GBP millions. 770 76,393 11,117 11,914 873 101,067 5,549 104,704 34 110,287. 150 9,832 267 10,249 13,287 10,026 22,769 2,851 855 49,788. 211,353 168,561 379,914. 60,037 443 60,479. 84,527 11,117 114,836 873 211,353 11 110 39,994 251,468. EUR millions (unless otherwise stated). Americas. The Netherlands. United Kingdom. New Markets. Eliminations. Total EUR. 636 63,130 9,187 9,845 721 83,519 4,585 86,525 28 91,138. 161 23,250 27,052 366 1,069 51,898 9,487 19,320 401 29,209. 193 12,670 344 13,208 17,122 12,920 29,341 3,674 1,101 64,159. 28 4,274 487 16 2 4,806 420 244 6,293 13 6,971. 105 11 107 224 -. (1) (1) (10) (10). 1,122 103,324 36,738 10,678 1,792 153,653 27,019 37,070 122,159 4,117 1,101 191,467. Investments on balance sheet Off balance sheet investments third parties Total revenue generating investments. 174,658 139,295 313,953. 81,106 868 81,974. 77,367 570 77,937. 11,777 72,474 84,251. 224 224. (11) (11). 345,121 213,208 558,328. 9,998 49,184 855 60,037. Investments Available-for-sale Loans Financial assets at fair value through profit or loss Investments in real estate Total investments on balance sheet. 69,851 9,187 94,898 721 174,658. 23,197 27,052 29,788 1,069 81,106. 12,884 63,381 1,101 77,367. 4,284 487 7,005 2 11,777. 12 11 200 224. (11) (11). 110,229 36,738 195,261 2,893 345,121. 18 4,740 64,795. Investments in joint ventures Investments in associates Other assets Consolidated total assets. 9 91 33,050 207,808. 789 19 34,737 116,652. 24 6,108 83,498. 670 6 4,067 16,519. 1 36,785 37,010. (36,574) (36,586). 1,468 140 78,172 424,902. 13. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Unaudited. December 31, 2014 Investments Shares Debt securities Loans Other financial assets Investments in real estate Investments general account Shares Debt securities Unconsolidated investment funds Other financial assets Investments in real estate Investments for account of policyholders. Holding & other activities.

(16) Premium income and premium to reinsurers Premium income and premium to to reinsurers reinsurers Premium and premium 4. Premium income income and premiums paid to reinsurers EUR millions. Q2 2014. YTD 2015. YTD 2014. EUR Q2 EUR millions millions Q2 2015 2015 Gross Life 4,128 Gross Gross Non-Life 853 Life 4,128 Life 4,128 Total 4,981 Non-Life 853 Non-Life 853 Total 4,981 Total 4,981 1 Reinsurance 1 Life 678 Reinsurance Reinsurance 1 Non-Life 69 Life 678 Life 678 Total 747 Non-Life 69 Non-Life 69 1 Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement. Total 747 Total 747 1 1 Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement. Premiums paid to reinsurers are recorded within Benefits and expenses in the income statement.. Q2 2015. Q2 Q2 2014 2014. YTD YTD 2015 2015. YTD YTD 2014 2014. 3,628 732 3,628 3,628 4,360 732 732 4,360 4,360. 8,851 1,771 8,851 8,851 10,622 1,771 1,771 10,622 10,622. 8,107 1,518 8,107 8,107 9,625 1,518 1,518 9,625 9,625. 675 74 675 675 749 74 74 749 749. 1,298 138 1,298 1,298 1,436 138 138 1,436 1,436. 1,319 152 1,319 1,319 1,471 152 152 1,471 1,471. EUR millions. Q2 2015. Q2 2014. YTD 2015. YTD 2014. EUR millions millions EUR Interest income Dividendincome income Interest Interest income Rental income Dividend income Dividend income Total income Rentalinvestment income Rental income Total investment investment income income Total Investment income related to general account Investment income income for account of policyholders Investment Investment income related related to to general general account account Total Investment income income for for account account of of policyholders policyholders Investment Total Total. Q2 2015 2015 Q2 1,776 453 1,776 1,776 33 453 453 2,262 33 33 2,262 2,262 1,528 735 1,528 1,528 2,262 735 735 2,262 2,262. Q2 2014 2014 Q2 1,682 421 1,682 1,682 37 421 421 2,140 37 37 2,140 2,140 1,406 734 1,406 1,406 2,140 734 734 2,140 2,140. YTD 2015 2015 YTD 3,538 754 3,538 3,538 68 754 754 4,360 68 68 4,360 4,360 3,032 1,328 3,032 3,032 4,360 1,328 1,328 4,360 4,360. YTD 2014 2014 YTD 3,379 642 3,379 3,379 67 642 642 4,088 67 67 4,088 4,088 2,801 1,287 2,801 2,801 4,088 1,287 1,287 4,088 4,088. EUR millions. Q2 2015. Q2 2014. YTD 2015. YTD 2014. EUR EUR millions millions Net fair value change of general account financial investments at FVTPL other than derivatives Net fair fair value value change change of of general general account account financial financial investments investments at at FVTPL FVTPL other other Net Realized gains /(losses) on financial investments than than derivatives derivatives Gains /(losses) on investments in real estate Realized Realized gains gains /(losses) /(losses) on on financial financial investments investments Net fair value change of derivatives Gains /(losses) on investments investments in real real estate estate Gains /(losses) on in Net fair value change on for account Net fair fair value value change change of of derivatives derivatives of policyholder financial assets at FVTPL Net Net fair value change on investments in real estate for account of policyholders Net fair fair value value change change on on for for account account of of policyholder policyholder financial assets at FVTPL FVTPL Net financial assets at Net foreign currency gains /(losses) in real estate for account of policyholders Net fair value change on investments Net fair value change on investments in real estate for account of policyholders Net fair value change on borrowings and other financial liabilities Net Net foreign foreign currency currency gains gains /(losses) /(losses) Realized gains /(losses) on repurchased debt financial liabilities Net Net fair fair value value change change on on borrowings borrowings and and other other financial liabilities Total Realized gains gains /(losses) /(losses) on on repurchased repurchased debt debt Realized Total Total. Q2 Q2 2015 2015. Q2 Q2 2014 2014. YTD YTD 2015 2015. YTD YTD 2014 2014. (23) 131 (23) (23) 7 131 131 (2,023) 7 7 (5,289) (2,023) (2,023) 6 (5,289) (5,289) (6) 6 6 17 (6) (6) 1 17 17 (7,179) 1 1 (7,179) (7,179). 92 198 92 92 (9) 198 198 247 (9) (9) 3,921 247 247 21 3,921 3,921 (18) 21 21 (11) (18) (18) 3 (11) (11) 4,444 3 3 4,444 4,444. 48 268 48 48 17 268 268 (617) 17 17 3,011 (617) (617) 14 3,011 3,011 (28) 14 14 12 (28) (28) 1 12 12 2,725 1 1 2,725 2,725. 161 307 161 161 (14) 307 307 336 (14) (14) 5,867 336 336 28 5,867 5,867 (12) 28 28 (4) (12) (12) 3 (4) (4) 6,672 3 3 6,672 6,672. EUR millions. Q2 2015. Q2 2014. YTD 2015. YTD 2014. EUR millions millions EUR Claims and benefits Employee expenses Claims Claims and and benefits benefits Administration expenses Employee Employee expenses expenses Deferred expenses Administration expenses expenses Administration Amortization charges Deferred expenses expenses Deferred Total Amortization charges charges Amortization Total Total. Q2 2015 Q2 2015 235 563 235 235 315 563 563 (382) 315 315 343 (382) (382) 1,074 343 343 1,074 1,074. Q2 2014 2014 Q2 11,006 506 11,006 11,006 276 506 506 (339) 276 276 246 (339) (339) 11,695 246 246 11,695 11,695. YTD 2015 2015 YTD 17,867 1,125 17,867 17,867 612 1,125 1,125 (795) 612 612 657 (795) (795) 19,466 657 657 19,466 19,466. YTD 2014 2014 YTD 20,338 982 20,338 20,338 552 982 982 (656) 552 552 493 (656) (656) 21,708 493 493 21,708 21,708. Investment income Investment income Investment income 5. Investment income. Result from transactions 6. Results fromfinancial financial transactions. The decrease of the net fair value change on for account of policyholder financial assets at FVTPL in Q2 2015 compared to Q2 2014 Benefits and expenses isBenefits mainly driven by expenses interest rates and equity markets movements. Net fair value change on for accounts of policyholder financial Benefits and and expenses assets at FVTPL is offset by amounts in the Claims and benefits line reported in note 7 - Benefits and expenses.. 14. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Result from from financial financial transactions transactions Result.

(17) EUR millions. Q2 2015. Q2 2014. YTD 2015. YTD 2014. Net fair value change of general account financial investments at FVTPL other than derivatives Realized gains /(losses) on financial investments Gains /(losses) on investments in real estate Net fair value change of derivatives Net fair value change on for account of policyholder financial assets at FVTPL Net fair value change on investments in real estate for account of policyholders Net foreign currency gains /(losses) Net fair value change on borrowings and other financial liabilities Realized gains /(losses) on repurchased debt Total. (23) 131 7 (2,023) (5,289) 6 (6) 17 1 (7,179). 92 198 (9) 247 3,921 21 (18) (11) 3 4,444. 48 268 17 (617) 3,011 14 (28) 12 1 2,725. 161 307 (14) 336 5,867 28 (12) (4) 3 6,672. Q2 2015. Q2 2014. YTD 2015. YTD 2014. 235 563 315 (382) 343 1,074. 11,006 506 276 (339) 246 11,695. 17,867 1,125 612 (795) 657 19,466. 20,338 982 552 (656) 493 21,708. Benefits expenses 7. Benefitsand and expenses. EUR millions Claims and benefits Employee expenses Administration expenses Deferred expenses Amortization charges Total. Claims and benefits includes claims and benefits in excess of account value for products for which deposit accounting is applied, and the change in valuation of liabilities for insurance and investment contracts. In addition, commissions and expenses and premiums paid to reinsurers are included. Claims and benefits fluctuate mainly as a result of changes in technical provisions resulting from fair value changes on for account of policyholder financial assets included in Results from financial transactions (note 6) of EUR 5,289 negative (2014 Q2: EUR 3,921 positive).. EUR millions. Q2 2015. Q2 2014. YTD 2015. YTD 2014. Impairment charges / (reversals) comprise: Impairment charges on financial assets, excluding receivables 1 1 Impairment reversals on financial assets, excluding receivables Impairment charges / (reversals) on non-financial assets and receivables Total. 17 (23) (6). 28 (23) 3 8. 35 (28) 1 7. 49 (35) 1 16. Impairment charges on financial assets, excluding receivables, from: Shares Debt securities and money market instruments Loans Total. 14 3 17. 2 7 19 28. 2 17 15 35. 3 12 35 49. (24) (4) (28). (29) (5) (35). Impairment reversals on financial assets, excluding receivables, from: Debt securities and money market instruments (22) (20) Loans (2) (3) Total (23) (23) 1 Impairment charges / (reversals) on financial assets, excluding receivables, are excluded from underlying earnings before tax for segment reporting (refer to note 3).. Investments. EUR millions. Jun. 30, 2015. Available-for-sale (AFS) Loans Financial assets at fair value through profit or loss (FVTPL) Financial assets, for general account, excluding derivatives Investments in real estate Total investments for general account, excluding derivatives. Dec. 31, 2014. 112,930 37,941 6,206 157,077 1,879 158,956. 110,229 36,738 4,895 151,862 1,792 153,653. Total financial assets, excluding derivatives. Shares Debt securities Money market and other short-term investments Mortgages loans Private loans Deposits with financial institutions Unaudited Policy loans Other June 30, 2015. AFS. FVTPL. Loans. Total. 636 105,182 5,795 1,317 112,930. 512 2,696 553 2,445 6,206. 32,839 2,626 105 2,166 206 37,941. 1,148 107,878 6,348 32,839 2,626 105 2,166 3,968 157,077. 15. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Impairment charges / (reversals) 8. Impairment charges/(reversals).

(18) Impairment charges / (reversals). EUR millions Impairment charges / (reversals) comprise: 1 Impairment charges on financial assets, excluding receivables 1 Impairment reversals on financial assets, excluding receivables Impairment charges / (reversals) on non-financial assets and receivables Total. Intangible assets 9. Intangible assets. Q2 2015. Q2 2014. YTD 2015. YTD 2014. 17 (23) (6). 28 (23) 3 8. 35 (28) 1 7. 49 (35) 1 16. Impairment charges on financial assets, excluding receivables, from: Shares 2 Debtmillions securities and money market instruments 14 Jun. 30, 2015 7 EUR Loans 3 19 Total 17 28 Goodwill 228 VOBA 1,653 Future servicing rights on financial assets, excluding receivables, from: 267 Impairment reversals Software 58 Debt securities and money market instruments (22) (20) Other 10 Loans (2) (3) Total intangible assets 2,216 (23) (23) 1 Impairment charges / (reversals) on financial assets, excluding receivables, are excluded from underlying earnings before tax for segment reporting (refer to note 3).. 2 3 17Dec. 31, 2014 12 15 35 35 49 216 1,546 255 50 (24) (29) 5 (4) (5) 2,073 (28) (35). Intangible assets, except for goodwill, are predominantly impacted by periodic amortization of balances and changes in exchange rates. Deferred expenses. Investments. 10. Investments EUR millions. Jun. 30, 2015. Dec. 31, 2014. DPAC for insurance contracts and investment contracts with discretionary EUR millions participation features Deferred cost of reinsurance Available-for-sale (AFS) Deferred transaction costs for investment management services Loans Total deferred Financial assets expenses at fair value through profit or loss (FVTPL). Jun. 30, 2015 11,030 445 112,930 455 37,941 11,930 6,206. Dec. 31, 2014 9,523 441 110,229 409 36,738 10,373 4,895. FVTPL Jun. 30,Loans 2015. TotalDec. 31, 2014. Financial assets, for general account, excluding derivatives Investments in real estate Total investments for general account, excluding derivatives. 157,077 1,879 158,956. Share capital. 151,862 1,792 153,653. Total financial assets, excluding derivatives. Sharescapital - par value Share Debt securities Share premium Moneyshare market and other short-term investments Total capital Mortgages loans Private loans Deposits with financial institutions Share capital - par value Policy loans Balance at January 1 Other dividend Share June 30, 2015 Balance. 636 105,182 5,795 1,317 112,930. 512 2,696 553 2,445 6,206. 3288,1628,49032,839 2,626 105 2,166 327 206 37,941 328. 1,148 107,878 6,348 32,839 2,626 105 2,166 3,968 157,077. Share premium Balance at January 1 Sharesdividend Share Debt securities Balance Money market and other short-term investments Mortgages loans Private loans Borrowings Deposits with financial institutions Policy loans Other December 31, 2014 EUR millions. AFS. FVTPL. Loans. Total. Capital funding Investments for Operational funding Total borrowings. account of policyholders. EUR millions Shares Debt securities Money market and short-term investments Deposits with financial institutions Unconsolidated investment funds Other. 16. Total investments for account of policyholders at fair value through profit or loss, excluding derivatives Investment in real estate Total investments for account of policyholders. 623 101,498 6,799 1,310 110,229. 8,270 499 (108) 1,826 8,162500 32,164 2,058 349 2,028 2,070 139 4,895 36,738 Jun. 30, 2015 2,482 11,853 14,335. Jun. 30, 2015. 327 8,270 8,597. 325 2 327. 8,375 1,122 (106) 103,324 8,270 7,299 32,164 2,058 349 2,028 3,519 151,862 Dec. 31, 2014 2,338 11,821 14,158. Dec. 31, 2014. 27,821 36,338 1,684 2,431 136,000 384. 27,019 37,070 795 2,908 122,159 415. 204,658 1,245 205,903. 190,366 1,101 191,467 Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. AFS. EUR millions.

(19) Shares Debt securities Money market and other short-term investments Mortgages loans Private loans Deposits with financial institutions Policy loans Other December 31, 2014. AFS. FVTPL. Loans. Total. 623 101,498 6,799 1,310 110,229. 499 1,826 500 2,070 4,895. 32,164 2,058 349 2,028 139 36,738. 1,122 103,324 7,299 32,164 2,058 349 2,028 3,519 151,862. Investments for account of policyholders 11. Investments for account of policyholders. EUR millions. Jun. 30, 2015. Shares Debt securities Money market and short-term investments Deposits with financial institutions Unconsolidated investment funds Other Total investments for account of policyholders at fair value through profit or loss, excluding derivatives Investment in real estate Total investments for account of policyholders. Dec. 31, 2014. 27,821 36,338 1,684 2,431 136,000 384. 27,019 37,070 795 2,908 122,159 415. 204,658 1,245 205,903. 190,366 1,101 191,467. 12. Derivatives The movements in derivative balances mainly result from changes in interest rates and other market movements during the period.. 13. Fair value The following tables provide an analysis of financial instruments recorded at fair value on a recurring basis by level of the fair value hierarchy:. Fair value hierarchy EUR millions. Level I. Level II. Level III. Total. Financial assets carried at fair value Available-for-sale investments Shares Debt securities Money markets and other short-term instruments Other investments at fair value Total Available-for-sale investments. 22 28,203 33 28,258. 314 72,848 5,795 348 79,305. 300 4,131 936 5,368. 636 105,182 5,795 1,317 112,930. Fair value through profit or loss Shares Debt securities Money markets and other short-term instruments Other investments at fair value Investments for account of policyholders 1 Derivatives Total Fair value through profit or loss Total financial assets at fair value. 263 17 81 2 124,158 40 124,560 152,818. 249 2,671 472 1,245 78,787 21,722 105,147 184,452. 8 1,198 1,713 175 3,095 8,462. 512 2,696 553 2,445 204,658 21,937 232,801 345,732. 17,440. 23,885. 156. 41,481. 17 17,457. 601 18,015 42,501. 2,634 2,790. 601 20,666 62,748. Financial liabilities carried at fair value Investment contracts for account of policyholders 3. Borrowings Derivatives Total financial liabilities at fair value. 2. Fair value hierarchy EUR millions. Level I. Level II. Level III. Total. As at December 31, 2014 Financial assets carried at fair value Available-for-sale investments Shares Debt securities Unaudited Money markets and other short-term instruments Other investments at fair value Total Available-for-sale investments. 26 27,491 31 27,548. 316 70,203 6,799 345 77,662. 280 3,803 934 5,018. 623 101,497 17 6,799 1,310 110,229. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. As at June 30, 2015.

(20) Debt securities Money markets and other short-term instruments Other investments at fair value Investments for account of policyholders 1 Derivatives Total Fair value through profit or loss Total financial assets at fair value. 17 81 2 124,158 40 124,560 152,818. 2,671 472 1,245 78,787 21,722 105,147 184,452. 8 1,198 1,713 175 3,095 8,462. 2,696 553 2,445 204,658 21,937 232,801 345,732. 17,440. 23,885. 156. 41,481. 17 17,457. 601 18,015 42,501. 2,634 2,790. 601 20,666 62,748. Financial liabilities carried at fair value Investment contracts for account of policyholders. 2. Borrowings 3 Derivatives Total financial liabilities at fair value. Fair value hierarchy EUR millions. Level I. Level II. Total. Level III. As at December 31, 2014 Financial assets carried at fair value Available-for-sale investments Shares Debt securities Money markets and other short-term instruments Other investments at fair value Total Available-for-sale investments. 26 27,491 31 27,548. 316 70,203 6,799 345 77,662. 280 3,803 934 5,018. 623 101,497 6,799 1,310 110,229. Fair value through profit or loss Shares Debt securities Money markets and other short-term instruments Other investments at fair value Investments for account of policyholders 1 Derivatives Total Fair value through profit or loss Total financial assets at fair value. 217 48 95 1 114,490 52 114,903 142,451. 282 1,761 405 832 73,919 27,642 104,842 182,504. 17 1,237 1,956 320 3,530 8,548. 499 1,826 500 2,070 190,366 28,014 223,275 333,503. 15,371 31 15,403. 22,683 571 23,007 46,261. 165 3,010 3,175. 38,220 571 26,048 64,839. Financial liabilities carried at fair value Investment contracts for account of policyholders Borrowings 3 Derivatives Total financial liabilities at fair value. 1. 2. 3. 2. The investments for account of policyholders included in the table above represents only those investments carried at fair value through profit or loss. The investment contracts for account of policyholders included in the table above represents only those investment contracts carried at fair value. Total borrowings on the statement of financial position contain borrowings carried at amortized cost that are not included in the above schedule.. Significant transfers between Level I, Level II and Level III Aegon’s policy is to record transfers of assets and liabilities between Level I, Level II and Level III at their fair values as of. The table below shows transfers between Level I and II for financial assets and financial liabilities recorded at fair value on a recurring basis during the period ended June 30, 2015. Fair value transfers EUR millions. Financial assets carried at fair value Available-for-sale investments Debt securities Total Fair value through profit or loss Shares Investments for account of policyholders Total Total financial assets at fair value. YTD 2015 Transfers Transfers Level I to Level II to Level II Level I. Full Year 2014 Transfers Transfers Level I to Level II to Level II Level I. 8 8. 39 39. -. 45 45. 8. 39 196 235 274. 163 163 163. 1 1 46. Transfers are identified based on transaction volume and frequency, which are indicative of an active market.. 18. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. the beginning of each reporting period..

(21) Movements in Level III financial instruments measured at fair value The following table summarizes the change of all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (‘Level III’), including realized and unrealized gains (losses) of all assets and liabilities and unrealized gains (losses) of all assets and liabilities still held at the end of the respective period. Roll forward of Level III financial instruments. EUR millions Financial assets carried at fair value available-for-sale investments Shares Debt securities Other investments at fair value. Fair value through profit or loss Debt securities Other investments at fair value Investments for account of policyholders Derivatives. Financial liabilities carried at fair value Investment contracts for account of policyholders Derivatives. EUR millions Financial assets carried at fair value available-for-sale investments Shares Debt securities Other investments at fair value. Fair value through profit or loss Debt securities Other investments at fair value Investments for account of policyholders Derivatives. January 1, 2015. Total gains / losses in Total gains / income losses in OCI 2 statement 1. 280 3,803 934 5,018. 9 (4) (76) (71). 17 1,237 1,956 320 3,530. 165 3,010 3,175. January 1, 2014. Purchases. Sales. Settlements. (76) (13) (89). 12 33 (1) 44. 36 542 55 633. (49) (161) (41) (251). 1 104 (210) (105). -. 72 193 264. (194) (544) 48 (691). 5 (480) (475). -. 9 9. (29) 5 (24). Total gains / losses in Total gains / income losses in OCI 2 statement 1. Purchases. Net exchange differences. Reclassification. Transfers from Level I and Level II. Total unrealized gains and losses for the period recorded in the Transfers to P&L for instruments Level I and held at June 30, 2015 Level II June 30, 2015 ³. 12 165 78 255. -. 110 110. (281) (281). 300 4,131 936 5,368. -. 1 106 41 18 166. -. 74 74. (9) (97) (36) (143). 8 1,198 1,713 175 3,095. 3 86 (211) (121). -. 11 98 110. -. -. (5) (5). 156 2,634 2,790. 4 (480) (476). Sales. Settlements. Net exchange differences. Transfers from Level I and Reclassification Level II. Transfers to Level I and Level II. -. Total unrealized gains and losses for the period recorded in the P&L for instruments June 30,2014 held at June 30,2014 ³. 322 3,162 826. 36 13 (51). (14) 79 (12). 29 665 72. (101) (157) (29). (95) (4). 1 12 5. -. 123 17. (1) (503) -. 271 3,299 824. -. 4,310. (2). 53. 765. (287). (99). 18. -. 140. (503). 4,395. -. 17 1,217 1,989 328 3,552. 1 49 45 (62) 33. -. 20 16 224 261. (145) (258) (14) (417). (9) (9). 8 9 4 20. 44 44. 64 98 162. (14) (161) (175). 30 1,195 1,947 299 3,471. 2 49 42 (79) 14. Financial liabilities carried at fair value Investment contracts for account of policyholders Derivatives. 114 2 1 1,431 421 16 1 44 1,545 423 16 2 44 1 Includes impairments and movements related to fair value hedges. Gains and losses are recorded in the line item results from financial transactions of the income statement. 2 Total gains and losses are recorded in line items Gains/ (losses) on revaluation of available-for-sale investments and (Gains)/ losses transferred to the income statement on disposal and impairment of available-for-sale investment of the statement of other comprehensive income. 3 Total gains / (losses) for the period during which the financial instrument was in Level III.. -. -. 117 1,913 2,030. 2 412 414. During the first six months of 2015, Aegon transferred certain financial instruments from Level II to Level III of the fair value hierarchy. The reason for the change in level was that the market liquidity for these securities decreased, which led to a change in transactions or corroborated broker quotes respectively for the same or similar instruments. The amount of assets and liabilities transferred to Level III was EUR 184 million (full year 2014: EUR 485 million). Since the transfer, all such assets have been valued using valuation models incorporating significant non market-observable inputs or uncorroborated broker quotes. Similarly, during the first six months of 2015, Aegon transferred EUR 429 million (full year 2014: EUR 712 million) of financial instruments from Level III to other levels of the fair value hierarchy. The change in level was mainly the result of a return of activity in the market for these securities and that for these securities the fair value could be determined using observable market transactions or corroborated broker quotes for the same or similar instruments.. Unaudited. 19. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. market observability of prices. Prior to transfer, the fair value for the Level II securities was determined using observable market.

(22) The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level III financial instruments. Overview of significant unobservable inputs. EUR millions Financial assets carried at fair value available-for-sale investments Shares. Debt securities. Other investments at fair value Tax credit investments Investment funds Other June 30, 2015 Fair value through profit or loss Debt securities. Other investments at fair value Investment funds Other. Carrying amount June 30, 2015. Valuation technique. 1. Significant unobservable input. 2. Range (weighted average). 159 141 300. Broker quote Other. n.a. n.a.. n.a. n.a.. 3,548 214 369 4,131. Broker quote Discounted cash flow Other. n.a. Credit spread n.a.. n.a. 1.65% - 3.46% (2.69%) n.a.. 777 112 47 936. Discounted cash flow Net asset value Other. Discount rate n.a. n.a.. 8 8. Other. n.a.. n.a.. 1,192 7 1,198. Net asset value Other. n.a. n.a.. n.a. n.a.. Discounted cash flow Other. Mortality n.a.. n.a. n.a.. Discounted cash flow Other. Credit spread n.a.. 0.30% - 0.35% (0.32%) n.a.. 8.44% n.a. n.a.. Longevity swap Other June 30, 2015 Financial liabilities carried at fair value Derivatives Embedded derivatives in insurance contracts Other Total financial liabilities at fair value. 104 (36) 68. 2,431 203 2,634. 1 Other in the table above (column Valuation technique) includes investments for which the fair value is uncorroborated and no broker quote is received. 2 Not applicable (n.a.) has been included when no significant unobservable assumption has been identified and used. 3 Investments for account of policyholders are excluded from the table above and from the disclosure regarding reasonably possible alternative assumptions. Policyholder assets, and their returns, belong to policyholders and do not impact Aegon's net income or equity. The effect on total assets is offset by the effect on total liabilities. Derivatives exclude derivatives for account of policyholders amounting to EUR 107 million.. The description of Aegon’s methods of determining fair value is included in the consolidated financial statements for 2014. For reference purposes, the valuation techniques included in the table above are described in more detail on the following pages. Shares When available, Aegon uses quoted market prices in active markets to determine the fair value of its investments in shares. Fair values for unquoted shares are estimated using observations of the price/earnings or price/cash flow ratios of quoted companies considered comparable to the companies being valued. Valuations are adjusted to account for company-specific issues and the lack of liquidity inherent in an unquoted investment. Adjustments for illiquidity are generally based on available market evidence. In addition, a variety of other factors are reviewed by management, including, but not limited to, current operating performance, changes in market outlook and the third-party financing environment.. 20. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Derivatives 3.

(23) Available-for-sale shares include shares in a Federal Home Loan Bank (FHLB) for an amount of EUR 117 million (December 31, 2014: EUR 107 million) that are measured at par, which are reported as part of Other in the column Valuation technique. A FHLB has implicit financial support from the United States government. The redemption value of the shares is fixed at par and they can only be redeemed by the FHLB. Debt securities Aegon’s portfolio of debt securities can be subdivided in Residential mortgage-backed securities (RMBS), Commercial mortgagebacked securities (CMBS), Asset-backed securities (ABS), Corporate bonds and Sovereign debt. Below relevant details in the valuation methodology for these specific types of debt securities are described. Valuations of RMBS, CMBS and ABS are monitored and reviewed on a monthly basis. Valuations per asset type are based on a pricing hierarchy which uses a waterfall approach that starts with market prices from indices and follows with third-party pricing services or brokers. The pricing hierarchy is dependent on the possibilities of corroboration of the market prices. If no market prices are available, Aegon uses internal models to determine fair value. Significant inputs included in the internal models are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Market standard models may be used to model the specific collateral composition and cash flow structure of each transaction. Valuations of corporate bonds are monitored and reviewed on a monthly basis. The pricing hierarchy is dependent on the possibility of corroboration of market prices when available. If no market prices are available, valuations are determined by a discounted cash flow methodology using an internally calculated yield. The yield is comprised of a credit spread over a given benchmark. In all cases, the benchmark is an observable input. The credit spread contains both observable and unobservable inputs. Aegon starts by taking an observable credit spread from a similar bond of the given issuer, and then adjusts this spread based on unobservable inputs. These unobservable inputs may include subordination, liquidity and maturity differences. The weighted average credit spread used in valuation of corporate bonds has increased to 2.69% (December 31, 2014: 2.67%). If available, Aegon uses quoted market prices in active markets to determine the fair value of its sovereign debt investments. If Aegon cannot make use of quoted market prices, market prices from indices or quotes from third-party pricing services or. Tax credit investments The fair value of tax credit investments is determined by using a discounted cash flow valuation technique. This valuation technique takes into consideration projections of future capital contributions and distributions, as well as future tax credits and the tax benefits of future operating losses. The present value of these cash flows is calculated by applying a discount rate. In general, the discount rate is determined based on the cash outflows for the investments and the cash inflows from the tax credits/tax benefits (and the timing of those cash flows). These inputs are unobservable in the market place. The discount rate used in valuation of tax credit investments has decreased to 8.4% (December 31, 2014: 8.5%). Investment funds Investment funds include real estate funds, private equity funds and hedge funds. The fair values of investments held in nonquoted investment funds are determined by management after taking into consideration information provided by the fund managers. Aegon reviews the valuations each month and performs analytical procedures and trending analyses to ensure the fair values are appropriate.. Unaudited. 21. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. brokers are used..

(24) Derivatives Where quoted market prices are not available, other valuation techniques, such as option pricing or stochastic modeling, are applied. The valuation techniques incorporate all factors that a typical market participant would consider and are based on observable market data when available. Models are validated before they are used and calibrated to ensure that outputs reflect actual experience and comparable market prices. Fair values for exchange-traded derivatives, principally futures and certain options, are based on quoted market prices in active markets. Fair values for over-the-counter (OTC) derivatives represent amounts estimated to be received from or paid to a third party in settlement of these instruments. These derivatives are valued using pricing models based on the net present value of estimated future cash flows, directly observed prices from exchange-traded derivatives, other OTC trades, or external pricing services. Most valuations are derived from swap and volatility matrices, which are constructed for applicable indices and currencies using current market data from many industry standard sources. Option pricing is based on industry standard valuation models and current market levels, where applicable. The pricing of complex or illiquid instruments is based on internal models or an independent third party. For long-dated illiquid contracts, extrapolation methods are applied to observed market data in order to estimate inputs and assumptions that are not directly observable. To value OTC derivatives, management uses observed market information, other trades in the market and dealer prices. Some OTC derivatives are so-called longevity derivatives. The payout of longevity derivatives is linked to publicly available mortality tables. The derivatives are measured using the present value of the best estimate of expected payouts of the derivative plus a risk margin. The best estimate of expected payouts is determined using best estimate of mortality developments. Aegon determined the risk margin by stressing the best estimate mortality developments to quantify the risk and applying a cost-ofcapital methodology. The most significant unobservable input for these derivatives is the (projected) mortality development. Aegon normally mitigates counterparty credit risk in derivative contracts by entering into collateral agreements where practical and in ISDA master netting agreements for each of the Group’s legal entities to facilitate Aegon’s right to offset credit risk exposure. Changes in the fair value of derivatives attributable to changes in counterparty credit risk were not significant. Embedded derivatives in insurance contracts including guarantees include guaranteed minimum withdrawal benefits (GMWB) in the United States, United Kingdom and Japan which are offered on some variable annuity products and are also assumed from a ceding company; minimum investment return guarantees on insurance products offered in the Netherlands, including group pension and traditional products; variable annuities sold in Europe and Japan. Since the price of these guarantees is not quoted in any market, the fair values of these guarantees are based on discounted cash flows calculated as the present value of future expected payments to policyholders less the present value of assessed rider fees attributable to the guarantees. Given the complexity and long-term nature of these guarantees which are unlike instruments available in financial markets, their fair values are determined by using stochastic models under a variety of market return scenarios. A variety of factors are considered including credit spread, expected market rates of return, equity and interest rate volatility, correlations of market returns, discount rates and actuarial assumptions. The most significant unobservable factor is credit spread. The credit spread used in the valuations of embedded derivatives in insurance contracts increased to 0.32% (December 31, 2014: 0.30%).. 22. Unaudited. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. All bifurcated guarantees for minimum benefits in insurance and investment contracts are carried at fair value. These guarantees.

(25) The expected returns are based on risk-free rates. Aegon added a premium to reflect the credit spread as required. The credit spread is set by using the credit default swap (CDS) spreads of a reference portfolio of life insurance companies (including Aegon), adjusted to reflect the subordination of senior debt holders at the holding company level to the position of policyholders at the operating company level (who have priority in payments to other creditors). Aegon’s assumptions are set by region to reflect differences in the valuation of the guarantee embedded in the insurance contracts. Since many of the assumptions are unobservable and are considered to be significant inputs to the liability valuation, the liability included in future policy benefits has been reflected within Level III of the fair value hierarchy. Effect of reasonably possible alternative assumptions The effect of changes in unobservable inputs on fair value measurement as reported in the 2014 consolidated financial statements of Aegon has not changed significantly as per June 30, 2015.. Fair value information about financial instruments not measured at fair value The following table presents the carrying values and estimated fair values of financial assets and liabilities, excluding financial instruments which are carried at fair value on a recurring basis. Fair value information about financial instruments not measured at fair value. EUR millions Assets Mortgage loans - held at amortized cost Private loans - held at amortized cost Other loans - held at amortized cost Liabilities Intangible assets Trust pass-through securities - held at amortized cost Subordinated borrowings - held at amortized cost Borrowings – held at amortized cost Investment contracts - held at amortized cost. Carrying amount June 30, 2015. Total estimated fair value Carrying amount December June 30, 2015 31, 2014. Total estimated fair value December 31, 2014. 32,839 2,626 2,477. 36,646 2,914 2,477. 32,164 2,058 2,516. 36,692 2,454 2,516. 152 755 13,734 16,720. 138 829 14,107 17,234. 143 747 13,588 14,985. 139 828 14,056 15,492. EUR millions. Financial instruments for which carrying value approximates fair value Goodwill. Jun. 30, 2015. Dec. 31, 2014. 228. 216 1,546 instruments include cash and cash267 equivalents, short-term 255 58 50 and accrued liabilities. These instruments are not included 5 10 2,216 2,073. Future servicing rights their short-term nature and generally negligible credit risk. These Software. receivables and accrued interest receivable, short-term liabilities, Other Total intangible assets. in the table above.. Deferred expenses 14. Deferred expenses. EUR millions DPAC for insurance contracts and investment contracts with discretionary participation features Deferred cost of reinsurance Deferred transaction costs for investment management services Total deferred expenses. Jun. 30, 2015. 11,030 445 455 11,930. Dec. 31, 2014. 9,523 441 409 10,373. Share capital. EUR millions Share capital - par value Share premium Total share capital. Unaudited Share capital - par value Balance at January 1 Share dividend. Jun. 30, 2015 328 8,162 8,490. Dec. 31, 2014 327 8,270 8,597. 23 327 -. 325 2. WorldReginfo - 8aff4a1e-1435-465b-a64d-2b32ec8d8c67. Certain VOBA financial instruments that are not carried at fair value are carried at amounts that approximate 1,653fair value, due to.