Q3 2009 RESULTS RELEASE

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(1)Q3 2009 RESULTS RELEASE. NOVEMBER 12, 2009. AEGON returns to profit in Q3 2009 o Net income improved to EUR 145 million −. Underlying earnings before tax of EUR 351 million, impacted by lower equity markets, de-risking measures and EUR 66 million of exceptional charges. −. Improved fair value items as result of rising financial markets, offset by equity hedging. −. Lower impairments of EUR 285 million: substantially lower impairments on US housing market related assets. −. Cost savings measures target for 2009 of EUR 150 million achieved. o Continued profitable sales, evidence of a strong franchise −. New life sales of EUR 484 million, supported by a 11% increase in US retail sales. −. Net deposits, excluding institutional guaranteed products, of EUR 2 billion due to strong sales of pensions, increased savings deposits and improved persistency. −. VNB of EUR 169 million. o Further strengthened capital position −. EUR 0.9 billion in capital freed up in Q3, including recent capital management transaction of USD 650 million. −. Excess capital of EUR 4.8 billion by end September, including the equity offering of EUR 1 billion. −. Repayment of EUR 1 billion on November 30 by repurchase of 250 million convertible core capital securities. −. Revaluation reserves improved by EUR 3.3 billion, mainly a result of narrowing credit spreads. −. IGDa) solvency ratio increased further to 211%. Statement Alex Wynaendts, CEO AEGON's improved capital position, the strength of our franchise and return to profit in the third quarter are evidence that the actions we initiated a year ago were the right ones at the right time. On November 30 we will repay EUR 1 billion to the Dutch government, an important first step toward full repayment of the capital support AEGON received last year. We are pleased that our strong capital position has enabled us to take this step while continuing to maintain a larger capital buffer, a necessary precaution in the current environment. We are also encouraged by the improved sales and net deposits for the quarter and the continued confidence of our customers. Moreover, we have achieved. today is in a strong position and we remain committed to further executing our strategy to position our businesses for long-term growth and profitability.. KEY PERFORMANCE INDICATORS amounts in EUR millions b). No tes. Q3 2009. Q2 2009. %. Q3 2008. Underlying earnings before tax. 1. 351. 404. Net income. 2. 145. (161). New life sales. 3. 484. 469. 3. 618. Gross deposits excluding Institutional Guaranteed Products. 4. 6,795. 5,647. 20. 5,364. 169. 181. (7). 206. 8.4%. 10.3%. (18). 8.7%. Value of new business (VNB) Return on equity. 5. (13). N.M .. 500 (329). %. (30). N.M .. Ytd 2009. 733 (189). Ytd 2008. 1,754 100. %. (58). N.M .. 1,496. 2,033. 18,835. 16,401. (18). 551. 604. (9). (3). 5.0%. 10.9%. (54). (22). 27. (26). 15. For footnotes see page 27.. Supplements: AEGON’s Q3 2009 Financial Supplement and Condensed Consolidated Interim Financial Statements are available on www.aegon.com. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. our full-year cost savings target of EUR 150 million and further reduced AEGON's risk to financial markets. AEGON.

(2) STRATEGIC HIGHLIGHTS AND SHORT-TERM PRIORITIES AEGON has set out three long-term strategic. Capital & risk management. priorities:. Excess capital. 1. To reallocate capital toward businesses with. o Excess capital above AA capital adequacy. higher growth and return prospects; 2. To improve growth and returns from existing businesses; 3. To manage AEGON as an international company.. requirements amounted to EUR 4.8 billion, up from EUR 3.5 billion at the end of Q2 2009. In normal circumstances AEGON aims to maintain an excess capital of EUR 1.5 to 2 billion. However, in the current environment AEGON aims to. AEGON further aims to reduce its earnings sensitivity to financial markets to generate more stable earnings going forward.. maintain a substantially larger capital buffer.. o De-risking and capital efficiency measures totaling EUR 0.9 billion and statutory earnings of EUR 0.4 billion further added to AEGON’s excess capital. Portfolio review. position, partly offset by rating migration in the. AEGON continues to assess its businesses to ensure. United States of EUR 0.2 billion, impairment. they meet requirements in terms of earnings growth,. charges of EUR 0.2 billion and other items.. cash flow and return on capital potential. As a result. AEGON has included in its Q3 2009 results the. of this portfolio review AEGON is running off its. recently announced capital management. institutional spread-based and auto credit businesses. transaction that releases approximately USD 650. in the US, its group risk business in the UK, and has. million of additional regulatory capital to its US. sold its Taiwanese life insurance operations.. operations.. equity issue on August 13, 2009. The proceeds of. AEGON made further progress in implementing cost. which will be used to repay one-third of the EUR 3. saving measures and has achieved its 2009 target of. billion of core capital the company secured last. EUR 150 million. Operating expenses for the first nine. year through its largest shareholder, Vereniging. months of 2009 declined by 5%, excluding the impact. AEGON and funded by the Dutch State. As. of restructuring charges, increased employee benefit. announced, AEGON will repay this EUR 1 billion. plan expenses and currency effects.. on November 30.. Recently, AEGON announced that it will reorganize its. IFRS core capital. Dutch sales organization, which will result in an. o At the end of September 2009, core capital,. annual cost savings of EUR 15 million. This. excluding the revaluation reserves, totaled. reorganization involves compulsory redundancies and. EUR 16.4 billion or 80% of the total capital base,. will result in a charge of EUR 20 million.. well above AEGON’s self-imposed minimum 7,8 target of 70% .. Capital preservation During Q3 2009, a further EUR 0.9 billion of capital was released from AEGON’s businesses, bringing the total for the first nine months of 2009 to EUR 2.5. o Core capital, including the revaluation reserve, amounted to EUR 14.6 billion, consisting of EUR 11.6 billion in shareholders’ equity and EUR 3 billion in convertible core capital securities.. billion and EUR 4.2 billion since the initiation of the capital preservation program in June 2008.. Page 2 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. o AEGON successfully completed a EUR 1 billion Cost measures.

(3) o AEGON’s revaluation reserves improved by a. In order to fund these outflows, assets from the. significant amount of EUR 3.3 billion, during Q3. institutional spread-based business have been. 2009 to a negative EUR 1.8 billion at September. transferred internally to other businesses in the United. 30, 2009. Approximately 85% of the improvement. States in exchange for cash. As a result, the. of the revaluation reserves is related to the. institutional spread-based business realizes a. narrowing of credit spreads and approximately. negative spread on these assets which negatively. 15% is the result of lower risk-free interest rates.. impacts underlying earnings. In the first nine months of 2009, AEGON has reduced its institutional spread-. AEGON recently submitted a plan, through the Dutch. based balances by USD 9 billion.. Ministry of Finance, to the European Commission to demonstrate that its businesses are fundamentally. Following the compression of credit spreads, AEGON. sound and viable. This plan is a requirement for all. has decided to reduce its exposure to credit. financial institutions that received state support during. derivatives, further reducing AEGON’s earnings and. the financial crisis. The timing and outcome of this. capital volatility to financial markets.. process have not been specified. Manage AEGON as an international company Improved risk profile. o AEGON’s new global asset management business. To reduce AEGON’s sensitivity to financial markets,. formally started on October 1, combining its. AEGON has substantially reduced its equity and. international asset management operations in one. credit market risk. In addition, AEGON lowered its. international organization.. long-term interest rate risk by selling the Taiwanese life insurance business.. o A European data center was opened in the United Kingdom, bringing together the data centers from the United Kingdom and the Netherlands, saving. During Q3 2009, AEGON further reduced exposure to. costs and significantly improving efficiency.. o To further improve marketing effectiveness,. equity markets by hedging 50% of the indirect equity. AEGON Scottish Equitable will be rebranded. exposure embedded in guarantees within its Dutch. solely as AEGON. Brand awareness in the United. business, using futures and limiting future earnings. Kindom has increased strongly since AEGON. volatility.. became the lead partner of British tennis.. o Leveraging on expertise in the United States and Credit market sensitivity. the United Kingdom, further progress has been. As a result of the decision to reduce sensitivity to. made in developing variable annuity products.. financial markets, AEGON is running off its. Product launches are planned in Q4 both in the. institutional spread-based business, reducing its. Netherlands and Japan.. exposure to credit risk. By the end of 2010, these balances will have decreased by approximately USD 20 billion, freeing up approximately USD 0.8 billion of capital.. Page 3 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Equity market sensitivity.

(4) FINANCIAL HIGHLIGHTS FINANCIAL OVERVIEW Q3 2009. Q2 2009. Underlying earnings before tax by line of business Life and protection Individual savings and retirement products Pensions and asset management Institutional products Life reinsurance Distribution General insurance Interest charges and other Share in net results of associates Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax. 280 79 29 5 15 (1) 7 (69) 6 351 (58) 293. 266 62 83 29 13 1 12 (72) 10 404 (31) 373. Operating earnings before tax by line of business Life and protection Individual savings and retirement products Pensions and asset management Institutional products Life reinsurance Distribution General insurance Interest charges and other Share in net results of associates Operating earnings before tax. 289 (61) 69 37 43 (1) 7 (96) 6 293. 270 88 35 131 61 1 12 (235) 10 373. (100) (285) 48 (44) 189 145. 35 (393) (353) (338) 177 (161). 309 272. 357 331. 289 102 (13) 42 (69) 351. 280 129 20 47 (72) 404. 213 141 (6) 41 (96) 293. 461 76 22 49 (235) 373. Gains/(losses) on investments Impairment charges Other income/(charges) Income before tax Income tax Net income Net underlying earnings Net operating earnings Underlying earnings geographically Americas The Netherlands United Kingdom Other countries Holding and other Underlying earnings before tax Operating earnings geographically Americas The Netherlands United Kingdom Other countries Holding and other Operating earnings before tax Commissions and expenses of which operating expenses. No tes. 1,473 776. 1,504 814. %. Q3 2008. %. Ytd 2009. Ytd 2008. 5. 286 56 79 98 8 3 11 (40) (1) 500 (456) 44. (2). 785 (172) 154 123 5 6 18 (204) 18 733 (286) 447. 790 287 329 305 51 20 48 (95) 19 1,754 (849) 905. 738 (279) (31) 181 163 6 18 (367) 18 447. 691 (20) 27 62 (42) 20 48 100 19 905. 108 (1,064) (328) (837) 648 (189). (101) (537) (50) 217 (117) 100. 27 (65) (83) 15 N.M . (42) 4 (40) ( 13 ) (87) ( 2 1). 7 N.M . 97 (72) (30) N.M . (42) 59 (40) ( 2 1) N.M . 27 N.M . 87 7 N .M . ( 13 ) ( 18 ). 3 (21) N.M . (11) 4 ( 13 ). (54) 86 N.M . (16) 59 ( 2 1) (2) (5). 214 (101) (51) (38) (76) 3 11 83 (1) 44. 41 (63) (95) 88 N.M . (36) (73) N.M . (30) 87 N .M .. 35 40 N.M . N.M . N.M . N.M . (36) N.M . N.M . N .M .. 25 (407) (5) (343) 14 (329). N .M .. 363 38. N .M .. 388 74 35 42 (39) 500 (65) (52) 35 42 84 44 1,315 789. N.M . 30 N.M . 87 N.M .. ( 15 ). (26) 38 N.M . (77) (30). N.M . N.M . N.M . (2) N.M . N .M . 12 (2). %. (1) N.M . (53) (60) (90) (70) (63) (115) (5) (58) 66 ( 5 1). 7 N.M . N.M . 192 N.M . (70) (63) N.M . (5) ( 5 1) N.M . (98) N.M . N .M . N.M . N .M .. 652 440. 1,303 692. (50). 501 303 14 119 (204) 733. 1,307 303 128 110 (94) 1,754. (62). 574 99 20 121 (367) 447. 580 (14) 128 110 101 905. 4,595 2,432. 4,246 2,344. (36). (89) 8 (117) (58). (1) N.M . (84) 10 N.M . ( 5 1) 8 4. Page 4 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions.

(5) OPERATIONAL HIGHLIGHTS. Underlying earnings before tax In Q3 2009, underlying earnings before tax amounted to EUR 351 million. Underlying earnings were impacted by de-risking measures implemented to counter the effects of the financial crisis. These. In the United Kingdom, underlying earnings decreased compared to Q3 2008 to a loss of GBP 11 million. This was mainly the result of an exceptional charge of GBP 38 million related to a program to improve the consistency of customer records.. measures impacted Q3 earnings by approximately EUR 40 million. Underlying earnings were also impacted by lower equity markets and by several exceptional items (EUR 66 million). Excluding exceptional items, underlying earnings would have been EUR 417 million for the third quarter.. Underlying earnings from Other countries totalled EUR 42 million. Excluding the results of AEGON’s Taiwanese Life business, which was sold in Q2 2009, underlying earnings before tax were up 60%. This increase was mainly driven by improved results for CAM Vida, one of AEGON’s Spanish bank partners,. The exceptional items were:. o Provisions related to a program to improve the. and the Life business in Central & Eastern Europe (CEE).. consistency of customer records in the United Kingdom of EUR 43 million;. o Accelerated amortization of deferred policy acquisition cost (DPAC) of EUR 23 million in the fixed annuity business, as a result of the internal asset transfers related to the run-off of the. Interest charges and other, included in underlying earnings before tax, represent holding expenses and amounted to a charge of EUR 69 million. The increase compared with Q3 2008 is mainly attributable to higher interest expenses.. institutional spread-based business in the United States.. Fair value items In the Americas, fair value items showed an. to USD 403 million compared with Q3 2008, as a result of lower product spreads, reduced fees from lower asset balances, increased employee benefit plan expenses and accelerated DPAC in the fixed annuity business. Product spreads in the Institutional spread-based business have been significantly reduced due to asset transfers to other US businesses in exchange for cash. In Q3 2008, the Americas results included DPAC charges related to variable annuities and unfavorable mortality experience for Life Reinsurance.. underperformance of USD 97 million (EUR 76 million). The overperformance of fair value assets, total return annuities, credit derivatives and GMWB guarantees, were more than offset by the result of AEGON’s equity hedge program related to its retail variable annuity portfolio in the United States which amounted to a loss of USD 252 million (EUR 184 million). In the Netherlands, fair value items overperformed by EUR 39 million due to the positive impact of movements in the fair value of guarantees and related hedges. Fair value items for the holding consist of three bonds issued by AEGON, which, together with related hedges, are held at fair value. In the Netherlands, underlying earnings increased to EUR 102 million, or 38%, compared with Q3 2008, primarily the result of higher investment income in the. through profit or loss. Further narrowing of AEGON’s own credit spread during Q3 2009 resulted in a loss of EUR 27 million.. life and pensions businesses.. Page 5 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Underlying earnings in the Americas decreased 30%.

(6) Results on investments. employee benefit plan expenses and currency effects.. During Q3 2009, AEGON recorded losses on. Total commissions and expenses in the first nine. investments totaling EUR 100 million. Trading gains. months increased primarily as a result of higher. on the bond portfolios in the Netherlands and the. DPAC amortization in the Americas related to lower. United Kingdom were more than offset by trading. equity markets in Q1 2009. Consistent with lower. losses in the Americas and depreciation of direct. sales levels, fewer expenses were deferred and. residential real estate investments in the Netherlands.. commissions decreased compared to the first three quarters of 2008.. Impairment charges Net impairment charges decreased significantly. New life sales. compared with Q3 2008 to EUR 285 million. However,. Total new life sales were up 3% compared with Q2. net impairments remained higher than AEGON’s. 2009 to EUR 484 million as a result of higher single. average long-term impairment expectations.. premium sales. In the Americas, retail life sales. Impairments on US housing market related assets of. increased by 11% as a result of strong term life sales. EUR 74 million were considerably lower compared. and higher universal life sales, while in the. with previous quarters. In the United Kingdom. Netherlands the increase in sales was driven by. impairments increased to EUR 80 million, related to. group pension contracts. In the United Kingdom,. corporate credit investments.. sales declined, mainly as a result of the closure of the group risk business. In Central & Eastern Europe. Income tax. (CEE), new life sales increased 21% compared to Q2. The third quarter of 2009 included a tax gain of. 2009, while in Spain sales declined during the. EUR 154 million related to cross border intercompany. quarter. In Asia sales were level with Q2 2009.. United States. These reinsurance transactions are. Deposits. accounted for at fair value in both tax jurisdictions.. Total gross deposits, excluding institutional. While losses in the United States were taxed at 35%,. guaranteed products, increased to EUR 6.8 billion, or. gains in Ireland were taxed at 12.5%. The tax gains. 20% compared with Q2 2009. The increase was the. related to these internal transactions, totaling. result of strong pension and retail mutual fund. EUR 399 million in the first nine months of 2009, are a. deposits in the United States, higher savings deposits. partial reversal of the EUR 490 million of tax charges. in the Netherlands, new asset management contracts. for the full year 2008.. in the United Kingdom and higher mutual fund sales in China. As anticipated, gross deposits of fixed. Net income. annuities were lower as crediting rates have been. Net income increased to EUR 145 million compared. lowered, while variable annuity deposits declined in. to a loss in Q3 2008, primarily the result of improved. both the Americas and the United Kingdom. Net. results of fair value items, lower impairment charges. deposits, excluding institutional guaranteed products,. and the reversal of prior year tax charges.. increased to EUR 2 billion, mainly due to the large increase in deposits and improved persistency in. Commissions and expenses. pensions and asset management.. Operating expenses declined 2% in Q3 2009 compared with Q3 2008. Operating expenses for the first nine months of 2009 declined by 5%, excluding the impact of restructuring charges, increased. Page 6 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. reinsurance transactions between Ireland and the.

(7) Value of new business. Revenue-generating investments. Value of new business amounted to EUR 169 million. Revenue-generating investments increased to. in Q3 2009, a decline of 7% compared with Q2 2009.. EUR 354 billion during Q3 2009, an increase of 4%. VNB in the Netherlands increased as a result of. compared with Q2 2009. This is the result of a further. higher sales volumes and improved margins, and in. rise in equity markets combined with narrowing credit. the Americas, VNB increased slightly in local. spreads and slightly lower interest rate levels in. currency. However, these increases were more than. addition to net inflows.. offset by declines in the United Kingdom and Other countries, as well as currency effects.. SALES No tes. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single New premium production accident and health insurance New premium production general insurance Gross deposits (on and off balance) by line of business Fixed annuities Variable annuities Saving deposits Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total gross deposits Total gross deposits excl. institutional guaranteed products Net deposits (on and off balance) by line of business Fixed annuities Variable annuities Saving deposits Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total net deposits Total net deposits excl. institutional guaranteed products. Q3 2009. Q2 2009. %. 1,732 311 484. 1,504 318 469. 125 12. 146 11. (14). 434 693 1,795 949 2,924 764 7,559 6,795. 928 949 779 671 2,319 1,115 1 6,762 5,647. (53). (225) 149 440 255 1,373 (3,473) (12) (1,493) 1,980. 145 412 43 23 246 (1,432) (12) (575) 857. Sept. 30, 2009 354,033 132,617 119,647 101,769. June 30, 2009 341,815 131,533 112,107 98,175. 15 (2) 3. 9. (27) 130 41 26 (31) N.M . 12 20. N.M . (64) N.M . N.M . N.M . (143) ( 16 0 ) 131. Q3 2008. %. 2,568 361 618. (22). 146 19. (37). 1,200 644 547 725 2,248 5,687 11,051 5,364 297 (73) (206) 185 162 1,300 (13) 1,652 352. (33) (14). (14). (64) 8 N.M . 31 30 (87) N.M . (32) 27. N.M . N.M . N.M . 38 N.M . N.M . 8 N .M . N.M .. Ytd 2009. Ytd 2008. %. 5,261 970 1,496. 8,205 1,212 2,033. (26). 435 35. 453 51. (31). 2,990 2,356 3,154 2,262 8,072 3,727 1 22,562 18,835. 2,381 2,046 1,883 2,197 7,892 12,417 2 28,818 16,401. 608 639 416 180 2,125 (7,259) (40) (3,331) 3,928. (522) (327) (164) 772 1,512 506 (42) 1,735 1,229. (36) (20). (4). 26 15 67 3 2 (70) (50) (22) 15. N.M . N.M . N.M . (77) 41 N.M . 5 N .M . N.M .. REVENUE GENERATING INVESTMENTS. Revenue generating investments (total) Investments general account Investments for account of policyholders Off balance sheet investments third parties. % 4 1 7 4. Page 7 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions.

(8) APPENDIX I – Americas – The Netherlands – United Kingdom – Other countries FINANCIAL OVERVIEW, Q3 2009 GEOGRAPHICALLY. Americas USD. United Kingdom GBP. 260 104 10 10 20 (1) 403 (97) 306. 10 (18) (3) (11) 6 (5). Underlying earnings before tax by line of business Life and protection Individual savings and retirement products Pensions and asset management Institutional products Life reinsurance Distribution General insurance Interest charges and other Share in net results of associates Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax. 181 83 6 5 15 (1) 289 (76) 213. 70 (8) 38 3 (2) 1 102 39 141. 10 (19) (4) (13) 7 (6). 19 4 4 9 6 42 (1) 41. (69) (69) (27) (96). 280 79 29 5 15 (1) 7 (69) 6 351 (58) 293. 263 (85) 10 56 63 (1) 306. 10 (12) (3) (5). Operating earnings before tax by line of business Life and protection Individual savings and retirement products Pensions and asset management Institutional products Life reinsurance Distribution General insurance Interest charges and other Share in net results of associates Operating earnings before tax. 184 (56) 6 37 43 (1) 213. 76 (8) 71 3 (2) 1 141. 10 (12) (4) (6). 19 3 4 9 6 41. (96) (96). 289 (61) 69 37 43 (1) 7 (96) 6 293. (98) (287) (5) (84) 316 232. 26 (70) 43 (6) (27) (33). Gains/(losses) on investments Impairment charges Other income/(charges) Income before tax Income tax Net income. (73) (192) (3) (55) 221 166. (34) (12) 95 (21) 74. 30 (80) 49 (7) (30) (37). 2 (1) 2 44 (13) 31. (25) (121) 32 (89). (100) (285) 48 (44) 189 145. 359 295. (5) (1). Net underlying earnings Net operating earnings. 255 207. 78 106. (6) (1). 32 31. (50) (71). 309 272. The Americas Netherlands. Page 8 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. amounts in million EUR (unless otherw ise stated) Holding, other United Other activities & Total Kingdom countries eliminations EUR.

(9) AMERICAS. o Underlying earnings of USD 403 million, a further improvement over recent quarters o Retail new life sales increased 11% sequentially o Net deposits* of USD 933 million, evidence of strong franchise Underlying earnings before tax. o Institutional products spreads have declined. Underlying earnings before tax decreased to. significantly due to the build up of cash required to. USD 403 million compared to Q3 2008 and include. run-off the business as well as the amortization of. lower institutional products spreads, increased. unrealized losses on assets transferred to other. employee benefit plan expenses of USD 63 million. portfolios in exchange for cash. The amortization. and lower fee based revenues.. consolidates to zero in aggregate, however, it was. o Earnings from Life & Protection declined to. established to mirror a non-distressed market. USD 260 million. The positive mortality experience was more than offset by lower persistency and. value transfer of the assets between portfolios.. o Earnings from Life Reinsurance increased to. increased employee benefit plan expenses. USD 20 million primarily due to favorable mortality. (USD 33 million);. relative to Q3 2008.. o Individual Savings & Retirement earnings increased to USD 104 million, primarily due to. Net income. extraordinary 2008 reserve strengthening and. Net income improved to USD 232 million for Q3 2009. accelerated DPAC amortization in the variable. compared to a loss of USD 578 million for the. annuity business. The increased equity markets in. comparable period last year.. variable annuity book, but resulted in lowering. The underperformance of fair value items of USD 97. AEGON’s medium-term equity market return. million is primarily the result of the negative impact of. assumptions to 8%, below the long-term. USD 252 million related to a macro hedge. This. assumption of 9%. Fixed annuity earnings were. hedge was implemented during Q2 2009 to reduce. impacted by lower yields from higher than average. the sensitivity of AEGON’s capital position to equity. cash balances and an exceptional DPAC charge. market movements within AEGON’s retail variable. of USD 31 million, related to the internal transfer. annuity portfolio. These hedge instruments are carried. of assets. Earnings in Q3 2009 were also. at fair value through profit or loss. Most other fair. impacted by USD 11 million from increased. value items overperformed their expected returns.. employee benefit plan expenses;. o Pensions & Asset Management earnings. Realized losses on investments amounted to USD 98. decreased to USD 10 million, due mainly to. million, resulting primarily from trading in the bond. reduced fees as a result of lower equity markets. portfolio.. and higher cash balances. Earnings also included USD 11 million from increased employee benefit plan expenses;. Page 9 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Q3 2009 did not lead to a reserve release on the.

(10) Although net impairments were at their lowest level in. In line with management expectations, fixed annuity. five quarters, they continue to be above AEGON’s. deposits declined to USD 691 million as a result of. average long-term impairment expectations and. lower crediting rates offered to customers. Variable. totaled USD 287 million, of which USD 117 million. annuity deposits declined to USD 912 million, a strong. was related to structured assets.. result considering recent product repricing. Mutual fund sales increased substantially, mainly as a result. Net income also included a tax gain of USD 211. of improved equity markets.. million related to cross border intercompany reinsurance treaties. This gain is a partial reversal of. Pension deposits of USD 2.7 billion continue to be. previous tax charges of USD 718 million on these. strong taking into account lower takeover balances. internal transactions in 2008.. due to lower equity markets compared to last year. As a result of the decision to run-off the institutional. Commissions and expenses. spread-based balances, no new spread-based. Total commissions and expenses increased by 28%. business is being sold.. compared with Q3 2008 as a result of higher DAC amortization charges. Operating expenses were level. Value of new business. with the third quarter last year. However, operating. Value of new business increased 2% over Q2 2009 to. expenses for the first nine months of 2009, excluding. USD 92 million as higher VNB from life, pensions and. employee benefit plan costs and restructuring. variable annuities more than offset the decline in VNB. charges, decreased by 9%.. from lower fixed annuity production. The internal rate of return improved over Q2 2009 to 12.1%.. Sales and deposits Total new life sales increased 10% to USD 202 million compared with Q2 2009. Retail new life sales increased 11%, primarily as a result of strong term life sales. This is the second quarter of growth after five consecutive quarters of declining retail life sales. Life reinsurance sales increased 4%, while activity in the. Revenue-generating investments Revenue-generating investments for the Americas increased 5% during Q3 2009 to USD 310 billion, as a decline in spread-based institutional balances was more than compensated by improvements of financial markets and continued net inflows.. economic environment.. Sales of accident and health products declined by 8% compared with Q2 2009, due to the run-off of the auto credit business.. Page 10 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. BOLI/COLI market remained limited in the current.

(11) AMERICAS - EARNINGS Q3 2009. Q2 2009. Underlying earnings before tax by line of business Life Accident and health Life and protection Fixed annuities Variab le annuities Retail mutual funds Individual savings and retirement products Pensions and asset management Institutional guaranteed products BOLI/COLI Institutional products Life reinsurance Share in net results of associates Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax. 193 67 260 62 50 (8) 104 10 1 9 10 20 (1) 403 (97) 306. 118 99 217 60 29 (10) 79 17 30 11 41 17 371 240 611. Operating earnings before tax by line of business Life Accident and health Life and protection Fixed annuities Variab le annuities Retail mutual funds Individual savings and retirement products Pensions and asset management Institutional guaranteed products BOLI/COLI Institutional products Life reinsurance Share in net results of associates Operating earnings before tax. 197 66 263 87 (164) (8) (85) 10 47 9 56 63 (1) 306. 132 96 228 81 39 (10) 110 15 166 8 174 84 611. Gains/(losses) on investments Impairment charges Other income/(charges) Income before tax Income tax Net income. (98) (287) (5) (84) 316 232. (4) (449) 158 214 372. 359 295. 343 505. 1,295 539. 1,262 577. No tes. Net underlying earnings Net operating earnings Commissions and expenses of which operating expenses. %. Q3 2008. 64. 237 86 323 82 (16) 1 67 32 135 11 146 11 (1) 578 (685) (107). (32) 20 3 72 20 32 (41) (97) (18) (76) 18 N.M . 9 N.M . (50). 49 (31) 15 7 N.M . 20 N.M . (33) (72) 13 (68) (25) N.M . (50) N.M . 36 N.M . N .M . 48 (38) 5 (42) 3 (7). 156 71 227 (99) (70) 1 (168) 10 (58) (58) (117) (1) (107). %. Ytd 2009. Ytd 2008. %. (19). 464 234 698 208 (401) (27) (220) 37 136 32 168 7 (4) 686 101 787. 610 295 905 282 122 8 412 127 417 46 463 77 1 1,985 (1,104) 881. (24). 449 218 667 209 (551) (27) (369) 22 221 27 248 223 (4) 787. 523 278 801 42 (104) 8 (54) 102 61 34 95 (64) 1 881. (66) (1,106) (4) (389) 820 431. (93) (639) 7 156 (319) (163). (22) (20) (24) N.M . N.M . 55 (69) (99) (18) (93) 82 (30) 86 N .M .. 26 (7) 16 N.M . (134) N.M . 49 N.M . N.M . N.M . N.M . N .M .. 51 (492) 7 (541) (37) (578). N .M .. 398 (82). N .M .. 1,013 538. N.M . 42 N.M . 84 N.M .. ( 10 ). 28 -. (21) (23) (26) N.M . N.M . N.M . (71) (67) (30) (64) (91) N.M . (65) N.M . ( 11). (14) (22) (17) N.M . N.M . N.M . N.M . (78) N.M . (21) 161 N.M . N.M . ( 11) 29 (73) N.M . N .M . N.M . N .M .. 645 710. 1,422 645. (55). 3,868 1,678. 3,510 1,640. 10. 10. 2. For the amounts in euro see the Financial Supplement.. Page 11 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. USD millions.

(12) AMERICAS - SALES USD millions. No tes. Q3 2009. Q2 2009. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single. 193 183 202. 138 170 184. Life BOLI/COLI Life reinsurance Total recurring plus 1/10 single. 152 1 49 202. 137 47 184. New premium production accident and health insurance. 178. 193. 691 912 732 2,841 1,158 1 6,335 5,177. 1,292 1,071 513 2,623 1,548 1 7,048 5,500. (278) 153 236 839 (4,906) (17) (3,973) 933. 216 353 104 331 (1,989) (18) (1,003) 986. Sept. 30, 2009 310,483 125,712 68,927 115,844. June 30, 2009 295,325 123,131 62,000 110,194. Gross deposits (on and off balance) by line of business Fixed annuities Variable annuities Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total gross deposits Total gross deposits excl. institutional guaranteed products Net deposits (on and off balance) by line of business Fixed annuities Variable annuities Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total net deposits Total net deposits excl. institutional guaranteed products. %. 40 8 10. Q3 2008. 210 195 216. %. (8) (6) (6). Ytd 2009. Ytd 2008. 422 526 568. 669 673 740 531 21 188 740. (23). (14). 160 1 55 216. (6). 417 3 148 568. (8). 213. (16). 574. 665. (47). 1,811 912 758 2,834 8,567 14,882 6,315. (62). 4,103 2,763 1,552 8,633 5,113 2 22,166 17,053. 3,619 2,933 2,417 10,216 18,870 3 38,058 19,188. 11 N.M . 4 10. (15) 43 8 (25) ( 10 ) (6). N.M . (57) 127 153 (147) 6 N .M . (5). 461 (154) 276 503 1,986 (20) 3,052 1,066. (5) (11). (3) (86) N.M . (57) (18). N.M . N.M . (14) 67 N.M . 15 N .M . (12). %. 834 466 84 2,223 (9,960) (55) (6,408) 3,552. (793) (661) 997 2,636 770 (64) 2,885 2,115. (37) (22) (23). (21) (86) (21). 13 (6) (36) (15) (73) (33) (42) (11). N.M . N.M . (92) (16) N.M . 14 N .M . 68. REVENUE GENERATING INVESTMENTS. Revenue generating investments (total) Investments general account Investments for account of policyholders Off balance sheet investments third parties. % 5 2 11 5. Page 12 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. For the amounts in euro see the Financial Supplement..

(13) THE NETHERLANDS o Underlying earnings increased to EUR 102 million due to higher life and pensions profits o Net income improved to EUR 74 million as fair value items turn positive o New life sales increased 63% sequentially, driven by higher group pensions sales o Value of new business increased to EUR 51 million, the result of higher margins and volumes. Underlying earnings before tax. Commissions and expenses. Underlying earnings before tax increased 38% to. Commissions and expenses decreased slightly. EUR 102 million compared with Q3 2008.. compared with Q3 2008. Cost savings measures are. o Earnings from Life & Protection increased to. being implemented and are on track to reach the. EUR 70 million as higher investment income in the. 2009 target. Operating expenses for the first nine. Life business more than compensated for lower. months of 2009 decreased by 3% compared with last. underwriting results in Accident & Health. Q3 2008. year.. included costs for modifying unit-linked insurance products of EUR 28 million;. o Continued fierce competition in the savings market. Sales and deposits Pension sales totaling EUR 33 million were strong,. and low short-term interest rates led the Savings. mainly as a result of several new contracts. The group. business to report a loss of EUR 8 million;. pension market in the Netherlands, however, proves. o Pensions & Asset Management earnings. to be volatile. Life sales were EUR 19 million, level. increased to EUR 38 million. Higher investment. with Q2 2009. Of the new mortgage production, 70%. income was partly offset by lower technical. was sold with a national mortgage guarantee (NHG).. results;. Gross deposits were up strongly compared with Q2. o Earnings from Distribution decreased to EUR 3 million due to a slowdown in the real estate and. 2009. Net deposits turned positive as a result of the increased savings deposits.. mortgage market;. o Adverse claims experience in Fire and pressure on premiums in Motor resulted in a loss of EUR 2 million for General Insurance.. Value of new business Higher sales volumes and margins in life, mortgages and pensions led to an increased value of new. Net income Net income improved to EUR 74 million. Fair value. internal rate of return was mainly driven by a shift in business mix.. items in Q3 2009 included a net benefit of EUR 41 million, due to the positive impact of movements in the fair value of guarantees and related hedges. Losses on investments amounted to EUR 34 million as depreciation of AEGON’s direct real estate portfolio was only partly offset by gains on bonds.. Revenue-generating investments Compared to the end of Q2 2009, revenue-generating investments increased 6% to EUR 69.7 billion as a result of lower interest rates, improved credit spreads and net inflows.. Impairment charges have improved considerably over recent quarters. Impairments during the quarter were mainly related to private equity investments.. Page 13 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. business of EUR 51 million. The improvement of the.

(14) THE NETHERLANDS - EARNINGS Q3 2009. Q2 2009. %. Q3 2008. Underlying earnings before tax by line of business Life Accident and health Life and protection Saving products Individual savings and retirement products Pensions and asset management Distribution General insurance Share in net results of associates Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax. 61 9 70 (8) (8) 38 3 (2) 1 102 39 141. 68 7 75 (10) (10) 57 3 4 129 (53) 76. (10). 16 14 30 5 5 28 6 4 1 74 (126) (52). Operating earnings before tax by line of business Life Accident and health Life and protection Saving products Individual savings and retirement products Pensions and asset management Distribution General insurance Share in net results of associates Operating earnings before tax. 67 9 76 (8) (8) 71 3 (2) 1 141. 64 7 71 (10) (10) 8 3 4 76. Gains/(losses) on investments Impairment charges Income before tax Income tax Net income. (34) (12) 95 (21) 74. (42) (28) 6 (2) 4. Net underlying earnings Net operating earnings. 78 106. 93 54. ( 16 ). Commissions and expenses of which operating expenses. 279 206. 274 192. 2. No tes. 29 (7) 20 20 (33) N.M . N.M . ( 2 1) N.M . 86. 5 29 7 20 20 N.M . N.M . N.M . 86 19 57 N .M . N.M . N .M .. 96. 7. 6 14 20 5 5 (88) 6 4 1 (52) (25) (49) (126) 72 (54) 62 (32) 284 211. %. N.M . (36) 133 N.M . N.M . 36 (50) N.M . 38 N.M . N .M .. N.M . (36) N.M . N.M . N.M . N.M . (50) N.M . N .M . (36) 76 N .M . N.M . N .M . 26 N .M . (2) (2). Ytd 2009. Ytd 2008. %. 173 27 200 (27) (27) 121 15 (7) 1 303 (204) 99. 77 26 103 6 6 139 25 23 7 303 (317) (14). 125. 149 27 176 (27) (27) (59) 15 (7) 1 99. 46 26 72 6 6 (147) 25 23 7 (14). 34 (118) 15 22 37. (64) (70) (148) 118 (30). 226 73. 246 10. 860 615. 893 637. 4 94 N.M . N.M . (13) (40) N.M . (86) 36 N .M .. N.M . 4 144 N.M . N.M . 60 (40) N.M . (86) N .M . N.M . (69) N .M . (81) N .M . (8) N .M . (4) (3). Page 14 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions.

(15) THE NETHERLANDS - SALES EUR millions. No tes. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single. Q3 2009. Q2 2009. %. 329 20 52. 145 17 32. 19 33 52. 19 13 32. New premium production accident and health insurance New premium production general insurance. 3 6. 3 6. -. Gross deposits (on and off balance) by line of business Saving deposits Pensions and asset management Total gross deposits. 1,795 173 1,968. 779 62 841. 130. Life Pensions Total recurring plus 1/10 single. Net deposits (on and off balance) by line of business Saving deposits Pensions and asset management Total net deposits. 440 210 650. 43 (73) (30). 127 18 63. 154 63. -. 179 13 4. N.M . N.M . N .M .. Q3 2008. 211 18 39 23 16 39 2 6. 547 18 565 (206) (156) (362). %. 56 11 33. (17) 106 33. 50 -. N.M . N.M . N .M .. N.M . N.M . N .M .. Ytd 2009. Ytd 2008. %. 865 60 146. 1,099 68 178. 61 85 146. 77 101 178. ( 18 ). 13 19. 11 21. (10). 3,154 246 3,400. 1,883 145 2,028. 416 24 440. (164) (52) (216). (21) (12) ( 18 ). (21) (16). 18. 67 70 68. N.M . N.M . N .M .. REVENUE GENERATING INVESTMENTS June 30, 2009 65,772 33,907 20,065 11,800. % 6 5 5 11. Page 15 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Revenue generating investments (total) Investments general account Investments for account of policyholders Off balance sheet investments third parties. Sept. 30, 2009 69,656 35,496 21,044 13,116.

(16) UNITED KINGDOM o o o o. Underlying loss before tax of GPB 11 million, mainly as a result of exceptional charges Net loss of GBP 33 million, mainly driven by impairment charges Net deposits substantially increased as a result of several new asset management mandates Value of new business decreased to GBP 29 million, mainly due to lower annuity margins. Underlying earnings before tax. which hedge accounting could no longer be applied.. Underlying earnings before tax decreased compared. Impairments increased to GBP 70 million, related to. with Q3 2008 to a loss of GBP 11 million, mainly as a. corporate credit investments.. result of an exceptional charge of GBP 38 million related to a program to improve consistency of. Commissions and expenses. customer records.. Total commissions and expenses increased 4%. o Earnings from Life & Protection amounted to. compared with Q3 2008, while operating expenses. GBP 10 million, in-line with the comparable period. increased 9% as a result of higher restructuring costs. last year;. and a rise in risk and regulatory costs.. o Pensions & Asset Management recorded a loss of GBP 18 million as growth of the business was. Sales and deposits. more than offset by the exceptional charge of. New life sales decreased by 2% to GBP 218 million. GBP 38 million related to a program to improve. compared to Q2 2009 as increases in annuity and. consistency of customer records;. personal pensions sales were offset by lower group. o Distribution experienced lower income due to. pensions and employee benefit production. The latter. difficult market conditions for mortgage and. is a result of the decision to close the group risk. investment products, which resulted in a loss for. business. Gross deposits substantially increased over. the quarter of GBP 3 million.. Q2 2009 to GBP 491 million as a result of several new asset management mandates.. consistency of customer records and operational. Value of new business. effectiveness, an analysis of customer records is. Value of new business in Q3 2009 declined to. being conducted. This analysis is expected to be. GBP 29 million, primarily a result of lower margins on. completed by the end of 2009. Two examples of. annuity products. The internal rate of return in the. issues identified which will be addressed during this. United Kingdom remained stable compared to Q2. program are: improving the quality of records to. 2009 at 13.4%.. enable AEGON to return money to former customers who have unclaimed assets, and rebating fund. Revenue-generating investments. charges to customers who have overpaid. AEGON. Revenue-generating investments increased 15% to. is determined to resolve these issues during this. GBP 54.2 billion, primarily as a result of a strong. program.. recovery in financial markets.. Net income AEGON reported a loss of GBP 33 million in the United Kingdom in Q3 2009, primarily due to an underlying loss and higher impairments. Gains on investments totaled GBP 26 million, including a GBP 14 million gain on a derivative instrument for. Page 16 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Regarding the program to improve the quality and.

(17) UNITED KINGDOM - EARNINGS GBP millions. Q3 2009. Q2 2009. %. Q3 2008. %. Ytd 2009. Ytd 2008. %. Underlying earnings before tax by line of business Life Life and protection Pensions and asset management Distribution Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax. 10 10 (18) (3) (11) 6 (5). 11 11 8 (2) 17 2 19. (9). 9 9 21 (2) 28 28. 11. 28 28 (7) (8) 13 5 18. 28 28 76 (4) 100 100. -. Operating earnings before tax by line of business Life Life and protection Pensions and asset management Distribution Operating earnings before tax. 10 10 (12) (3) (5). 11 11 10 (2) 19. 28 28 (2) (8) 18. 28 28 76 (4) 100. Gains/(losses) on investments Impairment charges Other income/(charges) Income before tax Income tax attributable to policyholder return Income before income tax on shareholders return Income tax on shareholders return Net income. 26 (70) 43 (6) (43) (49) 16 (33). 25 (31) 30 43 (30) 13 5 18. 60 (114) 51 15 (51) (36) 26 (10). (1) (20) (42) 37 42 79 (7) 72. (5) (1). 21 22. 26 29. 87 87. (70). 501 315. 489 300. 2. No tes. Net underlying earnings Net operating earnings Commissions and expenses of which operating expenses. 9. 167 109. 175 106. (9) N.M . (50) N .M . 200 N .M .. (9) (9) N.M . (50) N .M . 4 (126) 43 N .M . (43) N .M . N.M . N .M .. 9 9 21 (2) 28 (3) (11) (7) 7 7 14 1 15 26 26. N .M . N .M . (5) 3. 160 100. 11 N.M . (50) N .M . N.M . N .M .. 11 11 N.M . (50) N .M . N.M . N.M . N.M . N .M . N.M . N .M . N.M . N .M . N .M . N .M . 4 9. N.M . (100) (87) N.M . (82). N.M . (100) (82) N.M . N.M . N.M . (59) N.M . N .M . N.M . N .M .. (67). 5. Page 17 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. For the amounts in euro see the Financial Supplement..

(18) UNITED KINGDOM - SALES GBP millions. No tes. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single. Q3 2009. Q2 2009. %. Q3 2008. %. Ytd 2009. Ytd 2008. %. 10. 1,066 111 218. 1,017 122 223. Life Pensions Total recurring plus 1/10 single. 40 178 218. 41 182 223. Gross deposits (on and off balance) by line of business Pensions and asset management Total gross deposits. 491 491. 134 134. N .M .. Net deposits (on and off balance) by line of business Pensions and asset management Total net deposits. 402 402. 26 26. N .M .. 5 (9) (2). (2) (2) (2). N.M .. N.M .. 1,696 134 303 71 232 303. (37) (17) (28). (44) (23) (28). 86 86. N .M .. (85) (85). N .M .. N.M .. N.M .. 3,400 366 706. 4,922 441 933. 152 554 706. 185 748 933. (24). 806 806. 390 390. 10 7. 171 171. (333) (333). (31) (17) (24). (18) (26). 107. N.M . N .M .. REVENUE GENERATING INVESTMENTS. Revenue generating investments (total) Investments general account Investments for account of policyholders Off balance sheet investments third parties. Sept. 30, 2009 54,224 6,779 44,795 2,650. June 30, 2009 47,136 5,858 39,313 1,965. % 15 16 14 35. Page 18 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. For the amounts in euro see the Financial Supplement..

(19) OTHER COUNTRIES o Net income increased to EUR 31 million o Increase of net deposits to EUR 251 million, driven mainly by retail mutual fund sales o Value of new business decreased to EUR 21 million, mainly due to lower sales in Spain. Underlying earnings before tax. Commissions and expenses. Underlying earnings before tax from Other countries. Commissions and expenses, excluding Taiwan,. remained level compared with the third quarter of last. decreased 5%, as higher commissions and operating. year and totaled EUR 42 million. However, excluding. expenses were more than offset by an increase in. the results of Taiwan, underlying earnings were up. deferred expenses. Operating expenses increased. 60% mainly driven by improved results in Spain and. due to continued growth of the business, while. the CEE.. commissions also increased as a result of a shift in. o Earnings from Life & Protection, excluding Taiwan,. business mix towards recurring premium business.. increased mainly as a result of growth in the Hungarian mortgage business, higher surrender. Sales and deposits. charges and improved results from AEGON’s joint. Total new life sales of EUR 41 million were lower. ventures in Spain and China;. compared with Q2 2009 as the lower production in. level at EUR 4 million compared with Q3 2008;. o Earnings from Pensions & Asset Management were level at EUR 4 million compared with Q3 2008. The sizeable increase in the number of. Spain and China more than offset growth in the CEE.. o New life sales in the CEE increased to EUR 21 million as a result of higher recurring premium production compared with Q2 2009.. o In Asia, new life sales were level with Q2 2009. pension fund participants to 2.1 million, however,. and totaled EUR 6 million. Commissions on a. was offset by lower assets under management. certain product were lowered in China, impacting. due to lower market levels;. sales in the agency channel.. o General Insurance results increased to EUR 9. o New life sales in Spain declined substantially from. million on the back of better claims experience,. Q2 2009 levels to EUR 14 million. New life sales. while the comparable period last year included. resulting from AEGON’s bank partnership with. reserve strengthening;. CAM, which is not consolidated in AEGON’s. o The share in net results of associates improved considerably given that last years’ results were impacted by impairment charges at CAM.. accounts, amounted to EUR 9 million.. o Sales of general insurance products in Hungary increased to EUR 6 million in what continues to be a competitive market.. Net income Other countries’ net income increased to EUR 31. Total gross deposits from Other countries increased. million mainly as a result of higher underlying. 13% compared with Q2 2009 to EUR 736 million.. earnings, higher gains on investments and lower. o European variable annuity deposits declined to. impairments.. EUR 65 million as a result of the introduction of a new, re-priced product in the United Kingdom;. Page 19 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. o Individual Savings & Retirement earnings were.

(20) o Retail mutual fund deposits increased to EUR 433. The higher contribution from Variable Annuities. million, mainly as a result of the introduction of. Europe was more than offset by lower VNB from. new funds and higher equity market levels in. Spain. The contributions of CEE and Asia were level. China;. compared to Q2 2009 and in-line with sales. The. o Pensions & Asset Management deposits increased to EUR 238 million, primarily as a result. internal rate of return for Other countries remained at a high level.. of new asset management contracts in China.. Value of new business. During Q3 2009, revenue-generating investments. Value of new business from Other countries in Q3. increased 8% to EUR 11.7 billion compared with. 2009 totaled EUR 21 million, a 38% decrease. Q2 2009 as a result of market appreciation and. compared with Q2 2009.. net inflows.. Page 20 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Revenue-generating investments.

(21) OTHER COUNTRIES - EARNINGS No tes. Q3 2009. Q2 2009. 19 19 (1) 5 4 4 9 6 42 (1) 41. 17 1 18 2 4 6 5 8 10 47 2 49. Operating earnings before tax by line of business Life Accident and health Life and protection Variab le annuities Saving products Retail mutual funds Individual savings and retirement products Pensions and asset management General insurance Share in net results of associates Operating earnings before tax. 19 19 (2) 5 3 4 9 6 41. 17 1 18 4 4 8 5 8 10 49. 2 (1) 2 44 (13) 31. 2 (385) (334) (9) (343). Net underlying earnings Net operating earnings. 32 31. 38 40. Commissions and expenses of which operating expenses. 81 47. 73 42. Gains/(losses) on investments Impairment charges Other income/(charges) Income before tax Income tax Net income. %. Q3 2008. 12. 29 1 30 (1) 5 4 4 7 (3) 42 42. N.M . 6 N.M . N.M . 25 (33) (20) 13 (40) ( 11) N.M . ( 16 ). 12 N.M . 6 N.M . N.M . 25 (63) (20) 13 (40) ( 16 ) N.M . N.M . N .M . (44) N .M . ( 16 ) (23) 11 12. 29 1 30 (1) 5 4 4 7 (3) 42 (5) (18) 19 (10) 9 30 30 112 53. %. (34) N.M . (37) N.M . N.M . 29 N.M . N.M . (2). (34) N.M . (37) N.M . N.M . (25) 29 N.M . (2) N.M . 94 N.M . 13 2 (30) N .M . 7 3 (28) (11). Ytd 2009. Ytd 2008. 43 2 45 1 1 13 15 14 25 20 119 2 121. 52 4 56 (1) 10 9 10 25 10 110 110. 43 2 45 3 1 13 17 14 25 20 121. 52 4 56 (1) 10 9 10 25 10 110. 8 (6) (383) (260) (43) (303). (19) 91 (34) 57. 79 81. 74 74. 252 141. 319 145. %. (17) (50) (20) N.M . N.M . 30 67 40 100 8 N.M . 10. (17) (50) (20) N.M . N.M . 30 89 40 100 10 N.M . 68 N.M . N .M . (26) N .M . 7 9 (21) (3). Page 21 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions Underlying earnings before tax by line of business Life Accident and health Life and protection Variab le annuities Saving products Retail mutual funds Individual savings and retirement products Pensions and asset management General insurance Share in net results of associates Underlying earnings before tax Over/(under) performance of fair value items Operating earnings before tax.

(22) OTHER COUNTRIES - SALES EUR millions. No tes. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single. Q3 2009. Q2 2009. 44 37 41. 94 37 47. 41 41. 47 47. 1 6. 1 5. Gross deposits (on and off balance) Variable annuities Retail mutual funds Pensions and asset management Total gross deposits. 65 433 238 736. 162 292 199 653. Net deposits (on and off balance) Variable annuities Retail mutual funds Pensions and asset management Total net deposits. 44 80 127 251. 147 (59) 67 155. Life Saving products Total recurring plus 1/10 single New premium production accident and health insurance New premium production general insurance. %. Q3 2008. %. Ytd 2009. Ytd 2008. %. 10 (53) ( 13 ). (13) N.M . ( 13 ). 20. (60) 48 20 13. (70) N.M . 90 62. 83 43 52 52 52 1 13. 34 218 222 474 31 (1) 83 113. (47) (14) ( 2 1). (21) N.M . ( 2 1). (54). 91 99 7 55. 42 N.M . 53 12 2. 250 113 138. 376 137 175. 138 138. 174 1 175. 4 16. 4 30. 342 1,131 622 2,095. 116 606 526 1,248. 195. 300 119 287 706. 108 115 256 479. 178. (34) (18) ( 2 1). (21) N.M . ( 2 1). (47). 87 18 68. 3 12 47. REVENUE GENERATING INVESTMENTS June 30, 2009 10,760 2,608 2,046 6,106. % 8 6 11 9. Page 22 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Revenue generating investments (total) Investments general account Investments for account of policyholders Off balance sheet investments third parties. Sept. 30, 2009 11,667 2,765 2,275 6,627.

(23) APPENDIX II NET UNDERLYING EARNINGS GEOGRAPHICALLY EUR millions. No tes. Q3 2009. Q2 2009. 255 78 (6) 32 (50) 309. 259 93 24 38 (57) 357. %. Q3 2008. (2). 266 62 33 30 (28) 363. %. Ytd 2009. Ytd 2008. %. (4). 470 226 29 79 (152) 652. 935 246 112 74 (64) 1,303. (50). (30). 447 (73) 204 (6) (2) 163 733. 905 727 317 (195) 1,754. ( 15 ). 652. 1,303. (50). (31) (149) (15) 80 216 101. (104) (466) (25) (368) (141) (1,104). 70. N .M .. 73. (727). N .M .. (24) (180) (204). (31) (286) (317). 1. Americas The Netherlands United Kingdom Other countries Holding and other Net underlying earnings. 6. (16) N.M . (16) 12 ( 13 ). 26 N.M . 7 (79) ( 15 ). (8) (74) 7 (138) (50). OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS EUR millions Operating earnings before tax (Over)/under performance of fair value items (Over)/under performance of fair value items (Over)/under performance of fair value items (Over)/under performance of fair value items (Over)/under performance of fair value items Underlying earnings before tax. - Americas - The Netherlan 6 - United Kingdom - Other countries - Holding and other. Net underlying earnings. 293 76 (39) (7) 1 27 351. 373 (181) 53 (2) (2) 163 404. 309. 357. ( 13 ). 44 453 126 (123) 500. ( 13 ). 363. (21) N.M . N.M . N.M . N.M . (83). N.M . (83) N.M . N.M . N.M . N.M .. (51) N.M . (36) N.M . N.M . N.M . (58). AMERICAS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS USD millions Over/(under) performance of fair value items by line of business Life and protection Individual savings and retirement products Pensions and asset management Institutional products Life reinsurance Total over/(under) performance of fair value items Total over/(under) performance of fair value items in EUR. 3 (189) 46 43 (97). 11 31 (2) 133 67 240. (76). 181. N.M .. N .M .. (96) (235) (22) (204) (128) (685). N .M .. (453). 83. (73) N.M . N.M . (65) (36). 20 N.M . N.M . N.M . 86. 68 40 N.M . N.M .. THE NETHERLANDS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS 6. Over/(under) performance of fair value items by line of business Life and protection Pensions and asset management Total over/(under) performance of fair value items. 6 33 39. (4) (49) (53). N.M . N.M . N .M .. (10) (116) (126). N.M . N.M . N .M .. 23 37 36. UNITED KINGDOM - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS GBP millions Over/(under) performance of fair value items by line of business Pensions and asset management Total over/(under) performance of fair value items. 6 6. 2 2. 200 200. -. N .M .. -. N .M .. N.M .. 5 5. -. N .M .. 2 2. -. N .M .. N.M .. OTHER COUNTRIES - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS EUR millions Over/(under) performance of fair value items by line of business Variable annuities Total over/(under) performance of fair value items. (1) (1). 2 2. N.M . N .M .. N.M .. N.M .. Page 23 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions.

(24) SALES Q3 2009. Q2 2009. %. Q3 2008. 3. 618 11,051. (22). 2,568 361 618. (33). New life sales Gross deposits (on and off balance). 484 7,559. 469 6,762. New life sales Life single premiums Life recurring premiums annualized Total recurring plus 1/10 single. 1,732 311 484. 1,504 318 469. Life Saving products Pensions BOLI/COLI Life reinsurance Total recurring plus 1/10 single. 212 238 34 484. 213 221 1 34 469. New premium production accident and health insurance New premium production general insurance. 125 12. 146 11. ( 14 ). Gross deposits (on and off balance) Fixed annuities Variable annuities Saving products Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total gross deposits Total gross deposits excl. institutional guaranteed products. 434 693 1,795 949 2,924 764 7,559 6,795. 928 949 779 671 2,319 1,115 1 6,762 5,647. (53). (225) 149 440 255 1,373 (3,473) (12) (1,493) 1,980. 145 412 43 23 246 (1,432) (12) (575) 857. At Sept. 30, 2009. At Dec. 31, 2008. 29,032. 31,425. Net deposits (on and off balance) by line of business Fixed annuities Variable annuities Saving deposits Retail mutual funds Pensions and asset management Institutional guaranteed products Life reinsurance Total net deposits Total net deposits excl. institutional guaranteed products. EMPLOYEE NUMBERS. Number of employees. 12. 15 (2) 3. N.M . 8 N.M . 3. 9. (27) 130 41 26 (31) N.M . 12 20. N.M . (64) N.M . N.M . N.M . (143) ( 16 0 ) 131. 272 308 1 37 618 146 19. 1,200 644 547 725 2,248 5,687 11,051 5,364. 297 (73) (206) 185 162 1,300 (13) 1,652 352. %. (32). (14) (22). (22) N.M . (23) N.M . (8) (22). ( 14 ) (37). (64) 8 N.M . 31 30 (87) N.M . (32) 27. N.M . N.M . N.M . 38 N.M . N.M . 8 N .M . N.M .. Ytd 2009. Ytd 2008. 1,496 22,562. 2,033 28,818. (26). 5,261 970 1,496. 8,205 1,212 2,033. (36). 674 712 2 108 1,496. 836 1 1,058 14 124 2,033. 435 35. 453 51. 2,990 2,356 3,154 2,262 8,072 3,727 1 22,562 18,835. 2,381 2,046 1,883 2,197 7,892 12,417 2 28,818 16,401. 608 639 416 180 2,125 (7,259) (40) (3,331) 3,928. (522) (327) (164) 772 1,512 506 (42) 1,735 1,229. %. (22). (20) (26). (19) N.M . (33) (86) (13) (26). (4) ( 3 1). 26 15 67 3 2 (70) (50) (22) 15. N.M . N.M . N.M . (77) 41 N.M . 5 N .M . N.M .. Page 24 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. EUR millions.

(25) VALUE OF NEW BUSINESS AND IRR EUR millions, after tax. No tes. Americas The Netherlands United Kingdom Other Countries. VNB. VNB. VNB. EUR. EUR. EUR. EUR. EUR. Q3 2009. Q2 2009. Ytd 2009. Ytd 2008. 63 51 34 21 169. Total. EUR millions, after tax. VNB. IRR % Q3 2009. No tes. Americas The Netherlands United Kingdom Other Countries. 66 36 45 34 181. (5) 42 (24) (38) (7). IRR% Q2 2009. 12.1 21.8 13.4 37.6 18.5. Total. %. Q3 2008 109 8 57 32 206. % (42) N.M . (40) (34) ( 18 ). 207 118 136 90 551. VNB. 288 31 174 112 604. % (28) N.M . (22) (20) (9). IRR% Q3 2008. 11.1 29.5 13.8 39.5 21.9. 12.3 11.5 13.6 45.5 17.7. MODELED NEW BUSINESS, APE AND DEPOSITS EUR millions. Premium business APE Q3 2009 Q2 2009. No tes. %. Q3 2008. %. Premium business APE Ytd 2009 Ytd 2008. %. 11. Americas The Netherlands United Kingdom Other Countries Total. EUR millions. 245 44 261 104 654. 251 87 247 60 645. 2 98 (5) (42) ( 1). Deposit business Deposits Q3 2009 Q2 2009. No tes. Americas Other Countries Total. 4,367 95 4,462. %. 5,112 186 5,298. (15) (49) ( 16 ). 255 55 371 89 769. Q3 2008 8,808 24 8,832. (2) 58 (33) (33) ( 16 ). % (50) N.M . (49). 762 209 820 278 2,068. 817 225 1,173 296 2,511. Deposit business Deposits Ytd 2009 Ytd 2008 14,731 417 15,148. 21,432 75 21,507. (7) (7) (30) (6) ( 18 ). % (31) N.M . (30). VNB/PVNBP SUMMARY. EUR millions. No tes. %. Q3 2009. VNB/ APE %. Premium business PVNBP VNB/ PVNBP % Ytd 2009. VNB. VNB/ APE %. 12. Americas The Netherlands United Kingdom Other Countries Total. 33 51 34 19 137. No tes. 2.9 9.2 2.1 4.9 3.7. Deposit business PVNBP VNB/ PVNBP. VNB EUR millions. 1,158 553 1,645 382 3,737. %. Q3 2009. 13.2 58.7 13.6 31.3 21.2. VNB/ Deposits %. 98 118 136 90 441. 3,495 1,552 5,288 2,134 12,469. 2.8 7.6 2.6 4.2 3.5. Deposit business PVNBP VNB/ PVNBP % Ytd 2009. VNB. 12.8 56.6 16.6 32.2 21.3. VNB/ Deposits %. 12. Americas Other Countries Total. 30 3 32. 6,965 257 7,221. 0.4 1.0 0.4. 0.7 2.8 0.7. 110 110. 19,852 924 20,776. 0.6 0.5. 0.7 0.7. Page 25 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Premium business PVNBP VNB/ PVNBP. VNB.

(26) Notes: 1). 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 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 these assets. Based on current holdings and asset class returns, the long-term expected return on an annual basis is 8-10%, depending on the 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. 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 change in AEGON's credit spread resulted in a loss of EUR 27 mln in Q3 2009 on the fair value movement on these bonds.. 2). Net income refers to net income attributable to equity holders of AEGON N.V.. 3). New life sales is defined as new recurring premiums + 1/10 of single premiums. Deposits on and off balance sheet. Return on equity is calculated by dividing the net underlying earnings after cost of leverage by the average shareholders' equity excluding the preferred shares and the revaluation reserve. In order to maintain consistency in definitions, starting in the fourth quarter 2008, the net impact of the fair value movements of guarantees and the related hedges in the Netherlands has been excluded from underlying earnings. Previously, differences in fair value between guarantees and related hedges, referenced as hedge ineffectiveness, were reported in gain/losses on investments. Results from previous years have been adjusted. Capital securities that are denominated in foreign currencies are, for purposes of calculating the capital base ratio, revalued to the period-end exchange rate.. 4) 5). 6). 7). 8) 9). All ratios exclude AEGON's revaluation reserve. Included in other non-operating income/(charges) are charges made to policyholders with respect to income tax. There is an equal and opposite tax charge which is reported in the line Income tax attributable to policyholder return.. 10). 11) 12). Includes production on investment contracts without a discretionary participation feature of which the proceeds are not recognized as revenues but are directly added to our investment contract liabilities. APE = recurring premium + 1/10 single premium. PVNBP: Present Value New Business Premium.. a) The calculation of the IGD (Insurance Group Directive) capital surplus and ratio are based on Solvency I capital requirements on IFRS for entities within the EU (Pillar I for AEGON UK), and local regulatory solvency measurements for non-EU entities.. Action Level range (200%) as applied by the National Association of Insurance Commissioners in the US. The methodology to calculate the ratio for the Netherlands has been adjusted to include the excess value above the technical provisions, calculated according to the local regulatory liability adequacy test, as of Q2 2009. This method has been refined in the third quarter - the comparable IGD ratio as per end of Q2 2009 would have been 194% (reported Q2 2009: 202%). b) The results in this release are unaudited.. Currencies Income statement items: average rate 1 EUR = USD 1.3720 (2008: USD 1.5197). Income statement items: average rate 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). Balance sheet items: closing rate 1 EUR = GBP 0.9093 (2008: GBP 0.7903; year-end 2008: GBP 0.9525).. Page 26 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. Specifically, required capital for the life insurance companies in the US is calculated as two times the upper end of the Company.

(27) The Hague, November 12, 2009. Media conference call 8:00 am CET Audio webcast on www.aegon.com Analyst & investor call 15:00 am CET Audio webcast on www.aegon.com Call-in numbers (listen only): USA: +1 480 629 9822 UK: + 44 208 515 2302 NL: +31 20 796 5332. Supplements AEGON’s Q3 2009 Financial Supplement and Condensed Consolidated Interim Financial Statements are available on. About AEGON As an international life insurance, pension and investment company based in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 29,000 people and have over 40 million customers across the globe. Key figures - EUR. Q3 2009. Full year 2008. Underlying earnings before tax. 351 million. 1.6 billion. New life sales. 484 million. 2.6 billion. Gross deposits. 6.8 billion. 40.8 billion. Revenue generating investments (end of period). 354 billion. 332 billion. Contact information Media relations: Greg Tucker +31(0)70 344 8956 gcc-ir@aegon.com Investor relations: Gerbrand Nijman +31 (0)70 344 8305 877 548 9668 – toll free USA only ir@aegon.com. www.aegon.com. Page 27 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. www.aegon.com..

(28) DISCLAIMERS Cautionary note regarding non-GAAP measures This press release includes certain non-GAAP financial measures: net operating earnings, operating earnings before tax, underlying earnings before tax, net underlying earnings and value of new business. The reconciliation of underlying earnings before tax and operating earnings before tax to the most comparable IFRS measures is provided on page 8. A reconciliation of (net) underlying earnings to operating earnings before tax is provided on page 23. Value of new business is not based on IFRS, which are used to report AEGON’s quarterly statements and should not be viewed as a substitute for IFRS financial measures. 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 This press release contains certain information about our results and financial condition in USD for the Americas and GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about us presented in EUR, which is the currency of our primary financial statements. Forward-looking statements The statements contained in this press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:. ° ° ° ° ° ° ° ° ° ° ° ° ° ° °. Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom; Changes in the performance of financial markets, including emerging markets, such as with regard to: − The frequency and severity of defaults by issuers in our fixed income investment portfolios; and − The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities we hold; The frequency and severity of insured loss events; Changes affecting mortality, morbidity and other factors that may impact the profitability of our insurance products; Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels; Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates; Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets; Changes in laws and regulations, particularly those affecting our operations, the products we sell, and the attractiveness of certain products to our consumers; Regulatory changes relating to the insurance industry in the jurisdictions in which we operate; Acts of God, acts of terrorism, acts of war and pandemics; 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 us to pay significant damages or change the way we do business; Customer responsiveness to both new products and distribution channels; Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products; Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives; and The impact our adoption of the International Financial Reporting Standards may have on our 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. Page 28 of 28. WorldReginfo - 40372ac5-d951-4429-8f64-4e32c2edbb86. ° °.

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