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AEGON Significantly Improves Earnings in First Quarter of 2009

- Underlying Loss Before Tax of EUR 22 Million Due Primarily to Lower Equity Markets

THE HAGUE, The Netherlands, May 14 /PRNewswire/ -- Statement Alex Wynaendts, CEO

"Despite the persistent challenges of the financial crisis, AEGON significantly improved earnings compared to the second half of 2008. Although we posted a net loss in the first quarter, we are encouraged by the improvement in earnings and the indications that the fundamentals of our business remain sound.

"We continue to focus on freeing up capital from our businesses, reducing costs, and taking measures to counter the effects of the current environment. Consequently, we released an additional EUR 900 million of capital during the first quarter, and made solid progress toward our target of reducing costs by EUR 150 million this year. The sale of our life insurance business in Taiwan and the decision to downsize our institutional markets division in the United States are but two examples of our determination to execute on our strategy.

"The relatively stable new life sales and deposits quarter-over-quarter reflect the strength of AEGON's franchise and the continued confidence of our customers."

    
    KEY PERFORMANCE INDICATORS
 
    amounts in EUR millions         Notes Q1 2009 Q4 2008 Q1 2008
 
    Underlying earnings before tax      1    (22)   (181)     658
    Net income                          2   (173) (1,182)     153
    New life sales                      3    543     598      686
    Total deposits                      4  8,241  11,933    8,636
    Value of new business (VNB)              201     233      186
    Return on equity                    5   (3.3%)  (8.7%)   13.2%

a) The calculation of the IGD (Insurance Group Directive) capital surplus and ratio is 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. Specifically, required capital for the life insurance companies in the US is calculated as two times the upper end of the Company Action Level range (200%) as applied by the National Association of Insurance Commissioners in the US.

b) Core capital is the sum of shareholders' equity and the EUR 3 billion in convertible core capital securities from Vereniging AEGON, funded by the Dutch State

    
    Last year, AEGON set out three long-term strategic priorities:

    1. To reallocate capital toward businesses with higher growth and return
       prospects;
    2. To improve growth and returns from existing businesses;
    3. To manage AEGON as an international company.

Subsequently AEGON identified and announced three priorities to counter the challenges of the current global financial crisis and position the company for growth:

    
    - Focus on capital preservation and accelerate the capital release
      program;
    - EUR 150 million cost savings measures for 2009;
    - Develop contingency plans for deterioration in financial markets.

As announced last June, AEGON is conducting an ongoing review of its portfolio of businesses to ensure that they meet the criteria outlined in the strategy. On February 17, 2009, AEGON announced it will downsize its institutional spread based business in the Americas, which will result in lower credit risk in the long run and a release of capital in the near term. On April 22, 2009, AEGON announced the sale of its life insurance activities in Taiwan.

Capital preservation

In the current economic environment, acceleration of capital preservation actions has been a priority. The actions taken and plans to be executed are evidence of the financial flexibility within AEGON to manage through these extraordinary times. They include:

    
    - Releasing EUR 1.7 billion of capital in the second half of 2008;
    - Commitment to release an additional EUR 1.5 billion of capital in 2009,
      including EUR 0.3 billion from AEGON's institutional business. EUR 0.9
      billion has been realized in Q1 2009.

As a result of actions taken, the capital position of the company remains strong with excess capital of

EUR 2.7 billion over AA capital adequacy requirements at March 31, 2009.

Cost measures

AEGON announced cost savings measures totaling EUR 150 million in 2009. Actions to achieve this include:

    
    - Americas: no wage increases in 2009, staff reductions, deferred hiring,
      reorganization of agency distribution;
    - The Netherlands: reduction of contract services, process
      re-engineering, general cost savings;
    - United Kingdom: restructuring of IT, marketing and customer services,
      cost containment and savings in distribution.

AEGON's cost measures are on track with approximately one third of the total expense savings of 2009 realized across the company in the first quarter of 2009.

Capital management

Excess capital

During Q1 2009 financial markets remained challenging. Equity markets showed a negative return, the S&P 500 lost 12% in the quarter, and real estate prices also continued to decline. Except for some structured asset classes, spreads in many credit market segments, though volatile during the quarter and still at historically high and stressed levels, were tighter or stable when compared to 2008 year-end levels. Volatilities in equity and bond markets were down from the peaks recorded late 2008, while interest rates gradually increased from historic lows. The negative impact from capital markets on AEGON's excess capital in Q1 2009 was estimated at EUR 0.6 billion, primarily from lower equity markets leading to additional minimum guarantee reserve strengthening.

The world economic outlook for 2009 remains uncertain and most countries are facing a severe recession. Though policymakers continue to respond aggressively to the economic crisis, specifically in the United States where most of AEGON's credit risk is concentrated, AEGON expects an elevated level of asset impairments in its investment portfolio in 2009. Impairments negatively impacted AEGON's capital position in Q1 2009, reducing excess capital by approximately EUR 0.2 billion.

In addition, rating agencies have been responding to the economic environment, revising their credit risk assessments. In Q1 2009, for example, parts of AEGON's mortgage-related asset portfolio, in particular securities backed by near-prime mortgages referred to as Alt-A and negative amortization/Option ARM floaters, were downgraded to below investment grade ratings. The rating migration of AEGON's

US portfolio led to higher capital requirements, reducing AEGON's excess capital by an estimated EUR 0.6 billion for Q1 2009. AEGON considers the rating migration experienced in Q1 2009 as extraordinarily high and expects it not to be repeated to the same extent in coming quarters.

AEGON has preserved capital over the last few quarters and continues to focus on freeing up capital from its businesses. Part of the EUR 0.9 billion capital preservation in Q1 2009 is related to the decision to reduce investment risk and increase the asset allocation of AEGON's investment portfolio to cash, Treasury, government and agency bonds. At the end of Q1 2009, 25% of AEGON's total general account assets was invested in these asset classes, up from 23% at the end of 2008. The general account of AEGON in the Americas had an asset allocation of 20% to cash, treasuries and agencies (16% at year-end 2008).

This investment strategy, executed in the last few quarters, has been successful in a period of widening credit spreads across fixed income markets, and has helped managing the maturity mismatch as a result of institutional spread liabilities getting shorter as puts have been exercised. At the same time, some structured assets classes have experienced extension of duration. As a result of this investment strategy, AEGON has not been a forced seller of assets at depressed prices. This strategy has preserved value, even though currently the return on short-dated and government investments is lower. Going forward, AEGON will continue to manage its credit portfolio actively. However, with current market conditions and the maturity of assets and liabilities of institutional spread business closer aligned now, AEGON will start to put part of the new money inflows into highly rated credit investments.

At the end of Q1 2009, AEGON had EUR 2.7 billion excess capital over AA capital adequacy requirements, down from EUR 2.9 billion at the end of 2008. The positive impacts from capital preservation actions and statutory earnings were mitigated by rating migration, impairments and lower equity markets on required and available capital. At the end of Q1 2009, AEGON had an IGD solvency ratio of approximately 170% (Q4 2008: 183%).

IFRS core capital

At the end of March 2009, core capital excluding the revaluation account was EUR 16.4 billion, 77% of the total capital base, well above the minimum target of 70%. Core capital including revaluation reserve was EUR 7.9 billion, consisting of EUR 4.9 billion of shareholders' equity and EUR 3 billion of convertible core capital securities provided by Vereniging AEGON, funded by the Dutch State.

AEGON's revaluation account decreased during

Q1 2009 by EUR 1.4 billion to a negative EUR 8.5 billion. The lower revaluation account was the main driver of the decline in shareholders' equity. The revaluation account was down primarily due to the impact of higher risk free long-term interest rates on bond values.

    
    FINANCIAL OVERVIEW

                                                                  At constant
                                                                    currency
    EUR millions               Notes      Q1 2009    Q1 2008     %      %
    Underlying earnings before
    tax by line of business
    Life and protection                     239        252      (5)     (11)
    Individual savings and
    retirement products                    (313)       116     N.M.     N.M.
    Pensions and asset management            42        121     (65)     (64)
    Institutional products                   89        108     (18)     (28)
    Life reinsurance                        (23)        43     N.M.     N.M.
    Distribution                              6          9     (33)     (44)
    General insurance                        (1)        17     N.M.     N.M.
    Interest charges and other              (63)       (17)    N.M.     N.M.
    Share in net results of associates        2          9     (78)     (78)
    Underlying earnings before tax          (22)       658     N.M.     N.M.
    Over/(under) performance of
    fair value items                       (197)      (441)     55
    Operating earnings before tax          (219)       217     N.M.     N.M.

    Operating earnings before
    tax by line of business
    Life and protection                     179        213     (16)     (22)
    Individual savings
    and retirement products                (306)       (58)    N.M.     N.M.
    Pensions and asset management          (135)       (19)    N.M.     N.M.
    Institutional products                   13        (55)    N.M.     N.M.
    Life reinsurance                         59         31      90       65
    Distribution                              6          9     (33)     (44)
    General insurance                        (1)        17     N.M.     N.M.
    Interest charges and other              (36)        70     N.M.     N.M.
    Share in net results of associates        2          9     (78)     (78)
    Operating earnings before tax          (219)       217     N.M.     N.M.
    Gains/(losses) on investments           173         86     101      100
    Impairment charges                     (386)       (32)    N.M.     N.M.
    Other income/(charges)                  (23)       (54)     57       46
    Income before tax                      (455)       217     N.M.     N.M.
    Income tax                              282        (64)    N.M.     N.M.
    Net income                             (173)       153     N.M.     N.M.
    Net underlying earnings                 (14)       503     N.M.     N.M.
    Net operating earnings                 (163)       175     N.M.     N.M.

    Underlying earnings geographically
    Americas                                (68)       478     N.M.     N.M.
    The Netherlands                          72        113     (36)     (36)
    United Kingdom                            7         45     (84)     (88)
    Other countries                          30         39     (23)     (10)
    Holding and other                       (63)       (17)    N.M.     N.M.
    Underlying earnings before tax          (22)       658     N.M.     N.M.
    Operating earnings geographically
    Americas                               (100)       104     N.M.     N.M.
    The Netherlands                        (118)       (41)   (188)    (188)
    United Kingdom                            4         45     (91)     (88)
    Other countries                          31         39     (21)     (10)
    Holding and other                       (36)        70     N.M.     N.M.
    Operating earnings before tax          (219)       217     N.M.     N.M.

    Commissions and expenses              1,618      1,416      14        8
    of which operating expenses             842        783       8        4

Overview

AEGON reported a net loss for Q1 2009 of EUR 173 million, a reversal of the downward trend in net income in the second half of 2008. The loss in Q1 2009 was the result primarily of the impact of lower equity markets, underperformance of fair value items and impairment charges.

Underlying earnings before tax of minus EUR 22 million were down mainly due to lower financial markets compared to the same quarter last year, but improved substantially compared to Q4 2008.

Fair value items, which primarily include certain investment classes in the Netherlands and the Americas, as well as a number of products containing financial guarantees, contributed a negative EUR 197 million to earnings in Q1 2009, a strong improvement compared to recent quarters.

Net income was also negatively impacted by impairment charges (EUR 386 million).

Gains on investments totaled EUR 173 million, largely due to gains on shares and bonds in the Netherlands.

The underlying loss in Q1 2009, as well as impairments and mark-to-market losses on the fair value items, resulted in a tax benefit of EUR 282 million.

Underlying earnings before tax

In Q1 2009 the underlying loss for the company amounted to EUR 22 million. Excluding the impact from capital markets the earnings were approximately EUR 450 million.

The underlying loss in the Americas was USD 88 million. Lower equity markets led to minimum guarantee reserves strengthening and accelerated amortization of deferred policy acquisition costs (DPAC), primarily affecting earnings in the variable annuity and life reinsurance business. The total impact on earnings from lower equity markets amounted to approximately USD 600 million, which also includes lower fee income due to reduced asset balances.

Underlying earnings in the Americas in Q1 2009 were also affected by the decisions to lower the allocation to hedge funds and increase the asset allocation to cash, treasury and agency bonds, in order to preserve capital.

In the Netherlands, underlying earnings were down 36% to EUR 72 million, a result of lower technical results in the life and pension business and adverse claims experience in general insurance. Also, investment income declined across most businesses.

Underlying earnings in the United Kingdom, meanwhile, totaled GBP 7 million, lower than last year, due primarily to the impact of lower equity and corporate bond markets on fund related charges in the pension business.

Underlying earnings from Other countries amounted to EUR 30 million, lower than last year, as a result of higher losses in Taiwan and currency depreciation in Central & Eastern Europe.

Net income

Net income included a total underperformance result on fair value items of EUR 197 million. Fair value items primarily include certain (alternative) investment classes in the Netherlands and the Americas, as well as a number of products containing financial guarantees.

In Q1 2009, underperformance of alternative investment classes in the Americas, in particular real estate as well as private equity and credit derivatives amounted to EUR 163 million.

Fair value items also include the under/overperformance on assets held at fair value through profit or loss and backing liabilities of a specific portfolio of group pension contracts in the Netherlands. In Q1 2009 these assets underperformed long-term expected returns by

EUR 54 million. The assets backing this portfolio of liabilities were accounted for as fair value through profit or loss and have been replaced with assets accounted for as available for sale as per Q2 2009. As a result this item will not recur as fair value item going forward.

In order to maintain consistency in definitions, starting in Q4 2008, the net impact of the fair value movements of guarantees and the related hedges in the Netherlands has been included in fair value items.

Previously, differences in fair value between guarantees and related hedges, referred to as hedge ineffectiveness, were reported in gains/losses on investments. Results for prior years have been adjusted (see Financial Supplement).

Net fair value gains of EUR 132 million on GMWB guarantees and related hedges in the Americas were offset by the negative impact of EUR 135 million from hedge ineffectiveness in the Netherlands.

The fair valuation of certain products with guarantees includes a credit spread in the discount rates, a reflection of dislocated, volatile and illiquid markets.

Gains on investments

Gains on investments of EUR 173 million include primarily gains on sales of bonds in the Netherlands and in the United Kingdom, the sales of shares in the Netherlands and positive results from economic hedges at holding level.

Impairment charges

Impairments of EUR 386 million included EUR 133 million on subprime mortgage asset backed securities and EUR 72 million on residential mortgage backed securities, both in the Americas. The remainder of impairments in the Americas was mainly related to corporate bonds. Impairments in the Netherlands were taken on equity and bonds.

Tax

The underlying loss in Q1 2009, as well as impairments and mark-to-market losses on the fair value items, resulted in a tax benefit of EUR 282 million. The high effective tax rate is mainly a result of tax credits and other permanent differences.

Commissions and expenses

Compared to Q4 2008 commissions and expenses decreased by 13% to EUR 1.6 billion. Operating expenses were down 9% to EUR 842 million as a result of cost savings, partly offset by restructuring charges and higher employee pension costs.

Compared to Q1 2008 commissions and expenses increased by 14% (8% at constant currency), primarily due to acceleration of DPAC amortization.

Operating expenses increased by 8% (4% at constant currency) compared to Q1 2008. An increase in employee benefit pension expenses and restructuring expenses in several businesses offset expense savings from cost savings programs. Operating expenses also increased as a result of acquisitions in Central & Eastern Europe in 2008.

Sales

Total new life sales in Q1 2009 were down 9% compared to Q4 2008, and decreased by 15% (at constant currency) to EUR 543 million compared to Q1 2008. With the exception of Spain, all countries recorded lower sales compared to Q1 2008.

New life sales in the Americas were down 11% compared to Q4 2008 and 31% compared to Q1 2008 in local currency, due to lower universal life sales in the high net worth and variable life sales in the middle market as well as lower sales of bank-owned and corporate-owned life insurance (BOLI/COLI) contracts. Life reinsurance sales were down as well compared to last year, but were in line with previous quarters.

In the Netherlands new life sales were up 51% compared to Q4 2008, primarily due to a strong increase in group pension sales, which included several large contracts. Sales were down 13% compared to Q1 2008, a result primarily of lower individual life sales. Q1 2009 group pension sales were in line with last year.

New life sales in the United Kingdom in the first quarter of the year were down 9% compared to both Q1 2008 and Q4 2008. Sales were down across most lines of business offsetting growth in annuities. In Q1 2008 new life sales in the UK included European variable annuities, which are now reported in Other countries. Including the sales of variable annuities in the UK in Q1 2009, the new life sales declined with 6% compared to Q1 2008.

In Other countries new life sales in Q1 2009 were down 14% compared to Q4 2008 and down 11% compared to Q1 2008. New life sales in Spain rose to EUR 22 million, a reflection mainly of the incorporation of two new joint ventures, as well as higher sales at existing joint ventures.

    
    SALES

                                                                       At
                                                                   constant
                                                                   currency
    EUR millions               Notes     Q1 2009   Q1 2008     %        %

    New life sales
    Life single premiums                  2,025    2,757     (27)     (16)
    Life recurring premiums annualized      341      410     (17)     (13)
    Total recurring plus 1/10 single        543      686     (21)     (15)

    New premium production accident
    and health insurance                    164      166      (1)     (13)
    New premium production
    general insurance                        12       16     (25)     (19)

    Gross deposits (on and off balance)
    by line of business
    Fixed annuities                       1,628      306     N.M.     N.M.
    Variable annuities                      714      685       4       (6)
    Saving deposits                         580      648     (10)     (10)
    Retail mutual funds                     642      564      14       (4)
    Pensions and asset management         2,829    3,183     (11)     (19)
    Institutional guaranteed products     1,848    3,249     (43)     (51)
    Life reinsurance                          0        1     N.M.     N.M.
    Total gross deposits                  8,241    8,636      (5)     (15)
    Total gross deposits excl.
    institutional guaranteed products     6,393    5,387      19        7

    Net deposits (on and off
    balance) by line of business
    Fixed annuities                         688     (795)    N.M.     N.M.
    Variable annuities                       78     (152)    N.M.     N.M.
    Saving deposits                         (67)     (72)      7        7
    Retail mutual funds                     (98)     171     N.M.     N.M.
    Pensions and asset management           506    1,170     (57)     (70)
    Institutional guaranteed products    (2,354)  (1,195)    (97)     (71)
    Life reinsurance                        (16)     (15)     (7)       7
    Total net deposits                   (1,263)    (888)    (42)     (34)
    Total net deposits excl.
    institutional guaranteed products     1,091      307     N.M.     178



    REVENUE GENERATING INVESTMENTS

                                                    At Mar.  At Dec.
                                                      31       31
                                                     2009     2008     %

    Revenue generating investments (total)         334,280  331,844     1
    Investments general account                    133,130  130,481     2
    Investments for account of policyholders       103,312  105,400    (2)
    Off balance sheet investments third parties     97,838   95,963     2

Sales through Caja de Ahorros del Mediterraneo (CAM), AEGON's largest bank partner in Spain, which is an associate and therefore not consolidated, more than tripled to EUR 66 million (on a 100% basis) in Q1 2009, mainly due to higher sales of recurring premium risk products and sales of pension products following changes in pension legislation.

In Central & Eastern Europe, new life sales totaled EUR 16 million, down 24% (18% at constant currency) compared to Q1 2008. Single premium sales in Poland were lower due to a decline in equity markets.

In Asia, new life sales decreased to EUR 12 million as increased sales in China were more than offset by a decline in Taiwan.

Deposits

Total gross deposits excluding institutional guaranteed products were up 19% to EUR 6.4 billion. Total gross on and off balance deposits for the company decreased by 5% (down 15% in constant currency) to EUR 8.2 billion in Q1 2009. The main driver for the decline was the significantly lower sales of both institutional spread and institutional fee business in the Americas. AEGON recently announced its decision to downsize its institutional spread based business.

Fixed annuities sales in the Americas continued to be strong. AEGON continues to expect these sales to decrease during the remainder of the year. Variable annuity sales in the Americas were in line with sales in the last few quarters. Sales of retirement plans in the pension business were strong, particularly when taking into account the impact of lower financial markets on the balances taken over. Managed assets and retail mutual fund sales were down as a result of the turmoil in financial markets.

Gross deposits in Other countries tripled to EUR 706 million. Gross deposits in Central & Eastern Europe were up 11% in constant currency. Despite the adverse economic environment, pension deposits continue to be strong, reflecting growth of the business as well as the incorporation of acquisitions. Deposits in Asia totaled EUR 405 million, a result of the inclusion of the asset management joint venture in China. In Q1 2009 deposits in Other countries also included sales of European variable annuities for the first time which amounted to EUR 111 million. A variable annuity product was introduced in France through AEGON's partner La Mondiale.

Net deposits amounted to approximately EUR 1.1 billion, excluding institutional guaranteed products. Net deposits for the company amounted to a negative EUR 1.3 billion as a result of outflows in the institutional business in the Americas, following the decision to downsize that business. This effect offset net inflows in fixed annuities and the pension business in the Americas and CEE, as well as net inflows in AEGON's asset management joint venture in China.

Value of new business

The value of new business (VNB) for the company was up 8% compared to Q1 2008. VNB was up due to increases in Spain and the Netherlands. The internal rate of return is 17.8%, slightly lower than last year.

    
    FINANCIAL OVERVIEW, Q1 2009 GEOGRAPHICALLY
    Amounts in EUR (unless stated otherwise) 

                 United
    Americas     Kingdom                                        The
      USD          GBP                            Americas  Netherlands
                             Underlying earnings
                             before tax by line
                             of business
      221           7        Life and protection     169          55
                             Individual savings
                             and retirement
     (403)          0        products               (309)         (9)
                             Pensions and asset
       10           3        Management                8          26
      117           0        Institutional products   89           0
      (30)          0        Life reinsurance        (23)          0
        0          (3)       Distribution              0           9
        0           0        General insurance         0          (9)
                             Interest charges and
                             other
                             Share in net results of
       (3)          0        associates               (2)          0
                             Underlying earnings
      (88)          7        before tax              (68)         72
                             Over/(under) performance
      (42)         (3)       of fair value items     (32)       (190)
                             Operating earnings
     (130)          4        before tax             (100)       (118)
                             Operating earnings
                             before tax by line of
                             business
      176           7        Life and protection     135          29
                             Individual savings
                             and retirement
     (394)          0        products               (303)         (9)
                             Pensions and asset
       (3)          0        management               (2)       (138)
       18           0        Institutional products   13           0
       76           0        Life reinsurance         59           0
        0          (3)       Distribution              0           9
        0           0        General insurance         0          (9)

                             Interest charges and
                             other
                             Share in net results
       (3)          0        of associates            (2)          0
                             Operating earnings
     (130)          4        before tax             (100)       (118)
                             Gains/(losses) on
       36           9        investments              28         110
     (370)        (13)       Impairment charges     (284)        (78)
                             Other income/
        1         (22)       (charges)                 1           0
     (463)        (22)       Income before tax      (355)        (86)
      290          27        Income tax              222          45
     (173)          5        Net income             (133)        (41)
                             Net underlying
      (57)         10        earnings                (44)         55
                             Net operating
      (90)          8        earnings                (69)        (87)



    - Table Continued -



                                                   Holding,
                                                     other
                            United      Other     activities &   Total
                            Kingdom   countries   eliminations    EUR
    Underlying earnings
    before tax by line
    of business

    Life and protection       7           8             0         239
    Individual savings
    and retirement products   0           5             0        (313)
    Pensions and asset
    management                3           5             0          42
    Institutional products    0           0             0          89
    Life reinsurance          0           0             0         (23)
    Distribution             (3)          0             0           6
    General insurance         0           8             0          (1)
    Interest charges
    and other                                         (63)        (63)
    Share in net results
    of associates             0           4             0           2
    Underlying earnings
    before tax                7          30           (63)        (22)
    Over/(under) performance
    of fair value items      (3)          1            27        (197)
    Operating earnings
    before tax                4          31           (36)       (219)

    Operating earnings
    before tax by line
    of business

    Life and protection       7           8             0         179
    Individual savings
    and retirement products   0           6             0        (306)
    Pensions and asset
    management                0           5             0        (135)
    Institutional products    0           0             0          13
    Life reinsurance          0           0             0          59
    Distribution             (3)          0             0           6
    General insurance         0           8             0          (1)
    Interest charges
    and other                                         (36)        (36)
    Share in net results
    of associates             0           4             0           2
    Operating earnings
    before tax                4          31           (36)       (219)
    Gains/(losses) on
    investments              10           4            21         173
    Impairment charges      (14)         (5)           (5)       (386)
    Other income/(charges)  (24)          0             0         (23)
    Income before tax       (24)         30           (20)       (455)
    Income tax               30         (21)            6         282
    Net income                6           9           (14)       (173)
    Net underlying earnings  11           9           (45)        (14)
    Net operating earnings    9          10           (26)       (163)

    
    - Underlying loss of USD 88 million; USD 600 million impact from decline
      in equity markets
    - Negative contribution of fair value items of USD 42 million on lower
      real estate values offset by positive impact from fair value GMWB 
      guarantees and related hedges
    - Impairments of USD 370 million
    - Strong sales of fixed annuities and retirement plan sales; net deposits
      USD 1.6 billion (excl. institutional guaranteed products)

Overview

The decline in equity markets in Q1 2009 had a significant impact (approx. USD 600 million), on underlying earnings in the Americas and led to lower fee income in many of the businesses, and reserve strengthening and accelerated amortization of deferred policy acquisition costs in the variable annuities business. In addition, earnings were affected by the decision to reduce exposure to hedge fund investments while increasing the asset allocation to cash, treasury and agency bonds.

Results in the Americas also included USD 370 million of post DPAC impairments. The impairments pre DPAC were USD 427 million, of which the majority (USD 267 million) was related to structured asset impairments.

Sales of fixed annuities continued to be strong during the quarter. AEGON continues to expect these sales to decrease during the remainder of the year. Sales of variable annuities were consistent with sales in the last few quarters. New life sales were down in all lines of business. Sales of retirement plans in the pension business were strong, particularly when taking into account the impact of lower financial markets on the balances taken over.

Value of new business was down 13%, reflecting reduced institutional sales, and lower VNB of life and protection, but higher VNB from fixed annuities and pensions.

Underlying earnings before tax

AEGON reported an underlying loss before tax in the Americas for Q1 2009 of USD 88 million:

    
    - Earnings from Life & Protection declined 19% compared to Q1 2008 to USD
      221 million, and include an USD 25 million persistency related charge
      following the decline in equity markets this quarter. Earnings also 
      include USD 26 million of increased employee pension expenses. In Q1 
      2008 underlying earnings included exceptional unfavorable mortality 
      charges of USD 34 million;
    - Individual Savings & Retirement earnings came in at a loss of USD 403
      million, due to the equity market impact on fee income, minimum 
      guarantee reserve strengthening and accelerated DPAC amortization (in 
      total USD 460 million). In addition, changes in lapse assumptions 
      affected earnings by USD 75 million;
    - Pensions & Asset Management earnings decreased to USD 10 million, a
      result primarily of lower fees from reduced asset balances;
    - Earnings from the Institutional business were down 28% to USD 117
      million. A decrease in short-term rates continued to produce more 
      positive spreads on institutional guaranteed products, offset, however, 
      by spread compression from the higher asset allocation to cash and 
      restructuring costs following the decision to downsize the 
      institutional business;
    - In the Life Reinsurance business the underlying loss amounted to USD 30
      million, including a USD 40 million impact from lower equity markets 
      and unfavorable mortality (USD 26 million).

Net income

AEGON reported a net loss for Q1 of USD 173 million in the Americas.

Fair value items showed an underperformance of USD 42 million, a result primarily of underperformance of alternative assets like real estate partnerships, as well as private equity, and lower market values of credit derivatives. These were offset by the positive impact of higher interest rates on the fair value of GMWB guarantees and positive result on GMWB related hedges.

Results in the Americas also included USD 370 million of post DPAC impairments. The impairments pre DPAC were USD 427 million, of which the majority (USD 267 million) was related to structured asset impairments, including securities backed by subprime mortgages (USD 173 million).

The high effective tax rate is mainly a result of the tax benefits for permanent differences and tax credits which increase the effective tax rate in the current overall pre-tax loss situation. In addition, pre-tax earnings from Ireland being taxed at their lower rate also resulted in an increase in the effective tax rate in the current overall pre-tax loss situation.

Commissions and expenses

Total commissions and expenses increased 12% in Q1, primarily due to acceleration of DPAC amortization. Q1 operating expenses were up 3%. An increase in employee pension plan costs (USD 43 million) as well as restructuring expenses, primarily related to the downsizing of institutional business (USD 22 million), offset the positive contributions of cost initiatives.

Sales and deposits

Total new life sales in the Americas were down 31% in the quarter, driven primarily by a decline in universal life sales in the high net worth market and variable life sales in the middle market. Retail life sales were in line with Q4 2008. The BOLI/COLI market has declined significantly as a result of the financial crisis and its impact on banks. Life reinsurance sales were down as well compared to last year, but were in line with previous quarters.

Total gross deposits, excluding institutional guaranteed products, were in line with Q1 2008 and increased by 2% compared to Q4 2008. Net deposits excluding institutional guaranteed products were up significantly to USD 1.6 billion.

Fixed annuities sales came in strong again after several quarters of growth. AEGON continues to expect these sales to decrease during the remainder of the year. Variable annuity sales were in line with sales in the last few quarters, while retail mutual fund sales suffered from lower financial markets as expected.

Sales of retirement plans in the pension business were strong, particularly when taking into account the impact of lower financial markets on the balances taken over. Managed assets clearly declined also because of financial market turmoil.

Sales of institutional guaranteed products are low, after the decision to downsize the institutional spread based business.

Sales of accident and health products were in line with sales over the last few quarters.

Value of new business

The value of new business (VNB) in the Americas amounted to USD 103 million, and the internal rate of return (IRR) was 10.3%. Declines in VNB and IRR were noticeable in the retail life business due to lower production and lower investment return assumptions. VNB in the institutional business was down due to the discontinuance of new sales. The VNB and IRR in the variable annuity business were negatively affected by hedge costs. VNB was up significantly for fixed annuities on higher production while VNB for the pension and reinsurance businesses were in line with the prior year. Please refer to page 29 for more detailed information on VNB.

Revenue generating investments

AEGON's total revenue generating investments at the end of March 2009 totaled USD 279 billion, down 2% from three months earlier.

    
    AMERICAS - EARNINGS

                                                 Q1     Q1
    USD millions                       Notes   2009   2008    %

    Underlying earnings before tax
    by line of business
    Life                                        153    159  (4)
    Accident and health                          68    115 (41)
    Life and protection                         221    274 (19)
    Fixed annuities                              86     95  (9)
    Variable annuities                         (480)    70 N.M.
    Retail mutual funds                          (9)     4 N.M.
    Individual savings and retirement
    products                                   (403)   169 N.M.
    Pensions and asset management                10     45 (78)
    Institutional guaranteed products           105    141 (26)
    BOLI/COLI                                    12     21 (43)
    Institutional products                      117    162 (28)
    Life reinsurance                            (30)    65 N.M.
    Share in net results of associates           (3)     1 N.M.
    Underlying earnings before tax              (88)   716 N.M.
    Over/(under) performance of fair
    value items                                 (42)  (560) 93
    Operating earnings before tax              (130)   156 N.M.

    Operating earnings before tax
    by line of business
    Life                                        120    135 (11)
    Accident and health                          56    109 (49)
    Life and protection                         176    244 (28)
    Fixed annuities                              41      8 N.M.
    Variable annuities                         (426)  (103)N.M.
    Retail mutual funds                          (9)     4 N.M.
    Individual savings and retirement
    products                                   (394)   (91) N.M.
    Pensions and asset management                (3)    38 N.M.
    Institutional guaranteed products             8    (99)N.M.
    BOLI/COLI                                    10     17 (41)
    Institutional products                       18    (82)N.M.
    Life reinsurance                             76     46  65
    Share in net results of associates           (3)     1 N.M.
    Operating earnings before tax              (130)   156 N.M.

    Gains/(losses) on investments                36    (71)N.M.
    Impairment charges                         (370)   (21)N.M.
    Other income/(charges)                        1      0 N.M.
    Income before tax                          (463)    64 N.M.
    Income tax                                  290   (103)N.M.
    Net income                                 (173)   (39)N.M.

    Net underlying earnings                     (57)   522 N.M.
    Net operating earnings                      (90)   111 N.M.

    Commissions and expenses                  1,311  1,169  12
    of which operating expenses                 562    547   3

    For the amounts in euro see the Financial Supplement.




    AMERICAS - SALES

                                                 Q1      Q1
    USD millions                   Notes       2009    2008    %

    New life sales
    Life single premiums                         91     241 (62)
    Life recurring premiums annualized          173     238 (27)
    Total recurring plus 1/10 single            182     262 (31)

    Life                                        128     187 (32)
    BOLI/COLI                                     2      14 (86)
    Life reinsurance                             52      61 (15)
    Total recurring plus 1/10 single            182     262 (31)

    New premium production accident
    and health insurance                        203     237 (14)

    Gross deposits (on and off balance)
    by line of business
    Fixed annuities                           2,120     459 N.M.
    Variable annuities                          780     974 (20)
    Retail mutual funds                         307     773 (60)
    Pensions and asset management             3,169   4,252 (25)
    Institutional guaranteed products         2,407   4,870 (51)
    Life reinsurance                              0       2 N.M.
    Total gross deposits                      8,783  11,330 (22)
    Total gross deposits excl. institutional
    guaranteed products                       6,376   6,460  (1)
 
    Net deposits (on and off balance)
    by line of business
    Fixed annuities                            896  (1,192) N.M.
    Variable annuities                         (40)   (279)  86
    Retail mutual funds                       (256)    247  N.M.
    Pensions and asset management            1,053   1,644  (36)
    Institutional guaranteed products       (3,065) (1,792) (71)
    Life reinsurance                           (20)    (23)  13
    Total net deposits                      (1,432) (1,395)  (3)
    Total net deposits excl. institutional
    guaranteed products                      1,633     397  N.M.




    REVENUE GENERATING
    INVESTMENTS
                                            At Mar. At Mar.
                                               31      31
                                             2009    2008     %
    Revenue generating investments
    (total)                                 279,399 286,167  (2)
    Investments general account             117,934 120,790  (2)
    Investments for account of
    policyholders                            55,791  58,943  (5)
    Off balance sheet investments
    third parties                           105,674 106,434  (1)

    For the amounts in euro see the Financial Supplement.

    
    - Underlying earnings declined 36% to EUR 72 million
    - Life sales down 13%, due to decline in retail market; group pension
      sales were strong
    - Value of new business of EUR 31 million; internal rate of return of
      14.1%

Overview

The Netherlands reported a net loss in Q1 2009 of EUR 41 million. Underlying earnings were down 36%, a result of lower technical results in the life and pension business and adverse claims experience in general insurance. Also, investment income declined across most businesses.

Fair value items underperformed long-term expectations, a result mainly from differences in fair value between guarantees and related hedges, referenced as hedge ineffectiveness.

Impairments, primarily on equity investments, totaled EUR 78 million, while investment gains from the sale of bonds and shares amounted to EUR 110 million.

Underlying earnings before tax

    
    - The Life business reported earnings of EUR 44 million, up from last
      year on higher investment income offset by lower technical results.
    - In Accident and Health underlying earnings were EUR 11 million, an
      increase of EUR 3 million, mainly a result of a technical provision 
      release.
    - The Savings business reported a loss of EUR 9 million, due to pressure
      on margins and volumes from fierce competition in the savings market.
    - Earnings from Pensions & Asset Management amounted to EUR 26 million
      down from Q1 2008, primarily the result of lower investment income.
    - Earnings from Distribution amounted to EUR 9 million, below last year's
      result due to the slowdown in the real estate market.
    - General insurance earnings were down significantly to a loss of EUR 9
      million, due mainly to higher claims experience.

Net income

Fair value items include the under/overperformance on assets held at fair value through profit and loss, backing liabilities of a specific portfolio of group pension contracts held in the general account. In Q1 2009 these assets underperformed long-term expected returns by EUR 54 million. The assets backing this portfolio of liabilities were accounted for as fair value through profit or loss and have been replaced with assets accounted for as available for sale as per Q2 2009. As a result this item will not recur as fair value item going forward.

Also, in order to maintain consistency in definitions, starting in Q4 2008, the net impact of the fair value movements of guarantees and the related hedges has been included in fair value items. Previously, differences in fair value between guarantees and related hedges, referenced as hedge ineffectiveness, were reported in gains/losses on investments. Earnings in Q1 2009 include a EUR 135 million negative impact from hedge ineffectiveness.

Impairments of EUR 78 million were primarily related to equity investments and corporate credit investments. Investment gains amounted to EUR 110 million and include gains on bonds and shares sold during the quarter.

The positive contribution from tax is due to tax deductable impairments and losses on fair value items, as well as tax exempt income. The high effective tax rate is mainly a result of the tax exempt items which increase the effective tax rate in the current overall pre-tax loss situation.

Commissions and expenses

Commissions and expenses were down 1% and operating expenses decreased also by 1%. Higher expenses for employee benefits were offset by lower project related expenses.

Sales and deposits

Pension sales were in line with last year due to several large contracts sold during the quarter. Renewal rates in the pension business continued to improve. Sales of both single and regular premium individual life products were down compared to last year, following increased pricing competition in the immediate annuity market, as well as lower demand for regular premium products. Sales in accident & health were up as a result of higher sales of alternative disability products to WIA product. Sales of general insurance products were down on last year due to the competitive market.

Gross deposits were down by 15% compared with Q1 2008, due to fierce competition. Net deposits in the savings business improved significantly compared to Q4 2008.

Value of new business

The value of new business (VNB) increased to EUR 31 million and the internal rate of return improved to 14.1%, primarily as a result of a margin improvement in the mortgage business.

Please refer to page 29 for more detailed information on VNB.

Revenue generating investments

At the end of March 2009, revenue generating investments totaled EUR 63.4 billion; in line with December 2008 levels.

    
    THE NETHERLANDS - EARNINGS

                                                 Q1      Q1
    EUR millions                       Notes   2009    2008     %
 
    Underlying earnings before tax
    by line of business
    Life                                         44      32    38
    Accident and health                          11       8    38
    Life and protection                          55      40    38
    Saving products                              (9)      1  N.M.
    Individual savings and retirement
    products                                     (9)      1  N.M.
    Pensions and asset management                26      51   (49)
    Distribution                                  9      11   (18)
    General insurance                            (9)     10  N.M.
    Underlying earnings before tax               72     113   (36)
    Over/(under) performance of fair
    value items                                (190)   (154)  (23)
    Operating earnings before tax              (118)    (41) (188)
  
    Operating earnings before tax
    by line of business
    Life                                         18      13    38
    Accident and health                          11       8    38
    Life and protection                          29      21    38
    Saving products                              (9)      1  N.M.
    Individual savings and retirement
    products                                     (9)      1  N.M.
    Pensions and asset management              (138)    (84)  (64)
    Distribution                                  9      11   (18)
    General insurance                            (9)     10  N.M.
    Operating earnings before tax              (118)    (41) (188)
 
    Gains/(losses) on investments               110      76    45
    Impairment charges                          (78)    (17) N.M.
    Income before tax                           (86)     18  N.M.
    Income tax                                   45       1  N.M.
    Net income                                  (41)     19  N.M.
 
    Net underlying earnings                      55      92   (40)
    Net operating earnings                      (87)    (22)  N.M.
 
    Commissions and expenses                    307     310    (1)
    of which operating expenses                 217     219    (1)




    THE NETHERLANDS - SALES
 
                                                 Q1      Q1
    EUR millions                   Notes       2009    2008     %
 
    New life sales
    Life single premiums                        391     445  (12)
    Life recurring premiums annualized           23      26  (12)
    Total recurring plus 1/10 single             62      71  (13)
 
    Life                                         23      31  (26)
    Pensions                                     39      40   (3)
    Total recurring plus 1/10 single             62      71  (13)
 
    New premium production accident
    and health insurance                          7       6    17
    New premium production general
    insurance                                     7       8  (13)
 
    Gross deposits (on and off balance)
    by line of business
    Saving deposits                             580     648  (10)
    Pensions and asset management                11      47  (77)
    Total gross deposits                        591     695  (15)
 
    Net deposits (on and off balance)
    by line of business
    Saving deposits                            (67)     (72)   7
    Pensions and asset management             (113)      36  N.M.
    Total net deposits                        (180)     (36) N.M.




    REVENUE GENERATING
    INVESTMENTS
                                            At Mar. At Mar.
                                                 31      31
                                               2009    2008     %
    Revenue generating investments
    (total)                                  63,427  63,079     1
    Investments general account              32,875  32,163     2
    Investments for account of
    policyholders                            19,357  19,133     1
    Off balance sheet investments
    third parties                            11,195  11,783   (5)

    
    - Underlying earnings before tax declined to GBP 7 million on lower fund
      related charges in the pension business
    - New life sales down 9% on lower bond and pension sales, offsetting
      sales increases in annuities
    - Margins and volume in the annuity business drive value of new business
      increase

Overview

Lower bond and equity markets compared to Q1 last year led to a decline in underlying earnings. Increases in sales of annuities and group pensions were more than offset by sales declines in offshore bonds and individual pensions. Value of new business continued its recent strong growth, a result primarily of a shift in business mix to higher margin products.

Results from Variable Annuities are included in the Other countries section of the results release from Q1 2009.

Underlying earnings before tax

Underlying earnings before tax declined to GBP 7 million, due primarily to the impact of lower equity and corporate bond markets on fund related charges in AEGON's unit linked pension business.

    
    - Earnings from Life & Protection came in at GBP 7 million, slightly
      below results in the comparable quarter last year. The continued 
      positive impact on earnings from business growth was more than offset 
      by mortality experience and costs related to the expense management 
      program.
    - Earnings from Pensions & Asset Management amounted to GBP 3 million,
      down GBP 25 million, due to impact from lower equity and bond markets 
      on fund related charges;
    - Distribution activities in the first quarter experienced a loss of GBP
      3 million, primarily a result of more difficult market conditions for
      mortgage and investment products.

Net income

Net income was GBP 5 million, a decline due to lower underlying earnings, impairments (GBP 13 million) and underperformance of fair value items. Investment gains of GBP 9 million, and a tax credit due to the change in the sources of earnings contributed positively to earnings.

Commissions and expenses

Total commissions and expenses in the quarter were up 1%, while commissions were down due to a change in business mix. Operating expenses increased by 2% to GBP 100 million, due mainly to a release of employee benefit provisions in Q1 2008 and restructuring costs in Q1 2009.

Sales and deposits

New life sales were down 9% and came in at GBP 265 million in Q1 2009. New life sales in Q1 2008 included European variable annuities, which are reported as deposits in Other countries from Q1 2009. Excluding sales of variable annuities in Q1 2008, new life sales were down 8%. Including the sales of variable annuities in the UK in Q1 2009, the new life sales declined with 6% compared to Q1 2008.

Sales were down across most lines of business offsetting continued strong growth in annuities.

    
    - Life annualized premium production increased 29% to GBP 71 million, a
      result of continued strong sales of annuities;
    - Sales of pensions declined 18% to GBP 194 million as sales of both
      group pension and individual pension were down this quarter. In 
      addition, sales of unit-linked bonds declined, primarily driven by 
      lower offshore bond sales (see Financial Supplement for more detail).

Total deposits amounted to GBP 181 million, an increase compared to last year, on both higher sales of retail mutual funds and third party managed assets.

Value of new business

The value of new business (VNB) increased 30% to GBP 52 million (excluding European variable annuities) compared to Q1 2008, driven by the shift in sales to high-margin areas, such as annuities. As a result the internal rate of return on new business in Q1 in the United Kingdom rose to 15.0% (excluding European variable annuities), up from 13.0% in Q1 2008.

Please refer to page 29 for more detailed information on VNB.

Revenue generating investments

At the end of March 2009, revenue generating investments totaled GBP 44.2 billion, a decline of 6% from GBP 47.1 billion at the end of 2009. The decrease reflects primarily lower financial markets.

    
    UNITED KINGDOM - EARNINGS

                                                      Q1      Q1
    GBP millions                            Notes   2009    2008    %
 
    Underlying earnings before tax
    by line of business
    Life                                               7       8 (13)
    Life and protection                                7       8 (13)
    Pensions and asset management                      3      28 (89)
    Distribution                                      (3)     (2)(50)
    Underlying earnings before tax                     7      34 (79)
    Over/(under) performance of fair
    value items                                       (3)      0 N.M.
    Operating earnings before tax                      4      34 (88)
 
    Operating earnings before tax
    by line of business
    Life                                               7       8 (13)
    Life and protection                                7       8 (13)
    Pensions and asset management                      0      28 N.M.
    Distribution                                      (3)     (2)(50)
    Operating earnings before tax                      4      34 (88)
 
    Gains/(losses) on investments                      9       2 N.M.
    Impairment charges                               (13)      0 N.M.
    Other income/(charges)                      9    (22)    (41) 46
    Income before tax                                (22)     (5)N.M.
    Income tax attributable to policyholder
    return                                            22      41 (46)
    Income before income tax on
    shareholders return                                0      36 N.M.
    Income tax on shareholders return                  5      (5)N.M.
    Net income                                         5      31 (84)
 
    Net underlying earnings                           10      30 (67)
    Net operating earnings                             8      30 (73)
 
    Commissions and expenses                         159     157   1
    of which operating expenses                      100      98   2
 
    For the amounts in euro see the Financial Supplement.




    UNITED KINGDOM - SALES
 
                                                      Q1      Q1
    GBP millions                        Notes       2009    2008    %
 
    New life sales                         10
    Life single premiums                           1,317   1,498 (12)
    Life recurring premiums annualized               133     141  (6)
    Total recurring plus 1/10 single                 265     291  (9)
 
    Life                                              71      55  29
    Pensions                                         194     236 (18)
    Total recurring plus 1/10 single                 265     291  (9)
 
    Gross deposits (on and off balance)
    by line of business
    Pensions and asset management                    181     112  62
    Total gross deposits                             181     112  62
 
    Net deposits (on and off balance)
    by line of business
    Pensions and asset management                   (257)    (41)N.M.
    Total net deposits                              (257)    (41)N.M.
 


    REVENUE GENERATING
    INVESTMENTS
                                                 At Mar. At Mar.
                                                      31      31
                                                    2009    2008    %
    Revenue generating investments
    (total)                                       44,208  47,122  (6)
    Investments general account                    5,157   4,964   4
    Investments for account of
    policyholders                                 37,188  39,869  (7)
    Off balance sheet investments
    third parties                                  1,863   2,289 (19)
 
    For the amounts in euro see the Financial Supplement.

    
    - Underlying earnings before tax declined by 10% at constant currency
    - Life sales of EUR 50 million resilient with 11% decline at constant
      currency
    - Continued strong retail mutual fund sales in China lead to record
      deposits of EUR 706 million
    - VNB of EUR 33 million, down from last year on lower sales

Overview

Underlying earnings from Other countries amounted to EUR 30 million, EUR 9 million lower than last year, a result of higher losses in Taiwan, a lower contribution from France and lower earnings in Central & Eastern Europe (CEE) due to significantly depreciated currencies in CEE. In Q1 2008 earnings from CEE included a one-off reserve release in Hungary of EUR 4 million.

Life sales were down 11% at constant currency, as declining equity markets impacted single premium unit-linked sales in Poland and in Asia. The strong growth in deposits is a reflection of the inclusion of the Chinese asset management joint venture. The pension business in CEE continues to perform well in terms of sales and net deposits.

Results from European Variable Annuities are included in the Other countries section of the results release from Q1 2009.

Underlying earnings before tax

Underlying earnings before tax from Other countries declined to EUR 30 million in Q1 2009.

    
    - Earnings from Life & Protection declined mainly as a result of losses
      in Asia. In CEE income on unit-linked business was down due to lower 
      asset balances. In Q1 2008 life earnings from CEE included a one-off 
      reserve release in Hungary of EUR 4 million;
    - The asset management joint venture in China performed well. As a
      result, earnings from Individual savings and retirement products 
      increased to EUR 5 million;
    - Pensions & Asset management earnings increased to EUR 5 million as a
      result of the inclusion of a Polish pension fund and the introduction 
      of DPAC in the pension businesses in Hungary and Poland;
    - Earnings from General insurance were EUR 8 million, in line with last
      year;
    - Earnings from associate companies declined due additional start-up
      costs at AEGON's joint ventures in India and a lower contribution from 
      La Mondiale, AEGON's French partner.

Net income

Net income declined by two thirds to EUR 9 million as a result of lower underlying earnings. Gains on investment were offset by impairment charges. An increased impairment of deferred tax assets in Taiwan resulted in a high effective tax rate for Other countries.

Commissions and expenses

Commissions and expenses rose 8% in Q1 2009 to EUR 98 million, as a result of higher operating expenses. Operating expenses were up due to the inclusion of new operations in Turkey and Asia, the inclusion of acquired pension funds in Hungary and Poland and two new joint ventures in Spain.

Sales and deposits

New life sales in Q1 2009 declined 11% to EUR 50 million.

    
    - In Central & Eastern Europe, sales of recurring premium life insurance
      declined 5% as strong performances in the Czech Republic and Slovakia 
      were offset by declines in Hungary and Poland. Single premium sales 
      were sharply lower, particularly in Poland, because of continued market 
      turmoil. Total new life sales in CEE amounted to EUR 16 million, down 
      24% or 18% at constant currency;
    - In Spain, sales of life insurance rose 22% to EUR 22 million, due
      primarily to the inclusion of two new joint ventures with regional 
      savings banks and higher sales of existing joint ventures;
    - AEGON's largest bank partner in Spain, which is an associate and
      therefore not consolidated, more than tripled sales to EUR 66 million 
      (on a 100% basis), as a result of an increased focus on risk products 
      and higher pension (PPA) sales;
    - In Asia, new life sales decreased to EUR 12 million as increased sales
      in China and India were more than offset by a decline in Taiwan.

Gross deposits tripled to EUR 706 million. Net deposits more than doubled to EUR 300 million. The strong growth in deposits is a reflection of inclusion of the Chinese asset management joint venture. The pension business in CEE continues to perform well in terms of sales and net deposits. Deposits in Q1 2009 include sales of European variable annuities of EUR 111 million.

General insurance

Non-life sales in Hungary declined to EUR 5 million as a result of continued focus on writing profitable business in an increasingly competitive environment.

Value of new business

The value of new business (VNB) from Other countries was EUR 33 million, a decrease of EUR 9 million compared to Q1 2008, primarily as a result of lower sales.

In both Asia and CEE, the decrease in VNB was a reflection of lower sales. In Q1 2008 VNB included EUR 7 million related the introduction and launch of a mandatory pension fund in Romania. In Spain, VNB increased mainly as a result of higher sales in CAM.

The internal rate of return in Asia was 9.6% as a result of changes in economic assumptions. The reduction of the internal rate of return to 34.4% in CEE is mainly a reflection of lower margins due to higher expense assumptions. In Spain, AEGON's bank distribution partnerships continued to deliver high rates of return.

Please refer to page 29 for more detailed VNB information.

Revenue generating investments

In 1Q 2009, revenue generating investments declined 2% from year-end 2008 levels to EUR 13.4 billion, mainly as a result of lower equity markets.

    
    OTHER COUNTRIES - EARNINGS
 
                                                 Q1      Q1
    EUR millions                       Notes   2009    2008     %
 
    Underlying earnings before tax
    by line of business
    Life                                          7      17  (59)
    Accident and health                           1       2  (50)
    Life and protection                           8      19  (58)
    Variable annuities                            0       1  N.M.
    Saving products                               1       0  N.M.
    Retail mutual funds                           4       1  N.M.
    Individual savings and retirement
    products                                      5       2  150
    Pensions and asset management                 5       3   67
    General insurance                             8       7   14
    Share in net results of associates            4       8  (50)
    Underlying earnings before tax               30      39  (23)
    Over/(under) performance of fair
    value items                                   1       0  N.M.
    Operating earnings before tax                31      39  (21)
 
    Operating earnings before tax
    by line of business
    Life                                          7      17  (59)
    Accident and health                           1       2  (50)
    Life and protection                           8      19  (58)
    Variable annuities                            1       1    0
    Saving products                               1       0  N.M.
    Retail mutual funds                           4       1  N.M.
    Individual savings and retirement
    products                                      6       2  200
    Pensions and asset management                 5       3   67
    General insurance                             8       7   14
    Share in net results of associates            4       8  (50)
    Operating earnings before tax                31      39  (21)
 
    Gains/(losses) on investments                 4       0  N.M.
    Impairment charges                           (5)     (1) N.M.
    Income before tax                            30      38  (21)
    Income tax                                  (21)    (10)(110)
    Net income                                    9      28  (68)
 
    Net underlying earnings                       9      27  (67)
    Net operating earnings                       10      27  (63)
 
    Commissions and expenses                     98      91    8
    of which operating expenses                  52      43   21
    OTHER COUNTRIES - SALES
 
                                                 Q1      Q1
    EUR millions                   Notes       2009    2008    %
 
    New life sales                    10
    Life single premiums                        112     172  (35)
    Life recurring premiums annualized           39      39    0
    Total recurring plus 1/10 single             50      56  (11)
 
    Life                                         50      56  (11)
    Total recurring plus 1/10 single             50      56  (11)
 
    New premium production accident
    and health insurance                          2       2    0
    New premium production general
    insurance                                     5       8  (38)
 
    Gross deposits (on and off balance)
    Variable annuities                          115      35  N.M.
    Retail mutual funds                         406      48  N.M.
    Pensions and asset management               185     151   23
    Total gross deposits                        706     234  N.M.

    Net deposits (on and off balance)
    Variable annuities                          109      34  N.M.
    Retail mutual funds                          98       6  N.M.
    Pensions and asset management                93      92    1
    Total net deposits                          300     132  127
 


    REVENUE GENERATING INVESTMENTS
                                            At Mar. At Mar.
                                                 31      31
                                               2009    2008     %
    Revenue generating investments
    (total)                                  13,350  13,609   (2)
    Investments general account               6,030   6,243   (3)
    Investments for account of
    policyholders                             2,085   2,067    1
    Off balance sheet investments
    third parties                             5,235   5,299   (1)


    NET UNDERLYING EARNINGS GEOGRAPHICALLY
                                                 Q1      Q1
    EUR millions                       Notes   2009    2008     %

                                           1
    Americas                                   (44)     348  N.M.
    The Netherlands                        6    55       92  (40)
    United Kingdom                              11       40  (73)
    Other countries                              9       27  (67)
    Holding and other                          (45)      (4) N.M.
    Net underlying earnings                    (14)     503  N.M.
 

    OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

    EUR millions
 
    Operating earnings before tax             (219)     217  N.M.
    (Over)/under performance of fair
    value items - Americas                      32      374  (91)
    (Over)/under performance of fair
    value items - The Netherlands          6   190      154   23
    (Over)/under performance of fair
    value items - United Kingdom                 3        0  N.M.
    (Over)/under performance of fair
    value items - Other countries               (1)       0  N.M.
    (Over)/under performance of fair
    value items - Holding and other            (27)     (87)  69
    Underlying earnings before tax             (22)     658  N.M.
 
    Net underlying earnings                    (14)     503  N.M.
 

    AMERICAS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

    USD millions
 
    Over/(under) performance of fair
    value items by line of business
    Life and protection                        (45)    (30)  (50)
    Individual savings and retirement products   9    (260)  N.M.
    Pensions and asset management              (13)     (7)  (86)
    Institutional products                     (99)   (244)   59
    Life reinsurance                           106     (19)  N.M.
    Total over/(under) performance of
    fair value items                           (42)   (560)   93
 
    Total over/(under) performance of
    fair value items in EUR                    (32)   (374)   91
 
    THE NETHERLANDS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

    EUR millions                         6
 
    Over/(under) performance of fair
    value items by line of business
    Life and protection                        (26)    (19)  (37)
    Pensions and asset management             (164)   (135)  (21)
    Total over/(under) performance of
    fair value items                          (190)   (154)  (23)
 
    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               (3)      0   N.M.
    Total over/(under) performance of
    fair value items                            (3)      0   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                            1      0   N.M.
    Total over/(under) performance of
    fair value items                              1      0   N.M.



    SALES
 
                                                 Q1      Q1
    EUR millions                               2009    2008     %
 
    New life sales                              543     686  (21)
    Gross deposits (on and off balance)       8,241   8,636   (5)
 
    New life sales
    Life single premiums                      2,025   2,757  (27)
    Life recurring premiums annualized          341     410  (17)
    Total recurring plus 1/10 single            543     686  (21)
 
    Life                                        249     284  (12)
    Pensions                                    253     352  (28)
    BOLI/COLI                                     1       9  (89)
    Life reinsurance                             40      41   (2)
    Total recurring plus 1/10 single            543     686  (21)
 
    New premium production accident
    and health insurance                        164     166   (1)
    New premium production general
    insurance                                    12      16  (25)
 
    Gross deposits (on and off balance)
    Fixed annuities                           1,628     306  N.M.
    Variable annuities                          714     685    4
    Saving products                             580     648  (10)
    Retail mutual funds                         642     564   14
    Pensions and asset management             2,829   3,183  (11)
    Institutional guaranteed products         1,848   3,249  (43)
    Life reinsurance                              0       1  N.M.
    Total gross deposits                      8,241   8,636   (5)
    Total gross deposits excl. institutional
    guaranteed products                       6,393   5,387   19
 
    Net deposits (on and off balance)
    by line of business
    Fixed annuities                            688    (795)  N.M.
    Variable annuities                          78    (152)  N.M.
    Saving deposits                            (67)    (72)    7
    Retail mutual funds                        (98)    171   N.M.
    Pensions and asset management              506   1,170   (57)
    Institutional guaranteed products       (2,354) (1,195)  (97)
    Life reinsurance                           (16)    (15)   (7)
    Total net deposits                      (1,263)   (888)  (42)
    Total net deposits excl. institutional
    guaranteed products                      1,091     307   N.M.


    EMPLOYEE NUMBERS                             At      At
                                               Mar.    Dec.
                                                 31      31
                                               2009    2008

    Number of employees                      31,156  31,425




    VALUE OF NEW BUSINESS AND IRR
                                              VNB    VNB
                                              EUR    EUR
                               Notes           Q1     Q1
    EUR millions, after tax                  2009   2008        %
 
    Americas                                   79     79        0
    The Netherlands                            31     12      158
    United Kingdom                             57     53        8
    Asia                                        2      5      (60)
    Central and Eastern Europe                 12     23      (48)
    Other European Countries                   26     14       86
    VA Europe                                  (7)     0      N.M.
    Total                                     201    186        8


                                            IRR %   IRR%
 
    Americas                                 10.3   12.6
    The Netherlands                          14.1   10.7
    United Kingdom                           15.0   13.0
    Asia                                      9.6   17.0
    Central and Eastern Europe               34.4   39.0
    Other European Countries                 48.8   43.2
    VA Europe                                (3.8)     -
    Total                                    17.8   18.4


    MODELED NEW BUSINESS,                                 Premium
    APE AND DEPOSITS                                     business
                                                              APE
 
                               Notes           Q1     Q1
    EUR millions                             2009   2008        %
                                  11
    Americas                                  266    295     (10)
    The Netherlands                            78     73       7
    United Kingdom                            312    378     (17)
    Asia                                       13     17     (24)
    Central and Eastern Europe                 17     25     (32)
    Other European Countries                   84     59      42
    Total                                     769    847      (9)
 
                                                          Deposit
                                                         business
                                                         Deposits
 
    Americas                                5,252  5,997     (12)
    Asia                                        3      7     (57)
    Central and Eastern Europe                 22     17      29
    Other European Countries                    0      6     N.M.
    VA Europe                                 111      0     N.M.
    Total                                   5,389  6,026     (11)
 

                                                          Premium
                                                         business
    VNB/PVNBP SUMMARY                  VNB  PVNBP   VNB/     VNB/
                                                   PVNBP      APE
                               Notes           Q1
    EUR millions                             2009      %        %
                                  12
    Americas                            31  1,230    2.6     11.8
    The Netherlands                     31    647    4.8     39.6
    United Kingdom                      57  2,024    2.8     18.3
    Asia                                 2     76    2.2     12.7
    Central and Eastern Europe           7    102    6.6     39.8
    Other European Countries            26    753    3.5     31.3
    Total                              154  4,832    3.2     20.0
 

                                                          Deposit
                                                         business
                                       VNB  PVNBP   VNB/     VNB/
                                                   PVNBP Deposits
                                  12
    Americas                            47  6,386    0.7      0.9
    Asia                                 1     13    5.2     21.7
    Central and Eastern Europe           6    195    2.9     25.5
    VA Europe                           (7)   111   (5.9)    (5.9)
    Total                               47  6,705    0.7      0.9

    
    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 assets 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 gain of EUR 27 mln 
in Q1 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.

    4)  Deposits on and off balance sheet.

    5)  Return on equity is calculated by dividing the net underlying 
earnings after cost of leverage by the average shareholders' equity excluding 
the preferred shares and the revaluation reserve.

    6)  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.

    7)  Capital securities that are denominated in foreign currencies are, 
for purposes of calculating the capital base ratio, revalued to the period-
end exchange rate.

    8)  All ratios exclude AEGON's revaluation reserve. Included in other 
non-operating income/(charges) are charges made to

    9)  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. Includes production on investment contracts without a 
discretionary

    10) participation feature of which the proceeds are not recognized as 
revenues but are directly added to our investment contract liabilities.

    11) APE = recurring premium + 1/10 single premium.

    12) PVNBP: Present Value New Business Premium. 

    
    CONDENSED CONSOLIDATED BALANCE SHEET
                                                       At Mar.   At Dec.
                                                          31        31
                                                         2009      2008  %
    EUR millions                                                          

    Investments general account                      133,130   130,481   2
    Investments for account of policyholders         103,312   105,400  (2)
    Investments in associates                            584       595  (2)
    Deferred expenses and rebates                     13,104    12,794   2
    Other assets and receivables                      26,618    27,766  (4)
    Cash and cash equivalents                          6,274    10,223 (39)
    Total assets                                     283,022   287,259  (1)

    Shareholders' equity                               4,899     6,055 (19)
    Convertible core capital securities                3,000     3,000   0
    Other equity instruments                           4,700     4,699   0
    Minority interest                                      7         6  17
    Group equity                                      12,606    13,760  (8)
    Insurance contracts general account              101,575    97,377   4
    Insurance contracts for account of
    policyholders                                     59,635    60,808  (2)
    Investment contracts general account              35,390    36,231  (2)
    Investment contracts for account of
    policyholders                                     44,386    45,614  (3)
    Other liabilities                                 29,430    33,469 (12)
    Total equity and liabilities                     283,022   287,259  (1)


    CAPITAL BASE
 
    Group equity                                      12,606 #  13,760  (8)
    Trust pass-through securities                        154       161  (4)
    Subordinated borrowings                                8        41 (80)
    Senior debt related to insurance
    activities                                           328        69 N.M.
    Total capital base                                13,096    14,031  (7)


    CONDENSED CONSOLIDATED INCOME STATEMENT

                                                           Q1       Q1
    EUR millions (except per share data) Notes           2009     2008    %

    Premium income                                      5,990    6,315  (5)
    Investment income                                   2,250    2,422  (7)
    Fee and commission income                             400      434  (8)
    Other revenues                                          1        1   0
    Total revenues                                      8,641    9,172  (6)
    Income from reinsurance ceded                         461      335  38
    Results from financial transactions                (7,254)  (8,900) 18
    Other income                                            2        0 N.M.
    Total income                                        1,850      607 N.M.

    Benefits and expenses                               1,756      270 N.M.
    Impairment charges                                    430       34 N.M.
    Interest charges and related fees                     120       95  26
    Other charges                                           1        0 N.M.
    Total charges                                       2,307      399 N.M.

    Share in net results of associates                      2        9 (78)
    Income before tax                                    (455)     217 N.M.
    Income tax                                            282      (64)N.M.
    Net income attributable to equity
    holders of AEGON N.V.                                (173)     153 N.M.

    Net income per common share
    Basic earnings per share                            (0.15)    0.07 N.M.
    Dilluted earnings per share                         (0.15)    0.07 N.M.



    CONDENSED CONSOLIDATED
    STATEMENT OF COMPREHENSIVE                      At Mar. At Mar. At Dec.
    INCOME                                               31      31      31
                                                       2009    2008    2008
    EUR millions

    Net income                                        (173)    153  (1,082)
    Other comprehensive income:
    Movements in foreign currency translations
    reserve                                            455  (1,066)   (170)
    Movements in revaluation reserves               (1,373) (1,510) (6,651)
    Other comprehensive income for the period         (918) (2,576) (6,821)
    Total comprehensive income attributable to
    shareholders of AEGON N.V.                      (1,091) (2,423) (7,903)


    CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    Shareholders' equity at January 1                6,055  15,151  15,151
    Total comprehensive income attributable to
    shareholders of AEGON N.V.                      (1,091) (2,423) (7,903)
    Dividends paid on ordinary shares                    0       0    (548)
    Preferred dividend                                   0       0    (112)
    Repurchased and sold own shares                      4     (73)   (217)
    Coupons on perpetuals (net of tax)                 (48)    (46)   (189)
    Coupons on convertible core capital securities       0       0    (121)
    Other changes                                      (21)    (12)     (6)
    Shareholders' equity at end of period            4,899  12,597   6,055


    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

                                                         Q1    Q1
    EUR millions                                Notes   2009  2008    %

    Cash flow from operating activities               (4,127) 1,615 N.M.

    Cash flow from investing activities
    Purchase and disposal of intangible assets            (1)    (1)   0
    Purchase and disposal of equipment
    and other assets                                     (15)   (11) (36)
    Purchase, disposal and dividends of
    subsidiaries and associates                           (8)    (6) (33)
                                                         (24)   (18) (33)

    Cash flow from financing activities
    Issuance and purchase of share
    capital                                                4    (73) N.M.
    Issuance, repayment and coupons
    of perpetuals                                        (64)   (62)  (3)
    Issuance, repayment and finance
    interest on borrowings                               628    810  (22)
                                                         568    675  (16)

    Net increase/(decrease) in cash
    and cash equivalents                              (3,583) 2,272  N.M.


    AMOUNTS PER COMMON SHARE

                                                       Q1          Q1
                                              Notes  2009        2008   %

    Net income in EUR                         1     (0.15)       0.07 N.M.
    Net income fully diluted in EUR           1     (0.15)       0.07 N.M.
    Net income in USD                               (0.20)       0.10 N.M.
    Net income fully diluted in USD                 (0.20)       0.10 N.M.
    Net underlying earnings in EUR            1     (0.04)       0.30 N.M.
    Net underlying earnings fully
     diluted in EUR                           1     (0.04)       0.30 N.M.
    Net underlying earnings in USD                  (0.05)       0.45 N.M.
    Net underlying earnings fully
     diluted in USD                                 (0.05)       0.45 N.M.
    Net operating earnings in EUR             1     (0.14)       0.09 N.M.
    Net operating earnings fully
    diluted in EUR                            1     (0.14)       0.09 N.M.
    Net operating earnings in USD                   (0.18)       0.13 N.M.
    Net operating earnings fully
    diluted in USD                                  (0.18)       0.13 N.M.


                                                      At         At
                                                 Mar. 31    Dec. 31
                                                   2009       2008

    Shareholders' equity in EUR            2       1.84       2.60 (29)
    Shareholders' equity in USD            2       2.45       3.62 (32)


    NET INCOME PER COMMON SHARE CALCULATION
                                                      Q1         Q1
    EUR millions (except per share data)     Notes   2009      2008    %

    Net income                                      (173)       153 N.M.
    Coupons on perpetuals                            (48)       (46)  (4)
    Net income / (loss) attributable to
    ordinary shareholders                           (221)       107 N.M.

    Weighted average number of common
    shares outstanding                             1,516      1,499    1
    Net income per share                           (0.15)      0.07 N.M.

    Quarterly net income per common share

    first quarter                                  (0.15)      0.07 N.M.
    second quarter                                             0.08
    third quarter                                             (0.25)
    fourth quarter                                            (0.82)

    
    SEGMENT REPORTING (quarter- to-date information)

                                        The           United
                           Americas  Netherlands      Kingdom 
                           Q1    Q1    Q1    Q1    Q1    Q1  
    EUR millions          2009  2008  2009  2008  2009  2008

    Underlying earnings
    before tax
    geographically for
    reportable segments  (60)  499    76   130     7    45
    Inter-segment
    elimination           (8)  (21)   (4)  (17)    0     0
    Underlying
    earnings before
    tax
    geographically
    for reportable
    segments             (68)  478    72   113     7    45
    Over/(under)
    performance of
    fair value items     (32) (374) (190) (154)   (3)    0
    Total operating
    earnings before
    tax                 (100)  104  (118)  (41)    4    45
    Gains/(losses)
    on investments        28   (47)  110    76    10     3
    Impairment
    charges             (286)  (19)  (78)  (17)  (14)    0
    Impairment
    reversals              2     5     0     0     0     0
    Other income/
    (charges)              1     0     0     0   (24)  (54)
    Income before
    tax                 (355)   43   (86)   18   (24)   (6)
    Income tax           222   (69)   45     1    30    47
    Net income          (133)  (26)  (41)   19     6    41
 
    Revenues
    Life insurance
    gross premiums     1,499 1,474 1,568 1,458 1,820 2,258
    Accident and
    health insurance     453   422   106   118     0     0
    General insurance      0     0   138   134     0     0
    Total gross
    premiums           1,952 1,896 1,812 1,710 1,820 2,258
    Investment
    income             1,142 1,202   502   547   517   596
    Fee and commission
    income               222   242   106   111    44    60
    Other revenues         0     1     0     0     0     0
    Total revenues
    for reportable
    segments           3,316 3,341 2,420 2,368 2,381 2,914
    Inter-segment
    elimination            0    (1)   (1)    1    (1)    0
    Total revenues     3,316 3,340 2,419 2,369 2,380 2,914



    - Table Continued -



    SEGMENT REPORTING (quarter- to-date information)

                                    Holding
                         Other     and other
                        countries  activities     Total

                        Q1    Q1    Q1    Q1    Q1    Q1
    EUR millions 2009  2008  2009  2008  2009  2008
 
    Underlying earnings
    before tax
    geographically for
    reportable segments  32    40  (77)  (56)  (22)   658
    Inter-segment
    elimination          (2)   (1)  14    39     0      0
    Underlying
    earnings before
    tax
    geographically
    for reportable
    segments             30    39  (63)  (17)  (22)   658
    Over/(under)
    performance of
    fair value items      1     0   27    87  (197)  (441)
    Total operating
    earnings before
    tax                  31    39  (36)   70  (219)   217
    Gains/(losses)
    on investments        4     0   21    54   173     86
    Impairment
    charges              (5)   (1)  (5)    0  (388)   (37)
    Impairment
    reversals             0     0    0     0     2      5
    Other income/
    (charges)             0     0    0     0   (23)   (54)
    Income before
    tax                  30    38  (20)  124  (455)   217
    Income tax          (21)  (10)   6   (33)  282    (64)
    Net income            9    28  (14)   91  (173)   153
 
    Revenues
    Life insurance
    gross premiums      340   383    0     0 5,227  5,573
    Accident and
    health insurance     29    29    0     0   588    569
    General insurance    37    39    0     0   175    173
    Total gross
    premiums            406   451    0     0 5,990  6,315
    Investment
    income               77    61   70    60 2,308  2,466
    Fee and
    commission
    income               28    21   0      0   400    434
    Other revenues        1     0   0      0     1      1
    Total revenues
    for reportable
    segments            512   533  70     60 8,699  9,216
    Inter-segment
    elimination           0     0 (56)   (44)  (58)   (44)
    Total revenues      512   533  14     16 8,641  9,172




    Amounts in million EUR (unless otherwise stated)

    INVESTMENTS GEOGRAPHICALLY

                 United
    Americas     Kingdom                                        The
     USD            GBP   At March 31, 2009    Americas   Netherlands
                          Investments
      1,412        36      Shares                        1,061         785
     77,611     5,111      Bonds                        58,319      18,195
     18,910        10      Loans                        14,209      11,734
     19,322         0      Other financial assets       14,519         117
        679         0      Investments in real estate      510       2,044
                           Investments general
    117,934     5,157      account                      88,618      32,875
          0    16,114      Shares                            0       5,450
          0    11,950      Bonds                             0      12,896
                           Separate accounts and
     55,791     2,327      investment funds             41,923           0
          0     5,825      Other financial assets            0       1,011
          0       972      Investments in real estate        0           0
                           Investments for account of
     55,791    37,188      policyholders                41,923      19,357

                           Investments on balance
    173,725    42,345      sheet                       130,541      52,232
                           Off balance sheet
                           investments
    105,674     1,863      third parties                79,407      11,195
                           Total revenue generating
    279,399    44,208      investments                 209,948      63,427
 
                           Investments
     92,655     5,055      Available-for-sale           69,623      18,783
     18,910        10      Loans                        14,209      11,734
          0         0      Held-to-maturity                  0           0
                           Financial assets at
                           fair value through
     61,481    36,308      profit or loss               46,199      19,671
        679       972      Investments in real estate      510       2,044
                           Total investments
                           on balance
    173,725    42,345      sheet                       130,541      52,232
 
                           Elimination of treasury
         (2)        0      shares *                         (2)         (5)
                           Investments in
         24        13      associates                       18          60
     35,144     6,723      Other assets                 26,408       7,651
                           Consolidated
    208,891    49,081      total Assets                156,965      59,938



    - Table Continued -



                                              Holding &
                           United     Other      other               Total
    At March 31, 2009      Kingdom  countries activities Eliminations  EUR
    Investments
    Shares                    39      161         47  
    Bonds                  5,491    4,672         21       0      86,698
    Loans                     11    1,077          0       0      27,031
    Other financial
    Assets                     0      120          0       0      14,756
    Investments in real
    estate                     0        0          0       0       2,554
    Investments general
    account                5,541    6,030         68      (2)    133,130
    Shares                17,312      344          0      (5)     23,101
    Bonds                 12,838      278          0       0      26,012
    Separate accounts
    And investment funds   2,500    1,251          0       0      45,674
    Other financial assets 6,258      212          0       0       7,481
    Investments in
    real estate            1,044        0          0       0       1,044
    Investments for
    account of
    policyholders         39,952    2,085          0      (5)    103,312
    Investments on balance
    sheet                 45,493    8,115         68      (7)    236,442
    Off balance sheet
    Investments
    third parties          2,001    5,235          0       0      97,838
    Total revenue
    Generating
    investments           47,494   13,350         68      (7)    334,280
    Investments
    Available-for-sale     5,431    2,447         68       0      96,352
    Loans                     11    1,077          0       0      27,031
    Held-to-maturity           0    2,278          0       0       2,278
    Financial assets at
    fair value through
    profit or loss        39,007    2,313          0      (7)    107,183
    Investments in real
    estate                 1,044        0          0       0       3,598
    Total investments
    on balance sheet      45,493    8,115         68      (7)    236,442
    Elimination of treasury
    shares *                   0        0          0       7           0
    Investments in
    associates                13      490          5      (2)        584
    Other assets           7,224    1,728     14,870 (11,494)     46,387
    Consolidated
    total Assets          52,730   10,333     14,943 (11,496)    283,413


    * Due to the split by country unit on this line, it is necessary to 
      reverse the elimination of treasury shares in the column eliminations, 
      as elimination by type had already taken place in the column 
      eliminations above as well.




    Amounts in million EUR (unless otherwise stated)

    INVESTMENTS GEOGRAPHICALLY

               United
     Americas  Kingdom                                                 The
      USD       GBP           At December 31, 2008     Americas   Netherlands
                                  Investments
      1,436      39           Shares                     1,031       1,297
     83,846   4,915           Bonds                     60,247      18,298
     19,194      10           Loans                     13,792      10,416
     15,635       0           Other financial assets    11,235         112
        679       0           Investments in real estate   488       2,040
                              Investments general
    120,790   4,964           account                   86,793      32,163
          0  17,360           Shares                         0       6,416
          0  12,675           Bonds                          0      11,675
                              Separate accounts and
     58,943   2,381           investment funds          42,353           0
          0   6,376           Other financial assets         0       1,042
          0   1,077           Investments in real estate     0           0
                              Investments for account
     58,943  39,869           of policyholders          42,353      19,133

                              Investments on balance
    179,733  44,833           sheet                    129,146      51,296
                              Off balance sheet
                              investments
    106,434   2,289           third parties             76,478      11,783
                              Total revenue generating
    286,167  47,122           investments              205,624      63,079
                              Investments
     94,444   4,859           Available-for-sale        67,862      19,110
     19,194      10           Loans                     13,792      10,416
          0       0           Held-to-maturity               0           0
                              Financial assets at
                              fair value through
     65,416  38,887           profit or loss            47,004      19,730
        679   1,077           Investments in real estate   488       2,040
                              Total investments on
    179,733  44,833           balance sheet            129,146      51,296
 
                              Elimination of treasury
         (3)      0           shares *                      (2)         (9)
                              Investments in
         30      13           associates                    21          55
     36,798   7,192           Other assets              26,442      12,469
                              Consolidated
    216,558  52,038           total Assets             155,607      63,811



    - Table Continued - 




                                Holding &
                      United     Other      other               Total
                      Kingdom countries activities Eliminations    EUR
    Investments
    Shares               41       183         52      (2)       2,602
    Bonds             5,161     4,827         20       0       88,553
    Loans                10     1,116          0       0       25,334
    Other financial
    assets                0       117          0       0       11,464
    Investments in
    real estate           0         0          0       0        2,528
    Investments general
    account           5,212     6,243         72      (2)     130,481
    Shares           18,225       167          0      (9)      24,799
    Bonds            13,307       330          0       0       25,312
    Separate accounts
    and investment
    funds             2,500     1,420          0       0       46,273
    Other financial
    assets            6,693       150          0       0        7,885
    Investments in
    real estate       1,131         0          0       0        1,131
    Investments for 
    account
    of policyholders 41,856     2,067          0      (9)     105,400
    Investments on 
    Balance sheet    47,068     8,310         72     (11)     235,881
    Off balance sheet
    investments
    third parties     2,403     5,299          0       0       95,963
    Total revenue 
    generating
    investments      49,471    13,609         72     (11)     331,844
    Investments
    Available-for
    -sale             5,101     2,602         72       0       94,747
    Loans                10     1,116          0       0       25,334
    Held-to-maturity      0     2,269          0       0        2,269
    Financial assets at
    fair value through
    profit or loss   40,826     2,323          0     (11)     109,872
    Investments in
    real estate       1,131         0          0       0        3,659
    Total investments 
    On balance
    sheet            47,068     8,310         72     (11)     235,881
    Elimination of 
    treasury
    shares *              0         0          0      11            0
    Investments in
    associates           13       503          4      (2)         594
    Other assets      7,552     1,660     17,395 (14,734)      50,784
    Consolidated
    total Assets     54,633    10,473     17,471 (14,736)     287,259


    * Due to the split by country unit on this line, it is necessary to 
      reverse the elimination of treasury shares in the column eliminations, 
      as elimination by type had already taken place in the column 
      eliminations above as well.




    ASSETS AND CAPITAL GEOGRAPHICALLY

    amounts in million EUR (unless otherwise stated)
               United
     Americas   Kingdom                                         The
      USD         GBP                            Americas    Netherlands
                       At March 31, 2009
    208,891    49,081  Assets business units     156,965       59,938
                       Other assets
                       Total assets on
                       balance sheet
     10,228     1,132  Capital in units            7,686        2,351
                       Total capital base
                       Other net liabilities
                       Total
 
                       At December 31, 2008
    216,558    52,038  Assets business units     155,607       63,811
                       Other assets
                       Total assets on
                       balance sheet

     10,617     1,257  Capital in units            7,629         2,954

                       Total capital base
                       Other net liabilities
                       Total



    - Table Continued -


                                United     Other       Total
                               Kingdom   countries      EUR

    At March 31, 2009
    Assets business units      52,730      10,333     279,966
    Other assets                                        3,056
    Total assets on
    balance sheet                                     283,022
    Capital in units            1,216       1,802      13,055
    Total capital base                                 13,096
    Other net liabilities                                 (41)
    Total                                              13,055

    At December 31, 2008
    Assets business units      54,633      10,473     284,524
    Other assets                                        2,735
    Total assets on
    balance sheet                                     287,259
    Capital in units            1,320       1,948      13,851

    Total capital base                                 14,031
    Other net liabilities                                (180)
    Total                                              13,851

    Currencies
    Income statement items: average rate 1 EUR = USD 1.3023 (2008: USD 
    1.4989).
    Income statement items: average rate 1 EUR = GBP 0.9070 (2008: GBP 
    0.7569).
    Balance sheet items: closing rate 1 EUR = USD 1.3308 (2008: USD 1.5812; 
    year-end 2008: USD 1.3917).
    Balance sheet items: closing rate 1 EUR = GBP 0.9308 (2008: GBP 0.7958; 
    year-end 2008: GBP 0.9525).


    Notes:

    1) After deduction of preferred dividend and coupons on perpetuals.
       Shareholders' equity per share is calculated after deduction of the 
       preferred share
    2) capital of EUR 2.1 billion (at Dec. 31, 2008:
       EUR 2.1 billion) and considering the number of treasury shares. The 
       number of common shares used in the calculation of shareholders' 
       equity per share is 1,516 million (at Dec. 31, 2008: 1,515 million).

Basis of preparation and significant accounting policies

The condensed consolidated interim financial statements as at and for the 3 month period ended March 31, 2009, included in Appendix III have been prepared in accordance with IAS 34 'Interim financial reporting'. It does not include all of the information required for full financial statements and should therefore be read together with the 2008 consolidated financial statements of AEGON N.V. as included in AEGON's Annual Report for 2008.

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

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

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

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

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

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

    
    - AEGON Americas. Main business lines include life and protection,
      individual savings and retirement, pensions and asset management,
      institutional products and life reinsurance.
    - AEGON The Netherlands. Main business lines include life and protection,
      individual savings and retirement, pensions and asset management,
      distribution and general insurance.
    - AEGON United Kingdom. Main business lines include life and protection,
      pensions and asset management and distribution.
    - Other countries. Other countries include the country units Central and
      Eastern Europe, other European countries, European variable annuities 
      and Asia. Main business lines include life and protection, pensions and 
      asset management and general insurance.
    - Holding and other activities. Includes finance, employee and other
      administrative expenses of the group staff functions.

This report includes a non-IFRS financial measure: Underlying earnings before tax. AEGON believes this non-IFRS measure, together with the IFRS measure (Net income), provides a meaningful measure for the investing public to evaluate AEGON's business relative to the businesses of our peers. In addition, underlying earnings is a key performance indicator on which the executive board manages AEGON's performance. The reconciliation of this measure to the most comparable IFRS measure is shown in table Segment reporting on page 34.

The adoption of IFRS 8 did not have any impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

IAS 1 (revised) 'Presentation of financial statements'. The revised standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owner changes in equity presented as a single line. In addition, the standard introduces the statement of comprehensive income: it presents all items of recognized income and expenses, either in one single statement, or in two linked statements. AEGON has elected to present two statements. The adoption of this standard did not have any impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

IFRS 2 'Share-based Payment - Vesting Conditions and Cancellations'. The Standard has been amended to clarify the definition of vesting conditions and to prescribe the accounting treatment of an award that is effectively cancelled because a non-vesting condition is not satisfied. The adoption of this amendment did not have any impact on the financial position or performance of the Group.

IAS 23 'Borrowing Costs (revised)'.

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

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

    
    - IFRIC 16 'Hedges of a net investment in a foreign operation';
    - Amendments to IAS 39 'Eligible hedged items';
    - Improvements to IFRS (2008).

Condensed consolidated income statement

The result from financial transactions in Q1 2009 amounted to a loss of EUR 7.3 billion compared to a loss of EUR 8.9 billion in Q1 2008. These losses primarily reflect losses on investments for account of policyholders. This decrease of losses is offset by an increase in the benefits and expenses line which increases from an amount of EUR 270 million in Q1 2008 to EUR 1.8 billion in Q1 2009.

Capital and funding

The capital management section, on page 2 provides information on issuances, repurchases and repayments of debt and equity securities during the current interim reporting period.

Investment impairments

Page 6 of the results release includes information on net impairments recognized in Q1 of 2009.

Fair value measurement

Fair value measurement of financial assets and liabilities has been subject of industry-wide discussions between preparers, regulators and users of financial statements. The distressed markets continuing since the second half of 2008 resulted in challenges related to the fair value measurement of financial instruments because of far less liquidity in the market, forced sales resulting from deleveraging activities and asset/liability programs. Assets with a mark-to-model valuation are now 3.8% (EUR 3.7 billion) of the total valuation of debt instruments held at fair value (Q4 2008: 1.1%).

Business combinations

There were no significant new business combinations during Q1 2009.

Commitments and contingencies

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

Events after the balance sheet date

On April 22, 2009 AEGON announced it has agreed to sell its Taiwanese life insurance business to Zhongwei Company Ltd. The sale price is expected to be EUR 65 million resulting in an estimated total negative impact on earnings of EUR 400 million in Q2 2009, resulting in a charge to shareholders' equity of EUR 300 million. The sale of the Taiwanese life insurance business is subject to regulatory approval and is expected to close by the end of Q3 2009.

On April 29, 2009 AEGON completed an issue of senior unsecured notes with a nominal value of EUR 1 billion due April 29, 2012, under its USD 6 billion program for the issuance of debt instruments. The notes, issued at a price of 99.673, will carry a coupon of 7%.

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 just over 31,000 people and have over 40 million customers across the globe.

    
    Key figures                     First quarter  Full year 2008
                                         2009
 
    Underlying earnings before tax     EUR (22) million    EUR 1.57 billion
    New life sales                     EUR 543 million     EUR 2.63 billion
    Gross deposits                     EUR 8.2 billion     EUR 40.75 billion
    Revenue generating investments
    (End of period)                    EUR 334 billion     EUR 332 billion

Disclaimers

Cautionary note regarding non-GAAP measures

This press release includes certain non-GAAP financial measures: (net) underlying earnings, net operating earnings, operating earnings before tax and value of new business. The reconciliation of net underlying earnings and underlying earnings before tax to the most comparable IFRS measures is provided on page 34. A reconciliation of (net) underlying earnings to operating earnings before tax is provided on page 27.

Value of new business is not based on IFRS, which are used to report AEGON's quarterly condensed consolidated interim financial 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: believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. 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;
    - 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 regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    
    Group Corporate Communications & Investor Relations

    Media relations:
    Phone: +31(0)70-344-8956
    E-mail: [email protected]

    Media conference call
    8:00 am CET
    Audio webcast on http://www.aegon.com

    Investor relations:
    Phone: +31(0)70-344-8305 
    or     +1-877-548-9668 - toll free USA only 
    E-mail: [email protected] 


    Analyst & investor call
    3:00 pm CET
    Audio webcast on http://www.aegon.com
    Call-in numbers (listen only):
      Netherlands    +31-20-796-5332
      United Kingdom +44-208-515-2316
      United States  +1-480-293-1744
    Website: http://www.aegon.com

    Financial supplement:
    AEGON's Q1 2009 Financial supplement is available on 
    http://www.aegon.com.

    Video interview Alex Wynaendts
    Available on www.aegon.com at 7.45 a.m., via the link
    http://www.aegon.com/q1interview.

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