Edgar Filing: AEGON NV

FORM 6-K

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

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

the Securities Exchange Act of 1934

August 2011

AEGON N.V.

AEGONplein 50

2591 TV THE HAGUE

The Netherlands

AEGON’s condensed consolidated interim financial statements Q2 2011, is included as appendix and incorporated herein by reference.

SIGNATURE

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


		AEGON N.V.
		(Registrant)

Date: August 10, 2011	By	/s/ E. Lagendijk
		E. Lagendijk
		Executive Vice President and General Counsel

LOGO

TABLE OF CONTENTS


Condensed consolidated income statement			p 2

Condensed consolidated statement of comprehensive income			p 3

Condensed consolidated statement of financial position			p 4

Condensed consolidated statement of changes in equity			p 5

Condensed consolidated cash flow statement			p 6

Notes to the condensed consolidated interim financial statements			p 7


Unaudited				Page 1

CONDENSED CONSOLIDATED INCOME STATEMENT


EUR millions (except per share data)	Notes		Q2 2011			Q2 2010			Ytd 2011			Ytd 2010
Premium income		4		4,501			5,264			10,778			11,427
Investment income		5		2,099			2,286			4,210			4,378
Fee and commission income				428			405			888			841
Other revenues				2			—			4			1

Total revenues				7,030			7,955			15,880			16,647
Income from reinsurance ceded				477			426			907			906
Results from financial transactions		6		932			(4,978	)		2,045			1,314
Other income		7		(3	)		34			34			34

Total income				8,436			3,437			18,866			18,901

Benefits and expenses		8		7,759			2,640			17,618			17,440
Impairment charges / (reversals)		9		106			106			170			276
Interest charges and related fees				117			99			228			195
Other charges		10		(7	)		116			21			116

Total charges				7,975			2,961			18,037			18,027

Share in net result of associates				12			9			17			19

Income / (loss) before tax				473			485			846			893
Income tax (expense) / benefit				(69	)		(72	)		(115	)		(108	)

Net income / (loss)				404			413			731			785


Net income / (loss) attributable to:
Equity holders of AEGON N.V.				403			413			730			784
Non-controlling interests				1			—			1			1


Earnings and dividend per share (EUR per share)
Earnings per share ¹				(0.04	)		0.16			(0.09	)		0.35


Earnings per share, excluding premium on core capital securities				0.16			0.16			0.32			0.35
Diluted earnings per share ^{1, 2}				(0.04	)		0.16			(0.09	)		0.35
Earnings per share after potential attribution to convertible core capital securities ^{1, 3}				—			0.13			—			0.30
Diluted earnings per share after conversion of convertible core capital securities ^1, 2				—			0.12			—			0.27

Dividend per common share				—			—			—			—


Net income / (loss) per common share calculation
Net income / (loss)				403			413			730			784
Preferred dividend				(59	)		(90	)		(59	)		(90	)
Coupons on perpetuals				(43	)		(49	)		(87	)		(96	)
Coupons and premium on convertible core capital securities				(375	)		—			(750	)		—

Earnings attributable to common shareholders				(74	)		274			(166	)		598
Potential coupon on convertible core capital securities				—			(43	)		—			(85	)

Earnings after potential attribution to convertible core capital securities				(74	)		231			(166	)		513

Weighted average number of common shares outstanding				1,880			1,707			1,823			1,707
Weighted average number of common shares outstanding, after conversion of convertible core capital securities				—			2,207			—			2,207

¹	After deduction of preferred dividend, coupons on perpetuals and coupons and premium on core capital securities.

The potential conversion of the convertible core capital securities is taken into account in the calculation of diluted earnings per share if this would have a dilutive effect (i.e. diluted earnings per share would be lower than the earnings after potential attribution to convertible core capital securities).

³	Reflect basic earnings per share. For Q2 2011, basic earnings per share is EUR (0.04)


Unaudited				Page 2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


EUR millions	Q2 2011			Q2 2010			Ytd 2011			Ytd 2010
Net income / (loss)		404			413			731			785

Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		565			1,492			365			3,277
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments		(158	)		(122	)		(219	)		(142	)
Changes in revaluation reserve real estate held for own use		1			4			—			6
Changes in cash flow hedging reserve		84			311			(3	)		319
Movement in foreign currency translation and net foreign investment hedging reserve		(293	)		1,381			(1,173	)		2,234
Equity movements of associates		1			(10	)		(7	)		8
Disposal of group assets		—			(22	)		—			(22	)
Aggregate tax effect of items recognized in other comprehensive income		(156	)		(659	)		(56	)		(1,237	)
Other		(7	)		2			(6	)		(7	)

Other comprehensive income for the period		37			2,377			(1,099	)		4,436
Total comprehensive income		441			2,790			(368	)		5,221


Total comprehensive income attributable to:
Equity holders of AEGON N.V.		441			2,790			(368	)		5,218
Non-controlling interests		—			—			—			3


Unaudited				Page 3


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR millions	Notes		June 30, 2011		Dec. 31, 2010
ASSETS
Intangible assets		11		4,016		4,359
Investments		12		132,837		143,188
Investments for account of policyholders		13		142,672		146,237
Derivatives				5,221		6,251
Investments in associates				743		733
Reinsurance assets				6,302		5,580
Deferred expenses and rebates		14		11,222		11,948
Other assets and receivables				8,512		8,776
Cash and cash equivalents				4,450		5,231

Total assets				315,975		332,303

EQUITY AND LIABILITIES
Shareholders’ equity				16,845		17,210
Convertible core capital securities		16		—		1,500
Other equity instruments				4,711		4,704

Issued capital and reserves attributable to equity holders of AEGON N.V.				21,556		23,414
Non-controlling interests				11		11

Group equity				21,567		23,425


Trust pass-through securities				131		143
Subordinated borrowings				16		—
Insurance contracts				94,390		100,506
Insurance contracts for account of policyholders				76,149		77,650
Investment contracts				20,578		23,237
Investment contracts for account of policyholders				68,058		69,527
Derivatives				5,563		5,971
Borrowings		17		9,409		8,518
Other liabilities				20,114		23,326

Total liabilities				294,408		308,878


Total equity and liabilities				315,975		332,303


Unaudited				Page 4


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR millions	Share capital²		Retained earnings			Revaluation reserves			Other reserves			Convertible core capital securities			Other equity instruments			Issued capital and reserves¹			Non-controlling interests			Total
Six months ended June 30, 2011

At beginning of year		8,184		9,421			958			(1,353	)		1,500			4,704			23,414			11			23,425

Net income recognized in the income statement		—		730			—			—			—			—			730			1			731

Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			365			—			—			—			365			—			365
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			(219	)		—			—			—			(219	)		—			(219	)
Changes in cash flow hedging reserve		—		—			(3	)		—			—			—			(3	)		—			(3	)
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			(1,173	)		—			—			(1,173	)		—			(1,173	)
Equity movements of associates		—		—			—			(7	)		—			—			(7	)		—			(7	)
Aggregate tax effect of items recognized in other comprehensive income		—		—			(112	)		56			—			—			(56	)		—			(56	)
Other		—		(5	)		—			—			—			—			(5	)		(1	)		(6	)

Total other comprehensive income		—		(5	)		31			(1,124	)		—			—			(1,098	)		(1	)		(1,099	)


Total comprehensive income for 2011		—		725			31			(1,124	)		—			—			(368	)		—			(368	)

Shares issued		913		—			—			—			—			—			913			—			913
Repurchase of convertible core capital securities		—		—			—			—			(1,500	)		—			(1,500	)		—			(1,500	)
Preferred dividend		—		(59	)		—			—			—			—			(59	)		—			(59	)
Coupons on perpetuals		—		(87	)		—			—			—			—			(87	)		—			(87	)
Coupons and premium on convertible core capital securities		—		(750	)		—			—			—			—			(750	)		—			(750	)
Share options		—		—			—			—			—			7			7			—			7
Other		—		(14	)		—			—			—			—			(14	)		—			(14	)

At end of period		9,097		9,236			989			(2,477	)		—			4,711			21,556			11			21,567


Six months ended June 30, 2010

At beginning of year		8,184		7,995			(1,709	)		(2,306	)		2,000			4,709			18,873			10			18,883

Net income / (loss) recognized in the income statement		—		784			—			—			—			—			784			1			785

Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			3,277			—			—			—			3,277			—			3,277
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			(142	)		—			—			—			(142	)		—			(142	)
Changes in revaluation reserve real estate held for own use		—		—			6			—			—			—			6			—			6
Changes in cash flow hedging reserve		—		—			319			—			—			—			319			—			319
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			2,234			—			—			2,234			—			2,234
Equity movements of associates		—		—			—			8			—			—			8			—			8
Disposal of group assets		—		—			(22	)		—			—			—			(22	)		—			(22	)
Aggregate tax effect of items recognized in other comprehensive income		—		—			(1,141	)		(96	)		—			—			(1,237	)		—			(1,237	)
Other		—		(9	)		—			—			—			—			(9	)		2			(7	)

Total other comprehensive income		—		(9	)		2,297			2,146			—			—			4,434			2			4,436


Total comprehensive income / (loss) for 2010		—		775			2,297			2,146			—			—			5,218			3			5,221

Preferred dividend		—		(90	)		—			—			—			—			(90	)		—			(90	)
Coupons on perpetual securities		—		(96	)		—			—			—			—			(96	)		—			(96	)
Share options		—		—			—			—			—			(7	)		(7	)		—			(7	)

At end of period		8,184		8,584			588			(160	)		2,000			4,702			23,898			13			23,911

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

²	For a breakdown of share capital please refer to note 15.


Unaudited				Page 5


CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR millions	Ytd 2011			Ytd 2010
Cash flow from operating activities		(345	)		1,490

Purchases and disposals of intangible assets		(7	)		(11	)
Purchases and disposals of equipment and other assets		(25	)		(53	)
Purchases, disposals and dividends of subsidiaries and associates		(7	)		(169	)

Cash flow from investing activities		(39	)		(233	)

Issuance and purchase of share capital		913			—
Dividends paid		(59	)		(90	)
Issuances, repurchases and coupons of convertible core capital securities		(2,250	)		—
Issuances, repurchases and coupons of perpetuals		(117	)		(129	)
Issuances and repayments on borrowings		1,149			73

Cash flow from financing activities		(364	)		(146	)

Net increase / (decrease) in cash and cash equivalents		(748	)		1,111

Net cash and cash equivalents at January 1		5,174			4,013
Effects of changes in exchange rate		(46	)		113

Net cash and cash equivalents at end of period		4,380			5,237


	June 30, 2011			June 30, 2010
Cash and cash equivalents		4,450			5,328
Bank overdrafts		(70	)		(91	)

Net cash and cash equivalents		4,380			5,237


Unaudited				Page 6

Notes to the condensed consolidated interim financial statements

Amounts in EUR millions, unless otherwise stated

1. Basis of presentation

The condensed consolidated interim financial statements as at and for the second quarter ended June 30, 2011, have been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union (EU) as issued by the International Accounting Standards Board (IASB). It does not include all of the information required for a full set of financial statements prepared in accordance with IFRS and should therefore be read together with the 2010 consolidated financial statements of AEGON N.V. as included in AEGON’s Annual Report for 2010. AEGON’s annual report for 2010 is available on our website (www.aegon.com).

The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements were approved by the Executive Board on August 10, 2011.

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

2. Significant accounting policies

All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2010 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board as adopted by the European Union.

Taxes on income for the first six months of 2011 interim period are accrued using the tax rate that would be applicable to expected total annual earnings.

The following standards, interpretations, amendments to standards and interpretations became effective in 2011:

•

Amendment to IAS 24 - Related party disclosures

•

Amendment to IFRS 1 - First time adoption

•

Amendment to IFRIC 14 - Prepayments of a minimum funding requirement

•

Amendment to IAS 32 - Classification of Rights Issues

•

IFRIC 19 - Extinguishing financial liabilities with equity instruments

•

Improvements to IFRS (2010)

None of these new or revised standards and interpretations had a significant effect on the condensed consolidated interim financial statements for the period ended June 30, 2011.

AEGON has not early adopted any other standards, interpretations or amendments, that have been issued but are not yet effective.

Critical accounting estimates

Certain amounts recorded in the condensed consolidated interim financial statements reflect estimates and assumptions made by management. Actual results may differ from the estimates made.

Exchange rates

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

Income statement items: average rate 1 EUR = USD 1.4025 (2010: USD 1.3279); 1 EUR = GBP 0.8670 (2010: GBP 0.8696).

Balance sheet items: closing rate 1 EUR = USD 1.4499 (2010: USD 1.3362); 1 EUR = GBP 0.9031 (2010: GBP 0.8608).


Unaudited				Page 7

3. Segment information

3.1 Income statement

Three months ended June 30, 2011


EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Non-IFRS Total			Associates eliminations			Total IFRS based
*Three months ended June 30, 2011*

Underlying earnings before tax geographically		325			74			10			59			(68	)		1			401			(4	)		397
Fair value items		(52	)		2			—			(3	)		30			—			(23	)		—			(23	)
Realized gains / (losses) on investments		51			142			11			—			—			—			204			—			204
Impairment charges		(69	)		(3	)		(40	)		(4	)		—			—			(116	)		1			(115	)
Impairment reversals		16			—			—			—			—			—			16			—			16
Other income / (charges)		(3	)		(11	)		1			(3	)		—			—			(16	)		—			(16	)
Run-off businesses		10			—			—			—			—			—			10			—			10

Income before tax		278			204			(18	)		49			(38	)		1			476			(3	)		473
Income tax (expense) / benefit		(41	)		(35	)		—			(10	)		14			—			(72	)		3			(69	)

Net income		237			169			(18	)		39			(24	)		1			404			—			404

Inter-segment underlying earnings		(31	)		(10	)		(17	)		53			5

Revenues
Life insurance gross premiums		1,489			483			1,648			299			—			—			3,919			(69	)		3,850
Accident and health insurance		435			40			—			13			—			—			488			(1	)		487
General insurance		—			127			—			37			—			—			164			—			164

Total gross premiums		1,924			650			1,648			349			—			—			4,571			(70	)		4,501
Investment income		896			549			609			63			67			(66	)		2,118			(19	)		2,099
Fee and commission income		249			79			36			117			—			(53	)		428			—			428
Other revenues		1			—			—			—			1			—			2			—			2

Total revenues		3,070			1,278			2,293			529			68			(119	)		7,119			(89	)		7,030

Inter-segment revenues		3			—			1			53			62

Three months ended June 30, 2010


EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Non-IFRS Total			Associates eliminations			Total IFRS based
*Three months ended June 30, 2010*

Underlying earnings before tax geographically		398			97			22			40			(76	)		2			483			—			483
Fair value items		(33	)		68			(14	)		(4	)		(14	)		—			3			—			3
Realized gains / (losses) on investments		17			23			3			8			97			—			148			(2	)		146
Impairment charges		(92	)		(6	)		(1	)		(9	)		—			—			(108	)		—			(108	)
Impairment reversals		31			—			—			—			—			—			31			—			31
Other income / (charges)		(105	)		33			23			(11	)		—			—			(60	)		—			(60	)
Run-off businesses		(10	)		—			—			—			—			—			(10	)		—			(10	)

Income before tax		206			215			33			24			7			2			487			(2	)		485
Income tax (expense) / benefit		(7	)		(45	)		(6	)		(9	)		(7	)		—			(74	)		2			(72	)

Net income		199			170			27			15			—			2			413			—			413

Inter-segment underlying earnings		(46	)		(14	)		(19	)		75			4

Revenues
Life insurance gross premiums		1,772			520			2,008			357			—			—			4,657			(87	)		4,570
Accident and health insurance		485			32			—			13			—			—			530			(1	)		529
General insurance		—			124			—			41			—			—			165			—			165

Total gross premiums		2,257			676			2,008			411			—			—			5,352			(88	)		5,264
Investment income		1,089			547			597			58			91			(80	)		2,302			(16	)		2,286
Fee and commission income		231			90			41			115			—			(72	)		405			—			405
Other revenues		—			—			—			—			—			—			—			—			—

Total revenues		3,577			1,313			2,646			584			91			(152	)		8,059			(104	)		7,955

Inter-segment revenues		—			—			2			72			78


Unaudited				Page 8

Six months ended June 30, 2011


EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Non-IFRS Total			Associates eliminations			Total IFRS based
*Six months ended June 30, 2011*

Underlying earnings before tax geographically		672			155			22			116			(150	)		—			815			(8	)		807
Fair value items		(64	)		(58	)		(1	)		(3	)		18			—			(108	)		—			(108	)
Realized gains / (losses) on investments		76			177			40			2			—			—			295			—			295
Impairment charges		(152	)		(6	)		(40	)		(6	)		—			—			(204	)		1			(203	)
Impairment reversals		41			1			—			—			—			—			42			—			42
Other income / (charges)		(3	)		(19	)		(5	)		8			—			—			(19	)		—			(19	)
Run-off businesses		32			—			—			—			—			—			32			—			32

Income before tax		602			250			16			117			(132	)		—			853			(7	)		846
Income tax (expense) / benefit		(102	)		(42	)		20			(36	)		38			—			(122	)		7			(115	)

Net income		500			208			36			81			(94	)		—			731			—			731

Inter-segment underlying earnings		(65	)		(20	)		(34	)		111			8

Revenues
Life insurance gross premiums		3,066			2,354			3,510			668			—			—			9,598			(225	)		9,373
Accident and health insurance		875			149			—			45			—			—			1,069			(1	)		1,068
General insurance		—			259			—			78			—			—			337			—			337

Total gross premiums		3,941			2,762			3,510			791			—			—			11,004			(226	)		10,778
Investment income		1,850			1,069			1,208			119			132			(129	)		4,249			(39	)		4,210
Fee and commission income		519			174			73			233			—			(111	)		888			—			888
Other revenues		1			—			—			1			2			—			4			—			4

Total revenues		6,311			4,005			4,791			1,144			134			(240	)		16,145			(265	)		15,880

Inter-segment revenues		3			1			1			111			124

Six months ended June 30, 2010


EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Non-IFRS Total			Associates eliminations			Total IFRS based
*Six months ended June 30, 2010*

Underlying earnings before tax geographically		735			201			50			86			(144	)		1			929			(3	)		926
Fair value items		(119	)		159			(11	)		(1	)		(41	)		—			(13	)		—			(13	)
Realized gains / (losses) on investments		41			119			6			11			97			—			274			(2	)		272
Impairment charges		(247	)		(12	)		(12	)		(11	)		—			—			(282	)		—			(282	)
Impairment reversals		47			5			3			—			—			—			55			—			55
Other income / (charges)		(105	)		33			46			(11	)		—			—			(37	)		—			(37	)
Run-off businesses		(28	)		—			—			—			—			—			(28	)		—			(28	)

Income before tax		324			505			82			74			(88	)		1			898			(5	)		893
Income tax (expense) / benefit		32			(112	)		(32	)		(22	)		21			—			(113	)		5			(108	)

Net income		356			393			50			52			(67	)		1			785			—			785

Inter-segment underlying earnings		(76	)		(28	)		(32	)		127			9
Revenues
Life insurance gross premiums		3,320			2,269			3,955			645			—			—			10,189			(203	)		9,986
Accident and health insurance		918			140			—			40			—			—			1,098			(1	)		1,097
General insurance		—			259			—			85			—			—			344			—			344

Total gross premiums		4,238			2,668			3,955			770			—			—			11,631			(204	)		11,427
Investment income		2,014			1,105			1,156			116			160			(138	)		4,413			(35	)		4,378
Fee and commission income		484			176			79			227			—			(125	)		841			—			841
Other revenues		1			—			—			1			—			—			2			(1	)		1

Total revenues		6,737			3,949			5,190			1,114			160			(263	)		16,887			(240	)		16,647

Inter-segment revenues		—			—			2			125			136


Unaudited				Page 9

Non-IFRS measures

This report includes the non-IFRS financial measure: underlying earnings before tax. The reconciliation of this measure to the most comparable IFRS measure is presented in the tables in this note. This non-IFRS measure is calculated by consolidating on a proportionate basis the revenues and expenses of our associated companies in Spain, India, Brazil and Mexico. AEGON believes that its non-IFRS measure provides meaningful information about the underlying operating results of our business including insight into the financial measures that senior management uses in managing the business.

Among other things our senior management is compensated based in part on AEGON's results against targets using the non-IFRS measure presented here. While many other insurers in our peer group present substantially similar non-IFRS measures, the non-IFRS measure presented in this document may nevertheless differ from the non-IFRS measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards and readers are cautioned to consider carefully the different ways in which AEGON and its peers present similar information before comparing them.

AEGON believes the non-IFRS measure shown herein, when read together with our reported IFRS financial statements, provides meaningful supplemental information for the investing public to evaluate AEGON’s business after eliminating the impact of current IFRS accounting policies for financial instruments and insurance contracts, which embed a number of accounting policy alternatives that companies may select in presenting their results (i.e. companies can use different local GAAPs) and that can make the comparability from period to period difficult.

Underlying earnings

Certain assets held by AEGON Americas, AEGON The Netherlands and AEGON UK are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate limited partnerships, convertible bonds and structured products. Underlying earnings exclude any over- or underperformance compared to management’s long-term expected return on assets. Based on current holdings and asset returns, the

long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable.

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

Holding and other activities include certain issued bonds that are held at fair value through profit or loss. The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in AEGON’s credit spread used in the valuation of these bonds are excluded from underlying earnings and reported under fair value items.

Fair value items

Fair value items include the over- or underperformance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings.

In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.

Realized gains or losses on investments

Includes realized gains and losses on available-for-sale investments, mortgage loans and loan portfolios.


Unaudited				Page 10

Impairment charges / reversals

Includes impairments / (reversals) on available-for-sale debt securities and impairments on shares including the effect of deferred policyholder acquisition costs, mortgage loans and loan portfolios on amortized cost and associates.

Other income or charges

Other income or charges is used to report any items which cannot be directly allocated to a specific line of business. Also items that are outside the normal course of business are included under this heading.

Other charges include restructuring charges that are considered other charges for segment reporting purposes because they are outside the normal course of business. In the condensed consolidated income statement, these charges are included in operating expenses.

Run-off businesses

Includes underlying results of business units where management has decided to exit the market and to run–off the existing block of business. Currently, this line includes the run-off of the institutional spread-based business, structured settlements blocks of business, Bank-Owned and Corporate-Owned Life Insurance (BOLI/COLI) business and life reinsurance business in the United States. AEGON has other blocks of business for which sales have been discontinued and of which the earnings are included in underlying earnings.

On April 26, 2011, AEGON publicly announced the decision of its Executive Board to divest its life reinsurance activities, Transamerica Reinsurance, to SCOR. These activities are no longer reported in underlying earnings but are reflected in the run-off businesses line in the segment reporting (both in 2011 and in 2010). More details on this transaction are given in note 18.

Also, in December 2010, AEGON publicly announced the decision of its Executive Board to discontinue new sales of

executive non-qualified benefit plans and related Bank-Owned and Corporate-Owned Life Insurance (BOLI/COLI) business in the United States. Earnings from the BOLI/COLI business are no longer reported in underlying earnings but reflected in the run-off businesses line in the segment reporting (both in 2011 and 2010).

The comparative figures, affecting the Americas segment, regarding the underlying earnings and the run-off businesses have been revised as follows:


	Reported			Reclassification						Revised
EUR millions				BOLI/COLI			Reinsurance
*Three months ended June 30, 2010*

Underlying earnings before tax geographically		522			(13	)		(26	)		483
Fair value items		3			—			—			3
Realized gains / (losses) on investments		148			—			—			148
Impairment charges		(108	)		—			—			(108	)
Impairment reversals		31			—			—			31
Other income / (charges)		(60	)		—			—			(60	)
Run-off businesses		(49	)		13			26			(10	)

Income before tax		487			—			—			487
Income tax (expense) / benefit		(74	)		—			—			(74	)

Net income		413			—			—			413


	Reported			Reclassification						Revised
EUR millions				BOLI/COLI			Reinsurance
*Six months ended June 30, 2010*

Underlying earnings before tax geographically		1,010			(25	)		(56	)		929
Fair value items		(13	)		—			—			(13	)
Realized gains / (losses) on investments		274			—			—			274
Impairment charges		(282	)		—			—			(282	)
Impairment reversals		55			—			—			55
Other income / (charges)		(37	)		—			—			(37	)
Run-off businesses		(109	)		25			56			(28	)

Income before tax		898			—			—			898
Income tax (expense) / benefit		(113	)		—			—			(113	)

Net income		785			—			—			785

Share in earnings of associates

Earnings from the Company’s associates in insurance companies in Spain, India, Brazil and Mexico are reported on an underlying earnings basis. Other associates are included on a net income basis.


Unaudited				Page 11

3.2 Investments geographically

At June 30, 2011


									amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At June 30, 2011	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,806		52	Shares		1,245		632		57		70		—		(2	)		2,002
	85,594		7,893	Debt securities		59,035		16,194		8,740		2,047		—		—			86,016
	14,261		7	Loans		9,836		17,932		8		658		—		—			28,434
	19,044		—	Other financial assets		13,135		41		—		44		452		—			13,672
	1,018		—	Investments in real estate		702		2,011		—		—		—		—			2,713

	121,723		7,952	Investments general account		83,953		36,810		8,805		2,819		452		(2	)		132,837
	—		25,976	Shares		—		7,975		28,763		3,304		—		(6	)		40,036
	—		12,834	Debt securities		—		14,662		14,211		256		—		—			29,129
	83,383		7,076	Separate accounts and investment funds		57,509		—		7,835		1,267		—		—			66,611
	—		3,494	Other financial assets		—		558		3,870		1,376		—		—			5,804
	—		987	Investments in real estate		—		—		1,092		—		—		—			1,092

	83,383		50,367	Investments for account of policyholders		57,509		23,195		55,771		6,203		—		(6	)		142,672
	205,106		58,319	Investments on balance sheet		141,462		60,005		64,576		9,022		452		(8	)		275,509
	119,813		—	Off balance sheet investments third parties		82,635		—		—		33,132		—		—			115,767

	324,919		58,319	Total revenue generating investments		224,097		60,005		64,576		42,154		452		(8	)		391,276

				Investments
	100,337		7,882	Available-for-sale		69,203		16,654		8,727		1,899		5		—			96,488
	14,261		7	Loans		9,836		17,932		8		658		—		—			28,434
	—		—	Held-to-maturity		—		—		—		141		—		—			141
	89,490		49,443	Financial assets at fair value through profit or loss		61,721		23,408		54,749		6,324		447		(8	)		146,641
	1,018		987	Investments in real estate		702		2,011		1,092		—		—		—			3,805

	205,106		58,319	Total investments on balance sheet		141,462		60,005		64,576		9,022		452		(8	)		275,509

	118		8	Investments in associates		81		59		9		590		4		—			743
	29,023		5,735	Other assets		20,018		10,169		6,351		1,765		28,037		(26,617	)		39,723

	234,247		64,062	Consolidated total assets		161,561		70,233		70,936		11,377		28,493		(26,625	)		315,975

At December 31, 2010


									amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At December 31, 2010	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,737		53	Shares		1,300		945		62		72		—		(3	)		2,376
	89,687		7,917	Debt securities		67,121		18,504		9,198		2,041		—		—			96,864
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	17,481		—	Other financial assets		13,083		40		—		45		293		—			13,461
	974		—	Investments in real estate		729		2,055		—		—		—		—			2,784

	125,128		7,978	Investments general account		93,645		37,173		9,269		2,811		293		(3	)		143,188
	—		25,470	Shares		—		8,087		29,589		3,139		—		(5	)		40,810
	—		13,573	Debt securities		—		14,435		15,768		223		—		—			30,426
	79,308		6,393	Separate accounts and investment funds		59,353		—		7,427		1,309		—		—			68,089
	—		3,250	Other financial assets		—		536		3,775		1,467		—		—			5,778
	—		976	Investments in real estate		—		—		1,134		—		—		—			1,134

	79,308		49,662	Investments for account of policyholders		59,353		23,058		57,693		6,138		—		(5	)		146,237
	204,436		57,640	Investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425
	115,297		—	Off balance sheet investments third parties		86,287		12,353		—		25,126		—		—			123,766

	319,733		57,640	Total revenue generating investments		239,285		72,584		66,962		34,075		293		(8	)		413,191

				Investments
	102,792		7,899	Available-for-sale		76,929		19,261		9,177		1,879		4		—			107,250
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	—		—	Held-to-maturity		—		—		—		139		—		—			139
	85,421		48,757	Financial assets at fair value through profit or loss		63,928		23,286		56,642		6,278		289		(8	)		150,415
	974		976	Investments in real estate		729		2,055		1,134		—		—		—			3,918

	204,436		57,640	Total investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425

	114		8	Investments in associates		85		59		9		576		4		—			733
	27,165		5,415	Other assets		20,331		11,626		6,290		1,703		30,824		(28,629	)		42,145

	231,715		63,063	Consolidated total assets		173,414		71,916		73,261		11,228		31,121		(28,637	)		332,303

The decline in off balance sheet investments third parties in The Netherlands reflect a transfer of third party asset management operations from AEGON The Netherlands to AEGON Asset Management, included in New Markets.


Unaudited				Page 12

4. Premium income and premium to reinsurers


EUR millions	Q2 2011		Q2 2010		Ytd 2011		Ytd 2010
Gross
Life		3,850		4,570		9,373		9,986
Non-Life		651		694		1,405		1,441

Total		4,501		5,264		10,778		11,427


Reinsurance
Life		380		371		742		698
Non-Life		87		91		168		169

Total		467		462		910		867

5. Investment income


EUR millions	Q2 2011		Q2 2010		Ytd 2011		Ytd 2010
Interest income		1,785		2,057		3,622		3,934
Dividend income		273		184		501		357
Rental income		41		45		87		87

Total investment income		2,099		2,286		4,210		4,378


Investment income related to general account		1,432		1,651		2,903		3,141
Investment income for account of policyholders		667		635		1,307		1,237

Total		2,099		2,286		4,210		4,378

6. Results from financial transactions


EUR millions	Q2 2011			Q2 2010			Ytd 2011			Ytd 2010
Net fair value change of general account financial investments at FVTPL other than derivatives		30			(26	)		157			20
Realized gains and losses on financial investments		277			184			381			335
Gains and (losses) on investments in real estate		(15	)		(43	)		(26	)		(47	)
Net fair value change of derivatives		(78	)		553			(601	)		1,357
Net fair value change on for account of policyholder financial assets at FVTPL		728			(5,736	)		2,138			(498	)
Net fair value change on investments in real estate for account of policyholders		5			20			11			72
Net foreign currency gains and (losses)		(1	)		52			(9	)		84
Net fair value change on borrowings and other financial liabilities		(18	)		18			(10	)		(9	)
Realized gains and (losses) on repurchased debt		4			—			4			—

Total		932			(4,978	)		2,045			1,314

Net fair value changes on for account of policyholder financial assets at fair value through profit and loss are

offset by amounts in Claims and benefits reported in the Benefits and expenses line (note 8).

7. Other income

In 2011, other income mainly relates to a benefit related to a settlement of legal claims.


Unaudited				Page 13

8. Benefits and expenses


EUR millions	Q2 2011			Q2 2010			Ytd 2011			Ytd 2010
Claims and Benefits		6,945			2,009			16,013			15,917
Employee expenses		517			552			1,054			1,067
Administration expenses		313			274			597			553
Deferred expenses		(371	)		(426	)		(758	)		(803	)
Amortization charges		355			231			712			706

Total		7,759			2,640			17,618			17,440

Claims and benefits includes the claims and benefits paid to policyholders, including claims and benefits in excess of account value for products for which deposit accounting is applied and the change in valuation of liabilities for insurance and investment contracts. Claims and benefits

increased mainly as a result of changes in technical provisions resulting from fair value changes on for account of policyholder financial assets included in results from financial transactions (note 6).

9. Impairment charges / (reversals)


EUR millions	Q2 2011			Q2 2010			Ytd 2011			Ytd 2010
Impairment charges / (reversals) comprise:
Impairment charges on financial assets, excluding receivables ¹		121			134			209			327
Impairment reversals on financial assets, excluding receivables ¹		(16	)		(31	)		(42	)		(55	)
Impairment charges / (reversals) on non-financial assets and receivables		1			3			3			4

Total		106			106			170			276


Impairment charges on financial assets, excluding receivables, from:
Shares		1			1			3			4
Debt securities and money market instruments		115			107			185			276
Loans		6			26			15			47
Other		(1	)		—			6			—

Total		121			134			209			327


Impairment reversals on financial assets, excluding receivables, from:
Debt securities and money market instruments		(14	)		(28	)		(38	)		(52	)
Loans		(2	)		(3	)		(4	)		(3	)

Total		(16	)		(31	)		(42	)		(55	)

¹	Impairment charges / (reversals) on financial assets, excluding receivables, are excluded from underlying earnings before tax for segment reporting (refer to note 3).

10. Other charges

In 2011, other charges includes an annual charge related to a bank tax charged by the Hungarian government of EUR 20 million.


Unaudited				Page 14

11.

Intangible assets


EUR millions	June 30, 2011		Dec. 31, 2010
Goodwill		636		652
VOBA		2,932		3,221
Future servicing rights		407		444
Software		29		32
Other		12		10

Total intangible assets		4,016		4,359

The decrease in goodwill and future servicing rights is mainly attributable to foreign currency effects. In addition, future servicing rights decreased due to amortization.

The decrease in value of business acquired (VOBA) is mainly attributable to foreign currency effects and amortization partly offset by the impact of shadow accounting.

12.

Investments


EUR millions	June 30, 2011		Dec. 31, 2010
Available-for-sale (AFS)		96,488		107,250
Loans		28,434		27,703
Held-to-maturity (HTM)		141		139
Financial assets at fair value through profit or loss (FVTPL)		5,061		5,312

Financial assets, excluding derivatives		130,124		140,404
Investments in real estate		2,713		2,784

Total investments for general account		132,837		143,188

Total financial assets, excluding derivatives


	AFS		FVTPL		HTM		Loans		Total
Shares		981		1,021		—		—		2,002
Debt securities		84,362		1,513		141		—		86,016
Money market and other short term investments		10,343		781		—		—		11,124
Mortgages		—		—		—		24,817		24,817
Private loans		—		—		—		804		804
Deposits with financial institutions		—		—		—		648		648
Policy loans		—		—		—		1,995		1,995
Receivables out of share lease agreements		—		—		—		21		21
Other		802		1,746		—		149		2,697

June 30, 2011		96,488		5,061		141		28,434		130,124


	AFS		FVTPL		HTM		Loans		Total
Shares		1,298		1,078		—		—		2,376
Debt securities		94,936		1,789		139		—		96,864
Money market and other short term investments		10,141		659		—		—		10,800
Mortgages		—		—		—		23,781		23,781
Private loans		—		—		—		829		829
Deposits with financial institutions		—		—		—		748		748
Policy loans		—		—		—		2,169		2,169
Receivables out of share lease agreements		—		—		—		25		25
Other		875		1,786		—		151		2,812

Dec. 31, 2010		107,250		5,312		139		27,703		140,404


Unaudited				Page 15

Government bond investments

Included in our available for sale debt securities and money market investments are EUR 949 million (December 31, 2010: EUR 1,250 million) of exposures to the central governments of the European peripheral

countries of Portugal, Italy, Ireland, Greece and Spain. The table below provides the amortized cost and fair value of these exposures.

Exposure to central governments of European peripheral countries


EUR millions	June 30, 2011				Dec. 31, 2010
	Amortized cost		Fair value		Amortized cost		Fair value
Portugal		13		9		33		32
Italy		89		85		114		112
Ireland		32		24		37		32
Greece		4		4		58		45
Spain		811		745		1,008		904

Total		949		867		1,250		1,125

13.

Investments for account of policyholders


EUR millions	June 30, 2011		Dec. 31, 2010
Shares		40,036		40,810
Debt securities		29,129		30,426
Money market and short-term investments		2,275		2,597
Deposits with financial institutions		2,945		2,630
Separate accounts and unconsolidated investment funds		66,611		68,089
Other		584		551

Total investments for account of policyholders at fair value through profit or loss, excluding derivatives		141,580		145,103
Investment in real estate		1,092		1,134

Total investments for account of policyholders		142,672		146,237

14.

Deferred expenses and rebates


EUR millions	June 30, 2011		Dec. 31, 2010
DPAC for insurance contracts and investment contracts with discretionary participation features		10,636		11,340
Deferred transaction costs for investment management services		371		380
Unamortized interest rate rebates		215		228

Total deferred expenses and rebates		11,222		11,948

Deferred policy acquisition costs (DPAC) balances decreased, reflecting changes in foreign currency

exchange rates, amortization and the impact of shadow accounting partly offset by newly deferred expenses.


Unaudited				Page 16

15. Share capital


EUR millions	June 30, 2011		Dec. 31, 2010
Share capital - par value		310		278
Share premium		8,787		7,906

Total share capital		9,097		8,184


Share capital - par value
Balance at January 1		278		278
Issuance		32		—

Balance		310		278


Share premium
Balance at January 1		7,906		7,906
Issuance		881		—

Balance		8,787		7,906

On March 1, 2011 AEGON completed the issue of 173,604,912 new common shares of AEGON N.V. with a par value of EUR 0.12. The shares were issued at a price of EUR 5.20 per share. The proceeds of EUR 903 million were used to fund part of the repurchase of the convertible core capital securities described in note 16.

The new shares have been listed on Euronext Amsterdam, the principal market for AEGON’s common shares.

On March 15, 2011, Vereniging AEGON exercised its option rights to purchase 41,042,000 class B preferred shares at par value of EUR 0.25 in order to avoid dilution of its voting rights following the issuance of 10% new common shares completed on March 1, 2011.

16. Convertible core capital securities

AEGON repurchased EUR 1.5 billion in principal amount of the original EUR 3 billion in convertible core capital securities from the Dutch State. The total payment to the Dutch State amounted to EUR 2,250 million of which EUR 1,500 million related to the repurchase of 375 million convertible core capital securities and EUR 750 million related to the premium attached to this repurchase. This repurchase was completed in two equal tranches on March 15 and June 15 respectively.

With these transactions AEGON has repurchased all of the EUR 3 billion core capital securities issued to the Dutch State at the height of the financial crisis in 2008.


Unaudited				Page 17

17. Borrowings


EUR millions	June 30, 2011		Dec. 31, 2010
Debentures and other loans		8,901		7,743
Commercial paper		420		701
Short term deposits		18		17
Bank overdrafts		70		57

Total borrowings		9,409		8,518

On April 14, 2011, AEGON The Netherlands sold EUR 1.5 billion Class A residential mortgage backed securities (RMBS) to a broad group of institutional investors. These securities consist of two tranches:

•

EUR 375 million of class A1 notes with an expected weighted average life of 1.9 years and priced at par with a coupon of three month Euribor plus 0.95 %; and

•

EUR 1,125 million of class A2 notes with an expected weighted average life of 4.9 years and priced at par with a coupon of three month Euribor plus 1.35 %.

The securities were issued under the Dutch SAECURE program. The net proceeds where used to finance a part of the existing Dutch mortgage portfolio of AEGON The Netherlands.

Debentures and other loans increased due to the sale of these residential mortgage backed securities, partly compensated by redemptions and negative impact of foreign currency exchange rates.

Included in Debentures and other loans is EUR 960 million relating to borrowings measured at fair value (2010: EUR 987 million).

Commercial paper, Short term deposits and Bank overdrafts vary with the normal course of business.

18. Commitments and contingencies

See note 19 for litigation with respect to Koersplan products.

There have been no material changes in contingent assets and liabilities reported in the 2010 consolidated financial statements of AEGON.

19. Events after the balance sheet date

Effective July 1, 2011, AEGON entered into a Joint Venture contract with Unnim, the entity which was created by the merger of Caixa Terrassa, Caixa Sabadell and Caixa Manlleu. AEGON Spain is the sole insurance partner of Unnim to provide life and pension insurance products.

On July 26, 2011, the Amsterdam Court of Appeal, an intermediate appeals court, ruled with respect to a specific AEGON unit-linked product (Koersplan). The Amsterdam Court of Appeal accepted AEGON’s positions that Koersplan products sold during the period 1989-1998 entailed an obligation on the part of customers to pay a premium for a death benefit. However, the Court ruled that AEGON should have more clearly informed its customers about the amount of

premium which the company charged in relation to the embedded death benefit. AEGON acknowledges that its level of communication could have been better at the time and has subsequently taken steps to substantially improve its communications with customers.


Unaudited				Page 18

In its decision, the Court ruled that customers are required to pay a reasonable premium. However, the Court went on to define what it considers to be a reasonable premium at a level below that charged by AEGON. The Court based its decision on a single industry example, which AEGON believes is not representative. It is AEGON’s view that, based on the arguments presented, the Court’s ruling was wrongly decided. AEGON will appeal the decision to the Supreme Court in the Netherlands.

On August 9, 2011, AEGON completed the previously announced divestment of its life reinsurance business, Transamerica Reinsurance (TARe), to SCOR. The divestment resulted in a total after-tax consideration of USD 1.4 billion, consisting of cash proceeds of USD 0.9 billion and capital release of USD 0.5 billion.

AEGON has retained certain blocks of business consisting primarily of variable annuity guarantee products with a book value of USD 0.4 billion.

The divestment of Transamerica Reinsurance (TARe) consists of a series of reinsurance agreements between various statutory insurance entities and SCOR for the US domestic business. In addition, SCOR has acquired Transamerica International Reinsurance Ireland (TIRI), a company that includes reinsurance contracts that are assumed by AEGON US domestic companies which have been retroceded to TIRI, and has taken over the operational assets and systems of TARe.

The business residing in Transamerica International Reinsurance, Bermuda (TIRe) has been retroceded to SCOR. TIRe will continue to provide reserve credit security for redundant reserves to AEGON USA’s ceding companies. AEGON will maintain approximately half of the collateral requirements needed for reinsurance reserve financing. This obligation provides reserve credit security and will run-off over approximately 15 years.

Structuring the transaction as a reinsurance arrangement leaves AEGON exposed to a counter-party risk of SCOR not performing on the reinsurance contracts as the business matures. For such an event, certain levels of collateral related to the reinsured contracts have been placed in trust for AEGON’s benefit. SCOR is rated A2/A by Moody’s and Standard & Poor’s, both with positive outlooks.

The transaction will be accounted for primarily as a reinsurance transaction between AEGON and SCOR. Certain fixed assets and certain investment assets will be transferred with any related gain (loss) being recognized. As a result, the divestment will have no significant impact on shareholders’ equity. Earnings on the business retained as well as amortization of the prepaid cost of reinsurance asset will be reflected in the run-off businesses line in AEGON’s segment reporting.

The reinsurance business being retained by AEGON, which is comprised primarily of the variable annuity guarantee business, is substantially hedged for financial market risks and produces normalized results which are negligible. In addition, various administration, service and asset management contracts are part of the transaction. The combined result, consisting primarily of the amortization of the prepaid cost of reinsurance, is approximately USD 40 million before tax per annum initially. These costs are expected to trend down as the contracts mature. Transamerica Reinsurance realized underlying earnings before tax of USD 105 million in 2010.


Unaudited				Page 19

Management statement

The interim report for the six months ended June 30, 2011 consists of the condensed consolidated interim financial statements, the Q2 results release and the responsibility statement by the Company’s Executive Board. The information in this interim report is unaudited.

The Executive Board is responsible for preparing the condensed consolidated interim financial statements in accordance with Dutch law and those International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and with IFRS as issued by the International Accounting Standards Board (IASB).

The Executive Board declares that, to the best of its knowledge, the condensed consolidated interim financial statements which have been prepared in accordance with IAS 34, “Interim Financial Reporting”, as adopted by the EU, with IFRS as issued by the IASB, give a true and fair view of the assets, liabilities, financial condition and profit or loss of AEGON N.V. and the undertakings included in the consolidation as a whole and that the Q2 results release includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

The Hague, August 10, 2011

A.R. Wynaendts

Chairman of the Executive Board and CEO

J.J. Nooitgedagt

Member of the Executive Board and CFO


Unaudited				Page 20

DISCLAIMERS

Cautionary note regarding non-GAAP measures

These condensed consolidated interim financial statements include a non-GAAP financial measures: underlying earnings before tax. The reconciliation of underlying earnings before tax to the most comparable IFRS measures is provided in Note 3 “Segment information” of notes to the condensed consolidated interim financial statements.

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

Local currencies and constant currency exchange rates

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

Forward-looking statements

The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to 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, persistence 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;

•

Lowering of one or more of our debt ratings issued by recognized rating organizations and the adverse impact such action may have on our ability to raise capital and on our liquidity and financial condition;

•

Lowering of one or more of insurer financial strength ratings of our insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability of its insurance subsidiaries and liquidity;

•

The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital we are required to maintain;

•

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;

•

The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including our ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;

•

Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives;

Further details of potential risks and uncertainties affecting 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.


Unaudited				Page 21

CORPORATE AND SHAREHOLDER INFORMATION

HEADQUARTERS

AEGON N.V.

P.O. Box 85

2501 CB The Hague

The Netherlands

Telephone: + 31 70 344 32 10

www.aegon.com

GROUP CORPORATE COMMUNICATIONS & INVESTOR RELATIONS

AEGON N.V.

P.O. Box 85

2501 CB The Hague

The Netherlands

MEDIA


Telephone:		+ 31 70 344 83 44
E-mail:		gcc-ir@aegon.com

ANALYSTS AND INVESTORS


Telephone:		+ 31 70 344 83 05 or + 1 877 548 96 68 - toll free USA only
E-mail:		ir@aegon.com

PUBLICATION FIGURES IN 2011 AND 2012


Thursday, November 11		Result third quarter 2011
Friday, February 17, 2012		Results fourth quarter 2011
Thursday, May 10, 2012		Results first quarter 2012
Thursday, August 9, 2012		Results second quarter 2012
Thursday, November 8, 2012		Results third quarter 2012

PRESS RELEASE AND SUPPLEMENTS

AEGON’s Q2 2011 press release and Q2 2011 Financial Supplement are available on AEGON’s website www.aegon.com.


Unaudited				Page 22

ABOUT AEGON

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

As an international life insurance, pension and investment company, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 28,000 people and serve some 40 million customers across the globe.

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

AEGON’s ambition is to be a leader in all its chosen markets by 2015.

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents