Exhibit 99.1

AEGON announces strong Q4 2010 results

^¡ Strong earnings, sales and capital position

- Underlying earnings before tax in Q4 up 2% to EUR 489 million, bringing the total for 2010 to EUR 2 billion

- Net income in Q4 of EUR 318 million resulting in a net profit for the year of EUR 1.8 billion

- New life sales stable at EUR 558 million; full year sales up 5% to EUR 2.2 billion

- Gross deposits increased 16% to EUR 7.8 billion adding to a total of EUR 32.6 billion in full year deposits

- Excess capital* of EUR 3.8 billion, of which EUR 1.7 billion at the holding; IGD^a) solvency ratio of 198%

^¡ Repurchase all remaining convertible core capital securities by end of June 2011

- Today’s 10% equity issue will fund part of EUR 2.25 billion required for repurchase, allowing AEGON to maintain its strong capital position and to achieve the targeted 75% core capital ratio by year-end 2012

- Remaining amount generated from internal resources, including any proceeds from divestments

¡	Sustainable earnings growth with an improved risk-return profile
	AEGON is well on track with its transformational process and aims to deliver sustainable earnings growth with an improved risk-return profile. However, underlying earnings and other key metrics in 2011 will be affected by strategic management actions. From this new base, the company announces specific targets today which reflect AEGON’s pursuit of these objectives:

- Grow underlying earnings before tax on average by 7 to 10% per annum

- Achieve a return on equity of 10% to 12% in the medium term

- Increase fee businesses to 30% to 35% of underlying earnings before tax by 2015

- Increase normalized operational free cash flow¹⁴ with 30% by 2015

- Intent to resume dividend payments with dividend of EUR 0.10 per common share related to H2 2011 in May 2012

Statement of Alex Wynaendts, CEO

“AEGON has delivered a strong set of results for the full year 2010. During the year, we have concentrated our efforts on executing a consistent strategy aimed at sharpening our focus on our core business, improving our risk-return profile and executing significant cost reduction programs. As a result of our efforts over the past years, AEGON is a different company today. Today’s equity offering, together with internal resources, including any proceeds from divestments, which potentially include a part or all of Transamerica Reinsurance, will position us to repurchase all remaining core capital securities provided by the Dutch State by the end of June 2011. The equity offering supports our strategy to maintain a strong capital position, including achieving our target ratio of 75% core capital by the end of 2012. After completing the repurchase, we intend to resume dividend payments in May 2012. AEGON has demonstrated its ability to deliver and we are committed to delivering the long-term value that our customers, shareholders and business partners have every reason to expect.”

KEY PERFORMANCE INDICATORS

amounts in EUR millions b)	Notes		Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax		1		489			473			3			478			2			1,972			1,185			66
Net income		2		318			657			(52	)		393			(19	)		1,760			204			—
New life sales		3		558			527			6			557			—			2,213			2,100			5
Gross deposits excluding run-off businesses		4		7,813			9,408			(17	)		6,723			16			32,580			27,616			18
Value of new business (VNB)		5		141			120			18			216			(35	)		555			767			(28	)
Return on equity		6		9.9	%		10.0	%		(2	)		9.4	%		4			9.8	%		5.7	%		72

For notes see page 19.

* Excess capital above AA capital adequacy requirements

Supplements: Financial Supplement and Condensed Consolidated Interim Financial Statements Q4 available on www.aegon.com

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STRATEGIC HIGHLIGHTS

¡	AEGON announces targets to deliver sustainable earnings growth with improved risk-return profile
¡	Sharpened focus on core activities and capturing efficiencies in US
¡	Integration of Asian businesses under leadership of new CEO AEGON Asia

Pursuing sustainable earnings growth with an improved risk-return profile

AEGON will pursue sustainable earnings growth, underpinned by an improved risk-return profile and a strong capital position, with the objective of sustainable cash flows and dividends. AEGON has announced specific targets which reflect the company’s pursuit of these objectives.

Underlying earnings before tax in 2011 are expected to be negatively impacted by strategic management actions; the wind down of BOLI/COLI and the potential divestment of Transamerica Reinsurance. In addition, pension legislation changes in Hungary and Poland are expected to negatively impact underlying earnings.

AEGON’s ambition

AEGON’s ambition is to become a leader in all its chosen markets by 2015. This means becoming the most recommended life and pensions provider among customers, the preferred partner among distributors and the employer of choice among both current and prospective employees.

Achieving this ambition is based on three strategic priorities: to reallocate capital to areas that offer strong growth prospects and higher returns, to increase returns from the company’s existing businesses and to optimize ONE AEGON by increasing efficiency and making better use of the company’s global resources.

Reallocate capital

AEGON has taken steps to sharpen its focus on the company’s three core businesses: life insurance, pensions and asset management. The company also intends to achieve a greater geographical balance by reallocating capital to the growth markets of Central & Eastern Europe, Asia and Latin America. As part of this approach, AEGON has assessed its businesses to ensure they meet the company’s requirements in terms of earnings growth, cash flow generation, return

AEGON’s AMBITION

To be a leader in all our chosen markets by 2015

AEGON’S STRATEGIC PRIORITIES

¡	Reallocate capital
¡	Increase returns
¡	Optimize ONE AEGON

…resulting in sustainable, profitable growth.

on capital and customer life cycle needs. As a result, AEGON is currently reviewing its strategic options for its life reinsurance business, Transamerica Reinsurance.

As announced in December 2010, AEGON decided to discontinue new sales of executive non-qualified benefit plans and related small bank Bank-Owned and Corporate-Owned Life Insurance (BOLI/COLI) business in the United States. In 2010, underlying earnings before tax from BOLI/COLI amounted to EUR 49 million. As of the first quarter of 2011, earnings from the BOLI/COLI business will no longer be reported in underlying earnings but in the run-off category.

In Spain, AEGON has signed an agreement to expand its life insurance and pension partnership with Banca Cívica. The agreement includes the acquisition of a 50% stake in the life insurance business of Caja de Burgos and a strengthening of AEGON’s existing partnership with Caja Navarra. Caja de Burgos, Caja Navarra and two other savings banks, Caja Canarias and CajaSol, joined together in 2010 to form Banca Cívica. The agreement will give AEGON the exclusive right to distribute its life insurance and pension products through Caja de Burgos’s network of 148 branches. Caja de Burgos is the leading savings bank in Spain’s northern province of Burgos, with a significant presence in the surrounding areas and more than 550,000 customers. The agreement is subject to various

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conditions and approvals, including authorization by the European Commission.

Improve risk profile

AEGON has recently further increased equity hedging on its back-book in the Netherlands by extending its current equity hedge program.

During the fourth quarter, AEGON further reduced its already limited exposure to peripheral European sovereign bonds, based on fair value, from EUR 1.5 billion to EUR 1.1 billion at December 31, 2010.

Increase returns

AEGON’s aim is to increase returns in all of its businesses by increasing efficiency and delivering operational excellence. AEGON expects to achieve this by further reducing costs while investing in core competences and improving service levels to ensure continued customer loyalty.

In the United States, AEGON will pursue further operational and cost efficiencies by consolidating its operations currently based in Louisville, Kentucky with other existing US locations. Additional efficiencies are also being captured through the consolidation and outsourcing of certain back office activities currently carried out in Cedar Rapids, Iowa.

In the United Kingdom, AEGON is taking significant steps to improve its return on capital. AEGON is on track to reduce costs by 25% in its UK life and pensions operations by the end of 2011, and is directing more resources to the key growth At-Retirement and Workplace Savings markets, where AEGON has leading positions. The restructuring program is progressing well and of the targeted reduction in operating expenses of GBP 80 to 85 million annually, already GBP 33 million has been enacted in 2010.

Optimize ONE AEGON

AEGON will implement a new organizational structure for its operations in Asia under the leadership of a newly-established CEO position for Asia. Whereas a number of AEGON’s businesses in Asia previously had been managed from the US, under the new structure all Asian based insurance businesses will be managed as one regional division headquartered in Hong Kong. The aim is to leverage product and distribution expertise, capture efficiencies, and pursue organic growth of AEGON’s franchise in Asia. The integration, which will be carried out during 2011, is in line with AEGON’s strategy to achieve a greater geographical balance in favor of those regions and markets that offer higher growth and returns in the longer-term.

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FINANCIAL OVERVIEW

EUR millions	Notes		Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax
Americas				406			376			8			350			16			1,598			817			96
The Netherlands				87			97			(10	)		95			(8	)		385			398			(3	)
United Kingdom				(6	)		28			—			33			—			72			52			38
New markets				59			55			7			48			23			200			170			18
Holding and other				(57	)		(83	)		31			(48	)		(19	)		(283	)		(252	)		(12	)
Underlying earnings before tax				489			473			3			478			2			1,972			1,185			66
Fair value items				30			204			(85	)		(164	)		—			221			(544	)		—
Realized gains / (losses) on investments				255			129			98			315			(19	)		658			518			27
Impairment charges				(133	)		(92	)		(45	)		(212	)		37			(452	)		(1,277	)		65
Other income / (charges)				(258	)		(14	)		—			5			—			(309	)		(323	)		4
Run-off businesses				(28	)		(28	)		—			(47	)		40			(165	)		(13	)		—
Income before tax (excluding income tax from certain proportionately consolidated associates)				355			672			(47	)		375			(5	)		1,925			(454	)		—
Income tax from certain proportionately consolidated associates included in income before tax				3			3			—			2			50			11			10			10
Income tax				(37	)		(15	)		(147	)		18			—			(165	)		658			—
Of which income tax from certain proportionately consolidated associates				(3	)		(3	)		—			(2	)		(50	)		(11	)		(10	)		(10	)
Net income				318			657			(52	)		393			(19	)		1,760			204			—
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				318			657			(52	)		393			(19	)		1,759			204			—
Minority interest				—			—			—			—			—			1			—			—
Net underlying earnings				387			395			(2	)		390			(1	)		1,553			1,005			55
Commissions and expenses				1,659			1,525			9			1,407			18			6,145			6,046			2
of which operating expenses		12		909			835			9			841			8			3,397			3,292			3
New life sales		13
Life single premiums				2,003			1,656			21			2,017			(1	)		7,512			7,062			6
Life recurring premiums annualized				358			361			(1	)		355			1			1,462			1,393			5
Total recurring plus 1/10 single				558			527			6			557			—			2,213			2,100			5
New life sales
Americas		13		146			171			(15	)		143			2			629			566			11
The Netherlands				113			32			—			93			22			248			239			4
United Kingdom				224			264			(15	)		247			(9	)		1,061			1,010			5
New markets		13		75			60			25			74			1			275			285			(4	)
Total recurring plus 1/10 single				558			527			6			557			—			2,213			2,100			5
New premium production accident and health insurance				180			146			23			125			44			622			561			11
New premium production general insurance				15			14			7			21			(29	)		58			56			4
Gross deposits (on and off balance)
Americas		13		5,757			4,706			22			4,404			31			21,020			19,188			10
The Netherlands				490			525			(7	)		1,107			(56	)		2,382			3,434			(31	)
United Kingdom				25			16			56			35			(29	)		96			177			(46	)
New markets		13		1,541			4,161			(63	)		1,177			31			9,082			4,817			89
Total gross deposits excluding run-off businesses				7,813			9,408			(17	)		6,723			16			32,580			27,616			18
Run-off businesses				—			—			—			(4	)		—			—			930			—
Total gross deposits				7,813			9,408			(17	)		6,719			16			32,580			28,546			14
Net deposits (on and off balance)
Americas		13		(578	)		535			—			385			—			1,227			3,769			(67	)
The Netherlands				(260	)		(83	)		—			496			—			(221	)		1,101			—
United Kingdom				12			2			—			29			(59	)		53			151			(65	)
New markets		13		304			3,293			(91	)		18			—			3,905			286			—
Total net deposits excluding run-off businesses				(522	)		3,747			—			928			—			4,964			5,307			(6	)
Run-off businesses				(1,424	)		(1,081	)		(32	)		(6,513	)		78			(6,541	)		(14,111	)		54
Total net deposits				(1,946	)		2,666			—			(5,585	)		65			(1,577	)		(8,804	)		82
REVENUE-GENERATING INVESTMENTS
			Dec. 31, 2010			Sept. 30, 2010			%
Revenue-generating investments (total)				413,191			404,894			2
Investments general account				143,188			145,625			(2	)
Investments for account of policyholders				146,237			140,438			4
Off balance sheet investments third parties				123,766			118,831			4

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OPERATIONAL HIGHLIGHTS

Underlying earnings before tax

AEGON’s underlying earnings before tax increased to EUR 489 million in the fourth quarter, a 2% improvement compared with the same quarter last year.

In the Americas, underlying earnings before tax rose to EUR 406 million as higher fee income – related to growth in pension and variable annuity account balances – more than offset lower spread income. This was consistent with AEGON’s strategy to increase earnings from fee businesses. Underlying earnings before tax from the Americas included a one-time EUR 28 million favorable employee benefits plan release. In the Netherlands, underlying earnings before tax decreased to EUR 87 million as a result of lower investment income and lower results on mortality. In the United Kingdom, underlying earnings before tax amounted to a loss of EUR 6 million, due to a EUR 30 million charge related to an ongoing program to correct historical issues within customer policy records. Underlying earnings before tax from New Markets increased to EUR 59 million as a result of the inclusion of AEGON Asset Management. Higher funding costs and increased project related expenses resulted in EUR 57 million of costs in the fourth quarter of 2010 for the holding company.

Net income

Net income decreased to EUR 318 million. This was primarily the result of higher underlying earnings before tax, a positive contribution from fair value items and lower impairments offset by lower realized gains and charges mainly related to restructuring in the United States.

Fair value items

In the fourth quarter, results from fair value items amounted to EUR 30 million. In the Americas, most categories showed considerable improvements compared with the fourth quarter 2009, while in the Netherlands the improved results were driven by the fair value of guarantees net of related hedges and better private equity performance.

Realized gains on investments

Realized gains on investments increased to EUR 255 million, primarily as a result of an asset sale of multiple mineral estates located primarily in the Western United States (EUR 183 million). The remainder was realized mainly as a result of normal trading in AEGON’s bond portfolios.

Impairment charges

Impairments amounted to EUR 133 million and were mostly linked to US residential mortgage-backed securities, US commercial mortgage loans and Irish banks.

Other charges

Other charges amounted to EUR 258 million and consisted of a number of items. In the United States, the wind-down of the BOLI/COLI business and the consolidation of the Louisville operations with other existing US locations as announced in December 2010 resulted in a charge of EUR 206 million.

Consolidation of AEGON’s asset management operations led to a EUR 12 million restructuring charge.

A restructuring program is ongoing in the United Kingdom to achieve a 25% cost reduction by the end of 2011. This led to a charge of EUR 6 million in the fourth quarter of 2010.

In Hungary, unfavorable pension legislation changes resulted in a write-down of intangibles of EUR 18 million and a EUR 5 million restructuring charge related to the Hungarian pension operations. In addition, a bank tax in Hungary led to a charge of EUR 5 million.

Run-off businesses

AEGON’s run-off businesses in the Americas recorded a loss of EUR 28 million, an improvement over the comparable period last year primarily due to lower account balances and less amortization yield paid on internally transferred assets.

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Income tax

Tax charges for the quarter amounted to EUR 34 million (EUR 37 million excluding proportionate share of certain associates). These charges included EUR 17 million in tax benefits related to cross-border intercompany reinsurance transactions and tax benefits of EUR 51 million resulting from the utilization of tax losses for which previously no deferred tax asset was recognized.

Operating expenses

Operating expenses increased 8% compared with the fourth quarter 2009 to EUR 909 million, mainly due to strengthening of the dollar and pound sterling against the euro. However, operating expenses declined 2% during 2010, excluding currency effects, restructuring and US employee benefit plan charges.

New life sales

New life sales for the fourth quarter amounted to EUR 558 million, which was the same level achieved during the comparable quarter last year. Higher sales in the Netherlands as a result of strong pensions sales and continued strong single premium production in Central & Eastern Europe were offset by declines in the Americas and the United Kingdom.

Deposits

Gross deposits, excluding run-off businesses, increased 16% to EUR 7.8 billion driven by US pensions, variable annuities and AEGON Asset Management.

As a result of outflows from fixed annuities and stable value solutions in the US and the Dutch savings business, total outflows for the fourth quarter 2010 amounted to EUR 0.5 billion. For the full year, however, AEGON recorded EUR 5 billion in net deposits driven by strong asset management and US pension sales.

Value of new business

Compared with the fourth quarter 2009, the value of new business declined considerably to EUR 141 million, mainly as a result of the strategic shift from spread to fee business. In the Americas, the value of new business declined as a result of lower sales of fixed annuities and life reinsurance products and lower margins. In the United Kingdom, the main reason was a decrease in immediate annuity sales and margins. In the Netherlands the positive effect of

higher pension sales was more than offset by lower margins for life insurance.

Revenue-generating investments

Revenue-generating investments increased 2% compared with the end of the third quarter 2010 to EUR 413 billion, primarily as a result of higher equity markets.

Capital management

At the end of the fourth quarter, AEGON’s core capital position amounted to EUR 17.8 billion, excluding revaluation reserves. This was equivalent to 75%⁷ of the company’s total capital base. Repurchase of the Convertible Core Capital Securities issued to the Dutch State will decrease this capital base ratio. However, AEGON aims to bring the proportion of core capital up to at least 75% of total capital by the end of 2012.

The revaluation reserves at December 31, 2010 declined compared with the end of the third quarter to EUR 1 billion, as an increase in risk-free interest rates had a negative impact on the value of fixed income securities. Shareholders’ equity declined to EUR 17.2 billion, as the earnings contribution and positive currency effects were more than offset by lower revaluation reserves.

During the fourth quarter, excess capital rose to EUR 3.8 billion. Excess capital in the holding increased to EUR 1.7 billion as a result of dividend payments received from the operating units, while the units were able to increase their excess capital position to EUR 2.1 billion as a result of capital generated in the operations of EUR 1 billion partly offset by new business strain of EUR 0.4 billion. Excess capital was negatively impacted by a lower than expected charge in the Netherlands for longevity of EUR 225 million.

AEGON has agreed with its regulator, the Dutch Central Bank (DNB), that in the current environment it will maintain a capital buffer at the holding of 1.5 times its annual holding expenses. Currently, these holding expenses amount to EUR 0.6 billion on a normalized annual basis, which in effect means a buffer of EUR 0.9 billion for the holding.

At December 31, 2010, AEGON’s Insurance Group Directive (IGD) ratio amounted to 198%. Higher regulatory solvency in the United States and the

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United Kingdom was offset by the Netherlands as result of a charge for longevity.

Dividend policy

AEGON aims to pay out a sustainable dividend to allow equity investors to share in the performance of the company, which can grow over time if performance of the company so allows.

After investments in new business to generate organic growth, capital generation in AEGON’s operating subsidiaries is available for distribution to the holding company, while maintaining a capital and liquidity position in the operating subsidiaries in line with AEGON’s capital management and liquidity risk policies.

AEGON uses cash flows from the operating subsidiaries to pay for holding expenses, including funding costs. The remaining cash flow is available to execute AEGON’s strategy and to fund dividends on its shares, subject to maintaining the holding company targeted excess capital. Depending on circumstances, future prospects and other considerations, AEGON’s Executive Board may elect to deviate from this target. The Board will also take capital position, financial flexibility, leverage ratios and strategic considerations into account when declaring or proposing dividends on common shares.

Under normal circumstances, AEGON would expect to declare an interim dividend when announcing its second quarter results and to propose a final dividend at the Annual General Meeting of Shareholders for approval. Dividends would normally be paid in cash or stock at the election of the shareholder. The relative value of cash and stock dividends may vary. Stock dividends paid may, subject to capital management and other considerations, be repurchased in order to limit dilution.

AEGON’s Executive Board currently intends to resume dividend payments on its common shares after the full repurchase of the core capital securities issued to the Dutch State, which AEGON expects to occur before the end of June 2011. Absent unforeseen circumstances, AEGON’s Executive Board intends to propose a final EUR 0.10 dividend per common share at the Annual General Meeting of Shareholders in 2012 covering the second half of 2011.

When determining whether to declare or propose a dividend, the Executive Board of AEGON has to balance prudence versus offering an attractive return to shareholders, for example in adverse economic and/or financial market conditions. Also, AEGON’s operating subsidiaries are subject to (local) insurance regulations which could restrict dividends to be paid to the holding company. There is no requirement or assurance that AEGON will declare and pay any dividends.

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APPENDIX I — Americas —The Netherlands —United Kingdom —New Markets

FINANCIAL OVERVIEW, Q4 2010 GEOGRAPHICALLY

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding, other activities & eliminations			Total
Underlying earnings before tax by line of business
Life		189			54			6			15			—			264
Individual savings and retirement products		119			—			—			(2	)		—			117
Pensions		77			35			(10	)		6			—			108
Life reinsurance		19			—			—			—			—			19
Non-life		—			4			—			12			—			16
Distribution		—			(3	)		(2	)		—			—			(5	)
Asset Management		—			—			—			14			—			14
Other		—			—			—			—			(57	)		(57	)
Share in underlying earnings before tax of associates		2			(3	)		—			14			—			13
Underlying earnings before tax		406			87			(6	)		59			(57	)		489
Fair value items		8			18			—			—			4			30
Realized gains / (losses) on investments		247			1			8			—			(1	)		255
Impairment charges		(98	)		—			(24	)		(11	)		—			(133	)
Other income / (charges)		(200	)		5			(13	)		(40	)		(10	)		(258	)
Run-off businesses		(28	)		—			—			—			—			(28	)
Income before tax		335			111			(35	)		8			(64	)		355
Income tax		(40	)		(30	)		16			1			16			(37	)
Net income		295			81			(19	)		9			(48	)		318
Net underlying earnings		309			70			(3	)		49			(38	)		387
EMPLOYEE NUMBERS
	Dec. 31, 2010			Sept. 30, 2010
Employees excluding agents		24,408			24,730
Agents		3,066			3,147
Total number of employees excluding Associates		27,474			27,877
AEGON’s share of employees (including agents) in Associates		3,680			3,157
Total		31,154			31,034

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AMERICAS

USD millions	Notes		Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax by line of business
Life and protection				242			220			10			237			2			897			903			(1	)
Fixed annuities				81			112			(28	)		116			(30	)		439			334			31
Variable annuities				68			29			134			50			36			216			(348	)		—
Retail mutual funds				6			3			100			(3	)		—			9			(16	)		—
Individual savings and retirement products				155			144			8			163			(5	)		664			(30	)		—
Employer solutions & pensions				103			101			2			69			49			385			222			73
Life reinsurance				26			4			—			22			18			105			29			—
Canada				15			13			15			21			(29	)		54			32			69
Latin America				2			2			—			(2	)		—			6			(6	)		—
Underlying earnings before tax				543			484			12			510			6			2,111			1,150			84
Fair value items				10			117			(91	)		(222	)		—			(32	)		(123	)		74
Realized gains / (losses) on investments				327			121			170			153			114			502			89			—
Impairment charges				(131	)		(111	)		(18	)		(231	)		43			(506	)		(1,337	)		62
Other income / (charges)				(264	)		—			—			—			—			(404	)		(4	)		—
Run- off businesses				(38	)		(35	)		(9	)		(64	)		41			(218	)		(18	)		—
Income before tax (excluding income tax from certain proportionately consolidated associates)				447			576			(22	)		146			—			1,453			(243	)		—
Income tax from certain proportionately consolidated associates included in income before tax				1			1			—			—			—			2			—			—
Income tax				(53	)		52			—			120			—			41			940			(96	)
Of which income tax from certain proportionately consolidated associates				(1	)		(1	)		—			—			—			(2	)		—			—
Net income				394			628			(37	)		266			48			1,494			697			114
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				394			628			(37	)		266			48			1,494			697			114
Net underlying earnings				412			367			12			423			(3	)		1,599			1,017			57
Commissions and expenses				1,333			1,167			14			1,159			15			4,816			5,065			(5	)
of which operating expenses				514			472			9			559			(8	)		1,971			2,249			(12	)
New life sales		13
Life single premiums				196			369			(47	)		184			7			1,038			606			71
Life recurring premiums annualized				176			184			(4	)		197			(11	)		727			735			(1	)
Total recurring plus 1/10 single				196			221			(11	)		216			(9	)		831			796			4
Life & protection				129			147			(12	)		124			4			531			480			11
Employer solutions & pensions				5			6			(17	)		6			(17	)		24			29			(17	)
Life reinsurance				38			41			(7	)		58			(34	)		172			206			(17	)
Canada				14			15			(7	)		20			(30	)		60			61			(2	)
Latin America				10			12			(17	)		8			25			44			20			120
Total recurring plus 1/10 single				196			221			(11	)		216			(9	)		831			796			4
New premium production accident and health insurance				230			179			28			184			25			773			758			2
Gross deposits (on and off balance) by line of business		13
Life & protection				2			2			—			2			—			10			10			—
Fixed annuities				112			164			(32	)		641			(83	)		585			4,730			(88	)
Variable annuities				1,037			956			8			785			32			3,830			3,372			14
Retail mutual funds				692			861			(20	)		859			(19	)		3,486			2,408			45
Individual savings & retirement products				1,841			1,981			(7	)		2,285			(19	)		7,901			10,510			(25	)
Employer solutions & pensions				5,744			3,975			45			4,232			36			19,247			16,075			20
Life reinsurance				1			—			—			—			—			3			2			50
Canada				102			100			2			197			(48	)		606			403			50
Total gross deposits excluding run-off businesses				7,690			6,058			27			6,716			15			27,767			27,000			3
Run- off businesses				—			—			—			27			—			—			1,309			—
Total gross deposits				7,690			6,058			27			6,743			14			27,767			28,309			(2	)
Net deposits (on and off balance) by line of business		13
Life & protection				(14	)		(12	)		(17	)		(10	)		(40	)		(53	)		(56	)		5
Fixed annuities				(660	)		(584	)		(13	)		(128	)		—			(2,440	)		1,248			—
Variable annuities				158			225			(30	)		(4	)		—			577			599			(4	)
Retail mutual funds				(37	)		233			—			387			—			971			482			101
Individual savings & retirement products				(539	)		(126	)		—			255			—			(892	)		2,329			—
Employer solutions & pensions				(28	)		1,030			—			516			—			3,652			3,374			8
Life reinsurance				(16	)		(14	)		(14	)		(17	)		6			(60	)		(72	)		17
Canada				(156	)		(191	)		18			(85	)		(84	)		(1,026	)		(272	)		—
Total net deposits excluding run-off businesses				(753	)		687			—			659			—			1,621			5,303			(69	)
Run-off businesses				(1,911	)		(1,370	)		(39	)		(9,430	)		80			(8,641	)		(19,855	)		56
Total net deposits				(2,664	)		(683	)		—			(8,771	)		70			(7,020	)		(14,552	)		52
REVENUE-GENERATING INVESTMENTS
			Dec. 31, 2010			Sept. 30, 2010			%
Revenue-generating investments (total)				319,733			316,655			1
Investments general account				125,128			129,925			(4	)
Investments for account of policyholders				79,308			75,255			5
Off balance sheet investments third parties				115,297			111,475			3

Page 9 of 22

AMERICAS

¡	Underlying earnings before tax increase to USD 543 million, including one-time USD 38 million favorable benefit plan adjustment
¡	Net income increased to USD 394 million
¡	New life sales declined to USD 196 million mainly as a result of lower reinsurance sales
¡	Gross deposits amounted to USD 7.7 billion driven by continued strong pension deposit

Underlying earnings before tax

¡	Underlying earnings before tax from Life & Protection in the Americas increased to USD 242 million including a one-time employee benefit plan release of USD 19 million.
¡	Individual Savings & Retirement underlying earnings before tax decreased to USD 155 million including a one-time employee benefit plan release of USD 5 million. Fixed annuity underlying earnings before tax decreased to USD 81 million as a result of lower spreads due to higher quality investments in addition to lower asset balances. Variable annuity underlying earnings before tax of USD 68 million were mainly driven by higher account balances, while the comparable quarter last year included an exceptional write-down of intangible assets. Retail mutual funds’ underlying earnings before tax increased to USD 6 million as a result of higher account balances.
¡	Underlying earnings before tax from Employer Solutions & Pensions increased to USD 103 million mainly as a result of continued growth of the business and a one-time employee benefit plan release of USD 11 million.
¡	Life reinsurance underlying earnings before tax increased to USD 26 million including a one-time employee benefit plan release of USD 3 million.
¡	Underlying earnings before tax from Canada declined to USD 15 million as the fourth quarter last year included a release of USD 7 million.

Net income

Net income from AEGON’s businesses in the Americas increased to USD 394 million in the fourth quarter as higher underlying earnings before tax, improved results from fair value items, substantially higher realized gains and lower impairments were only partly offset by restructuring charges and higher taxes.

Results from fair value items increased compared with the same quarter last year to USD 10 million as most categories showed considerable improvements.

Realized gains on investments increased to USD 327 million, primarily as a result of an asset sale of multiple mineral estates located primarily in the Western United States (USD 242 million). The remainder was realized mainly as a result of normal trading in the bond portfolio.

Impairments amounted to USD 131 million and were mostly linked to residential mortgage-backed securities and commercial mortgage loans.

Other charges of USD 264 million related to the wind-down of the BOLI/COLI business and the consolidation of the Louisville operations with other existing US locations as announced in December 2010.

AEGON’s run-off businesses in the Americas recorded a loss of USD 38 million, an improvement over the comparable period last year primarily due to lower account balances and less amortization yield paid on internally transferred assets.

Net income included a tax benefit of USD 90 million, of which USD 23 million related to cross-border intercompany reinsurance transactions between the United States and Ireland and USD 67 million related to the partial utilization of tax losses for which previously no deferred tax asset was recognized.

Operating expenses

Operating expenses declined 8% as a result of expense savings, lower employee benefit plan costs and the transfer of asset management activities to AEGON Asset Management. On a comparable basis, excluding fourth quarter 2010 restructuring charges, operating expenses also decreased 8%, mainly as a result of expense savings.

Page 10 of 22

Sales and deposits

New life sales decreased to USD 196 million as an increase in retail new life sales was more than offset by lower life reinsurance sales. The decline compared with the third quarter of 2010 is mainly related to the discontinuance of single premium universal life sales in the bank channel, which were no longer profitable in the current interest rate environment.

New premium production for accident & health increased to USD 230 million, primarily the result of a block of supplemental health business that was taken over during the fourth quarter.

Gross deposits increased 15% to USD 7.7 billion as a result of higher pension and variable annuity deposits. Continued net inflows for the pension and variable annuity businesses were more than offset by fixed annuity outflows – as sales continue to be de-emphasized – and retail mutual funds and stable value solutions outflows, which resulted in net outflows of USD 0.8 billion.

Value of new business

Value of new business declined to USD 87 million as a result of lower sales of fixed annuities and life reinsurance products, lower margins and a change in business mix. The internal rate of return on new business was 14%.

Revenue-generating investments

Compared with the third quarter 2010, revenue-generating investments increased to USD 320 billion as the effects of favorable equity market performance more than compensated a decline in run-off balances.

Page 11 of 22

THE NETHERLANDS

EUR millions	Notes	Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax by line of business
Life and Savings			54			51			6			34			59			186			180			3
Pensions			35			42			(17	)		53			(34	)		153			174			(12	)
Non life			4			3			33			9			(56	)		33			29			14
Distribution			(3	)		2			—			1			—			16			16			—
Share in underlying earnings before tax of associates			(3	)		(1	)		(200	)		(2	)		(50	)		(3	)		(1	)		(200	)
Underlying earnings before tax			87			97			(10	)		95			(8	)		385			398			(3	)
Fair value items			18			184			(90	)		(31	)		—			361			(374	)		—
Realized gains / (losses) on investments			1			35			(97	)		178			(99	)		155			351			(56	)
Impairment charges			—			(4	)		—			7			—			(11	)		(111	)		90
Other income / (charges)			5			—			—			—			—			38			—			—
Income before tax			111			312			(64	)		249			(55	)		928			264			—
Income tax			(30	)		(75	)		60			(45	)		33			(217	)		(23	)		—
Net income			81			237			(66	)		204			(60	)		711			241			195
Net income / (loss) attributable to:
Equity holders of AEGON N.V.			81			237			(66	)		204			(60	)		711			241			195
Net underlying earnings			70			88			(20	)		72			(3	)		292			298			(2	)
Commissions and expenses			283			248			14			321			(12	)		1,058			1,181			(10	)
of which operating expenses			205			179			15			258			(21	)		748			873			(14	)
New life sales
Life single premiums			737			176			—			638			16			1,551			1,503			3
Life recurring premiums annualized			39			14			179			29			34			93			89			4
Total recurring plus 1/10 single			113			32			—			93			22			248			239			4
Life and Savings			17			18			(6	)		21			(19	)		83			82			1
Pensions			96			14			—			72			33			165			157			5
Total recurring plus 1/10 single			113			32			—			93			22			248			239			4
New premium production accident and health insurance			6			5			20			4			50			26			17			53
New premium production general insurance			6			6			—			7			(14	)		26			26			—
Gross deposits (on and off balance) by line of business
Life and Savings			403			416			(3	)		1,017			(60	)		2,036			3,032			(33	)
Pensions			87			109			(20	)		90			(3	)		346			402			(14	)
Total gross deposits			490			525			(7	)		1,107			(56	)		2,382			3,434			(31	)
Net deposits (on and off balance) by line of business
Life and Savings			(282	)		(139	)		(103	)		454			—			(289	)		870			—
Pensions			22			56			(61	)		42			(48	)		68			231			(71	)
Total net deposits			(260	)		(83	)		—			496			—			(221	)		1,101			—
REVENUE-GENERATING INVESTMENTS
		Dec. 31, 2010			Sept. 30, 2010			%
Revenue-generating investments (total)			72,584			73,843			(2	)
Investments general account			37,174			37,457			(1	)
Investments for account of policyholders			23,057			23,869			(3	)
Off balance sheet investments third parties			12,353			12,517			(1	)

Page 12 of 22

THE NETHERLANDS

¡	Underlying earnings before tax amount to EUR 87 million
¡	Net income decreased to EUR 81 million
¡	New life sales increase to record level of EUR 113 million as a result of strong pension sales

Underlying earnings before tax

¡	Underlying earnings before tax from AEGON’s Life & Savings operations in the Netherlands increased to EUR 54 million as cost savings and improved margins on savings account balances were only partly offset by margin pressure in the Life business.
¡	Underlying earnings before tax from the Pension business declined to EUR 35 million mainly due to lower investment income and higher claims.
¡	Non-life underlying earnings before tax decreased to EUR 4 million, mainly the result of lower provision releases.
¡	Distribution recorded an underlying earnings before tax loss of EUR 3 million as a result of lower fee income compared with the fourth quarter of 2009.

Net income

Net income from AEGON’s businesses in the Netherlands decreased to EUR 81 million. Fair value items amounted to EUR 18 million, the result mainly of an improved performance of the fair value of guarantees net of related hedges and better private equity performance. Gains on investments were modest at EUR 1 million, while Other income amounted to EUR 5 million.

Operating expenses

Operating expenses declined 21% to EUR 205 million in the fourth quarter of 2010. This was the result of a combination of cost savings and the transfer of asset management activities to AEGON Asset Management, while the fourth quarter of 2009 included exceptional charges of EUR 35 million. On a comparable basis, operating expenses declined 5%.

Sales and deposits

AEGON successfully utilized its leading position in the Dutch pension market to secure a number of sizeable pension contracts. As a result, new life sales increased to a record EUR 113 million during the fourth quarter of 2010. Sales of individual life insurance products declined during the quarter. This market segment is experiencing difficulty as consumer appetite for unit-linked insurance products is decreasing.

Consistent with its strategy to enhance distribution capabilities, AEGON agreed with retailer Kruidvat/Trekpleister to provide non-life insurance products through its (web) shops as of January 1, 2011.

Value of new business

The positive effect of higher pension sales was more than offset by lower margins for life insurance. As a result the value of new business declined to EUR 42 million. The internal rate of return on new business amounted to 11%.

Revenue-generating investments

Revenue-generating investments decreased 2% compared with the previous quarter to EUR 73 billion, mainly the result of lower bond markets.

Page 13 of 22

UNITED KINGDOM

GBP millions	Notes		Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax by line of business
Life				4			23			(83	)		10			(60	)		60			38			58
Pensions				(8	)		—			—			27			—			6			25			(76	)
Distribution				(2	)		1			—			(8	)		75			(5	)		(16	)		69
Underlying earnings before tax				(6	)		24			—			29			—			61			47			30
Fair value items				—			1			—			6			—			(8	)		25			—
Realized gains / (losses) on investments				7			—			—			24			(71	)		12			70			(83	)
Impairment charges				(20	)		(2	)		—			(49	)		59			(30	)		(163	)		82
Other income / (charges)		8		(11	)		12			—			8			—			41			59			(31	)
Income before tax				(30	)		35			—			18			—			76			38			100
Income tax attributable to policyholder return				6			(23	)		—			(8	)		—			(57	)		(59	)		3
Income before income tax on shareholders return				(24	)		12			—			10			—			19			(21	)		—
Income tax on shareholders return				8			32			(75	)		3			167			53			29			83
Net income				(16	)		44			—			13			—			72			8			—
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				(16	)		44			—			13			—			72			8			—
Net underlying earnings				(2	)		52			—			29			—			103			59			75
Commissions and expenses				164			179			(8	)		180			(9	)		694			662			5
of which operating expenses				98			102			(4	)		110			(11	)		390			413			(6	)
New life sales		9
Life single premiums				798			859			(7	)		1,037			(23	)		3,846			4,123			(7	)
Life recurring premiums annualized				110			133			(17	)		121			(9	)		522			487			7
Total recurring plus 1/10 single				190			219			(13	)		224			(15	)		907			899			1
Life				15			17			(12	)		31			(52	)		81			183			(56	)
Pensions				175			202			(13	)		193			(9	)		826			716			15
Total recurring plus 1/10 single				190			219			(13	)		224			(15	)		907			899			1
Gross deposits (on and off balance) by line of business
Variable annuities				21			13			62			32			(34	)		82			158			(48	)
Total gross deposits				21			13			62			32			(34	)		82			158			(48	)
Net deposits (on and off balance) by line of business
Variable annuities				10			1			—			27			(63	)		45			135			(67	)
Total net deposits				10			1			—			27			(63	)		45			135			(67	)
REVENUE-GENERATING INVESTMENTS
			Dec. 31, 2010			Sept. 30, 2010			%
Revenue-generating investments (total)				57,641			55,990			3
Investments general account				7,979			8,265			(3	)
Investments for account of policyholders				49,662			47,725			4

Page 14 of 22

UNITED KINGDOM

¡	Underlying earnings before tax of GBP (6) million, including GBP 25 million customer redress charge
¡	Net income declines to GBP (16) million
¡	New life sales decrease to GBP 190 million mainly as a result of lower annuity sales

Underlying earnings before tax

¡	Underlying earnings before tax from Life decreased to GBP 4 million, driven by adverse mortality results.
¡	Underlying earnings before tax from Pensions recorded a loss of GBP 8 million as the benefits from further business growth and improved market conditions were more than offset by the transfer of asset management activities to AEGON Asset Management, higher deferred policy acquisition costs amortization and a GBP 25 million charge related to customer redress.
¡	Underlying earnings before tax from Distribution recorded a loss of GBP 2 million, an improvement from the same quarter last year as a result of cost savings and improved market conditions.

In May 2009, AEGON began to implement a program to identify and correct historical issues within its customer policy records. The immediate priority of the program was to deal with issues that resulted in financial detriment and to return affected customers to the financial position they would have been in had the issue not occurred. The program to determine the full scope of customer redress continues. AEGON is on track to have paid out the majority of the customer detriment by the end of 2011.

Net income

Net income amounted to GBP (16) million, mainly as a result of lower underlying earnings. Impairments for the quarter were GBP 20 million and were mostly related to securities issued by Irish banks. Net income also contained a charge of GBP 6 million related to the restructuring of AEGON’s operations in the United Kingdom.

Operating expenses

Operating expenses declined to GBP 98 million mainly driven by cost savings and the transfer of

asset management activities to AEGON Asset Management, which were partly offset by higher project related costs and charges relating to the restructuring of AEGON’s operations in the United Kingdom announced in June 2010. The restructuring aims to reduce costs by 25% in the life and pensions operations by the end of 2011. It is expected that further restructuring charges will arise in coming quarters. The restructuring program is progressing well and of the targeted reduction in operating expenses of GBP 80 to 85 million annually, already GBP 33 million has been enacted during 2010.

Sales and deposits

New life sales amounted to GBP 190 million during the quarter as a result of lower annuity sales due to a combination of lower market volumes, repricing and changes in commission structure. Lower annuity sales were offset by higher group pension sales, taking into account that Q4 2009 included existing AEGON group personal pension business, which was transferred internally to new group pension contracts. AEGON has decided not to include these rewrites as part of its new business reporting format. The company believes that the exclusion of such rewrites provides a clearer indication of new premium secured.

Value of new business

Value of new business in the United Kingdom declined to GBP 7 million as a result of lower annuity sales and margins. The internal rate of return on new business for the fourth quarter was 10%.

Revenue-generating investments

Revenue-generating investments increased 3% to GBP 58 billion, compared with the third quarter 2010, mainly as a result of higher equity markets.

Page 15 of 22

NEW MARKETS

EUR millions	Notes		Q4 2010			Q3 2010			%			Q4 2009			%			FY 2010			FY 2009			%
Underlying earnings before tax
Central Eastern Europe				29			20			45			29			—			95			117			(19	)
Asia				(12	)		(10	)		(20	)		(6	)		(100	)		(39	)		(14	)		(179	)
Spain & France				24			24			—			24			—			87			71			23
Variable Annuities Europe				4			8			(50	)		1			—			11			(4	)		—
AEGON Asset Management				14			13			8			—			—			46			—			—
Underlying earnings before tax				59			55			7			48			23			200			170			18
Fair value items				—			(9	)		—			(2	)		—			(10	)		3			—
Realized gains / (losses) on investments				—			2			—			—			—			13			5			160
Impairment charges				(11	)		—			—			(21	)		48			(22	)		(27	)		19
Other income / (charges)				(40	)		(5	)		—			(4	)		—			(56	)		(387	)		86
Income before tax (excluding income tax from certain proportionately consolidated associates)				8			43			(81	)		21			(62	)		125			(236	)		—
Income tax from certain proportionately consolidated associates included in income before tax				2			3			—			2			40			10			10			32
Income tax				1			(13	)		—			(2	)		—			(34	)		(53	)		36
Of which income tax from certain proportionately consolidated associates				(2	)		(3	)		(33	)		(2	)		—			(10	)		(10	)		—
Net income				9			30			(70	)		19			(53	)		91			(289	)		—
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				9			30			(70	)		19			(53	)		90			(289	)		—
Minority Interest				—			—			—			—			—			1			—			—
Net underlying earnings				49			41			20			36			36			152			110			38
Commissions and expenses				216			175			23			102			112			735			392			88
of which operating expenses				168			134			25			62			171			562			227			148
New life sales		13
Life single premiums				176			156			13			110			60			674			498			35
Life recurring premiums annualized				58			44			32			63			(8	)		208			235			(11	)
Total recurring plus 1/10 single				75			60			25			74			1			275			285			(4	)
Life				60			50			20			59			2			229			196			17
Associates				15			10			50			15			—			46			89			(48	)
Total recurring plus 1/10 single				75			60			25			74			1			275			285			(4	)
Central Eastern Europe				27			26			4			22			23			96			76			26
Asia				9			9			—			8			13			37			35			6
Spain & France				39			25			56			44			(11	)		142			174			(18	)
Total recurring plus 1/10 single				75			60			25			74			1			275			285			(4	)
New premium production accident and health insurance				2			1			100			1			100			11			5			120
New premium production general insurance				9			8			13			14			(36	)		32			30			7
Gross deposits (on and off balance)		13
Central Eastern Europe				231			242			(5	)		235			(2	)		948			801			18
Asia				10			8			25			—			—			53			4			—
Spain & France				23			10			130			32			(28	)		89			61			46
Variable Annuities Europe				133			167			(20	)		160			(17	)		663			622			7
AEGON Asset Management				1,144			3,734			(69	)		750			53			7,329			3,329			120
Total gross deposits				1,541			4,161			(63	)		1,177			31			9,082			4,817			89
Net deposits (on and off balance)		13
Central Eastern Europe				140			154			(9	)		142			(1	)		512			446			15
Asia				8			8			—			—			—			50			2			—
Spain & France				4			(11	)		—			(17	)		—			22			(34	)		—
Variable Annuities Europe				40			71			(44	)		21			90			237			129			84
AEGON Asset Management				112			3,071			(96	)		(128	)		—			3,084			(257	)		—
Total net deposits				304			3,293			(91	)		18			—			3,905			286			—
REVENUE-GENERATING INVESTMENTS
			Dec. 31, 2010			Sept. 30, 2010			%
Revenue-generating investments (total)				34,075			33,459			2
Investments general account				2,810			2,890			(3	)
Investments for account of policyholders				6,139			5,934			3
Off balance sheet investments third parties				25,126			24,635			2

Page 16 of 22

NEW MARKETS

¡	Underlying earnings before tax up 23% to EUR 59 million
¡	Net income down to EUR 9 million, driven by charges related to new pension legislation in Hungary
¡	New life sales stable at EUR 75 million

Underlying earnings before tax

- Underlying earnings before tax from Central & Eastern Europe remained level at EUR 29 million as lower investment income and pension earnings in Hungary were offset by cost efficiencies and scale benefits across the region.

- AEGON’s operations in Asia recorded an underlying loss before tax of EUR 12 million driven by continued investments in China, India and Japan.

- Underlying earnings before tax from Spain & France remained stable compared with the fourth quarter 2009 at EUR 24 million.

- Underlying earnings before tax from Variable Annuities Europe increased to EUR 4 million driven by higher equity markets, growth of the business and cost efficiencies.

- AEGON Asset management reported underlying earnings before tax of EUR 14 million for the quarter.

As part of the new pension legislation in Hungary, mandatory pension fund assets have been taken over by the Hungarian State during the first quarter 2011. In addition, asset management and administration fees have been reduced. In Poland, the government announced plans to reduce contributions to private pension funds. AEGON expects these measures to have a combined negative impact on underlying earnings of approximately EUR 25 million for the full year 2011.

Net income

Net income from New Markets declined to EUR 9 million during the quarter as higher underlying earnings and lower impairments were offset by charges as a result of unfavorable pension legislation changes in Hungary. These changes resulted in a write-down of intangibles of EUR 18 million and a charge of EUR 5 million related to the restructuring of AEGON’s Hungarian pension operations, to redirect its resources to other lines of business. In addition, net income included a EUR 5 million charge related to the Hungarian bank tax. The consolidation of AEGON’s asset management operations currently

based in Louisville with other US locations, led to a EUR 12 million restructuring charge.

Operating expenses

Operating expenses increased to EUR 168 million in the fourth quarter, as a result of the inclusion of AEGON Asset Management in New Markets. Compared to the third quarter of this year, operating expenses were up 25%, mainly due to restructuring charges.

Sales and deposits

• In Central & Eastern Europe, new life sales increased 23% to EUR 27 million, compared with the fourth quarter 2009. This was the result of continued strong single premium production through the bank channel in Poland and growing sales via the tied-network in Hungary.

• In Asia, new life sales increased 13% to EUR 9 million as a result of growth in China and India.

• New life sales in Spain and France declined 11% to EUR 39 million, mainly a result of lower recurring premium production in AEGON’s joint venture with Caixa Terrassa.

New premium production from AEGON’s general insurance and accident & health businesses amounted to EUR 11 million as higher household insurance sales were offset by lower motor insurance production due to increased competition.

Gross deposits from New Markets increased 31% to EUR 1.5 billion, primarily driven by higher asset management deposits.

Value of new business

Value of new business in New Markets decreased to EUR 25 million as higher production was offset by lower profit margins. The internal rate of return remained high at 36%.

Revenue-generating investments

Revenue-generating investments rose 2% compared with the third quarter of 2010 to EUR 34 billion driven by continued net deposits and stronger equity markets.

Page 17 of 22

FINANCIAL OVERVIEW, 2010 FULL YEAR GEOGRAPHICALLY

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding, other activities & eliminations			Total
Underlying earnings before tax by line of business
Life		715			186			71			76			—			1,048
Individual savings and retirement products		508			—			—			(8	)		—			500
Pensions		291			153			7			18			—			469
Life reinsurance		79			—			—			—			—			79
Non-life		—			33			—			20			—			53
Distribution		—			16			(6	)		—			—			10
Asset Management		—			—			—			46			—			46
Other		—			—			—			—			(283	)		(283	)
Associates		5			(3	)		—			48			—			50
Underlying earnings before tax		1,598			385			72			200			(283	)		1,972
Fair value items		(24	)		361			(9	)		(10	)		(97	)		221
Realized gains / (losses) on investments		380			155			14			13			96			658
Impairment charges		(383	)		(11	)		(36	)		(22	)		—			(452	)
Other income / (charges)		(306	)		38			48			(56	)		(33	)		(309	)
Run-off businesses		(165	)		—			—			—			—			(165	)
Income before tax		1,100			928			89			125			(317	)		1,925
Income tax		31			(217	)		(5	)		(34	)		60			(165	)
Net income		1,131			711			84			91			(257	)		1,760
Net underlying earnings		1,211			292			120			152			(222	)		1,553

Page 18 of 22

APPENDIX II

VALUE OF NEW BUSINESS AND IRR

	VNB		VNB					VNB					VNB		VNB
EUR millions, after tax	Q4 2010		Q3 2010		%			Q4 2009		%			FY 2010		FY 2009		%
Americas		65		51		27			85		(24	)		230		293		(22	)
The Netherlands		42		23		83			66		(36	)		144		184		(22	)
United Kingdom		9		19		(53	)		35		(74	)		65		170		(62	)
New Markets		25		27		(7	)		30		(17	)		116		120		(3	)
Total		141		120		18			216		(35	)		555		767		(28	)
	IRR %		IRR%					IRR%
EUR millions, after tax	Q4 2010		Q3 2010					Q4 2009
Americas		13.9		12.1					14.7
The Netherlands		10.9		16.2					14.9
United Kingdom		10.1		11.4					13.5
New Markets		36.3		34.1					36.2
Total		16.8		17.8					17.6

MODELED NEW BUSINESS, APE AND DEPOSITS

			Premium business APE												Premium business APE
EUR millions	Notes		Q4 2010		Q3 2010		%			Q4 2009		%			FY 2010		FY 2009		%
		10
Americas				297		275		8			235		26			1,084		997		9
The Netherlands				188		38		—			120		57			377		328		15
United Kingdom				225		254		(11	)		250		(10	)		1,047		1,070		(2	)
New Markets				99		80		24			79		25			356		357		—
Total				809		647		25			684		18			2,864		2,753		4

			Deposit business Deposits												Deposit business Deposits
EUR millions	Notes		Q4 2010		Q3 2010		%			Q4 2009		%			FY 2010		FY 2009		%
		10
Americas				1,410		4,131		(66	)		3,022		(53	)		13,792		17,753		(22	)
United Kingdom				24		16		50			—		—			91		—		—
New Markets				219		231		(5	)		108		103			1,060		525		102
Total				1,653		4,378		(62	)		3,130		(47	)		14,943		18,278		(18	)

VNB/PVNBP SUMMARY

			Premium business								Premium business
			VNB		PVNBP		VNB / PVNBP		VNB / APE		VNB		PVNBP		VNB / PVNBP		VNB / APE
EUR millions	Notes		Q4 2010				%		%		FY 2010				%		%
		11
Americas				44		1,187		3.7		14.7		139		4,648		3.0		12.8
The Netherlands				42		1,113		3.8		22.3		144		2,491		5.8		38.3
United Kingdom				9		1,379		0.6		3.9		65		6,829		1.0		6.2
New Markets				24		705		3.4		23.8		92		2,721		3.4		25.8
Total				118		4,384		2.7		14.6		440		16,689		2.6		15.4

			Deposit business								Deposit business
			VNB		PVNBP		VNB / PVNBP		VNB / Deposits		VNB		PVNBP		VNB / PVNBP		VNB / Deposits
EUR millions	Notes		Q4 2010				%		%		FY 2010				%		%
		11
Americas				22		4,049		0.5		1.5		91		21,040		0.4		0.7
United Kingdom				—		24		0.7		0.7		—		91		—		—
New Markets				2		313		0.5		0.7		24		1,678		1.4		2.3
Total				23		4,386		0.5		1.4		115		22,809		0.5		0.8

Page 19 of 22

Notes:

¹⁾ For segment reporting purposes underlying earnings before tax, net underlying earnings, commissions and expenses, operating expenses, income tax including associated companies, income before tax including associated companies and value of new business (VNB) are calculated by consolidating on a proportionate basis the revenues and expenses of certain of our associated companies in Spain, India, Brazil and Mexico. We believe that our non-IFRS measures provide meaningful information about the underlying operating results of our business including insight into the financial measures that our senior management uses in managing our business. Among other things our senior management is compensated based in part on AEGON’s results against targets using the non-IFRS measures presented here. While other insurers in our peer group present substantially similar non-IFRS measures, the non-IFRS measures 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 we and our peers present similar information before comparing them.

AEGON believes the non-IFRS measures shown herein, when read together with our reported IFRS financial statements, provide 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.

For a definition of underlying earnings and the reconciliation from underlying earnings before tax to income before tax we refer to Note 3 “Segment information” of our Condensed consolidated interim financial statements.

²⁾ Net income refers to net income attributable to equity holders of AEGON N.V. and minority interest.

³⁾ New life sales is defined as new recurring premiums + 1/10 of single premiums.

⁴⁾ Deposits on and off balance sheet. Run-off businesses includes results of business units where management has decided to exit the market and to run-off the existing block of business.

⁵⁾ The present value of future distributable earnings on the block of business sold in the reporting period. Value of new business is calculated using beginning of year economic assumptions and assumptions outside of management control, and beginning of

⁶⁾ 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.

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. All ratios exclude AEGON’s revaluation reserve.

⁸⁾ Included in other income/(charges) are charges made to policyholders with respect to income tax in the United Kingdom.

⁹⁾ Includes production on investment contracts without a discretionary participation feature of which the proceeds are

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

¹¹⁾ PVNBP: Present Value New Business Premium.

¹²⁾ Reconciliation of operating expenses, used for segment reporting, to our IFRS based operating expenses:

	Q4 2010		FY 2010
Employee expenses		538		2,151
Administrative expenses		355		1,182
Operating expenses for IFRS reporting		893		3,333
Operating expenses related to associates		16		64
Operating expenses in earnings release		909		3,397

¹³⁾ New life sales, gross deposits and net deposits data include results of our associated companies in Spain, India, Brazil and Mexico which are consolidated on a proportionate basis.

¹⁴⁾ Operational free cash flow reflect the sum of the return on free surplus, earnings on in-force business, release on required surplus on in-force business reduced by new business first year strain and required surplus on new business. Refer to our Embedded Value 2009 report for further details.

^a) The calculation of the IGD (Insurance Group Directive) capital surplus and ratio are based on Solvency I capital requirements on IFRS for entities within the EU (Pillar 1 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. The calculation of the IGD ratio excludes the available and required capital of the UK With-Profit funds. In the UK solvency surplus calculation the local regulator only allows the available capital number of the With-Profit funds included in overall local available capital to be equal to the amount of With-Profit funds’ required capital.

^b) The results in this release are unaudited.

Currencies

Income statement items: average rate 1 EUR = USD 1.3210 (2009: USD 1.4071).

Income statement items: average rate 1 EUR = GBP 0.8544 (2009: GBP 0.8903).

Balance sheet items: closing rate 1 EUR = USD 1.3362 (2009: USD 1.4406).

Balance sheet items: closing rate 1 EUR = GBP 0.8608 (2009: GBP 0.8881).

Page 20 of 22

ADDITIONAL INFORMATION

The Hague, February xx, 2011

Press conference call

8:00 am CET Audio webcast on www.aegon.com

Analyst & investor presentation / conference call

9:00 am CET Audio webcast on www.aegon.com Call-in numbers:

USA: +1 480 629 9725 UK: + 44 207 153 2027 NL: +31 45 631 6901

Record date AGM

The record date for attending and voting at the Annual General Meeting of Shareholders of AEGON N.V. is April 14, 2011. The agenda will be available on AEGON’s website from March 31, 2011.

Supplements

AEGON’s Q4 2010 Financial Supplement and Condensed Consolidated Interim Financial Statements are available on www.aegon.com.

About AEGON

As an international life insurance, pension and asset management company based in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 27,500 people and have some 40 million customers across the globe.

Key figures - EUR	Full year 2010		Full year 2009		Third quarter 2010		Full year 2009
Underlying earnings before tax		2.0 billion		1.2 billion		473 million		1.2 billion
New life sales		2.2 billion		2.1 billion		527 million		2.1 billion
Gross deposits (excl. run-off)		33 billion		28 billion		9.4 billion		28 billion
Revenue generating investments (end of period)		413 billion		363 billion		405 billion		363 billion

Contact information

Media relations: Greg Tucker

+31(0)70 344 8956

gcc-ir@aegon.com

Investor relations: Gerbrand Nijman

+31 (0)70 344 8305

877 548 9668 – toll free USA only

ir@aegon.com

www.aegon.com

Page 21 of 22

Cautionary note regarding non-GAAP measures

This press release includes certain non-GAAP financial measures: underlying earnings before tax and value of new business. The reconciliation of underlying earnings before tax to the most comparable IFRS measure is provided in Note 3 “Segment information” of our Condensed consolidated interim financial statements. Value of new business is not based on IFRS, which are used to report AEGON’s primary financial statements and should not be viewed as a substitute for IFRS financial measures. We may define and calculate value of new business differently than other companies. Please see AEGON’s Embedded Value Report dated May 12, 2010 for an explanation of how we define and calculate. AEGON believes that these non-GAAP measures, together with the IFRS information, provide meaningful supplemental information that our management uses to run our business as well as useful information for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

Local currencies and constant currency exchange rates

This press release contains certain information about our results and financial condition in USD for the Americas and GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about us presented in EUR, which is the currency of our primary financial statements.

Forward-looking statements

The statements contained in this press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to AEGON. 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 Americas, the Netherlands, the United Kingdom and new 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;
¡	Our inability to obtain approval from the Dutch Central Bank to repurchase our Core Capital Securities; and
¡	Our inability to divest Transamerica Reinsurance on terms acceptable to us.

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.

Page 22 of 22