content_image/224726.jpg content_image/224727.jpg content_image/224728.jpg content_image/224731.jpg content_image/224730.jpg content_image/224729.jpg content_image/224744.jpg
following repricing. Sales during 2009 included existing AEGON group personal pension business which was transferred internally to new group pension contracts. AEGON decided in 2010 not to include these rewrites as part of new business reporting. The company believes that the exclusion of such rewrites provides a clearer indication of new premium secured. 

## Value of new business 

In 2010, the value of new business in the United Kingdom declined significantly to GBP 56 million as a result of 

## Underlying earnings before tax 

In GBP million 

<img src='content_image/224726.jpg'>

## Gross deposits 

In GBP million 

<img src='content_image/224727.jpg'>

## Operating expenses 

In GBP million 

<img src='content_image/224728.jpg'>

## Earnings overview AEGON UK 

repricing immediate annuities and the decision to adopt a more conservative investment strategy by investing in new assets in gilts, rather than corporate bonds. The internal rate of return on new business amounted to 11% in 2010. 

## Revenue-generating investments 

Revenue-generating investments increased 8% to GBP 58 billion mainly as a result of business growth and higher equity markets. 

## New life sales 

In GBP million 

<img src='content_image/224731.jpg'>

## Revenue-generating investments 

In GBP billion 

<img src='content_image/224730.jpg'>

## Value of new business (VNB) 

In GBP million 

<img src='content_image/224729.jpg'>

<img src='content_image/224744.jpg'>

