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## Capital position 

At the end of 2010, AEGON’s excess capital above AA capital adequacy requirements totaled EUR 3.8 billion. During the year, AEGON businesses generated EUR 2.7 billion of cash flows, while the company invested EUR 1.3 billion in new business and upstreamed EUR 1.3 billion to the holding company. AEGON’s solvency ratio under the EU Insurance Group Directive remained strong and amounted to 198%$^{ 1}$ at year-end 2010. 

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## Underlying earnings geographically AEGON worldwide 

AEGON’s core capital position improved considerably during the year to EUR 18.7 billion, as a result of a further increase in the value of the company’s investments and the inclusion of 2010 net income. These positive effects were partly offset by the repayment of EUR 500 million to the Dutch State, as well as coupon, premium and dividend payments on AEGON securities. 

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1 Please refer to note 46 of the consolidated fi nancial statements. 

