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## ❏ AEGON WORLDWIDE 

AEGON operates in more than 20 countries around the world, serving about 40 million customers. AEGON sharpened its focus on its core businesses – life insurance, pensions and asset management – and turned in a strong performance. 

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## Overview 

During 2010, both AEGON’s underlying earnings and net income improved considerably. The increases were the result of business growth, cost savings, further improvements in financial markets and strengthening of the dollar against the euro. Sales increased in most countries, while gross deposits also increased. AEGON’s capital position improved during the year, with core capital of EUR 18.7 billion at year-end 2010. 

## Underlying earnings before tax 

Underlying earnings before tax increased 66% to EUR 1.97 billion, mainly as a result of a strong recovery in the Americas. The improvement was the result of growth of the business, cost savings, higher fee income as a result of higher account balances driven by net inflows and a recovery in financial markets and the absence of reserve strengthening in the Americas. 

Earnings in the Netherlands remained strong. AEGON’s operations in the United Kingdom reported higher underlying earnings, while earnings from New Markets increased mainly as a result of the inclusion of AEGON Asset Management, only partly offset by higher claim experience in the non-life business in Hungary. 

## Net income 

AEGON’s net income for 2010 amounted to EUR 1.8 billion, a significant increase compared with net income of EUR 204 million in 2009. The improvement was driven by higher underlying earnings, a turnaround in fair value results, higher realized gains on investments and considerably lower impairments. These positive effects were partly offset by higher losses for the run-off businesses and tax charges, where 2009 had included tax benefits. 

