AEGON Appoints Adrian Grace CEO AEGON UK

By Aegon N.v., PRNE
Monday, March 7, 2011

Otto Thoresen to Join Association of British Insurers as Director General

THE HAGUE, The Netherlands, March 8, 2011 - AEGON today announces the appointment of Adrian Grace as Chief Executive
Officer of AEGON UK. He will replace Otto Thoresen, who is leaving AEGON
after six years as UK CEO. Mr. Thoresen will become Director General of the
Association of British Insurers (ABI). Mr. Grace, whose appointment is
subject to approval by the Financial Services Authority (FSA) will take up
his new role as of April 1, 2011. Adrian Grace is currently Chief Operating
Officer of AEGON UK, a position he has held for the past twelve months.
During that time, he has been responsible for developing and implementing the
major business transformation plan for AEGON UK currently underway. AEGON
introduced a restructuring program in June 2010 aimed at reducing operating
costs by 25% of the life and pensions business by end 2011 in order to
improve the returns of the business. At the same time, efforts are aimed at
refocusing the business on the two growth markets of At Retirement and
Workplace Savings, in which AEGON already has strong positions. Adrian Grace
joined AEGON in February 2009. In his first year with AEGON, as Director of
Group Development, he was responsible for delivering greater operational
efficiency in AEGON's sales force and in its owned adviser businesses Origen
and Positive Solutions. Prior to joining AEGON, Mr. Grace held a variety of
business development roles at GE Capital, during which he was based also in
the United States and Far East. He also held managing director roles at Sage
Group, HBoS and Barclays Insurance. AEGON's CEO Alex Wynaendts stated: "We
are grateful to Otto Thoresen for his years of leadership and many
contributions to AEGON UK throughout his long career. Adrian Grace is
uniquely qualified to lead our organization in the UK forward given his
extensive industry experience and the significant role he has played in
repositioning our business over the past several months. Adrian is committed
to deliver on the strategic priorities for AEGON UK which are aimed at
achieving a new era of focused growth in the At Retirement and Workplace
Savings markets." Adrian Grace said: "I am very pleased to have the
opportunity to lead AEGON UK at such an important time for our business. I
will continue with the strategy which the AEGON UK leadership team has
introduced over the past twelve months. My aim will be to execute our plans
well in order to achieve improved performance and leverage the strengths that
benefit us as part of a global company. AEGON UK has the potential to be one
of the winners in this market in the future and I'm looking forward to the
challenges and opportunities ahead."

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

                           Full year    Full year  Third quarter  Full year
    Key figures - EUR         2010         2009         2010         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

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
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 consent
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.

Contact information

Media relations: Greg Tucker, +31(0)70-344-8956,

Investor relations: Gerbrand Nijman, +31(0)70-344-8305, +1-877-548-9668
- toll free USA only,

Contact information: Media relations: Greg Tucker, +31(0)70-344-8956, gcc-ir at; Investor relations: Gerbrand Nijman, +31(0)70-344-8305, +1-877-548-9668 -
toll free USA only, ir at

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