AEGON Details Strategy to Deliver Sustainable Earnings Growth

THE HAGUE, The Netherlands, June 21, 2011 -

Following completion of AEGON’s full repayment to the Dutch
State last week, CEO Alex Wynaendts and senior management will
detail their plans to deliver sustainable earnings growth for its
businesses in the Americas, the Netherlands, the UK and Central
& Eastern Europe. AEGON is hosting its Analyst & Investor
Conference in London today and tomorrow. All presentations will be
available on href="www.aegon.com/">www.aegon.com as of 6 pm
CET.

In recent years, AEGON has implemented a broad restructuring of
its operations, either divesting or running-off businesses which
did not meet its risk-return profile or contribute to the company’s
long-term growth prospects. This has resulted in significantly
reducing the company’s exposure to financial market risk, as well
as establishing a lower cost base for its main operations in the
US, the UK and the Netherlands. It is from this new base that AEGON
will pursue its financial targets.

“The steps we have taken since 2008 have significantly
transformed AEGON,” said Alex Wynaendts. “With the completion of
repayment to the Dutch State, we are focusing our full attention to
achieving ambitious financial targets, consistent with our ambition
to be a leader in all our chosen markets in the coming years. As we
transition to a new base following the significant restructuring of
our operations, we are confident in our ability to generate solid
earnings growth with an improved risk-return profile, pay
sustainable dividends to shareholders and, at the same time, become
the most-recommended provider among our current and future
customers and partners.”

Specifically, AEGON aims to:

• Grow underlying earnings before tax on average by 7 to 10% per
  annum between 2010 and 2015
• Achieve a return on equity of 10% to 12% by 2015
• Increase fee businesses to 30% to 35% of underlying earnings
  before tax by 2015
• Increase normalized operational free cash flow by 30% by
  2015
• Resume dividend payments with dividend of  EUR 0.10 per
  common share related to H2 2011 in May 2012

AEGON aims to grow its underlying earnings before tax and
improve its return on equity by growth of the business and cost
reductions, in combination with redeployment of capital to areas
with stronger growth and higher return prospects. Supporting its
target to grow fee business to 30% to 35% of underlying earnings
before tax from its 2010 level of 16%, AEGON aims to increase
fee-based earnings in the Americas, primarily from its variable
annuity and pensions lines of business. At the same time, AEGON
aims to more than double fee-based earnings in the UK and in New
Markets. The growth in fee-based earnings will be additionally
supported by its asset management and European variable annuity
businesses.  

It is AEGON’s ambition to grow normalized operational free cash
flows by 30% by 2015. The growth in cash flows will be mainly
driven by strong improvements in the UK and Americas. In the UK,
normalized operating cash flows will improve significantly driven
by lower commission payments and the result of cost reductions. In
the Americas, cash flows are benefiting from further business
growth.

Additionally, AEGON has set a target to achieve a capital base
ratio of at least 75% by the end of 2012 and maintain at least EUR
900 million of excess capital in the Holding. Absent unforeseen
circumstances, AEGON intends to pay a EUR 0.10 dividend per common
share over the second half of 2011, to be paid in May 2012.

AEGON manages its business on an economic framework basis,
meaning that it prices its products based on hedgeable market
circumstances, versus assumptions about future economic conditions.
AEGON will begin publishing Market Consistent Value of New Business
(MCVNB) results with the publication of its first quarter results
next year.

AEGON’s ambition to be a leader in all of its chosen markets by
2015 is supported by four strategic objectives:  Optimize our
Portfolio, Enhance Customer Loyalty, Deliver Operational Excellence
and Empower Employees. These key objectives have been embedded in
all AEGON businesses and provide the strategic framework for
becoming the most-recommended life insurance and pension provider
by customers and distributors, as well as the most-preferred
employer in the sector.

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 27,000 people and have some 40 million customers
across the globe.

                                         Full year
    Key figures - EUR        Q1 2011          2010
    Underlying earnings
    before tax           414 million   1.8 billion
    New life sales       501 million   2.1 billion
    Gross deposits       7.4 billion    33 billion
    Revenue-generating
    investments (end of
    period)              400 billion   413 billion

Forward-looking statements

The statements contained in this document 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 our company. 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 United States, the
  Netherlands, the United Kingdom and emerging 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;
• The non-fulfillment of the conditions precedent underlying the
  agreement to divest Transamerica Reinsurance.

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
gcc-ir@aegon.com

Investor relations:
Willem van den Berg
+31(0)70-344-8305
877-548-9668 - toll free USA only
ir@aegon.com

www.aegon.com

PRN NLD

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