AEGON to Divest Transamerica Reinsurance to SCOR

THE HAGUE, The Netherlands, April 26, 2011 - AEGON announces the divestment of its life reinsurance business,
Transamerica Reinsurance, to SCOR, a global reinsurance company. The
divestment will result in a total after-tax consideration of USD 1.4 billion,
consisting of cash proceeds of USD 0.9 billion with a further USD 0.5 billion
in capital released. AEGON expects to upstream USD 1.1 billion to the holding
company to support the repurchase of the remaining core capital securities
issued to the Dutch State. AEGON has committed to repurchasing these
securities by the end of June 2011.

Statement of CEO Alex Wynaendts

"We are pleased to have successfully concluded our discussions with SCOR
on the divestment of our life reinsurance business. This transaction is
consistent with our focus on AEGON's core business and supports our aim to
complete repayment to the Dutch State by the end of June. We are grateful for
the continued dedication of the management and employees of Transamerica
Reinsurance since announcing our intentions and are pleased to have
identified a good home for this highly regarded business."

Reinsurance agreements

Under the agreement, AEGON will divest its global life reinsurance
activities with the exception of select blocks of business that are to be
retained by AEGON. The retained businesses with a book value of USD 0.4
billion comprise mainly variable annuity guarantee business. The transaction,
which consists of a number of reinsurance agreements, is subject to final
approval of the relevant regulatory authorities and is expected to close in
the summer of this year.

Benefits of the transaction

With this transaction AEGON makes further progress on a number of
important strategic objectives. The company sharpens its focus on its core
business of life insurance, pensions and asset management, while improving
its risk-return profile, and reducing reinsurance reserve financing related
to the divested life reinsurance business by approximately 50%. At the same
time, the transaction supports AEGON's aim to achieve a broader geographical
balance in its capital allocation. The divestiture also supports AEGON's key
priority of repurchasing the core capital securities issued to the Dutch
State.

Structure of the transaction

The divestment of the Transamerica Reinsurance business (TARe) will
consist of a number of reinsurance agreements between various statutory
entities and SCOR companies for the US domestic business. In addition, SCOR
will acquire Transamerica International Reinsurance Ireland (TIRI) and will
take over the operational assets and systems of TARe. Various AEGON companies
have reinsured business to TIRI. Before the sale of TIRI, the business ceded
from other AEGON divisions to TIRI will be recaptured by AEGON's US statutory
entities.

AEGON will maintain approximately half of the collateral requirements
needed for reinsurance reserve financing. This obligation provides reserve
credit security and will run-off over 15 years. SCOR will be assuming the
remaining collateral requirements. While greatly reducing AEGON's collateral
funding obligations, the transaction will entail contingent exposure to SCOR.
SCOR is a strong counterparty, rated A2/A by Moody's and Standard & Poor's,
both with positive outlooks. For additional security certain amounts of
collateral are placed in trusts.

The transaction will be accounted for as a reinsurance transaction
between AEGON and SCOR. As a result, the divestment will have no meaningful
impact on shareholders' equity. Earnings on the business retained as well as
amortization of prepaid cost of reinsurance will be reflected in the run-off
businesses line in AEGON's segment reporting. The reinsurance business being
retained by AEGON, which is comprised primarily of the variable annuity
guarantee business, is substantially hedged for financial market risks and
produces normalized results which are negligible.

The transaction will result in an amortization of prepaid cost of
reinsurance of approximately USD 40 million before tax per annum initially
related to the business ceded. These costs are expected to trend down as the
contracts mature. Transamerica Reinsurance realized underlying earnings
before tax of USD 105 million in 2010.

The transaction is subject to various regulatory approvals in the United
States and Ireland and is expected to close this summer.

Transaction highlights of the divested life reinsurance business

    Total consideration            USD 1.4 billion
    Gross written premiums 2010    USD 2.2 billion
    Net underlying earnings 2010   USD 102 million
    Net income 2010                USD 102 million
    IFRS book value 2010           USD 1.7 billion
    Reinsurance reserve financing  Financing obligation reduced by
                                   approximately 50%.
                                   The remainder will gradually reduce
                                   as reinsurance contracts mature.
    Prepaid cost of reinsurance    USD ~0.6 billion
    before tax
    Amortization period            15 years
    Annual amortization expense    USD - 40 million
    before tax

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 globe.

    Key figures - EUR    Full year 2010 Full year 2009
    Underlying earnings
    before tax              2.0 billion    1.2 billion
    New life sales          2.2 billion    2.1 billion
    Gross deposits
    (excl. run-off)          33 billion     28 billion
    Revenue generating
    investments (end of
    period)                 413 billion    363 billion

Cautionary note regarding non-GAAP measures

This presentation includes certain non-GAAP financial measures:
underlying earnings before tax and value of new business. The reconciliation
of underlying earnings before tax to the most comparable IFRS measure is
provided in Note 3 "Segment information" of our Condensed consolidated
interim financial statements. Value of new business is not based on IFRS,
which are used to report AEGON's primary financial statements and should not
viewed as a substitute for IFRS financial measures. We may define and
calculate value of new business differently than other companies. Please see
AEGON's Embedded Value Report dated May 12, 2010 for an explanation of how we
define and calculate. AEGON believes that these non-GAAP measures, together
with the IFRS information, provide a meaningful measure for the investment
community to evaluate AEGON's business relative to the businesses of our
peers.

Local currencies and constant currency exchange rates

This presentation contains certain information about our results and
financial condition in USD for the Americas and GBP for the United Kingdom,
because those businesses operate and are managed primarily in those
currencies. Certain comparative information presented on a constant currency
basis eliminates the effects of changes in currency exchange rates. None of
this information is a substitute for or superior to financial information
about us presented in EUR, which is the currency of our primary financial
statements.

Forward-looking statements

The statements contained in this presentation 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;

- Our inability to obtain consent from the Dutch Central Bank to
repurchase our Core Capital Securities; and

- 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
    +1-877-548-9668 - toll free USA only
    ir@aegon.com
    www.aegon.com

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