AEGON to Launch Equity Issue of 10%

By Aegon N.v., PRNE
Wednesday, February 23, 2011

THE HAGUE, The Netherlands, February 24, 2011 - AEGON reiterates its intention to repurchase all outstanding core capital
provided by the Dutch State before the end of June 2011. The total of the
repurchase of 375 million convertible core capital securities at the agreed
premium of 50% amounts to EUR 2.25 billion.

AEGON aims to issue 173.6 million common shares via an accelerated
book-build offering beginning today. The equity issue will be used to fund
the repurchase and will compensate for a part of the EUR 2.25 billion
decrease of core capital as a result of the repurchase. This will allow AEGON
to maintain a strong capital position and to meet its targeted ratio of core
capital to total capital of at least 75% by year-end 2012. The remaining
amount will be generated from internal resources, including proceeds from

The Dutch Central Bank (DNB) has given its consent to the repurchase of
the first EUR 750 million of core capital immediately following the equity
issue. Furthermore, DNB supports AEGON's actions towards repurchasing the
remaining EUR 750 million of core capital, which requires DNB's formal
consent in June 2011. In general, consent is conditional upon financial
markets not deteriorating materially.

"As announced last year, we intend to fully repurchase the core capital
provided by the Dutch State by the end of June 2011, market conditions
permitting" said AEGON CEO Alex Wynaendts. "Today's equity offering, together
with internal resources, including proceeds from divestments, will position
us to repurchase all core capital securities. We are currently in
negotiations with a party on the divestment of AEGON's life reinsurance
operations. The equity offering announced today supports our strategy to
maintain a strong capital position, including achieving our targeted ratio of
at least 75% core capital by year-end 2012."

AEGON will use the existing authorization of the annual shareholders'
meeting to issue 10% of the issued common share capital. Vereniging AEGON is
not expected to take part in the offering. Vereniging AEGON is expected,
however, to exercise the option to purchase additional class B preferred
shares to preserve its share of voting rights.

Morgan Stanley will be acting as Sole Global Coordinator and Joint Book
runner for the offering. Deutsche Bank and JP Morgan will also act as Joint
Book runners. A prospectus for the offering may be obtained from Morgan
Stanley, 20 Bank Street, Canary Wharf, London, E14 4AD, United Kingdom. In
addition, the prospectus may be obtained from AEGON's website,


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.

Registration statement

AEGON has filed a registration statement (including a prospectus) with
the SEC for the equity offering described in this presentation. Before you
invest, you should read the prospectus in that registration statement and
other documents AEGON has filed with the SEC for more complete information
about AEGON and this offering. You may get these documents for free by
visiting EDGAR on the SEC website at Alternatively,
AEGON, any underwriter or any dealer participating in the offering will
arrange to send you the prospectus if you request it by calling toll-free:

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 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 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

    - 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

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

    Contact information

    Media relations: Greg Tucker

    Investor relations: Gerbrand Nijman
    877-548-9668 - toll free USA only

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

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