6-K

Securities and Exchange Commission

Washington, D.C. 20549

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d/16 of

the Securities Exchange Act of 1934

November 2004

AEGON N.V.

AEGONplein 50

2591 TV THE HAGUE

The Netherlands

AEGON’s press release, dated November 11, 2004, is included as appendix and incorporated herein by reference.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AEGON N.V.
	(Registrant)
Date: November 11, 2004	By	/s/ E. Lagendijk
		E. Lagendijk
		Senior Vice President and
		General Counsel

EX-99.1

Exhibit 99.1

	PRESS RELEASE
	453130
	Media Relations	+31 (0)70 344 83 44
	Investor Relations:	+31 (0)70 344 83 05 (NL)
		+1 877 548 96 68 (USA)

AEGON REPORTS ON HIGHER FIRST NINE MONTHS 2004 RESULTS

• ALL MAJOR COUNTRY UNITS CONTRIBUTED TO STRONG GROWTH IN EARNINGS

• INCOME BEFORE REALIZED GAINS AND LOSSES ON SHARES AND REAL ESTATE INCREASED 36% TO EUR 1,378 MILLION (46% at constant exchange rates)

• NET INCOME INCREASED TO EUR 1,238 MILLION COMPARED TO EUR 764 MILLION IN 2003

• REVENUE GENERATING INVESTMENTS AMOUNTED TO EUR 306 BILLION, AN INCREASE OF 8% FROM THE BEGINNING OF 2004

The Hague, November 11, 2004 – Today, AEGON reported higher results for the first nine months of 2004 demonstrating its continued focus on profitable growth and commitment to its core businesses in life, pensions, savings and investment products. During the first nine months, AEGON expanded its activities by establishing new operations and distribution agreements in both existing and newly developing markets. In Spain, the partnership with CAM has made an encouraging start. The activities in Slovakia have shown a promising first year and AEGON has just launched a pension fund company to broaden its activities. The national cooperation agreement with the Agricultural Bank of China, which was announced recently, is an important step in enhancing the multi-channel distribution platform in China. In addition, AEGON sold the majority of the non-core Transamerica Finance Corporation (TFC) businesses, in early 2004 and late 2003, and recently closed the sale of TFC’s maritime container leasing company. AEGON expects to sell TFC’s European trailer leasing business by the end of 2004.

“AEGON’s strong nine-months earnings demonstrate our commitment to managing our business for profitability, maintaining our franchise value and delivering products that serve evolving customer needs”, said AEGON’s Chairman of the Executive Board Donald J. Shepard. “This strategy has yielded profitable growth in all of our major country units.”

HIGHLIGHTS Amounts in EUR millions, except per share data	Third quarter 2004	Third quarter 2003 as adjusted	%		First nine months 2004	First nine months 2003 as adjusted		%		Constant currency exchange rates %
Income before realized gains and losses on shares and real estate	489	402	22	%	1,378	1,014		36	%	46	%
Realized gains and losses on shares and real estate	135	101	34	%	329	(182	)	—		—
Income before tax	624	503	24	%	1,707	832		105	%	124	%
Net income before realized gains and losses on shares and real estate	343	336	2	%	976	938		4	%	13	%
- per share	0.21	0.21	0	%	0.61	0.59		3	%	13	%
Net income	448	435	3	%	1,238	764		62	%	78	%
- per share	0.29	0.28	4	%	0.79	0.47		68	%	86	%

Note: 2003 financial data have been adjusted for the change in accounting principles related to the discontinuance of the indirect income method for recognizing gains and losses on shares and real estate and the adoption of SOP 03-1. For details, please refer to page 21 and 22 and/or to our Q1 2004 earnings release for a reconciliation of ‘as reported’ to ‘as adjusted’.

Page 1

Highlights

(2003 adjusted for comparison)

amounts in millions
USD						EUR						EUR
First nine months						Third quarter						First nine months
2004		2003		%		2004		2003		%		2004		2003		%
					Income by product segment
709		605		17	Traditional life	220		169		30		579		545		6
286		204		40	Fixed annuities	74		86		(14	)	233		184		27
188		154		22	GICs and funding agreements	57		64		(11	)	153		138		11
323		206		57	Life for account policyholders	90		79		14		264		185		43
127		21			Variable annuities	35		13		169		104		19
65		32		103	Fee business	13		9		44		53		29		83
1,698		1,222		39	Life insurance	489		420		16		1,386		1,100		26
273		203		34	Accident and health insurance	69		78		(12	)	223		183		22
101		66		53	General insurance	34		16		113		82		59		39
2,072		1,491		39	Insurance income	592		514		15		1,691		1,342		26
17		12		42	Banking activities	5		9		(44	)	14		11		27
(401)		(377	)	6	Interest charges and other	(108	)	(121	)	(11	)	(327	)	(339	)	(4	)
1,688		1,126		50	Income before realized gains and losses on shares and real estate	489		402		22		1,378		1,014		36
403		(202	)		Realized gains and losses on shares and real estate	135		101		34		329		(182	)
2,091		924		126	Income before tax	624		503		24		1,707		832		105
(574)		(311	)	85	Corporation tax	(176	)	(111	)	59		(469	)	(280	)	68
—		236			Transamerica Finance Corporation	—		43				—		212
1,517		849		79	Net income	448		435		3		1,238		764		62
					Income geographically
1,637		1,053		55	Americas	471		380		24		1,336		949		41
547		38			The Netherlands	167		172		(3	)	447		34
200		143		40	United Kingdom	61		49		24		163		128		27
108		67		61	Other countries	33		23		43		88		60		47
2,492		1,301		92	Income before tax business units	732		624		17		2,034		1,171		74
(401	)	(377	)	6	Interest charges and other	(108	)	(121	)	(11	)	(327	)	(339	)	(4	)
2,091		924		126	Income before tax	624		503		24		1,707		832		105
(574	)	(311	)	85	Corporation tax	(176	)	(111	)	59		(469	)	(280	)	68
—		236			Transamerica Finance Corporation	—		43				—		212
1,517		849		79	Net income	448		435		3		1,238		764		62
		1,470			Net income historically reported									1,323
6,985		5,391		30	Gross margin	1,931		1,656		17		5,701		4,853		17
5,297		4,265		24	Commissions and expenses	1,442		1,254		15		4,323		3,839		13
					Net income before realized gains and losses
1,196		1,042		15	on shares and real estate	343		336		2		976		938		4
					Amounts per common share of EUR 0.12
0.97		0.52		87	Net income 1	0.29		0.28		4		0.79		0.47		68
0.97		0.52		87	Net income fully diluted 1	0.29		0.28		4		0.79		0.47		68
					Net income before realized gains and losses
0.75		0.66		14	on shares and real estate	0.21		0.21		0		0.61		0.59		3
At Sept. 30 2004		At Dec. 31 2003										At Sept. 30 2004		At Dec. 31 2003
10.50		10.08		4	Shareholders’ equity 2							8.46		7.98		6
10.68		10.53		1	Shareholders’ equity after full conversion 2							8.61		8.34		3
					Number of employees 3							27,529		28,141		(2	)
					Outstanding common shares:
					- Number of common shares (millions)							1,553		1,514		3
					- Weighted average number (millions)							1,501		1,473		2

¹ Based on the weighted average number of common shares, adjusted for repurchased own shares.

² Based on the number of common shares outstanding at the end of the period, adjusted for repurchased own shares.

³ The 2003 figure has been adjusted for self-employed agents which are no longer included.

Included in this report are financial measures, pre-tax as well as after-tax, that exclude realized gains and losses on shares and real estate. Net income before realized gains and losses on shares and real estate is a non-GAAP measure. Management uses this non-GAAP measure, in addition to GAAP measures, as an indicator of AEGON’s financial performance and believes that the presentation of this measure provides useful and important information to analysts and investors. This non-GAAP measure should be seen as part of a range of supplementary measures, that assist in achieving greater transparency and understanding of insurance reporting and can help investors and analysts in comparing AEGON with its peers. Reconciliation of this measure to the most comparable GAAP measure is provided on page 23.

Page 2

Income before realized gains and losses on shares and real estate increased 36% to EUR 1,378 million for the first nine months of 2004 (46% on a constant currency exchange rate basis). All country units contributed favorably to the increase, which, compared to the same period in the prior year, was positively influenced by improved credit and equity markets, higher product spreads and an increasing in-force block of business.

Net income before realized gains and losses on shares and real estate increased 4% to EUR 976 million for the first nine months of 2004 (13% on a constant currency exchange rate basis). The increase reflects the strong contribution to earnings by AEGON’s country units, which more than offset the lower income from Transamerica Finance Corporation (a net loss of EUR 19 million compared to a net profit of EUR 212 million for the first nine months of 2003). Net income, which includes realized gains and losses on shares and real estate, increased to EUR 1,238 million for the first nine months of 2004.

Commissions and expenses increased 13% to EUR 4,323 million for the first nine months of 2004. Total operating expenses were 12% higher than in the same period last year at EUR 2,300 million. When adjusting for the consolidation of the remaining TFC activities, operating expenses were slightly lower (4% higher on a constant currency exchange basis). This includes additional employee pension expense, post retirement benefits costs and increased regulatory and compliance costs. Expense management remains an integral part of AEGON’s strategy to focus on profitability.

In the Americas, income before realized gains and losses on shares and real estate increased by 37% to USD 1,463 million (EUR 1,194 million). The Americas represented 66% of income generated by the country units. The main factors driving the improvement in results were lower bond defaults, improved equity markets and increased product spreads relative to the first nine months of last year. Standardized new life production increased 5% to USD 784 million (EUR 640 million) during the first nine months on a comparable basis to the same period in 2003. Standardized new life production in the first nine months of 2004 was particularly strong in traditional life products sold through the agency channel and in the reinsurance operations. This was partly offset by lower Company-Owned Life Insurance sales.

In the Netherlands, income before realized gains and losses on shares and real estate rose 35% to EUR 263 million compared to EUR 195 million in the same period last year. The Netherlands represented 22% of income generated by the country units. The increase in income before realized gains and losses on shares and real estate in the Netherlands was primarily driven by higher interest results. Standardized new life production was 19% lower than in the comparable period last year.

In the United Kingdom, income before realized gains and losses on shares and real estate increased 20% to GBP 110 million (EUR 163 million). The UK represented 8% of income generated by the country units. The increase in earnings mainly reflects higher policy fee income, related to an average 13% higher FTSE level in the first nine months of 2004 compared to the same period in 2003. Standardized new life production increased 5% to GBP 493 million (EUR 734 million). This reflects growth in the core individual and group pensions businesses, partly offset by a fall in asset management institutional sales.

Income before realized gains and losses on shares and real estate in Other countries increased 39% to EUR 85 million and represented 4% of income generated by the country units. The increase in earnings reflects strong improvements in both life and non-life insurance, particularly in Spain.

Shareholders’ equity at September 30, 2004, amounted to EUR 15,025 million, an increase of EUR 1,058 million compared to December 31, 2003. At September 30, 2004, shareholders’ equity represented 72% of AEGON’s total capital base, which exceeds the target of at least 70%. In July of 2004, AEGON successfully completed the issuance of EUR 500 million and USD 250 million in Perpetual Capital Securities. This issue was reopened and the amount outstanding was increased to EUR 950 million and USD 500 million in October 2004. The proceeds of the issue will be used to refinance maturing senior debt. These transactions further strengthen the quality of AEGON’s capital base.

Page 3

REPORT OF THE COUNTRY UNITS

Americas

(2003 adjusted for comparison)

													amounts in millions
USD							USD						EUR
Third quarter							First nine months						First nine months
2004		2003		%			2004		2003		%		2004		2003		%
						Income by product segment
198		139		42		Traditional life	529		442		20		432		398		9
91		96		(5	)	Fixed annuities	286		204		40		233		184		27
70		72		(3	)	GICs and funding agreements	188		154		22		153		138		11
26		20		30		Life for account of policyholders	74		63		17		60		57		5
42		14		200		Variable annuities	127		21				104		19
5		0				Fee business	18		10		80		15		9		67
432		341		27		Life insurance	1,222		894		37		997		805		24
73		71		3		Accident and health insurance	241		175		38		197		158		25
505		412		23		Insurance income	1,463		1,069		37		1,194		963		24
432		378		14		of which general account	1,244		975		28		1,015		878		16
73		34		115		of which policyholders account 1	219		94		133		179		85		111
505		412		23		Income before realized gains and losses on shares and real estate	1,463		1,069		37		1,194		963		24
71		13				Realized gains and losses on shares and real estate	174		(16	)			142		(14	)
576		425		36		Income before tax	1,637		1,053		55		1,336		949		41
(185	)	(113	)	64		Corporation tax	(515	)	(295	)	75		(420	)	(267	)	57
391		312		25		Net income	1,122		758		48		916		682		34
						Revenues
293		213		38		Life general account single premiums	910		643		42		743		579		28
1,257		1,167		8		Life general account recurring premiums	3,690		3,486		6		3,012		3,138		(4	)
20		129		(84	)	Life policyholders account single premiums 2	88		394		(78	)	72		355		(80	)
314		168		87		Life policyholders account recurring premiums 2	953		618		54		778		556		40
1,884		1,677		12		Total life insurance gross premiums	5,641		5,141		10		4,605		4,628		(0	)
629		609		3		Accident and health insurance premiums	1,905		1,850		3		1,555		1,665		(7	)
2,513		2,286		10		Total gross premiums	7,546		6,991		8		6,160		6,293		(2	)
1,673		1,606		4		Investment income insurance activities	4,922		4,662		6		4,017		4,196		(4	)
248		246		1		Fees and commissions	752		643		17		614		579		6
4,434		4,138		7		Total revenues	13,220		12,296		8		10,791		11,068		(3	)
(282	)	1,109		(125	)	Investment income for account of policyholders	907		4,310		(79	)	740		3,879		(81	)
						Gross margin, commissions and expenses
1,556		1,323		18		Gross margin	4,604		3,803		21		3,758		3,424		10
1,051		911		15		Commissions and expenses	3,141		2,734		15		2,564		2,461		4
						Standardized new premium production life insurance
310		327		(5	)	Single premiums 2	811		952		(15	)	662		857		(23	)
222		200		11		Recurring premiums annualized 2	703		682		3		574		614		(7	)
253		232		9		Total recurring plus 1/10 single	784		777		1		640		700		(9	)
						Deposits
758		1,024		(26	)	Fixed annuities	2,414		4,374		(45	)	1,970		3,937		(50	)
3,024		2,044		48		GICs and funding agreements	7,838		7,598		3		6,397		6,839		(6	)
1,246		1,253		(1	)	Variable annuities	4,147		5,243		(21	)	3,385		4,719		(28	)
5,028		4,321		16		Total production on balance sheet	14,399		17,215		(16	)	11,752		15,495		(24	)
						Off balance sheet production
1,597		4,178		(62	)	Synthetic GICs	4,778		11,239		(57	)	3,900		10,116		(61	)
						Mutual funds/Collective Trusts and
2,492		2,191		14		other managed assets	8,382		6,053		38		6,841		5,448		26
4,089		6,369		(36	)	Total production off balance sheet	13,160		17,292		(24	)	10,741		15,564		(31	)

¹ Includes also variable annuities and fee business.

² Effective January 1, 2004, for reasons of consistency, additional variable universal life premiums, in the past recognized as single premiums, have been reclassified to renewal premiums.

Page 4

The Americas (the AEGON USA companies and AEGON Canada)

• Income before realized gains and losses on shares and real estate increased 37% to USD 1,463 million in the Americas. All product lines showed a strong increase in earnings.

• Revenue generating investments rose 7% from year-end 2003 to USD 242 billion.

• Additions to the default provision in the United States were USD 175 million compared to USD 400 million in the first nine months of 2003.

• Standardized new life production increased 5% to USD 784 million during the first nine months on a comparable basis to the same period in 2003.

• Operating expenses, which include additional employee pension expense and regulatory and compliance costs, increased 6% compared to the first nine months of 2003.

Results

Income before realized gains and losses on shares and real estate increased 37% to USD 1,463 million for the first nine months of 2004. Earnings across all product lines have shown strong improvements driven largely by improved credit and equity markets and increased product spreads. Net income, which includes realized gains and losses on shares and real estate, increased to USD 1,122 million for the first nine months of 2004. Realized net gains on shares and real estate were USD 174 million for the first nine months of 2004 compared to a realized net loss of USD 16 million over the same period of 2003.

For the third quarter of 2004, income before realized gains and losses on shares and real estate increased 23% to USD 505 million, compared to the third quarter of 2003. Lower bond defaults and improved mortality results are the primary drivers of the increase in the quarter. Net income, which includes realized gains and losses on shares and real estate, increased to USD 391 million.

Total revenues of USD 13,220 million for the first nine months of 2004 increased 8% compared to the same period in 2003. Life insurance gross premiums of USD 5,641 million increased 10%, accident and health insurance premiums of USD 1,905 million increased 3%. Increased sales, higher investment income, and higher fee income due to higher assets under management contributed to the overall increase.

Investment income of USD 4,922 million was 6% higher than in the first nine months of 2003. In addition to the impact of net realized gains, the increase reflects portfolio growth as a result of general account sales and low lapses, partly offset by lower new money interest rates.

Traditional/Account of Policyholders

Standardized new life production increased 5% to USD 784 million during the first nine months on a comparable basis to the same period in 2003. Retail standardized new life production increased USD 45 million or 8% on a comparable basis to USD 589 million and reflects strong organic growth and solid recruiting results in the agency channel. Standardized new life production increased USD 33 million to USD 134 million at the Reinsurance operations and decreased USD 37 million to USD 62 million on Company-Owned Life Insurance. Company-Owned Life Insurance sales tend to be large and less predictable in nature.

Traditional life income before realized gains and losses on shares and real estate of USD 529 million increased 20% compared to the first nine months of 2003. Lower bond defaults, improved product spreads and new business growth all contributed to the earnings increase and more than offset a USD 40 million property insurance recovery which occurred in 2003.

Page 5

Life for account of policyholders income before realized gains and losses on shares and real estate of USD 74 million increased 17% for the first nine months of 2004 compared to the same period last year. The increase was due primarily to more favorable mortality and persistency experience combined with new business growth.

Fixed annuities

Deposits of USD 758 million during the third quarter were 8% below the prior quarter. Fixed annuity balances of USD 44.5 billion remained level with year-end 2003. Fixed annuity deposits of USD 2.4 billion decreased 45% in the first nine months of 2004 compared to the same period in 2003. Fixed annuity sales declined compared to the first nine months of 2003 due to lower policyholder crediting rates and adjustments made to commission structures, in response to the risks associated with writing certain types of fixed annuity business in the current low interest rate environment.

Fixed annuity income before realized gains and losses on shares and real estate of USD 286 million for the first nine months of 2004 increased 40% compared to the same period in 2003. Lower bond defaults and more favorable product spreads are the primary drivers of the earnings increase. The product spread on the largest segment of the fixed annuity book was 213 basis points for the third quarter of 2004, which is an increase of 39 basis points from the comparable spread for the same period last year. Compared to the second quarter this year, the product spread on the largest segment of the fixed annuity book decreased 12 basis points. Lower equity related income, lower amortization of prior deferred bond gains and lower portfolio yields, offset in part by reduced crediting rates, all contributed to the decline in spread. Adding back pricing defaults and investment expenses, the gross spread for the third quarter 2004 was 257 basis points, compared to 219 basis points for the third quarter in 2003.

GICs and funding agreements

GIC and funding agreement production of USD 7.8 billion increased 3% in the first nine months of 2004 compared to the same period in 2003. The increased production is primarily due to higher traditional GIC sales, partly offset by lower funding agreement sales. Tight credit spreads in the market have affected sales in 2004 as disciplined pricing has been maintained to achieve returns. GIC and funding agreement balances have increased 8% to USD 29.5 billion from year-end 2003.

GIC and funding agreement income before realized gains and losses on shares and real estate increased 22% to USD 188 million compared to the first nine months of 2003. The increase is driven by improved product spreads, asset growth and a one-time positive effect of USD 16 million received in the first quarter of 2004 related to the performance of a loan portfolio.

Variable annuities

Variable annuities account balances have increased 3% to USD 43.4 billion during the first nine months of 2004. Variable annuity deposits of USD 4.1 billion decreased 21% in the first nine months of 2004 compared to the same period in 2003. The decrease is largely due to the discontinuance of the guaranteed minimum income benefit (GMIB) feature in the first quarter of 2003, as part of our disciplined approach to write profitable business at acceptable risk profiles. A new product with a guaranteed ‘5% for Life’ withdrawal feature (GMWB) has been launched in the fourth quarter of 2004 and will supplement the current Guaranteed Principal Solution (GPS) rider. The ‘5% for Life’ rider is priced at 60 basis points of the guaranteed amount and will require allocation strategies.

Income before realized gains and losses on shares and real estate in the variable annuity line of business increased from USD 21 million in the first nine months of 2003 to USD 127 million in the first nine months of 2004. The significant earnings improvement is the result of higher fund balances due to improved equity market returns and more favorable persistency, lower guaranteed death benefit costs and reduced operating expenses.

Page 6

Fee business

Fee based products include managed assets such as mutual funds, collective investment trusts and synthetic GICs. Production results for the first nine months totaled USD 13.2 billion, a 24% decrease compared to the same period in 2003. Mutual fund sales of USD 8.4 billion for the first nine months of 2004 increased 38% over the comparable period in 2003, reflecting the expanded marketing relationships with wirehouse networks. Synthetic GIC sales of USD 4.8 billion decreased 57% as equity-like products are now attracting more funds than stable value alternatives. In total, fee based assets have increased 13% to USD 72 billion from year-end 2003.

Fee business income before realized gains and losses on shares and real estate of USD 18 million increased 80% in the first nine months of 2004 compared to the 2003 results for the same period. The first nine months of 2004 income was positively impacted by growth in assets due to deposits and equity market appreciation.

Accident and health business

Accident and health premiums of USD 1,905 million were 3% higher than in the first nine months of 2003 due to increased sales through sponsored programs along with rate increases on certain health products.

Accident and health income before realized gains and losses on shares and real estate of USD 241 million increased 38% in the first nine months of 2004 compared to the same period last year. Lower additions to the default provision combined with improved claims experience, more effective expense containment, and premium rate increases in certain health products improved overall profitability. This was partly offset by a USD 14 million provision increase in the third quarter related to a system conversion.

As previously announced, Long Term Care sales will cease during the first half of 2005 as new business no longer meets our return objectives relative to the risk associated with the product.

Commissions and expenses

Commission and expenses include commissions, operating expenses and the net change in policy acquisition costs. Commissions and expenses of USD 3,141 million increased 15% in the first nine months of 2004 compared to the same period in 2003.

Operating expenses increased 6% to USD 1,338 million due to higher employee pension plan expense (USD 38 million) and increased regulatory and compliance costs.

Page 7

The Netherlands

(2003 adjusted for comparison)

							amounts in millions
EUR							EUR
Third quarter							First nine months
2004		2003		%			2004		2003		%
						Income by product segment
51		35		46		Traditional life	135		125		8
10		16		(38	)	Life for account of policyholders	35		0
4		6		(33	)	Fee business	26		16		63
65		57		14		Life insurance	196		141		39
7		11		(36	)	Accident and health insurance	20		19		5
11		7		57		General insurance	33		24		38
83		75		11		Insurance income	249		184		35
69		53		30		of which general account	188		168		12
14		22		(36	)	of which policyholders account 1	61		16
83		75		11		Insurance income	249		184		35
5		9		(44	)	Banking activities 2	14		11		27
88		84		5		Income before realized gains and losses on shares and real estate	263		195		35
79		88		(10	)	Realized gains and losses on shares and real estate	184		(161	)
167		172		(3	)	Income before tax	447		34
(31	)	(27	)	15		Corporation tax	(76	)	(54	)	41
136		145		(6	)	Net income	371		(20	)
						Revenues
87		117		(26	)	Life general account single premiums	384		557		(31	)
66		65		2		Life general account recurring premiums 3	426		421		1
100		75		33		Life policyholders account single premiums	315		328		(4	)
276		250		10		Life policyholders account recurring premiums 3	1,246		1,204		3
529		507		4		Total life insurance gross premiums	2,371		2,510		(6	)
35		27		30		Accident and health insurance premiums	159		141		13
92		94		(2	)	General insurance premiums	353		363		(3	)
656		628		4		Total gross premiums	2,883		3,014		(4	)
357		334		7		Investment income insurance activities	956		544		76
86		66		30		Fees and commissions	251		200		26
69		88		(22	)	Income from banking activities	210		273		(23	)
1,168		1,116		5		Total revenues	4,300		4,031		7
115		263		(56	)	Investment income for account of policyholders	714		636		12
						Gross margin, commissions and expenses
356		307		16		Gross margin	1,073		923		16
268		223		20		Commissions and expenses	810		728		11
						Standardized new premium production life insurance
174		170		2		Single premiums	642		782		(18	)
19		26		(27	)	Recurring premiums annualized	90		113		(20	)
36		43		(16	)	Total recurring plus 1/10 single	154		191		(19	)
						Deposits
685		679		1		Savings deposits 4	2,313		2,202		5
685		679		1		Total production on balance sheet	2,313		2,202		5
						Off balance sheet production
200		665		(70	)	Mutual funds and other managed assets	611		1,774		(66	)
200		665		(70	)	Total production off balance sheet	611		1,774		(66	)

¹ Includes also fee business.

² Includes income on off balance sheet type products.

³ Reflected in the column first nine months is a reclassification of EUR 62 million from general account recurring premiums to policyholders account recurring premiums relating to Q1 2004.

⁴ Reflected in the column first nine months is an adjustment of EUR 410 million to savings deposits relating to Q1 2004.

Page 8

AEGON The Netherlands

• Income before realized gains and losses on shares and real estate increased 35% compared to the first nine months of 2003 to an amount of EUR 263 million.

• Total revenue generating investments rose 8% to EUR 57 billion from year-end 2003.

• Standardized new life production, compared to the first nine months of 2003, declined 19% to EUR 154 million.

• Operating expenses decreased 2% on a comparable basis.

Results

Income before realized gains and losses on shares and real estate totaled EUR 263 million for the first nine months of 2004, a 35% increase compared to the same period in 2003. Net income, which includes realized gains and losses on shares and real estate, amounted to EUR 371 million, compared to a net loss of EUR 20 million in the first nine months of 2003.

Income before realized gains and losses on shares and real estate for the third quarter of 2004 amounted to EUR 88 million, a 5% increase compared to the same period last year. Net income for the third quarter declined 6% to EUR 136 million.

The increase in nine-month income before realized gains and losses on shares and real estate mainly reflects higher interest revenues and lower additions to provisions for credit risk and minimum guarantees.

Realized gains on shares and real estate amounted to EUR 184 million on a pre-tax basis, compared to realized losses of EUR 161 million in the first nine months of last year.

Traditional/Account of policyholders

Overall standardized new life production declined 19% to EUR 154 million compared to the first nine months of 2003. This reflects lower single premium production as a consequence of the focus on value creation instead of volume and the absence of large case group contracts.

Traditional life income before realized gains and losses on shares and real estate increased 8% to EUR 135 million during the first nine months of 2004. This reflects continued positive development of results on disability riders, as well as an increase in the result on interest due to extending of the asset duration. These items were partly offset by increased net amortization of policy acquisition cost, lower cost loadings due to lower production and additional provisions for post-retirement benefits.

Life for account of policyholders income before realized gains and losses on shares and real estate increased EUR 35 million compared to the same period of last year. The improvement primarily reflects lower additions to the provision for guarantees. Other positive elements include results on disability riders, partly offset by lower loadings, higher net amortization of policy acquisition cost on the back of lower production and higher lapses and additional provisions for post-retirement benefits.

Page 9

Fee business

Income before realized gains and losses on shares and real estate on fee business showed a 63% increase in the first nine months of 2004 to EUR 26 million. The Meeùs group is benefiting from the reorganization that was started in 2003, results at TKP Pensioen increased and asset management profits showed a stable development.

Off balance sheet production decreased by 66% compared to the very strong first nine months of 2003.

Non-life insurance

Accident and health income before realized gains and losses on shares and real estate increased 5% to EUR 20 million on the back of increased business volumes, particularly in the Sick Leave segment. Accident and health premiums rose 13% during the first nine months of this year compared to the prior year.

General insurance reported a 38% rise in income before realized gains and losses on shares and real estate to EUR 33 million. This is driven by a continued favorable claims experience in Fire, while other lines saw declining results.

Banking activities

Income before realized gains and losses on shares and real estate from banking activities increased to EUR 14 million compared to EUR 11 million in the same period last year. The increase is largely attributable to lower additions to the provisions for credit risks. Savings account balances remained fairly stable compared to year-end 2003 levels at EUR 5.7 billion. New deposits were up 5% to EUR 2.3 billion compared to EUR 2.2 billion in the first nine months of 2003.

Commission and expenses

Commission and expenses of EUR 810 million were 11% higher than in the first nine months of 2003. Operating expenses, which include a contribution to the provision for post-retirement benefits, amounted to EUR 464 million, 9% higher than in the same period last year. On a like-for-like basis, operating expenses decreased 2%.

Page 10

United Kingdom

(2003 adjusted for comparison)

													amounts in millions
GBP							GBP						EUR
Third quarter							First nine months						First nine months
2004		2003		%			2004		2003		%		2004		2003		%
						Income by product segment
0		2				Traditional life	(4	)	1				(6	)	2
39		32		22		Life for account of policyholders	111		93		19		164		135		21
2		0				Fee business	3		(2	)			5		(3	)
41		34		21		Insurance income	110		92		20		163		134		22
0		2				of which general account	(4	)	1				(6	)	2
41		32		28		of which policyholders account 1	114		91		25		169		132		28
41		34		21		Income before realized gains and losses on shares and real estate	110		92		20		163		134		22
0		0				Realized gains and losses on shares and real estate	0		(4	)			0		(6	)
41		34		21		Income before tax	110		88		25		163		128		27
(11	)	(9	)	22		Corporation tax	(31	)	(25	)	24		(46	)	(36	)	28
30		25		20		Net income	79		63		25		117		92		27
						Revenues
47		51		(8	)	Life general account single premiums	132		150		(12	)	196		217		(10	)
29		26		12		Life general account recurring premiums	108		76		42		161		110		46
640		665		(4	)	Life policyholders account single premiums	1,878		1,985		(5	)	2,792		2,881		(3	)
278		287		(3	)	Life policyholders account recurring premiums	884		869		2		1,315		1,261		4
994		1,029		(3	)	Total gross premiums	3,002		3,080		(3	)	4,464		4,469		(0	)
26		20		30		Investment income insurance activities	73		61		20		109		89		22
21		16		31		Fees and commissions	58		45		29		86		66		30
1,041		1,065		(2	)	Total revenues	3,133		3,186		(2	)	4,659		4,624		1
856		629		36		Investment income for account of policyholders	1,207		2,135		(43	)	1,795		3,098		(42	)
						Gross margin, commissions and expenses
143		135		6		Gross margin	419		381		10		622		553		12
102		101		1		Commissions and expenses	309		289		7		459		419		10
						Standardized new premium production life insurance
653		552		18		Single premiums	2,021		1,871		8		3,005		2,716		11
95		92		3		Recurring premiums annualized	291		282		3		433		409		6
160		147		9		Total recurring plus 1/10 single	493		469		5		734		681		8
						Off balance sheet production
24		33		(27	)	Mutual funds and other managed assets	83		202		(59	)	124		293		(58	)
24		33		(27	)	Total production off balance sheet	83		202		(59	)	124		293		(58	)

¹ Includes also fee business.

Page 11

AEGON UK

• Income before realized gains and losses on shares and real estate increased 20% compared to the first nine months of 2003 to a level of GBP 110 million.

• Total revenue generating investments increased slightly to GBP 35 billion compared to year-end 2003 levels.

• Standardized new life production, when compared to the first nine months of 2003, increased by 5% to GBP 493 million.

• Operating expenses decreased 2%.

Results

Income before realized gains and losses on shares and real estate increased 20% to GBP 110 million during the first nine months of the year, compared to GBP 92 million in the same period of 2003. Net income, which includes realized gains on shares and real estate, increased 25% to GBP 79 million. The increase in income before realized gains and losses on shares and real estate during the first nine months primarily reflects higher policy fee income related to an average 13% higher FTSE level in the first nine months of 2004 compared to the same period in 2003.

For the third quarter 2004, income before realized gains and losses on shares and real estate increased 21% to GBP 41 million. Net income for the period increased 20% to GBP 30 million.

There were no realized gains or losses on shares and real estate during the first nine months of 2004, compared to GBP 4 million of net realized losses during the first nine months of 2003.

Traditional/Account of policyholders

Standardized new life production during the first nine months of 2004 increased 5% to GBP 493 million. This reflects growth in the core individual and group pensions businesses, partly offset by a fall in asset management institutional sales.

Income before realized gains and losses on shares and real estate from traditional life amounted to a loss of GBP 4 million during the first nine months of 2004. The main reason for this is a GBP 5 million charge in the first quarter related to the cost reduction program implemented this year.

Income before realized gains and losses on shares and real estate from life for account of policyholders was GBP 111 million, an increase of 19% compared to the first nine months of 2003. This reflects the higher average FTSE level and related higher management fees.

Fee business

Lower expenses in our asset management business have contributed significantly to the overall increase in results in the fee business segment. Income before realized gains and losses on shares and real estate in this segment improved to GBP 3 million compared to a GBP 2 million loss in the first nine months of 2003.

In August 2004, AEGON UK made a strategic investment in the Tenet group, the UK’s third largest independent financial adviser (IFA). AEGON UK now has strategic investments in five IFAs in addition to the majority stakes acquired since June 2002.

Page 12

Commission and expenses

Commission and expenses increased 7% to GBP 309 million. This is largely due to higher amortization of policy acquisition cost, growth in the distribution companies (including two acquisitions) and restructuring costs.

Operating expenses declined 2% to GBP 247 million, including GBP 17 million of cost reductions due to the cost reduction programs, which has been partly offset by restructuring costs and growth in our owned IFA’s. The total charge related to the cost reduction program is expected to be approximately GBP 10 million, of which GBP 5 million has been accounted for in the first nine months of 2004. The balance is expected to be incurred in the fourth quarter of 2004.

Page 13

Other countries

(2003 adjusted for comparison)

							amounts in millions
EUR							EUR
Third quarter							First nine months
2004		2003		%			2004		2003		%
						Income by product segment
6		7		(14	)	Traditional life	18		20		(10	)
2		0				Life for account of policyholders	5		(7	)	171
2		3		(33	)	Fee business	7		7		0
10		10		0		Life insurance	30		20		50
2		3		(33	)	Accident and health insurance	6		6		0
23		9		156		General insurance	49		35		40
35		22		59		Insurance income	85		61		39
31		19		63		of which general account	73		61		20
4		3		33		of which policyholders account 1	12		0
35		22		59		Income before realized gains and losses on shares and real estate	85		61		39
(2	)	1				Realized gains and losses on shares and real estate	3		(1	)
33		23		43		Income before tax	88		60		47
(8	)	(5	)	60		Corporation tax	(22	)	(15	)	47
25		18		39		Net income	66		45		47
						Revenues
2		1		100		Life general account single premiums	13		9		44
185		161		15		Life general account recurring premiums	425		373		14
2		6		(67	)	Life policyholders account single premiums	6		14		(57	)
27		53		(49	)	Life policyholders account recurring premiums	79		159		(50	)
216		221		(2	)	Total life insurance gross premiums	523		555		(6	)
20		20		0		Accident and health insurance premiums	69		65		6
89		81		10		General insurance premiums	271		251		8
325		322		1		Total gross premiums	863		871		(1	)
32		33		(3	)	Investment income insurance activities	103		98		5
4		2		100		Fees and commissions	11		8		38
361		357		1		Total revenues	977		977		0
1		15		(93	)	Investment income for the account of policyholders	15		30		(50	)
						Gross margin, commissions and expenses
99		86		15		Gross margin	285		257		11
64		64		0		Commissions and expenses	200		196		2
						Standardized new premium production life insurance
3		9		(67	)	Single premiums	17		24		(29	)
64		137		(53	)	Recurring premiums annualized	173		299		(42	)
65		138		(53	)	Total recurring plus 1/10 single	175		301		(42	)
						Deposits
8		0				Variable annuities	8		0
8		0				Total production on balance sheet	8		0
						Off balance sheet production
49		37		32		Mutual funds and other managed assets	136		128		6
49		37		32		Total production off balance sheet	136		128		6

¹ Includes also fee business.

Page 14

Other countries

• Income before realized gains and losses on shares and real estate increased 39% compared to the first nine months of 2003 to a level of EUR 85 million.

• Total revenue generating investments increased 10% to EUR 3.4 billion compared to year-end 2003 levels.

• Standardized new life production, when compared to the first nine months of 2003, decreased by 42% to EUR 175 million. Production mainly decreased due to lower sales levels in Taiwan, following very strong production last year.

• Operating expenses rose 4% to EUR 86 million on a comparable basis.

Results

Income before realized gains and losses on shares and real estate in the first nine months of 2004 amounted to EUR 85 million, a 39% increase compared to the EUR 61 million achieved in the comparable period of 2003. Net income, which includes realized gains and losses on shares and real estate, increased 47% to EUR 66 million. For the third quarter, income before realized gains and losses on shares and real estate amounted to EUR 35 million, a 59% increase compared to the third quarter of 2003. Net income increased 39% in the third quarter to EUR 25 million.

Traditional/Account of policyholders

Standardized new life production decreased 42% to EUR 175 million, largely driven by lower production in Taiwan, following very strong sales in the comparable period last year.

New life production in Taiwan declined 44% to NTD 5,401 million (EUR 132 million) in the first nine months of 2004. This reflects the industry wide decrease in traditional life business, while AEGON has chosen not to participate in single premium structured note and interest sensitive annuity products given the inherent risks in those products. Gross premium income at NTD 13.4 billion (EUR 326 million) increased 24% due to new production and good persistency.

In Hungary, standardized new life production showed a 6% decline to HUF 3,545 million (EUR 14 million), while off balance sheet pension production increased by 12% to HUF 34,419 million (EUR 136 million). In Spain, standardized new life production increased from EUR 19 million to EUR 26 million, with life production benefiting from involving the non-life agency network in the sale of life products and an agreement with a large agent. The partnership with CAM has made an encouraging start with EUR 81 million in new premiums through CAM’s extensive branch network. The partnership with CAM is not consolidated in AEGON’s accounts.

Non-life insurance

Total non-life insurance premiums increased 8% compared to the first nine months of 2003. In Hungary, non-life premiums increased by 17% to HUF 21.6 billion (EUR 85 million) mainly as a result of successful car insurance sales. Non-life premiums in Spain increased 6% to EUR 255 million mainly coming from personal lines and small business insurance.

Non-life results increased 34% compared to the first nine months of 2003. While accident and health results remained stable, general insurance results showed a 40% increase to EUR 49 million. This is particularly driven by a strong increase in Spain on the back of improved claims ratios.

Commission and expenses

Commission and expenses increased by 2% to EUR 200 million for the first nine months of 2004.

Page 15

Summarized consolidated income statements

(2003 adjusted for comparison)

													amounts in millions
USD							EUR						EUR
First nine months							Third quarter						First nine months
2004		2003		%			2004		2003		%		2004		2003		%
						Revenues
17,606		16,273		8		Gross premiums	4,519		4,457		1		14,370		14,647		(2	)
6,713		5,484		22		Investment income	1,894		1,832		3		5,479		4,936		11
1,179		948		24		Fees and commissions	324		312		4		962		853		13
257		303		(15	)	Income from banking activities	69		88		(22	)	210		273		(23	)
25,755		23,008		12		Total revenues	6,806		6,689		2		21,021		20,709		2
						Benefits and expenses
2,247		1,701		32		Premiums to reinsurers	633		523		21		1,834		1,531		20
15,166		14,947		1		Benefits paid and provided	3,855		4,071		(5	)	12,378		13,453		(8	)
147		147		0		Profit sharing and rebates	40		40		0		120		132		(9	)
5,297		4,265		24		Commissions and expenses for own account	1,442		1,254		15		4,323		3,839		13
598		530		13		Interest	164		155		6		488		477		2
209		494		(58	)	Miscellaneous income and expenditure	48		143		(66	)	171		445		(62	)
23,664		22,084		7		Total benefits and expenses	6,182		6,186		(0	)	19,314		19,877		(3	)
2,091		924		126		Income before tax	624		503		24		1,707		832		105
(574	)	(311	)	85		Corporation tax	(176	)	(111	)	59		(469	)	(280	)	68
—		236				Transamerica Finance Corporation	—		43				—		212
1,517		849		79		Net income	448		435		3		1,238		764		62
Condensed consolidated balance sheets													amounts in millions
At Sept. 30 2004 USD		At Dec.31 2003 USD		%			At Sept. 30 2003 USD		At Sept. 30 2003 EUR				At Sept. 30 2004 EUR		At Dec.31 2003 EUR		%
161,096		153,068		5		Investments	151,211		129,773				129,822		121,194		7
310		3,643		(91	)	Group companies and participations	3,436		2,949				250		2,884		(91	)
130,580		126,412		3		Investments for account of policyholders	114,952		98,654				105,230		100,089		5
11,600		12,389		(6	)	Other assets	10,521		9,029				9,348		9,809		(5	)
303,586		295,512		3		Total assets	280,120		240,405				244,650		233,976		5
18,645		17,640		6		Total shareholders’ equity 1	15,656		13,436				15,025		13,967		8
870		0				Junior perpetual capital securities	0		0				701		0
2,397		2,431		(1	)	Other capital securities	2,283		1,959				1,932		1,925		0
339		571		(41	)	Subordinated loans	556		477				273		452		(40	)
3,804		4,153		(8	)	Senior debt related to insurance activities	4,692		4,027				3,066		3,288		(7	)
26,055		24,795		5		Total capital base	23,187		19,899				20,997		19,632		7
122,732		118,879		3		Technical provisions 2	116,585		100,057				98,906		94,124		5
130,580		126,412		3		Technical provisions with investments for account of policyholders 3	114,952		98,654				105,230		100,089		5
24,219		25,426		(5	)	Other liabilities 4	25,396		21,795				19,517		20,131		(3	)
303,586		295,512		3		Total shareholders’ equity and liabilities	280,120		240,405				244,650		233,976		5
						1 Shareholders’ equity January 1 as reported			14,231				14,132		14,231
						Effect of SOP 03-1 implementation			(161	)			(165	)	(161	)
						Realized portion of revaluation account transferred to other surplus fund			(2,056	)			(1,281	)	(2,056	)
						Increase in other surplus fund - transferred
						from revaluation account			2,056				1,281		2,056
						Shareholders’ equity January 1 adjusted			14,070				13,967		14,070
						Net income			764				1,238		1,033
						Dividend paid			(147	)			(351	)	(147	)
						Paid in surplus / Issuance of new shares			3				0		3
						Currency exchange rate differences			(1,265	)			237		(1,730	)
						Goodwill			(340	)			(212	)	(358	)
						Repurchased and sold own shares			19				26		19
						Change revaluation account			441				21		851
						Sale TFC businesses			—				163		307
						Other changes			(109	)			(64	)	(81	)
18,645		17,640				Shareholders’ equity end of period 5	15,656		13,436				15,025		13,967
				%													%
44,500		44,906		(1	)	2 Of which fixed annuities	44,863		38,502				35,861		35,555		1
29,502		27,209		8		2 Of which GICs and funding agreements	27,923		23,964				23,775		21,543		10
(17,277	)	(17,260	)	(0	)	2 Of which deferred policy acquisition costs	(17,279	)	(14,829	)			(13,923	)	(13,666	)	2
43,368		42,260		3		3 Of which variable annuities	38,825		33,321				34,949		33,460		4
7,082		7,144		(1	)	4 Of which savings accounts	6,936		5,953				5,707		5,656		1
1,755		1,759		(0	)	5 Including revaluation account	1,145		983				1,414		1,393		2

Page 16

REPORT OF THE HOLDING COMPANY

Capital and funding

Shareholders’ equity at September 30, 2004, amounted to EUR 15,025 million, an increase of EUR 1,058 million compared to December 31, 2003. The increase is largely due to net income of EUR 1,238 million, positive exchange rate translations of EUR 237 million, the EUR 163 million book gain on the disposal of the majority of TFC’s commercial finance business and an increase in the revaluation reserve of EUR 21 million. Partly offsetting these positive influences were dividend payments of EUR 351 million and a goodwill charge of EUR 212 million related to the acquisitions of distribution companies in the Netherlands and the United Kingdom and the joint venture with CAM in Spain. Implementation of Statement of Position (SOP) 03-1 in AEGON USA resulted in a decline of EUR 165 million in the opening balance of shareholders’ equity on January 1, 2004. The revaluation reserve amounted to EUR 1,414 million on September 30, 2004, compared to EUR 1,393 million at year-end 2003.

At September 30, 2004, shareholders’ equity represented 72% of AEGON’s total capital base, while senior and dated subordinated debt comprised 16% of the total capital base. Capital securities accounted for the remaining 12%. AEGON manages its shareholders’ equity to be at least 70% of the total capital base.

In July of 2004, AEGON successfully completed the issuance of EUR 500 million and USD 250 million in Perpetual Capital Securities, rated A- by S&P and A3 by Moody’s. The proceeds of the issue will be used to refinance maturing senior debt. These transactions further strengthened the quality of AEGON’s capital base.

On July 9, 2004, Moody’s changed its outlook on AEGON debt ratings from negative to stable. The rating agency also affirmed its insurance financial strength (IFS) ratings on AEGON’s U.S. operating companies, as well as its rating on AEGON’s main U.K. operating company.

On July 20, 2004, S&P’s Ratings Services affirmed its ‘A+/A-1’ long- and short-term counterparty credit ratings on AEGON N.V. At the same time, S&P affirmed its ‘AA’ long-term counterparty credit and insurer financial strength ratings on the principal operating companies of the group in Europe and North America.

Interest charges and other

Interest charges and other decreased from EUR 339 million in the first nine months of 2003 to EUR 327 million. The remaining TFC businesses, mainly consisting of maritime container and European trailer leasing, are consolidated and reported in Interest charges and other. TFC reported a loss of EUR 34 million before tax. On an operating basis, TFC reported income before tax of EUR 32 million in the first nine months of this year. AEGON expects to sell the remaining non-core TFC businesses by the end of 2004.

Subsequent events

AEGON reopened the Perpetual Capital Security issue and the amount outstanding increased to EUR 950 million and USD 500 million in October 2004. The proceeds of the issue will be used to refinance maturing senior debt.

AEGON sold TFC’s maritime container leasing business to TAL International Group, Inc. for a purchase price of USD 1.2 billion. AEGON will use the net proceeds to redeem debt. AEGON expects to sell TFC’s European Trailer Leasing business by the end of 2004.

Recently, a great deal of attention has been given to the investigations by various regulatory bodies in the United States, including the New York Attorney General’s office, regarding bid rigging. These investigations appear to be directed at the property and casualty business. AEGON’s US operations

Page 17

do not include property and casualty business. Lately, group insurance has been mentioned as an additional area of review. In the US, group business accounts for a small percentage of AEGON’s operations. Most of its group life business is sold directly to the customer through the Direct Marketing operations. As a large insurance organization, AEGON has been and will periodically be requested to provide information in the context of such investigations, both formally and informally by various regulatory bodies. AEGON will cooperate with these requests, whether they are submitted verbally, in writing or in the form of a subpoena.

Page 18

Revenues and production

(2003 adjusted for comparison)

													amounts in millions
USD							EUR						EUR
First nine months							Third quarter						First nine months
2004		2003		%			2004		2003		%		2004		2003		%
						Revenues
1,637		1,513		8		Life general account single premiums	399		380		5		1,336		1,362		(2	)
4,930		4,491		10		Life general account recurring premiums	1,323		1,302		2		4,024		4,042		(0	)
3,902		3,975		(2	)	Life policyholders account single premiums	1,072		1,148		(7	)	3,185		3,578		(11	)
4,188		3,533		19		Life policyholders account recurring premiums	974		863		13		3,418		3,180		7
14,657		13,512		8		Total life insurance gross premiums	3,768		3,693		2		11,963		12,162		(2	)
2,185		2,079		5		Accident and health insurance premiums	570		589		(3	)	1,783		1,871		(5	)
764		682		12		General insurance premiums	181		175		3		624		614		2
17,606		16,273		8		Total gross premiums	4,519		4,457		1		14,370		14,647		(2	)
6,353		5,474		16		Investment income insurance activities	1,797		1,826		(2	)	5,185		4,927		5
1,179		948		24		Fees and commissions	324		312		4		962		853		13
257		303		(15	)	Income from banking activities	69		88		(22	)	210		273		(23	)
25,395		22,998		10		Total revenues business units	6,709		6,683		0		20,727		20,700		0
360		10				Income from other activities	97		6				294		9
25,755		23,008		12		Total revenues	6,806		6,689		2		21,021		20,709		2
						Revenues by product segment
21,344		19,698		8		Life insurance	5,628		5,597		1		17,421		17,730		(2	)
2,550		2,466		3		Accident and health insurance	665		708		(6	)	2,081		2,219		(6	)
827		733		13		General insurance	201		189		6		675		660		2
257		303		(15	)	Banking activities	69		88		(22	)	210		273		(23	)
360		10				Other activities	97		6				294		9
417		(202	)			Realized gains and losses on shares and real estate	146		101		45		340		(182	)
25,755		23,008		12		Total revenues	6,806		6,689		2		21,021		20,709		2
3,999		8,491		(53	)	Investment income for account of policyholders	1,161		2,157		(46	)	3,264		7,643		(57	)
						Standardized new premium production life insurance
5,300		4,865		9		Single premiums	1,403		1,258		12		4,326		4,379		(1	)
1,556		1,594		(2	)	Recurring premiums annualized	407		472		(14	)	1,270		1,435		(11	)
2,086		2,081		0		Total recurring plus 1/10 single	548		598		(8	)	1,703		1,873		(9	)
						Deposits
2,414		4,374		(45	)	Fixed annuities	620		905		(31	)	1,970		3,937		(50	)
7,838		7,598		3		GICs and funding agreements	2,474		1,813		36		6,397		6,839		(6	)
4,157		5,243		(21	)	Variable annuities	1,029		1,108		(7	)	3,393		4,719		(28	)
14,409		17,215		(16	)	Total	4,123		3,826		8		11,760		15,495		(24	)
2,834		2,446		16		Savings deposits	685		679		1		2,313		2,202		5
17,243		19,661		(12	)	Total production on balance sheet	4,808		4,505		7		14,073		17,697		(20	)
						Net deposits
(1,859	)	1,208				Fixed annuities	(508	)	(27	)			(1,517	)	1,087
1,747		1,367		28		GICs and funding agreements	459		(105	)			1,426		1,231		16
891		2,319		(62	)	Variable annuities	241		309		(22	)	727		2,087		(65	)
779		4,894		(84	)	Total	192		177		8		636		4,405		(86	)
(129	)	(702	)	82		Savings deposits	(126	)	(183	)	31		(105	)	(632	)	83
650		4,192		(84	)	Total net deposits	66		(6	)			531		3,773		(86	)
						Off balance sheet production
4,778		11,239		(57	)	Synthetic GICs	1,307		3,726		(65	)	3,900		10,116		(61	)
						Mutual funds/Collective Trusts and
9,449		8,491		11		other managed assets	2,327		2,701		(14	)	7,712		7,643		1
14,227		19,730		(28	)	Total production off balance sheet	3,634		6,427		(43	)	11,612		17,759		(35	)

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Investments, assets and capital geographically

					amounts in million EUR (unless otherwise stated)
Americas USD	United Kingdom GBP	At September 30, 2004	Americas	The Netherlands	United Kingdom	Other countries	Total EUR	Total USD
		Investments
118,558	1,456	Fixed income	95,542	14,275	2,120	2,317	114,254	141,778
4,361	52	Shares and real estate	3,515	5,620	76	97	9,308	11,550
122,919	1,508	Total general account	99,057	19,895	2,196	2,414	123,562	153,328
12,362	17,411	Fixed income	9,962	12,139	25,351	123	47,575	59,036
34,945	14,959	Shares and real estate	28,161	7,495	21,780	219	57,655	71,544
47,307	32,370	Total policyholders account	38,123	19,634	47,131	342	105,230	130,580
170,226	33,878	Total insurance activities	137,180	39,529	49,327	2,756	228,792	283,908
—	—	Banking activities	—	6,195	—	—	6,195	7,687
71,965	746	Off balance sheet assets	57,994	11,098	1,086	681	70,859	87,929
242,191	34,624	Total business units	195,174	56,822	50,413	3,437	305,846	379,524
		Other investments					65	81
		Total group					305,911	379,605
177,858	34,556	Assets business units	143,330	47,463	50,314	3,076	244,183	303,007
		Other assets					467	579
		Total assets on balance sheet					244,650	303,586
18,357	2,254	Capital in units	14,793	3,174	3,282	509	21,758	27,000
		Total capital base					20,997	26,055
		Other net liabilities					761	945
		Total					21,758	27,000
		At September 30, 2003
		Investments
113,903	1,121	Fixed income	97,754	13,200	1,604	1,875	114,433	133,337
3,565	87	Shares and real estate	3,060	5,213	125	127	8,525	9,933
117,468	1,208	Total general account	100,814	18,413	1,729	2,002	122,958	143,270
12,544	16,286	Fixed income	10,765	10,665	23,312	387	45,129	52,584
29,682	14,428	Shares and real estate	25,474	7,198	20,652	201	53,525	62,368
42,226	30,714	Total policyholders account	36,239	17,863	43,964	588	98,654	114,952
159,694	31,922	Total insurance activities	137,053	36,276	45,693	2,590	221,612	258,222
—	—	Banking activities	—	6,792	—	—	6,792	7,914
62,021	855	Off balance sheet assets	53,228	9,225	1,224	514	64,191	74,795
221,715	32,777	Total business units	190,281	52,293	46,917	3,104	292,595	340,931
		Other investments					23	27
		Total group					292,618	340,958
165,443	32,443	Assets business units	141,987	45,923	46,440	2,896	237,246	276,439
		Other assets					3,159	3,681
		Total assets on balance sheet					240,405	280,120
16,998	2,079	Capital in units	14,588	2,623	2,976	447	20,634	24,043
		Total capital base					19,899	23,187
		Other net liabilities					735	856
		Total					20,634	24,043
		As at December 31, 2003
		Investments
113,396	1,316	Fixed income	89,783	12,330	1,868	1,846	105,827	133,660
3,831	76	Shares and real estate	3,033	5,502	108	141	8,784	11,094
117,227	1,392	Total general account	92,816	17,832	1,976	1,987	114,611	144,754
12,478	16,592	Fixed income	9,880	11,096	23,542	427	44,945	56,765
33,472	15,085	Shares and real estate	26,502	7,032	21,403	207	55,144	69,647
45,950	31,677	Total policyholders account	36,382	18,128	44,945	634	100,089	126,412
163,177	33,069	Total insurance activities	129,198	35,960	46,921	2,621	214,700	271,166
—	—	Banking activities	—	6,360	—	—	6,360	8,033
63,750	954	Off balance sheet assets	50,475	10,514	1,354	509	62,852	79,382
226,927	34,023	Total business units	179,673	52,834	48,275	3,130	283,912	358,581
		Other investments					223	281
		Total group					284,135	358,862
168,993	33,681	Assets business units	133,803	45,855	47,788	3,059	230,505	291,128
		Other assets					3,471	4,384
		Total assets on balance sheet					233,976	295,512
17,517	2,173	Capital in units	13,869	2,865	3,083	481	20,298	25,636
		Total capital base					19,632	24,795
		Other net liabilities					666	841
		Total					20,298	25,636

Page 20

Explanatory notes

The published figures are unaudited.

Traditional life includes income on traditional and fixed universal life products.

Life insurance with investments for account of policyholders includes income on variable universal life, unitised pension (UK), other unit-linked products with investments for account of policyholders and with profit fund in the UK.

Fee business includes income on off balance sheet type products.

Gross margin is calculated as the sum of income before realized gains and losses on shares and real estate and commissions and expenses.

Currencies

Income statement items: average rate 1 EUR = USD 1.2252 (2003: USD 1.1110).

Balance sheet items: closing rate 1 EUR = USD 1.2409 (2003: USD 1.1652; year-end 2003: USD 1.2630).

Supplemental disclosure

Comparability adjustments made to certain amounts reported in the 2003 financials.

The adjustments made to the 2003 financial amounts presented in this report are made for comparability purposes.

The following adjustments have been adopted as of January 1, 2004:

• Discontinuance of the indirect income method. Gains and losses on shares and real estate are no longer recognized in the income statement by applying the indirect income method, but instead are recognized when realized.

• Statement of Position (SOP) 03-1 issued by the Accounting Standards Executive Committee (AcSEC) of the AICPA. SOP 03-1 addresses a number of items within FAS 97, and two elements in particular have an effect on AEGON USA, resulting in a change in the opening balance of shareholders’ equity at January 1, 2004, of EUR 165 million. Firstly, shareholders’ equity has been reduced (EUR 179 million) related to the establishment of additional mortality based reserves on universal life contracts. The implementation changes the timing of the recognition of mortality profits into earnings. Secondly, shareholders’ equity has been increased (EUR 14 million) for the SOP methodology for reserving for minimum guaranteed living and death benefits on variable annuity and variable life contracts. The effects of the adoption of SOP 03-1 are relevant for the Americas and the Group totals only.

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HIGHLIGHTS – Third quarter 2004

(amounts in millions, except per share data, 2003 adjusted for comparability)

Third quarter 2004 USD	Third quarter 2003 as adjusted USD	Third quarter 2003 as reported USD		Third quarter 2004 EUR	Third quarter 2003 as adjusted EUR	%		Third quarter 2003 as reported EUR
597	450	466	Income before realized gains and losses / indirect income on shares and real estate	489	402	22	%	415
165	111	—	Realized gains and losses on shares and real estate	135	101	34	%	—
—	—	176	Indirect income on shares and real estate	—	—	—		157
762	561	642	Income before tax	624	503	24	%	572
419	377	—	Net income before realized gains and losses on shares and real estate	343	336	2	%	—
0.26	0.24	—	- per share	0.21	0.21	0	%	—
548	486	521	Net income	448	435	3	%	464
0.36	0.31	0.33	- per share	0.29	0.28	4	%	0.30

HIGHLIGHTS – First nine months 2004

(amounts in millions, except per share data, 2003 adjusted for comparability)

First nine months 2004 USD	First nine months 2003 as adjusted USD		First nine months 2003 as reported USD		First nine months 2004 EUR	First nine months 2003 as adjusted EUR		%		At constant currency exchange rates %		First nine months 2003 as reported EUR
1,688	1,126		1,171	Income before realized gains and losses/indirect income on shares and real estate	1,378	1,014		36	%	46	%	1,054
403	(202	)	—	Realized gains and losses on shares and real estate	329	(182	)	—		—		—
—	—		519	Indirect income on shares and real estate	—	—		—		—		467
2,091	924		1,690	Income before tax	1,707	832		105	%	124	%	1,521
1,196	1,042		—	Net income before realized gains and losses on shares and real estate	976	938		4	%	13	%	—
0.75	0.66		—	- per share	0.61	0.59		3	%	13	%	—
1,517	849		1,470	Net income	1,238	764		62	%	78	%	1,323
0.97	0.52		0.94	- per share	0.79	0.47		68	%	86	%	0.85

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Non-GAAP measures (Regulation G)

This press release includes a non-GAAP financial measure: Net income before realized gains and losses on shares and real estate. The reconciliation of this measure to the most comparable GAAP measure is shown below in accordance with Regulation G. AEGON believes the non-GAAP measure shown herein, together with the GAAP information, provides a meaningful measure for the investing public to evaluate AEGON’s business relative to the businesses of our pee rs.

	In EUR         million		Per common         share	In EUR million		Per common share
	Third quarter 2004			Third quarter 2003 (adjusted)
Net income before realized gains and losses on shares and real estate	343		0.21	336		0.21
Realized gains and losses on shares and real estate	135			101
Corporation tax on realized gains and losses on shares and real estate	(30	)		(2	)
Net income	448		0.29	435		0.28
	First nine months 2004			First nine months 2003 (adjusted)
Net income before realized gains and losses on shares and real estate	976		0.61	938		0.59
Realized gains and losses on shares and real estate	329			(182	)
Corporation tax on realized gains and losses on shares and real estate	(67	)		8
Net income	1,238		0.79	764		0.47

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Local currencies and constant currency exchange rates

This press release contains certain information about our results and financial condition in USD for the Americas and in 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 euro, which is the currency of our primary financial statements.

Forward looking statements

The statements contained in this press release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘expect’, ‘anticipate’, ‘predict’, ‘project’, ‘counting on’, ‘plan’, ‘continue’, ‘want’, ‘forecast’, ‘should’, ‘would’, ‘is confident’ and ‘will’ and similar expressions as they relate to us are intended to identify such forward-looking statements. 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 speak only as of their dates.

All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations, including, but 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, including:

• 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 value of equity and debt securities we hold;

• The frequency and severity of insured loss events;

• Changes affecting mortality, morbidity and other factors that may affect the profitability of our insurance products;

• Changes affecting interest rate levels and continuing low interest rate levels;

• Changes affecting currency exchange rates, including 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 and acts of war;

• Changes in the policies of central banks and/or foreign governments;

• 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;

• Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives.

Page 24

AEGON N.V.

Group Corporate Affairs & Investor Relations

The Hague, the Netherlands
Analysts & Investors	+31 (0)70 344 83 05
Media	+31 (0)70 344 83 44
Email	gca-ir@aegon.nl

Baltimore, the United States
Analysts & Investors	+1 877 548 9668 (toll free) / +1 410 576 45 77
Media	+1 410 576 45 26
Email	ir@aegonusa.com

Website: www.aegon.com

Analyst and investor conference call

An analyst and investor conference call on the first nine months and the third quarter 2004 earnings will be held today at 15.00 MET (14.00 GMT; 09.00 a.m. ET)

The listen-only phone numbers for the conference call are as follows:

+31 (0)45 6316901	(the Netherlands)
+44 (0)208 901 6950	(United Kingdom)
+1 303 262 2130	(United States and Canada)

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