Form 6-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T6udXQf1cZI/eE8C5uSaJ0rD1FwoRzz0Wwh+AY8aqj0manZgQAodraoeQKXbiQkw 1Ux+pCwafL2BXXhKLC0b8A== 0001193125-06-109969.txt : 20060512 0001193125-06-109969.hdr.sgml : 20060512 20060512082241 ACCESSION NUMBER: 0001193125-06-109969 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060510 FILED AS OF DATE: 20060512 DATE AS OF CHANGE: 20060512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEGON NV CENTRAL INDEX KEY: 0000769218 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10882 FILM NUMBER: 06832240 BUSINESS ADDRESS: STREET 1: AEGONPLEIN 50 STREET 2: PO BOX 202 2501 CE CITY: THE HAGUE STATE: P7 BUSINESS PHONE: 011-31-70-344-7308 MAIL ADDRESS: STREET 1: AEGONPLEIN 50 STREET 2: PO BOX 202 2501 CE CITY: THE HAGUE STATE: P7 6-K 1 d6k.htm FORM 6-K Form 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

May 2006

AEGON N.V.

AEGONplein 50

2591 TV THE HAGUE

The Netherlands

AEGON’s press release, dated May 10, 2006, 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: May 12, 2006	By	/s/ E. Lagendijk
		E. Lagendijk
		Executive Vice President and
		General Counsel

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

The Hague, May 10, 2006

AEGON reports first quarter 2006 results including value of new business

¨	NET INCOME DOWN 7%, WHILE OPERATING EARNINGS UP 92%

Investment performance remained strong, but decrease in fair value of derivatives led to lower gains.

Lower non-operating income reflects gain on sale of Spanish general insurance business last year.

Operating earnings up significantly, reflecting the effect of favorable financial markets on the valuation of certain assets and liabilities.

¨	NEW LIFE SALES¹⁾ UP 12% LED BY RECORD QUARTER IN THE UK

New life sales in the UK up 51% driven by increases in all major lines of business.

AEGON Poland achieves second consecutive record sales quarter.

New life sales in the Americas decreased, but profitability improved.

¨	VALUE OF NEW BUSINESS AMOUNTED TO EUR 163 MILLION

Value of new business for the first quarter of 2006 increased 18% compared to pro forma first quarter 2005 value of new business²⁾.

The internal rate of return on new business for the first quarter amounted to 14.7%, compared to 12.4% for the full year 2005.

AEGON’s developing markets continued to contribute strongly to value of new business.

¨	STRENGTHENED BROAD-BASED DISTRIBUTION

Increased wholesaling capacity and introduction of an enhanced withdrawal benefit rider drove 16% increase in variable annuity sales.

Bank partnerships in Spain obtained final approval, strengthening AEGON’s distribution capabilities.

¹	New life sales refers to standardized new premium production and is defined as new recurring premium + 1/10 of single premium

²	Pro forma first quarter 2005 value of new business is equal to one-fourth of the full year 2005 value of new business


EARNINGS SUMMARY Amounts in EUR millions, except per share data	Q1 2006		Q1 2005	%		Constant currency exchange rates %
Operating earnings before tax	827		430	92		82
Net gains/losses on investments and impairment charges before tax	(26	)	297	—		—
Other non-operating income/(charges) and share in profit/(loss) of associates	44		207	(79	)	(79	)
Income before tax	845		934	(10	)	(13	)
Net income - per share	630 0.38		677 0.43	(7 (12	) )	(11 (15	) )

Note: This press release includes non-GAAP financial measures: operating earnings before tax and value of new business. The reconciliation of operating earnings before tax to the most comparable GAAP measure and an explanation for its use is provided on page 28. Value of new business is not based on IFRS, which are used to report AEGON’s quarterly statements and should not be viewed as a substitute for IFRS financial measures. On pages 23 and 24, a further breakdown is given and reference is made to the assumptions included in the Embedded Value disclosure document. AEGON believes the value of new business, together with the GAAP information, provides a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

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

CHAIRMAN’S OVERVIEW

“AEGON’s results for the first quarter of 2006 included a notable increase in the value of new business, providing further indication that our focus on growing our core lines of business profitably in our major and developing markets makes sense,” said AEGON Chairman Donald J. Shepard.

“The diversification of AEGON’s business, both in terms of products and geographical spread, resulted in a solid performance in our year-over-year results for the Group. The 12% growth in standardized new life sales, combined with a 18% increase in the value of new business compared to one-fourth of full year 2005, give us continued confidence in the long-term growth potential of our business.”

Mr. Shepard further emphasized that AEGON’s disclosure of value of new business results on a quarterly basis, beginning with the current first quarter of 2006, constitutes an important supplemental measurement of AEGON’s business development.

Commenting on other highlights of the quarter, Mr. Shepard remarked: “Distribution again fueled AEGON’s solid performance. In the Americas, the 16% increase in variable annuity sales was a result of strong sales across all of our distribution channels, supported by enhanced wholesaling capacity in the US. In the UK, we produced a 51% increase in new life sales over the same period last year, while AEGON’s IFA platform, Positive Solutions, achieved another record quarter with higher productivity of the sales force. New individual life sales sold through intermediaries in the Netherlands improved.

“The internal rate of return of 7.9% on products sold in the Netherlands remains below our hurdle rate, largely due to margin pressure in mortgage-related business and a change in interest rates. Standardized new life production in the Americas declined 11% from the year-ago quarter, with the majority of the decrease reflecting lower sales of BOLI/COLI business. In addition, there is some decrease in production from the Transamerica agency channel as there is dislocation occurring in the industry in the older age market. The internal rate of return in the Americas rose 100 basis points in the first quarter of this year to 12.3%.

“In Spain, we further strengthened our position in the important bank channel which continues to be the primary means for selling life insurance and pensions. The regulatory authorities have recently given final approval to AEGON’s joint ventures with Caja Navarra and Caja de Badajoz. With the completion of these agreements, AEGON’s products will be sold in approximately 1500 bank branches throughout Spain.

“We made good progress during the quarter in AEGON’s pension businesses internationally. Going forward, we will look to capture further growth in this expanding market, given demographics and our established expertise.

“Overall, AEGON experienced a good quarter with promising sales growth across our company while at the same time making progress in expanding sales and distribution within our developing markets. The strong increase in the value of new business for the AEGON Group further demonstrates our ongoing commitment to writing profitable business to ensure long-term value for all of our stakeholders.”


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EARNINGS OVERVIEW


		amounts in millions

		First quarter
	EUR	2006		2005		%
By product segment
Traditional life		156		125		25
Life for account of policyholders		320		60		N.M.
Fixed annuities		106		55		93
Variable annuities		82		30		173
Institutional guaranteed products		80		64		25
Fee - off balance sheet products		14		20		(30	)
Reinsurance		55		29		90
Accident and health insurance		79		87		(9	)
General insurance		11		17		(35	)
Banking activities		4		7		(43	)
Interest charges and other		(80	)	(64	)	25

Operating earnings before tax		827		430		92
Gains/(losses) on investments		(32	)	307		N.M.
Impairment charges		6		(10	)	N.M.
Other non operating income/(charges)		38		204		(81	)
Share in profit/(loss) of associates		6		3		100

Income before tax		845		934		*(10*	)
Income tax		(215	)	(256	)	(16	)
Minority interest		0		(1	)	N.M.

Net income ¹		630		677		(7	)

Net income in USD		758		888		(15	)

Income before tax geographically
Americas		562		469		20
The Netherlands		226		246		(8	)
United Kingdom		95		62		53
Other countries		27		211		(87	)
Holding and other activities		(49	)	(50	)	(2	)
Eliminations		(16	)	(4	)	N.M.

Income before tax		845		934		*(10*	)


Amounts per common share of EUR 0.12

Net income in EUR ²		0.38		0.43		(12	)
Net income fully diluted in EUR ²		0.38		0.43		(12	)

Net income in USD		0.46		0.56		(18	)
Net income fully diluted in USD		0.46		0.56		(18	)

		At March 31 2006		At Dec. 31 2005
Shareholders' equity in EUR ³		10.67		10.89		(2	)
Shareholders' equity in USD ³		12.91		12.85		0

¹	Net income refers to net income attributable to equity holders of AEGON N.V.

²	After deduction of preferred dividend and coupons on perpetuals.

³	Shareholders' equity per share is calculated after deduction of the preferred share capital of EUR 2.1 billion (at Dec. 31, 2005:

EUR 2.1 billion) and considering the number of outstanding treasury shares. The number of common shares used in the calculation of shareholders' equity per share is 1,568 million (at Dec. 31, 2005: 1,576 million).


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FIRST QUARTER 2006 GROUP HIGHLIGHTS

Value of new business

The value of new business for the first quarter of 2006 amounted to EUR 163 million. This is an increase of 18% compared to EUR 138 million for one-fourth of the full year 2005 value of new business. The internal rate of return on new business amounted to 14.7% compared to 12.4% for the full year 2005. The developing markets, outside the three major country units, accounted for 24% of total first quarter value of new business.

Sales

During the first quarter of 2006, new life sales increased 12% to EUR 686 million. New life sales in the Americas decreased 11%. The majority of the decrease reflects lower sales of BOLI/COLI business, where sales tend to occur in large amounts but not on a regular or predictable basis. In addition, there is some decrease in production from the Transamerica agency channel as there is dislocation occurring in the industry in the older age market. New life sales in the Netherlands increased 1%, reflecting growth in individual life sales, while group pension sales were lower. In the United Kingdom, new life sales increased 51% for the quarter, as a result of strong growth across all lines of business. In Taiwan, new life sales decreased 53% compared to the strong first quarter of last year, but increased 64% compared to the fourth quarter of 2005. AEGON Poland had its second consecutive record sales quarter, with new life sales increasing 19% compared to the fourth quarter of 2005, when the Poland business became part of the AEGON Group.

Sales of annuity and institutional guaranteed products in the Americas increased 32% compared to the first quarter of 2005. Total pension sales in the US increased 16% to USD 2,766 million. Variable annuity sales increased 16%, as a result of the introduction of an enhanced withdrawal benefit rider, increased wholesaling capacity and strong pension sales. As anticipated, sales of fixed annuities were lower and reflect AEGON’s pricing discipline and the challenging interest rate environment. Deposits in institutional guaranteed products increased 45% primarily due to medium term note funding agreements issued by the new Ireland platform when asset spreads widened during the quarter. Off balance sheet production decreased 8%, reflecting strong performance from the asset management operations in the UK and the pension business in the US, more than offset by lower institutional asset management sales in the US and fewer mandates in the Netherlands than in the comparable period.

Operating earnings before tax

Operating earnings before tax in the first quarter of 2006 increased 92% to EUR 827 million (and increased 82% at constant currency exchange rates), with increases in all three major country units. Operating earnings in the Americas were positively affected by business growth and the favorable financial markets environment, offset somewhat by lower spreads and higher mortality. The increase in operating earnings in the Netherlands mainly reflects the positive effect of a release of guarantee provisions for unit-linked business as a result of rising interest rates. In the United Kingdom, the increase in operating earnings before tax mainly reflects business growth and the positive effect of higher equity and bond markets. The decrease of operating earnings before tax in Other countries primarily reflects lower results in Taiwan and higher start-up losses due to investments in growth in China, Slovakia and the Czech Republic.

Net income

Net income decreased 7% to EUR 630 million (and decreased 11% at constant currency exchange rates) in the first quarter of 2006. Higher operating earnings were more than offset by lower net gains/losses on investments (see paragraph below) and lower other non-operating income. Lower other non-operating income


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reflects the gain on the sale of the Spanish general insurance business last year. The effective tax rate decreased to 25% from 27% in the first quarter of 2005, reflecting higher tax exempt income and tax credits. Net income per share decreased 12% to EUR 0.38, reflecting lower net income and a higher average number of ordinary shares outstanding.

Non-operating income

Net gains/losses on investments (before tax) and impairment charges together amounted to a loss of EUR 26 million compared to a gain of EUR 297 million in the first quarter of 2005. Investment performance remained strong and the decline primarily reflects a negative fair value change in derivatives used for asset and liability management in the Netherlands and normal trading activity in the US in a higher interest rate environment. Together, other non-operating income/(charges) and share in profit/(loss) of associates amounted to EUR 44 million, mainly reflecting the book gain on the sale of Scottish Equitable International Luxembourg and the charges to AEGON UK policyholders related to taxes payable for the account of policyholders.

Commissions and expenses

Commissions and expenses increased 19% to EUR 1,589 million and increased 12% at constant currency exchange rates. This is mostly the result of a change in business mix, growth in the business, higher DPAC amortization and higher expenses related to stock appreciation rights plans due to the rising AEGON stock price during the quarter. The economic exposure of the share based payment programs is hedged by means of treasury shares, which are valued at cost.

Revenue generating investments

Total revenue generating investments amounted to EUR 359 billion at March 31, 2006, compared to EUR 358 billion at December 31, 2005.

Shareholders’ equity

Shareholders’ equity at March 31, 2006 amounted to EUR 18.8 billion, a decrease of 2% compared to December 31, 2005. The increase from net income was more than offset by foreign currency translation effects and a decrease in revaluation reserves, reflecting higher interest rates.


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REPORT OF THE COUNTRY UNITS

AMERICAS


									amounts in millions

	First quarter								First quarter
USD	2006		2005		%			EUR	2006		2005		%
							Income by product segment
	156		143		9		Traditional life		130		109		19
	26		30		(13	)	Life for account of policyholders		22		23		(4	)
	128		72		78		Fixed annuities		106		55		93
	99		39		154		Variable annuities		82		30		173
	96		84		14		Institutional guaranteed products		80		64		25
	13		13		0		Fee - off balance sheet products		11		10		10
	66		38		74		Reinsurance		55		29		90
	88		104		(15	)	Accident and health insurance		73		79		(8	)

	672		523		28		Operating earnings before tax		559		399		40
	7		74		(91	)	Gains/(losses) on investments		6		56		(89	)
	(3	)	18		N.M.		Impairment charges		(3	)	14		N.M.

	676		615		10		Income before tax		562		469		20
	(191	)	(191	)	0		Income tax		(159	)	(146	)	9

	485		424		14		Net income		403		323		25

							Revenues
	165		219		(25	)	Life general account single premiums		137		167		(18	)
	1,419		1,348		5		Life general account recurring premiums		1,180		1,028		15
	125		314		(60	)	Life policyholders account single premiums		104		239		(56	)
	308		291		6		Life policyholders account recurring premiums		256		222		15

	2,017		2,172		(7	)	Total life insurance gross premiums		1,677		1,656		1
	617		608		1		Accident and health insurance		513		464		11

	2,634		2,780		(5	)	Total gross premiums		2,190		2,120		3
	1,759		1,667		6		Investment income		1,463		1,271		15
	289		267		8		Fee and commission income		240		204		18

	4,682		4,714		(1	)	Total revenues		3,893		3,595		8
	440		472		(7	)	Income from reinsurance ceded		366		360		2
	263		67		N.M.		Fair value and foreign exchange gains		219		51		N.M.
	2,508		104		N.M.		Total gains on investments		2,085		79		N.M.

	7,893		5,357		47		Total income		6,563		4,085		61

	1,198		1,033		16		Commissions and expenses		996		788		26

							Standardized new premium production insurance
	251		492		(49	)	Life single premiums		209		375		(44	)
	247		257		(4	)	Life recurring premiums annualized		205		196		5
	272		306		*(11*	)	Life total recurring plus 1/10 single		226		234		(3	)

							Gross deposits
	480		501		(4	)	Fixed annuities		399		382		4
	4,609		3,177		45		Institutional guaranteed products		3,833		2,423		58
	1,774		1,528		16		Variable annuities		1,475		1,165		27

	6,863		5,206		32		Total production on balance sheet		5,707		3,970		44

							Off balance sheet production
	1,550		1,584		(2	)	Synthetic GICs		1,289		1,208		7
							Mutual funds/ Collective Trusts and
	2,769		3,559		(22	)	other managed assets		2,302		2,714		(15	)

	4,319		5,143		*(16*	)	Total production off balance sheet		3,591		3,922		(8	)


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THE AMERICAS (the AEGON USA companies and AEGON Canada)

¨	Value of new business amounted to USD 100 million, an increase of 18% compared to one-fourth of the full year 2005 value of new business.

¨	The internal rate of return on new business improved 100 basis points to 12.3%.

¨	Operating earnings before tax increased 28% to USD 672 million.

¨	Variable annuity sales increased 16% as “5 for Life With Growth” was favorably received.

¨	Total revenue generating investments amounted to USD 271 billion at March 31, 2006 an increase of 2% compared to year-end 2005.

Results

Operating earnings before tax increased 28% to USD 672 million. The increase in earnings was led by growth in the Reinsurance and Variable Annuity lines of business, coupled with favorable returns on hedge funds, limited partnership and convertible bond investments, all of which are carried at fair value.

Net income, which includes net gains/losses on investments and impairment charges, increased 14% to USD 485 million. Net gains on investments amounted to USD 7 million compared to USD 74 million in the first quarter of 2005 and reflect normal trading activity in the US in a higher interest rate environment. Impairments in the first quarter of this year resulted in a net charge of USD 3 million compared to a net recovery of USD 18 million in the first quarter of 2005. The effective tax rate of 28% compares to an effective tax rate of 31% in the first quarter of 2005.

Value of New Business

Value of new business amounted to USD 100 million for the first quarter of 2006 compared to USD 85 million for one-fourth of the full year 2005 value of new business. First quarter 2006 internal rate of return was 12.3%, up 100 basis points from 11.3% in the full year 2005. The increase in value of new business and IRR is due to higher sales in more profitable lines of business during the first quarter of 2006. Please refer to pages 24 and 25 for more detailed information on value of new business.

Traditional life / Life for account of policyholders

Standardized new life production for retail and BOLI/COLI products decreased 15% to USD 197 million compared to the first quarter of 2005. The majority of the decrease reflects lower sales of BOLI/COLI business, where sales tend to occur in large amounts but not on a regular or predictable basis. In addition, there is some decrease in production from the Transamerica agency channel as there is dislocation occurring in the industry in the older age market.

Operating earnings before tax for traditional life increased 9% to USD 156 million compared to the same period last year, despite somewhat unfavorable mortality claims in the quarter. The valuation of certain financial assets carried at fair value contributed USD 24 million to operating earnings before tax in the first quarter of 2006 compared to USD 5 million in the first quarter last year.

Operating earnings before tax from life for account of policyholders decreased USD 4 million to USD 26 million compared to the first quarter of 2005.

Fixed annuities

Fixed annuity new deposits of USD 480 million decreased 4% compared to the first quarter of 2005. Retail fixed annuity new deposits declined 11% reflecting increased competition with short-term bank products due to


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the flat yield curve. However, new deposits in the pension channel increased 18% to USD 131 million. Fixed annuity account balances of USD 51.7 billion were USD 1.2 billion lower than year-end as new deposits were more than offset by higher withdrawals. The total decrement rate on the retail annuity segment continues to be within expectations and increased to 17% for the first quarter of 2006 compared to 16% in the fourth quarter of 2005.

Fixed annuity operating earnings before tax increased 78% to USD 128 million compared to the same period last year. This increase reflects a positive impact from total return annuities and fair value movements of certain financial assets, offset by modestly lower account balances. Fair value movements of certain financial assets contributed USD 38 million to operating earnings before tax, compared to USD 5 million in the first quarter of 2005. The contribution to operating earnings before tax from total return annuities amounted to a negative USD 6 million compared to a negative USD 43 million in the same period last year.

Product spreads on the largest segment of the fixed annuity book were 245 basis points on an IFRS pre-tax operating basis compared to 244 basis points in the fourth quarter of 2005. Product spreads in the first quarter include 41 basis points from the impact of valuation of certain financial assets carried at fair value compared to 33 basis points in the fourth quarter. On a normalized basis, the expected contribution to product spreads from the valuation of these assets is 15 basis points.

Institutional guaranteed products

Institutional guaranteed product sales amounted to USD 4.6 billion, an increase of 45% compared to the first quarter of 2005. The higher sales were primarily due to medium term note funding agreements issued by the new Ireland platform when asset spreads widened during the quarter. The balance of institutional guaranteed spread products increased to USD 35.2 billion compared to USD 32.9 billion at year-end 2005.

Institutional guaranteed products operating earnings before tax increased 14% to USD 96 million compared to the same period last year. The increase reflects the higher contribution from the valuation of certain financial assets carried at fair value, which amounted to USD 40 million in the first quarter of 2006, compared to USD 7 million in the first quarter of 2005. This was partially offset by the impact of decreased product spreads resulting from the rise in short term interest rates.

Variable annuities

Variable annuity new deposits of USD 1.8 billion increased 16% compared to the first quarter of 2005, with significant increases in both the retail (18%) and pension (14%) segments. A new retail product, “5 for Life with Growth”, was introduced in the first quarter and has been received favorably. Variable annuity balances of USD 50.3 billion increased 5% compared to year-end 2005.

Variable annuity operating earnings before tax of USD 99 million increased USD 60 million over the first quarter of 2005. This includes the impact of the valuation of Canadian segregated funds, which contributed USD 41 million to operating earnings before tax in the first quarter of 2006, compared to USD 5 million in the same period last year. The remaining increase of USD 24 million is primarily related to growth of the business from favorable equity markets and continued favorable persistency.

Fee – off balance sheet products

Off-balance sheet production was USD 4.3 billion, a 16% decrease compared to the first quarter of 2005. Institutional asset management sales decreased USD 1.3 billion compared to an extraordinarily strong first quarter of 2005. Retail mutual fund sales of USD 0.7 billion increased 47% compared to first quarter of 2005.


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Synthetic GIC sales of USD 1.6 billion in the first quarter of 2006 were level compared to the same period last year. Off-balance sheet assets have increased 2% compared to year-end 2005 and now total USD 82.7 billion.

Operating earnings before tax from fee – off balance sheet products of USD 13 million were level compared to the same period in 2005.

Reinsurance

Reinsurance new life production of USD 75 million increased USD 2 million or 3% over the same period in 2005. The 2005 results included the completion of several in-force transactions. Excluding production of in-force transactions in 2005, life production increased USD 15 million due to continued strong international and domestic sales.

Reinsurance operating earnings before tax increased 74% to USD 66 million compared to the same period last year. The increase in earnings primarily reflects continued growth in this business and favorable mortality during the first quarter of 2006. In addition, earnings from the total return annuity product amounted to USD 15 million compared to USD 11 million in the first quarter of 2005.

Accident and health business

Accident and health premium revenue of USD 617 million increased 1% compared to the same period last year due to increased sales through sponsored programs along with premium rate increases on certain health products.

Accident and health operating earnings before tax decreased 15% to USD 88 million compared to the same period last year, and primarily reflects reserve strengthening on certain discontinued blocks.

Commissions and expenses

Commissions and operating expenses of USD 1,198 million increased 16% compared to the first quarter of 2005. Operating expenses of USD 483 million were up 13% compared to the same period last year. This increase includes the impact of a one-time expense accrual release of USD 13 million in the first quarter of 2005 and higher expenses related to stock appreciation rights plans of USD 12 million due to the rising AEGON stock price during the quarter.

Normalized return expectations for fair-valued assets in operating earnings

AEGON provides normalized return expectations for certain financial assets that are managed on a total return basis with no offsetting changes to the fair value of liabilities. Normalized annual earnings on these assets, as described in more detail below, are based on long-term expected returns in financial markets, but should not be used as an explicit forecast for the year as actual results can and will deviate from these expectations. These levels of normalized annualized earnings will be revisited and updated at the end of 2006.

These assets include certain hedge funds, real estate limited partnerships and convertible bonds, with assets totaling approximately USD 3.2 billion as of March 31, 2006. Operating earnings for the first quarter of 2006 include USD 130 million (USD 156 million before DPAC offsets) related to these asset classes, including fair valuation of assets of USD 118 million and cash income of USD 12 million. Based on current holdings and asset class returns consistent with long term historical experience, the long-term expected return on an annual basis is 8-10%, including fair valuation and cash income, before tax and DPAC offsets. The impact of the fair valuation of assets is notable in the traditional life, fixed annuity and institutional guaranteed products lines of business.


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THE NETHERLANDS


		amounts in millions

		First quarter
	EUR	2006		2005		%
Income by product segment
Traditional life		23		11		109
Life for account of policyholders		242		(9	)	N.M.
Fee - off balance sheet products		8		9		(11	)
Accident and health insurance		5		8		(38	)
General insurance		4		10		(60	)
Banking activities		4		7		(43	)

Operating earnings before tax		286		36		*N.M.*
Gains/(losses) on investments		(70	)	234		N.M.
Impairment charges		9		(24	)	N.M.
Share in profit/(loss) of associates		1		0		N.M.

Income before tax		226		246		(8	)
Income tax		(28	)	(70	)	(60	)

Net income		198		176		13


Revenues
Life general account single premiums		195		134		46
Life general account recurring premiums		270		290		(7	)
Life policyholders account single premiums		328		276		19
Life policyholders account recurring premiums		639		724		(12	)

Total life insurance gross premiums		1,432		1,424		1
Accident and health insurance		85		95		(11	)
General insurance		139		143		(3	)

Total gross premiums		1,656		1,662		(0	)
Investment income		466		507		(8	)
Fee and commission income		87		80		9

Total revenues		2,209		2,249		(2	)
Income from reinsurance ceded		2		(2	)	N.M.
Fair value and foreign exchange gains		283		5		N.M.
Total gains on investments		43		449		(90	)

Total income		2,537		2,701		(6	)


Commissions and expenses		285		300		(5	)

Standardized new premium production insurance
Life single premiums		399		395		1
Life recurring premiums annualized		38		37		3
Life total recurring plus 1/10 single		78		77		1
Non-life premiums		26		15		73


Gross deposits
Saving deposits		708		859		(18	)

Total production on balance sheet		708		859		*(18*	)


Off balance sheet production
Mutual funds and other managed assets		125		478		(74	)

Total production off balance sheet		125		478		*(74*	)


				10 of 30

AEGON THE NETHERLANDS

¨	Value of new business for the first quarter of 2006 amounted to EUR 9 million, compared to EUR 10 million for one-fourth of the full year 2005.

¨	The internal rate of return on new business amounted to 7.9%.

¨	New life sales increased by 1% to EUR 78 million, representing the best quarter in the last two years.

¨	Operating earnings before tax amounted to EUR 286 million, compared to EUR 36 million in the first quarter of 2005.

¨	Total revenue generating investments amounted to EUR 63.5 billion at March 31, 2006, an increase of 1% compared to year-end 2005 levels.

Results

Operating earnings before tax amounted to EUR 286 million in the first quarter of 2006, compared to EUR 36 million in the first quarter of 2005. The increase in operating earnings in the Netherlands includes the positive effect of a EUR 205 million release of guarantee provisions for unit-linked business, whereas EUR 5 million was added to these provisions in the first quarter of 2005. The release of guarantee provisions reflects the effect of the increase in interest rates on the risk-neutral market valuation of these guarantees. The comparable period also included EUR 35 million in provisions for improvements of “Spaarkas” products. Technical results life and non-life decreased EUR 13 million due to higher mortality and higher claims in non-life. Certain financial assets that are carried at fair value with no offsetting changes in the fair value of liabilities contributed EUR 25 million to operating earnings before tax, compared to EUR 8 million in the first quarter of 2005. Derivatives carried at fair value with no offsetting changes in the fair value of liabilities contributed a negative EUR 4 million to operating earnings, compared to a negative of EUR 23 million in the comparable period.

Net income, which includes net gains/losses on investments, impairment charges and the share in profit of associates, increased 13% to EUR 198 million. Net gains/losses on investments (before tax) amounted to a negative EUR 70 million compared to a positive EUR 234 million in the first quarter of 2005. The gains and losses on investments (before tax) include a negative EUR 211 million from the decrease in market value of derivatives used for asset and liability management purposes.

Value of new business

The value of new business for the first quarter of 2006 amounted to EUR 9 million, compared to EUR 10 million for one-fourth of the full year 2005 value of new business. The internal rate of return (IRR) amounted to 7.9% compared to 9.2% for the full year 2005. The lower IRR and slight decrease in value of new business mainly reflect lower margins on mortgage-linked products and a change in interest rates. Please refer to pages 23 and 24 for more detailed information on value of new business.

Traditional life / Life for account of policyholders

New life sales increased 1% to EUR 78 million. The comparable period included EUR 2 million in sales of Moneymaxx Germany, which was divested in 2005. The comparable quarter last year included a number of large group pension cases, which did not recur to the same extent in the first quarter of 2006. This reflects the nature of the group business, where production tends to fluctuate from period to period due to the timing and size of contracts. The pipeline of new group pension products is promising, particularly for the second half of the year. Individual life sales through the intermediary channel showed a significant improvement. The number of intermediaries selling AEGON’s products has increased, and an increased number of existing intermediaries are offering a broader selection of AEGON products.


				11 of 30

Operating earnings before tax for traditional life amounted to EUR 23 million, compared to EUR 11 million in the same period in 2005. The increase mainly reflects a higher contribution from assets carried at fair value with no offsetting changes in the fair value of liabilities.

Operating earnings before tax from life for account of policyholders amounted to EUR 242 million, compared to a loss of EUR 9 million in the first quarter of 2005. This reflects the release of provisions for guarantees and the absence in the first quarter of 2006 of provisions for “Spaarkas” products, partially offset by higher expenses and decreased technical results.

Fee – off balance sheet products

Off balance sheet product sales amounted to EUR 125 million compared to EUR 478 million in the first quarter of 2005. The comparable period included a number of large mandates.

Operating earnings before tax from fee business amounted to EUR 8 million, compared to EUR 9 million in the first quarter of 2005. Performance of TKP Pensions and AEGON Asset Management improved. Operating earnings from Meeùs were lower as investments were made in improving the quality of the organization to generate growth.

Non-life insurance

Accident and health premiums decreased 11% to EUR 85 million as a consequence of high lapse rates in the sickness benefits market due to new legislation. The successful product introduction related to the new disability system in the Netherlands as outlined in the WIA law, is expected to fully compensate the loss of premiums. Sales of the new WIA product developed favorably and represented half of all new non-life production in the first quarter of 2006. Accident and health operating earnings before tax were EUR 5 million compared to EUR 8 million in the first quarter of 2005, reflecting higher expenses related to investments made for the introduction of WIA.

General insurance premiums decreased 3% to EUR 139 million. General insurance operating earnings before tax amounted to EUR 4 million compared to EUR 10 million in the comparable period, mainly due to higher claims.

Banking activities

At the end of the first quarter of 2006, 825 Levensloop contracts were signed with employers, representing well over 500,000 employees. Currently there are 13,500 Levensloop accounts opened. In 2006, employees have until July to decide to open an account and save for this year. New Levensloop deposits, largely recurring, amounted to EUR 12 million in the first quarter. The pipeline of new contracts represents 800 large and middle-sized companies with another 500,000 employees.

Operating earnings before tax from banking activities amounted to EUR 4 million, compared to EUR 7 million in the first quarter of 2005. The decrease reflects primarily a maturing block of lease products partly offset by higher interest spreads.

Commissions and expenses

Commissions and expenses decreased 5% to EUR 285 million in the first quarter of 2006. Operating expenses amounted to EUR 192 million, 4% lower than in the first quarter of 2005. This is primarily due to the absence of provisions for “Spaarkas” products and other one-time effects. Excluding these effects, operating expenses were up by approximately 6%, due to the costs of additional external staffing and professional services.


				12 of 30

Normalized return expectations for fair-valued assets in operating earnings

These assets include an investment in a private equity fund and totaled EUR 235 million as of March 31, 2006. Operating earnings for the first quarter of 2006 include EUR 25 million related to these asset classes. Based on current holdings and asset class returns consistent with long term historical experience, the long-term expected return on an annual basis is 8% before tax. The impact of the fair valuation of assets is notable in the traditional life and life for account of policyholders lines of business.


				13 of 30

UNITED KINGDOM


									amounts in millions

	First quarter								First quarter
GBP	2006		2005		%			EUR	2006		2005		%
							Income by product segment
	2		1		100		Traditional life		3		2		50
	37		31		19		Life for account of policyholders		54		44		23
	(2	)	1		N.M.		Fee - off balance sheet products		(3	)	1		N.M.

	37		33		12		Operating earnings before tax		54		47		15
	(2	)	2		N.M.		Gains/(losses) on investments		(2	)	3		N.M.
	30		8		N.M.		Other non-operating income/(charges) ¹		43		12		N.M.

	65		43		51		Income before tax		95		62		53
	(19	)	(8	)	138		Income tax attributable to policyholder return		(28	)	(12	)	133

	46		35		31		Income before income tax on shareholders return		67		50		34
	(7	)	(10	)	(30	)	Income tax on shareholders return		(10	)	(14	)	(29	)

	39		25		56		Net income		57		36		58


							Revenues
	150		44		N.M.		Life general account single premiums		218		63		N.M.
	50		44		14		Life general account recurring premiums		73		63		16
	614		396		55		Life policyholders account single premiums		895		571		57
	320		299		7		Life policyholders account recurring premiums		467		432		8

	1,134		783		45		Total gross premiums		1,653		1,129		46
	413		396		4		Investment income		602		571		5
	41		33		24		Fee and commission income		59		48		23

	1,588		1,212		31		Total revenues		2,314		1,748		32
	21		98		(79	)	Income from reinsurance ceded		30		142		(79	)
	6		1		N.M.		Fair value and foreign exchange gains		9		1		N.M.
	1,515		195		N.M.		Total gains on investments		2,209		281		N.M.
	11		0		N.M.		Other income		16		0		N.M.

	3,141		1,506		*109*		Total income		4,578		2,172		*111*


	135		108		25		Commissions and expenses		197		156		26

							Standardized new premium production insurance²
	1,067		626		70		Life single premiums		1,556		903		72
	110		81		36		Life recurring premiums annualized		161		118		36
	217		144		51		Life total recurring plus 1/10 single		316		209		51


							Off balance sheet production
	303		80		N.M.		Mutual funds and other managed assets		441		116		N.M.

	303		80		*N.M.*		Total production off balance sheet		441		116		*N.M.*

¹	Included in other non-operating income/(charges) are charges made to policyholders in respect of income tax. There is an equal and opposite tax charge which is reported in the line Income tax attributable to policyholder return.

²	Includes production on investment contracts without a discretionary participation feature of which the proceeds are not recognized as revenues but are directly added to our investment contract liabilities.


				14 of 30

AEGON UNITED KINGDOM

¨	Value of new business amounted to GBP 22 million, an increase of 29% compared to one-fourth of the full year 2005 value of new business.

¨	The internal rate of return on new business remained relatively stable at 10.8%.

¨	New life sales increased 51% to GBP 217 million, as AEGON UK records its highest quarterly sales performance ever.

¨	Operating earnings before tax increased 12% to GBP 37 million, or 33% when excluding the effect of an incentive plan charge of GBP 7 million, related to the accelerated acquisition of the remaining 40% of Positive Solutions.

¨	Total revenue generating investments increased 2% to GBP 46.1 billion compared to year-end 2005 levels.

Results

Operating earnings before tax amounted to GBP 37 million compared to GBP 33 million in the first quarter of 2005. The increase mainly reflects business growth and the positive effect of higher equity and bond markets, partly offset by a GBP 7 million charge for the incentive plan for registered individuals and staff related to the accelerated acquisition of the remaining 40% of Positive Solutions. Excluding the effect of the incentive plan charge, operating earnings before tax increased 33%.

Net income, which includes net gains/losses on investments and impairment charges, increased 56% to GBP 39 million. Other non-operating income includes a gain of GBP 11 million related to the sale of the Luxembourg-based subsidiary Scottish Equitable International to La Mondiale Participations. In the consolidated earnings for the Group, 35% of this gain has been eliminated to reflect AEGON’s 35% share in La Mondiale Participations.

The effective shareholder tax rate decreased from 29% to 15%. This reflects the tax-free disposal gain on the Luxembourg subsidiary and a change in the sources of profits.

Value of new business

The value of new business for the first quarter of 2006 increased 29% to GBP 22 million compared to GBP 17 million for one-fourth of the full year 2005 value of new business. The IRR on new business remained relatively stable at 10.8%, compared to 11.0% for the full year 2005. The increase in value of new business reflects higher production and a more profitable mix of business. Please refer to pages 23 and 24 for more detailed information on value of new business.

Traditional life / Life for account of policyholders

New life sales in the first quarter of 2006 increased 51%. This is compared to the relatively weak sales in the first quarter of 2005, which was affected by certain pricing and commission changes. The increase compared to the corresponding first quarter represents a strong increase across all lines of business. Compared to the very strong fourth quarter of 2005, new life sales in the first quarter of 2006 increased 11% and represent the highest quarterly sales result ever.

Operating earnings before tax for traditional life amounted to GBP 2 million compared to GBP 1 million in the first quarter of 2005. Operating earnings before tax from life for account of policyholders was GBP 37 million, a 19% increase. This increase mainly reflects business growth and the impact of the higher equity and bond markets on fund related charges.


				15 of 30

Fee – off balance sheet products

In asset management, the retail business in particular performed well, with the majority of sales coming from Bond funds, emphasizing the strength of AEGON’s fixed income offering. Total off balance sheet production amounted to GBP 303 million compared to GBP 80 million in the first quarter of 2005.

In the owned distribution businesses, Positive Solutions had another strong quarter generating its highest-ever quarterly income. The number of registered individuals (RIs) reached 1,400 at the end of the first quarter, an increase of around 100 RIs compared to the end of 2005, while average productivity remains high.

Operating earnings before tax from the fee business segment amounted to a negative GBP 2 million, compared to a positive contribution of GBP 1 million in the first quarter of 2005. The lower result was due to the charge of GBP 7 million for the incentive plan related to Positive Solutions.

Commissions and expenses

Commissions and expenses increased 25% to GBP 135 million including the GBP 7 million incentive cost related to Positive Solutions. Other factors affecting commissions and expenses include growth in the distribution businesses, leading to an increase of GBP 5 million in paid-out commissions, and growth in the individual protection business. Operating expenses increased by 12% to GBP 91 million, reflecting investment and growth in our businesses, including protection and annuities.


				16 of 30

OTHER COUNTRIES


		amounts in millions

		First quarter
	EUR	2006		2005		%
Income by product segment
Traditional life		0		3		N.M.
Life for account of policyholders		2		2		0
Fee - off balance sheet products		(2	)	0		N.M.
Accident and health insurance		1		0		N.M.
General insurance		7		7		0

Operating earnings before tax		8		12		*(33*	)
Gains/(losses) on investments		14		4		N.M.
Other non-operating income/(charges)		0		192		N.M.
Share in profit/(loss) of associates		5		3		67

Income before tax		27		211		*(87*	)
Income tax		(7	)	(34	)	(79	)

Net income		20		177		*(89*	)


Revenues
Life general account single premiums		8		5		60
Life general account recurring premiums		173		144		20
Life policyholders account single premiums		97		8		N.M.
Life policyholders account recurring premiums		54		30		80

Total life insurance gross premiums		332		187		78
Accident and health insurance		27		26		4
General insurance		34		34		0

Total gross premiums		393		247		59
Investment income		42		35		20
Fee and commission income		8		6		33
Other revenues		1		0		N.M.

Total revenues		444		288		54
Income from reinsurance ceded		2		1		100
Fair value and foreign exchange gains		6		1		N.M.
Total gains on investments		63		16		N.M.
Other income		0		192		N.M.

Total income		515		498		3


Commissions and expenses		84		60		40

Standardized new premium production insurance
Life single premiums		107		13		N.M.
Life recurring premiums annualized		55		91		(40	)
Life total recurring plus 1/10 single		66		92		*(28*	)


Gross deposits
Variable annuities		1		1		0

Total production on balance sheet		1		1		0


Off balance sheet production
Mutual funds and other managed assets		114		110		4

Total production off balance sheet		114		110		4


				17 of 30

OTHER COUNTRIES

¨	Value of new business amounted to EUR 39 million, an increase of 11% compared to EUR 35 million for one quarter of the full year 2005.

¨	New life sales in the first quarter of 2006 decreased 28% to EUR 66 million.

¨	Operating earnings before tax amounted to EUR 8 million, compared to EUR 12 million in the first quarter of 2005.

¨	Total revenue generating investments increased 8% to EUR 5.8 billion compared to year-end 2005 levels.

Results

Operating earnings before tax in Other countries amounted to EUR 8 million compared to EUR 12 million in the first quarter of 2005. The decrease primarily reflects lower results in Taiwan and higher start-up losses due to investments in growth in China, Slovakia and the Czech Republic.

Net income, which includes net gains/losses on investments, amounted to EUR 20 million compared to EUR 177 million in the first quarter of 2005. The comparable period included a book gain on the sale of the Spanish non-life insurance activities for EUR 192 million before tax. AEGON’s share in the profit (and loss) of associates (after tax) amounted to EUR 5 million, compared to EUR 3 million in the first quarter 2005.

Value of new business

The value of new business coming from Other countries for the first quarter of 2006 amounted to EUR 39 million, compared to EUR 35 million for one quarter of the full year 2005 value of new business. Other countries accounted for 24% of total value of new business for the group. Asia accounted for 48% of value of new business coming from Other countries, with the remainder evenly split between Central and Eastern Europe (CEE) and Other European Countries. The internal rate of return (IRR) amounted to 20.5% for Asia, against 10.6% for the full year 2005. The improvement is driven by Taiwan, mainly due to re-pricing. For CEE, the IRR of 37.5% compares to 33.4% for the full year 2005. This reflects an improvement in Hungary due to expense and commission efficiency and updated mortality assumptions. Finally, the IRR for Other European Countries amounted to 18.5%. This compares to 17.5% for the full year 2005 and reflects an improvement at the Caja de Ahorros del Mediterráneo (CAM) partnership in Spain.

Please refer to pages 23 and 24 for more detailed information on value of new business.

Traditional life / Life for account of policyholders

New life sales in Taiwan in the first quarter of 2006 decreased 53% to NTD 1.6 billion (EUR 42 million), reflecting the high levels of sales through the broker channel in the comparable period. Compared to the fourth quarter of 2005, new life sales improved by 64%, mainly due to increased sales of traditional life and unit-linked products, with unit-linked products accounting for 36% of total new life sales. Total gross premiums increased 28% to NTD 6.0 billion (EUR 156 million) in the first quarter of 2006, mainly due to growth in recurring premiums of traditional life business.

In Hungary, new life sales declined 14% to HUF 961 billion (EUR 4 million). During the quarter, various products have been repositioned in order to increase sales through the independent network.


				18 of 30

AEGON Poland had its second consecutive record sales quarter, with new life sales amounting to PLN 49 million (EUR 13 million). Compared to the fourth quarter of 2005, when the Poland business became part of the AEGON Group, new life sales increased 19%.

In Spain, new life sales increased 35% to EUR 5 million, reflecting growth in recurring premium sales. New premium production has been adversely affected by proposed changes in tax law, delaying the closing of several agreements on group policies.

The partnership with CAM saw a decrease of 27% in new life sales to EUR 46 million (100% basis), although sales increased by 10% compared to the fourth quarter of 2005 and remained in line with the business plan. Premium income for the partnership with CAM amounted to EUR 141 million. The partnership with CAM is not consolidated in AEGON’s accounts. AEGON includes its share in the results of the partnership in the line share in profit / (loss) of associates.

Total traditional life insurance operating earnings before tax from Other countries amounted to nil, compared to EUR 3 million in the first quarter of 2005. This reflects lower results in Taiwan, mainly due to adverse claims experience and lower surrender results caused by a higher persistency rate, as well as a gradual decline of the old traditional life portfolio in Hungary. Operating earnings from life for account of policyholders remained stable and amounted to EUR 2 million.

Fee - off balance sheet products

In Hungary, off balance sheet product sales amounted to HUF 25 billion (EUR 98 million). Sales in the pension fund business continued to grow, with the number of new members increasing by 55% to well over 14,000. Total pension fund membership amounted to 595,000 members at the end of March, 2006, an increase of 7%. Off balance sheet investments grew by 9% to HUF 307 billion (EUR 1,156 million) compared to the year-end 2005 level.

In Slovakia, the pension fund business continued to report strong growth. In the first quarter, 26,593 new pension fund members were registered, bringing the total to 81,790.

Total fee - off balance sheet operating earnings before tax from Other countries amounted to a negative EUR 2 million, against nil for the first quarter of 2005, reflecting higher start-up costs of the Slovakian pension business.

Non-life insurance

In Hungary, non-life premium income increased by 5% to HUF 8.8 billion (EUR 35 million) mainly as a result of increased household insurance sales. Non-life premiums in Spain, which only include health business, increased 3% to EUR 27 million.

Accident and health insurance operating earnings before tax in Other countries amounted to EUR 1 million compared to nil in the first quarter of 2005, while general insurance operating earnings before tax remained level at EUR 7 million.

Commissions and expenses

Commissions and expenses increased 40% to EUR 84 million mainly due to lower deferral of expenses in Taiwan following a change in business mix. Operating expenses increased 13% to EUR 34 million, mainly due to the inclusion of AEGON Poland.


				19 of 30

Associates

AEGON’s share in the profit of associates amounted to EUR 5 million (after tax), compared to EUR 3 million in the first quarter of 2005. This line represents the income on the partnership with CAM (49.99% interest). It also includes the income on the 35% stake in La Mondiale Participations.


				20 of 30

CONDENSED CONSOLIDATED BALANCE SHEETS


					amounts in millions

	At March 31 2005 EUR		At March 31 2006 EUR		At Dec. 31 2005 EUR		%
Investments general account	133,191		144,612		146,075		(1	)
Investments for account of policyholders	111,072		129,616		127,547		2
Investments in associates	481		486		542		(10	)
Other assets and receivables	35,045		37,954		37,051		2

Total assets	279,789		312,668		311,215		0

Shareholders' equity	15,735		18,839		19,276		(2	)
Other equity instruments	2,869		3,381		3,379		0
Minority interest	17		18		15		20

Group equity	18,621		22,238		22,670		(2	)
Trust pass-through securities	397		425		437		(3	)
Subordinated borrowings	264		279		284		(2	)
Senior debt related to insurance activities	2,875		2,092		2,059		2

Total capital base	22,157		25,034		25,450		(2	)

Insurance contracts general account	86,510		93,530		95,690		(2	)
Insurance contracts for account of policyholders	62,380		71,456		70,280		2
Investment contracts general account	35,069		39,667		38,842		2
Investment contracts for account of policyholders	49,639		59,666		58,724		2
Other liabilities	24,034		23,315		22,229		5

Total equity and liabilities	279,789		312,668		311,215		0


SHAREHOLDERS' EQUITY ROLL FORWARD

	At March 31 2005 EUR		At March 31 2006 EUR		At Dec. 31 2005 EUR
Shareholders' equity January 1	14,875		19,276		14,875
Net income	677		630		2,732
Dividend paid	0		0		(272	)
Movements in foreign currency translation reserve	502		(373	)	1,515
Repurchased and sold own shares	12		(102	)	76
Movements in revaluation reserves	(322	)	(514	)	152
Coupons on perpetuals (net of tax)	(29	)	(32	)	(132	)
Other changes ¹	20		(46	)	330

Shareholders' equity end of period	15,735		18,839		19,276

¹	Includes EUR 275 million in 2005 from an agreement between the Dutch tax authorities and AEGON NV on a number of items related to AEGON NV's corporate income tax filings for the years 1996-2005.

ADDITIONAL BALANCE SHEET INFORMATION


At March 31 2006 USD	At Dec. 31 2005 USD	%			At March 31 2005 USD	At March 31 2005 EUR	At March 31 2006 EUR	At Dec. 31 2005 EUR	%
				Assets
13,288	12,728	4		Deferred policy acquisition costs	11,975	9,237	10,978	10,789	2
				Equity
2,555	2,490	3		Preferred shares	2,735	2,110	2,111	2,111	0
2,153	2,705	(20	)	Revaluation reserves	2,358	1,819	1,779	2,293	(22	)
				Liabilities
51,746	52,907	(2	)	Fixed annuities	54,735	42,221	42,751	44,848	(5	)
35,185	32,938	7		Institutional guaranteed products	31,479	24,282	29,069	27,921	4
50,251	48,015	5		Variable annuities	43,781	33,771	41,516	40,701	2
6,188	5,954	4		Savings accounts	7,156	5,520	5,112	5,047	1

				Number of employees		27,213	27,199	27,159	0


				21 of 30

REPORT OF THE HOLDING COMPANY

Capital and funding

Shareholders’ equity at March 31, 2006 amounted to EUR 18.8 billion, a decrease of EUR 0.4 billion or 2% compared to December 31, 2005. The positive impact of EUR 0.6 billion from net income was more than offset by negative foreign currency translation effects of EUR 0.4 million, and a decrease in revaluation reserves of EUR 0.5 billion, reflecting higher interest rates.

At March 31, 2006 shareholders’ equity represented 75% of the total capital base, comfortably within target levels. Group equity, which includes other equity instruments (such as perpetual capital securities) and minority interests, represented 89% of total capital. The capital leverage to total capital ratio of 11% was stable compared to year-end 2005.

Interest charges and other

Interest charges and other increased 25% to EUR 80 million in the first quarter 2006. Interest charges and other, excluding the impact of eliminations, increased by approximately EUR 9 million compared to the first quarter of 2005. This primarily reflects the impact of a strengthening of the US Dollar against the Euro.

Subsequent events

On April 24, AEGON received all necessary regulatory approvals for the acquisition of a 50% stake in Caja Navarra’s life insurance and pensions subsidiary, Seguros Navarra S.A. As announced on November 22, 2005, the partners have created a joint venture, which combines Caja Navarra’s significant customer reach through its banking network and AEGON’s expertise in life insurance and pensions.

On April 28, 2006 AEGON and Caja de Badajoz received the final authorization to establish a 50-50 life insurance joint venture, Caja Badajoz Vida, to sell life insurance, accident and pension products through the branch network of Caja de Badajoz.

On May 9, 2006, AEGON announced that the stock fraction for the 2005 final dividend has been determined at 1/63. The stock fraction is based on the average share price for the AEGON share on Euronext Amsterdam N.V. for the five trading days from May 3 up to and including May 9, 2006. The final dividend will be payable as from May 16, 2006.


				22 of 30

VALUE OF NEW BUSINESS

Starting with the first quarter of 2006, AEGON is providing value of new business information on a quarterly basis. Value of new business represents the present value of the future distributable earnings on the block of business sold in the latest reporting period. Value of new business is calculated using beginning of year economic assumptions and assumptions outside of management control, and end of period operating assumptions. AEGON’s management believes that this information, in conjunction with other publicly disclosed financial information, can provide valuable additional information for investors and shareholders.

Value of new business should not be viewed as a substitute for AEGON’s primary financial statements. The methodology AEGON uses to calculate value of new business is consistent with European Embedded Value Principles and described in more detail in the 2005 Embedded Value disclosure document that is available on AEGON’s website: www.aegon.com.


VALUE OF NEW BUSINESS (amounts in EUR millions)	VNB 2006 Q1 YTD		VNB ¹/4 of full year 2005		%
Gross value of new business	325		281		16
Tax	(105	)	(90	)	16
Cost of capital	(58	)	(53	)	9
Value of new business	163		138		18

VALUE OF NEW BUSINESS AND IRR

(amounts in EUR millions, after-tax)


	2006 Q1 YTD VNB	2005 ¹/4 of full year VNB	2006 Q1 YTD IRR %	2005 full year IRR %
Americas	83	68	12.3	11.3
The Netherlands	9	10	7.9	9.2
United Kingdom	31	24	10.8	11.0
Asia	19	21	20.5	10.6
China¹	0	0	13.2	15.3
Taiwan	18	21	20.5	10.6
Central and Eastern Europe	10	7	37.5	33.4
Czech Republic	0	0	24.4	26.5
Hungary	6	5	50.5	39.9
Poland	3	1	24.5	25.8
Slovakia	1	1	11.3	11.7
Other European Countries	10	8	18.5	17.5
France²	2	1	10.4	9.1
Spain³	8	6	20.7	19.1

Total	163	138	14.7	12.4

¹	AEGON CNOOC joint venture (50%).

²	La Mondiale Partnership (35%) .

³	AEGON Spain and CAM partnership in Spain.


				23 of 30

Modeled new business

APE⁴ and deposits

(amounts in EUR millions)


	Premium business		Deposit business		VNB	VNB	%
	(TL, LAP, Reins, A&H)		(FA, VA, IGP, Fee)		2006 Q1 YTD	2005 ¹/4 of full year
	APE 2006 Q1 YTD	APE 2005 ¹/4 of full year	Deposits 2006 Q1 YTD	Deposits 2005 ¹/4 of full year	2006 Q1 YTD	2005 ¹/4 of full year
Americas	354	355	5,720	5,646	83	68	22
The Netherlands	91	58	1	6	9	10	(9	)
United Kingdom	306	246	0	0	31	24	29
Asia	43	79	0	0	19	21	*(11*	)
China¹	2	1	0	0	0	0	49
Taiwan	42	78	0	0	18	21	(11	)
Central and Eastern Europe	24	7	5	6	10	7	54
Czech Republic	0	0	0	0	0	0	4
Hungary	3	4	5	4	6	5	22
Poland	19	3	0	0	3	1	N.M.
Slovakia	1	0	0	3	1	1	6
Other European Countries	54	44	0	0	10	8	32
France²	29	23	0	0	2	1	82
Spain³	25	21	0	0	8	6	23

Total	873	788	5,726	5,658	163	138	18

¹	AEGON CNOOC joint venture (50%).

²	La Mondiale Partnership (35%) .

³	AEGON Spain and CAM partnership in Spain.

⁴	APE = recurring premium + 1/10 single premium.

VNB/PVNBP SUMMARY

(amounts in EUR millions)

2006 - Q1 YTD


	Premium business (TL, LAP, Reins, A&H)				Deposit business (FA, VA, IGP, Fee)
	VNB	PVNBP⁴	VNB/ PVNBP %	VNB/ APE %	VNB	PVNBP	VNB/ PVNBP %	VNB/ Deposits %	Total VNB	Total IRR %
Americas	39	1,891	2.1	11.1	44	6,494	0.7	0.8	83	12.3
The Netherlands	9	743	1.2	9.6	0	3	5.9	15.5	9	7.9
United Kingdom	31	1,990	1.6	10.3	0	0	0.0	0.0	31	10.8
Asia	19	286	6.5	42.6	0	0	0.0	0.0	19	20.5
China¹	0	11	1.1	8.0	0	0	0.0	0.0	0	13.2
Taiwan	18	275	6.7	43.9	0	0	0.0	0.0	18	20.5
Central and Eastern Europe	7	132	5.2	28.6	4	152	2.4	71.0	10	37.5
Czech Republic	0	3	5.0	25.8	0	0	0.0	0.0	0	24.4
Hungary	3	23	12.4	82.6	3	57	5.1	61.7	6	50.5
Poland	3	102	3.3	17.4	0	0	0.0	0.0	3	24.5
Slovakia	0	4	11.6	70.7	1	95	0.7	195.7	1	11.3
Other European Countries	10	493	2.0	18.5	0	0	0.0	0.0	10	18.5
France²	2	337	0.6	7.2	0	0	0.0	0.0	2	10.4
Spain³	8	157	5.0	32.0	0	0	0.0	0.0	8	20.7

Total	115	5,535	2.1	13.1	48	6,648	0.7	0.8	163	14.7

¹	AEGON CNOOC joint venture (50%).

²	La Mondiale Partnership (35%) .

³	AEGON Spain and CAM partnership in Spain.

⁴	Present Value New Business Premium.


				24 of 30

CONDENSED CONSOLIDATED INCOME STATEMENT


		amounts in millions

		First quarter
	EUR	2006		2005		%
Total revenues		8,885		7,918		12
Income from reinsurance ceded		400		501		(20	)
Fair value and foreign exchange gains		553		56		N.M.
Total gains on investments		4,417		824		N.M.
Other income		10		192		(95	)

Total income		14,265		9,491		50

Benefits and expenses¹		12,834		7,632		68
Fair value and foreign exchange losses		50		137		(64	)
Total losses on investments and impairment charges		432		691		(37	)
Interest charges and related fees		110		100		10

Total charges		13,426		8,560		57

Share in profit/(loss) of associates		6		3		100

Income before tax		845		934		(10	)
Income tax		(215	)	(256	)	(16	)
Minority interest		0		(1	)	N.M.

Net income		630		677		(7	)

¹	Includes Commissions and expenses for EUR 1,589 million (2005: EUR 1,340 million).

NET INCOME PER SHARE (EPS) CALCULATION


		amounts in millions (except per share data)

	EUR	3M 2006		3M 2005		%
Net income		630		677		(7	)
Preferred dividend		—		—		N.M.
Coupons on perpetuals		(32	)	(29	)	(10	)

Net income attributable to ordinary shareholders		598		648		(8	)

Weighted average number of ordinary shares outstanding		1,575		1,523		3
Net income per share year-to-date		0.38		0.43		(12	)

Explanatory notes

The published figures are unaudited.

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

Life 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.

Variable annuities includes segregated funds.

Institutional guaranteed products includes income on GICs and funding agreements.

Fee business includes income on off balance sheet type products.

Reinsurance includes income on reinsurance business assumed from direct writers.

Other is currently used to report any items which cannot be directly allocated to a specific line of business.

Currencies

Income statement items: average rate 1 EUR = USD 1.2026 (2005: USD 1.3114).

Income statement items: average rate 1 EUR = GBP 0.6860 (2005: GBP 0.6932).

Balance sheet items: closing rate 1 EUR = USD 1.2104 (2005: USD 1.2964; year-end 2005: USD 1.1797).

Balance sheet items: closing rate 1 EUR = GBP 0.6964 (2005: GBP 0.6885; year-end 2005: GBP 0.6853).


				25 of 30

REVENUES AND PRODUCTION


		amounts in millions

		First quarter
	EUR	2006		2005		%
Revenues
Life general account single premiums		558		369		51
Life general account recurring premiums		1,696		1,525		11
Life policyholders account single premiums		1,424		1,094		30
Life policyholders account recurring premiums		1,416		1,408		1

Total life insurance gross premiums		5,094		4,396		16
Accident and health insurance		625		585		7
General insurance		173		177		(2	)

Total gross premiums		5,892		5,158		14
Investment income		2,594		2,395		8
Fee and commission income		394		338		17
Other revenues		5		27		(81	)

Total revenues		8,885		7,918		12
Income from reinsurance ceded		400		501		(20	)
Fair value and foreign exchange gains		553		56		N.M.
Total gains on investments		4,417		824		N.M.
Other income		10		192		(95	)

Total income		14,265		9,491		50

Total revenues by product segment
Life insurance		7,899		6,944		14
Accident and health insurance		718		678		6
General insurance		187		191		(2	)
Banking activities		56		67		(16	)
Other activities		25		38		(34	)

Total revenues		8,885		7,918		12


Standardized new premium production insurance
Life single premiums		2,271		1,686		35
Life recurring premiums annualized		459		442		4
Life total recurring plus 1/10 single		686		611		12


Gross deposits
Fixed annuities		399		382		4
Institutional guaranteed products		3,833		2,423		58
Variable annuities		1,476		1,166		27

Total		5,708		3,971		44
Savings deposits		708		859		(18	)

Total production on balance sheet		6,416		4,830		33


Net deposits
Fixed annuities		(1,346	)	(910	)	(48	)
Institutional guaranteed products		1,495		131		N.M.
Variable annuities		146		199		(27	)

Total		295		(580	)	N.M.
Savings deposits		(35	)	(133	)	74

Total net deposits		260		(713	)	*N.M.*


Off balance sheet production
Synthetic GICs		1,289		1,208		7
Mutual funds/Collective Trusts and other managed assets		2,982		3,418		(13	)

Total production off balance sheet		4,271		4,626		(8	)


				26 of 30

INVESTMENTS GEOGRAPHICALLY


			amounts in million EUR (unless otherwise stated)

Americas USD	United Kingdom GBP	At March 31, 2006	Americas	The Netherlands	United Kingdom	Other countries	Holdings, other activities & eliminations		Total EUR
		Investments
2,515	45	Shares	2,078	5,969	64	74	(25	)	8,160
102,893	2,438	Bonds	85,008	15,422	3,502	3,198	23		107,153
16,763	0	Loans	13,849	7,160	0	155	72		21,236
6,701	0	Other financial assets	5,536	29	0	75	0		5,640
482	0	Investments in real estate	398	1,670	0	1	0		2,069
204	0	Real estate held for own use	169	135	0	34	16		354

129,558	2,483	Investments general account	107,038	30,385	3,566	3,537	86		144,612
0	21,981	Shares	0	9,818	31,563	131	(42	)	41,470
0	14,773	Bonds	0	8,931	21,214	132	0		30,277
58,729	695	Separate accounts and investment funds	48,520	0	998	827	0		50,345
0	2,976	Other financial assets	0	1,674	4,273	16	0		5,963
0	991	Investments in real estate	0	0	1,423	0	0		1,423
0	96	Real estate for own use	0	0	138	0	0		138

58,729	41,512	Investments for account of policyholders	48,520	20,423	59,609	1,106	(42	)	129,616

188,287	43,995	Investments on balance sheet	155,558	50,808	63,175	4,643	44		274,228
82,732	2,073	Off balance sheet investments third parties	68,351	12,729	2,977	1,187	0		85,244

271,019	46,068	Total revenue generating investments	223,909	63,537	66,152	5,830	44		359,472

		Investments
102,475	2,442	Available-for-sale	84,662	19,283	3,507	2,060	19		109,531
16,763	0	Loans	13,849	7,160	0	155	72		21,236
0	0	Held-to-maturity	0	0	0	1,260	0		1,260
68,363	40,466	Financial assets at fair value through profit or loss	56,480	22,560	58,107	1,133	(63	)	138,217
482	991	Investments in real estate	398	1,670	1,423	1	0		3,492
204	96	Real estate held for own use	169	135	138	34	16		492

188,287	43,995	Total investments on balance sheet	155,558	50,808	63,175	4,643	44		274,228

ASSETS AND CAPITAL GEOGRAPHICALLY


			amounts in million EUR (unless otherwise stated)
Americas USD	United Kingdom GBP		Americas	The Netherlands	United Kingdom	Other countries	Total EUR
		At March 31, 2006
216,858	48,228	Assets business units	179,162	56,800	69,253	5,842	311,057
		Other assets					1,611

		Total assets on balance sheet					312,668

19,037	2,196	Capital in units	15,728	5,283	3,153	1,088	25,252

		Total capital base					25,034
		Other net liabilities					218

		Total					25,252

		At March 31, 2005
207,634	41,574	Assets business units	160,162	52,342	60,384	4,281	277,169
		Other assets					2,620

		Total assets on balance sheet					279,789

18,161	2,004	Capital in units	14,009	4,195	2,911	1,200	22,315

		Total capital base					22,157
		Other net liabilities					158

		Total					22,315

		At December 31, 2005
210,458	47,319	Assets business units	178,400	55,474	69,049	5,720	308,643
		Other assets					2,572

		Total assets on balance sheet					311,215

19,149	2,124	Capital in units	16,232	5,011	3,100	1,155	25,498

		Total capital base					25,450
		Other net liabilities					48

		Total					25,498


				27 of 30

Cautionary note regarding Regulation G (non-GAAP financial measure)

This press release includes a non-GAAP financial measure: operating earnings before tax. 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 peers.

RECONCILIATION OPERATING EARNINGS TO INCOME BEFORE TAX


		amounts in millions

		First quarter
	EUR	2006		2005		%
Operating earnings before tax		827		430		92
Gains on investments		(30	)	308		N.M.
Other income		10		192		(95	)
Losses on investments		(2	)	(1	)	(100	)
Impairment charges		6		(10	)	N.M.
Policyholder tax		28		12		133
Share in profit/(loss) of associates		6		3		100

Income before tax		845		934		*(10*	)


				28 of 30

DISCLAIMERS

Local currencies and constant currency exchange rates

This press release contains certain information about our results and financial condition in USD for the Americas, GBP for the United Kingdom, HUF for Hungary and NTD for Taiwan 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 and rapidly changing 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, acts of war and pandemics;

¨	Changes in the policies of central banks and/or 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;

¨	The impact on our reported financial results and financial condition as a result of our adoption of International Financial Reporting Standards.


				29 of 30

ABOUT AEGON

AEGON is one of the world’s largest life insurance and pension companies, and a strong provider of investment products. We empower our local business units to identify and provide products and services that meet the evolving needs of our customers, using distribution channels best suited to their local markets. We take pride in balancing a local approach with the power of an expanding global operation.

With headquarters in The Hague, the Netherlands, AEGON companies employ approximately 27,000 people. AEGON’s three major markets are the United States, the Netherlands and the United Kingdom. In addition, the Group is present in a number of other countries including Canada, China, Czech Republic, Hungary, Poland, Slovakia, Spain and Taiwan.

Respect, quality, transparency and trust constitute AEGON’s core values as the company continually strives to meet the expectations of customers, shareholders, employees and business partners. AEGON is driven to deliver new thinking and our ambition is to be the best in the industry.

CONTACT INFORMATION

Group Corporate Affairs & Investor Relations


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

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

Website www.aegon.com

PRESS CONFERENCE AND WEBCAST DETAILS

Press conference call

A press conference call on the first quarter 2006 results will be held this morning at 09.30 hrs (Dutch time). This call will be webcast live on AEGON's website www.aegon.com.

Analyst and investor conference call

An analyst and investor conference call on the first quarter 2006 results and the 2005 Embedded Value will be held today at


Amsterdam		15.00 hrs
London		14.00 hrs
New York		09.00 hrs

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

+31 (0)20 794 8504 (the Netherlands)

+44 (0)20 7190 1595 (United Kingdom)

+1 480 629 9562 (United States and Canada)

Audio webcast

The conference call and Q&A session can be followed simultaneously via an audio webcast on our website www.aegon.com.


				30 of 30

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