Exhibit 99.1

Table of contents

CONDENSED CONSOLIDATED INCOME STATEMENT	P 2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	P 3
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	P 4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	P 5
CONDENSED CONSOLIDATED CASH FLOW STATEMENT	P 6
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	P 7

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CONDENSED CONSOLIDATED INCOME STATEMENT

EUR millions (except per share data)	Notes		Q1 2011			Q1 2010
Premium income		4		6,277			6,163
Investment income		5		2,111			2,092
Fee and commission income				460			436
Other revenues				2			1
Total revenues				8,850			8,692
Income from reinsurance ceded				430			480
Results from financial transactions		6		1,113			6,292
Other income		7		37			—
Total income				10,430			15,464
Benefits and expenses		8		9,859			14,800
Impairment charges / (reversals)		9		64			170
Interest charges and related fees				111			96
Other charges		10		28			—
Total charges				10,062			15,066
Share in net result of associates				5			10
Income / (loss) before tax				373			408
Income tax (expense) / benefit				(46	)		(36	)
Net income / (loss)				327			372
Net income / (loss) attributable to:
Equity holders of AEGON N.V.				327			371
Non-controlling interests				—			1
Earnings and dividend per share (EUR per share)
Earnings per share 1				(0.05	)		0.19
Diluted earnings per share 1,2				(0.05	)		0.19
Earnings per share after potential attribution to convertible core capital securities1,3				—			0.17
Diluted earnings per share after conversion of convertible core capital securities 1,2				—			0.15
Dividend per common share				—			—
Net income / (loss) per common share calculation
Net income / (loss)				327			371
Coupons on perpetuals				(44	)		(47	)
Coupons and premium on convertible core capital securities				(375	)		—
Earnings attributable to common shareholders				(92	)		324
Potential coupon on convertible core capital securities				—			(42	)
Earnings after potential attribution to convertible core capital securities				(92	)		282
Weighted average number of common shares outstanding				1,765			1,707
Weighted average number of common shares outstanding, after conversion of convertible core capital securities				—			2,207

¹  After deduction of preferred dividend, coupons on perpetuals and coupons and premium on core capital securities.

²  The potential conversion of the convertible core capital securities is taken into account in the calculation of diluted earnings per share if this would have a dilutive effect (i.e. diluted earnings per share would be lower than the earnings after potential attribution to convertible core capital securities).

³  Reflect basic earnings per share. For Q1 2011, basic earnings per share is EUR (0.05).

page 2 Local knowledge. Global power. Unaudited

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR millions	Q1 2011			Q1 2010
Net income / (loss)		327			372
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		(200	)		1,785
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments		(61	)		(20	)
Changes in revaluation reserve real estate held for own use		(1	)		2
Changes in cash flow hedging reserve		(87	)		8
Movement in foreign currency translation and net foreign investment hedging reserve		(880	)		853
Equity movements of associates		(8	)		18
Aggregate tax effect of items recognized in other comprehensive income		100			(578	)
Other		1			(9	)
Other comprehensive income for the period		(1,136	)		2,059
Total comprehensive income		(809	)		2,431
Total comprehensive income attributable to:
Equity holders of AEGON N.V.		(809	)		2,428
Non-controlling interests		—			3

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR millions	Notes		Mar. 31, 2011		Dec. 31, 2010
ASSETS
Intangible assets		11		4,153		4,359
Investments		12		136,991		143,188
Investments for account of policyholders		13		144,296		146,237
Derivatives				5,208		6,251
Investments in associates				731		733
Reinsurance assets				5,297		5,580
Deferred expenses and rebates		14		11,514		11,948
Other assets and receivables				8,845		8,776
Cash and cash equivalents				4,286		5,231
Total assets				321,321		332,303
EQUITY AND LIABILITIES
Shareholders’ equity				16,881		17,210
Convertible core capital securities		16		750		1,500
Other equity instruments				4,706		4,704
Issued capital and reserves attributable to equity holders of AEGON N.V.				22,337		23,414
Non-controlling interests				11		11
Group equity				22,348		23,425
Trust pass-through securities				132		143
Subordinated borrowings				16		—
Insurance contracts				95,913		100,506
Insurance contracts for account of policyholders				76,981		77,650
Investment contracts				21,514		23,237
Investment contracts for account of policyholders				68,619		69,527
Derivatives				5,541		5,971
Borrowings		17		8,576		8,518
Other liabilities				21,681		23,326
Total liabilities				298,973		308,878
Total equity and liabilities				321,321		332,303

page 4 Local knowledge. Global power. Unaudited

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR millions	Share capital 2		Retained earnings			Revaluation reserves			Other reserves			Convertible core capital securities			Other equity instruments			Issued capital  and reserves1			Non- controlling interests		Total
Three months ended March 31, 2011
At beginning of year		8,184		9,421			958			(1,353	)		1,500			4,704			23,414			11		23,425
Net income recognized in the income statement		—		327			—			—			—			—			327			—		327
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			(200	)		—			—			—			(200	)		—		(200	)
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			(61	)		—			—			—			(61	)		—		(61	)
Changes in revaluation reserve real estate held for own use		—		—			(1	)		—			—			—			(1	)		—		(1	)
Changes in cash flow hedging reserve		—		—			(87	)		—			—			—			(87	)		—		(87	)
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			(880	)		—			—			(880	)		—		(880	)
Equity movements of associates		—		—			—			(8	)		—			—			(8	)		—		(8	)
Aggregate tax effect of items recognized in other comprehensive income		—		—			56			44			—			—			100			—		100
Other		—		1			—			—			—			—			1			—		1
Total other comprehensive income		—		1			(293	)		(844	)		—			—			(1,136	)		—		(1,136	)
Total comprehensive income for 2011		—		328			(293	)		(844	)		—			—			(809	)		—		(809	)
Shares issued		913		—			—			—			—			—			913			—		913
Repurchase of convertible core capital securities		—		—			—			—			(750	)		—			(750	)		—		(750	)
Coupons on perpetuals		—		(44	)		—			—			—			—			(44	)		—		(44	)
Coupons and premium on convertible core capital securities		—		(375	)		—			—			—			—			(375	)		—		(375	)
Share options		—		—			—			—			—			2			2			—		2
Other		—		(14	)		—			—			—			—			(141	)		—		(14	)
At end of period		9,097		9,316			665			(2,197	)		750			4,706			22,337			11		22,348
Three months ended March 31, 2010
At beginning of year		8,184		7,995			(1,709	)		(2,306	)		2,000			4,709			18,873			10		18,883
Net income / (loss) recognized in the income statement		—		371			—			—			—			—			371			1		372
Other comprehensive income:
Gains / (losses) on revaluation of available-for-sale investments		—		—			1,785			—			—			—			1,785			—		1,785
(Gains) / losses transferred to income statement on disposal and impairment of available-for-sale investments		—		—			(20	)		—			—			—			(20	)		—		(20	)
Changes in revaluation reserve real estate held for own use		—		—			2			—			—			—			2			—		2
Changes in cash flow hedging reserve		—		—			8			—			—			—			8			—		8
Movement in foreign currency translation and net foreign investment hedging reserves		—		—			—			853			—			—			853			—		853
Equity movements of associates		—		—			—			18			—			—			18			—		18
Aggregate tax effect of items recognized in other comprehensive income		—		—			(540	)		(38	)		—			—			(578	)		—		(578	)
Other		—		(11	)		—			—			—			—			(11	)		2		(9	)
Total other comprehensive income		—		(11	)		1,235			833			—			—			2,057			2		2,059
Total comprehensive income / (loss) for 2010		—		360			1,235			833			—			—			2,428			3		2,431
Coupons on perpetual securities		—		(47	)		—			—			—			—			(47	)		—		(47	)
Share options		—		—			—			—			—			(1	)		(11	)		—		(1	)
At end of period		8,184		8,308			(474	)		(1,473	)		2,000			4,708			21,253			13		21,266

¹  Issued capital and reserves attributable to equity holders of AEGON N.V.

²  For a breakdown of share capital please refer to note 15.

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CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR millions	Q1 2011			Q1 2010
Cash flow from operating activities		(900	)		358
Purchases and disposals of intangible assets		(3	)		(7	)
Purchases and disposals of equipment and other assets		(14	)		(28	)
Purchases, disposals and dividends of subsidiaries and associates		(4	)		(5	)
Cash flow from investing activities		(21	)		(40	)
Issuance and purchase of share capital		913			—
Issuances, repurchases and coupons of convertible core capital securities		(1,125	)		—
Issuances, repurchases and coupons of perpetuals		(59	)		(63	)
Issuances and repayments on borrowings		267			41
Cash flow from financing activities		(4	)		(22	)
Net increase / (decrease) in cash and cash equivalents		(925	)		296
Net cash and cash equivalents at January 1		5,174			4,013
Effects of changes in exchange rate		(31	)		23
Net cash and cash equivalents at end of period		4,218			4,332
	Mar. 31, 2011			Mar. 31, 2010
Cash and cash equivalents		4,286			4,712
Bank overdrafts		(68	)		(380	)
Net cash and cash equivalents		4,218			4,332

page 6 Local knowledge. Global power. Unaudited

Notes to the condensed consolidated interim financial statements

Amounts in EUR millions, unless otherwise stated

1. Basis of presentation

The condensed consolidated interim financial statements as at and for the first quarter ended March 31, 2011, have been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union (EU) as issued by the International Accounting Standards Board (IASB). It does not include all of the information required for a full set of financial statements prepared in accordance with IFRS and should therefore be read together with the 2010 consolidated financial statements of AEGON N.V. as included in AEGON’s Annual Report for 2010. AEGON’s Annual Report for 2010 is available on the corporate website (www.aegon.com).

The condensed consolidated interim financial statements have been prepared in accordance with the historical cost convention as modified by the revaluation of investment properties and those financial instruments (including derivatives) and financial liabilities that have been measured at fair value. The condensed consolidated interim financial statements were approved by the Executive Board on May 11, 2011.

The published figures in these condensed consolidated interim financial statements are unaudited.

2. Significant accounting policies

All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2010 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board as adopted by the European Union.

Taxes on income for the first quarter 2011 interim period are accrued using the tax rate that would be applicable to expected total annual earnings.

The following standards, interpretations, amendments to standards and interpretations became effective in 2011:

• Amendment to IAS 24 - Related parties disclosures.

• Amendment to IFRS 1 - First time adoption.

• Amendment to IFRIC 14 - Prepayments of a minimum funding requirement.

• Amendment to IAS 32 - Classification of Rights Issues.

• IFRIC 19 - Extinguishing financial liabilities with equity instruments.

• Improvements to IFRS (2010).

None of these new or revised standards and interpretations had a significant effect on the condensed consolidated interim financial statements for the period ended March 31, 2011.

Critical accounting estimates

Certain amounts recorded in the condensed consolidated interim financial statements reflect estimates and assumptions made by management. Actual results may differ from the estimates made.

Exchange rates

The following exchange rates are applied for the condensed consolidated interim financial statements:

Income statement items: average rate 1 EUR = USD 1.3663 (2010: USD 1.3838); 1 EUR = GBP 0.8523 (2010: GBP 0.8865). Balance sheet items: closing rate 1 EUR = USD 1.4207 (2010: USD 1.3362); 1 EUR = GBP 0.8837 (2010: GBP 0.8608).

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3. Segment information

3.1 Income statement

Three months ended March 31, 2011

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Three months ended March 31, 2011
Underlying earnings before tax geographically		347			81			12			57			(82	)		(1	)		414			(4	)		410
Fair value items		(12	)		(60	)		(1	)		—			(12	)		—			(85	)		—			(85	)
Realized gains / (losses) on investments		25			35			29			2			—			—			91			—			91
Impairment charges		(83	)		(3	)		—			(2	)		—			—			(88	)		—			(88	)
Impairment reversals		25			1			—			—			—			—			26			—			26
Other income / (charges)		—			(8	)		(6	)		11			—			—			(3	)		—			(3	)
Run-off businesses		22			—			—			—			—			—			22			—			22
Income before tax		324			46			34			68			(94	)		(1	)		377			(4	)		373
Income tax (expense) / benefit		(61	)		(7	)		20			(26	)		24			—			(50	)		4			(46	)
Net income		263			39			54			42			(70	)		(1	)		327			—			327
Inter-segment underlying earnings		(34)			(10)			(17)			58			3
Revenues
Life insurance gross premiums		1,577			1,871			1,862			369			—			—			5,679			(156	)		5,523
Accident and health insurance		440			109			—			32			—			—			581			—			581
General insurance		—			132			—			41			—			—			173			—			173
Total gross premiums		2,017			2,112			1,862			442			—			—			6,433			(156	)		6,277
Investment income		954			520			599			56			65			(63	)		2,131			(20	)		2,111
Fee and commission income		270			95			37			116			—			(58	)		460						460
Other revenues		—			—			—			1			1			—			2			—			2
Total revenues		3,241			2,727			2,498			615			66			(121	)		9,026			(176	)		8,850
Inter-segment revenues		—			1			—			58			62

Three months ended March 31, 2010

EUR millions	Americas			The Netherlands			United Kingdom			New Markets			Holding and other activities			Eliminations			Total			Associates eliminations			Total IFRS based
Three months ended March 31, 2010
Underlying earnings before tax geographically		337			104			28			46			(68	)		(1	)		446			(3	)		443
Fair value items		(86	)		91			3			3			(27	)		—			(16	)		—			(16	)
Realized gains / (losses) on investments		24			96			3			3			—			—			126			—			126
Impairment charges		(155	)		(6	)		(11	)		(2	)		—			—			(174	)		—			(174	)
Impairment reversals		16			5			3			—			—			—			24			—			24
Other income / (charges)		—			—			23			—			—			—			23			—			23
Run-off businesses		(18	)		—			—			—			—			—			(18	)		—			(18	)
Income before tax		118			290			49			50			(95	)		(1	)		411			(3	)		408
Income tax (expense) / benefit		39			(67	)		(26	)		(13	)		28			—			(39	)		3			(36	)
Net income		157			223			23			37			(67	)		(1	)		372			—			372
Inter-segment underlying earnings		(30)			(14)			(13)			52			5
Revenues
Life insurance gross premiums		1,548			1,749			1,947			288			—			—			5,532			(116	)		5,416
Accident and health insurance		433			108			—			27			—			—			568			—			568
General insurance		—			135			—			44			—			—			179			—			179
Total gross premiums		1,981			1,992			1,947			359			—			—			6,279			(116	)		6,163
Investment income		925			558			559			58			69			(58	)		2,111			(19	)		2,092
Fee and commission income		253			86			38			112			—			(53	)		436			—			436
Other revenues		1			—			—			1			—						2			(1	)		1
Total revenues		3,160			2,636			2,544			530			69			(111	)		8,828			(136	)		8,692
Inter-segment revenues		—			—			—			53			58

page 8 Local knowledge. Global power. Unaudited

Underlying earnings

Certain assets held by AEGON Americas, AEGON The Netherlands and AEGON UK are carried at fair value and managed on a total return basis, with no offsetting changes in the valuation of related liabilities. These include assets such as investments in hedge funds, private equities, real estate limited partnerships, convertible bonds and structured products. Underlying earnings exclude any over-or underperformance compared to management’s long-term expected return on assets. Based on current holdings and asset returns, the long-term expected return on an annual basis is 8-10%, depending on asset class, including cash income and market value changes. The expected earnings from these asset classes are net of deferred policy acquisition costs (DPAC) where applicable.

In addition, certain products offered by AEGON Americas contain guarantees and are reported on a fair value basis, including the segregated funds offered by AEGON Canada and the total return annuities and guarantees on variable annuities of AEGON USA. The earnings on these products are impacted by movements in equity markets and risk free interest rates. Short-term developments in the financial markets may therefore cause volatility in earnings. Included in underlying earnings is a long-term expected return on these products and excluded is any over- or underperformance compared to management’s expected return. The fair value movements of certain guarantees and the fair value change of derivatives that hedge certain risks on these guarantees of AEGON The Netherlands and Variable Annuities Europe (included in New Markets) are excluded from underlying earnings, the long-term expected return for these guarantees is set at zero.

Holding and other activities include certain issued bonds that are held at fair value through profit or loss. The interest rate risk on these bonds is hedged using swaps. The fair value movement resulting from changes in AEGON’s credit spread used in the valuation of these bonds are excluded from underlying earnings and reported under fair value items.

Fair value items

Fair value items include the ‘over’ or ‘under’ performance of investments and guarantees held at fair value for which the expected long-term return is included in underlying earnings.

In addition, hedge ineffectiveness on hedge transactions, fair value changes on economic hedges without natural offset in earnings and for which no hedge accounting is applied and fair value movements on real estate are included under fair value items.

Realized gains or losses on investments

Includes realized gains and losses on available-for-sale investments, as well as mortgage and loan portfolios.

Impairment charges / reversals

Includes impairments (reversals) on available-for-sale debt securities and impairments on shares including the effect of deferred policyholder acquisition costs and mortgage and loan portfolios on amortized cost and associates.

Other income or charges

Other income or charges is used to report any items which cannot be directly allocated to a specific line of business. Also items that are outside the normal course of business are included under this heading.

Other charges include restructuring charges that are considered other charges for segment reporting purposes because these are outside the normal course of business. In the condensed consolidated income statement, these charges are included in operating expenses.

Run-off businesses

Includes underlying results of business units where management has decided to exit the market and to run-off the existing block of business. Currently, this line includes the run-off of the institutional spread-based business, structured settlements blocks of business, BOLI/COLI business and Life Reinsurance business in the United States. AEGON has other blocks of businesses for which sales have been discontinued and of which the earnings are included in underlying earnings.

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On April 26, 2011, AEGON publicly announced the decision of its Executive Board to divest its life reinsurance activities, Transamerica Reinsurance, to SCOR. These activities are no longer reported in underlying earnings but are reflected in the run-off businesses line in the segment reporting (both in 2011 and in 2010). More details on this transaction are given in note 19.

Also, in December 2010, AEGON publicly announced the decision of its Executive Board to discontinue new sales of executive non-qualified benefit plans and related Bank-Owned

and Corporate-Owned Life Insurance (BOLI/COLI) business in the United States. Earnings from the BOLI/COLI business is no longer reported in underlying earnings but reflected in the run-off business line in the segment reporting (both in 2011 and in 2010).

The comparative figures, affecting the Americas segment, regarding the underlying earnings and the run-off businesses have been revised as follows:

				Reclassification
EUR millions	Reported			BOLI/COLI			Reinsurance			Revised
Three months ended March 31, 2010
Underlying earnings before tax geographically		488			(12	)		(30	)		446
Fair value items		(16	)								(16	)
Realized gains / (losses) on investments		126									126
Impairment charges		(174	)								(174	)
Impairment reversals		24									24
Other income / (charges)		23									23
Run-off businesses		(60	)		12			30			(18	)
Income before tax		411									411
Income tax (expense) /benefit		(39	)								(39	)
Net income		372									372

Share in earnings of associates

Earnings from the company’s associates in insurance companies in Spain, India, Brazil and Mexico are reported on an underlying earnings basis. Other associates are included on a net income basis.

Non-IFRS measures

This report includes the non-IFRS financial measure: underlying earnings before tax. The reconciliation of this measure to the most comparable IFRS measures is presented in the tables in this note. This non-IFRS measure is calculated by consolidating on a proportionate basis the revenues and expenses of the company’s associated companies in Spain, India, Brazil and Mexico. AEGON believes that its non-IFRS measure provides meaningful information about the underlying operating results of our business including insight into the financial measures that senior management uses in managing the business.

Among other things senior management is compensated based in part on AEGON’s results against targets using the non-IFRS measure presented here. While many other insurers in AEGON’s peer group present substantially similar non-IFRS measures, the non-IFRS measure presented in this document may nevertheless differ from the non-IFRS measures presented by other insurers. There is no standardized meaning to these measures under IFRS or any other recognized set of accounting standards and readers are cautioned to consider carefully the different ways in which AEGON and its peers present similar information before comparing them.

AEGON believes the non-IFRS measure shown herein, when read together with the reported IFRS financial statements, provides meaningful supplemental information for the investing public to evaluate AEGON’s business after eliminating the impact of current IFRS accounting policies for financial instruments and insurance contracts, which embed a number of accounting policy alternatives that companies may select in presenting their results (i.e. companies can use different local GAAPs) and that can make the comparability from period to period difficult.

page 10 Local knowledge. Global power. Unaudited

3.2 Investments geographically

At March 31, 2011

					amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At March 31, 2011	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,858		53	Shares		1,308		936		60		76		—		(3	)		2,377
	88,461		7,795	Debt securities		62,265		17,321		8,821		2,096		—		—			90,503
	14,905		7	Loans		10,491		17,113		8		625		—		—			28,237
	17,952		—	Other financial assets		12,636		40		—		129		320		—			13,125
	1,009		—	Investments in real estate		711		2,038		—		—		—		—			2,749
	124,185		7,855	Investments general account		87,411		37,448		8,889		2,926		320		(3	)		136,991
	—		25,638	Shares		—		7,755		29,012		3,323		—		(6	)		40,084
	—		12,772	Debt securities		—		15,247		14,453		257		—		—			29,957
	82,459		6,814	Separate accounts and investment funds		58,041		—		7,710		1,292		—		—			67,043
	—		3,652	Other financial assets		—		625		4,133		1,338		—		—			6,096
	—		986	Investments in real estate		—		—		1,116		—		—		—			1,116
	82,459		49,862	Investments for account of policyholders		58,041		23,627		56,424		6,210		—		(6	)		144,296
	206,644		57,717	Investments on balance sheet		145,452		61,075		65,313		9,136		320		(9	)		281,287
	118,205		—	Off balance sheet investments third parties		83,202		12,318		—		23,075		—		—			118,595
	324,849		57,717	Total revenue generating investments		228,654		73,393		65,313		32,211		320		(9	)		399,882
				Investments
	102,043		7,779	Available-for-sale		71,825		18,086		8,802		2,033		1		—			100,747
	14,905		7	Loans		10,491		17,113		8		625		—		—			28,237
	—		—	Held-to-maturity		—		—		—		138		—		—			138
	88,687		48,945	Financial assets at fair value through profit or loss		62,425		23,838		55,387		6,340		319		(9	)		148,300
	1,009		986	Investments in real estate		711		2,038		1,116		—		—		—			3,865
	206,644		57,717	Total investments on balance sheet		145,452		61,075		65,313		9,136		320		(9	)		281,287
	113		8	Investments in associates		79		59		9		580		4		—			731
	27,169		5,686	Other assets		19,123		9,927		6,434		1,735		29,373		(27,289	)		39,303
	233,926		63,411	Consolidated total assets		164,654		71,061		71,756		11,451		29,697		(27,298	)		321,321

At December 31, 2010

					amounts in million EUR (unless otherwise stated)
Americas USD		United Kingdom GBP		At December 31, 2010	Americas		The Netherlands		United Kingdom		New Markets		Holding & other activities		Eliminations			Total EUR
				Investments
	1,737		53	Shares		1,300		945		62		72		—		(3	)		2,376
	89,687		7,917	Debt securities		67,121		18,504		9,198		2,041		—		—			96,864
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	17,481		—	Other financial assets		13,083		40		—		45		293		—			13,461
	974		—	Investments in real estate		729		2,055		—		—		—		—			2,784
	125,128		7,978	Investments general account		93,645		37,173		9,269		2,811		293		(3	)		143,188
	—		25,470	Shares		—		8,087		29,589		3,139		—		(5	)		40,810
	—		13,573	Debt securities		—		14,435		15,768		223		—		—			30,426
	79,308		6,393	Separate accounts and investment funds		59,353		—		7,427		1,309		—		—			68,089
	—		3,250	Other financial assets		—		536		3,775		1,467		—		—			5,778
	—		976	Investments in real estate		—		—		1,134		—		—		—			1,134
	79,308		49,662	Investments for account of policyholders		59,353		23,058		57,693		6,138		—		(5	)		146,237
	204,436		57,640	Investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425
	115,297		—	Off balance sheet investments third parties		86,287		12,353		—		25,126		—		—			123,766
	319,733		57,640	Total revenue generating investments		239,285		72,584		66,962		34,075		293		(8	)		413,191
				Investments
	102,792		7,899	Available-for-sale		76,929		19,261		9,177		1,879		4		—			107,250
	15,249		8	Loans		11,412		15,629		9		653		—		—			27,703
	—		—	Held-to-maturity		—		—		—		139		—		—			139
	85,421		48,757	Financial assets at fair value through profit or loss		63,928		23,286		56,642		6,278		289		(8	)		150,415
	974		976	Investments in real estate		729		2,055		1,134		—		—		—			3,918
	204,436		57,640	Total investments on balance sheet		152,998		60,231		66,962		8,949		293		(8	)		289,425
	114		8	Investments in associates		85		59		9		576		4		_			733
	27,165		5,415	Other assets		20,331		11,626		6,290		1,703		30,824		(28,629	)		42,145
	231,715		63,063	Consolidated total assets		173,414		71,916		73,261		11,228		31,121		(28,637	)		332,303

Unaudited page 11

4. Premium income and premium to reinsurers

EUR millions	Q1 2011		Q1 2010
Gross
Life		5,523		5,416
Non-Life		754		747
		6,277		6,163
Reinsurance
Life		362		327
Non-Life		81		78
		443		405

5. Investment income

EUR millions	Q1 2011		Q1 2010
Interest income		1,837		1,877
Dividend income		228		173
Rental income		46		42
Total investment income		2,111		2,092
Investment income related to general account		1,471		1,490
Investment income account of policyholders		640		602
Total		2,111		2,092

6. Result from financial transaction

EUR millions	Q1 2011			Q1 2010
Net fair value change of general account financial investments at FVTPL other than derivatives		127			46
Realized gains and losses on financial investments		104			151
Gains and (losses) on investments in real estate		(11	)		(4	)
Net fair value change of derivatives		(523	)		804
Net fair value change on for account of policyholder financial assets at FVTPL		1,410			5,238
Net fair value change on investments in real estate for account of policyholders		6			52
Net foreign currency gains and (losses)		(8	)		32
Net fair value change on borrowings and other financial liabilities		8			(27	)
Total		1,113			6,292

Net fair value changes on for account of policyholder financial assets at fair value through profit and loss are offset by

amounts in Claims and Benefits reported in the Benefits and expenses line (note 8).

page 12 Local knowledge. Global power. Unaudited

7. Other income

Other income relates to a benefit related to a settlement of legal claims.

8. Benefits and expenses

EUR millions	Q1 2011			Q1 2010
Claims and Benefits		9,068			13,908
Employee expenses		537			515
Administration expenses		284			279
Deferred expenses		(387	)		(377	)
Amortization charges		357			475
Total		9,859			14,800

9. Impairment charges / (reversals)

EUR millions	Q1 2011			Q1 2010
Impairment charges / (reversals) comprise:
Impairment charges on financial assets, excluding receivables1		88			193
Impairment reversals on financial assets, excluding receivables1		(26	)		(24	)
Impairment charges / (reversals) on non-financial assets and receivables		2			1
Total		64			170
Impairment charges on financial assets, excluding receivables, from:
Shares		2			3
Debt securities and money market instruments		70			169
Loans		9			21
Other		7			—
Total		88			193
Impairment reversals on financial assets, excluding receivables, from:
Debt securities and money market instruments		(24	)		(24	)
Loans		(2	)		—
Total		(26	)		(24	)

¹  Impairment charges / (reversals) on financial assets, excluding receivables, are excluded from underlying earnings before tax for segment reporting (refer to note 3).

10. Other charges

Other charges in Q1 2011 included an annual charge related to a bank tax charged by the Hungarian government of EUR 20 million.

Unaudited page 13

11. Intangible assets

EUR millions	Mar. 31, 2011		Dec. 31, 2010
Goodwill		641		652
VOBA		3,055		3,221
Future servicing rights		416		444
Software		31		32
Other		10		10
Total intangible assets		4,153		4,359

The decrease in goodwill and future servicing rights is mainly attributable to foreign currency effects. In addition, future servicing rights decreased due to amortization.

The decrease in value of business acquired (VOBA) is mainly attributable to foreign currency effects and amortizations partly offset by the impact of shadow accounting.

12. Investments

EUR millions	Mar. 31, 2011		Dec. 31, 2010
Available-for-sale (AFS)		100,747		107,250
Loans		28,237		27,703
Held-to-maturity (HTM)		138		139
Financial assets at fair value through profit or loss (FVTPL)		5,120		5,312
Financial assets, excluding derivatives		134,242		140,404
Investments in real estate		2,749		2,784
Total investments for general account		136,991		143,188

Total financial assets, excluding derivatives

	AFS		FVTPL		HTM		Loans		Total
Shares		1,293		1,084		—		—		2,377
Debt securities		88,757		1,608		138		—		90,503
Money market and other short term investments		9,891		697		—		—		10,588
Mortgages		—		—		—		24,487		24,487
Private loans		—		—		—		790		790
Deposits with financial institutions		—		—		—		750		750
Policy loans		—		—		—		2,038		2,038
Receivables out of share lease agreements		—		—		—		23		23
Other		806		1,731		—		149		2,686
Mar. 31,2011		100,747		5,120		138		28,237		134,242
	AFS		FVTPL		HTM		Loans		Total
Shares		1,298		1,078		—		—		2,376
Debt securities		94,936		1,789		139		—		96,864
Money market and other short term investments		10,141		659		—		—		10,800
Mortgages		—		—		—		23,781		23,781
Private loans		—		—		—		829		829
Deposits with financial institutions		—		—		—		748		748
Policy loans		—		—		—		2,169		2,169
Receivables out of share lease agreements		—		—		—		25		25
Other		875		1,786		—		151		2,812
Dec. 31,2010		107,250		5,312		139		27,703		140,404

page 14 Local knowledge. Global power. Unaudited

Government bond investments

Included in the available for sale debt securities and money market investments are EUR 1,121 million (December 31, 2010: EUR 1,250 million) of exposures to central governments of

European peripheral countries of Portugal, Italy, Ireland, Greece and Spain. The table below provides the amortized cost and fair value of AEGON’s exposure to central governments of these countries.

EXPOSURE TO CENTRAL GOVERNMENTS OF EUROPEAN PERIPHERAL COUNTRIES

EUR millions	Mar. 31, 2011				Dec. 31, 2010
	Amortized cost		Fair value		Amortized cost		Fair value
Portugal		33		30		33		32
Italy		87		84		114		112
Ireland		35		29		37		32
Greece		6		5		58		45
Spain		960		866		1,008		904
Total		1,121		1,014		1,250		1,125

13. Investments for account of policyholders

EUR millions	Mar. 31, 2011		Dec. 31, 2010
Shares		40,084		40,810
Debt securities		29,957		30,426
Money market and short-term investments		2,376		2,597
Deposits with financial institutions		3,069		2,630
Separate accounts and unconsolidated investment funds		67,043		68,089
Other		651		551
Total investments for account of policyholders at fair value through profit or loss, excluding derivatives		143,180		145,103
Investment in real estate		1,116		1,134
Total investments for account of policyholders		144,296		146,237

14. Deferred expenses and rebates

EUR millions	Mar. 31, 2011		Dec. 31, 2010
DPAC for insurance contracts and investment contracts with discretionary participation features		10,920		11,341
Deferred transaction costs for investment management services		372		380
Unamortized interest rate rebates		222		227
Total deferred expenses and rebates		11,514		11,948

Deferred policy acquisition costs (DPAC) balances decreased, reflecting changes in foreign currency exchange rates and

amortizations partly offset by newly deferred expenses and the impact of shadow accounting.

Unaudited page 15

15. Share capital

EUR millions	Mar. 31, 2011		Dec. 31, 2010
Share capital - par value		310		278
Share premium		8,787		7,906
Total share capital		9,097		8,184
Share capital - par value
Balance at January 1		278		278
Issuance		32		—
Balance		310		278
Share premium
Balance at January 1		7,906		7,906
Issuance		881		—
Balance		8,787		7,906

On March 1, 2011, AEGON completed the issue of 173,604,912 new common shares of AEGON N.V. with a par value of EUR 0.12. The shares were issued at a price of EUR 5.20 per share. The proceeds of EUR 903 million were used to fund part of the repurchase of the convertible core capital securities described in note 16. The new shares have been listed on Euronext Amsterdam, the principal market for AEGON’s common shares.

On March 15, 2011, Vereniging AEGON exercised its option rights to purchase 41,042,000 class B preferred shares at par value of EUR 0.25 in order to avoid dilution of its voting rights following the issuance of 10% new common shares completed on March 1, 2011.

16. Convertible core capital securities

On March 15, 2011, AEGON repurchased EUR 750 million in principal amount of the original EUR 3 billion in convertible core capital securities from the Dutch State. The total

payment to the Dutch State amounted to EUR 1.125 billion of which EUR 750 million related to the repurchase of 187.5 million convertible core capital securities and EUR 375 million related to the premium attached to this repurchase.

17. Borrowings

EUR millions	Mar. 31, 2011		Dec. 31, 2010
Debentures and other loans		7,353		7,742
Commercial paper		952		701
Short term deposits		203		18
Bank overdrafts		68		57
Total borrowings		8,576		8,518

Debentures and other loans decreased due to redemptions and negative impact of foreign currency exchange rates.

Included in Debentures and other loans is EUR 955 million relating to borrowings measured at fair value (2010: EUR 987 million).

Commercial paper, Short term deposits and Bank overdrafts vary with the normal course of business.

page 16 Local knowledge. Global power. Unaudited

18. Commitments and contingencies

There have been no material changes in contingent assets and liabilities reported in the 2010 consolidated financial statements of AEGON.

19. Events after the balance sheet date

On April 14, 2011, AEGON The Netherlands completed the sale of EUR 1.5 billion Class A residential mortgage backed securities (RMBS) to a broad group of institutional investors. These securities consist of two tranches:

• EUR 375 million of class A1 notes with an expected weighted average life of 1.9 years and priced at par with a coupon of three month Euribor plus 0.95 %.

• EUR 1,125 million of class A2 notes with an expected weighted average life of 4.9 years and priced at par with a coupon of three month Euribor plus 1.35 %.

The securities were issued under the Dutch SAECURE program. The net proceeds will be used to finance a part of the existing Dutch mortgage portfolio of AEGON The Netherlands.

On April 26, 2011, AEGON announced the divestment of its life reinsurance business, Transamerica Reinsurance, to SCOR. The divestment will result in a total after-tax consideration of USD 1.4 billion, consisting of cash proceeds of USD 0.9 billion and capital release of USD 0.5 billion.

Under the agreement, AEGON will divest its global life reinsurance activities with the exception of selected blocks of business that are to be retained by AEGON. The retained businesses with a book value of USD 0.4 billion comprise mainly the variable annuity guarantee business.

The divestment of Transamerica Reinsurance (TARe) will consist of a series of reinsurance agreements between various statutory insurance entities and SCOR for the US domestic business. In addition, SCOR will acquire Transamerica International Reinsurance Ireland (TIRI), a company that includes reinsurance

contracts that are assumed by AEGON US domestic companies which have been retroceded to TIRI, and will take over the operational assets and systems of TARe.

The business residing in Transamerica International Reinsurance, Bermuda (TIRe) will be retroceded to SCOR. TIRe will continue to provide reserve credit security for redundant reserves to AEGON USA’s ceding companies. AEGON will maintain approximately half of the collateral requirements needed for reinsurance reserve financing. This obligation provides reserve credit security and will run-off over 15 years.

Structuring the transaction as a reinsurance arrangement leaves AEGON exposed to a counter-party risk of SCOR not performing on the reinsurance contracts as the business matures. For such an event, certain levels of collateral related to the reinsured contracts will be placed in trust for AEGON’s benefit. SCOR is rated A2/A by Moody’s and Standard & Poor’s, both with positive outlooks.

The transaction will be accounted for primarily as a reinsurance transaction between AEGON and SCOR. Certain fixed assets and certain investment assets will be transferred with any related gain (loss) being recognized. As a result, the divestment will have no significant impact on shareholders’ equity. Earnings on the business retained as well as amortization of prepaid cost of reinsurance will be reflected in the run-off businesses line in AEGON’s segment reporting.

The reinsurance business being retained by AEGON, which is comprised primarily of the variable annuity guarantee business, is substantially hedged for financial market risks and produces normalized results which are negligible. In addition, various administration, service and asset management contracts are part of the transaction. The combined result, consisting primarily of the amortization of the prepaid cost of reinsurance, is approximately USD 40 million before tax per annum initially. These costs are expected to trend down as the contracts mature. Transamerica Reinsurance realized underlying earnings before tax of USD 105 million in 2010.

Unaudited page 17

Disclaimers

Cautionary note regarding non-GAAP measures

This document include non-GAAP financial measures: underlying earnings before tax. The reconciliation of underlying earnings before tax to the most comparable IFRS measure is provided in Note 3 “Segment information” of this report. AEGON believes that this non-GAAP measure, together with the IFRS information, provide a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

Local currencies and constant currency exchange rates

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

Forward-looking statements

The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, is confident, will, and similar expressions as they relate to our company. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

• Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;

• Changes in the performance of financial markets, including emerging markets, such as with regard to:

• The frequency and severity of defaults by issuers in our fixed income investment portfolios; and

• The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities we hold;

• The frequency and severity of insured loss events;

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

• Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;

• Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;

• Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;

• Changes in laws and regulations, particularly those affecting our operations, the products we sell, and the attractiveness of certain products to our consumers;

• Regulatory changes relating to the insurance industry in the jurisdictions in which we operate;

• Acts of God, acts of terrorism, acts of war and pandemics;

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

• Lowering of one or more of our debt ratings issued by recognized rating organizations and the adverse impact such action may have on our ability to raise capital and on our liquidity and financial condition;

• Lowering of one or more of insurer financial strength ratings of our insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability of its insurance subsidiaries and liquidity;

• The effect of the European Union’s Solvency II requirements and other regulations in other jurisdictions affecting the capital we are required to maintain;

• Litigation or regulatory action that could require us to pay significant damages or change the way we do business;

• Customer responsiveness to both new products and distribution channels;

• Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products;

• The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including our ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;

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

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

• The non-fulfillment of the conditions precedent underlying the agreement to divest Transamerica reinsurance.

Further details of potential risks and uncertainties affecting the company are described in the company’s filings with Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual Report on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

page 18 Local knowledge. Global power. Unaudited

Corporate and shareholder information

Headquarters		Publication date figures in 2011
AEGON N.V.		Thursday, August 11, 2011	Results second quarter 2011
P.O. Box 85		Thursday, November 10, 2011	Results third quarter 2011
2501 CB The Hague
The Netherlands
Telephone	+31 (0) 70 344 32 10
www.aegon.com
Group Corporate Communications & Investor Relations
Media relations
Telephone	+31 (0) 70 344 89 56
E-mail	gcc-ir@aegon.com
Investor relations
Telephone	+31 (0) 70 344 83 05
or	877 548 96 68 - toll free, USA only
E-mail	ir@aegon.com

AEGON’s Q1 2011 press release, Financial Supplement and the Embedded Value Report 2010 are available on www.aegon.com.

Unaudited Page 19

About AEGON

Throughout their working lives and into retirement, millions of people around the world rely on AEGON to help them secure their long-term financial futures.

As an international life insurance, pension and asset management company, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ approximately 27,000 people and serve some 40 million customers across the globe.

AEGON uses its strength and expertise to create added value for customers, shareholders, employees and the wider community. AEGON does this by encouraging innovation and by growing its businesses profitably and sustainably.

AEGON’s ambition is to be a leader in all its chosen markets by 2015.

Local knowledge. Global power.