Aegon Reports Increase in Earnings, Sales and
Cash Flows for the Second Quarter of 2015

Aug 13, 2015, 01:30 ET from United Business Media

<pre>

    - Solid underlying earnings 
    - Underlying earnings increase to EUR 549 million as fee business growth and the
      stronger US dollar were partly offset by lower US life & protection results, including
      adverse mortality of EUR 17 million
    - Equity and interest rate hedging programs main drivers of fair value losses of EUR 293
      million
    - Net income amounts to EUR 350 million
    - Return on equity of 8.2% and 8.9% excluding capital allocated to run-off businesses
</pre><pre>
    - Continued strong profitable sales 
    - US retirement plans and asset management main drivers behind gross deposits of EUR
      16.8 billion
      and net deposits of EUR 3.2 billion
    - New life insurance sales level at EUR 518 million
    - Accident & health and general insurance sales stable at EUR 248 million
    - Market consistent value of new business of EUR 183 million impacted by low interest
      rates
</pre><pre>
    - Increase in interim dividend supported by strong cash flows 
    - Operational free cash flows excluding market impacts and one-time items of EUR 388
      million
    - Holding excess capital of EUR 1.5 billion and gross leverage ratio improves to 27.7%
    - Interim dividend increases to EUR 0.12 per share; dilutive effect of stock dividend to
      be neutralized
    - More clarity obtained on Solvency II; ratio expected to be in the range of 140 - 170%
</pre>    Statement of Alex Wynaendts, CEO 

    "Aegon's businesses delivered solid results this quarter, despite adverse mortality
experience in the United States and the negative impact from our hedging programs on net
income. At the same time, we are pleased with the high level of sales as we continue to
secure new distribution agreements and reach many new customers in all our markets.

    "Executing on our strategy to ensure our businesses support our long-term growth
ambitions, we sold our Canadian operations as well as Clark Consulting in the US. In
addition, we have further improved our risk profile by hedging EUR 6 billion of longevity
reserves in the Netherlands and by reducing balances of our legacy variable annuity
products in the US.

    "While uncertainties on Solvency II remain, we have obtained clarity on a number of
items - including treatment of the US - which allows us to tighten the range of expected
outcomes. Furthermore, we have applied for the use of our internal model and are currently
awaiting regulatory approval.

    "I am also pleased to announce that our strong capital position and growing cash flows
enable us to raise
the interim dividend to 12 eurocents."

<pre>
    Key performance indicators
                                              Q2    Q1         Q2        YTD     YTD
    amounts in EUR millions b)       Notes  2015  2015   %   2014   %   2015    2014    %
    Underlying earnings before tax    1      549   469  17    514   7  1,018   1,012    1
    Net income                               350   316  11    343   2    666     735   (9)
    Sales                             2    2,442 2,750 (11) 2,066  18  5,192   4,152   25
    Market consistent value of new
    business                          3      183   140  30    221 (17)   323     444  (27)
    Return on equity                  4     8.2%  6.6%  25   8.7%  (5)  7.5%    8.6%  (12)
</pre>    STRATEGIC HIGHLIGHTS

<pre>
    - Additional longevity hedging in the Netherlands further reduces exposure 
    - Sale of Canadian operations completed  
    - Expanded partnerships with Edward Jones and Merrill Lynch in the US 
    - Guaranteed drawdown product launched on UK platform 
</pre>    Aegon's ambition
Aegon's aim to be a leader in all of its chosen markets is supported by four strategic
objectives embedded in all Aegon businesses: Optimize portfolio, Deliver operational
excellence, Enhance customer loyalty, and Empower employees. These provide the strategic
framework for the company's ambition to become the most-recommended life insurance and
pension provider by customers and business partners, as well as the most-preferred
employer in the sector.

    Optimize portfolio 

    As part of Aegon's strategy to enhance its risk-return profile and to improve capital
efficiency, Aegon completed a third longevity transaction in the Netherlands on July 15,
2015. The transaction builds on previous longevity deals and underlines Aegon's leadership
in the Dutch pension market. The hedge, covering close to EUR 6 billion of underlying
reserves, provides protection for a period of 50 years against longevity improvements. A
significant number of younger pension customers are covered - evidence that the longevity
risk transfer market continues to develop. The company will continue to explore further
opportunities to manage its Dutch longevity risk efficiently.

    On July 10, 2015, Aegon reached an agreement with Greenspoint Capital and the Newport
Group to sell Clark Consulting, its Bank-Owned Life Insurance (BOLI) distribution and
servicing unit in the US, for USD 177.5 million (EUR 160 million). Clark Consulting is a
distinct entity within the BOLI/COLI insurance business that is currently in run-off. The
impact on net income from the sale of Clark Consulting is expected to be immaterial as tax
benefits from the recognition of a tax loss largely offset the loss on the sale.

    On July 31, 2015, Aegon completed the CAD 600 million sale of its Canadian life
insurance business to Wilton Re following regulatory approval. As indicated earlier, the
transaction will result in a book loss of CAD 1.2 billion (EUR 0.8 billion), which will be
booked in the third quarter of 2015. Aegon has earmarked the proceeds of this transaction
for the redemption of the USD 500 million 4.625% senior bond, due in December 2015. The
combination of the divestment and the redemption of the bond will improve Aegon's return
on equity by approximately 40 basis points, while reducing net underlying earnings by less
than 1%. It will also improve Aegon's leverage ratio by approximately 40 basis points on a
pro forma basis, while the fixed charge cover ratio will improve by 0.5.

Deliver operational excellence 

    In the United States, Aegon launched its customized Transamerica retirement solutions
with Merrill Lynch. This new program is the first time that Transamerica has offered a 403
(b) retirement plan program for not-for-profit organizations, including higher education
and healthcare institutions, with Merrill Lynch. In addition, Transamerica will be
launching a mutual fund based corporate retirement plan program, primarily to companies
with 401(k) plans up to USD 100 million. Transamerica and Merrill Lynch have also
developed a workplace retirement program that will have a powerful and direct impact in
helping more employees retire with confidence. Enhancing distribution relationships with
strong partners such as Merrill Lynch is at the core of Aegon's strategy to further expand
the reach into its chosen markets.

    Additionally, Transamerica expanded its distribution partnership with Edward Jones, by
offering corporate retirement plans and long term care products. Edward Jones provides
financial services for individual investors and small businesses throughout the United
States. By joining forces with Edward Jones and expanding the distribution, many more
Americans will gain access to retirement plan and long-term care solutions to prepare for
their financial future.

    In the Netherlands, Aegon is a leading provider of insured pension solutions, defined
contribution arrangements and pension administration. Recognizing opportunities and trends
in the Dutch market, Aegon is now the first to set up a 'general pension fund', or
Algemeen Pensioen Fonds (APF). An APF allows for multiple pension plans to be combined
within a single scheme, overseen by a single independent board, while ring-fencing assets.
This new pension vehicle is particularly attractive for those funds that wish to maintain
their own identity while also enjoying the benefits of economies of scale and higher
quality through shared services.

    In response to increasing customer demand and the recent regulatory changes in the
market, Aegon launched a new pension product on its UK platform. The product, Secure
Retirement Income, gives retirees access to drawdown with a guaranteed level of income.
This offers customers an attractive alternative to an annuity or flexible access drawdown
product, both of which have their limitations. This new option therefore enables people to
keep their money invested, but with a guaranteed level of minimum income - thereby meeting
the twin demands of flexibility and certainty.

    Demonstrating Aegon's efforts of becoming more digital, the company won several
awards. In the United States, Transamerica won two prestigious Hermes Creative Awards in
recognition of the company's creativity and innovation; and in the Netherlands, Aegon was
rated by ITDS Consultancy as the best insurer on social media thanks to its integrated
online approach.

    Enhance customer loyalty 

    Aegon opened an innovative new Customer Experience Center, or 'cXcenter', in the
Netherlands. This center is enabling Aegon to better evaluate the accessibility and
user-friendliness of its services. The new cXcenter allows Aegon to conduct in-depth
interviews, client panels and eye tracking studies in order to enhance customer experience
on Aegon.nl and the Mijn Aegon ('My Aegon') app.

    In line with its commitment to help customers take responsibility for their financial
future, Aegon has established a Research Center for Longevity and Retirement, leveraging
the reputation and success of the Transamerica Institute in the United States. Its mission
is to conduct research, educate the public, and inform a global dialogue on trends issues,
and opportunities surrounding longevity, population aging, and retirement security. The
Aegon Center brings together experts from across Aegon's businesses in Europe, the
Americas and Asia in addition to external parties. It will be a focal point for Aegon's
research on people's attitudes toward aging and retirement.

<pre>
    Financial overview
                                         Q2     Q1              Q2           YTD   YTD
    EUR millions            Notes      2015   2015      %     2014     %    2015  2014    %
    Underlying earnings
    before tax
    Americas                             358    290    23      331     8     648   633    2
    The Netherlands                      136    131     4      131     4     267   259    3
    United Kingdom                        34     38   (10)      32     9      72    58   24
    New Markets                           62     51    22       62     -     113   123   (8)
    Holding and other                    (41)   (42)    1      (41)    -     (83)  (62) (34)

    Underlying earnings
    before tax                           549    469    17      514     7   1,018 1,012    1
    Fair value items                    (293)  (159)  (84)    (263)  (11)   (451) (379) (19)
    Realized gains /
    (losses) on
    investments                          134    119    13      198   (32)    252   308  (18)
    Net impairments                        7    (11)    -       (3)    -      (4)  (11)  65
    Other income / (charges)             (11)    (1)    -      (14)   24     (11)  (20)  43
    Run-off businesses                     3      8   (65)      (1)    -      11    13  (20)
    Income before tax                    389    425    (9)     432   (10)    814   924  (12)
    Income tax                           (39)  (109)   64      (88)   56    (148) (189)  22
    Net income                           350    316    11      343     2     666   735   (9)

    Net income / (loss)
    attributable to:

    Equity holders of Aegon N.V.         350    316     11     343     2     666   735   (9)
    Net underlying earnings              433    344     26     382    13     777   752    3
    Commissions and expenses           1,761  1,713      3   1,471    20   3,474 2,898   20
    of which operating
    expenses                    9        923    902      2     810    14   1,825 1,589   15
    New life sales
    Life single premiums               1,062  1,421    (25)  1,247   (15)  2,483  2,309   8
    Life recurring premiums
    annualized                           411    409      1     386     7     820    739  11
    Total recurring plus
    1/10 single                          518    551     (6)    511     1   1,068    970  10
    New life sales
    Americas                  10         158    141     12     125    26     298    241  24
    The Netherlands                       25     38    (34)     37   (34)     62     69 (10)
    United Kingdom                       263    268     (2)    278    (5)    531    527   1
    New Markets               10          72    105    (31)     71     2     177    133  33
    Total recurring plus
    1/10 single                          518    551     (6)    511     1   1,068    970  10
    New premium production
    accident and health
    insurance                            228    307    (26)    235    (3)    535    497   8
    New premium production
    general insurance                     20     22    (11)     17    15      42     35  21
    Gross deposits (on and
    off balance)
    Americas                  10       9,069 11,550    (21)  8,524     6  20,619 17,032  21
    The Netherlands                    1,116  1,563    (29)    591    89   2,678  1,077 149
    United Kingdom                        88     80     11      70    25     168    124  36
    New Markets               10       6,496  5,499     18   3,844    69  11,994  8,272  45
    Total gross deposits              16,769 18,692    (10) 13,029    29  35,460 26,504  34
    Net deposits (on and
    off balance)
    Americas                  10       1,913  4,404    (57)  3,237   (41)  6,317  5,215  21
    The Netherlands                      355    796    (55)    271    31   1,150    309   -
    United Kingdom                        54     42     27      38    42      96     66  47
    New Markets               10         975  2,276    (57)  2,687   (64)  3,250   (240)  -
    Total net deposits
    excluding
    run-off businesses                 3,296  7,518    (56)  6,233   (47) 10,814  5,350 102
    Run-off businesses                  (111)  (213)    48    (163)   32    (324)  (782) 59
    Total net deposits /
    (outflows)                         3,185  7,305    (56)  6,070   (48) 10,490  4,568 130


    Revenue-generating investments
                                                   Jun. 30,  Mar. 31,        Dec. 31,
                                                       2015      2015     %      2014   %
    Revenue-generating investments (total)          645,017   637,599     1   558,328  16
    Investments general account                     158,956   172,504    (8)  153,653   3
    Investments for account of policyholders        205,903   215,291    (4)  191,467   8
    Off balance sheet investments third parties     280,158   249,804    12   213,208  31
</pre>    OPERATIONAL HIGHLIGHTS

    Underlying earnings before tax
Aegon's underlying earnings before tax in the second quarter of 2015 increased by 7% to
EUR 549 million. Favorable currency movements (EUR 86 million), growth in variable annuity
and pension balances in the United States and asset management balances (EUR 34 million)
more than offset the reduction in recurring earnings resulting from the assumption changes
and model updates implemented in the United States in the third quarter of 2014 (EUR 25
million), lower earnings from fixed annuities (EUR 13 million) and divestments (EUR 14
million).

    Underlying earnings from the Americas were up by 8% to EUR 358 million. In US dollars,
underlying earnings decreased by 13%. The positive impact on earnings from growth in
variable annuity and pension balances was more than offset by the recurring earnings
reduction from the assumption changes and model updates implemented in the third quarter
of 2014, lower earnings from fixed annuities and the divestment of Canada. The quarter
included adverse mortality of EUR 17 million.

    In the Netherlands, underlying earnings increased by 4% to EUR 136 million, as
favorable mortality and one-time items were partly offset by higher non-life claims and
lower investment income.

    Underlying earnings from Aegon's operations in the United Kingdom were up 9% to EUR 34
million in the second quarter of 2015, mainly as a result of favorable currency movements.

    Underlying earnings from New Markets were stable at EUR 62 million. Higher asset
management and performance fees offset lower earnings in other markets and the divestment
of Aegon's stake in
La Mondiale Participations.

    Total holding costs remained flat at EUR 41 million.

    Net income
Net income slightly increased to EUR 350 million. Higher underlying earnings and lower
taxes were offset by a higher loss on fair value items and lower realized gains.

Fair value items
The loss from fair value items amounted to EUR 293 million. This loss was mainly driven by
hedging programs in the United States and the Netherlands and alternative investments,
which more than offset a gain on interest rate swaps on perpetuals at the holding of EUR
118 million as a result of higher interest rates. The loss in the Netherlands was driven
by hedge ineffectiveness, which was only partly offset by the benefit from higher interest
rates and credit spreads.

    Realized gains on investments
Realized gains on investments amounted to EUR 134 million. These were primarily related to
portfolio rebalancing in the Netherlands in a low rate environment.

    Impairment charges
Gross impairments remained low as a result of the favorable credit environment. This, in
combination with net recoveries, led to a positive result of EUR 7 million in the second
quarter of 2015.

Other charges
Other charges amounted to EUR 11 million, the result of charges for policyholder taxes in
the United Kingdom which were offset by an equal amount in the income tax line.

    Run-off businesses
The result from run-off businesses improved to EUR 3 million.

    Income tax
Income tax amounted to EUR 39 million in the second quarter, driven by tax benefits in the
United States and the United Kingdom. The effective tax rate on underlying earnings was
21%, impacted favorably by tax credits related to solar energy investments in the United
States.

    Return on equity
Return on equity was 8.2% in the second quarter of 2015, lower than prior year due to
higher shareholders' equity. Return on equity for Aegon's ongoing businesses, excluding
the capital allocated to the run-off businesses, amounted to 8.9% over the same period.

Operating expenses
In the second quarter, operating expenses increased by 14% to EUR 923 million, driven by a
stronger US dollar, higher investments in technology-related initiatives and project
related expenses. At constant currencies, the increase was 2%.

Sales
Aegon's total sales were up 18% to EUR 2.4 billion in the second quarter of 2015, the
result of a stronger US dollar, higher asset management deposits and increased indexed
universal life sales. Gross deposits increased by 29%, driven by higher deposits in Aegon
Asset Management and strong growth in bank deposits in the Netherlands. Net deposits,
excluding run-off businesses, declined to EUR 3.3 billion. This was due to lower net
inflows in Aegon Asset Management and lower net inflows in variable annuities, as a result
of the successful enhanced alternative lump sum offer for the legacy GMIB block. New life
sales were up 1% to EUR 518 million, as higher indexed universal life sales in the United
States and favorable currency movements more than offset lower sales in the Netherlands
and United Kingdom. New premium production for accident & health and general insurance was
down slightly to EUR 248 million, as the effect of a stronger US dollar was more than
offset by lower portfolio takeovers in the United States.

    Market consistent value of new business
The market consistent value of new business amounted to EUR 183 million. The positive
effect of currency movements and product adjustments in the United States was more than
offset by the negative impact of lower interest rates.

    Revenue-generating investments
Revenue-generating investments increased by 1% during the second quarter of 2015 to
EUR 645 billion. This increase was driven by the acquisition of the 25% stake in La Banque
Postale Asset Management and net inflows, which more than offset the unfavorable effect of
market movements resulting from higher interest rates on the fixed income portfolio.

    Capital management
Shareholders' equity declined EUR 2.4 billion compared with the end of the first quarter
of 2015 to
EUR 25.0 billion on June 30, 2015. This was mainly caused by higher interest rates, which
resulted in lower revaluation reserves on fixed income portfolios. The revaluation
reserves were down by EUR 2.7 billion to EUR 7.2 billion. Aegon's shareholders' equity,
excluding revaluation reserves and defined benefit plan remeasurements, declined to EUR
19.3 billion - or EUR 9.09 per common share - at the end of the second quarter. This was
driven by unfavorable currency movements and the payment of the final dividend for 2014,
which more than offset net income generated during the quarter.

    The gross leverage ratio further improved to 27.7% in the second quarter, well within
the target range of 26-30%, driven by earnings generated in the quarter, net of the
payment of the final dividend. Excess capital in the holding increased to EUR 1.5 billion.
Dividends of EUR 0.6 billion paid to the holding by the United States were largely offset
by the payment of the final dividend for 2014, the investment in La Banque Postale Asset
Management, interest payments, the effect of currency hedges and operating expenses.

    Aegon's Insurance Group Directive (IGD) solvency ratio declined to 206% in the second
quarter, mainly driven by negative market impacts. The capital in excess of the S&P AA
threshold in the United States declined to USD 1.0 billion, due to dividends paid to the
holding and negative market impacts. In the Netherlands, the IGD ratio, excluding Aegon
Bank, declined to ~225%, driven by adverse market impacts. The Pillar I ratio in the
United Kingdom, including the with-profit fund, remained stable at ~135%.

    Aegon has obtained more clarity from the regulator on a number of items regarding
Solvency II, which include amongst others volatility adjuster modelling in the Netherlands,
 use of matching adjustment in the United Kingdom and calibration of the US RBC ratio
conversion at 250%. As a result, the company expects its Solvency II ratio to be in a
tightened range of 140% to 170%, as there are still uncertainties remaining. Furthermore,
Aegon has applied for the use of its internal model and is currently awaiting regulatory
approval.

Operational free cash flows
Operational free cash flows excluding market impacts and one-time items amounted to EUR
388 million in the second quarter of 2015. The one-time items of EUR 256 million were
primarily related to tax benefits arising from the re-domestication of a block of variable
annuity business to the United States. Negative market impacts amounted to EUR 677 million
and were mainly the result of interest rate mismatches and hedge losses in the Netherlands
and the United States. Operational free cash flows including market impacts and one-time
items amounted to a negative EUR 34 million for the quarter.

    Interim dividend  

    Aegon aims to pay out a sustainable, growing dividend, in line with the growth of its
cash flows. This policy is reflected in the increase of the 2015 interim dividend to EUR
0.12 per common share. The interim dividend will be paid in cash or stock at the election
of the shareholder. The value of the stock dividend will be approximately equal to the
cash dividend. Aegon will neutralize the dilutive effect of the stock dividend on earnings
per share.

    Aegon's Euronext-listed shares will be quoted ex-dividend on August 21, 2015, whereas
its NYSE-listed shares will be quoted ex-dividend on August 20, 2015. The record date is
August 24, 2015. The election period for shareholders will run from August 26 up to and
including September 11, 2015. The stock fraction will be based on the average share price
on Euronext Amsterdam from September 7 through September 11, 2015. The stock dividend
ratio will be announced on September 15, 2015 and the dividend will be payable as of
September 18, 2015.

<pre>
    Financial overview, Q2 2015 geographically
                                                                            Holding,
                                                                               other
                                                   The   United     New activities &
    EUR millions                  Americas Netherlands  Kingdom Markets eliminations  Total
    Underlying earnings before
    tax by line of business
    Life                               110          80       28       9            -    227
    Individual savings and
    retirement products                157           -        -      (3)           -    154
    Pensions                            88          51        6       3            -    148
    Non-life                             -          (1)       -       8            -      8
    Asset Management                     -           -        -      46            -     47
    Other                                -           3        -       -          (41)   (38)
    Share in underlying earnings before
    tax of associates                    2           2        -      (1)           -      4
    Underlying earnings before tax     358         136       34      62          (41)   549
    Fair value items                  (288)       (117)      (7)     (3)         123   (293)
    Realized gains / (losses) on
    investments                        (25)         101       54       4           -    134
    Net impairments                      9           (3)       -       1           -      7
    Other income / (charges)             -           -       (11)      -           -    (11)
    Run-off businesses                   3           -        -        -           -      3
    Income before tax                   55         117       70       63           82    389
    Income tax                          26         (26)       5      (24)         (20)   (39)
    Net income                          82          91       75       39           63    350
    Net underlying earnings            278         106       38       38          (28)   433



    Employee numbers

                                              Jun. 30, 2015   Mar. 31, 2015  Dec. 31, 2014

    Employees                                        28,241          27,824         28,602
    of which agents                                   5,207           5,020          5,713
    of which Aegon's share of employees in
    joint ventures and associates                     1,694           1,628          1,614
</pre><pre>
     
    Full version press release 
    Use this link
     [http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]
     for the full version of the press release.

     
    ADDITIONAL INFORMATION

     
    Presentation 

     
    The conference call presentation is available on aegon.com
     [http://www.aegon.com/en/Home/Investors/News/Presentations/Archive/Q2-2015-Results ]
     as of 7.30 a.m. CET.

     
    Supplements 

     
    Aegon's Q2 2015 Financial Supplement and Condensed Consolidated Interim Financial
     Statements 
    are available on aegon.com [http://www.aegon.com/results ].

     
    Conference call including Q&A 

     
    9:00 a.m. CET

     
    Audio webcast on aegon.com
     [http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]

     
    Dial-in numbers 

     
    United States: +1-646-254-3362 
    United Kingdom: +44-203-427-1919 
    The Netherlands: +31-20-716-8256

     
    Passcode: 7116860

     
</pre>     
    Two hours after the conference call, a replay will be available on aegon.com
[http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]

    Aegon's roots go back 170 years - to the first half of the nineteenth century. Since
then, Aegon has grown into an international company, with businesses in more than 20
countries in the Americas, Europe and Asia. Today, Aegon is one of the world's leading
financial services organizations, providing life insurance, pensions and asset management.
Aegon's purpose is to help people take responsibility for their financial future. More
information: aegon.com.

    DISCLAIMERS 

    Cautionary note regarding non-IFRS measures 

    This document includes the following non-IFRS financial measures: underlying earnings
before tax, income tax, income before tax and market consistent value of new business.
These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon's
joint ventures and associated companies. The reconciliation of these measures, except for
market consistent value of new business, to the most comparable IFRS measure is provided
in note 3 'Segment information' of Aegon's Condensed Consolidated Interim Financial
Statements. Market consistent value of new business is not based on IFRS, which are used
to report Aegon's primary financial statements and should not be viewed as a substitute
for IFRS financial measures. Aegon may define and calculate market consistent value of new
business differently than other companies. Aegon believes that these non-IFRS measures,
together with the IFRS information, provide meaningful information about the underlying
operating results of Aegon's business including insight into the financial measures that
senior management uses in managing the business. In addition, return on equity is a ratio
using a non-GAAP measure and is calculated by dividing the net underlying earnings after
cost of leverage by the average shareholders' equity excluding the preferred shares, the
revaluation reserve and the reserves related to defined benefit plans.

    Local currencies and constant currency exchange rates 

    This document contains certain information about Aegon's results, financial condition
and revenue generating investments presented 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 Aegon presented in EUR, which
is the currency of Aegon's 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 Aegon. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult to
predict. Aegon undertakes 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:

<pre>
    - 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 Aegon's fixed income investment
      portfolios;
    - 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 Aegon
      holds; and
    - The effects of declining creditworthiness of certain private sector securities and the
      resulting decline in the value of sovereign exposure that Aegon holds;
    - Changes in the performance of Aegon's investment portfolio and decline in ratings of
      Aegon's counterparties;
    - Consequences of a potential (partial) break-up of the euro;
    - The frequency and severity of insured loss events;
    - Changes affecting longevity, mortality, morbidity, persistence and other factors that
      may impact the profitability of Aegon's insurance products;
    - Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet
      their obligations;
    - 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;
    - Changes in the availability of, and costs associated with, liquidity sources such as
      bank and capital markets funding, as well as conditions in the credit markets in
      general such as changes in borrower and counterparty creditworthiness;
    - Increasing levels of competition in the United States, the Netherlands, the United
      Kingdom and emerging markets;
    - Changes in laws and regulations, particularly those affecting Aegon's operations,
      ability to hire and retain key personnel, the products Aegon sells, and the
      attractiveness of certain products to its consumers;
    - Regulatory changes relating to the insurance industry in the jurisdictions in which
      Aegon operates;
    - Changes in customer behavior and public opinion in general related to, among other
      things, the type of products also Aegon sells, including legal, regulatory or
      commercial necessity to meet changing customer expectations;
    - 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 Aegon's debt ratings issued by recognized rating
      organizations and the adverse impact such action may have on Aegon's ability to raise
      capital and on its liquidity and financial condition;
    - Lowering of one or more of insurer financial strength ratings of Aegon's insurance
      subsidiaries and the adverse impact such action may have on the premium writings,
      policy retention, profitability and liquidity of its insurance subsidiaries;
    - The effect of the European Union's Solvency II requirements and other regulations in
      other jurisdictions affecting the capital Aegon is required to maintain;
    - Litigation or regulatory action that could require Aegon to pay significant damages or
      change the way Aegon does business;
    - As Aegon's operations support complex transactions and are highly dependent on the
      proper functioning of information technology, a computer system failure or security
      breach may disrupt Aegon's business, damage its reputation and adversely affect its
      results of operations, financial condition and cash flows;
    - Customer responsiveness to both new products and distribution channels;
    - Competitive, legal, regulatory, or tax changes that affect profitability, the
      distribution cost of or demand for Aegon's products;
    - Changes in accounting regulations and policies or a change by Aegon in applying such
      regulations and policies, voluntarily or otherwise, may affect Aegon's reported
      results and shareholders' equity;
    - The impact of acquisitions and divestitures, restructurings, product withdrawals and
      other unusual items, including Aegon's ability to integrate acquisitions and to obtain
      the anticipated results and synergies from acquisitions;
    - Catastrophic events, either manmade or by nature, could result in material losses and
      significantly interrupt Aegon's business; and
    - Aegon's failure to achieve anticipated levels of earnings or operational efficiencies
      as well as other cost saving and excess capital and leverage ratio management
      initiatives.
</pre>    Further details of potential risks and uncertainties affecting Aegon are described in
its filings with the Netherlands Authority for the Financial Markets and the US Securities
and Exchange Commission, including the Annual Report. These forward-looking statements
speak only as of the date of this document. Except as required by any applicable law or
regulation, Aegon 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 Aegon's expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.

    All comparisons in this release are against the second quarter of 2014, unless stated
otherwise.

<pre>
     
    Media relations 
    Dick Schiethart  
    +31(0)70-344-8821  
    gcc@aegon.com

     
    Investor relations 
    Willem van den Berg 
    +31(0)70-344-8305 
    ir@aegon.com

     
</pre>     
PRN NLD



The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.
<pre>

    - Solid underlying earnings 
    - Underlying earnings increase to EUR 549 million as fee business growth and the
      stronger US dollar were partly offset by lower US life & protection results, including
      adverse mortality of EUR 17 million
    - Equity and interest rate hedging programs main drivers of fair value losses of EUR 293
      million
    - Net income amounts to EUR 350 million
    - Return on equity of 8.2% and 8.9% excluding capital allocated to run-off businesses
</pre><pre>
    - Continued strong profitable sales 
    - US retirement plans and asset management main drivers behind gross deposits of EUR
      16.8 billion
      and net deposits of EUR 3.2 billion
    - New life insurance sales level at EUR 518 million
    - Accident & health and general insurance sales stable at EUR 248 million
    - Market consistent value of new business of EUR 183 million impacted by low interest
      rates
</pre><pre>
    - Increase in interim dividend supported by strong cash flows 
    - Operational free cash flows excluding market impacts and one-time items of EUR 388
      million
    - Holding excess capital of EUR 1.5 billion and gross leverage ratio improves to 27.7%
    - Interim dividend increases to EUR 0.12 per share; dilutive effect of stock dividend to
      be neutralized
    - More clarity obtained on Solvency II; ratio expected to be in the range of 140 - 170%
</pre>    Statement of Alex Wynaendts, CEO 

    "Aegon's businesses delivered solid results this quarter, despite adverse mortality
experience in the United States and the negative impact from our hedging programs on net
income. At the same time, we are pleased with the high level of sales as we continue to
secure new distribution agreements and reach many new customers in all our markets.

    "Executing on our strategy to ensure our businesses support our long-term growth
ambitions, we sold our Canadian operations as well as Clark Consulting in the US. In
addition, we have further improved our risk profile by hedging EUR 6 billion of longevity
reserves in the Netherlands and by reducing balances of our legacy variable annuity
products in the US.

    "While uncertainties on Solvency II remain, we have obtained clarity on a number of
items - including treatment of the US - which allows us to tighten the range of expected
outcomes. Furthermore, we have applied for the use of our internal model and are currently
awaiting regulatory approval.

    "I am also pleased to announce that our strong capital position and growing cash flows
enable us to raise
the interim dividend to 12 eurocents."

<pre>
    Key performance indicators
                                              Q2    Q1         Q2        YTD     YTD
    amounts in EUR millions b)       Notes  2015  2015   %   2014   %   2015    2014    %
    Underlying earnings before tax    1      549   469  17    514   7  1,018   1,012    1
    Net income                               350   316  11    343   2    666     735   (9)
    Sales                             2    2,442 2,750 (11) 2,066  18  5,192   4,152   25
    Market consistent value of new
    business                          3      183   140  30    221 (17)   323     444  (27)
    Return on equity                  4     8.2%  6.6%  25   8.7%  (5)  7.5%    8.6%  (12)
</pre>    STRATEGIC HIGHLIGHTS

<pre>
    - Additional longevity hedging in the Netherlands further reduces exposure 
    - Sale of Canadian operations completed  
    - Expanded partnerships with Edward Jones and Merrill Lynch in the US 
    - Guaranteed drawdown product launched on UK platform 
</pre>    Aegon's ambition
Aegon's aim to be a leader in all of its chosen markets is supported by four strategic
objectives embedded in all Aegon businesses: Optimize portfolio, Deliver operational
excellence, Enhance customer loyalty, and Empower employees. These provide the strategic
framework for the company's ambition to become the most-recommended life insurance and
pension provider by customers and business partners, as well as the most-preferred
employer in the sector.

    Optimize portfolio 

    As part of Aegon's strategy to enhance its risk-return profile and to improve capital
efficiency, Aegon completed a third longevity transaction in the Netherlands on July 15,
2015. The transaction builds on previous longevity deals and underlines Aegon's leadership
in the Dutch pension market. The hedge, covering close to EUR 6 billion of underlying
reserves, provides protection for a period of 50 years against longevity improvements. A
significant number of younger pension customers are covered - evidence that the longevity
risk transfer market continues to develop. The company will continue to explore further
opportunities to manage its Dutch longevity risk efficiently.

    On July 10, 2015, Aegon reached an agreement with Greenspoint Capital and the Newport
Group to sell Clark Consulting, its Bank-Owned Life Insurance (BOLI) distribution and
servicing unit in the US, for USD 177.5 million (EUR 160 million). Clark Consulting is a
distinct entity within the BOLI/COLI insurance business that is currently in run-off. The
impact on net income from the sale of Clark Consulting is expected to be immaterial as tax
benefits from the recognition of a tax loss largely offset the loss on the sale.

    On July 31, 2015, Aegon completed the CAD 600 million sale of its Canadian life
insurance business to Wilton Re following regulatory approval. As indicated earlier, the
transaction will result in a book loss of CAD 1.2 billion (EUR 0.8 billion), which will be
booked in the third quarter of 2015. Aegon has earmarked the proceeds of this transaction
for the redemption of the USD 500 million 4.625% senior bond, due in December 2015. The
combination of the divestment and the redemption of the bond will improve Aegon's return
on equity by approximately 40 basis points, while reducing net underlying earnings by less
than 1%. It will also improve Aegon's leverage ratio by approximately 40 basis points on a
pro forma basis, while the fixed charge cover ratio will improve by 0.5.

Deliver operational excellence 

    In the United States, Aegon launched its customized Transamerica retirement solutions
with Merrill Lynch. This new program is the first time that Transamerica has offered a 403
(b) retirement plan program for not-for-profit organizations, including higher education
and healthcare institutions, with Merrill Lynch. In addition, Transamerica will be
launching a mutual fund based corporate retirement plan program, primarily to companies
with 401(k) plans up to USD 100 million. Transamerica and Merrill Lynch have also
developed a workplace retirement program that will have a powerful and direct impact in
helping more employees retire with confidence. Enhancing distribution relationships with
strong partners such as Merrill Lynch is at the core of Aegon's strategy to further expand
the reach into its chosen markets.

    Additionally, Transamerica expanded its distribution partnership with Edward Jones, by
offering corporate retirement plans and long term care products. Edward Jones provides
financial services for individual investors and small businesses throughout the United
States. By joining forces with Edward Jones and expanding the distribution, many more
Americans will gain access to retirement plan and long-term care solutions to prepare for
their financial future.

    In the Netherlands, Aegon is a leading provider of insured pension solutions, defined
contribution arrangements and pension administration. Recognizing opportunities and trends
in the Dutch market, Aegon is now the first to set up a 'general pension fund', or
Algemeen Pensioen Fonds (APF). An APF allows for multiple pension plans to be combined
within a single scheme, overseen by a single independent board, while ring-fencing assets.
This new pension vehicle is particularly attractive for those funds that wish to maintain
their own identity while also enjoying the benefits of economies of scale and higher
quality through shared services.

    In response to increasing customer demand and the recent regulatory changes in the
market, Aegon launched a new pension product on its UK platform. The product, Secure
Retirement Income, gives retirees access to drawdown with a guaranteed level of income.
This offers customers an attractive alternative to an annuity or flexible access drawdown
product, both of which have their limitations. This new option therefore enables people to
keep their money invested, but with a guaranteed level of minimum income - thereby meeting
the twin demands of flexibility and certainty.

    Demonstrating Aegon's efforts of becoming more digital, the company won several
awards. In the United States, Transamerica won two prestigious Hermes Creative Awards in
recognition of the company's creativity and innovation; and in the Netherlands, Aegon was
rated by ITDS Consultancy as the best insurer on social media thanks to its integrated
online approach.

    Enhance customer loyalty 

    Aegon opened an innovative new Customer Experience Center, or 'cXcenter', in the
Netherlands. This center is enabling Aegon to better evaluate the accessibility and
user-friendliness of its services. The new cXcenter allows Aegon to conduct in-depth
interviews, client panels and eye tracking studies in order to enhance customer experience
on Aegon.nl and the Mijn Aegon ('My Aegon') app.

    In line with its commitment to help customers take responsibility for their financial
future, Aegon has established a Research Center for Longevity and Retirement, leveraging
the reputation and success of the Transamerica Institute in the United States. Its mission
is to conduct research, educate the public, and inform a global dialogue on trends issues,
and opportunities surrounding longevity, population aging, and retirement security. The
Aegon Center brings together experts from across Aegon's businesses in Europe, the
Americas and Asia in addition to external parties. It will be a focal point for Aegon's
research on people's attitudes toward aging and retirement.

<pre>
    Financial overview
                                         Q2     Q1              Q2           YTD   YTD
    EUR millions            Notes      2015   2015      %     2014     %    2015  2014    %
    Underlying earnings
    before tax
    Americas                             358    290    23      331     8     648   633    2
    The Netherlands                      136    131     4      131     4     267   259    3
    United Kingdom                        34     38   (10)      32     9      72    58   24
    New Markets                           62     51    22       62     -     113   123   (8)
    Holding and other                    (41)   (42)    1      (41)    -     (83)  (62) (34)

    Underlying earnings
    before tax                           549    469    17      514     7   1,018 1,012    1
    Fair value items                    (293)  (159)  (84)    (263)  (11)   (451) (379) (19)
    Realized gains /
    (losses) on
    investments                          134    119    13      198   (32)    252   308  (18)
    Net impairments                        7    (11)    -       (3)    -      (4)  (11)  65
    Other income / (charges)             (11)    (1)    -      (14)   24     (11)  (20)  43
    Run-off businesses                     3      8   (65)      (1)    -      11    13  (20)
    Income before tax                    389    425    (9)     432   (10)    814   924  (12)
    Income tax                           (39)  (109)   64      (88)   56    (148) (189)  22
    Net income                           350    316    11      343     2     666   735   (9)

    Net income / (loss)
    attributable to:

    Equity holders of Aegon N.V.         350    316     11     343     2     666   735   (9)
    Net underlying earnings              433    344     26     382    13     777   752    3
    Commissions and expenses           1,761  1,713      3   1,471    20   3,474 2,898   20
    of which operating
    expenses                    9        923    902      2     810    14   1,825 1,589   15
    New life sales
    Life single premiums               1,062  1,421    (25)  1,247   (15)  2,483  2,309   8
    Life recurring premiums
    annualized                           411    409      1     386     7     820    739  11
    Total recurring plus
    1/10 single                          518    551     (6)    511     1   1,068    970  10
    New life sales
    Americas                  10         158    141     12     125    26     298    241  24
    The Netherlands                       25     38    (34)     37   (34)     62     69 (10)
    United Kingdom                       263    268     (2)    278    (5)    531    527   1
    New Markets               10          72    105    (31)     71     2     177    133  33
    Total recurring plus
    1/10 single                          518    551     (6)    511     1   1,068    970  10
    New premium production
    accident and health
    insurance                            228    307    (26)    235    (3)    535    497   8
    New premium production
    general insurance                     20     22    (11)     17    15      42     35  21
    Gross deposits (on and
    off balance)
    Americas                  10       9,069 11,550    (21)  8,524     6  20,619 17,032  21
    The Netherlands                    1,116  1,563    (29)    591    89   2,678  1,077 149
    United Kingdom                        88     80     11      70    25     168    124  36
    New Markets               10       6,496  5,499     18   3,844    69  11,994  8,272  45
    Total gross deposits              16,769 18,692    (10) 13,029    29  35,460 26,504  34
    Net deposits (on and
    off balance)
    Americas                  10       1,913  4,404    (57)  3,237   (41)  6,317  5,215  21
    The Netherlands                      355    796    (55)    271    31   1,150    309   -
    United Kingdom                        54     42     27      38    42      96     66  47
    New Markets               10         975  2,276    (57)  2,687   (64)  3,250   (240)  -
    Total net deposits
    excluding
    run-off businesses                 3,296  7,518    (56)  6,233   (47) 10,814  5,350 102
    Run-off businesses                  (111)  (213)    48    (163)   32    (324)  (782) 59
    Total net deposits /
    (outflows)                         3,185  7,305    (56)  6,070   (48) 10,490  4,568 130


    Revenue-generating investments
                                                   Jun. 30,  Mar. 31,        Dec. 31,
                                                       2015      2015     %      2014   %
    Revenue-generating investments (total)          645,017   637,599     1   558,328  16
    Investments general account                     158,956   172,504    (8)  153,653   3
    Investments for account of policyholders        205,903   215,291    (4)  191,467   8
    Off balance sheet investments third parties     280,158   249,804    12   213,208  31
</pre>    OPERATIONAL HIGHLIGHTS

    Underlying earnings before tax
Aegon's underlying earnings before tax in the second quarter of 2015 increased by 7% to
EUR 549 million. Favorable currency movements (EUR 86 million), growth in variable annuity
and pension balances in the United States and asset management balances (EUR 34 million)
more than offset the reduction in recurring earnings resulting from the assumption changes
and model updates implemented in the United States in the third quarter of 2014 (EUR 25
million), lower earnings from fixed annuities (EUR 13 million) and divestments (EUR 14
million).

    Underlying earnings from the Americas were up by 8% to EUR 358 million. In US dollars,
underlying earnings decreased by 13%. The positive impact on earnings from growth in
variable annuity and pension balances was more than offset by the recurring earnings
reduction from the assumption changes and model updates implemented in the third quarter
of 2014, lower earnings from fixed annuities and the divestment of Canada. The quarter
included adverse mortality of EUR 17 million.

    In the Netherlands, underlying earnings increased by 4% to EUR 136 million, as
favorable mortality and one-time items were partly offset by higher non-life claims and
lower investment income.

    Underlying earnings from Aegon's operations in the United Kingdom were up 9% to EUR 34
million in the second quarter of 2015, mainly as a result of favorable currency movements.

    Underlying earnings from New Markets were stable at EUR 62 million. Higher asset
management and performance fees offset lower earnings in other markets and the divestment
of Aegon's stake in
La Mondiale Participations.

    Total holding costs remained flat at EUR 41 million.

    Net income
Net income slightly increased to EUR 350 million. Higher underlying earnings and lower
taxes were offset by a higher loss on fair value items and lower realized gains.

Fair value items
The loss from fair value items amounted to EUR 293 million. This loss was mainly driven by
hedging programs in the United States and the Netherlands and alternative investments,
which more than offset a gain on interest rate swaps on perpetuals at the holding of EUR
118 million as a result of higher interest rates. The loss in the Netherlands was driven
by hedge ineffectiveness, which was only partly offset by the benefit from higher interest
rates and credit spreads.

    Realized gains on investments
Realized gains on investments amounted to EUR 134 million. These were primarily related to
portfolio rebalancing in the Netherlands in a low rate environment.

    Impairment charges
Gross impairments remained low as a result of the favorable credit environment. This, in
combination with net recoveries, led to a positive result of EUR 7 million in the second
quarter of 2015.

Other charges
Other charges amounted to EUR 11 million, the result of charges for policyholder taxes in
the United Kingdom which were offset by an equal amount in the income tax line.

    Run-off businesses
The result from run-off businesses improved to EUR 3 million.

    Income tax
Income tax amounted to EUR 39 million in the second quarter, driven by tax benefits in the
United States and the United Kingdom. The effective tax rate on underlying earnings was
21%, impacted favorably by tax credits related to solar energy investments in the United
States.

    Return on equity
Return on equity was 8.2% in the second quarter of 2015, lower than prior year due to
higher shareholders' equity. Return on equity for Aegon's ongoing businesses, excluding
the capital allocated to the run-off businesses, amounted to 8.9% over the same period.

Operating expenses
In the second quarter, operating expenses increased by 14% to EUR 923 million, driven by a
stronger US dollar, higher investments in technology-related initiatives and project
related expenses. At constant currencies, the increase was 2%.

Sales
Aegon's total sales were up 18% to EUR 2.4 billion in the second quarter of 2015, the
result of a stronger US dollar, higher asset management deposits and increased indexed
universal life sales. Gross deposits increased by 29%, driven by higher deposits in Aegon
Asset Management and strong growth in bank deposits in the Netherlands. Net deposits,
excluding run-off businesses, declined to EUR 3.3 billion. This was due to lower net
inflows in Aegon Asset Management and lower net inflows in variable annuities, as a result
of the successful enhanced alternative lump sum offer for the legacy GMIB block. New life
sales were up 1% to EUR 518 million, as higher indexed universal life sales in the United
States and favorable currency movements more than offset lower sales in the Netherlands
and United Kingdom. New premium production for accident & health and general insurance was
down slightly to EUR 248 million, as the effect of a stronger US dollar was more than
offset by lower portfolio takeovers in the United States.

    Market consistent value of new business
The market consistent value of new business amounted to EUR 183 million. The positive
effect of currency movements and product adjustments in the United States was more than
offset by the negative impact of lower interest rates.

    Revenue-generating investments
Revenue-generating investments increased by 1% during the second quarter of 2015 to
EUR 645 billion. This increase was driven by the acquisition of the 25% stake in La Banque
Postale Asset Management and net inflows, which more than offset the unfavorable effect of
market movements resulting from higher interest rates on the fixed income portfolio.

    Capital management
Shareholders' equity declined EUR 2.4 billion compared with the end of the first quarter
of 2015 to
EUR 25.0 billion on June 30, 2015. This was mainly caused by higher interest rates, which
resulted in lower revaluation reserves on fixed income portfolios. The revaluation
reserves were down by EUR 2.7 billion to EUR 7.2 billion. Aegon's shareholders' equity,
excluding revaluation reserves and defined benefit plan remeasurements, declined to EUR
19.3 billion - or EUR 9.09 per common share - at the end of the second quarter. This was
driven by unfavorable currency movements and the payment of the final dividend for 2014,
which more than offset net income generated during the quarter.

    The gross leverage ratio further improved to 27.7% in the second quarter, well within
the target range of 26-30%, driven by earnings generated in the quarter, net of the
payment of the final dividend. Excess capital in the holding increased to EUR 1.5 billion.
Dividends of EUR 0.6 billion paid to the holding by the United States were largely offset
by the payment of the final dividend for 2014, the investment in La Banque Postale Asset
Management, interest payments, the effect of currency hedges and operating expenses.

    Aegon's Insurance Group Directive (IGD) solvency ratio declined to 206% in the second
quarter, mainly driven by negative market impacts. The capital in excess of the S&P AA
threshold in the United States declined to USD 1.0 billion, due to dividends paid to the
holding and negative market impacts. In the Netherlands, the IGD ratio, excluding Aegon
Bank, declined to ~225%, driven by adverse market impacts. The Pillar I ratio in the
United Kingdom, including the with-profit fund, remained stable at ~135%.

    Aegon has obtained more clarity from the regulator on a number of items regarding
Solvency II, which include amongst others volatility adjuster modelling in the Netherlands,
 use of matching adjustment in the United Kingdom and calibration of the US RBC ratio
conversion at 250%. As a result, the company expects its Solvency II ratio to be in a
tightened range of 140% to 170%, as there are still uncertainties remaining. Furthermore,
Aegon has applied for the use of its internal model and is currently awaiting regulatory
approval.

Operational free cash flows
Operational free cash flows excluding market impacts and one-time items amounted to EUR
388 million in the second quarter of 2015. The one-time items of EUR 256 million were
primarily related to tax benefits arising from the re-domestication of a block of variable
annuity business to the United States. Negative market impacts amounted to EUR 677 million
and were mainly the result of interest rate mismatches and hedge losses in the Netherlands
and the United States. Operational free cash flows including market impacts and one-time
items amounted to a negative EUR 34 million for the quarter.

    Interim dividend  

    Aegon aims to pay out a sustainable, growing dividend, in line with the growth of its
cash flows. This policy is reflected in the increase of the 2015 interim dividend to EUR
0.12 per common share. The interim dividend will be paid in cash or stock at the election
of the shareholder. The value of the stock dividend will be approximately equal to the
cash dividend. Aegon will neutralize the dilutive effect of the stock dividend on earnings
per share.

    Aegon's Euronext-listed shares will be quoted ex-dividend on August 21, 2015, whereas
its NYSE-listed shares will be quoted ex-dividend on August 20, 2015. The record date is
August 24, 2015. The election period for shareholders will run from August 26 up to and
including September 11, 2015. The stock fraction will be based on the average share price
on Euronext Amsterdam from September 7 through September 11, 2015. The stock dividend
ratio will be announced on September 15, 2015 and the dividend will be payable as of
September 18, 2015.

<pre>
    Financial overview, Q2 2015 geographically
                                                                            Holding,
                                                                               other
                                                   The   United     New activities &
    EUR millions                  Americas Netherlands  Kingdom Markets eliminations  Total
    Underlying earnings before
    tax by line of business
    Life                               110          80       28       9            -    227
    Individual savings and
    retirement products                157           -        -      (3)           -    154
    Pensions                            88          51        6       3            -    148
    Non-life                             -          (1)       -       8            -      8
    Asset Management                     -           -        -      46            -     47
    Other                                -           3        -       -          (41)   (38)
    Share in underlying earnings before
    tax of associates                    2           2        -      (1)           -      4
    Underlying earnings before tax     358         136       34      62          (41)   549
    Fair value items                  (288)       (117)      (7)     (3)         123   (293)
    Realized gains / (losses) on
    investments                        (25)         101       54       4           -    134
    Net impairments                      9           (3)       -       1           -      7
    Other income / (charges)             -           -       (11)      -           -    (11)
    Run-off businesses                   3           -        -        -           -      3
    Income before tax                   55         117       70       63           82    389
    Income tax                          26         (26)       5      (24)         (20)   (39)
    Net income                          82          91       75       39           63    350
    Net underlying earnings            278         106       38       38          (28)   433



    Employee numbers

                                              Jun. 30, 2015   Mar. 31, 2015  Dec. 31, 2014

    Employees                                        28,241          27,824         28,602
    of which agents                                   5,207           5,020          5,713
    of which Aegon's share of employees in
    joint ventures and associates                     1,694           1,628          1,614
</pre><pre>
     
    Full version press release 
    Use this link
     [http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]
     for the full version of the press release.

     
    ADDITIONAL INFORMATION

     
    Presentation 

     
    The conference call presentation is available on aegon.com
     [http://www.aegon.com/en/Home/Investors/News/Presentations/Archive/Q2-2015-Results ]
     as of 7.30 a.m. CET.

     
    Supplements 

     
    Aegon's Q2 2015 Financial Supplement and Condensed Consolidated Interim Financial
     Statements 
    are available on aegon.com [http://www.aegon.com/results ].

     
    Conference call including Q&A 

     
    9:00 a.m. CET

     
    Audio webcast on aegon.com
     [http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]

     
    Dial-in numbers 

     
    United States: +1-646-254-3362 
    United Kingdom: +44-203-427-1919 
    The Netherlands: +31-20-716-8256

     
    Passcode: 7116860

     
</pre>     
    Two hours after the conference call, a replay will be available on aegon.com
[http://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Earnings-Q2-2015 ]

    Aegon's roots go back 170 years - to the first half of the nineteenth century. Since
then, Aegon has grown into an international company, with businesses in more than 20
countries in the Americas, Europe and Asia. Today, Aegon is one of the world's leading
financial services organizations, providing life insurance, pensions and asset management.
Aegon's purpose is to help people take responsibility for their financial future. More
information: aegon.com.

    DISCLAIMERS 

    Cautionary note regarding non-IFRS measures 

    This document includes the following non-IFRS financial measures: underlying earnings
before tax, income tax, income before tax and market consistent value of new business.
These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon's
joint ventures and associated companies. The reconciliation of these measures, except for
market consistent value of new business, to the most comparable IFRS measure is provided
in note 3 'Segment information' of Aegon's Condensed Consolidated Interim Financial
Statements. Market consistent value of new business is not based on IFRS, which are used
to report Aegon's primary financial statements and should not be viewed as a substitute
for IFRS financial measures. Aegon may define and calculate market consistent value of new
business differently than other companies. Aegon believes that these non-IFRS measures,
together with the IFRS information, provide meaningful information about the underlying
operating results of Aegon's business including insight into the financial measures that
senior management uses in managing the business. In addition, return on equity is a ratio
using a non-GAAP measure and is calculated by dividing the net underlying earnings after
cost of leverage by the average shareholders' equity excluding the preferred shares, the
revaluation reserve and the reserves related to defined benefit plans.

    Local currencies and constant currency exchange rates 

    This document contains certain information about Aegon's results, financial condition
and revenue generating investments presented 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 Aegon presented in EUR, which
is the currency of Aegon's 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 Aegon. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult to
predict. Aegon undertakes 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:

<pre>
    - 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 Aegon's fixed income investment
      portfolios;
    - 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 Aegon
      holds; and
    - The effects of declining creditworthiness of certain private sector securities and the
      resulting decline in the value of sovereign exposure that Aegon holds;
    - Changes in the performance of Aegon's investment portfolio and decline in ratings of
      Aegon's counterparties;
    - Consequences of a potential (partial) break-up of the euro;
    - The frequency and severity of insured loss events;
    - Changes affecting longevity, mortality, morbidity, persistence and other factors that
      may impact the profitability of Aegon's insurance products;
    - Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet
      their obligations;
    - 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;
    - Changes in the availability of, and costs associated with, liquidity sources such as
      bank and capital markets funding, as well as conditions in the credit markets in
      general such as changes in borrower and counterparty creditworthiness;
    - Increasing levels of competition in the United States, the Netherlands, the United
      Kingdom and emerging markets;
    - Changes in laws and regulations, particularly those affecting Aegon's operations,
      ability to hire and retain key personnel, the products Aegon sells, and the
      attractiveness of certain products to its consumers;
    - Regulatory changes relating to the insurance industry in the jurisdictions in which
      Aegon operates;
    - Changes in customer behavior and public opinion in general related to, among other
      things, the type of products also Aegon sells, including legal, regulatory or
      commercial necessity to meet changing customer expectations;
    - 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 Aegon's debt ratings issued by recognized rating
      organizations and the adverse impact such action may have on Aegon's ability to raise
      capital and on its liquidity and financial condition;
    - Lowering of one or more of insurer financial strength ratings of Aegon's insurance
      subsidiaries and the adverse impact such action may have on the premium writings,
      policy retention, profitability and liquidity of its insurance subsidiaries;
    - The effect of the European Union's Solvency II requirements and other regulations in
      other jurisdictions affecting the capital Aegon is required to maintain;
    - Litigation or regulatory action that could require Aegon to pay significant damages or
      change the way Aegon does business;
    - As Aegon's operations support complex transactions and are highly dependent on the
      proper functioning of information technology, a computer system failure or security
      breach may disrupt Aegon's business, damage its reputation and adversely affect its
      results of operations, financial condition and cash flows;
    - Customer responsiveness to both new products and distribution channels;
    - Competitive, legal, regulatory, or tax changes that affect profitability, the
      distribution cost of or demand for Aegon's products;
    - Changes in accounting regulations and policies or a change by Aegon in applying such
      regulations and policies, voluntarily or otherwise, may affect Aegon's reported
      results and shareholders' equity;
    - The impact of acquisitions and divestitures, restructurings, product withdrawals and
      other unusual items, including Aegon's ability to integrate acquisitions and to obtain
      the anticipated results and synergies from acquisitions;
    - Catastrophic events, either manmade or by nature, could result in material losses and
      significantly interrupt Aegon's business; and
    - Aegon's failure to achieve anticipated levels of earnings or operational efficiencies
      as well as other cost saving and excess capital and leverage ratio management
      initiatives.
</pre>    Further details of potential risks and uncertainties affecting Aegon are described in
its filings with the Netherlands Authority for the Financial Markets and the US Securities
and Exchange Commission, including the Annual Report. These forward-looking statements
speak only as of the date of this document. Except as required by any applicable law or
regulation, Aegon 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 Aegon's expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.

    All comparisons in this release are against the second quarter of 2014, unless stated
otherwise.

<pre>
     
    Media relations 
    Dick Schiethart  
    +31(0)70-344-8821  
    gcc@aegon.com

     
    Investor relations 
    Willem van den Berg 
    +31(0)70-344-8305 
    ir@aegon.com

     
</pre>     
PRN NLD



The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.