/FIRST AND FINAL ADD -- LNTH001 -- AEGON N.V./

  OTHER COUNTRIES - EARNINGS

                                               Q1      Q1
  EUR millions                       Notes   2009    2008     %

  Underlying earnings before tax
  by line of business
  Life                                          7      17  (59)
  Accident and health                           1       2  (50)
  Life and protection                           8      19  (58)
  Variable annuities                            0       1  N.M.
  Saving products                               1       0  N.M.
  Retail mutual funds                           4       1  N.M.
  Individual savings and retirement
  products                                      5       2   150
  Pensions and asset management                 5       3    67
  General insurance                             8       7    14
  Share in net results of associates            4       8  (50)
  Underlying earnings before tax               30      39  (23)
  Over/(under) performance of fair
  value items                                   1       0  N.M.
  Operating earnings before tax                31      39  (21)

  Operating earnings before tax
  by line of business
  Life                                          7      17  (59)
  Accident and health                           1       2  (50)
  Life and protection                           8      19  (58)
  Variable annuities                            1       1     0
  Saving products                               1       0  N.M.
  Retail mutual funds                           4       1  N.M.
  Individual savings and retirement
  products                                      6       2   200
  Pensions and asset management                 5       3    67
  General insurance                             8       7    14
  Share in net results of associates            4       8  (50)
  Operating earnings before tax                31      39  (21)

  Gains/(losses) on investments                 4       0  N.M.
  Impairment charges                          (5)     (1)  N.M.
  Income before tax                            30      38  (21)
  Income tax                                 (21)    (10) (110)
  Net income                                    9      28  (68)

  Net underlying earnings                       9      27  (67)
  Net operating earnings                       10      27  (63)

  Commissions and expenses                     98      91     8
  of which operating expenses                  52      43    21
  OTHER COUNTRIES - SALES

                                               Q1      Q1
  EUR millions                   Notes       2009    2008     %

  New life sales                    10
  Life single premiums                        112     172  (35)
  Life recurring premiums annualized           39      39     0
  Total recurring plus 1/10 single             50      56  (11)

  Life                                         50      56  (11)
  Total recurring plus 1/10 single             50      56  (11)

  New premium production accident
  and health insurance                          2       2     0
  New premium production general
  insurance                                     5       8  (38)

  Gross deposits (on and off balance)
  Variable annuities                          115      35  N.M.
  Retail mutual funds                         406      48  N.M.
  Pensions and asset management               185     151    23
  Total gross deposits                        706     234  N.M.

  Net deposits (on and off balance)
  Variable annuities                          109      34  N.M.
  Retail mutual funds                          98       6  N.M.
  Pensions and asset management                93      92     1
  Total net deposits                          300     132   127



  REVENUE GENERATING INVESTMENTS
                                          At Mar. At Mar.
                                               31      31
                                             2009    2008     %
  Revenue generating investments
  (total)                                  13,350  13,609   (2)
  Investments general account               6,030   6,243   (3)
  Investments for account of
  policyholders                             2,085   2,067     1
  Off balance sheet investments
  third parties                             5,235   5,299   (1)


  NET UNDERLYING EARNINGS GEOGRAPHICALLY
                                               Q1      Q1
  EUR millions                       Notes   2009    2008     %

                                         1
  Americas                                   (44)     348  N.M.
  The Netherlands                        6     55      92  (40)
  United Kingdom                               11      40  (73)
  Other countries                               9      27  (67)
  Holding and other                          (45)     (4)  N.M.
  Net underlying earnings                    (14)     503  N.M.


  OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

  EUR millions

  Operating earnings before tax             (219)     217  N.M.
  (Over)/under performance of fair
  value items - Americas                       32     374  (91)
  (Over)/under performance of fair
  value items - The Netherlands          6    190     154    23
  (Over)/under performance of fair
  value items - United Kingdom                  3       0  N.M.
  (Over)/under performance of fair
  value items - Other countries               (1)       0  N.M.
  (Over)/under performance of fair
  value items - Holding and other            (27)    (87)    69
  Underlying earnings before tax             (22)     658  N.M.

  Net underlying earnings                    (14)     503  N.M.


  AMERICAS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

  USD millions

  Over/(under) performance of fair
  value items by line of business
  Life and protection                        (45)    (30)  (50)
  Individual savings and retirement products    9   (260)  N.M.
  Pensions and asset management              (13)     (7)  (86)
  Institutional products                     (99)   (244)    59
  Life reinsurance                            106    (19)  N.M.
  Total over/(under) performance of
  fair value items                           (42)   (560)    93

  Total over/(under) performance of
  fair value items in EUR                    (32)   (374)    91

  THE NETHERLANDS - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

  EUR millions                         6

  Over/(under) performance of fair
  value items by line of business
  Life and protection                        (26)    (19)  (37)
  Pensions and asset management             (164)   (135)  (21)
  Total over/(under) performance of
  fair value items                          (190)   (154)  (23)

  UNITED KINGDOM - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS

  GBP millions

  Over/(under) performance of fair
  value items by line of business
  Pensions and asset management               (3)       0  N.M.
  Total over/(under) performance of
  fair value items                            (3)       0  N.M.

  OTHER COUNTRIES - OVER/UNDER PERFORMANCE OF FAIR VALUE ITEMS
  EUR millions

  Over/(under) performance of
  fair value items by line of business
  Variable annuities                            1       0  N.M.
  Total over/(under) performance of
  fair value items                              1       0  N.M.



  SALES

                                               Q1      Q1
  EUR millions                               2009    2008     %

  New life sales                              543     686  (21)
  Gross deposits (on and off balance)       8,241   8,636   (5)

  New life sales
  Life single premiums                      2,025   2,757  (27)
  Life recurring premiums annualized          341     410  (17)
  Total recurring plus 1/10 single            543     686  (21)

  Life                                        249     284  (12)
  Pensions                                    253     352  (28)
  BOLI/COLI                                     1       9  (89)
  Life reinsurance                             40      41   (2)
  Total recurring plus 1/10 single            543     686  (21)

  New premium production accident
  and health insurance                        164     166   (1)
  New premium production general
  insurance                                    12      16  (25)

  Gross deposits (on and off balance)
  Fixed annuities                           1,628     306  N.M.
  Variable annuities                          714     685     4
  Saving products                             580     648  (10)
  Retail mutual funds                         642     564    14
  Pensions and asset management             2,829   3,183  (11)
  Institutional guaranteed products         1,848   3,249  (43)
  Life reinsurance                              0       1  N.M.
  Total gross deposits                      8,241   8,636   (5)
  Total gross deposits excl. institutional
  guaranteed products                       6,393   5,387    19

  Net deposits (on and off balance)
  by line of business
  Fixed annuities                             688   (795)  N.M.
  Variable annuities                           78   (152)  N.M.
  Saving deposits                            (67)    (72)     7
  Retail mutual funds                        (98)     171  N.M.
  Pensions and asset management               506   1,170  (57)
  Institutional guaranteed products       (2,354) (1,195)  (97)
  Life reinsurance                           (16)    (15)   (7)
  Total net deposits                      (1,263)   (888)  (42)
  Total net deposits excl. institutional
  guaranteed products                       1,091     307  N.M.


  EMPLOYEE NUMBERS                             At      At
                                             Mar.    Dec.
                                               31      31
                                             2009    2008

  Number of employees                      31,156  31,425




  VALUE OF NEW BUSINESS AND IRR
                                            VNB    VNB
                                            EUR    EUR
                             Notes           Q1     Q1
  EUR millions, after tax                  2009   2008        %

  Americas                                   79     79        0
  The Netherlands                            31     12      158
  United Kingdom                             57     53        8
  Asia                                        2      5     (60)
  Central and Eastern Europe                 12     23     (48)
  Other European Countries                   26     14       86
  VA Europe                                 (7)      0     N.M.
  Total                                     201    186        8


                                          IRR %   IRR%

  Americas                                 10.3   12.6
  The Netherlands                          14.1   10.7
  United Kingdom                           15.0   13.0
  Asia                                      9.6   17.0
  Central and Eastern Europe               34.4   39.0
  Other European Countries                 48.8   43.2
  VA Europe                               (3.8)      -
  Total                                    17.8   18.4


  MODELED NEW BUSINESS,                                 Premium
  APE AND DEPOSITS                                     business
                                                            APE

                             Notes           Q1     Q1
  EUR millions                             2009   2008        %
                                11
  Americas                                  266    295     (10)
  The Netherlands                            78     73        7
  United Kingdom                            312    378     (17)
  Asia                                       13     17     (24)
  Central and Eastern Europe                 17     25     (32)
  Other European Countries                   84     59       42
  Total                                     769    847      (9)

                                                        Deposit
                                                       business
                                                       Deposits

  Americas                                5,252  5,997     (12)
  Asia                                        3      7     (57)
  Central and Eastern Europe                 22     17       29
  Other European Countries                    0      6     N.M.
  VA Europe                                 111      0     N.M.
  Total                                   5,389  6,026     (11)


                                                        Premium
                                                       business
  VNB/PVNBP SUMMARY                  VNB  PVNBP   VNB/     VNB/
                                                 PVNBP      APE
                             Notes           Q1
  EUR millions                             2009      %        %
                                12
  Americas                            31  1,230    2.6     11.8
  The Netherlands                     31    647    4.8     39.6
  United Kingdom                      57  2,024    2.8     18.3
  Asia                                 2     76    2.2     12.7
  Central and Eastern Europe           7    102    6.6     39.8
  Other European Countries            26    753    3.5     31.3
  Total                              154  4,832    3.2     20.0


                                                        Deposit
                                                       business
                                     VNB  PVNBP   VNB/     VNB/
                                                 PVNBP Deposits
                                12
  Americas                            47  6,386    0.7      0.9
  Asia                                 1     13    5.2     21.7
  Central and Eastern Europe           6    195    2.9     25.5
  VA Europe                          (7)    111  (5.9)    (5.9)
  Total                               47  6,705    0.7      0.9



  Notes:



1)  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 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 these assets. Based on current holdings and asset class returns, the long-term expected return on an annual basis is 8-10%, depending on the asset class, including cash income and market value changes. The expected earnings from these assets classes are net of 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 any over- or underperformance compared to management's expected return is excluded from underlying earnings. 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 Other countries) are excluded from underlying earnings.

The Holding includes 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 change in AEGON's credit spread resulted in a gain of EUR 27 mln in Q1 2009 on the fair value movement on these bonds.

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

3)  New life sales is defined as new recurring premiums + 1/10 of single premiums.

4)  Deposits on and off balance sheet.

5)  Return on equity is calculated by dividing the net underlying earnings after cost of leverage by the average shareholders' equity excluding the preferred shares and the revaluation reserve.

6)  In order to maintain consistency in definitions, starting in the fourth quarter 2008, the net impact of the fair value movements of guarantees and the related hedges in the Netherlands has been excluded from underlying earnings. Previously, differences in fair value between guarantees and related hedges, referenced as hedge ineffectiveness, were reported in gain/losses on investments. Results from previous years have been adjusted.

7)  Capital securities that are denominated in foreign currencies are, for purposes of calculating the capital base ratio, revalued to the period- end exchange rate.

8)  All ratios exclude AEGON's revaluation reserve. Included in other non-operating income/(charges) are charges made to

9)  policyholders with respect to income tax. There is an equal and opposite tax charge which is reported in the line Income tax attributable to policyholder return. Includes production on investment contracts without a discretionary

10) participation feature of which the proceeds are not recognized as revenues but are directly added to our investment contract liabilities.

  11) APE = recurring premium + 1/10 single premium.

  12) PVNBP: Present Value New Business Premium.



  CONDENSED CONSOLIDATED BALANCE SHEET
                                                     At Mar.   At Dec.
                                                        31        31
                                                       2009      2008    %
  EUR millions

  Investments general account                      133,130   130,481    2
  Investments for account of policyholders         103,312   105,400  (2)
  Investments in associates                            584       595  (2)
  Deferred expenses and rebates                     13,104    12,794    2
  Other assets and receivables                      26,618    27,766  (4)
  Cash and cash equivalents                          6,274    10,223 (39)
  Total assets                                     283,022   287,259  (1)

  Shareholders' equity                               4,899     6,055 (19)
  Convertible core capital securities                3,000     3,000    0
  Other equity instruments                           4,700     4,699    0
  Minority interest                                      7         6   17
  Group equity                                      12,606    13,760  (8)
  Insurance contracts general account              101,575    97,377    4
  Insurance contracts for account of
  policyholders                                     59,635    60,808  (2)
  Investment contracts general account              35,390    36,231  (2)
  Investment contracts for account of
  policyholders                                     44,386    45,614  (3)
  Other liabilities                                 29,430    33,469 (12)
  Total equity and liabilities                     283,022   287,259  (1)


  CAPITAL BASE

  Group equity                                      12,606 #  13,760  (8)
  Trust pass-through securities                        154       161  (4)
  Subordinated borrowings                                8        41 (80)
  Senior debt related to insurance
  activities                                           328        69 N.M.
  Total capital base                                13,096    14,031  (7)


  CONDENSED CONSOLIDATED INCOME STATEMENT

                                                         Q1       Q1
  EUR millions (except per share data) Notes           2009     2008    %

  Premium income                                      5,990    6,315  (5)
  Investment income                                   2,250    2,422  (7)
  Fee and commission income                             400      434  (8)
  Other revenues                                          1        1    0
  Total revenues                                      8,641    9,172  (6)
  Income from reinsurance ceded                         461      335   38
  Results from financial transactions               (7,254)  (8,900)   18
  Other income                                            2        0 N.M.
  Total income                                        1,850      607 N.M.

  Benefits and expenses                               1,756      270 N.M.
  Impairment charges                                    430       34 N.M.
  Interest charges and related fees                     120       95   26
  Other charges                                           1        0 N.M.
  Total charges                                       2,307      399 N.M.

  Share in net results of associates                      2        9 (78)
  Income before tax                                   (455)      217 N.M.
  Income tax                                            282     (64) N.M.
  Net income attributable to equity
  holders of AEGON N.V.                               (173)      153 N.M.

  Net income per common share
  Basic earnings per share                           (0.15)     0.07 N.M.
  Dilluted earnings per share                        (0.15)     0.07 N.M.



  CONDENSED CONSOLIDATED
  STATEMENT OF COMPREHENSIVE                      At Mar. At Mar. At Dec.
  INCOME                                               31      31      31
                                                     2009    2008    2008
  EUR millions

  Net income                                        (173)     153 (1,082)
  Other comprehensive income:
  Movements in foreign currency translations
  reserve                                             455 (1,066)   (170)
  Movements in revaluation reserves               (1,373) (1,510) (6,651)
  Other comprehensive income for the period         (918) (2,576) (6,821)
  Total comprehensive income attributable to
  shareholders of AEGON N.V.                      (1,091) (2,423) (7,903)


  CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

  Shareholders' equity at January 1                 6,055  15,151  15,151
  Total comprehensive income attributable to
  shareholders of AEGON N.V.                      (1,091) (2,423) (7,903)
  Dividends paid on ordinary shares                     0       0   (548)
  Preferred dividend                                    0       0   (112)
  Repurchased and sold own shares                       4    (73)   (217)
  Coupons on perpetuals (net of tax)                 (48)    (46)   (189)
  Coupons on convertible core capital securities        0       0   (121)
  Other changes                                      (21)    (12)     (6)
  Shareholders' equity at end of period             4,899  12,597   6,055


  CONDENSED CONSOLIDATED CASH FLOW STATEMENT

                                                       Q1    Q1
  EUR millions                                Notes   2009  2008    %

  Cash flow from operating activities               (4,127) 1,615 N.M.

  Cash flow from investing activities
  Purchase and disposal of intangible assets            (1)   (1)    0
  Purchase and disposal of equipment
  and other assets                                     (15)  (11) (36)
  Purchase, disposal and dividends of
  subsidiaries and associates                           (8)   (6) (33)
                                                       (24)  (18) (33)

  Cash flow from financing activities
  Issuance and purchase of share
  capital                                                 4  (73) N.M.
  Issuance, repayment and coupons
  of perpetuals                                        (64)  (62)  (3)
  Issuance, repayment and finance
  interest on borrowings                                628   810 (22)
                                                        568   675 (16)

  Net increase/(decrease) in cash
  and cash equivalents                              (3,583) 2,272 N.M.


  AMOUNTS PER COMMON SHARE

                                                          Q1         Q1
                                            Notes       2009       2008 %

  Net income in EUR                         1     (0.15)       0.07 N.M.
  Net income fully diluted in EUR           1     (0.15)       0.07 N.M.
  Net income in USD                               (0.20)       0.10 N.M.
  Net income fully diluted in USD                 (0.20)       0.10 N.M.
  Net underlying earnings in EUR            1     (0.04)       0.30 N.M.
  Net underlying earnings fully
   diluted in EUR                           1     (0.04)       0.30 N.M.
  Net underlying earnings in USD                  (0.05)       0.45 N.M.
  Net underlying earnings fully
   diluted in USD                                 (0.05)       0.45 N.M.
  Net operating earnings in EUR             1     (0.14)       0.09 N.M.
  Net operating earnings fully
  diluted in EUR                            1     (0.14)       0.09 N.M.
  Net operating earnings in USD                   (0.18)       0.13 N.M.
  Net operating earnings fully
  diluted in USD                                  (0.18)       0.13 N.M.


                                                    At         At
                                               Mar. 31    Dec. 31
                                                 2009       2008

  Shareholders' equity in EUR            2       1.84       2.60 (29)
  Shareholders' equity in USD            2       2.45       3.62 (32)


  NET INCOME PER COMMON SHARE CALCULATION
                                                  Q1         Q1
  EUR millions (except per share data)     Notes   2009      2008    %

  Net income                                      (173)       153 N.M.
  Coupons on perpetuals                            (48)       (46)  (4)
  Net income / (loss) attributable to
  ordinary shareholders                           (221)       107 N.M.

  Weighted average number of common
  shares outstanding                             1,516      1,499    1
  Net income per share                           (0.15)      0.07 N.M.

  Quarterly net income per common share

  first quarter                                  (0.15)      0.07 N.M.
  second quarter                                             0.08
  third quarter                                             (0.25)
  fourth quarter                                            (0.82)



  SEGMENT REPORTING (quarter- to-date information)

                                      The           United
                         Americas  Netherlands      Kingdom
                         Q1    Q1    Q1    Q1    Q1    Q1
  EUR millions          2009  2008  2009  2008  2009  2008

  Underlying earnings
  before tax
  geographically for
  reportable segments  (60)  499    76   130     7    45
  Inter-segment
  elimination           (8)  (21)   (4)  (17)    0     0
  Underlying
  earnings before
  tax
  geographically
  for reportable
  segments             (68)  478    72   113     7    45
  Over/(under)
  performance of
  fair value items     (32) (374) (190) (154)   (3)    0
  Total operating
  earnings before
  tax                 (100)  104  (118)  (41)    4    45
  Gains/(losses)
  on investments        28   (47)  110    76    10     3
  Impairment
  charges             (286)  (19) (78)   (17)  (14)    0
  Impairment
  reversals              2     5    0      0     0     0
  Other income/
  (charges)               1     0   0      0   (24)  (54)
  Income before
  tax                 (355)    43 (86)    18   (24)   (6)
  Income tax            222  (69)  45      1    30    47
  Net income          (133)  (26) (41)    19     6    41

  Revenues
  Life insurance
  gross premiums      1,499 1,474 1,568 1,458 1,820 2,258
  Accident and
  health insurance      453   422   106   118     0     0
  General insurance       0     0   138   134     0     0
  Total gross
  premiums            1,952 1,896 1,812 1,710 1,820 2,258
  Investment
  income              1,142 1,202   502   547   517   596
  Fee and commission
  income                222   242   106   111    44    60
  Other revenues          0     1     0     0     0     0
  Total revenues
  for reportable
  segments            3,316 3,341 2,420 2,368 2,381 2,914
  Inter-segment
  elimination             0   (1)   (1)     1   (1)     0
  Total revenues      3,316 3,340 2,419 2,369 2,380 2,914



  - Table Continued -



  SEGMENT REPORTING (quarter- to-date information)

                                  Holding
                       Other     and other
                      countries  activities     Total

                      Q1    Q1    Q1    Q1    Q1    Q1
  EUR millions 2009  2008  2009  2008  2009  2008

  Underlying earnings
  before tax
  geographically for
  reportable segments  32    40  (77)  (56)  (22)   658
  Inter-segment
  elimination          (2)   (1)  14    39     0      0
  Underlying
  earnings before
  tax
  geographically
  for reportable
  segments             30    39  (63)  (17)  (22)   658
  Over/(under)
  performance of
  fair value items      1     0   27    87  (197)  (441)
  Total operating
  earnings before
  tax                  31    39  (36)   70  (219)   217
  Gains/(losses)
  on investments        4     0   21    54   173     86
  Impairment
  charges              (5)   (1)  (5)    0  (388)   (37)
  Impairment
  reversals             0     0    0     0     2      5
  Other income/
  (charges)             0     0    0     0   (23)   (54)
  Income before
  tax                  30    38  (20)  124  (455)   217
  Income tax          (21)  (10)   6   (33)  282    (64)
  Net income            9    28  (14)   91  (173)   153

  Revenues
  Life insurance
  gross premiums      340   383    0     0 5,227  5,573
  Accident and
  health insurance     29    29    0     0   588    569
  General insurance    37    39    0     0   175    173
  Total gross
  premiums            406   451    0     0 5,990  6,315
  Investment
  income               77    61   70    60 2,308  2,466
  Fee and
  commission
  income               28    21   0      0   400    434
  Other revenues        1     0   0      0     1      1
  Total revenues
  for reportable
  segments            512   533  70     60 8,699  9,216
  Inter-segment
  elimination           0     0 (56)   (44)  (58)   (44)
  Total revenues      512   533  14   16   8,641  9,172




  Amounts in million EUR (unless otherwise stated)

  INVESTMENTS GEOGRAPHICALLY

               United
  Americas     Kingdom                                        The
   USD            GBP   At March 31, 2009    Americas   Netherlands
                        Investments
  1,412          36      Shares                        1,061         785
  77,611      5,111      Bonds                        58,319      18,195
  18,910         10      Loans                        14,209      11,734
  19,322          0      Other financial assets       14,519         117
      679         0      Investments in real estate      510       2,044
                         Investments general
  117,934     5,157      account                      88,618      32,875
        0    16,114      Shares                            0       5,450
        0    11,950      Bonds                             0      12,896
                         Separate accounts and
   55,791     2,327      investment funds             41,923           0
        0     5,825      Other financial assets            0       1,011
        0       972      Investments in real estate        0           0
                         Investments for account of
   55,791    37,188      policyholders                41,923      19,357

                         Investments on balance
  173,725    42,345      sheet                       130,541      52,232
                         Off balance sheet
                         investments
  105,674     1,863      third parties                79,407      11,195
                         Total revenue generating
  279,399    44,208      investments                 209,948      63,427

                         Investments
   92,655     5,055      Available-for-sale           69,623      18,783
   18,910        10      Loans                        14,209      11,734
        0         0      Held-to-maturity                  0           0
                         Financial assets at
                         fair value through
   61,481    36,308      profit or loss               46,199      19,671
      679       972      Investments in real estate      510       2,044
                         Total investments
                         on balance
  173,725    42,345      sheet                       130,541      52,232

                         Elimination of treasury
       (2)        0      shares *                         (2)         (5)
                         Investments in
       24        13      associates                       18          60
   35,144     6,723      Other assets                 26,408       7,651
                         Consolidated
  208,891    49,081      total Assets                156,965      59,938



  - Table Continued -



                                            Holding &
                         United     Other      other               Total
  At March 31, 2009      Kingdom  countries activities Eliminations  EUR
  Investments
  Shares                   39       161         47
  Bonds                 5,491     4,672         21       0      86,698
  Loans                    11     1,077          0       0      27,031
  Other financial
  Assets                    0         120        0       0      14,756
  Investments in real
  estate                    0         0          0       0       2,554
  Investments general
  account                5,541    6,030         68     (2)     133,130
  Shares                17,312      344          0     (5)      23,101
  Bonds                 12,838      278          0       0      26,012
  Separate accounts
  And investment funds   2,500    1,251          0       0      45,674
  Other financial assets 6,258      212          0       0       7,481
  Investments in
  real estate            1,044        0          0       0       1,044
  Investments for
  account of
  policyholders         39,952    2,085          0     (5)     103,312
  Investments on balance
  sheet                 45,493    8,115         68     (7)     236,442
  Off balance sheet
  Investments
  third parties          2,001    5,235          0       0      97,838
  Total revenue
  Generating
  investments           47,494   13,350         68     (7)     334,280
  Investments
  Available-for-sale     5,431    2,447         68       0      96,352
  Loans                     11    1,077          0       0      27,031
  Held-to-maturity           0    2,278          0       0       2,278
  Financial assets at
  fair value through
  profit or loss        39,007    2,313          0     (7)     107,183
  Investments in real
  estate                 1,044        0          0       0       3,598
  Total investments
  on balance sheet      45,493    8,115         68     (7)     236,442
  Elimination of treasury
  shares *                   0        0          0       7           0
  Investments in
  associates                13      490          5      (2)        584
  Other assets           7,224    1,728     14,870 (11,494)     46,387
  Consolidated
  total Assets          52,730   10,333     14,943 (11,496)    283,413


  * Due to the split by country unit on this line, it is necessary to
    reverse the elimination of treasury shares in the column eliminations,
    as elimination by type had already taken place in the column
    eliminations above as well.




  Amounts in million EUR (unless otherwise stated)

  INVESTMENTS GEOGRAPHICALLY

              United
   Americas    Kingdom                                                 The
    USD          GBP        At December 31, 2008     Americas   Netherlands
                                Investments
    1,436      39           Shares                     1,031       1,297
   83,846   4,915           Bonds                     60,247      18,298
   19,194      10           Loans                     13,792      10,416
   15,635       0           Other financial assets    11,235         112
      679       0           Investments in real estate   488       2,040
                            Investments general
  120,790   4,964           account                   86,793      32,163
        0  17,360           Shares                         0       6,416
        0  12,675           Bonds                          0      11,675
                            Separate accounts and
   58,943   2,381           investment funds          42,353           0
        0   6,376           Other financial assets         0       1,042
        0   1,077           Investments in real estate     0           0
                            Investments for account
   58,943  39,869           of policyholders          42,353      19,133

                            Investments on balance
  179,733  44,833           sheet                    129,146      51,296
                            Off balance sheet
                            investments
  106,434   2,289           third parties             76,478      11,783
                            Total revenue generating
  286,167  47,122           investments              205,624      63,079
                            Investments
   94,444   4,859           Available-for-sale        67,862      19,110
   19,194      10           Loans                     13,792      10,416
        0       0           Held-to-maturity               0           0
                            Financial assets at
                            fair value through
   65,416  38,887           profit or loss            47,004      19,730
      679   1,077           Investments in real estate   488       2,040
                            Total investments on
  179,733  44,833           balance sheet            129,146      51,296

                            Elimination of treasury
       (3)      0           shares *                      (2)         (9)
                            Investments in
       30      13           associates                    21          55
   36,798   7,192           Other assets              26,442      12,469
                            Consolidated
  216,558  52,038           total Assets             155,607      63,811



  - Table Continued -




                              Holding &
                    United     Other      other               Total
                    Kingdom countries activities Eliminations    EUR
  Investments
  Shares              41       183          52      (2)       2,602
  Bonds            5,161     4,827          20       0       88,553
  Loans               10     1,116           0       0       25,334
  Other financial
  assets               0       117           0       0       11,464
  Investments in
  real estate          0         0           0       0        2,528
  Investments general
  account           5,212     6,243         72      (2)     130,481
  Shares           18,225       167          0      (9)      24,799
  Bonds            13,307       330          0       0       25,312
  Separate accounts
  and investment
  funds             2,500     1,420          0       0       46,273
  Other financial
  assets            6,693       150          0       0        7,885
  Investments in
  real estate       1,131         0          0       0        1,131
  Investments for
  account
  of policyholders 41,856     2,067          0      (9)     105,400
  Investments on
  Balance sheet    47,068     8,310         72     (11)     235,881
  Off balance sheet
  investments
  third parties     2,403     5,299          0       0       95,963
  Total revenue
  generating
  investments      49,471    13,609         72     (11)     331,844
  Investments
  Available-for
  -sale             5,101     2,602         72       0       94,747
  Loans                10     1,116          0       0       25,334
  Held-to-maturity      0     2,269          0       0        2,269
  Financial assets at
  fair value through
  profit or loss   40,826     2,323          0     (11)     109,872
  Investments in
  real estate       1,131         0          0       0        3,659
  Total investments
  On balance
  sheet            47,068     8,310         72     (11)     235,881
  Elimination of
  treasury
  shares *              0         0          0      11            0
  Investments in
  associates           13       503          4      (2)         594
  Other assets      7,552     1,660     17,395 (14,734)      50,784
  Consolidated
  total Assets     54,633    10,473     17,471 (14,736)     287,259


  * Due to the split by country unit on this line, it is necessary to
    reverse the elimination of treasury shares in the column eliminations,
    as elimination by type had already taken place in the column
    eliminations above as well.




  ASSETS AND CAPITAL GEOGRAPHICALLY

  amounts in million EUR (unless otherwise stated)
             United
   Americas   Kingdom                                         The
    USD         GBP                            Americas    Netherlands
                     At March 31, 2009
  208,891    49,081  Assets business units     156,965       59,938
                     Other assets
                     Total assets on
                     balance sheet
   10,228     1,132  Capital in units            7,686         2,351
                     Total capital base
                     Other net liabilities
                     Total

                     At December 31, 2008
  216,558    52,038  Assets business units     155,607        63,811
                     Other assets
                     Total assets on
                     balance sheet

   10,617     1,257  Capital in units            7,629          2,954

                     Total capital base
                     Other net liabilities
                     Total



  - Table Continued -


                              United     Other       Total
                             Kingdom   countries      EUR

  At March 31, 2009
  Assets business units      52,730      10,333     279,966
  Other assets                                        3,056
  Total assets on
  balance sheet                                     283,022
  Capital in units            1,216       1,802      13,055
  Total capital base                                 13,096
  Other net liabilities                                 (41)
  Total                                              13,055

  At December 31, 2008
  Assets business units    54,633    10,473          284,524
  Other assets                                         2,735
  Total assets on
  balance sheet                                      287,259
  Capital in units          1,320     1,948           13,851

  Total capital base                                  14,031
  Other net liabilities                                 (180)
  Total                                               13,851

  Currencies
  Income statement items: average rate 1 EUR = USD 1.3023 (2008: USD
  1.4989).
  Income statement items: average rate 1 EUR = GBP 0.9070 (2008: GBP
  0.7569).
  Balance sheet items: closing rate 1 EUR = USD 1.3308 (2008: USD 1.5812;
  year-end 2008: USD 1.3917).
  Balance sheet items: closing rate 1 EUR = GBP 0.9308 (2008: GBP 0.7958;
  year-end 2008: GBP 0.9525).


  Notes:

  1) After deduction of preferred dividend and coupons on perpetuals.
     Shareholders' equity per share is calculated after deduction of the
     preferred share
  2) capital of EUR 2.1 billion (at Dec. 31, 2008:
     EUR 2.1 billion) and considering the number of treasury shares. The
     number of common shares used in the calculation of shareholders'
     equity per share is 1,516 million (at Dec. 31, 2008: 1,515 million).


  Basis of preparation and significant accounting policies



The condensed consolidated interim financial statements as at and for the 3 month period ended March 31, 2009, included in Appendix III have been prepared in accordance with IAS 34 'Interim financial reporting'. It does not include all of the information required for full financial statements and should therefore be read together with the 2008 consolidated financial statements of AEGON N.V. as included in AEGON's Annual Report for 2008.

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

All accounting policies and methods of computation applied in the condensed consolidated interim financial statements are the same as those applied in the 2008 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and adopted by the European Union, except for the changes highlighted below.

The following new standards and amendments to standards are mandatory for the first time for the financial year beginning January 1, 2009:

IFRS 8 'Operating segments'. This standard requires disclosure of information about the Group's operating segments and replaces the requirement to determine primary (geographical) and secondary (business) reporting segments of the Group.

Under IFRS 8, AEGON's operating segments are based on the businesses as presented in internal reports that are regularly reviewed by the executive board which is regarded as the "chief executive decision maker". The operating segments are:

  - AEGON Americas. Main business lines include life and protection,
    individual savings and retirement, pensions and asset management,
    institutional products and life reinsurance.
  - AEGON The Netherlands. Main business lines include life and protection,
    individual savings and retirement, pensions and asset management,
    distribution and general insurance.
  - AEGON United Kingdom. Main business lines include life and protection,
    pensions and asset management and distribution.
  - Other countries. Other countries include the country units Central and
    Eastern Europe, other European countries, European variable annuities
    and Asia. Main business lines include life and protection, pensions and
    asset management and general insurance.
  - Holding and other activities. Includes finance, employee and other
    administrative expenses of the group staff functions.



This report includes a non-IFRS financial measure: Underlying earnings before tax. AEGON believes this non-IFRS measure, together with the IFRS measure (Net income), provides a meaningful measure for the investing public to evaluate AEGON's business relative to the businesses of our peers. In addition, underlying earnings is a key performance indicator on which the executive board manages AEGON's performance. The reconciliation of this measure to the most comparable IFRS measure is shown in table Segment reporting on page 34.

The adoption of IFRS 8 did not have any impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

IAS 1 (revised) 'Presentation of financial statements'. The revised standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non- owner changes in equity presented as a single line. In addition, the standard introduces the statement of comprehensive income: it presents all items of recognized income and expenses, either in one single statement, or in two linked statements. AEGON has elected to present two statements. The adoption of this standard did not have any impact on equity or net income. In accordance with the transitional requirements of the standard, AEGON has provided full comparative information.

IFRS 2 'Share-based Payment - Vesting Conditions and Cancellations'. The Standard has been amended to clarify the definition of vesting conditions and to prescribe the accounting treatment of an award that is effectively cancelled because a non-vesting condition is not satisfied. The adoption of this amendment did not have any impact on the financial position or performance of the Group.

IAS 23 'Borrowing Costs (revised)'.

The standard has been revised to require capitalization of borrowing costs on qualifying assets. This amendment is not relevant to the Group as the Group already has a policy to capitalize borrowing costs.

In addition, the following new standards, amendments to existing standards and interpretations are mandatory for the first time for the financial year beginning January 1, 2009 but are not currently relevant for the Group:

  - IFRIC 16 'Hedges of a net investment in a foreign operation';
  - Amendments to IAS 39 'Eligible hedged items';
  - Improvements to IFRS (2008).

  Condensed consolidated income statement



The result from financial transactions in Q1 2009 amounted to a loss of EUR 7.3 billion compared to a loss of EUR 8.9 billion in Q1 2008. These losses primarily reflect losses on investments for account of policyholders. This decrease of losses is offset by an increase in the benefits and expenses line which increases from an amount of EUR 270 million in Q1 2008 to EUR 1.8 billion in Q1 2009.

Capital and funding

The capital management section, on page 2 provides information on issuances, repurchases and repayments of debt and equity securities during the current interim reporting period.

Investment impairments

Page 6 of the results release includes information on net impairments recognized in Q1 of 2009.

Fair value measurement

Fair value measurement of financial assets and liabilities has been subject of industry-wide discussions between preparers, regulators and users of financial statements. The distressed markets continuing since the second half of 2008 resulted in challenges related to the fair value measurement of financial instruments because of far less liquidity in the market, forced sales resulting from deleveraging activities and asset/liability programs. Assets with a mark-to-model valuation are now 3.8% (EUR 3.7 billion) of the total valuation of debt instruments held at fair value (Q4 2008: 1.1%).

  Business combinations

  There were no significant new business combinations during Q1 2009.

  Commitments and contingencies



There have been no material changes in contingent assets and liabilities reported in the 2008 consolidated financial statements of AEGON.

Events after the balance sheet date

On April 22, 2009 AEGON announced it has agreed to sell its Taiwanese life insurance business to Zhongwei Company Ltd. The sale price is expected to be EUR 65 million resulting in an estimated total negative impact on earnings of EUR 400 million in Q2 2009, resulting in a charge to shareholders' equity of EUR 300 million. The sale of the Taiwanese life insurance business is subject to regulatory approval and is expected to close by the end of Q3 2009.

On April 29, 2009 AEGON completed an issue of senior unsecured notes with a nominal value of EUR 1 billion due April 29, 2012, under its USD 6 billion program for the issuance of debt instruments. The notes, issued at a price of 99.673, will carry a coupon of 7%.

As an international life insurance, pension and investment company based in The Hague, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ just over 31,000 people and have over 40 million customers across the globe.

  Key figures                     First quarter  Full year 2008
                                       2009

  Underlying earnings before tax     EUR (22) million    EUR 1.57 billion
  New life sales                     EUR 543 million     EUR 2.63 billion
  Gross deposits                     EUR 8.2 billion     EUR 40.75 billion
  Revenue generating investments
  (End of period)                    EUR 334 billion     EUR 332 billion


  Disclaimers

  Cautionary note regarding non-GAAP measures



This press release includes certain non-GAAP financial measures: (net) underlying earnings, net operating earnings, operating earnings before tax and value of new business. The reconciliation of net underlying earnings and underlying earnings before tax to the most comparable IFRS measures is provided on page 34. A reconciliation of (net) underlying earnings to operating earnings before tax is provided on page 27.

Value of new business is not based on IFRS, which are used to report AEGON's quarterly condensed consolidated interim financial statements and should not be viewed as a substitute for IFRS financial measures.

AEGON believes that these non-GAAP measures, 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 press release 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 press release that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, 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 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;
  - Litigation or regulatory action that could require us to pay
    significant damages or change the way we do business;
  - Customer responsiveness to both new products and distribution channels;
  - Competitive, legal, regulatory, or tax changes that affect the
    distribution cost of or demand for our products;
  - Our failure to achieve anticipated levels of earnings or operational
    efficiencies as well as other cost saving initiatives; and
  - The impact our adoption of the International Financial Reporting
    Standards may have on our reported financial results and financial
    condition.




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.

  Group Corporate Communications & Investor Relations

  Media relations:
  Phone: [phone]
  E-mail: 

  Media conference call
  8:00 am CET
  Audio webcast on http://www.aegon.com/

  Investor relations:
  Phone: [phone]
  or     [phone] - toll free USA only
  E-mail: 


  Analyst & investor call
  3:00 pm CET
  Audio webcast on http://www.aegon.com/
  Call-in numbers (listen only):
    Netherlands    [phone]
    United Kingdom [phone]
    United States  [phone]
  Website: http://www.aegon.com/

  Financial supplement:
  AEGON's Q1 2009 Financial supplement is available on http://www.aegon.com/.

  Video interview Alex Wynaendts


Available on http://www.aegon.com/ at 7.45 a.m., via the link http://www.aegon.com/q1interview. 

DATASOURCE: AEGON N.V.

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