Partnership in Spain

RNS Number:5022S
Aegon N.V.
26 November 2003



CAM AND AEGON TO AGREE ON PARTNERSHIP


Caja de Ahorros del Mediterraneo (CAM) and AEGON have signed a framework
agreement for a partnership, which would establish one of the key players in the
Spanish insurance market.


CAM, one of the largest savings banks in Spain, will contribute its insurance
subsidiary Mediterraneo Vida to the partnership, and provide exclusive access to
its network of 849 offices, which are concentrated in the regions of Valencia,
Murcia, Catalonia, the Balearic Islands, Madrid and Andalusia. In 2002 total
life premiums of Mediterraneo Vida amounted to EUR 574 million.

AEGON, the holding company of one of the world's largest listed life insurance
groups, will contribute capital to the partnership as well as its expertise in
product development, insurance operations and distribution.

The agreement is in line with CAM's strategy to concentrate on its core business
through organic growth, acquisitions and strategic alliances.


AEGON's strategy to establish leadership positions in life insurance and
pensions in its target core markets is reflected in the partnership agreement.


More information will be provided when final agreements are completed.


About AEGON

AEGON N.V., with its headquarters in the Netherlands, is the holding company of
one of the world's largest listed life insurance groups. The AEGON Group
operates through three major markets: the Americas - including the United States
and Canada - the Netherlands and the United Kingdom. The Group has operations in
a number of other countries, including Spain. Over 90% of AEGON's business
comprises life insurance, pensions and related savings and investment products.
The Group employs about 29,000 people worldwide.


About CAM

CAM, the third-largest savings bank in Spain in terms of profitability and the
eighth largest financial group in the country, has a network of 849 offices,
which are concentrated in the regions of Valencia, Murcia, Catalonia, the
Balearic Islands, Madrid and Andalusia. CAM's core business is retail banking,
which represents 80% of the group's total assets.



Disclaimer

The statements contained in this press release that are not historical facts are
forward-looking statements as defined in the U.S. Private Securities Litigation
Reform Act of 1995. Words such as "believe", "estimate", "intend", "may", "
expect", "anticipate", "predict", "project", "counting on", "plan", "continue",
"want", "forecast", "should", "would", "is confident" and "will" and similar
expressions as they relate to us are intended to identify such forward-looking
statements. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict. We
undertake no obligation to publicly update or revise any forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.

All forward-looking statements are subject to various risks and uncertainties
that could cause actual results to differ materially from expectations,
including, but not limited to, the following:

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

*         Changes in the performance of financial markets, including emerging
markets, including:

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

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

*         The frequency and severity of insured loss events;

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

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

*         Changes affecting currency exchange rates, including the EUR/USD and
EUR/GBP exchange rates;

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

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

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

*         Acts of God, acts of terrorism and acts of war;

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

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

*         Customer responsiveness to both new products and distribution
channels;

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

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









Alicante, The Hague, 26 November 2003



Inquiries:

AEGON N.V.                                      CAM
Group Corporate Affairs & Investor Relations    Institutional Relations Director
                                                Carlos Moyano
                                                [phone]
Media
[phone]


                                                Press Office                                    
                                                [phone]

Analysts and investors                    
[phone]





For further information about AEGON N.V visit the website www.AEGON.com

For further information about Caja de Ahorros del Mediterraneo SA visit the
website www.cam.es




This press release has also been published in Spanish and in Dutch. In the event
of differences of interpretation, the English version will prevail.


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            The company news service from the London Stock Exchange
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