Results based on US GAAP

RNS Number:2594J
Aegon N.V.
26 March 2003


RESULTS BASED ON US ACCOUNTING PRINCIPLES

The consolidated financial statements of AEGON N.V. have been prepared in
accordance with Dutch accounting principles.
This release and its attachment contain a summary of the effect on AEGON's
shareholders' equity and net income of the application of US GAAP, which differ
in certain respects from those generally accepted in the Netherlands (Dutch
accounting principles). The information contained herein does not affect the
results published on 6 March 2003.

In 2002, net income in accordance with Dutch accounting principles was EUR 1,547
million while net income in accordance with US GAAP was a loss of EUR 2,230
million. The largest part of the difference is explained by:

Impairment on shares

Under DAP, AEGON held a positive revaluation account at December 31, 2002 of EUR
2,598 million. This is after a charge of EUR 1,057 million (2001: EUR 36
million) reflecting impairment losses on shares due to an other than temporary
decline in market value. Under US GAAP these impairment losses are charged to
net income.

Change in treatment of goodwill

Effective January 1, 2002 under US GAAP (SFAS 142) goodwill is no longer
amortized but is tested for impairment annually. In accordance with the
transitional rules of SFAS 142, an impairment charge of EUR 1,295 million was
recorded during the first six months of 2002, primarily related to the
Transamerica non-insurance business (refer to Form 6-K). This is in accordance
with the estimate already given in the 2001 Form 20-F.

The total charge in 2002 for goodwill impairment under US GAAP amounted to EUR
1,965 million (2001: EUR 496 million amortized). The impairment of EUR 670
million in the second half of 2002 pertains to the AEGON USA insurance
operations. The goodwill write-offs were already taken against shareholders'
equity in 2000 for the Transamerica Finance Corporation and in 1999 for the
AEGON USA insurance operations.

For an overview refer to the attached Information based on US Accounting
Principles as has been published by AEGON since 1986. On March 29 AEGON's 2002
Annual Report will be available on the company's website (www.aegon.com).

Disclaimer

Forward-looking statements

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

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

  * changes in general economic conditions, particularly in the United States,
    The Netherlands and the United Kingdom;
  * changes in the performance of financial markets, including emerging
    markets, including:
  * the frequency and severity of defaults by issuers in our fixed income
    investment portfolios; and
  * the effects of corporate bankruptcies and/or accounting restatements (such
    as Enron and WorldCom) 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;
  * changes affecting currency exchange rates, including the euro/US dollar
    and euro/UK pound 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;
  * 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; and
  * our failure to achieve anticipated levels of earnings or operational
    efficiencies as well as other cost saving initiatives.





The Hague, March 26, 2003

--------------------------------------------------------------------------------

Inquiries:

AEGON N.V.
Group Communications                    Investor Relations
Phone : [phone]             NL [phone]
                                        USA [phone]
Web site: www.aegon.com


Information based on US Accounting Principles

The consolidated financial statements of AEGON N.V. have been prepared in
accordance with Dutch accounting principles which differ in certain respects
from those generally accepted in the United States (US GAAP). The following
information is a summary of the effect on the Group's shareholders' equity and
net income of the application of US GAAP, which is in further detail included in
the Form 20-F report filed with the Securities and Exchange Commission. This
report is as usual available on request, free of charge, and can also be
retrieved from the EDGAR database of the SEC at www.sec.gov and via
www.aegon.com.


                                       Shareholders'
                                              equity
                                        December 31,                      Net income

Amounts in EUR millions                2002       2001      2002      2001      2000

Amounts in accordance with Dutch 
 accounting principles               14,231     15,923     1,547     2,397     2,066

Real estate                            -804       -847       -48       -61       -59
     The Netherlands: appraisal value
     United States:   cost less
                       depreciation

Debt securities                       3,411        933         -         -         -
     The Netherlands: amortized cost 
                       for bonds and 
                       private 
                       placements
     United States:   market value

Goodwill                              3,372      5,918    -1,965      -496      -433
     The Netherlands: charged to 
                       shareholders' 
                       equity
     United States:   capitalized and 
                       tested for 
                       impairment.
                       Before 2002 
                       capitalized and 
                       amortized over 
                       various periods 
                       not exceeding 
                       20 years

Technical provisions (including
 deferred policy acquisition costs)    -999        689      -155       -96       -34
     The Netherlands: calculated on 
                       recent 
                       assumptions
     United States:   calculated on 
                       assumptions 
                       when the
                       policy was 
                       issued or on 
                       recent
                       assumptions

Realized gains and losses on bonds 
 and private placements                 245        189         8       276      -348
     The Netherlands: deferred and 
                       released to 
                       income over 
                       the estimated 
                       average remaining 
                       maturity term
     United States:   recognized as 
                       income when 
                       realized

Realized gains and losses on shares 
 and real estate                          -          -    -2,251    -1,160       999
     The Netherlands: added to the
                       revaluation 
                       account.
                       From this reserve 
                       amounts are released
                       to income, so that 
                       together with the 
                       direct yield, a 
                       30 year moving 
                       average total 
                       rate of return 
                       is recognized.
     United States:   recognized as 
                       income when 
                       realized

                                      ______     ______   ______    ______     ______

Carried forward                       19,456     22,805   -2,864       860      2,191



                               Shareholders'
                                     equity
                                December 31,                               Net Income
In EUR millions                         2002       2001       2002    2001      2000

Brought forward                       19,456     22,805     -2,864     860     2,191

Deferred taxation (including taxation
 on US GAAP adjustments)              -1,140       -934        123     418       155
     The Netherlands:   calculated 
                         using 
                         discounted 
                         tax rates
     United States:     calculated 
                         using nominal 
                         tax rates

Derivatives                             -750       -377        182    -236         -
     The Netherlands :  recognized in 
                         same period and 
                         likewise as 
                         related 
                         investments 
                         and debt
     United States:     valued at market 
                         value, with 
                         changes included 
                         in earnings, 
                         except when 
                         hedge
                         accounting 
                         is applied

Balance of other items                    -12     -825         329    -410       242
     Certain expenses are recorded in 
     different periods on the
     two bases of accounting.
                                       ______   ______      ______  ______    ______
        
Amounts in accordance with US GAAP     17,554   20,669      -2,230     632     2,588


Net income in accordance with US GAAP                       -2,230     632     2,588
Other comprehensive income, net of tax:
Foreign currency translation adjustments                    -2,692     701       659
Unrealized gains (losses) on available 
for sale securities during the period                         -673    -621       212
Reclassification adjustment for (gains) 
losses included in net income                                1,193     377      -821
Cumulative effect of accounting change 
of adopting FAS 133                                              -      49         -
                                                            ______  ______    ______

Comprehensive income in accordance 
with US GAAP                                                -4,402   1,138     2,638


In 2002 major differences between amounts on Dutch accounting principles and
those on US GAAP compared to the amounts of prior years are explained as
follows:

The goodwill amortization in 2002 primarily reflects impairments for
Transamerica Finance Corporation (EUR 1,234 million) and AEGON USA insurance
operations.

Realized and unrealized gains and losses by their nature can show large
fluctuations. Included in realized gains and losses on shares and real estate
are EUR 1,057 million (2001: EUR 36 million and 2000: nil) impairment losses due
to an other than temporary decline in market value and the reversal of the
indirect return of EUR 758 million (2001: EUR 723 million and 2000: EUR 595
million).

An EUR 318 million loss on the total return swaps has been included in 2002 net
income on the line derivatives.

The balance of other items includes the effect of the sale of Mexico which under
DAP has been reported in 2001. In 2000 the result of the sale of Labouchere and
of other divestitures has been included in the balance of other items.

Comprehensive income is the change in shareholders' equity during the year from
transactions and other events and circumstances from non-owner sources. It
includes all changes in shareholders' equity during the year except those
resulting from investments by owners and distributions to owners.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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