Growing the Value

Agency Distribution

Tim Stonehocker

Executive Vice President Agency Distribution

A&I Conference – November 2007

Key Messages

� Focus on recruiting and distribution expansion

� Continue to leverage our expertise in new markets

� Commitment to product innovation and unique programs that attract and retain distribution

� Use technology to create efficiencies and streamline processes, both internally and in the field

� Retail life sales surpass industry growth rate

2 A&I Conference – November 2007

Business Units

Reinsurance Life & Protection Institutional Individual Savings

& Retirement

Pensions &

Asset Management

AEGON Americas

Transamerica Insurance & Invest Group

World Financial

Group

Transamerica Worksite Marketing

Monumental Life

AEGON Direct Marketing

Services

Long Term Care

Transamerica Capital

Management

Transamerica Fund

Advisors

Diversified Investment Advisors

Transamerica Retirement Services

Transamerica Retirement

Management

Transamerica Investment

Management

AEGON Institutional

Markets

Extraordinary Markets

Transamerica Reinsurance

3 A&I Conference – November 2007

Approach to the Retail Life Marketplace

Affluent Market

Lower Income Market

Middle Income Market

Business Unit Characteristics Producer

Penetration

TIIG International High net worth clients served through offices in

Hong Kong, Singapore and Dubai

25%

TIIG Domestic General Agency approach with majority of business from

former Transamerica branch system

>50% of top

GA’s

AEGON Owned Broker Dealers /

Marketing

Organizations

World Financial Group, InterSecurities and Transamerica Financial Advisors

80% Life

30% Annuity

Middle Market

Brokerage

iGroup, Life Investors Financial Group, Alliance Marketing 30% to 90%

Transamerica Worksite Marketing

Voluntary benefit specialists and enrollment firms 75%

Monumental Home service business 100%

We capture the majority of the business of our producers

4 A&I Conference – November 2007

�

Product Solutions

Life

Insurance

College

Planning

Annuities

Retirement

Strategies

Business

Solutions

Mutual

Funds

A&I Conference – November 2007 5

Continued progress maintaining a leadership role in product innovation is critical

Current Producer Environment

� The number of agents in direct channels has declined to fewer than 170,000 from a high of 253,000 in 1975

� At current recruiting levels, this will decline to less than 150,000 by the end of this decade

� More than half of independent agents are age 54 or older and heading toward retirement

"Lost Rather Than Stolen: Producers rank financial factors as the leading motivator to switch carriers, but product leadership, career opportunity, or more autonomy are mentioned nearly as often as financial reasons. However, many producers also lost to the competition rather than being enticed away. The effect of corporate staff reductions is being felt by producers who feel that they are being starved in terms of availability and quality of services companies provide compared with years past. The result is that producers are just as likely to be pushed to another company as they are to be pulled away.“

RECRUITING AND RETAINING DISTRIBUTION IS OUR STRENGTH

Statistics and quote from "New game, New Rules, New Reality The Economics of Growing Distribution, by Lucian J. Lombardi, ASA VP and Director, Distribution and Strategic Research, LIMRA International and Daniel C. Inveen Manager, Business Consulting Group, Moss Adams LLP.

6 A&I Conference – November 2007

Areas for Growth in Distribution

� World Financial Group (WFG)

� Transamerica Insurance and Investment Group (TIIG)

� New Business Development

7 A&I Conference – November 2007

WFG Has Experienced Strong Agent Growth

18,029

17,075 16,685

15,359 14,616

14,042

13,026 12,286 12,016

11,081 10,356

1Q 2005 2Q 2005 3Q 2005 4Q 2005 1Q 2006 2Q 2006 3Q 2006 4Q 2006 1Q 2007 2Q 2007 3Q 2007

WFG’s agent force has increased 74% since 1st Quarter 2005

Numbers represent active life and NASD registered agents

8 A&I Conference – November 2007

WFG Sales Growth Driven by Agent Growth

In USD mln

80

20

25

60

22%

15

40

10

20 5

0 0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 9 Months 9 Months 2006 2006 2006 2006 2007 2007 2007 2006 2007

Sales in the first nine months of 2007 have increased 22% over 2006

9 A&I Conference – November 2007

WFG - China

USD 8 million of Premium

2,729 Applications

720 Agents Licensed

Taking our proven building

blocks of success on agent

recruiting to China

2,644 Agents Recruited

Leveraging our expertise cross border

All numbers presented represent progress since entering the Chinese market through September 2007

10 A&I Conference – November 2007

TIIG – Supporting Our Distribution Channels

Agency Channels

include Brokerage

General Agencies

(BGA), Institutional

Agents and Direct

Marketers

Value high level of service and support,

especially in new business

Main market is high net worth and

large case

Active agent force of 126,000

11 A&I Conference – November 2007

Higher Margin TIIG Sales

In USD millions

80 200

60 150

40 100

20 50

0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2006 2006 2006 2006 2007 2007 2007

56

57%

9 Months 9 Months

2006 2007

Higher margin sales in 2007 have replaced STOLI sales in 2006

12 A&I Conference – November 2007

Leveraging Our Expertise In New Markets

New Market Sales (in USD millions)

� Transamerica has had a Hong

Kong presence since 1930’s 35

� Leverage Transamerica’s brand

in the Pacific Rim to achieve 30

strong presence in affluent

market segments 25

� Grow Hong Kong and Singapore

distribution relationships and

increase market share 15

20

� Implement new institutional

relationship opportunities from

existing accounts 5

10

� Opening Dubai office by year

end 2007 0

1999 2000 2001 2002 2003 2004 2005 2006

Strategy brings higher margin business and a less competitive environment

13 A&I Conference – November 2007

Business Development

Acting as an entry point for distribution, the Business Development Group

looks to create and nurture profitable long term relationships

� At any given time the group is reviewing between 20-30 new opportunities

� Of these, approximately 4-5 will make it into production

� The first initiative is completing their first full year of production and is currently

producing approximately USD 10 million of life insurance premium

� The latest opportunity was a joint business venture with Madison National Life

Resources committed to finding new distribution groups

14 A&I Conference – November 2007

   

 

 

 

 

 

   

 

 

 

On the Technology Front

CRM Application

Illustration

Archiving

FNA

Delivery

Delivery

Policy Info

Education

Statements

Prospectus

� Program “NOVUS” is a new way of doing business for our agents and clients

� Straight through processing and electronic delivery of information

� More cost efficient than paper

� Essential to be an industry leader, or to even compete, in the near future

Personal, one-stop shop, web based tool tailored to meet

the individual needs of both clients and agents

15 A&I Conference – November 2007

Conclusions

� Increase production by maintaining focus on recruiting and distribution development

� Continue to leverage our expertise into new markets

� Commitment to product innovation and unique programs that attract and retain distribution

� Use technology to create efficiencies and streamline processes both internally and in the field

Well positioned for continued growth

16 A&I Conference – November 2007

AEGON Investor Relations

P.O. Box 85

2501 CB The Hague

The Netherlands

p : +31 70 344 8305

f : +31 70 344 8445

e : gca-ir@aegon.com

A&I Conference November 200718

Cautionary Note regarding forward-looking Statements

Cautionary note regarding forward-looking statements

The statements contained in this presentation 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.

Cautionary note regarding Regulation G (non-GAAP measure)

This presentation includes non-GAAP financial measures: net operating earnings, operating earnings before tax, value of new business and embedded

value. Value of new business and embedded value are not based on IFRS, which are used to prepare and report AEGON’s financial statements and should

not be viewed as a substitute for IFRS financial measures. AEGON believes the non-GAAP measures shown herein, together with GAAP information,

provides a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.

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