38 following repricing. Sales during 2009 included existing  AEGON group personal pension business which was  transferred internally to new group pension contracts.  AEGON decided in 2010 not to include these rewrites as  part of new business reporting. The company believes  that the exclusion of such rewrites provides a clearer  indication of new premium secured. repricing immediate annuities and the decision to adopt  a more conservative investment strategy by investing in  new assets in gilts, rather than corporate bonds. The  internal rate of return on new business amounted to 11%  in 2010.  In 2010, the value of new business in the United Kingdom  declined significantly to GBP 56 million as a result of  Revenue-generating investments increased 8% to  GBP 58 billion mainly as a result of business growth and  higher equity markets.  Revenue-generating investments Value of new business 61 47 10 09 82 158 10 09 390 413 10 09 56 152 10 09 58 53 10 09 907 899 10 09 New life sales Underlying earnings before tax Gross deposits Revenue-generating investments Value of new business (VNB) Operating expenses In GBP million In GBP million In GBP million In GBP million In GBP billion In GBP million In GBP million 2010 2009 % Life 60 38 58 Pensions 6 25 (76) Distribution (5) (16) 69 Underlying earnings before tax 61 47 30 Fair-value items (8) 25 – Realized gains / (losses) on investments 12 70 (83) Impairment charges (30) (163) 82 Other income / (charges) 41 59 (31) Income before tax 76 38 100 Income tax attributable to policyholder return (57) (59) 3 Income before income tax on shareholders return 19 (21) – Income tax on shareholders return 53 29 83 Net income 72 8 – NET UNDERLYING EARNINGS 103 59 75 Earnings overview AEGON UK