Business overview  Results of operations – New Markets 62 Results 2013 New Markets Amounts in EUR millions 2013 2012 % Net underlying earnings 159 185 (14%) Tax on underlying earnings 77 89 (13%) Underlying earnings before tax by product segment Central & Eastern Europe 59 85 (31%) Asia 42 19 121% Spain and France 33 69 (52%) Variable Annuities Europe 7 - - Aegon Asset Management 95 101 (6%) Underlying earnings before tax 236 274 (14%) Net fair value items (21) (1) - Gains / (losses) on investments (1) 10 - Impairment charges (16) (26) 38% Other income / (charges) (33) 113 - Income before tax (excluding income tax from certain proportionately consolidated joint  ventures and associates) 167 370 (55%) Income tax from certain proportionately consolidated joint ventures and associates included in  income before tax 5 15 (67%) Income tax (34) (121) 72% Of which Income tax from certain proportionately consolidated joint ventures and associates  included in income before tax (5) (15) 67% Net income 133 249 (47%) Life insurance gross premiums 1,349 1,374 (2%) Accident and health insurance premiums 170 188 (10%) General insurance premiums 194 144 35% Total gross premiums 1,713 1,706 0% Investment income 233 319 (27%) Fees and commission income 583 524 11% Other revenues 2 3 (33%) Total revenues 2,531 2,552 (1%) Commissions and expenses 988 870 14% of which operating expenses 656 613 7% Annual Report 2013