150 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 5 The Group uses underlying earnings before tax in its segment  reporting as an important indicator of its financial performance.  The reconciliation of this measure to the income before tax is  shown below. AEGON believes that underlying earnings before  tax, together with the other information included in this  report, provides a meaningful measure for the investing public  to evaluate AEGON’s business relative to the businesses of  its peers. Note 2010 2009 2008 Underlying earnings before tax 1,963 1,173 1,223 Fair value items 369 (460) (1,619) Realized gains and (losses) on fi nancial investments 34 564 475 99 Gains and (losses) on investments in real estate 34 135   (179)  (48) Fair value changes on economic hedges for which no hedge accounting is applied  34  (119) 152   (46) Ineffective portion of hedge transactions for which hedge accounting is applied 34  (1)  (41) 50  Realized gains and (losses) on repurchased debt  34 18 11 – DPAC / VOBA offset  38  (27) 78  14  Impairment (charges) / reversals  39  (694)  (1,331)  (1,072) Other income / (charges) 35, 36,  38, 40, 41  (129)  (329)  (12) Run-off businesses  (165)  (13) 350  INCOME / (LOSS) BEFORE TAX 1,914   (464)  (1,061) Other selected income statement items  Americas The  Nether- lands United  Kingdom New  Markets Holding  and other  activities Total 2010 Amortization of deferred expenses, VOBA and  future servicing rights  1,061   99   250   100   –   1,510  Depreciation  41  18 12 15 2 88  Impairment charges / (reversals) on fi nancial assets,  excluding receivables  456   11   36   22   –   525  Impairment charges / (reversals) on non-fi nancial  assets and receivables  161   (2)  1   16   –   176  2009 Amortization of deferred expenses, VOBA and  future servicing rights 1,118 125 232 94 – 1,569 Depreciation  39 23 14 13 1 90 Impairment charges / (reversals) on fi nancial assets,  excluding receivables 1,005 111 183 23 5 1,327 Impairment charges / (reversals) on non-fi nancial  assets and receivables 22 15 1 – – 38 2008 Amortization of deferred expenses, VOBA and  future servicing rights 999 133 241 184 – 1,557 Depreciation  38 17 14 14 1  84 Impairment charges / (reversals) on fi nancial assets,  excluding receivables  815 138 22 70 34  1,079 Impairment charges / (reversals) on non-fi nancial  assets and receivables  38 – – 3 – 41