THE NETHERLANDS Amounts in EUR millions 2003 2002 % INCOME BY PRODUCT SEGMENT Traditional life  548 552 (1) Life for account of policyholders 135 49 176 Fee business 13 0 Life insurance 696 601 16 Accident and health insurance 44 26 69 General insurance 11 24 (54) TOTAL INSURANCE 751 651 15 of which general account 603 602 0 of which policyholders account 1 148 49 BANKING ACTIVITIES 2 20 8 150 Income before tax 771 659 17 Corporation tax (179) (136) 32 NET INCOME 592 523 13 REVENUES Life general account single premiums 676 507 33 Life general account recurring premiums 518 564 (8) Life policyholders account single premiums 592 1,171 (49) Life policyholders account recurring premiums 1,461 1,331 10 Total life insurance gross premiums 3,247 3,573 (9) Accident and health insurance premiums 163 162 1 General insurance premiums 459 447 3 Total gross premiums 3,869 4,182 (7) Investment income insurance activities 3 1,465 1,397 5 Fees and commissions 265 57 Income from banking activities 354 416 (15) TOTAL REVENUES 5,953 6,052 (2) Investment income for account of policyholders 1,096 (1,165) GROSS MARGIN, COMMISSIONS AND EXPENSES Gross margin 1,727 1,325 30 Commissions and expenses 4 956 666 44 STANDARDIZED NEW PREMIUM PRODUCTION LIFE INSURANCE Single premiums 1,164 1,536 (24) Recurring premiums annualized 156 191 (18) TOTAL RECURRING PLUS 1/10 SINGLE 272 345 (21) DEPOSITS Savings deposits 2,899 3,386 (14) TOTAL PRODUCTION ON BALANCE SHEET 2,899 3,386 (14) INVESTMENT CONTRACTS 13 393 (97) OFF BALANCE SHEET PRODUCTION Mutual funds and other managed assets 3,522 1,223 188 TOTAL PRODUCTION OFF BALANCE SHEET 3,522 1,223 188 $^{1}$Includes also fee business $^{2}$Includes income on off balance sheet type products $^{3}$Of which indirect income on shares and real estate 468 418 12 $^{4}$For 2003 includes the effect of the consolidation of the distribution companies AEGON GROUP ANNUAL REPORT 2003 128