NOTES TO THE CONSOLIDATED INCOME STATEMENTS Amounts in EUR millions The combined ratio is the sum of the ratio of net incurred claims to net premiums earned and the ratio of net commissions and expenses to premiums own account. Although a ratio over 100% suggests a loss, the ratio does not include investment income. With the inclusion of investment income in the calculation, all of AEGON’s major product lines were profitable during the periods presented. AEGON GROUP ANNUAL REPORT 2003 112 COMBINED RATIOS (in %)  Marine, Legal transport Accident liability Other and General Other & health motor motor aviation Fire liability branches Total 2003 Americas 107 — — — — — — 107 The Netherlands 87 128 91 96 97 118 106 100 Other Countries 95 93 67 120 93 120 57 93 TOTAL 105 111 94 96 95 119 80 103 2002 Americas 106 — — — — — — 106 The Netherlands 95 117 100 98 109 101 67 103 Other Countries 96 102 104 191 94 120 55 97 TOTAL 105 110 102 99 102 105 61 105 2001 Americas 99 — — — 77 — — 99 The Netherlands 94 114 95 99 106 92 64 100 Other Countries 94 103 105 67 98 127 — 99 TOTAL 99 109 98 99 102 99 64 100