AMERICAS Amounts in millions 2003 2002 2003 2002 USD USD % EUR EUR % INCOME BY PRODUCT SEGMENT Traditional life 724 813 (11 ) 640 859 (25) Fixed annuities 378 165 129 334 174 92 GICs and funding agreements 241 257 (6) 213 272 (22) Life for account of policyholders 82 106 (23) 73 112 (35) Variable annuities 71 (437) 63 (462) Fee business (19) 5 (17) 5 Life insurance 1,477 909 62 1,306 960 36 Accident and health insurance 263 233 13 232 246 (6) TOTAL INSURANCE 1,740 1,142 52 1,538 1,206 28 of which general account 1,606 1,468 9 1,419 1,551 (9) of which policyholders account 1 134 (326) 119 (345) Income before tax 1,740 1,142 52 1,538 1,206 28 Corporation tax (501) (226) 122 (443) (239) 85 NET INCOME 1,239 916 35 1,095 967 13 REVENUES Life general account single premiums 916 942 (3) 810 995 (19) Life general account recurring premiums 4,747 4,470 6 4,197 4,721 (11) Life policyholders account single premiums 522 791 (34) 461 835 (45) Life policyholders account recurring premiums 779 631 23 689 667 3 Total life insurance gross premiums 6,964 6,834 2 6,157 7,218 (15) Accident and health insurance premiums 2,508 2,469 2 2,217 2,608 (15) Total gross premiums 9,472 9,303 2 8,374 9,826 (15) Investment income insurance activities 2 6,354 6,309 1 5,618 6,663 (16) Fees and commissions 966 836 16 854 883 (3) TOTAL REVENUES 16,792 16,448 2 14,846 17,372 (15) Investment income for account of policyholders 7,704 (5,648) 6,811 (5,965) GROSS MARGIN, COMMISSIONS AND EXPENSES Gross margin 5,637 4,676 21 4,983 4,939 1 Commissions and expenses 3,897 3,534 10 3,445 3,733 (8) STANDARDIZED NEW PREMIUM PRODUCTION  LIFE INSURANCE Single premiums 1,291 1,578 (18) 1,141 1,667 (32) Recurring premiums annualized 947 826 15 837 872 (4) TOTAL RECURRING PLUS 1/10 SINGLE 1,076 984 9 951 1,039 (8) DEPOSITS Fixed annuities 5,220 7,178 (27) 4,615 7,582 (39) GICs and funding agreements 9,412 9,827 (4) 8,321 10,379 (20) Variable annuities 6,370 9,902 (36) 5,632 10,458 (46) TOTAL PRODUCTION ON BALANCE SHEET 21,002 26,907 (22) 18,568 28,419 (35) OFF BALANCE SHEET PRODUCTION Synthetic GICs 13,242 12,196 9 11,707 12,881 (9) Mutual funds/Collective Trusts and other managed assets 8,305 6,646 25 7,343 7,020 5 TOTAL PRODUCTION OFF BALANCE SHEET 21,547 18,842 14 19,050 19,901 (4) $^{1}$Includes also variable annuities and fee business $^{2}$Of which indirect income on shares and real estate 181 316 (43) 160 334 (52) AEGON GROUP ANNUAL REPORT 2003 127