REVIEW OF OPERATIONS RESULTS OF OPERATIONS 2003 2002 in million in million EUR EUR % INCOME BY PRODUCT SEGMENT Traditional life 1,218 1,457 (16) Fixed annuities 334 174 92 GICs and funding agreements 213 272 (22) Life for account of policyholders 378 371 2 Variable annuities 63 (462) Fee business 6 2 LIFE INSURANCE 2,212 1,814 2222 Accident and health insurance 283 278 2 General insurance 61 62 (2) TOTAL INSURANCE ACTIVITIES 2,556 2,154 19 Banking activities 20 8 150 Interest charges and other (429) (313) 37 Income before tax 2,147 1,849 16 Corporation tax (572) (353) 62 Transamerica Finance Corporation 218 51 NET INCOME 1,793 1,547 16 INCOME GEOGRAPHICALLY Americas 1,538 1,206 28 The Netherlands 771 659 17 United Kingdom 188 233 (19) Other Countries 79 64 23 Income before tax business units 2,576 2,162 19 Interest charges and other (429) (313) 37 Income before tax 2,147 1,849 16 Corporation tax (572) (353) 62 Transamerica Finance Corporation 218 51 NET INCOME 1,793 1,547 16 The United Other Americas Netherlands Kingdom Countries Total in million in million in million in million in million EUR EUR EUR EUR EUR 2003 Total life insurance gross premiums 6,157 3,247 5,974 831 16,209 Accident and health insurance premiums 2,217 163 — 83 2,463 General insurance premiums — 459 — 337 796 Total gross premiums 8,374 3,869 5,974 1,251 19,468 Investment income insurance activities 5,618 1,465 137 132 7,352 Fees and commissions 854 265 90 12 1,221 Income from banking activities — 354 — — 354 Total revenues business units 14,846 5,953 6,201 1,395 28,395 Income from other activities — — — — 34 Total revenues — — — — 28,429 Number of employees, including agent-employees 14,308 6,034 4,864 2,502 27,708 AEGON GROUP ANNUAL REPORT 2003 22