252 ❏ FORWARD-LOOKING STATEMENTS The statements contained in this Annual Report that are not  historical facts are forward-looking statements as defined in  the US Private Securities Litigation Reform Act of 1995. The  following are words that identify such forward-looking  statements: aim, believe, estimate, target, intend, may, expect,  anticipate, predict, project, counting on, plan, continue, want,  forecast, goal, should, would, is confident, will, and similar  expressions as they relate to AEGON. These statements are not  guarantees of future performance and involve risks,  uncertainties and assumptions that are difficult to predict. We  undertake no obligation to publicly update or revise any  forward-looking statements. Readers are cautioned not to place  undue reliance on these forward-looking statements, which  merely reflect company expectations at the time of writing.  Actual results may differ materially from expectations conveyed  in forward-looking statements due to changes caused by  various risks and uncertainties. Such risks and uncertainties  include but are not limited to the following: ■ Changes in general economic conditions, particularly in the  United States, the Netherlands and the United Kingdom. ■ Changes in the performance of financial markets, including  emerging markets, such as with regard to: ■ The frequency and severity of defaults by issuers in our  fixed income investment portfolios; and ■ The effects of corporate bankruptcies and/or accounting  restatements on the financial markets and the resulting  decline in the value of equity and debt securities we hold. ■ The frequency and severity of insured loss events. ■ Changes affecting mortality, morbidity, persistence and other  factors that may impact the profitability of our insurance  products. ■ Changes affecting interest rate levels and continuing low or  rapidly changing interest rate levels. ■ Acts of God, acts of terrorism, acts of war and pandemics. ■ Changes in the policies of central banks and/or governments. ■ Lowering of one or more of our debt ratings issued by  recognized rating organizations and the adverse impact such  action may have on our ability to raise capital and on our  liquidity and fi nancial condition. ■ Lowering of one or more of insurer financial strength ratings  of our insurance subsidiaries and the adverse impact such  action may have on the premium writings, policy retention,  profitability of its insurance subsidiaries and liquidity. ■ The effect of the European Union’s Solvency II requirements  and other regulations in other jurisdictions affecting the  capital we are required to maintain. ■ Litigation or regulatory action that could require us to pay  significant damages or change the way we do business. ■ Customer responsiveness to both new products and  distribution channels. ■ Competitive, legal, regulatory, or tax changes that affect the  distribution cost of or demand for our products. ■ The impact of acquisitions and divestitures, restructurings,  product withdrawals and other unusual items, including our  ability to integrate acquisitions and to obtain the anticipated  results and synergies from acquisitions. ■ Our failure to achieve anticipated levels of earnings or  operational efficiencies as well as other cost saving  initiatives.  ■ Our inability to obtain consent from the Dutch Central Bank  to repurchase our Core Capital Securities; and ■ Our inability to divest Transamerica Reinsurance on terms  acceptable to us or the failure of any of the conditions for  completion of such divestment agreement. ■ Changes affecting currency exchange rates, in particular the  EUR/USD and EUR/GBP exchange rates. ■ Increasing levels of competition in the Americas, the  Netherlands, the United Kingdom and new markets. ■ Changes in laws and regulations, particularly those affecting  our operations, the products we sell, and the attractiveness  of certain products to our consumers. ■ Regulatory changes relating to the insurance industry in the  jurisdictions in which we operate. Further details of potential risks and uncertainties affecting the  company are described in the company’s filings with Euronext  Amsterdam and the US Securities and Exchange Commission,  including the Annual Report on Form 20-F. These forward- looking statements speak only as of the date of this document.  Except as required by any applicable law or regulation, the  company expressly disclaims any obligation or undertaking to  release publicly any updates or revisions to any forward-looking  statements contained herein to reflect any change in the  company’s expectations with regard thereto or any change in  events, conditions or circumstances on which any such  statement is based.