35 ANNUAL REPORT 2010   OUR BUSINESSES  THE NETHERLANDS As part of AEGON’s strategy to focus on its core  businesses, AEGON The Netherlands sold its  funeral business and announced a reorganization  of its banking activities. Earnings overview AEGON The Netherlands Underlying earnings before tax In EUR million 385 398 10 09 Gross deposits In EUR million 2,382 3,434 10 09 Operating expenses In EUR million 748 873 10 09 New life sales In EUR million 248 239 10 09 Revenue-generating investments In EUR billion 73 71 10 09 Value of new business (VNB) In EUR million 144 184 10 09 In EUR million 2010 2009 % Life and savings 186  180  3 Pensions 153 174 (12) Non-life 33 29 14 Distribution 16 16 – Share in underlying earnings before tax of associates (3) (1) (200) Underlying earnings before tax 385 398 (3) Fair value items 361 (374) – Realized gains / (losses) on investments 155 351 (56) Impairment charges (11) (111) 90 Other income / (charges) 38 – – Income before tax 928 264 – Income tax (217) (23) – Net income 711 241 195 NET UNDERLYING EARNINGS 292 298 (2) SHARPENING OUR FOCUS