Notes to the consolidated financial statements of Aegon N.V.  Note 5 206 The Group uses underlying earnings before tax in its segment reporting as an important indicator of its financial performance.  The reconciliation of this measure to the income before tax is shown below. Aegon believes that underlying earnings before tax,  together with the other information included in this report, provides a meaningful measure for the investing public to evaluate  Aegon’s business relative to the businesses of its peers. 1  Including a fair value adjusment of EUR 10 million (2012: EUR (1) million; 2011: EUR (85) million). Annual Report 2013 Income statement ­ Underlying earnings Americas The  Netherlands United  Kingdom New  Markets Holding  and other  activities Elimina- tions Segment  total Joint ventures and  associates  eliminations Consoli- dated 2011 Underlying earnings  before tax 1,286 298 14 249 (306) 3 1,544 (13) 1,531 Fair value items (477) 156 (6) (30) (59) - (416) - (416) Realized gains / (losses) on  investments 119 269 51 7 - - 446 - 446 Impairment charges (306) (16) (62) (61) - 1 (444) 4 (440) Impairment reversals 56 1 - - - (1) 56 - 56 Other income / (charges) (35) (164) (57) 7 (18) - (267) - (267) Run-off businesses 28 - - - - - 28 - 28 Income before tax 671 544 (60) 172 (383) 3 947 (9) 938 Income tax (expense) / benefit (20) (125) 15 (61) 131 - (60) 9 (51) Net income 651 419 (45) 111 (252) 3 887 ­ 887 Intersegment underlying  earnings (157) (105) (68) 257 73 Revenues 2011 Life insurance gross premiums 6,004 3,213 6,474 1,600 - (55) 17,236 (383) 16,853 Accident and health insurance 1,672 216 - 179 - - 2,067 - 2,067 General insurance - 452 - 149 - - 601 - 601 Total gross premiums 7,676 3,881 6,474 1,928 ­ (55) 19,904 (383) 19,521 Investment income 3,565 2,192 2,154 320 392 (385) 8,238 (70) 8,168 Fee and commission income 766 329 137 469 - (237) 1,464 - 1,464 Other revenues 1 - - 1 4 - 6 - 6 Total revenues 12,008 6,402 8,765 2,718 396 (677) 29,612 (453) 29,159 Inter-segment revenues 28 2 2 270 375 Note 2013 2012 2011 Underlying earnings before tax 1,895 1,780 1,531 Fair value items (1,134) 125 (308) Realized gains and (losses) on financial investments 10 500 552 803 Gains and (losses) on investments in real estate 10 (49) (9) (49) Fair value changes on economic hedges for which no hedge accounting is applied 10 (108) (79) (117) Ineffective portion of hedge transactions for which hedge accounting is applied 10 9 11 13 Realized gains and (losses) on repurchased debt 10 - 7 4 DPAC / VOBA offset  1) 14 (10) (138) (289) Impairment (charges)/reversals 15 (296) (173) (481) Other income/(charges) 11, 12, 14, 17 149 (161) (198) Run-off businesses 14 3 29 Income/(loss) before tax 971 1,918 938