41 ANNUAL REPORT 2010   OUR BUSINESSES  NEW MARKETS Gross deposits rose to EUR 9.1 billion, mainly as a result  of strong growth in AEGON Asset Management.  The main reason for the 2010 net deposits of EUR 3.9  billion was new asset management mandates, but all  units contributed and experienced net inflows.  Growth in Variable Annuities Europe and Central &  Eastern Europe was largely offset by the decline in Spain,  which was driven mainly by lower sales. The internal rate  of return on new business remained high at 34%. Revenue-generating investments increased 100%  during the year to EUR 34 billion at December 31, 2010,  mainly as a result of the inclusion of AEGON Asset  Management. The value of new business for New Markets decreased  3% to EUR 116 million as compared to the previous year.  Revenue-generating investments Value of new business SHARPENING OUR FOCUS New life sales Underlying earnings before tax Gross deposits Revenue-generating investments Operating expenses Value of new business (VNB) Underlying earnings geographically New Markets In EUR million 2010  2009 % Central & Eastern Europe 95 117 (19) Asia (39) (14) (179) Spain & France 87 71 23 Variable Annuities Europe 11 (4) – AEGON Asset Management 46 – – UNDERLYING EARNINGS BEFORE TAX 200 170 18 in EUR million 116 120 10 09 In EUR million 562 227 10 09 In EUR million 200 170 10 09 In EUR million 275 285 10 09 In EUR million 9,082 4,817 10 09 In EUR billion 34 17 10 09