Results of operations  Results 2013 worldwide Underlying earnings geographically Amounts in EUR millions 2013 2012 % Net underlying earnings 1,541 1,424 8% Tax on underlying earnings 405 427 (5%) Underlying earnings before tax geographically Americas 1,369 1,366 0% The Netherlands 355 325 9% United Kingdom 98 110 (11%) New markets 236 274 (14%) Holding and other activities (113) (224) 50% Underlying earnings before tax 1,945 1,851 5% Net fair value items (1,309) 11 - Gains / (losses) on investments 502 407 23% Impairment charges (121) (176) 31% Other income / (charges) (52) (162) 68% Run-off businesses 14 2 - Income before tax (excluding income tax from certain proportionately consolidated joint  ventures and associates) 979 1,933 (49%) Income tax from certain proportionately consolidated joint ventures and associates included in  income before tax 8 15 (47%) Income tax (130) (351) 63% Of which Income tax from certain proportionately consolidated joint ventures and associates  included in income before tax (8) (15) 47% Net income 849 1,582 (46%) Commissions and expenses 5,809 5,765 1% of which operating expenses 3,328 3,177 5% This Annual Report includes the non-IFRS financial measure:  underlying earnings before tax. The reconciliation of this  measure to the most comparable IFRS measure is presented  in the table above as well as in note 5 of the consolidated  financial statements. This non-IFRS measure is calculated  by consolidating on a proportionate basis the revenues and  expenses of Aegon’s joint ventures in Spain, China and Japan and  Aegon's associates in India, Brazil and Mexico.  The table also includes the non-IFRS financial measure: net  underlying earnings. This is the after-tax equivalent of underlying  earnings before tax. The reconciliation of net underlying earnings  to the most comparable IFRS measure is presented in the table  above. Aegon believes that its non-IFRS measure provides  meaningful information about the underlying operating results of  Aegon’s businesses, including insight into the financial measures  that senior management uses in managing the businesses. Aegon’s senior management is compensated based in part on  Aegon’s results against targets using the non-IFRS measure  presented herein. While many other insurers in Aegon’s peer  group present substantially similar non-IFRS measures, the  non-IFRS measure presented in this document may nevertheless  differ from the non-IFRS measures presented by other insurers.  There is no standardized meaning to these measures under  IFRS or any other recognized set of accounting standards and  readers are cautioned to consider carefully the different ways  in which Aegon and its peers present similar information before  comparing them. Aegon believes the non-IFRS measure shown  herein, when read together with Aegon’s reported IFRS financial  statements, provides meaningful supplemental information  for the investing public to evaluate Aegon’s businesses after  eliminating the impact of current IFRS accounting policies for  financial instruments and insurance contracts, which embed  a number of accounting policy alternatives that companies  may select in presenting their results (that is, companies may  use different local generally accepted accounting principles  (GAAPs)), and this may make the comparability difficult from  period to period. 17