Business overview  Results of operations – Worldwide 20 Commissions and expenses Realized gains on investments Impairment charges Production Other charges Capital management Run-off businesses Income tax Dividends from business units Annual Report 2013 Aegon received EUR 1.5 billion of dividends from its business  units during 2013, split between EUR 0.9 billion from the  Americas, EUR 0.5 billion from the Netherlands and EUR 0.1 billion  from Aegon Asset Management and Central & Eastern Europe.  Capital contributions of EUR 0.5 billion were paid to Aegon’s  operating units, including EUR 0.4 billion to the United Kingdom. Income tax amounted to EUR 130 million. The effective tax rate  on total income was 13%, driven mostly by the combined  effects of negative fair value items taxed at nominal rates, tax  credits and tax exempt items. There was also a tax charge of  EUR 50 million in the Americas related to hedging losses in  2013, and a benefit of EUR 93 million in the United Kingdom  from a reduction in the corporate tax rate from 23% to 20%.  The effective tax rate on underlying earnings for 2013 was 21%.  The results of run-off businesses improved to EUR 14 million,  mainly due to a deferred policy acquisition cost (DPAC) true-up  of EUR 11 million in BOLI/COLI (bank/corporate owned life  insurance).  On February 10, 2014, Aegon called for the redemption of  the USD 550 million in junior perpetual capital securities  with a coupon of 6.875% issued in 2006. The redemption  was effective March 15, 2014, when the principal amount of  USD 550 million was repaid with accrued interest.  Aegon’s Insurance Group Directive (IGD) ratio decreased to 212%,  mainly due to the impact of IAS 19 and the switch to the swap  curve for regulatory solvency calculations in the Netherlands.  The combined risk-based capital ratio of Aegon’s life insurance  subsidiairies in the United States was approximately 440% of  the Company Action Level (CAL) risk-based capital. The IGD ratio  in the Netherlands, excluding Aegon Bank, was approximately  240%. The Pillar I ratio in the United Kingdom, including the  With Profit fund, was approximately 150% at the end of 2013.  The 2013 gross leverage ratio, which is calculated by dividing the  total gross financial leverage by the total capitalization, was 30.1%.  Other charges amounted to EUR 52 million, which is  a 68% improvement from 2012 and included a charge of  EUR 192 million related to a write-off of intangibles related  to the Polish pension fund business following a legislation  change coming into force in January 2014. In addition,  2013 included a charge of EUR 71 million due to increased  accruals in connection with Aegon's use of the U.S. Social  Security Administration's death master-file and a EUR 25 million  charge in the Netherlands following the Koersplan court verdict  and restructuring charges mainly in the Americas and the  United Kingdom (EUR 108 million in total). These charges were  partly offset by gains from the sale of joint ventures with Unnim  and CAM of EUR 102 million and EUR 74 million respectively,  and gains from the recapture of certain reinsurance contracts  amounting to EUR 200 million in the Americas.  Compared to 2012, Aegon’s total sales increased 6% to  EUR 7.2 billion as higher gross deposits more than offset lower  new life sales. Gross deposits increased 12% to EUR 44.3 billion,  driven by variable annuities and mutual funds in the United  States and Aegon Asset Management. New life sales were down  2%. Higher pension production in the United Kingdom was offset  primarily by lower universal life sales in the Americas due to  product withdrawals and product redesign, resulting from focus  on value creation, as well as adverse currency movements.  Impairment charges improved by EUR 55 million to EUR 121 million  in 2013, mostly due to recoveries on investments in subprime  residential mortgage-backed securities in the United States. Realized gains on investments amounted to EUR 502 million  and were driven primarily by adjustments to the asset mix in the  Netherlands during the second half of the year to bring it in line  with the new regulatory yield curve, as well as normal trading  activity. Commissions and expenses in 2013 increased 1% compared to  2012 to EUR 5,809 million. Operating expenses increased 5% to  EUR 3,328 million, driven mainly by higher sales and employee  performance related expenses due to growth in the Americas,  restructuring costs in the Americas and United Kingdom, and  higher investments in technology to support future growth.