❏ CONTENTS 2  Letter of the CEO  4  AEGON’s Management Board 8  Our strategy 16  AEGON and the  investment community 22  Interview with the CFO 24  AEGON worldwide 28  AEGON lines  of business 30  Americas 33  The Netherlands 36  United Kingdom 39  New markets 42  AEGON milestones  of 2010 44  Risk management 48  Capital and liquidity  management 53  In control statement 56  Report of the  Supervisory Board 61  Members of the  Supervisory Board 64  Remuneration Policy  and Report 71  Corporate governance 80  Consolidated balance  sheet 81  Consolidated income  statement 82  Consolidated  statement of  comprehensive income 83  Consolidated  statement of changes  in equity 86  Consolidated cash fl ow  statement 88  Exchange rates 89  Notes to the  consolidated fi nancial  statements 221  Remuneration 225  Independent  auditor’s report 227  Balance sheet 228  Income statement 229  Notes to the fi nancial  statements 242  Independent  auditor’s report 243  Proposal for profi t  appropriation 244  Major shareholders 246  Quarterly results 247  Glossary 252  Forward-looking  statements Report of the  Executive Board Consolidated fi nancial  statements Other information Financial statements Other information Additional information PAGE 8 OUR STRATEGY PAGE 22 OUR  BUSINESSES PAGE 56 OUR GOVERNANCE  PAGE 78 FINANCIAL INFORMATION