32 In 2010, AEGON decided to discontinue the small  bank BOLI and COLI businesses and to pursue  further operational and cost efficiencies. Underlying earnings before tax In USD million 2,111 1,150 10 09 Gross deposits  (excluding run-off business) In USD million 27,767 27,000 10 09 New life sales In USD million 831 796 10 09 Revenue-generating investments In USD billion 320 307 10 09 Value of new business (VNB) In USD million 304 412 10 09 Operating expenses In USD million 1,971 2,249 10 09 Earnings overview AEGON Americas In USD million 2010 2009 % Life and protection 897 903 (1) Individual savings and retirement products 664 (30) – Employer solutions and pensions 385 222 73 Life reinsurance 105 29 – Canada 54 32 69 Latin America 6 (6) – Underlying earnings before tax 2,111 1,150 84 Fair value items (32) (123) 74 Realized gains / (losses) on investments 502 89 – Impairment charges (506) (1,337) 62 Other income / (charges) (404) (4) – Run-off businesses (218) (18) – Income before tax 1,453 (243) – Income tax 41 940 (96) Net income 1,494 697 114 NET UNDERLYING EARNINGS 1,599 1,017 57