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Aegon N.V. Is the Holding Company of One of the World’S Largest Listed Insurance Groups Ranked by Market Capitalization and Assets

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Aegon N.V. Is the Holding Company of One of the World’S Largest Listed Insurance Groups Ranked by Market Capitalization and Assets AEGON N.V. IS THE HOLDING COMPANY OF ONE OF THE WORLD’S LARGEST LISTED INSURANCE GROUPS RANKED BY MARKET CAPITALIZATION AND ASSETS. THE AEGON GROUP HEADOFFICE IS IN THE NETHERLANDS AND EMPLOYS ABOUT 28,000 PEOPLE WORLDWIDE. AEGON’S BUSINESSES FOCUS ON LIFE INSURANCE, PENSIONS, SAVINGS AND INVESTMENT PRODUCTS. THE GROUP IS ALSO ACTIVE IN ACCIDENT AND HEALTH INSURANCE, GENERAL INSURANCE, AND HAS LIMITED BANKING ACTIVITIES. AEGON’S THREE MAJOR MARKETS ARE THE UNITED STATES, THE NETHERLANDS AND THE UNITED KINGDOM. IN ADDITION, THE GROUP IS PRESENT IN A NUMBER OF OTHER COUNTRIES INCLUDING CANADA, CHINA, HUNGARY, SPAIN AND TAIWAN. AEGON’S BUSINESSES ENCOURAGE PRODUCT INNOVATION AND REWARD VALUE CREATION THROUGH A DECENTRALIZED ORGANIZATION AND ENDORSE A MULTI-BRAND AND MULTI- CHANNEL DISTRIBUTION APPROACH. NEW PRODUCTS AND SERVICE INITIATIVES ARE DEVELOPED BY LOCAL BUSINESS UNITS, WITH A CONTINUOUS FOCUS ON COST CONTROL, USING TAILORED DISTRIBUTION CHANNELS TO MEET CUSTOMERS’ NEEDS. STRATEGY COMMITMENT TO CORE BUSINESS well in excess of the cost of capital on the pricing of new Insurance with a strong emphasis on life insurance, pensions, business and acquisitions. Divestments of non-core activities savings and investment products. AEGON focuses on the financial and underperformers and disciplined expense management protection and asset accumulation needs of its clients. are key to the achievement of these objectives. DECENTRALIZED ORGANIZATION MARKET POSITION Multi-domestic and multi-branded approach, giving a high degree AEGON’s objective is to achieve a leading position in each of its of autonomy to the management of the individual country and chosen markets in order to generate benefits of scale. business units, encouraging entrepreneurial spirit and action. AEGON requires local management to run local businesses. INTERNATIONAL EXPANSION AEGON supplements its autonomous growth with selective EMPHASIS ON PROFITABILITY acquisitions and partnerships, which are preferred in countries Long-term average growth of net income of 10% per annum; the where AEGON already has a presence in order to build scale and minimum return on investment is set to earn adequate returns enhance distribution. AEGON GROUP ANNUAL REPORT 2003 1 AT A GLANCE FINANCIAL RELATIONS SHAREHOLDER BASE AEGON N.V. COMMON SHARES AEGON values the many relationships with the global in percentage (estimated) investment community and is committed to the highest United States of America 40 standards of integrity and fair disclosure. The Netherlands 33 The international business activities of the company are United Kingdom & Ireland 9 reflected in the geographical diversity of AEGON’s investor Germany 8 base. To ensure efficient and effective access to the global France 4 capital markets, AEGON’s common shares are listed on the Switzerland 2 stock exchanges in Amsterdam, Frankfurt, London, New York, Belgium & Luxembourg 2 Tokyo and Zurich. In addition, the company’s stock is included Rest of World 2 in many major equity indices. AEGON strives to continuously improve as an investor friendly company. In 2003, AEGON disclosed its embedded value analysis for the first time and provided more detail than most of the disclosure in the market. The analysis is used by the financial community to better understand AEGON’s SHARE PRICE INFORMATION (IN EURO) businesses and the value the company creates. The group also 2003 2002 2001 2000 1999 strengthened its financial communications by combining the Price — high 13.47 29.23 42.37 46.44 53.34 investor relations and corporate communications departments. Price — low 5.87 9.04 22.15 32.28 33.41 AEGON is focused on ensuring that both financial and non- Price — year-end 11.73 11.79 29.23 42.37 46.11 financial information is disclosed accurately, completely, timely Price/Earnings Ratio 11.30 11.35 17.27 28.06 37.46 and in a consistent fashion. Source: Bloomberg, Datastream AEGON is committed to ensuring investors receive an accurate portrait of the company’s performance and prospects. To achieve this, AEGON has developed an active investor SHARE PRICE INFORMATION (IN USD) relations program that focuses on providing investors around 2003 2002 2001 2000 1999 the world with the information required to make sound Price — high 14.80 26.03 39.96 47.23 62.50 investment decisions. This includes information on key factors Price — low 6.46 8.87 20.96 30.88 34.68 that drive AEGON’s businesses and influence its results, Price — year-end 14.80 12.37 25.74 39.85 45.91 financial condition and value. AEGON actively maintains contact with the financial community through many mediums, Source: Bloomberg including investor roadshows, webcasts, press releases and investor days, whilst ensuring equal access to information. LISTINGS AEGON invites current shareholders, members of the financial community and potential investors to learn more Amsterdam Euronext Amsterdam Frankfurt Deutsche Börse about AEGON as an investment. Dedicated staff are available London London Stock Exchange to answer questions and to maintain an open dialogue between New York New York Stock Exchange AEGON and the financial community. TokyoTokyo Stock Exchange Zurich Swiss Exchange Number of common shares (million) 12/31/2003 1,514.4 Free float of common shares* 12/31/2003 89% Average daily trading volume 2003 in Amsterdam and New York (million common shares) 10.7 * Percentage of outstanding common shares not owned by Vereniging AEGON Source: Bloomberg AEGON GROUP ANNUAL REPORT 2003 2 MAIN HEADINGAT A GLANCE AEGON SHARE PRICE DEVELOPMENT VERSUS INDICES (rebased) AEGON 1200 AEX Index 1000 S&P 500 Index 800 DJ Stoxx 600 Insurance Index 600 S&P 500 Insurance Index 400 200 0 93 94 95 96 97 98 99 00 01 02 03 NET INCOME in EUR million TOTAL ASSETS in EUR billion 2,500 300 250 2,000 200 1,500 150 1,000 100 500 50 0 0 93 94 95 96 97 98 99 00 01 02 03 93 94 95 96 97 98 99 00 01 02 03 NET INCOME PER SHARE in EUR DIVIDEND PER SHARE in EUR 2.00 1.00 1.60 0.80 1.20 0.60 0.80 0.40 0.40 0.20 0 0 93 94 95 96 97 98 99 00 01 02 03 93 94 95 96 97 98 99 00 01 02 03 INCOME BEFORE TAX BY ACTIVITY INCOME BEFORE TAX GEOGRAPHICALLY in EUR million in EUR million 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1,000 500 500 0 0 -500 -500 93 94 95 96 97 98 99 00 01 02 03 93 94 95 96 97 98 99 00 01 02 03 Life insurance Banking activities Americas Other countries Accident and Other activities The Netherlands Interest charges health insurance Interest charges United Kingdom and other General insurance and other AEGON GROUP ANNUAL REPORT 2003 3 AT A GLANCE AMERICAS EUROPE USA THE NETHERLANDS NUMBER OF EMPLOYEES 13,630 (OF WHICH 2,928 ARE AGENT-EMPLOYEES) NUMBER OF EMPLOYEES 5,908 (OF WHICH 2,935 ARE MEEÙS EMPLOYEES AND 1,269 ARE AGENT-EMPLOYEES) MAIN OFFICES BALTIMORE, CEDAR RAPIDS MAIN OFFICES THE HAGUE, LEEUWARDEN, NIEUWEGEIN MAIN PRODUCT AREAS Traditional, universal and variable universal life insurance, bank- and MAIN PRODUCT AREAS corporate-owned life insurance, fixed and variable annuities, life reinsurance, Individual, group life and pensions, savings and investment products, asset supplemental health insurance, traditional and synthetic GICs, funding management, accident and health insurance, general insurance agreements, pensions and 401(k) plans, mutual funds MAJOR CUSTOMER SEGMENTS MAJOR CUSTOMER SEGMENTS Middle and upper income individuals, companies, pension funds Individuals, companies, institutions DISTRIBUTION CHANNELS DISTRIBUTION CHANNELS Independent and tied agents, direct marketing, franchise sales force, Independent agent and agent-employees, marketing companies, financial worksite marketing, internet institutions, broker-dealers, wirehouses, affinity groups, direct response, worksite marketing, institutional intermediaries www.aegon.nl www.aegonins.com UNITED KINGDOM www.transamerica.com NUMBER OF EMPLOYEES 4,864 (OF WHICH 137 ARE AGENT-EMPLOYEES) CANADA MAIN OFFICE EDINBURGH NUMBER OF EMPLOYEES 678 MAIN PRODUCT AREAS MAIN OFFICE TORONTO Individual and group life, pension products, asset management, mutual funds, third party pension scheme administration, financial advice MAIN PRODUCT AREAS Traditional, universal and term life, segregated funds, mutual funds, MAJOR CUSTOMER SEGMENTS annuities, mutual fund dealer services, financial planning services, Middle and upper income individuals, companies, institutions professional portfolio management DISTRIBUTION CHANNELS MAJOR CUSTOMER SEGMENTS Independent financial advisors Middle and upper income individuals www.aegon.co.uk DISTRIBUTION CHANNELS HUNGARY Independent advisors, brokers, financial planners, financial institutions NUMBER OF EMPLOYEES 707 www.transamerica.ca MAIN OFFICE BUDAPEST ASIA TAIWAN MAIN PRODUCT AREAS NUMBER OF EMPLOYEES 825 (OF WHICH 548 ARE AGENT-EMPLOYEES) Life, pension and household insurance, asset management MAIN OFFICE TAIPEI MAJOR CUSTOMER SEGMENTS Middle and upper income individuals MAIN PRODUCT AREAS Traditional, variable universal, term and group life, accident and DISTRIBUTION CHANNELS health insurance Independent and tied agents, pension advisors, direct marketing, worksite marketing MAJOR CUSTOMER SEGMENTS www.aegon.hu Middle and upper income individuals, companies SPAIN DISTRIBUTION CHANNELS NUMBER OF EMPLOYEES 680 Tied agents, brokers, banks, direct marketing www.aegon.com.tw MAIN OFFICE MADRID MAIN PRODUCT AREAS Life, general and health insurance MAJOR CUSTOMER SEGMENTS Middle income individuals, small and medium-sized companies DISTRIBUTION CHANNELS Specialist life, independent and tied agents, brokers, internet, direct marketing, worksite marketing, financial institutions www.aegon.es AEGON GROUP ANNUAL REPORT 2003 4 FROM THE BOARD AEGON HAS DEMONSTRATED RESILIENCE AND IS WELL POSITIONED TO TAKE ADVANTAGE OF A RETURN TO A MORE STABLE MARKET ENVIRONMENT AEGON GROUP ANNUAL REPORT 2003 5 CHAIRMAN’S LETTER DONALD J. SHEPARD The Hague, March 1 1, 2004 CHAIRMAN OF THE EXECUTIVE BOARD Dear reader, On behalf of the Executive Board, I am pleased to present AEGON's 2003 annual report.
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