Aegon has three main markets: the United States, the Netherlands and the United Kingdom.
We have established new and growing businesses in emerging markets in Asia, Latin America and Central & Eastern Europe, and we are also a significant provider of life insurance in Spain. In North America, Aegon operates as Transamerica.
Underlying earnings before tax rose 17% - a result of further growth in Aegon's businesses, lower costs and favorable financial markets. Operating expenses declined by 6% during the year. Sales were higher in both the United Kingdom and the United States, while a stronger US dollar also helped lift Aegon's US earnings in euro terms. Fair value items showed a significant improvement during the year - a result of better financial markets. Impairment charges, meanwhile, dropped by more than a half, usually a sign of improving economic conditions. Net income rose 80% in 2012 to just over €1.57 billion. The increase was the result mainly of higher underlying earnings and an improvement in world financial markets during the year, only partly offset by an increase in tax and lower realized gains from the sale of investments.
