•   SOLID Q4 RESULTS MASKED BY ONE-OFF FACTORS IN COMPARABLE PERIOD
  - Net operating earnings and net underlying earnings impacted mainly by currency and significant one-time tax benefits in 2006
  - Underlying earnings before tax up 9% and 16% at constant currency, reflecting solid business progress
  - Net income down 26% to EUR 648 million due to lower net operating earnings
  - Revenue generating investments grew by 2% and 11% at constant currency reflecting continued growth of existing business and the acquisition of the Merrill Lynch Life Insurance Companies

•   NO MATERIAL IMPAIRMENTS ON INVESTMENTS
  - Total net impairments on investments of EUR 17 million in Q4 reflecting the high quality of AEGON's investment portfolio
  - No impairments on the subprime portfolio of EUR 2.9 billion
  - EUR 487 million total negative pre-tax revaluations on the subprime and near prime US housing related investments and CDOs through shareholders' equity

•   A YEAR WITH STRONG UNDERLYING NEW BUSINESS AND EARNINGS GROWTH
  - Value of new business increased 20% to EUR 927 million on track to deliver on the increased target of EUR 1.25 billion by 2010
  - Net operating earnings 4% down and up 1% at constant currency
  - Net underlying earnings up 4% and 9% at constant currency, while underlying earnings before tax increased by 9% and 14% at constant currency
  - Net income of EUR 2.6 billion decreased by 20% mainly as result of lower non-operating earnings in the Netherlands
  - New life sales up 7% and deposits up 14%

•   STRONG CASH AND CAPITAL POSITION SUPPORT ENHANCED DIVIDEND
  - Final dividend increased to EUR 0.32, resulting in an increase of the full year dividend of 13% to
  EUR 0.62 per share, reflecting strong cash flow and capital position ...

 * 2007 is compared to pro forma data for 2006. These figures are presented after the change in accounting principles and after the change in definition of operating earnings to include AEGON's share in net results of associates and exclude the effect of any movements in the fair value of guarantees, as would have been the case had AEGON The Netherlands' hedge program been in place for those two years. Net income is, however, only affected by the change in the accounting principles. See also Table Financial Overview on page 3 and AEGON's press release of July 24, 2007. See also page 39 of this press release for more details.

CHAIRMAN'S OVERVIEW

During 2007, AEGON's businesses delivered solid performance, as demonstrated by increased sales, deposits and growth in underlying operating earnings.

AEGON continues to maintain its strong financial position. Despite the turbulence currently underway in world financial markets, we experienced no material impairments to AEGON's investment portfolio during the year, nor did we have any impairments related to our subprime mortgage-backed securities during the year. AEGON's subprime portfolio, totaling EUR 2.9 billion, continues to be high quality with over 99% rated double- and triple-A.

Net operating earnings for the year were stable at constant currency exchange rates and net underlying earnings were up 9% by the same measure, a reflection of solid business performance. Net income in 2007 declined mainly as a result of lower non-operating earnings in the Netherlands. Revenue generating investments increased 2% or 11% at constant currency exchange rates, reflecting the continued growth of our existing business, in addition to the acquisition of the Merrill Lynch life companies last December.

The better-than-expected progress our businesses made in the Americas, Europe and Asia toward AEGON's 2010 value of new business target led us to increase the target by 14% to EUR 1.25 billion. This fourth consecutive year of VNB growth resulted in a record EUR 927 million in 2007.

The completion of a EUR 1 billion share repurchase plan in November and the 13% increase in AEGON's full year dividend to EUR 0.62 per common share are evidence of our continued strong cash flows and solid capital position. At the same time, we continue to have sufficient capital to support the organic growth of our businesses while pursuing acquisition opportunities that are consistent with our pricing discipline.

We further strengthened AEGON's distribution network with our new partnership with Barclays in the United Kingdom; an agreement with one of Taiwan's leading banks, Taishin; an asset management joint venture with China's Industrial Securities; and a fourth regional bank partnership in Spain with Caja Cantabria. AEGON's partnership with Merrill Lynch will serve to enhance AEGON's position as a leading provider of life insurance and variable annuity products in the United States.

I am very grateful to the Supervisory Board for having had the opportunity to lead AEGON as Chairman these past several years. Along with my Executive Board and Management Board colleagues, we have focused on improving AEGON's solid balance sheet, enhancing the Group's distribution strength, expanding AEGON's global footprint, and positioning our businesses to capture continued growth in both our established and developing markets. I also wish to thank our many distribution partners and our 30,000 employees whose dedication and commitment justifies the trust of our customers in helping them create better futures for themselves and their families.

Finally, I welcome the selection of Alex Wynaendts to lead AEGON into its next phase of growth during what will continue to be an exciting time for the life insurance and pensions business internationally.

DISCLAIMERS

Cautionary note regarding non-GAAP measures 

This press release includes non-GAAP financial measures: net operating earnings, operating earnings before tax and value of new business. The reconciliation of net operating earnings and operating earnings before tax to the most comparable GAAP measure and an explanation for its use is provided on page 29. Value of new business is not based on IFRS, which are used to report AEGON's quarterly statements and should not be viewed as a substitute for IFRS financial measures. On pages 22 and 23, a further breakdown is given and reference is made to the assumptions included in the Embedded Value disclosure document. AEGON believes the value of new business, together with the set of interim IFRS financial statements included in appendix I, provides a meaningful measure for the investment community to evaluate AEGON's business relative to the businesses of our peers.

Local currencies and constant currency exchange rates
This press release contains certain information about our results and financial condition in USD for the Americas, GBP for the United Kingdom, HUF for Hungary and NTD for Taiwan because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about us presented in EUR, which is the currency of our primary financial statements.

Forward-looking statements
The statements contained in this press release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as 'believe', 'estimate', 'target', 'intend', 'may', 'expect', 'anticipate', 'predict', 'project', 'counting on', 'plan', 'continue', 'want', 'forecast', 'should', 'would', 'is confident' and 'will' and similar expressions as they relate to us are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. We undertake no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations, including, but not limited to, the following:

• Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;
• Changes in the performance of financial markets, including emerging markets, including:
• The frequency and severity of defaults by issuers in our fixed income investment portfolios; and
• The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in value of equity and debt securities we hold;
• The frequency and severity of insured loss events;
• Changes affecting mortality, morbidity and other factors that may affect the profitability of our insurance products;
• Changes affecting interest rate levels and continuing low interest rate levels and rapidly changing interest rate levels;
• Changes affecting currency exchange rates, including the EUR/USD and EUR/GBP exchange rates;
• Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;
• Changes in laws and regulations, particularly those affecting our operations, the products we sell and the attractiveness of certain products to our consumers;
• Regulatory changes relating to the insurance industry in the jurisdictions in which we operate;
• Acts of God, acts of terrorism, acts of war and pandemics;
• Changes in the policies of central banks and/or foreign governments;
• Litigation or regulatory action that could require us to pay significant damages or change the way we do business;
• Customer responsiveness to both new products and distribution channels;
• Competitive, legal, regulatory, or tax changes that affect the distribution cost of or demand for our products;
• Our failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives;
• The impact on our reported financial results and financial condition as a result of our adoption of International Financial Reporting Standards.

ABOUT AEGON
AEGON is one of the world's largest life insurance and pension groups, and a strong provider of investment products. AEGON empowers local business units to identify and provide products and services that meet the evolving needs of customers, using distribution channels best suited to local markets. AEGON takes pride in balancing a local approach with the power of an expanding global operation.

With headquarters in The Hague, the Netherlands, AEGON companies employ approximately 30,000 people worldwide. AEGON's businesses serve millions of customers in over twenty markets throughout the Americas, Europe, and Asia, with major operations in the United States, the Netherlands and the United Kingdom.

Respect, quality, transparency and trust constitute AEGON's core values as the company continually strives to meet the expectations of customers, shareholders, employees and business partners. AEGON is driven to deliver new thinking with the ambition to be the best in the industry.

Group Corporate Communications & Investor Relations

Press conference
A press conference on the fourth quarter 2007 results will be held this morning at 10.00 hrs CET. This press conference can be followed simultaneously via a video webcast on AEGON's website www.aegon.com.

Analyst and investor conference call
An analyst and investor conference call on the fourth quarter 2007 results will be held today at 15.00 hrs CET (London 14.00 hrs, New York 09.00 hrs.)

The listen-only phone numbers for the conference call are as follows:

The Netherlands:   +31 20 796 5332
United Kingdom:   +44 208 515 2301
United States and Canada:  +1 480 629 1990

The conference call and Q&A session can be followed simultaneously via an audio webcast on AEGON's website www.aegon.com.