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Aegon-CNOOC receives license for life insurance activities in Beijing

The Hague, December 6, 2004

Aegon-CNOOC Life Insurance Company Ltd., the 50/50 joint venture of Aegon N.V. and the Chinese National Offshore Oil Corporation, has received a license to start life insurance activities in Beijing, China.

Following the launch of Aegon-CNOOC's headquarters in Shanghai in May 2003, Beijing will be the first branch office. It is scheduled to open in April 2005.

This license fits into Aegon-CNOOC's strategy to provide insurance and savings products that meet consumers' needs. Aegon-CNOOC aims to continue to expand the scope of its operations in China.