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Aegon-CNOOC receives license for life insurance activities in Nanjing

The Hague, June 7, 2005

Aegon-CNOOC Life Insurance Company Ltd., the 50/50 joint venture of Aegon N.V. with the Chinese National Offshore Oil Corporation (CNOOC), received a license from the regulatory authorities to start life insurance activities in Nanjing, China.

This license makes Aegon-CNOOC an early foreign entrant into the Nanjing insurance market and the province of Jiangsu, one of the fastest growing and most developed provinces of China.

Following the launch of Aegon-CNOOC’s headquarters in Shanghai in May 2003 and the opening of the Beijing branch office in May 2005, the Nanjing office will be the second branch in China. This license fits into Aegon-CNOOC’s strategy to expand the scope of its operations in China.