RNS Number:7468R
Aegon N.V.
06 November 2003
THIRD QUARTER 2003 NET INCOME EUR 464 MILLION; NET INCOME PER SHARE EUR 0.30
FIRST NINE MONTHS 2003 NET INCOME EUR 1,323 MILLION; NET INCOME PER SHARE EUR 0.85
The Hague, The Netherlands, November 6, 2003
AEGON reports net income of EUR 464 million for the third quarter of 2003
compared to EUR 429 million in the third quarter of 2002. Additions to the
provision for defaults on fixed income securities and the provision for
guarantees were lower than in the same period of 2002. Net income for
Transamerica Finance Corporation was EUR 31 million higher for the quarter.
Earnings per share for the third quarter of 2003 were EUR 0.30, compared to EUR
0.29 in the same period last year.
Net income of EUR 1,323 million increased 11% compared to EUR 1,192 million in
the first nine months of 2002 and includes an EUR 144 million increase in net
income from Transamerica Finance Corporation. At constant currency exchange
rates, net income would have increased by 24% for the first nine months of 2003.
Income before tax for the first nine months of 2003 was 3% lower than the first
nine months of 2002. Reflecting the adjustment for the 2002 stock dividend and
the increased preferred share dividend, earnings per share over the first nine
months amounted to EUR 0.85 compared to EUR 0.82 for the same period last year.
Chairman's statement
Donald J. Shepard, Chief Executive Officer and Chairman of the Executive Board,
said:
"Our earnings for the first nine months showed growth of 11% and using constant
currency exchange rates growth was up 24%. Life production for the first nine
months was up 3% and up 15% using constant currency exchange rates. The
agreement to divest most of Transamerica Finance Corporation's business
reinforces our focus on core activities. We continue to look for efficiency
improvements to enhance our profitability."
HIGHLIGHTS - Third quarter and first nine months 2003
(amounts in millions, except per share data)
Third First Third Third First nine First A
quarter nine quarter quarter months nine
2003 months 2003 2002 2003 months Constant
2003 2002 exch. rates
USD USD EUR EUR % EUR EUR % %
642 1,690 Income before tax 572 574 0 1,521 1,564 -3 9
521 1,470 Net income 464 429 8 1,323 1,192 11 24
0.33 0.94 Net income per share 0.30 0.29 3 0.85 0.82 4 16
5,013 16,273 Premium income 4,457 4,918 -9 14,647 16,137 -9 1
2,470 7,153 Investment income 2,200 2,176 1 6,438 7,033 -8 6
7,582 23,729 Total revenues 6,745 7,193 -6 21,358 23,459 -9 2
1,426 4,314 Commissions and expenses 1,269 1,152 10 3,883 3,809 2 17
672 2,081 New life production 598 525 14 1,873 1,815 3 15
5,084 19,661 Gross deposits (1) 4,505 7,070 -36 17,697 24,579 -28 -16
15,854 Shareholders' equity (2) 13,606 14,231 -4 5
280,120 Total assets (2) 240,405 238,206 1
1) Annuity, GIC and savings deposits are not included in revenues
2) Amounts reported for 2002 are as of December 31, 2002
Outlook
With sustained market improvements, the company believes the outlook is
positive. AEGON is not providing earnings forecasts.
Key points for the third quarter 2003
* Net income in local currencies for the third quarter in the US and
the UK were up by 25%, while net income in the Netherlands was 1% lower and net
income in euro in the Other Countries was comparable to last year.
* Standardized new life production was level in the Americas, declined
20% in the Netherlands, was 7% higher in the UK and increased more than fivefold
in Other Countries when compared to the third quarter of 2002. The increase in
Other Countries is largely driven by the strong production in Taiwan.
* Deposits decreased 31% in the Americas compared to the third
quarter 2002. Variable annuity sales declined 51% reflecting actions taken to
curtail certain product features. Fixed annuity deposits were 34% lower as a
result of actions taken to reduce policyholder crediting rates and adjustments
to commission structures.
* Off balance sheet production increased by 63% in the Americas and
49% in The Netherlands and was significantly lower in the UK.
* Bond default additions were USD 107 million (EUR 95 million)
compared to USD 138 million (EUR 149 million) in the third quarter 2002. Actual
default losses charged against the provision were USD 108 million (EUR 96
million) compared to USD 169 million (EUR 167 million) in the third quarter of
2002.
* Net income for Transamerica Finance Corporation for the third quarter
was USD 49 million (EUR 43 million) compared to USD 13 million (EUR 12 million)
in the third quarter of 2002 primarily as a result of lower credit losses and
higher gross margin.
Key points for the first nine months 2003
* Net income in local currencies for the first nine months of this
year was up 30% in the Americas, was up 2% in the Netherlands and was 23% lower
in the UK. Net income in euro in the Other Countries was 27% higher than in the
first nine months of the prior year.
* Currency exchange rates negatively impacted net earnings by 13%
compared to the first nine months of 2002, driven mainly by the lower US dollar
against the euro.
* Standardized new life production increased 10% in the Americas and
6% in the UK, but declined 27% in the Netherlands compared to the first nine
months of 2002. Standardized new life production increased by nearly fourfold in
Other Countries, mainly driven by strong sales in Taiwan.
* While new deposits decreased 15% in the Americas compared to the
first nine months of 2002, account balances rose in the Americas for fixed
annuities, variable annuities and GICs by 7%, 20% and 8% respectively during the
first nine months this year. Savings account balances in the Netherlands
decreased 6% during the first nine months this year.
* Off balance sheet production, excluding currency effect, rose 32%
driven by new business in the Americas and the Netherlands.
* Earnings, compared to the first nine months of 2002 were positively
affected by:
o Lower charges related to DPAC amortization (EUR 183 million);
o Lower additions to provision for guarantees (EUR 279 million);
o Lower additions to the default provision for fixed income securities
(EUR 238 million); and were negatively affected by:
o Higher pension expenses (EUR 111 million);
o Lower indirect income (EUR 125 million);
o Lower investment yields in the US (EUR 106 million) and
o Lower management fees in the UK (EUR 39 million)
* Net income for the first nine months of 2003 for Transamerica
Finance Corporation was USD 236 million (EUR 212 million) compared to USD 63
million (EUR 68 million) for the nine months of 2002. Compared to the prior
year, business conditions in all segments were more favorable. In addition to
lower funding costs, lower expenses and credit losses, and the recognition of
deferred income of USD 35 million (EUR 32 million) from the termination of a
major client contract, several one-time tax benefits totaling USD 31 million
(EUR 28 million) were realized.
* As part of the company's cost reduction initiatives, during the
first nine months of 2003, administrative employee headcount was reduced by
almost 1,000 positions. Agent employee headcount rose by approximately 3,200
positions, primarily reflecting the financial consolidation of the distribution
units in The Netherlands.
Highlights
amounts in millions
USD EUR EUR
First nine Third quarter First nine
months months
2003 2002 % 2003 2002 % 2003 2002 %
Income by product segment
977 1,016 -4 Traditional life 277 348 -20 879 1,095 -20
239 188 27 Fixed annuities 100 77 30 215 203 6
189 189 0 GICs and funding agreements 74 65 14 170 204 -17
318 272 17 Life for account policyholders 112 89 26 286 293 -2
23 -264 109 Variable annuities 14 -32 144 21 -285 107
33 0 0 Fee business 10 -3 30 0 0
1,779 1,401 27 Life insurance 587 544 8 1,601 1,510 6
209 217 -4 Accident and health insurance 80 79 1 188 234 -20
66 52 27 General insurance 17 22 -23 60 56 7
2,054 1,670 23 Total insurance activities 684 645 6 1,849 1,800 3
12 30 -60 Banking activities 9 11 -18 11 32 -66
-376 -249 51 Interest charges and other -121 -82 48 -339 -268 26
1,690 1,451 16 Income before tax 572 574 0 1,521 1,564 -3
-456 -408 12 Corporation tax -151 -157 -4 -410 -440 -7
236 63 Transamerica Finance Corporation 43 12 212 68
1,470 1,106 33 Net income 464 429 8 1,323 1,192 11
Income geographically
1,225 984 24 Americas 422 403 5 1,103 1,061 4
622 496 25 The Netherlands 199 186 7 560 534 5
149 176 -15 United Kingdom 49 45 9 134 190 -29
70 44 59 Other countries 23 22 5 63 47 34
2,066 1,700 22 Income before tax business units 693 656 6 1,860 1,832 2
-376 -249 51 Interest charges and other -121 -82 48 -339 -268 26
1,690 1,451 16 Income before tax 572 574 0 1,521 1,564 -3
-456 -408 12 Corporation tax -151 -157 -4 -410 -440 -7
236 63 Transamerica Finance Corporation 43 12 212 68
1,470 1,106 33 Net income 464 429 8 1,323 1,192 11
6,004 4,986 20 Gross margin 1,841 1,726 7 5,404 5,373 1
4,314 3,535 22 Commissions and expenses 1,269 1,152 10 3,883 3,809 2
Amounts per common share of EUR 0.12
0.94 0.76 24 Net income 1 0.30 0.29 3 0.85 0.82 4
0.94 0.76 24 Net income fully diluted 1 0.30 0.30 0 0.85 0.82 4
As at As at As at As at
Sept. 30, Dec. 31, Sept. 30, Dec. 31,
2003 2002 2003 2002
9.00 8.64 4 Shareholders' equity 2 7.72 8.24 -6
9.44 9.18 3 Shareholders' equity after full conversion 2 8.10 8.75 -7
Number of employees 28,846 26,278 10
Outstanding common shares: 3
- Number of common shares (millions) 1,514 1,502 1
- Weighted average number (millions) 1,473 1,452 1
1 Based on the weighted average number of common shares, adjusted for stock dividend and repurchased own shares.
2 Based on the number of common shares outstanding at the end of the period, adjusted for stock dividend and
repurchased own shares.
3 Adjusted for stock dividend.
Revenues and
production
amounts in
millions
USD EUR EUR
First nine Third First nine
months quarter months
2003 2002 % 2003 2002 % 2003 2002 %
Revenues
1,513 1,308 16 Life general account single premiums 380 539 -29 1,362 1,410 -3
4,491 3,985 13 Life general account recurring premiums 1,302 1,293 1 4,042 4,294 -6
3,975 4,111 -3 Life policyholders account single premiums 1,148 1,310 -12 3,578 4,430 -19
3,533 2,992 18 Life policyholders account recurring 863 959 -10 3,180 3,224 -1
premiums
13,512 12,396 9 Total life insurance gross premiums 3,693 4,101 -10 12,162 13,358 -9
2,079 2,027 3 Accident and health insurance premiums 589 643 -8 1,871 2,184 -14
682 552 24 General insurance premiums 175 174 1 614 595 3
16,273 14,975 9 Total gross premiums 4,457 4,918 -9 14,647 16,137 -9
7,143 6,520 10 Investment income insurance activities 1 2,194 2,188 0 6,429 7,025 -8
303 268 13 Income from banking activities 88 99 -11 273 289 -6
23,719 21,763 9 Total revenues business units 6,739 7,205 -6 21,349 23,451 -9
10 7 43 Income from other activities 6 -12 150 9 8 13
23,729 21,770 9 Total revenues 6,745 7,193 -6 21,358 23,459 -9
Revenues by product segment
20,210 18,451 10 Life insurance 5,751 6,145 -6 18,191 19,882 -9
2,471 2,435 1 Accident and health insurance 710 766 -7 2,224 2,624 -15
735 609 21 General insurance 190 195 -3 661 656 1
303 268 13 Banking activities 88 99 -11 273 289 -6
10 7 43 Other activities 6 -12 150 9 8 13
23,729 21,770 9 Total revenues 6,745 7,193 -6 21,358 23,459 -9
Investment income for the account
8,491 -13,796 162 of policyholders 2,157 -8,486 125 7,643 -14,866 151
Standardized new premium production
life insurance
4,865 4,885 0 Single premiums 1,258 1,520 -17 4,379 5,264 -17
1,594 1,196 33 Recurring premiums annualized 472 373 27 1,435 1,289 11
2,081 1,685 24 Total recurring plus 1/10 single 598 525 14 1,873 1,815 3
Deposits
4,374 5,581 -22 Fixed annuities 905 1,535 -41 3,937 6,014 -35
7,598 8,167 -7 GICs and funding agreements 1,813 2,122 -15 6,839 8,801 -22
5,243 6,556 -20 Variable annuities 1,108 2,581 -57 4,719 7,065 -33
17,215 20,304 -15 Total 3,826 6,238 -39 15,495 21,880 -29
2,446 2,505 -2 Savings deposits 679 832 -18 2,202 2,699 -18
19,661 22,809 -14 Total production on balance sheet 4,505 7,070 -36 17,697 24,579 -28
Net deposits
1,208 3,609 -67 Fixed annuities -27 1,065 -103 1,087 3,889 -72
1,367 2,144 -36 GICs and funding agreements -105 -127 17 1,231 2,310 -47
2,319 2,830 -18 Variable annuities 309 1,563 -80 2,087 3,050 -32
4,894 8,583 -43 Total 177 2,501 -93 4,405 9,249 -52
-702 33 Savings deposits -183 -95 -93 -632 36
4,192 8,616 -51 Total net deposits -6 2,406 -100 3,773 9,285 -59
14 289 -95 Investment contracts 0 63 -100 13 311 -96
Off balance sheet production
11,239 8,593 31 Synthetic GICs 3,726 2,585 44 10,116 9,260 9
Mutual funds/Collective Trusts and
8,491 6,189 37 other managed assets 2,701 2,078 30 7,643 6,669 15
19,730 14,782 33 Total production off balance sheet 6,427 4,663 38 17,759 15,929 11
519 549 -5 1 Of which indirect income on shares and 157 176 -11 467 592 -21
real estate.
Americas
amounts in
millions
USD USD EUR
Third quarter First nine months First nine months
2003 2002 % 2003 2002 % 2003 2002 %
Income by product segment
165 195 -15 Traditional life 509 602 -15 458 649 -29
112 75 49 Fixed annuities 239 188 27 215 203 6
83 64 30 GICs and funding agreements 189 189 0 170 204 -17
23 30 -23 Life for account policyholders 73 80 -9 66 86 -23
15 -37 141 Variable annuities 23 -264 109 21 -285 107
1 -3 133 Fee business 11 -2 10 -2
399 324 23 Life insurance 1,044 793 32 940 855 10
74 69 7 Accident and health insurance 181 191 -5 163 206 -21
473 393 20 Total insurance 1,225 984 24 1,103 1,061 4
434 403 8 of which general account 1,118 1,170 -4 1,006 1,262 -20
39 -10 of which policyholders account 2 107 -186 158 97 -201 148
473 393 20 Income before tax 1,225 984 24 1,103 1,061 4
-131 -120 9 Corporation tax -356 -318 12 -321 -343 -6
342 273 25 Net income 869 666 30 782 718 9
Revenues
213 318 -33 Life general account single premiums 643 710 -9 579 765 -24
1,167 1,124 4 Life general account recurring premiums 3,486 3,326 5 3,138 3,584 -12
129 172 -25 Life policyholders account single 394 650 -39 355 700 -49
premiums
168 114 47 Life policyholders account recurring 618 428 44 556 461 21
premiums
1,677 1,728 -3 Total life insurance gross premiums 5,141 5,114 1 4,628 5,510 -16
609 596 2 Accident and health insurance premiums 1,850 1,839 1 1,665 1,982 -16
2,286 2,324 -2 Total gross premiums 6,991 6,953 1 6,293 7,492 -16
1,885 1,779 6 Investment income insurance activities 1 5,432 5,342 2 4,889 5,757 -15
4,171 4,103 2 Total revenues 12,423 12,295 1 11,182 13,249 -16
Investment income for the account
1,109 -3,735 130 of policyholders 4,310 -7,331 159 3,879 -7,900 149
Gross margin, commissions and expenses
1,401 1,216 15 Gross margin 4,008 3,597 11 3,608 3,877 -7
928 823 13 Commissions and expenses 2,783 2,613 7 2,505 2,816 -11
Standardized new premium production
life insurance
327 397 -18 Single premiums 952 1,241 -23 857 1,337 -36
200 191 5 Recurring premiums annualized 682 585 17 614 630 -3
232 231 0 Total recurring plus 1/10 single 777 709 10 700 764 -8
Deposits
1,024 1,562 -34 Fixed annuities 4,374 5,581 -22 3,937 6,014 -35
2,044 2,173 -6 GICs and funding agreements 7,598 8,167 -7 6,839 8,801 -22
1,253 2,532 -51 Variable annuities 5,243 6,556 -20 4,719 7,065 -33
4,321 6,267 -31 Total production on balance sheet 17,215 20,304 -15 15,495 21,880 -29
Off balance sheet production
4,178 2,603 61 Synthetic GICs 11,239 8,593 31 10,116 9,260 9
Mutual funds/Collective Trusts and
2,191 1,310 67 other managed assets 6,053 4,779 27 5,448 5,150 6
6,369 3,913 63 Total production off balance sheet 17,292 13,372 29 15,564 14,410 8
46 81 -43 1 Of which indirect income on shares and 111 245 -55 100 264 -62
real estate.
2 Includes also variable annuities and fee
business.
The Netherlands
amounts in
millions
EUR EUR
Third quarter First nine months
2003 2002 % 2003 2002 %
Income by product segment
120 134 -10 Traditional life 398 410 -3
46 24 92 Life for account policyholders 92 43 114
6 0 0 Fee business 16 0 0
172 158 9 Life insurance 506 453 12
11 8 38 Accident and health insurance 19 23 -17
7 9 -22 General insurance 24 26 -8
190 175 9 Total insurance 549 502 9
138 151 -9 of which general account 441 459 -4
52 24 117 of which policyholders account 108 43 151
9 11 -18 Banking activities 2 11 32 -66
199 186 7 Income before tax 560 534 5
-51 -37 38 Corporation tax -127 -111 14
148 149 -1 Net income 433 423 2
Revenues
117 135 -13 Life general account single premiums 557 459 21
65 78 -17 Life general account recurring premiums 421 448 -6
75 62 21 Life policyholders account single premiums 328 758 -57
250 349 -28 Life policyholders account recurring premiums 1,204 1,226 -2
507 624 -19 Total life insurance gross premiums 2,510 2,891 -13
27 28 -4 Accident and health insurance premiums 141 141 0
94 97 -3 General insurance premiums 363 357 2
628 749 -16 Total gross premiums 3,014 3,389 -11
427 349 22 Investment income insurance activities 1 1,270 1,075 18
88 99 -11 Income from banking activities 273 289 -6
1,143 1,197 -5 Total revenues 4,557 4,753 -4
Investment income for the account
263 -703 137 of policyholders 636 -1,375 146
Gross margin, commissions and expenses
422 330 28 Gross margin 1,288 972 33
223 144 55 Commissions and expenses 3 728 438 66
Standardized new premium production
life insurance
170 164 4 Single premiums 782 1,119 -30
26 38 -32 Recurring premiums annualized 113 150 -25
43 54 -20 Total recurring plus 1/10 single 191 262 -27
Deposits
679 832 -18 Savings deposits 2,202 2,699 -18
679 832 -18 Total production on balance sheet 2,202 2,699 -18
0 63 -100 Investment contracts 13 311 -96
Off balance sheet production
665 447 49 Mutual funds and other managed assets 1,774 903 96
665 447 49 Total production off balance sheet 1,774 903 96
115 96 20 1 Of which indirect income on shares and real 365 323 13
estate.
2 Includes income on off balance sheet type
products.
3 For 2003 includes the effect of a change in presentation of investment costs from
a net basis to a gross
basis and the consolidation of the distribution
companies.
United Kingdom
amounts in
millions
GBP GBP EUR
Third quarter First nine First nine months
months
2003 2002 % 2003 2002 % 2003 2002 %
Income by product segment
2 4 -50 Traditional life 1 11 -91 2 18 -89
32 26 23 Life for account policyholders 93 110 -15 135 175 -23
0 -1 100 Fee business -2 -2 0 -3 -3 0
34 29 17 Life insurance 92 119 -23 134 190 -29
2 4 -50 of which general account 1 11 -91 2 18 -89
32 25 28 of which policyholders account 2 91 108 -16 132 172 -23
34 29 17 Income before tax 92 119 -23 134 190 -29
-9 -9 0 Corporation tax -26 -33 -21 -38 -53 -28
25 20 25 Net income 66 86 -23 96 137 -30
Revenues
51 41 24 Life general account single premiums 150 106 42 217 170 28
26 20 30 Life general account recurring premiums 76 60 27 110 96 15
665 683 -3 Life policyholders account single premiums 1,985 1,845 8 2,881 2,948 -2
287 285 1 Life policyholders account recurring 869 871 0 1,261 1,392 -9
premiums
1,029 1,029 0 Total gross premiums 3,080 2,882 7 4,469 4,606 -3
37 13 185 Investment income insurance activities 1 111 54 106 161 87 85
1,066 1,042 2 Total revenues 3,191 2,936 9 4,630 4,693 -1
Investment income for the account
629 -2,403 126 of policyholders 2,135 -3,413 163 3,098 -5,452 157
Gross margin, commissions and expenses
135 101 34 Gross margin 381 327 17 553 523 6
101 72 40 Commissions and expenses 289 208 39 419 333 26
Standardized new premium production
life insurance
552 603 -8 Single premiums 1,871 1,736 8 2,716 2,773 -2
92 76 21 Recurring premiums annualized 282 270 4 409 432 -5
147 137 7 Total recurring plus 1/10 single 469 444 6 681 709 -4
Off balance sheet production
33 207 -84 Mutual funds and other managed assets 202 347 -42 293 554 -47
33 207 -84 Total production off balance sheet 202 347 -42 293 554 -47
0 -2 100 1 Of which indirect income on shares and real 0 0 0 0 0 0
estate.
2 Includes also fee business.
Other countries
amounts in
millions
EUR EUR
Third quarter First nine months
2003 2002 % 2003 2002 %
Income by product segment
7 11 -36 Traditional life 21 18 17
0 -5 100 Life for account of policyholders -7 -11 36
3 2 50 Fee business 7 5 40
10 8 25 Life insurance 21 12 75
3 1 Accident and health insurance 6 5 20
10 13 -23 General insurance 36 30 20
23 22 5 Total insurance 63 47 34
20 25 -20 of which general account 63 53 19
3 -3 of which policyholders account 2 0 -6 100
23 22 5 Income before tax 63 47 34
-5 -4 25 Corporation tax -16 -10 60
18 18 0 Net income 47 37 27
Revenues
1 11 -91 Life general account single premiums 9 16 -44
161 53 Life general account recurring premiums 373 166 125
6 6 0 Life policyholders account single premiums 14 24 -42
53 51 4 Life policyholders account recurring premiums 159 145 10
221 121 83 Total life insurance gross premiums 555 351 58
20 18 11 Accident and health insurance premiums 65 61 7
81 77 5 General insurance premiums 251 238 5
322 216 49 Total gross premiums 871 650 34
35 33 6 Investment income insurance activities 1 109 106 3
357 249 43 Total revenues 980 756 30
Investment income for the account
15 -65 123 of policyholders 30 -139 122
Gross margin, commissions and expenses
87 83 5 Gross margin 259 233 11
64 61 5 Commissions and expenses 196 186 5
Standardized new premium production
life insurance
9 12 -25 Single premiums 24 35 -31
137 24 Recurring premiums annualized 299 77
138 25 Total recurring plus 1/10 single 301 80
Off balance sheet production
37 19 95 Mutual funds and other managed assets 128 62 106
37 19 95 Total production off balance sheet 128 62 106
1 2 -50 1 Of which indirect income on shares and real 2 5 -60
estate.
2 Includes also fee business.
Explanatory notes
Accounting principles applied in this interim report are the same as those applied in
the annual accounts 2002.
The published figures are unaudited.
Traditional life includes income on traditional and fixed universal life
products.
Life insurance with investments for account of policyholders includes income on variable
universal life, unitised pension (UK), other unit-linked products with investments for
account of policyholders and with profit fund in the UK.
Fee business includes income on off balance sheet type products.
Gross margin is calculated as the sum of income before tax and commissions and
expenses.
Investments, assets and capital
geographically
amounts in million EUR (unless
otherwise stated)
United
Americas Kingdom The United Other Total Total
USD GBP As at September 30, Americas Netherlands Kingdom countries EUR USD
2003
Investments
113,903 1,121 Fixed income 97,754 13,200 1,604 1,875 114,433 133,337
3,565 87 Equities and real 3,060 5,213 125 127 8,525 9,933
estate
117,468 1,208 Total general 100,814 18,413 1,729 2,002 122,958 143,270
account
12,544 16,286 Fixed income 10,765 10,665 23,312 387 45,129 52,584
29,682 14,428 Equities and real 25,474 7,198 20,652 201 53,525 62,368
estate
42,226 30,714 Total account 36,239 17,863 43,964 588 98,654 114,952
policyholders
159,694 31,922 Total insurance 137,053 36,276 45,693 2,590 221,612 258,222
activities
- - Banking activities - 6,792 - - 6,792 7,914
62,021 855 Off balance sheet 53,228 9,225 1,224 514 64,191 74,795
assets
221,715 32,777 Total assets 190,281 52,293 46,917 3,104 292,595 340,931
business units
Other investments 23 27
Total group 292,618 340,958
165,443 32,443 Assets business 141,987 45,923 46,440 2,896 237,246 276,439
units
Other assets 3,159 3,681
Total assets on 240,405 280,120
balance sheet
17,196 2,079 Capital in units 14,758 2,623 2,976 447 20,804 24,241
Total capital base 20,069 23,384
Other net 735 857
liabilities
Total 20,804 24,241
As at September 30,
2002
Investments
103,867 860 Fixed income 105,342 13,542 1,366 1,491 121,741 120,037
3,702 68 Equities and real 3,754 4,165 108 141 8,168 8,054
estate
107,569 928 Total general 109,096 17,707 1,474 1,632 129,909 128,091
account
13,068 15,451 Fixed income 13,254 10,293 24,545 286 48,378 47,701
20,851 12,372 Equities and real 21,147 6,532 19,654 190 47,523 46,857
estate
33,919 27,823 Total account 34,401 16,825 44,199 476 95,901 94,558
policyholders
141,488 28,751 Total insurance 143,497 34,532 45,673 2,108 225,810 222,649
activities
- - Banking activities - 7,503 - - 7,503 7,397
47,271 797 Off balance sheet 47,942 1,272 1,266 316 50,796 50,085
assets
188,759 29,548 Total assets 191,439 43,307 46,939 2,424 284,109 280,131
business units
Other investments 379 374
Total group 284,488 280,505
148,212 28,923 Assets business 150,316 43,819 45,946 2,261 242,342 238,949
units
Other assets 5,500 5,423
Total assets on 247,842 244,372
balance sheet
14,063 1,858 Capital in units 14,263 2,289 2,952 329 19,833 19,555
Total capital base 19,239 18,970
Other net 594 585
liabilities
Total 19,833 19,555
As at December 31,
2002
Investments
105,544 980 Fixed income 100,643 10,792 1,507 1,611 114,553 120,132
3,460 88 Equities and real 3,299 4,943 135 133 8,510 8,924
estate
109,004 1,068 Total general 103,942 15,735 1,642 1,744 123,063 129,056
account
11,952 15,401 Fixed income 11,397 11,139 23,675 312 46,523 48,789
23,274 12,940 Equities and real 22,193 5,934 19,892 186 48,205 50,552
estate
35,226 28,341 Total account 33,590 17,073 43,567 498 94,728 99,341
policyholders
144,230 29,409 Total insurance 137,532 32,808 45,209 2,242 217,791 228,397
activities
- - Banking activities - 7,167 - - 7,167 7,516
51,008 806 Off balance sheet 48,639 1,689 1,239 471 52,038 54,572
assets
195,238 30,215 Total assets 186,171 41,664 46,448 2,713 276,996 290,485
business units
Other investments 378 397
Total group 277,374 290,882
149,948 29,864 Assets business 142,985 42,750 45,910 2,541 234,186 245,591
units
Other assets 4,020 4,216
Total assets on 238,206 249,807
balance sheet
16,518 2,028 Capital in units 15,751 2,605 3,117 399 21,872 22,937
Total capital base 20,058 21,035
Other net 1,814 1,902
liabilities
Total 21,872 22,937
Summarized consolidated income statements
amounts in
millions
USD EUR EUR
First nine Third quarter First nine
months months
2003 2002 % 2003 2002 % 2003 2002 %
Revenues
16,273 14,975 9 Gross premiums 4,457 4,918 -9 14,647 16,137 -9
7,153 6,527 10 Investment income 2,200 2,176 1 6,438 7,033 -8
303 268 13 Income from banking activities 88 99 -11 273 289 -6
23,729 21,770 9 Total revenues 6,745 7,193 -6 21,358 23,459 -9
Benefits and expenses
1,701 1,114 53 Premiums to reinsurers 523 339 54 1,531 1,200 28
14,853 14,492 2 Benefits paid and provided 4,043 4,789 -16 13,369 15,617 -14
147 144 2 Profit sharing and rebates 40 47 -15 132 155 -15
4,314 3,535 22 Commissions and expenses for own 1,269 1,152 10 3,883 3,809 2
account
530 492 8 Interest 155 165 -6 477 530 -10
494 542 -9 Miscellaneous income and expenditure 143 127 13 445 584 -24
22,039 20,319 8 Total benefits and expenses 6,173 6,619 -7 19,837 21,895 -9
1,690 1,451 16 Income before tax 572 574 0 1,521 1,564 -3
-456 -408 12 Corporation tax -151 -157 -4 -410 -440 -7
236 63 Transamerica Finance Corporation 43 12 212 68
1,470 1,106 33 Net income 464 429 8 1,323 1,192 11
Income statement items: average rate 1 EUR = USD 1.1110 (2002: USD
0.9280).
Condensed consolidated balance sheets
amounts in
millions
As at As at As at As at As at As at
Sept. Dec. Sept. Sept. Sept. Dec.
30, 31, 30, 30, 30, 31,
2003 2002 2002 2002 2003 2002
USD USD % USD EUR EUR EUR %
151,211 136,969 10 Investments 135,862 137,791 129,773 130,608 -1
3,436 3,729 -8 Group companies and participations 3,336 3,383 2,949 3,556 -17
114,952 99,341 16 Investments for the account of 94,558 95,901 98,654 94,728 4
policyholders
10,521 9,768 8 Other assets 10,616 10,767 9,029 9,314 -3
280,120 249,807 12 Total assets 244,372 247,842 240,405 238,206 1
15,854 14,924 6 Total shareholders' equity 1 14,360 14,564 13,606 14,231 -4
2,282 2,106 8 Capital securities 2,011 2,039 1,959 2,008 -2
556 646 -14 Subordinated loans 630 639 477 616 -23
4,692 3,359 40 Senior debt related to insurance 1,969 1,997 4,027 3,203 26
activities
23,384 21,035 11 Total capital base 18,970 19,239 20,069 20,058 0
116,282 107,926 8 Technical provisions 2 104,461 105,944 99,796 102,914 -3
Technical provisions with investments
for
114,952 99,341 16 the account of policyholders 3 94,558 95,901 98,654 94,728 4
25,502 21,505 19 Other liabilities 4 26,383 26,758 21,886 20,506 7
280,120 249,807 12 Total shareholders' equity and 244,372 247,842 240,405 238,206 1
liabilities
1 Shareholders' equity January 1 15,923 14,231 15,923
Net income excluding preferred 1,188 1,252 1,517
dividend
Dividend paid -731 -147 -731
Paid in surplus / Issuance of new 2,064 3 2,053
shares
Currency exchange rate differences -1,304 -1,289 -2,100
Goodwill -78 -340 -70
Repurchased and sold own shares - 19 0
Change revaluation account -2,006 -85 -2,042
Other changes -492 -38 -319
15,854 14,924 Shareholders' equity end of period 5, 14,360 14,564 13,606 14,231
6
% %
44,863 42,014 7 2 Of which fixed annuities 38,959 39,512 38,502 40,063 -4
27,923 25,961 8 2 Of which GICs and funding agreements 26,715 27,094 23,964 24,755 -3
-16,951 -15,938 6 2 Of which deferred policy acquisition -15,538 -15,759 -14,548 -15,198 -4
costs
38,825 32,458 20 3 Of which variable annuities 29,846 30,270 33,321 30,951 8
6,936 6,674 4 4 Of which savings accounts 6,643 6,737 5,953 6,364 -6
2,928 2,725 7 5 Including revaluation account 2,597 2,634 2,513 2,598 -3
1,783 2,156 -17 of which realized gains 2,496 2,531 1,530 2,056 -26
6 Excluding the gain on the sale of TFC flood hazard certification and real estate tax service
businesses to First American Corporation as
announced on October 2, 2003.
Balance sheet items: closing rate 1 EUR = USD 1.1652 (2002: 0.9860; year-end 2002: USD 1.0487).
Summarized information Transamerica Finance Corporation
amounts in
millions
USD USD EUR
Third quarter First nine First nine
months months
2003 2002 % INCOME STATEMENT 2003 2002 % 2003 2002 %
Revenues
143 158 -9 Finance charges 448 493 -9 403 531 -24
103 105 -2 Leasing revenues 311 310 0 280 334 -16
58 61 -5 Real estate information services 246 177 39 222 191 16
36 33 9 Other revenues 118 102 16 106 110 -4
340 357 -5 Total revenues 1,123 1,082 4 1,011 1,166 -13
Expenses
51 57 -11 Interest and debt expense 146 191 -24 131 206 -36
86 81 6 Salaries and other employee expenses 248 234 6 223 252 -12
50 53 -6 Depreciation on equipment held for 150 158 -5 135 170 -21
lease
68 133 -49 Miscellaneous income and expenditure 225 369 -39 203 398 -49
255 324 -21 Total expenses 769 952 -19 692 1,026 -33
85 33 158 Income before tax 354 130 172 319 140 128
-29 -11 164 Corporation tax -97 -40 143 -88 -43 105
56 22 155 Net income from operations 257 90 186 231 97 138
Net income by segment
58 27 115 Commercial lending 198 93 113 178 100 78
0 -2 100 Leasing 8 -3 7 -3
13 10 30 Real estate information services 85 26 77 28 175
-15 -13 -15 Other -34 -26 -31 -31 -28 -11
56 22 155 Net income from operations 257 90 186 231 97 138
Income reported by AEGON
56 22 155 Net income from operations 257 90 186 231 97 138
-7 -9 -22 Funding costs on the related raised -21 -27 -22 -19 -29 -34
debt
49 13 Net income reported by AEGON 236 63 212 68
Income statement items: average rate 1 EUR = USD 1.1110 (2002:
USD 0.9280).
As at As at As at As at As at As at
Sept. 30, Dec. 31, Sept. 30, Sept. 30, Sept. Dec.
30, 31,
2003 2002 2002 2002 2003 2002
USD USD % BALANCE SHEET USD EUR EUR EUR %
5,861 6,007 -2 Finance receivables 5,967 6,052 5,030 5,728 -12
121 102 19 Equipment 104 105 104 97 7
2,270 2,485 -9 Other assets 2,335 2,368 1,948 2,370 -18
8,252 8,594 -4 Total assets 8,406 8,525 7,082 8,195 -14
1,810 1,627 11 Accounts payable and other liabilities 1,669 1,693 1,553 1,551 0
5,614 6,052 -7 Debts 5,850 5,933 4,818 5,771 -17
828 915 -10 Shareholders' equity 887 899 711 873 -19
8,252 8,594 -4 Total liabilities and shareholders' 8,406 8,525 7,082 8,195 -14
equity
Balance sheet items: closing rate 1 EUR = USD 1.1652 (2002: 0.9860; year-end 2002:
USD 1.0487).
Results by segment twelve months cumulative
amounts in million EUR
(unless otherwise stated)
United
Americas Kingdom October 1, 2002 - September 30, The United Other Total Total
2003
USD GBP Americas Netherlands Kingdom countries EUR USD
Net income
1,161 119 Life insurance 1,045 654 177 29 1,905 2,095
223 - Accident and health 203 22 - 7 232 255
insurance
- - General insurance - 22 - 44 66 74
- - Banking activities - -13 - - -13 -10
Interest charges and -384 -424
other
Income before tax
1,384 119 business units 1,248 685 177 80
Income before tax 1,806 1,990
-264 -27 Corporation tax business -217 -152 -40 -18
units
Corporation tax -323 -382
1,120 92 Net income business 1,031 533 137 62
units
Transamerica Finance 195 221
Corporation
Net income 1,678 1,829
5,088 514 Gross margin business 4,670 1,641 763 355
units
Gross margin 7,101 7,430
3,704 395 Commissions and expenses 3,422 956 586 275
business units
Commissions and expenses 5,295 5,440
Net income per share 1.07 1.16
(currency x 1)
United
Americas Kingdom October 1, 2001 - September 30, The United Other Total Total
2002
USD GBP Americas Netherlands Kingdom countries EUR USD
Net income
1,209 185 Life insurance 1,319 671 296 21 2,307 2,114
232 - Accident and health 253 31 - 8 292 269
insurance
1 - General insurance 1 33 - 39 73 67
- - Banking activities - 31 - - 31 29
Interest charges and -330 -304
other
Income before tax
1,442 185 business units 1,573 766 296 68
Income before tax 2,373 2,175
-403 -53 Corporation tax business -438 -166 -85 -12
units
Corporation tax -626 -574
1,039 132 Net income business 1,135 600 211 56
units
Transamerica Finance 85 78
Corporation
Net income 1,832 1,679
4,893 428 Gross margin business 5,325 1,354 686 309
units
Gross margin 7,391 7,067
3,451 243 Commissions and expenses 3,752 588 390 241
business units
Commissions and expenses 5,018 4,892
Net income per share 1.27 1.16
(currency x 1)
REPORT OF THE COUNTRY UNITS
The Americas
Net income in the third quarter rose 25% to USD 342 million compared to USD 273
million in the third quarter of 2002. Net income for the first nine months
increased 30% to USD 869 million compared to USD 666 million during the same
period last year. The largest influences on earnings over the first nine months
were the lower additions to the asset default provision (USD 155 million), lower
DPAC amortization (USD 190 million) and lower additions to the provision for
guarantees (USD 115 million), a non-recurring property insurance gain (USD 40
million) and interest on a tax refund (USD 31 million). Offsetting these
influences were lower employee pension plan income (USD 64 million) lower
indirect income (USD 134 million) and lower investment yield (USD 118 million).
Traditional life production (standardized new premium) increased 8% over the
first nine months of 2003 to USD 594 million. In line with second quarter 2003,
strong traditional, universal and term life sales in the Agency group continue
to drive sales, but were slightly offset by lower production in structured
settlements as a result of the discontinuance of this product. Earnings of USD
509 million were 15% lower than the first nine months of 2002 and primarily
reflect lower investment yields, reserve increases and a reduction in employee
pension plan income. Indirect income was USD 33 million lower compared to the
same period last year.
Life for the account of policyholders sales have increased from the same period
last year, largely due to recurring BOLI/COLI sales. Earnings of USD 73 million
were 9% lower when compared to the first nine months of 2002. Increased policy
lapses continue to have an adverse impact on the level of earnings.
Fixed annuity deposits were down 22% compared to the first nine months of 2002
as a result of reductions in crediting rates and adjustments to commission
structures. Withdrawals from in-force policies continue to be at their lowest
levels in years reflecting the lower new money interest rates available on new
policies. Earnings of USD 239 million were 27% above the first nine months of
2002. The favorable impact of lower credit losses in 2003 has been somewhat
offset by the decline in indirect income and lower investment spreads relative
to prior year. For the largest segment of the fixed annuity book, the overall
spread increased 13 basis points during the third quarter to 176 basis points.
Spread on new fixed annuity deposits is within the target range of 225-250 basis
points. This reflects lower crediting rates on both existing and new business.
Fixed annuity account balances increased 7% to USD 44.9 billion since year-end
2002, largely due to low lapse rates as well as new sales.
Variable annuity deposits decreased 20% compared to the same period in 2002
largely reflecting the discontinuance of the guaranteed minimum income benefit
(GMIB) feature. Variable annuity earnings showed a USD 23 million profit.
Compared with the same period in 2002, earnings have increased USD 287 million
largely reflecting the improvement in the equity markets. Variable annuity
account balances increased 20% to USD 38.8 billion since year-end 2002.
GICs and funding agreement production was down 7% compared to the first nine
months of 2002 primarily due to disciplined pricing to achieve returns. Results
of USD 189 million are comparable to the same period last year. Improvements in
credit losses were offset by a decrease of indirect investment income and lower
investment spreads. GICs and funding agreement account balances increased 8% to
USD 27.9 billion since year-end 2002.
Off balance sheet production was USD 17.3 billion a 29% increase compared to the
same period in 2002. Mutual fund sales of USD 6.1 billion are 27% higher than
the same period last and reflect an increased marketing emphasis on these
products. Synthetic GIC sales of USD 11.2 billion were 31% higher compared to
the same period last year as pension plan sponsors continue to seek more stable
value benefits. Earnings on fee business increased by USD 13 million due to
higher assets under management and lower expenses.
Accident and health premiums are slightly ahead of the first nine months of
2002. Earnings of USD 181 million were 5% lower than the first nine months of
2002 primarily due to lower indirect investment income and a non-recurring
foreign currency gain that was included in the first quarter of 2002.
Commissions and expenses show a 7% increase compared to the first nine months of
2002. Excluding commissions and net DPAC amortization, actual operating expenses
increased USD 133 million. Reflected in the year-to-date 2003 expenses is USD 64
million less in employee pension plan income and USD 27 million related to a
coinsurance agreement that was cancelled and USD 22 million in higher expenses
related to acquired businesses. Excluding these items, expenses were up 2% from
the same period last year.
The Netherlands
Net income totaled EUR 148 million in the third quarter, a 1% decrease compared
to 2002. Net income of EUR 433 million for the first nine months of 2003 was 2%
higher than for the same period last year.
Traditional life results of EUR 398 million were 3% lower than the first nine
months of 2002, while life for account of policyholders results were EUR 92
million, 114% higher than in the same period last year. The substantial increase
in earnings is due to lower additions to the provision for guarantees.
Overall standardized life production lagged 27% behind the first nine months of
2002, mainly due to lower single premium contracts in the group pension business
from the larger employers. Small and medium-size enterprises pension production
grew significantly. New individual life production was also lower than in the
first nine months of 2002 and reflective of the conditions of the individual
markets.
Non-life performance was lower due to lower investment income.
Savings account balances, compared to year-end 2002, decreased by 6% to a total
of EUR 6.0 billion at the end of the third quarter 2003.
Off balance sheet production increased 96% to EUR 1,774 million due to the
addition of new clients and accounts from the group pensions target group.
Commissions and expenses increased 66% to EUR 728 million. The increase is
largely explained by the financial consolidation of distribution units (EUR 149
million), additional employee pension costs (EUR 46 million), investment costs
related to AEGON Asset Management that are now recognized on a gross instead of
net basis (EUR 41 million), higher DPAC amortization (EUR 30 million) and the
acquisition of TKP Pensioen (EUR 11 million). The amount in expenses from AEGON
Asset Management is offset by an equal amount in revenues. Excluding these
items, operating expenses were up 3% from nine months of 2002. Provisions for
guarantees and credit risks were increased by respectively EUR 31 million and
EUR 21 million.
United Kingdom
Net income increased 25% to GBP 25 million in the third quarter this year
compared to GBP 20 million in the third quarter in 2002. Net income for the
first nine months of 2003 was GBP 66 million compared to GBP 86 million for the
same period in 2002. The reduction in net income was primarily due to lower
levels of management and fund related fees as a direct result of lower average
account balances reflecting lower equity markets, lower mortality profits and
higher pension scheme contributions.
Life for account of policyholders production for the first nine months of 2003
(standardized new premiums) increased 4% over the same period in 2002. Earnings
on this line of business have been adversely affected by the fall in the equity
markets.
Traditional life production (standardized new premium) increased 17% to GBP 54
million for the first nine months of 2003, compared to GBP 46 million for the
same period last year, as a result of growth in our individual protection
business and increasing volume of annuities from maturing pension business.
Earnings were GBP 10 million lower due to lower levels of mortality profits and
a small number of non-recurring provision releases in 2002.
Off balance sheet production was GBP 202 million for the first nine months of
2003, a reduction of 42% from the same period in 2002.
Commission and expenses increased to GBP 289 million up GBP 81 million due to
the inclusion of operating costs of the acquired distribution companies (GBP 37
million), growth in our protection businesses (GBP 13 million), the
recommencement of contributions to our staff pension scheme (GBP 6 million) and
increased depreciation charges on IT project costs (GBP 24 million). Excluding
these items commissions and expenses were at the same level of the prior year.
Other countries
Third quarter net income from other countries was EUR 18 million, the same
result as in 2002. Net income during the first nine months amounted to EUR 47
million, an increase of 27% compared to the prior year. Both life and general
insurance contributed to the increase in results.
Standardized new life production in other countries increased from EUR 80
million to EUR 301 million in the nine months of this year, largely driven by
continued strong production growth in Taiwan. New life production in Taiwan rose
to NTD 9,731 million (EUR 254 million) during the first nine months this year,
representing a more than eleven-fold increase compared to the first nine months
of 2002.
Transamerica Finance Corporation
Net income for the first nine months of 2003 for Transamerica Finance
Corporation (TFC) was USD 236 million (EUR 212 million) compared to USD 63
million (EUR 68 million) for the nine months of 2002. Compared to the prior
year, business conditions in all segments were more favorable. In addition to
lower funding costs, lower expenses and credit losses, and the recognition of
deferred income of USD 35 million (EUR 32 million) from the termination of a
major client contract, several one-time tax benefits totaling USD 31 million
(EUR 28 million) were realized.
On August 5, 2003 AEGON announced the agreement to sell most of TFC's commercial
lending activities to GE. It is expected that the transaction will be
successfully completed before year-end 2003.
On October 2, 2003 AEGON announced the completion of the sale of Transamerica's
real estate information services and flood hazard certification business.
The sale of these two businesses combined will have an expected capital gain of
approximately USD 600 million which will be credited to shareholders' equity
directly.
REPORT OF THE HOLDING COMPANY
Capital and funding
Shareholders' equity decreased by EUR 625 million from December 31, 2002 to EUR
13,606 million at September 30, 2003. The main factors contributing to the
change were negative exchange rate translations of EUR 1,289 million, a cash
interim dividend on common shares of EUR 147 million, preferred dividend of EUR
71 million, a reduction in the revaluation reserve of EUR 85 million and net
income of EUR 1,323 million. In addition, a goodwill charge of EUR 340 million
was incurred mainly as a result of the consolidation of distribution companies.
At September 30, 2003, equity capital represented 68% of our total capital base,
while senior and dated subordinated debt comprised 22% of our total capital
base. Not included in these numbers is the positive effect on equity capital of
the sale of most of TFC's commercial lending activities as well as the sale of
TFC's real estate information services and the flood hazard certification
business. Inclusion of these divestitures would have taken the ratio equity to
total capital to over 70%. Capital securities accounted for the remaining 10%.
Fluctuations in the capital base may occur throughout the year due to the timing
of transactions and cash flows. AEGON targets its equity to be 70% of the total
capital base and expects to be at this level in subsequent quarters.
The revaluation account balance at September 30, 2003 was EUR 2,513 million,
comprised of realized gains of EUR 1,530 million and unrealized gains of EUR 983
million account for the total. EUR 467 million was released as indirect
investment income from the revaluation account to income before tax compared
with EUR 592 million for the first nine months of 2002.
Disclaimer
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", "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;
* 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 and acts of war;
* 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.
Inquiries:
AEGON N.V.
Group Corporate Affairs & Investor Relations
Analysts & Investors Media
NL +31 (0)70 344 83 05 NL +31 (0)70 344 83 44
groupir@aegon.nl groupcom@aegon.nl
USA +1 410 576 45 77
ir@aegonusa.com
Web site: www.aegon.com
Press conference
A press conference on the first nine months 2003 earnings will be held this
morning at AEGON's headquarters in The Hague at 10.30 CET (09.30 GMT; 4.30 a.m.
ET). This press conference will be webcast live on AEGON's homepage
(www.aegon.com).
Analyst and investor conference call
An analyst and investor conference call on the first nine months earnings will
be held today at 15.00 CET (14.00 GMT; 09.00 a.m. ET).
The phone numbers to listen to the conference call are as follows:
+31 45 631 6905 (The Netherlands)
+44 208 515 2326 (United Kingdom)
+1 416 646 3096 (United States and Canada)
Analyst and Investor Conference
On 10 -11 November 2003 AEGON will host an analyst and investor conference in
Orlando, Florida. Presentations will be webcast live on AEGON's homepage
(www.aegon.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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