Donald J. Shepard

Chairman Executive Board AEGON N.V.

Voorzitter Raad van Bestuur AEGON N.V.

Annual General Meeting of Shareholders – April 25, 2006 1

Good Progress in 2005

Strong financial performance

Improved position in AEGON’s three major markets

Expansion strategy on track

Annual General Meeting of Shareholders – April 25, 2006 2

Strong Financial Performance

Operating earnings before tax increased 21% to EUR 2,147 million

Net income increased 21% to EUR 2,732 million

New life sales increased 9% for the year to EUR 2,539 million

Strong capital base and cash flow generation

Annual General Meeting of Shareholders – April 25, 2006 3

Strong financial performance

Improved position in AEGON’s three major markets

Expansion strategy on track

Annual General Meeting of Shareholders – April 25, 2006 4

Americas – New Life Sales

Standardized new life sales (in USD mln) 1,400

+7% 1,200 BOLI/COLI

1,000 Reinsurance 800

Retail 600

400

200

0

2004 2005

� US new life sales increased 7%, driven in particular by strong reinsurance sales, which were up 46%

� Continue to focus on improving returns in a challenging environment

Annual General Meeting of Shareholders – April 25, 2006 5

Growth within AEGON USA’s Pension Group

(in USD mln)

0 5,000

10,000 15,000 20,000

25,000 30,000 35,000 40,000 45,000

1996 1997 1998 1999 2000 2001 2002

Pension Group assets

2003 2004 2005

43,798*

Transamerica Retirement Services

Diversified Investment Advisors

*Excludes purchased annuities at TRS

Total Retirement Assets under Management

Pension Group AEGON Institutional Markets Other qualified annuities

USD 43.8 billion USD 3.4 billion USD 14.4 billion

Total USD 61.6 billion

24,570

2002 – 2005 : CAGR of 21%

Annual General Meeting of Shareholders – April 25, 2006 6

Developments in AEGON The Netherlands

Unique group pension capability in all three key areas: administration, insured pension solutions and asset management

New Levensloop (Lifecycle) product successfully introduced

Administrative performance improved considerably

Successfully developed new disability products (WIA)

AEGON Asset Management wins 4 first prize S&P Awards and 3 first prize Lipper Awards for consistent performance

Annual General Meeting of Shareholders – April 25, 2006 7

Strengthening AEGON UK’s IFA channel

1400 Advisor Headcount (RI)

1200

1000

800

600

400

200

0 2000 2001 2002 2003 2004 2005

Positive Solutions is a national IFA that provides management services to Registered Individuals (RI) through an e-platform

Accelerated acquisition of remaining 40% of Positive Solutions

Number of Registered Individuals more than doubled since initial investment in late 2002

Average productivity has increased markedly

Annual General Meeting of Shareholders – April 25, 2006 8

AEGON UK – Product Mix

2002 2005

51%

29%

9%

3% 8%

45%

23%

11%

9%

12%

Group Individual Bonds Annuities RiskPensions Pensions

AEGON UK has continued to see a favourable change in product mix with higher margin business up from 20% in 2002 to 32% in 2005

Annual General Meeting of Shareholders – April 25, 2006 9

Strong financial performance

Improved position in AEGON’s three major markets

Expansion strategy on track

Annual General Meeting of Shareholders – April 25, 2006 10

PolandCzech RepublicHungarySlovakia 603

1,1791,720

2,828 1220

1113

AEGON present in larger Eastern European markets

Russia

Slovenia Croatia Romania Bulgaria Ukraine

Life and pensions premiums USD million

Market growth 1999-2004 Percent

Source: Swiss Re

260 251

64 29

531

3,544

17 55

24 43

16%

21

Poland Czech Republic Hungary Slovakia 603

1,179 1,720

2,828 12 20

11 13

Annual General Meeting of Shareholders – April 25, 2006 11

Developments in Other Countries – Central & Eastern Europe

Strong growth potential for life and pension products with over 65 million people in AEGON CEE countries

Improvements in AEGON Hungary’s sales organization already generating results in 4Q05 new life sales

AEGON Poland record sales in 4Q05, now ranked #4 in the Polish life market, new lines of business developed

Pension fund of AEGON Slovakia currently has over 70,000 members

Life sales for AEGON Czech Republic started after launch of operation in April 2005

Annual General Meeting of Shareholders – April 25, 2006 12

AEGON Spain – Expansion Through the Bank Channel

P&C business divested to concentrate on partnerships with savings banks AEGON Spain generated total life premiums of EUR 126 mln and new life sales of EUR 25 mln Partnership with CAM generated total life premiums of EUR 560 mln (+12%) and new life sales of EUR 219 mln (+24%) New joint ventures with Caja de Badajoz and Caja Navarra* AEGON life products will soon be sold in over 1,500 branches across Spain AEGON Spain strives to further expand the network given the dominant role of banks in the Spanish life and pensions market * Transactions expected to close in 2Q 2006

Annual General Meeting of Shareholders – April 25, 2006 13

AEGON Pension Network

First international network dedicated to providing cross border group pensions solutions for multi-national corporate clients and their employees Developed with the expertise of AEGON’s partner in France, La Mondiale, as well as with the cooperation of AEGON subsidiaries in the UK, the Netherlands and the USA Integrated solutions:

– reporting – asset pooling – customized local pension and employee benefits programs – expatriate solutions

HDI Pensionsmanagement recently joined AEGON Pension Network, providing presence in Germany

Annual General Meeting of Shareholders – April 25, 2006 14

Developments in Other countries - Asia

Nanjing Shandong

Roll out across China from Shanghai to Beijing, Nanjing and Shandong – reaching a population of over 150 mln people AEGON-CNOOC’s multi-channel distribution strengthened with the addition of brokers Growth on track – top 10 foreign life insurer

In Taiwan new business sales grew 58% reflecting strong sales in 1H 2005

Fourth quarter sales exceeded third quarter sales by 54%

Increased efforts to sell unit-linked products showed encouraging results in the fourth quarter

Annual General Meeting of Shareholders – April 25, 2006 15

Overall a Good Year

Improved position in AEGON’s three major markets

Expansion strategy delivering results

AEGON is well-positioned to deliver the products and services that will lead to the continued growth of our business

Annual General Meeting of Shareholders – April 25, 2006 16

Jos Streppel

Member Executive Board AEGON N.V.

Lid Raad van Bestuur AEGON N.V.

Annual General Meeting of Shareholders – April 25, 2006 17

Financial Performance

Annual General Meeting of Shareholders – April 25, 2006 18

(20%)(20%)2520Share in profit/(loss) of associates --(22)277Other non operating income/(charges)

15%15%1,0201,171Net gains/losses on investments andimpairment charges (before tax)

18%18%1.381.63- per share

29%29%2,7953,615Income before tax

21%21%1,7722,147Operating earnings before tax

21%21%2,2562,732Net income

∆ constant

exchangeratesFY 2005 ∆FY 2004(in EUR mln, except per share data)

AEGON Group – Sales Overview

Annual General Meeting of Shareholders – April 25, 2006 19

� Increase in new life sales of 9% driven by all country units

� Strong growth in Variable Annuity sales and traditional GIC’s

� Production off balance sheet driven by the Netherlands, the UK and Other countries

3%4,8915,0213%18,32918,882Total gross premiums

32%2,7353,6048%14,31215,414

Annuity andinstitutional guaranteedproducts deposits

1%4,4164,4519%16,02717,425 Off balance sheet production

9%

∆

643

4Q 2005

639

4Q 2004

1%2,3202,539APE Life Insurance

FY 2005 ∆FY 2004(in EUR mln)

Americas – Sales Overview

Annual General Meeting of Shareholders – April 25, 2006 20

� New life sales increased by 7%; life reinsurance sales up 46%

� Sequential growth in Fixed Annuity sales continued in 4Q 2005 through improved distribution platform

� Strong Variable Annuity sales notable in both retail and pension segments

� Off balance sheet production remains stable

13%1,3541,52919%5,2786,260Variable Annuities

3%605626(26%)3,0172,221Fixed Annuities

29%1,6492,12113%9,48710,712 Institutional Guaranteed Products

(7%)5,2754,912(0%)18,43518,353Off b/s production

7%

∆

287

4Q 2005

303

4Q 2004

(5%)1,0871,166APE Life Insurance

FY 2005 ∆FY 2004(in USD mln)

Americas – Operating Earnings

18%50659921%1,6702,014Net income

2,717

2,365

FY 2005

29%

17%

∆

510

427

4Q 2004

43%

56%

∆

2,112

2,026

FY 2004

727Income before tax

667Operating earningsbefore tax

4Q 2005(in USD mln)

Annual General Meeting of Shareholders – April 25, 2006 21

The Netherlands – Sales Overview

� Strong group pension production by capturing several large contracts

� Individual life market remains challenging

� Off balance sheet sales higher on asset-only contracts and increased sales of TKP Pensions

65%56893921%2,8813,478Savings deposits

(16%)17814910%789864Off b/s production

2%

∆

62

4Q 2005

72

4Q 2004

(14%)226231APE Life Insurance

FY 2005 ∆FY 2004(in EUR mln)

Annual General Meeting of Shareholders – April 25, 2006 22

The Netherlands – Operating Earnings

(53%)44420710%9201,014Net income

1,286

322

FY 2005

17%

64%

∆

472

69

4Q 2004

(51%)

48%

∆

1,097

196

FY 2004

229Income before tax

102Operating earningsbefore tax

4Q 2005(in EUR mln)

Annual General Meeting of Shareholders – April 25, 2006 23

UK – Sales Overview

� New life sales increased 4% in 2005 and 16% in the fourth quarter, making it the highest sales quarter ever in the UK

� Broader range of non-pension products resulted in over 30% of new business coming from annuities, bonds and protection products

� Increasing off balance sheet production mainly attributable to the continued strong performance of AEGON UK’s fixed income team

42%6085-1431,032Off b/s production

4%

∆

196

4Q 2005

169

4Q 2004

16%662687APE Life Insurance

FY 2005 ∆FY 2004(in GBP mln)

Annual General Meeting of Shareholders – April 25, 2006 24

UK – Operating Earnings

42%243420%8298Net income

186

111

FY 2005

24%

2%

∆

49

33

4Q 2004

2%

(9%)

∆

150

109

FY 2004

50Income before tax

30Operating earningsbefore tax

4Q 2005(in GBP mln)

Excluding the effect of the accelerated acquisition of Positive Solutions operating earnings before tax increased 32%

Annual General Meeting of Shareholders – April 25, 2006 25

Other countries – Sales Overview

56%

50%

∆

80

54

4Q 2005

68

92

4Q 2004

18%204318Off b/s production

(41%)245368APE Life Insurance

FY 2005 ∆FY 2004(in EUR mln)

� New life sales increased 50% driven by strong sales in Taiwan in the first half of 2005

� Strong off balance sheet production driven by increased pension fund deposits in Hungary and Slovakia

Annual General Meeting of Shareholders – April 25, 2006 26

Other countries – Operating Earnings

(66%)2910109%101211Net income

248

44

FY 2005

84%

(61%)

∆

39

30

4Q 2004

(72%)

(83%)

∆

135

113

FY 2004

11Income before tax

5Operating earningsbefore tax

4Q 2005(in EUR mln)

Decrease in operating earnings primarily reflects lower contributions from Spain, due to the sale of the general insurance activities

Annual General Meeting of Shareholders – April 25, 2006 27

Shareholders’ Equity Development

(in EUR mln) 330 19,2761,515 76 152

(132)2,732

(272)

14,875

Shareholders’ equity increased 30% to EUR 19,276 million in 2005

Shareholders' Net income Dividend paid Currency Sold ow n Change fair Coupon on Other Shareholders' equity shares value reserve perpetuals equity

January 1 December 31

Annual General Meeting of Shareholders – April 25, 2006 28

Donald J. Shepard

Chairman Executive Board AEGON N.V.

Voorzitter Raad van Bestuur AEGON N.V.

Annual General Meeting of Shareholders – April 25, 2006 29

Share price development in USD as of AGM April 2005

Nationwide

Metlife Inc

Lincoln Financial

Manulife

Principal

US insurance sector

AEGON (USD)

AIG

Hartford

Prudential US

Share price development vs. US peers (1 year, USD)

0% 10%

20%

30%

40%

50%

Annual General Meeting of Shareholders – April 25, 2006 30

Share price development in local currency as of AGM April 2005

Prudential UK

European insurance sector

ING

AXA

Allianz

Aviva

AEGON (EUR)

Fortis

Generali

Zurich Financial

Share price development vs. European peers (1 year, local currency)

0%

10%

20%

30%

40%

50%

Annual General Meeting of Shareholders – April 25, 2006 31

Valuation: ten year historical P/E development

70

60

20

30

40

50

AEGON ING Fortis ABN AMRO

10

0

29/1

2/19

95

29/1

2/19

96

29/1

2/19

97

29/1

2/19

98

29/1

2/19

99

29/1

2/20

00

29/1

2/20

01

29/1

2/20

02

29/1

2/20

03

29/1

2/20

04

29/1

2/20

05

Trailing P/E multiples

Annual General Meeting of Shareholders – April 25, 2006 32