/SECOND AND FINAL ADD -- PHW019 -- AEGON Reports on First Quarter 2004 Results/
May 12 2004 - 7:58AM
PR Newswire (US)
/SECOND AND FINAL ADD -- PHW019 -- AEGON Reports on First Quarter
2004 Results/ Americas reconciliation amounts in millions USD GICs
and Life for Traditional Fixed funding account of First Quarter
2003 life annuities agreements policyholders Income before tax as
reported 174 64 44 24 Indirect income on shares and real estate,
before tax 0 0 0 0 SOP 03-1 (12) 0 0 (3) Comparable income before
realized gains and losses on shares and real estate 162 64 44 21
Comparable income before realized gains and losses on shares and
real estate (EUR) 151 60 41 19 Realized gains and losses on shares
and real estate Corporation tax Comparable net income USD Accident
and Variable Fee health First Quarter 2003 annuities business
insurance Income before tax as reported (4) 4 50 Indirect income on
shares and real estate, before tax 0 0 0 SOP 03-1 0 0 0 Comparable
income before realized gains and losses on shares and real estate
(4) 4 50 Comparable income before realized gains and losses on
shares and real estate (EUR) (4) 4 47 Realized gains and losses on
shares and real estate Corporation tax Comparable net income USD
EUR First Quarter 2003 Total Total Income before tax as reported
356 332 Indirect income on shares and real estate, before tax 0 0
SOP 03-1 (15) (14) Comparable income before realized gains and
losses on shares and real estate 341 318 Comparable income before
realized gains and losses on shares and real estate (EUR) 318
Realized gains and losses on shares and real estate (10) (9)
Corporation tax (102) (96) Comparable net income 229 213 USD GICs
and Life for Traditional Fixed funding account of Second Quarter
2003 life annuities agreements policyholders Income before tax as
reported 170 63 62 26 Indirect income on shares and real estate,
before tax (17) (19) (24) (1) SOP 03-1 (12) 0 0 (3) Comparable
income before realized gains and losses on shares and real estate
141 44 38 22 Comparable income before realized gains and losses on
shares and real estate (EUR) 123 38 33 21 Realized gains and losses
on shares and real estate Corporation tax Comparable net income
Accident and Variable Fee health Second Quarter 2003 annuities
business insurance Income before tax as reported 12 6 57 Indirect
income on shares and real estate, before tax (1) 0 (3) SOP 03-1 0 0
0 Comparable income before realized gains and losses on shares and
real estate 11 6 54 Comparable income before realized gains and
losses on shares and real estate (EUR) 10 5 47 Realized gains and
losses on shares and real estate Corporation tax Comparable net
income USD EUR Second Quarter 2003 Total Total Income before tax as
reported 396 349 Indirect income on shares and real estate, before
tax (65) (59) SOP 03-1 (15) (13) Comparable income before realized
gains and losses on shares and real estate 316 277 Comparable
income before realized gains and losses on shares and real estate
(EUR) 277 Realized gains and losses on shares and real estate (19)
(17) Corporation tax (80) (70) Comparable net income 217 190 USD
GICs and Life for Traditional Fixed funding account of Third
Quarter 2003 life annuities agreements policyholders Income before
tax as reported 165 112 83 23 Indirect income on shares and real
estate, before tax (14) (16) (11) 0 SOP 03-1 (12) 0 0 (3)
Comparable income before realized gains and losses on shares and
real estate 139 96 72 20 Comparable income before realized gains
and losses on shares and real estate (EUR) 124 86 64 17 Realized
gains and losses on shares and real estate Corporation tax
Comparable net income USD Accident and Variable Fee health Third
Quarter 2003 annuities business insurance Income before tax as
reported 15 1 74 Indirect income on shares and real estate, before
tax (1) (1) (3) SOP 03-1 0 0 0 Comparable income before realized
gains and losses on shares and real estate 14 0 71 Comparable
income before realized gains and losses on shares and real estate
(EUR) 13 0 64 Realized gains and losses on shares and real estate
Corporation tax Comparable net income USD EUR Third Quarter 2003
Total Total Income before tax as reported 473 422 Indirect income
on shares and real estate, before tax (46) (41) SOP 03-1 (15) (13)
Comparable income before realized gains and losses on shares and
real estate 412 368 Comparable income before realized gains and
losses on shares and real estate (EUR) 368 Realized gains and
losses on shares and real estate 13 12 Corporation tax (113) (101)
Comparable net income 312 279 USD GICs and Life for Traditional
Fixed funding account of Fourth Quarter 2003 life annuities
agreements policyholders Income before tax as reported 215 139 52 9
Indirect income on shares and real estate, before tax (20) (23)
(21) (1) SOP 03-1 (12) 0 0 (3) Comparable income before realized
gains and losses on shares and real estate 183 116 31 5 Comparable
income before realized gains and losses on shares and real estate
(EUR) 155 98 26 3 Realized gains and losses on shares and real
estate Corporation tax Comparable net income USD Accident and
Variable Fee health Fourth Quarter 2003 annuities business
insurance Income before tax as reported 48 (30) 82 Indirect income
on shares and real estate, before tax (2) 0 (3) SOP 03-1 0 0 0
Comparable income before realized gains and losses on shares and
real estate 46 (30) 79 Comparable income before realized gains and
losses on shares and real estate (EUR) 41 (27) 66 Realized gains
and losses on shares and real estate Corporation tax Comparable net
income USD EUR Fourth Quarter 2003 Total Total Income before tax as
reported 515 435 Indirect income on shares and real estate, before
tax (70) (60) SOP 03-1 (15) (13) Comparable income before realized
gains and losses on shares and real estate 430 362 Comparable
income before realized gains and losses on shares and real estate
(EUR) 362 Realized gains and losses on shares and real estate (58)
(51) Corporation tax (95) (79) Comparable net income 277 232 USD
GICs and Life for Traditional Fixed funding account of Full Year
2003 life annuities agreements policyholders Income before tax as
reported 724 378 241 82 Indirect income on shares and real estate,
before tax (51) (59) (56) (2) SOP 03-1 (48) 0 0 (12) Comparable
income before realized gains and losses on shares and real estate
625 319 185 68 Comparable income before realized gains and losses
on shares and real estate (EUR) 553 282 164 60 Realized gains and
losses on shares and real estate Corporation tax Comparable net
income USD Accident and Variable Fee health Full Year 2003
annuities business insurance Income before tax as reported 71 (19)
263 Indirect income on shares and real estate, before tax (3) (1)
(9) SOP 03-1 0 0 0 Comparable income before realized gains and
losses on shares and real estate 68 (20) 254 Comparable income
before realized gains and losses on shares and real estate (EUR) 60
(18) 224 Realized gains and losses on shares and real estate
Corporation tax Comparable net income USD EUR Full Year 2003 Total
Total Income before tax as reported 1,740 1,538 Indirect income on
shares and real estate, before tax (181) (160) SOP 03-1 (60) (53)
Comparable income before realized gains and losses on shares and
real estate 1,499 1,325 Comparable income before realized gains and
losses on shares and real estate (EUR) 1,325 Realized gains and
losses on shares and real estate (74) (65) Corporation tax (391)
(346) Comparable net income 1,034 914 The Netherlands
reconciliation amounts in millions EUR Life for account of Accident
and Traditional policy- health First Quarter 2003 life holders(1)
Fee business insurance Income before tax as reported 133 25 0 6
Indirect income on shares and real estate, before tax (95) (31) 0 0
Meeus consolidation - - 5 - Comparable income before realized gains
and losses on shares and real estate 38 (6) 5 6 Realized gains and
losses on shares and real estate Corporation tax Comparable net
income First Quarter 2003 General insurance Banking Total Income
before tax as reported 5 0 169 Indirect income on shares and real
estate, before tax 0 0 (126) Meeus consolidation - - 5 Comparable
income before realized gains and losses on shares and real estate 5
0 48 Realized gains and losses on shares and real estate (104)
Corporation tax (8) Comparable net income (64) Life for account of
Accident and Traditional policy- health Second Quarter 2003 life
holders(1) Fee business insurance Income before tax as reported 145
21 10 2 Indirect income on shares and real estate, before tax (93)
(31) 0 0 Meeus consolidation - - (5) - Comparable income before
realized gains and losses on shares and real estate 52 (10) 5 2
Realized gains and losses on shares and real estate Corporation tax
Comparable net income Second Quarter 2003 General insurance Banking
Total Income before tax as reported 12 2 192 Indirect income on
shares and real estate, before tax 0 0 (124) Meeus consolidation -
- (5) Comparable income before realized gains and losses on shares
and real estate 12 2 63 Realized gains and losses on shares and
real estate (145) Corporation tax (19) Comparable net income (101)
Life for account of Accident and Traditional policy- health Third
Quarter 2003 life holders(1) Fee business insurance Income before
tax as reported 120 46 6 11 Indirect income on shares and real
estate, before tax (85) (30) 0 0 Meeus consolidation - - 0 -
Comparable income before realized gains and losses on shares and
real estate 35 16 6 11 Realized gains and losses on shares and real
estate Corporation tax Comparable net income Third Quarter 2003
General insurance Banking Total Income before tax as reported 7 9
199 Indirect income on shares and real estate, before tax 0 0 (115)
Meeus consolidation - - 0 Comparable income before realized gains
and losses on shares and real estate 7 9 84 Realized gains and
losses on shares and real estate 88 Corporation tax (27) Comparable
net income 145 Life for account of Accident and Traditional policy-
health Fourth Quarter 2003 life holders(1) Fee business insurance
Income before tax as reported 150 43 (3) 25 Indirect income on
shares and real estate, before tax (78) (25) 0 0 Meeus
consolidation - - 0 - Comparable income before realized gains and
losses on shares and real estate 72 18 (3) 25 Realized gains and
losses on shares and real estate Corporation tax Comparable net
income Fourth Quarter 2003 General insurance Banking Total Income
before tax as reported (13) 9 211 Indirect income on shares and
real estate, before tax 0 0 (103) Meeus consolidation - - 0
Comparable income before realized gains and losses on shares and
real estate (13) 9 108 Realized gains and losses on shares and real
estate (30) Corporation tax (33) Comparable net income 45 Life for
account of Accident and Traditional policy- health Full Year 2003
life holders(1) Fee business insurance Income before tax as
reported 548 135 13 44 Indirect income on shares and real estate,
before tax (351) (117) 0 0 Meeus consolidation - - 0 - Comparable
income before realized gains and losses on shares and real estate
197 18 13 44 Realized gains and losses on shares and real estate
Corporation tax Comparable net income Full Year 2003 General
insurance Banking Total Income before tax as reported 11 20 771
Indirect income on shares and real estate, before tax 0 0 (468)
Meeus consolidation - - 0 Comparable income before realized gains
and losses on shares and real estate 11 20 303 Realized gains and
losses on shares and real estate (191) Corporation tax (87)
Comparable net income 25 (1) Reclassification from traditional life
as part of indirect income is allocated to life for account of
policyholders United Kingdom reconciliation amounts in millions GBP
GBP EUR Life for account of Traditional policy- Fee First Quarter
2003 life holders business Total Total Income before tax as
reported (1) 32 (2) 29 43 Indirect income on shares and real
estate, before tax 0 0 0 0 0 Comparable income before realized
gains and losses on shares and real estate (1) 32 (2) 29 43
Comparable income before realized gains and losses (EUR) on shares
and real estate (2) 48 (3) 43 Realized gains and losses on shares
and real estate (4) (5) Corporation tax (7) (11) Comparable net
income 18 27 Life for account of Traditional policy- Fee Second
Quarter 2003 life holders business Total Total Income before tax as
reported 0 29 0 29 42 Indirect income on shares and real estate,
before tax 0 0 0 0 0 Comparable income before realized gains and
losses on shares and real estate 0 29 0 29 42 Comparable income
before realized gains and losses (EUR) on shares and real estate 1
41 0 42 Realized gains and losses on shares and real estate 0 (1)
Corporation tax (9) (12) Comparable net income 20 29 Life for
account of Traditional policy- Fee Third Quarter 2003 life holders
business Total Total Income before tax as reported 2 32 0 34 49
Indirect income on shares and real estate, before tax 0 0 0 0 0
Comparable income before realized gains and losses on shares and
real estate 2 32 0 34 49 Comparable income before realized gains
and losses (EUR) on shares and real estate 3 46 0 49 Realized gains
and losses on shares and real estate 0 0 Corporation tax (9) (13)
Comparable net income 25 36 Life for account of Traditional policy-
Fee Fourth Quarter 2003 life holders business Total Total Income
before tax as reported 0 35 3 38 54 Indirect income on shares and
real estate, before tax 0 0 0 0 0 Comparable income before realized
gains and losses on shares and real estate 0 35 3 38 54 Comparable
income before realized gains and losses (EUR) on shares and real
estate 0 49 5 54 Realized gains and losses on shares and real
estate (6) (9) Corporation tax (9) (13) Comparable net income 23 32
Life for account of Traditional policy- Fee Full Year 2003 life
holders business Total Total Income before tax as reported 1 128 1
130 188 Indirect income on shares and real estate, before tax 0 0 0
0 0 Comparable income before realized gains and losses on shares
and real estate 1 128 1 130 188 Comparable income before realized
gains and losses (EUR) on shares and real estate 2 184 2 188
Realized gains and losses on shares and real estate (10) (15)
Corporation tax (34) (49) Comparable net income 86 124 Other
countries reconciliation amounts in millions EUR Life for Accident
First Tradit- account of and Quarter ional policy- Fee health
General 2003 life holders business insurance insurance Total Income
before tax as reported 7 (2) 2 2 10 19 Indirect income on shares
and real estate, before tax 0 0 0 0 0 0 Comparable income before
realized gains and losses on shares and real estate 7 (2) 2 2 10 19
Realized gains and losses on shares and real estate (6) Corporation
tax (3) Comparable net income 10 Life for Accident Second Tradit-
account of and Quarter ional policy- Fee health General 2003 life
holders business insurance insurance Total Income before tax as
reported 7 (5) 2 1 16 21 Indirect income on shares and real estate,
before tax (1) 0 0 0 0 (1) Comparable income before realized gains
and losses on shares and real estate 6 (5) 2 1 16 20 Realized gains
and losses on shares and real estate 4 Corporation tax (7)
Comparable net income 17 Life for Accident Third Tradit- account of
and Quarter ional policy- Fee health General 2003 life holders
business insurance insurance Total Income before tax as reported 7
0 3 3 10 23 Indirect income on shares and real estate, before tax 0
0 0 0 (1) (1) Comparable income before realized gains and losses on
shares and real estate 7 0 3 3 9 22 Realized gains and losses on
shares and real estate 1 Corporation tax (5) Comparable net income
18 Life for Accident Fourth Tradit- account of and Quarter ional
policy- Fee health General 2003 life holders business insurance
insurance Total Income before tax as reported 7 (7) 1 1 14 16
Indirect income on shares and real estate, before tax (1) 0 0 0 0
(1) Comparable income before realized gains and losses on shares
and real estate 6 (7) 1 1 14 15 Realized gains and losses on shares
and real estate 2 Corporation tax (5) Comparable net income 12 Life
for Accident Full Tradit- account of and Year ional policy- Fee
health General 2003 life holders business insurance insurance Total
Income before tax as reported 28 (14) 8 7 50 79 Indirect income on
shares and real estate, before tax (2) 0 0 0 (1) (3) Comparable
income before realized gains and losses on shares and real estate
26 (14) 8 7 49 76 Realized gains and losses on shares and real
estate 1 Corporation tax (20) Comparable net income 57 Cautionary
note regarding Regulation G (non-GAAP measure) This press release
includes a non-GAAP financial measure: Net income before realized
gains and losses on shares and real estate. The reconciliation of
this measure to the most comparable GAAP measure is shown below in
accordance with Regulation G. AEGON believes the non-GAAP measure
shown herein, together with the GAAP information, provides a
meaningful measure for the investing public to evaluate AEGON's
business relative to the businesses of our peers. First quarter
2003 First quarter 2004 as adjusted In EUR Per common In EUR Per
common million share million share Net income before realized gains
and losses on shares and real estate 284 0.18 286 0.18 Realized
gains and losses on shares and real estate 89 (124) Corporation tax
on realized gains and losses on shares and real estate (19) 8 Net
income 354 0.22 170 0.10 Cautionary note regarding the use of local
currencies and constant currency exchange rates This press release
contains certain information about our results and financial
condition in USD for the Americas and in GBP for the United Kingdom
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 euro, which
is the currency of our primary financial statements. Cautionary
note regarding 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," "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. AEGON N.V.
Group Corporate Affairs & Investor Relations The Hague, the
Netherlands Analysts & Investors +31 (0)70 344 83 05 Media +31
(0)70 344 83 44 Email Baltimore, the United States Analysts &
Investors +1 410 576 4577 Media +1 410 576 4542 Email Web site:
http://www.aegon.com/ Analyst and investor conference call An
analyst and investor conference call on the first quarter 2004
earnings will be held today at 15:00 CET (14:00 BST; 09:00 a.m.
ET). The phone numbers to listen to the conference call are as
follows: +31 (0) 45 6316901 (the Netherlands) +44 (0) 208 4006308
(United Kingdom) +1 303 2622130 (United States and Canada)
PRNewswire -- May 12 END SECOND AND FINAL ADD DATASOURCE: AEGON Web
site: http://www.aegon.com/
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