Making the link: building a better,
more sustainable world
2018 Responsible
Investment Report

We use our investment management expertise to help people achieve a lifetime of financial security.
About this report
Welcome to Aegon Asset Management’s 2018 Responsible Investment Report. The aim 
of this report is to provide a clear, comprehensive overview of our responsible investment 
strategy, solutions and performance. The report is intended for all stakeholders, but will be of 
particular interest to our clients. This report should be read in conjunction with Aegon N.V.’s 
2018 Integrated Annual Report, available online at www.aegon.com. For more information 
on our approach to this report, please see page 40.
Notes & definitions
•	 Throughout this document, ‘we’, ‘our’, ‘us’ refer to Aegon Asset Management. Our parent company – Aegon N.V. – may be referred to as ‘Aegon’ or ‘the Company’.	
Along with its member companies, Aegon N.V. may be referred to as ‘Aegon Group’ or the ‘Group’. For the purposes of this report, ‘member companies’ shall mean,	
with respect to Aegon N.V., those companies consolidated under Dutch legislation relating to consolidated financial accounts.
•	 Though practitioners and academics now agree on the merits of responsible investment, there is still debate over what responsible investment means exactly and	
how it should be integrated into investment decisions and strategies. Over the years, various terms have emerged to describe its meaning and with it, a variety of 			
interpretations. We have used a number of these terms in this report, which we define as follows: 		
•	 ESG: environmental, social and governance factors that may affect the performance of a company or asset.		
•	 Responsible investment or investing: a broad term used to describe various approaches to incorporating responsible investing principles or practices into the			
investment decision-making process as well as dedicated or focused responsible investment solutions. 		
•	 Responsible Investment products, funds and strategies: this relates to products and funds that use ESG factors as a basis for specific investment strategies.			
This includes Socially Responsible Investment (SRI), ethical and best-in-class funds. 		
•	 Impact investments: supporting companies which have a mission to provide positive societal or environmental benefits in addition to generating positive financial returns.
•	 Please note that not all products, funds or investment strategies referred to in this report are available to all investors. In addition, certain products, funds or strategies	
may be closed to new investors. 
•	 Information in this report relates to Aegon Asset Management (with the exception of reporting against the Task Force on Climate-related Financial Disclosures,	
see page 28; this relates to Aegon N.V., our parent company). Data covers all Aegon Asset Management companies and entities, and refers to the period January-December 		
2018, unless otherwise stated. Joint venture companies have been included on a pro rata basis. Information relating to Aegon is clearly labeled ‘Aegon’ or ‘Aegon N.V.’.
•	 In this report, reference is made to Aegon's Responsible Investment Policy. We apply this Policy to all assets managed by Aegon operating entities (where Aegon	
has management control). Our approach (including exclusions) may differ for assets we manage on behalf of third parties.

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2018 Responsible Investment Report
Table of Contents
Foreword from our CEO, Sarah Russell	
4
About Aegon Asset Management	
6
• Our Business	
7
• Key figures and Highlights of 2018	
8
Message from our Global Head of Responsible Business and Public Affairs, Roelie van Wijk-Russchen	
9
Operating environment	
10
Responsible investment strategy	
11
• Policy	
12 
• Governance & Responsible Investment team	
13
• ESG integration	
13
• Responsible Investment solutions and strategies	
15
Our impact as an investor	
16
• Sustainable real estate	
16
• Clean energy	
18 
• Other impact investments	
18
Active ownership and engagement 	
19
• Engagement 	
19
• Voting 	
22
• Exclusions	
23
• Public policy	
24
• UN Sustainable Development Goals	
24
• Memberships and collaborative bodies	
26
Reporting against external frameworks	
28
• TCFD (Task Force on Climate-related Financial Disclosures)	
28
• PRI (Principles for Responsible Investments)	
36
Appendix	
37
• Key metrics	
37
• Voting report: Aegon Investment Management B.V.	
38
• Our approach to reporting	
40
• International conventions	
42
Contact and enquiries	
43

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We use our investment management expertise to help people achieve a lifetime of financial security.

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2018 Responsible Investment Report
"	We must be willing to tell our story - a story that goes beyond
		the factual and engages stakeholders with our beliefs."
We are clear about our purpose
At Aegon Asset Management, we are clear about the role we play 
to support Aegon’s purpose – using our investment management 
expertise to help people achieve a lifetime of financial security. 
We understand that, to fulfill Aegon’s purpose, our actions must be 
focused. They must be supported by both a clear, comprehensive 
strategy and relevant policies. To make a real difference, we 
must also engage and work with others. These actions are 
interdependent.  To create the greatest impact, we must be willing
to tell our story – a story that goes beyond the factual and 
engages our stakeholders with our beliefs, to convey our emotions 
and, importantly, to create trust – trust from those we work with, 
and from those who rely on us for a lifetime of financial security.
A lifetime of financial security 
At Aegon, as part of our Responsible Business strategy, we believe 
that a lifetime of financial security requires smart planning, 
promoting healthy lifestyles and offering the right solutions at 
every stage of our customers’ lives. As responsibility for retirement 
income shifts from governments and employers to the individual, 
we believe it is important to help customers make the right choices 
for a secure future and healthy, prosperous lives.
The power of a healthy lifestyle supports our customers, so they 
can not only enjoy a fulfilling retirement, but can also participate 
fully in the workforce and maximize their savings potential. 
For society, Aegon continues to develop and promote thought 
leadership around secure retirement and healthy aging – through 
our Center for Longevity and Retirement. As we anticipate the 
possibility of ‘outliving our savings’ while observing the rising cost 
of long-term and old age care, we add our voice to the discussion 
that is so important for the state, employers and our customers. 
And finally, we believe there is a clear relationship between well-
being and the environment we, and future generations, will live 
in. As a substantial and long-term investor, we intend to use our 
investment power to support a cleaner and healthier environment.
Story telling to engage the heart as well as the mind
This report is the story of Aegon and Aegon Asset Management’s 
contributions to our purpose.  Our story is also about engaged 
and proud colleagues who have a personal belief in what they 
do, defining a committed, professional approach that we believe 
can make a difference – for our customers, society and for our 
environment.  
Not everything set out in this report is new. Making a difference is 
also about continuing our commitment to actions that have shown 
a positive impact. It is also about recognizing that not every action 
has a clear and straightforward path. Rather, we must be open and 
transparent about the dilemmas we face and how we tackle them. 
To be a responsible investor, we must also continue to evolve. 
From exclusion to engagement and now including impact, we 
are learning from the past to take greater steps, emboldened by 
experience.  We support those initiatives that find a common way 
to communicate, a taxonomy that helps society to understand and 
measure our steps, as well as the steps of others, and the gaps 
that, together, we still need to close. 
At Aegon, we also believe in the power of personal stories – stories 
that must first engage our employees around our purpose, that 
show we understand and can see others’ perspectives, especially 
around the needs of our customers, society and for a clean 
environment. In our 2017 Responsible Investment report, I shared 
the story of devastating Australian bushfires. Climate change 
did not hold the match, but its contribution to the catastrophic 
conditions that led to such loss of property and, tragically, life 
can and must be acted upon. I have also told colleagues the story 
of my grandmother and my mother, and how their affliction with 
Alzheimer’s has shaped my approach to security and well-being in 
my retirement.
This report is our story. Tell someone yours.
Foreword from our CEO, Sarah Russell
Chief Executive Officer, Aegon Asset Management

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We use our investment management expertise to help people achieve a lifetime of financial security.
About Aegon Asset Management
Aegon Asset Management	
Aegon Asset Management North America	
Cedar Rapids, Baltimore, Chicago	
EUR 102.6 billion	
Aegon Asset Management Netherlands	
The Hague	
EUR 71.4 billion	
Aegon Asset Management Central & Eastern Europe
	 Budapest	
EUR 2.1 billion	
Aegon Asset Management Spain 
	 Madrid	
EUR 1.8 billion	
Kames Capital 	
Edinburgh, London	
EUR 41.4 billion	
TKP Investments	
Groningen	
EUR 26.2 billion
Joint ventures	
Aegon-Industrial Fund Management Company (AIFMC)
	 Shanghai	
EUR 16.4 billion	
La Banque Postale Asset Management (LBPAM)
	 Paris	
EUR 54.1 billion
Aegon Asset Management is an active investment manager. At the end of 2018, we 
managed EUR 316 billion in assets for clients across Europe, the Americas and Asia. 
Note: numbers for assets under management have been rounded

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2018 Responsible Investment Report
Our business
Aegon Asset Management is part of the international financial 
services group Aegon N.V. Aegon’s history goes back to the first 
half of the nineteenth century. Today, Aegon is active in more than 
20 markets worldwide, providing insurance, savings, pensions, 
mortgages and asset management to 28.5 million customers. 
Aegon Asset Management CEO, Sarah Russell, is a member of the 
Aegon N.V. Management Board. 
As Aegon Asset Management, we focus on excellence, trust 
and partnership. We understand the importance of investing for 
the long term – and delivering sustainable outperformance. Our 
purpose, as a business, is to use our knowledge and expertise to 
help people achieve a lifetime of financial security.
Aegon Asset Management is headquartered in the Netherlands. 
We have operations in the US, UK, Spain, Central & Eastern 
Europe and Asia. In the UK, we operate as Kames Capital, and 
in the Netherlands as both Aegon Asset Management and TKP 
Investments. We also have two strategic partnerships. In China, 
we have a 49% stake in Aegon Industrial Fund Management 
Co. (AIFMC), and in France a 25% share of La Banque Postale  
Asset Management (LBPAM) – the investment management arm 
of the French postal service. These joint ventures give us access 
to distribution and growing markets. Recently, we simplified our 
corporate structure – to be more efficient. In 2018, we brought 
our European activities under single management. And, at the 
beginning of 2019, we merged two Dutch legal entities – TKP 
Investments B.V. and Aegon Investment Management B.V.1 
Aegon Asset Management offers an extensive range of investment 
strategies across asset classes – including fixed income, equities, 
alternative investments, multi-asset, and real estate. We also 
provide pooled funds, segregated accounts, and advisory and 
fiduciary services. Responsible investment is an essential part 
of our approach. Worldwide, our clients include pension funds, 
banks, financial companies, and wealth managers, as well as retail 
investors. We also work with charities, foundations, endowments 
and public sector institutions. As well as third-party clients, we 
manage assets on behalf of Aegon’s insurance companies. Aegon 
Asset Management has a Client Investment Solutions Center, and 
works directly with clients around the world, providing advice and 
research to help develop customized investment strategies. 
Aegon Asset Management North America
Aegon Asset Management Netherlands
Aegon Asset Management Central & Eastern Europe
Aegon Asset Management Spain
Kames Capital 
Aegon-Industrial Fund Management Co. (AIFMC)
La Banque Postale Asset Management (LBPAM)
Saemor & Pelargos
5%
32%
17%
31%
13%
Assets under Management
(by location %)
1%
1%
EUR
316
billion
0.2%
1  Despite the merger, we will continue to operate in the Netherlands under both our Aegon Asset Management and TKP Investments brands. 
Fixed Income
Equities
Real Estate
Mortgage Loans
Alternatives/Others
7%
74%
13%
Assets under Management
(by asset class %)2
EUR
316
billion
4%
2%
2  Assets under management at end-2018. Figures for joint ventures in China and France are included on a pro rata basis according to Aegon Asset Management’s 			
shareholding. Fixed income includes both our Dutch Mortgage Fund and mortgages originated by Aegon the Netherlands. Mortgages covers US mortgages only 			
(residential, commercial and agricultural). Real estate excludes Aegon Asset Management Netherlands’ Real Estate Investment Funds. 
Please note that, in the chart above, listed real estate is included under equities. 
Aegon Asset Management Netherlands' Dutch Mortgage Fund(s) is included
under Fixed Income.

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We use our investment management expertise to help people achieve a lifetime of financial security.
Key figures and Highlights of 2018
Aegon stops investments in tobacco and key oil sands 
companies5. Approximately EUR 1 billion in investments 
will be sold or run off following the decision. 
Along with other Dutch insurers and pension funds, 
Aegon the Netherlands agrees new responsible 
business covenants with government, NGOs and 
trade unions. 
Aegon Asset Management and the European 
Investment Fund (EIF) sign an agreement to
provide EUR 120 million in loans to small and
medium-sized companies in the Netherlands. 
Roelie van Wijk-Russchen is appointed to a
new role as Aegon Asset Management’s Global
Head of Responsible Business and Public Affairs.
Aegon Asset Management begins publication of 
white papers on sustainability issues, engagement 
and ESG integration. 
Aegon the Netherlands supports the ambitions set 
out in the Dutch National Climate Agreement, and 
signs up to the Spitsbergen Ambition, aimed at 
reducing the country’s carbon emissions.
ESG is now recognized as part of mainstream 
investing, according to new research from Newsweek 
Vantage and Maastricht University, backed by Aegon 
Asset Management.
In the US, Aegon Asset Management launches
two new responsible investment strategies:
High Yield ESG and Sustainable Fixed Income.
Key figures
Highlights
3	 All investment staff are eligible for training (this includes portfolio managers, analysts and others directly involved in investment research and decision-making).
4	 In addition to the UK, Netherlands and Hungary, Aegon Asset Management has separate sustainability funds in China. At the end of 2018, these funds had
	 EUR 668 million under management.
5	 For details on our exclusions, see page 23. Please note that our approach to exclusions may differ for assets managed on behalf of third parties.

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2018 Responsible Investment Report
"	We want to use our investments to make		
a difference – to help tackle climate change,		
reduce poverty and improve people's health		
and well-being.”
Message from Roelie van Wijk-Russchen 
Global Head of Responsible Business and Public Affairs
6	Please note that PRI assesses performance across a number of different categories, including strategy and governance. See page 36 for details. 
7	Source: UN Sustainable Development Goals Fund (SDGF).
8	At end-2018. Source: Global Sustainable Investment Review, 2018 (issued by the Global Sustainable Investment Alliance).	
The Review uses the term ‘sustainable investments’, defined as ‘an investment approach that considers ESG factors in portfolio selection and management’.
Responsible Business defines how we intend to operate in society. 
People judge not only our products and services, but also how we 
conduct business. As Aegon Asset Management, we have to strike a 
balance between how we act on our markets and how we take into 
account societal and political views and expectations. One way to do 
this is via responsible investment, because that is where, as Aegon 
Asset Management, we believe we can have a significant impact and 
added value for society. Responsible investing is a key part of our parent 
company's approach to Responsible Business – and particularly its 
focus on financial security, well-being and a clean, healthy environment. 
For most asset managers, responsible investment is no longer a niche 
activity. It is recognized as part of the mainstream. In recent years, we 
have seen a clear shift in attitudes towards sustainability. We see it in 
regulation and government policy – we see it in the United Nations' 
Sustainable Development Goals (SDGs). Most importantly, we see it in 
our clients – in the number of pension funds, financial institutions and 
even retail investors that, alongside financial returns, now also demand 
minimum social and environmental standards. 
Our approach is changing and evolving – to keep pace with the changes 
in the world around us. Over the past year, we have pushed ahead 
with our ESG Next program, working with our investment teams to 
embed ESG factors fully into our investment decision-making. We 
have stepped up engagement, with a strong focus on climate issues. 
And we have also introduced new products for clients, including our 
Sustainable Fixed Income and High Yield ESG strategies in the US. In 
2018, in the latest PRI assessment, both Aegon Asset Management 
and Kames Capital rated A+ for responsible strategy and governance6. 
In 2019, we will be expanding our global responsible investment team.
New phase
With responsible investment, we are now entering a new phase. If the 
first was about exclusion and the second about integration, the third 
will be about impact. For us, responsible investment is not only about 
risk-returns – it is about doing the right thing. Where we can, we want 
to use our investments to make a difference – to help tackle climate 
change, reduce poverty and improve people’s health and well-being. 
Over the coming years, to implement the SDGs and the Paris Climate 
Agreement, we will need a huge shift in capital. Estimates suggest as 
much as USD 4.5 trillion a year7. Over the past two years, responsible 
investments worldwide have grown by more than a third – they now 
account for nearly half of all assets under management in Europe and 
a quarter of all assets in the US8. We have seen significant progress. 
But we haven’t seen that huge shift yet. 
Sweet spot
To do so, we will need every link in the investment chain to play its part. 
As an investor, we have to balance often contending interests; we have 
to look for the ‘sweet spot’ – where we can deliver financial returns to 
our clients and benefit society as a whole. So, we need governments to 
create the right incentives – through public funding, budget guarantees, 
tax breaks and technical assistance – so that investing in areas like 
clean energy or sustainable real estate makes sense financially, as well 
as socially or environmentally. 
We also need support from regulators and the companies we invest 
in; we need better reporting; we need clear rules and definitions 
– what exactly constitutes responsible investment? We also need
more analysis, so we can apply social and environmental data more
effectively, and correlate this data with investment performance. 
Even though at Aegon Asset Management, we have a long track 
record – our first ethical fund dates back to the 1980s – responsible 
investment is still a relatively young science. That is why, as an investor, 
we are putting resources into research. In 2018, for example, we 
started work on a new ESG model for sovereigns. We have also been 
working with other investors – with the Institutional Investors Group 
on Climate Change (IIGCC), for example, and Cambridge University’s 
Investment Leaders Group (ILG), which – as Aegon Asset Management’s 
representative – I have the honor of chairing. At the same time, we have 
stepped up impact investments. By the end of 2018, we had nearly 
EUR 8.4 billion invested in areas like affordable housing, renewables 
and green bonds. 
As an asset manager, our job is to deliver competitive financial returns 
to our clients; this is our focus – and will continue to be so. With the 
right environment, the right rules and regulations, we want to do more 
– not only deliver financial returns, but work to ensure our investments
contribute to a more sustainable global economy.

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We use our investment management expertise to help people achieve a lifetime of financial security.
Operating environment 
Our approach to responsible investment is shaped by the world around us. We operate in 
a fast-changing environment. Our business is influenced by social trends, by regulation 
and by financial markets. These factors are often interconnected; changes in society and 
politics, for example, may drive new regulation. We respond to these changes – through 
the products we offer, through engagement – and, where we can, we bring new thinking to 
investment strategies and performance. 
• 	 In recent years, it is clear that society’s expectations are 		
changing. There is increasing public awareness of climate	
change and the need to create new, more sustainable 			
economic models. This is filtering through to public policy, 		
particularly through the Paris Climate Agreement and the	
UN’s Sustainable Development Goals (SDGs).
• 	 At the same time, attitudes towards business are also 			
changing. As a company, it is no longer enough just to	
make a profit, you must also take responsibility socially and 		
environmentally. There is an expectation that business should	
play its part in helping mobilize resources to support the 		
international development agenda. Investors also face more 		
public scrutiny – particularly with regard to issues such as 		
human rights, corruption and climate change.
• 	 In the financial sector, we are also seeing an increase both	
in regulation and ‘soft law’. Since the 2008-2009 financial 		
crisis, regulators have emphasized the need for more effective	
consumer protection. As a result, we have new regulations 		
on product design, capital, distribution and reporting. 			
Increasingly, regulators are also interested in environmental 		
and social issues. In the Netherlands, for example, new 		
responsible business covenants have been introduced for 		
the insurance, pension fund and banking industries. Meanwhile, 		
the new EU Shareholder Rights Directive – alongside changes 		
to the UK and Dutch Stewardship Codes – will require more 		
transparency on engagement and voting.
• 	 Among clients, there is more interest in responsible investing. 		
We expect this trend to continue. The US, in particular, is	
growing rapidly. From 2016 to 2018, US responsible 			
investments increased by 38%8. Meanwhile, more institutional 		
investors are implementing ‘sustainability’ strategies internally 		
– inevitably, this has an effect on their investment approach. 		
Increasingly, pension funds are also applying ESG criteria	
to investments.
For the asset management industry, responsible investing is 
becoming a commercial imperative – part of the investment 
mainstream. Research has shown that incorporating ESG factors 
can bring added value – and does not necessarily require investors 
to give up financial yield in return for social or environmental 
benefits. Across the industry, we are seeing moves towards more 
reporting and disclosure, increased integration of ESG factors into 
investment strategies, more engagement, and more divestments 
in areas like thermal coal and tobacco. 
+USD 30 trillion
In recent years, the market for responsible investing has grown 
significantly. At the start of 2018, responsible investments
worldwide totaled USD 30.7 trillion, according to the latest
Global Sustainable Investment Review.
85%
More US companies are publishing details of their sustainability 
performance. According to the US Governance & Accountability 
Institute, 85% of S&P 500 companies issued a sustainability 
report in 2017 - up from just 20% in 2011. 
179
By the end of March 2019, the Paris Climate Agreement
had been ratified by 179 countries and other parties.
Together, these represent 89% of global greenhouse
gas emissions, according to the World Resources
Institute (WRI). 
8	 Source: Global Sustainable Investments Review, 2018 (published by the Global Sustainable Investment Alliance).

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2018 Responsible Investment Report
Responsible investment strategy
Aegon has a responsible business approach; responsible investing is a key part of that. 
Underpinning this approach is the conviction that, as a company, Aegon wants to make a 
positive contribution to society – through increased financial security, well-being and a clean, 
healthy environment. When investing responsibly, we have to balance various factors – not 
only the needs of society and our clients, but also regulation and the financial markets. 
We have a clear, comprehensive approach to responsible invest- 
ment built around: 
•	 Investment analysis – ensuring we integrate ESG factors	
into our decision-making across asset classes and investment 		
strategies.
• 	 Active ownership – playing an active role as an investor, voting 		
at shareholder meetings, engaging with the companies we 		
invest in and, in some cases, excluding investment where this is 		
in line with our policy.
• 	 Responsible investment solutions and impact investments 		
– developing new products, funds and strategies that offer a	
responsible approach, while also investing in 	assets that 		
deliver not only financial returns, but also seek positive social 		
and /or environmental impact.
To support our strategy, we have a clear system of governance 
– Aegon’s Responsible Investment Policy sets out the Group’s
position on key social and environmental issues (see page 12).
We have a long history in responsible investment. Over the years, 
our approach has evolved. An initial focus on exclusions (for ‘sin’ 
sectors such as tobacco and alcohol) has given way to more 
integration, engagement and dedicated solutions and strategies. 
In the years ahead, we expect our strategy to evolve further, with 
more emphasis on impact investments that support long-term 
sustainable development. 
Climate has been an important part of our strategy since 
2014 – we invest in clean and renewable energy, engage 
extensively on climate change issues and, on behalf of Aegon9, 
are divesting from companies that derive 30% or more of 
their revenues from thermal coal or oil sands production. 
In 2018 – following our first report against recommendations from 
the Task Force on Climate-related Financial Disclosures (TCFD) – 
we started to measure and benchmark part of the carbon footprint 
of our investment portfolio10, and carried out detailed analysis of 
different climate scenarios.
Responsible Business 
Launched in 2018, Aegon's Responsible Business 
approach is built on three pillars: 
• 	 Financial security and well-being for customers
• 	 Secure retirement and healthy aging for society
• 	 Clean energy and sustainable real estate for	
the environment.
For Aegon, this is about helping people achieve a lifetime 
of financial security – this means smart, long-term 
financial planning. It also means healthier lifestyles, 
redefining retirement, and building a cleaner environment. 
This Responsible Business approach  is about addressing 
changes in society – particularly concerns about aging, 
climate and the long-term affordability of social 
healthcare systems. 
The approach also means supporting the UN's 
Sustainable Development Goals – five in particular: No 
poverty, Good health and well-being, Affordable and 
clean energy, Decent work and economic growth, and 
Climate action; these are the goals Aegon believes are 
most relevant to its business. 
As Aegon Asset Management, our principal contribution 
is through not only ESG integration and engagement, but 
also through investments in areas like renewables, green 
bonds, care homes for the elderly and affordable housing 
For more information on Aegon Asset Management's 
contribution to the SDGs, please see page 2411. 
9	
See page 2 for all notes, references and definitions; these include definitions of scope with regard to both Aegon and our approach to exclusions. 
10	 In 2018, we measured the carbon footprint of our Dutch General Account and insurance-linked equity investments.	
For more information, see our TCFD reporting from page 28.
11	 For more details on Aegon’s strategy and approach to the UN SDGs, see the Company’s 2018 Integrated Annual Report, available online.

Policy
Aegon's Responsible Investment Policy has been in place since 
2011. It is reviewed annually – to take into account changes 
in best practice, regulation or society's expectations. The last 
major update was in 2017; this was to strengthen the Policy's 
focus, scope and governance. The Policy applies to all assets 
managed by Aegon companies12, and sets a minimum standard 
across the Group. Within the Policy, however, there is sufficient 
flexibility for businesses to take a more local approach – to reflect 
differences in culture and client requirements. We do not apply 
the Policy to all third party assets; this is decided in discussion 
with clients. Aegon's Policy is based on international ESG norms 
and standards13 – and defines Aegon Asset Management’s ESG 
integration and engagement process.
Aegon’s Policy also sets out the Company’s position on a number 
of controversial social and environmental ‘themes’ (where the 
Company regularly receives inquiries from clients, employees and 
other stakeholders). In each case, Aegon bases its position, as far 
as possible, on internationally-recognized treaties or conventions. 
12
We use our investment management expertise to help people achieve a lifetime of financial security.
Theme
Aegon Group’s position
International treaty/convention
Tobacco 
Tobacco is one of the main risk factors for chronic diseases, 
including cancer and heart disease. As a group focused on 
health and well-being, Aegon does not believe investing 
in tobacco is compatible with its corporate strategy. It 
has decided, therefore, to stop all investment in tobacco 
companies.
• World Health Organization Framework
Convention on Tobacco Control
Controversial 
weapons
Aegon considers weapons that have an indiscriminate 
and disproportionate effect on civilian populations as 
unacceptable. These weapons include anti-personnel mines, 
biological and chemical weapons, and cluster munitions 
(but not nuclear weapons – see below). Aegon excludes 
investment in companies involved in the development, 
production, trade and maintenance of these weapons.
• Anti-personnel Mine Ban Convention
(known as the Ottawa Treaty)
• Biological Weapons Convention
• Chemical Weapons Convention
• Convention on Cluster Munitions
Nuclear weapons
The Nuclear Non-Proliferation Treaty recognizes only the 
US, UK, France, Russia and China as existing nuclear powers. 
We do not invest in companies involved in the production or 
maintenance of nuclear weapons for any other country. 
• Treaty on the Non-Proliferation of
Nuclear Weapons
Controversial arms 
trade
The controversial arms trade involves supplying conventional 
weapons to conflicts or regions where there is a substantial 
risk of human rights violations. We believe that the primary 
responsibility in this area lies with government; we are, however, 
committed to monitoring companies with heightened risk, and 
do not invest in companies that provide weapons to countries 
subject to embargo by the UN Security Council, US or EU. 
• UN Arms Trade Treaty
Human and labor 
rights
On behalf of Aegon, we expect the companies we invest in 
to uphold international human and labor rights (providing a 
safe and healthy working environment, encouraging diversity, 
combating discrimination and any forms of child or forced 
labor, ensuring fair wages and freedom of association etc.). 
We also expect companies to have an explicit human rights 
policy covering their own operations and supply chain. 
• UN Global Compact
• Universal Declaration of Human Rights
• UN Guiding Principles on Business and
Human Rights
• International Labor Organization standards
• OECD Guidelines on Multinational
Enterprises
Climate change
We expect companies to combat climate change where they 
can, to report on their greenhouse gas emissions, to pursue 
energy efficiency and support the energy transition. We ex-
clude some coal and oil producers from investment; these are 
the least diversified and the most at risk from government 
regulation. 
• Paris Climate Agreement
• UN Sustainable Development Goals
• UN Global Compact
12	This includes investments for General Account (assets on the balance sheet of Aegon companies), investments for account of policyholders (insurance-linked assets	
on the balance sheet of Aegon companies) and Third Party (revenue-generating assets under administration or management by Aegon companies). Aegon's Responsible	
Investment Policy is available online at www.aegon.com.
13 These standards include the Principles for Responsible Investment, the OECD’s Guidelines for Multinational Enterprises, the UN Global Compact and the UN Guiding 			
Principles on Business and Human Rights. For more details on these and other international conventions, see page 42.

Theme
Aegon Group’s position
International treaty/convention
Tax, fraud and corruption
We expect companies to pay taxes in the countries 
where they have operations. We support the 
OECD’s framework on base erosion and profit 
shifting, aimed at tackling tax avoidance. We also 
expect companies to maintain ethical business 
practices, free from fraud or corruption, in their 
own operations and supply chain. 
• OECD framework on base erosion and
profit shifting
Nature, environment and 
biodiversity
In their activities, companies should care for nature 
and the environment, minimize damage, and help 
preserve biodiversity where possible. We believe 
that companies with heightened risk should comply 
with the UN Convention on Biological Diversity and 
should report regularly on measures taken. 
• UN Convention on Biological Diversity
Animal welfare
Animal welfare should be taken seriously, 
particularly by companies in the livestock and food 
sectors. We expect these companies to recognize 
animals’ Five Freedoms and to take steps to reduce 
animal suffering.  
• Five freedoms (Farm Animal
Welfare Council, UK)
Sovereign governments
Aegon does not invest in government bonds 
or other government debt from countries that 
systematically breach human rights. We believe 
countries should uphold internationally-recognized 
human rights standards. We use international 
sanctions and embargoes (imposed by the UN 
Security Council, US or EU) as a guide in this area. 
• Universal Declaration of Human Rights
Governance & Responsible Investment team
Aegon has a Responsible Investment Strategy Committee (RISC). 
This Committee oversees implementation of Aegon’s Responsible 
Investment Policy. The Committee is made up of representatives 
from across Aegon, including Aegon Asset Management. The 
Committee is chaired by the CEO of Aegon Americas. The RISC 
is supported by a technical committee, responsible for ESG 
integration, voting and engagement, and comprising portfolio 
managers, research analysts, risk managers and specialist staff. 
The RISC works closely with Aegon’s Risk and Compliance 
departments; it also advises Aegon’s Management Board on 
matters relating to responsible investment. The Committee 
regularly considers investment ‘dilemmas’, and seeks to balance 
risk-return with meeting broader social expectations. 
Alongside these committees, we also have a Climate Working 
Group (CWG); this group has been in place since the start of 2017. It 
meets quarterly to discuss Aegon’s response to climate change, as 
well as developments in public policy and disclosures. Members of 
the CWG are drawn from across Aegon – including representatives 
from risk management, investment analysis, regulatory affairs and 
responsible investment. 
At Aegon Asset Management, we have a dedicated responsible 
investment team. This team acts as a knowledge hub – and 
supports our efforts in engagement, voting, product development  
and research. In 2019, we will expand our team to fourteen, 
including a new position in the US; we will also bring in a specialist 
on climate change. Expanding the team will also support new 
product development; the team works closely with Aegon Asset 
Management units worldwide. During the year, we will also look 
to further strengthen our governance, particularly in improving 
coordination between local businesses and implementing Aegon's 
Responsible Investment Policy. 
ESG integration
Companies’ sustainability performance can affect their value – and 
their ability to deliver returns to investors. We use ESG integration 
as a way to improve the risk-return profile of the investments 
we make. At Aegon Asset Management, our aim is to integrate 
ESG factors into our investment decision-making across all asset 
classes. We focus on ESG factors that are material from a financial 
or risk perspective. 
Our ESG integration process is based on a number of steps: we 
evaluate available ESG information; using this information, we 
identify key ESG issues, assess the possible impact both on the 
investment and on our client’s position; finally, we determine the 
appropriate action to take – this may mean deciding whether or 
not to invest, or to increase or decrease our holding in a particular 
company or asset. 
13
2018 Responsible Investment Report

To implement this approach, we provide our portfolio managers 
and analysts with access to ESG data. Where relevant, we include 
ESG information in our investment analysis summaries, or ‘tear 
sheets’. We take in ESG data from various third-party sources. 
At Aegon Asset Management, we also provide training for our 
portfolio managers and analysts. In 2018, more than 89% of 
eligible staff took part in the PRI Academy’s ESG training course. 
ESG Next
ESG risks vary by sector and asset class. It is clear that the mining 
sector, for example, faces very different risks to those faced by 
transport or agriculture. That is why we take a tailored approach to 
ESG integration. Through the ESG Next program, our responsible 
investment specialists work directly with individual investment 
teams – to deepen their use of ESG data. Together, they perform 
‘deep dives’ to determine exactly how ESG should be applied to 
specific sectors or asset classes, and where they believe ESG 
analysis, ultimately, could bring most value to our clients. This gives 
our investment teams ‘ownership’ of the process – ultimately, it is 
up to them to decide what weight to give to ESG factors. Since 
the introduction of ESG Next, we have worked with our sovereign, 
emerging markets and credit teams. We will continue to roll out 
ESG Next in 2019. 
We believe integrating ESG will strengthen our investment 
approach across all asset classes. As a science, however, ESG 
integration is still evolving. More research is needed from both 
academics and practitioners. In 2018, we published papers on 
ESG integration in both the Netherlands and the US; these white 
papers were the direct result of our ESG Next program.
14
We use our investment management expertise to help people achieve a lifetime of financial security.
Applying ESG to European
sovereign bonds
In 2018, Aegon Asset Management Netherlands 
published a white paper on the opportunities and 
challenges related to ESG integration in European 
sovereign bond portfolios. 
The paper looks at government performance on a range 
of indicators – from energy security to spending on health 
and education, political stability and corruption. Crucially, 
it makes a connection between this performance and 
financial returns. This allows us to ‘group’ countries based 
on their level of development and select not only the 
best performers but also the ‘improvers’ – so that we can 
identify countries that show clear progress on ESG issues. 
The white paper advocates an optimal ESG integration 
process, including a ‘top-down’ quantitative analysis
in conjunction with a ‘bottom-up’ qualitative credit
analysis.	
Timeline: Responsible investing at 	
Aegon Asset Management
1987 
– 	Our US business makes its first investment in	
Low Income Housing Tax Credits.
1989 
– Kames Capital launches its first ethical fund.
2004 
– TKP Investments launches its first SRI fund.
2008 
– 	Kames Capital signs up to the UN Principles for 				
Responsible Investment (PRI). Aegon Asset	
Management follows suit in 2011.
2010 
– 	Aegon Asset Management develops its first 				
responsible investment framework		
2011 
– 	Aegon adopts a global Responsible Investment Policy.
2012 
– 	Aegon Asset Management joins the Global Real Estate 			
Sustainability Benchmark (GRESB).
2013 
– 	ESG training is made mandatory for portfolio 				
managers and analysts.
2015 
– 	ESG ratings are integrated into credit research reports.
2016 
– 	Aegon introduces its new Responsible Business approach.
– 	 Kames Capital launches its first global sustainable equity fund.
2017 
– 	ESG Next is launched to further embed ESG in daily 				
investment decision-making.
– 	Aegon begins reporting against TCFD	
recommendations.

15
2018 Responsible Investment Report
Responsible investment solutions and strategies
In addition to ESG integration, Aegon Asset Management also 
offers dedicated responsible investment products, funds and 
strategies14. Given increased demand, we have been expanding 
these in recent years. Typically, these products, funds and 
strategies are aimed at clients who want a more ‘ethical’ or 
‘sustainable’ approach to investing. Our aim is to outperform the 
market – and deliver better returns to clients, usually by screening 
out companies with poor ESG performance or by focusing within 
sectors on sustainability ‘leaders’ and ‘improvers’. We have 
responsible investment products, funds and strategies in the US, 
Netherlands and UK, covering both equities and fixed income. We 
also have a small climate-themed investment fund in Hungary, 
and offer green funds via Aegon Industrial Fund Management 
Co. (AIFMC), our joint venture in China. At the end of 2018, our 
socially responsible funds (SRI), excluding China, had EUR 3.4 
billion under management, almost 80% more than they had five 
years before (see charts below). 
• 	 Kames Capital has three ethical funds: its Ethical Equity Fund, 		
Ethical Corporate Bond Fund and Ethical Cautious Managed 		
Fund. The first of these – the Ethical Equity Fund – will be 		
thirty years’ old in 2019. Exclusions from these funds are 		
based on direct consultation with clients. In addition, Kames 		
Capital also has a Global Sustainable Equity Fund (GSEF), 		
launched in 2016. Investments are split between social	
impact (65%) and environmental (35%). In the US, GSEF will 		
complement our High Yield ESG and Sustainable Fixed Income 		
strategies, launching in 2019.
• 	 In the Netherlands, TKP Investments has its MM World and	
European Equity Index SRI funds. Together, these funds 		
manage approximately EUR 1.7 billion in investments, mostly
	 from pension funds. These two SRI funds operate a best-in-	
	 class approach, investing only in companies that meet 			
minimum sustainability performance standards. Investments 		
are made across sectors, including IT, financial services and 		
healthcare. ESG criteria are also important in TKP Investments'		
MM Long Term Investment Fund – precisely because of the 	
fund’s long-term investment ‘lens’. TKP Investments also 	
works closely with Aegon on sustainable infrastructure – and, 	
in 2019, will launch a new global green bond fund. 	
In addition to the TKP Investments' funds, Aegon Asset 	
Management Netherlands manages GRIF, its Government-		
Related Investment Fund. This fund invests mainly in bonds 		
and private placements, issued by European public entities, 	
including housing authorities and local government. Under the 		
terms of the fund, we aim to invest at least half the fund's	
EUR 500 million in projects that bring direct social or 	 		
environmental benefits. 
• 	 In the US, interest in responsible investing has clearly 			
increased. In 2019, Aegon Asset Management US launched	
two new investment strategies – as part of a Responsible 		
Investment Solutions platform. The first is a High Yield 		
ESG strategy, which uses proprietary ESG analysis to identify 		
investment opportunities: ESG leaders and companies with 		
most potential. The second is a Sustainable Fixed Income 		
strategy, investing in issuers that may benefit from the long-	
	 term shift to sustainability – in areas like health and well-being, 		
aligned with the SDGs. Both strategies are research-driven, and 		
offer clients the opportunity of competitive returns through a 		
responsible approach to fixed income investing. 
UK
Netherlands
Hungary
SRI funds, Assets Under Management by country
(end-2018, EUR millions) 
EUR
3.4
billion
1,088
2,324
3
SRI funds, total Assets under Management 2013-2018
(EUR billions)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2014
2013
2015
2016
2017
2018
1.9
2.2
3.1
2.9
3.0
3.4
Figures do not include China. Our SRI funds in China use different criteria. At the 
end of 2018, assets under management in these funds totaled EUR 668 million. 
Aegon Asset Management’s Government-Related Investment Fund (GRIF) in the 
Netherlands has also been excluded from these figures. Please note that not all 
products are available to investors in all countries. In addition, certain funds may 
not be open to new investors. 
14	 Please note that not all products, funds or investment strategies referred to in this section are available to investors in all countries (including the US).	
See our website (www.aegonassetmanagement.com) for more information on rules and limitations governing our products, funds and strategies.

16
We use our investment management expertise to help people achieve a lifetime of financial security.
We try to limit this negative impact – to make our investments 
more sustainable, as we are doing with our real estate portfolio. 
We also invest in areas like renewables and affordable housing 
that seek to deliver not just financial returns, but also clear social 
and environmental benefits. At the end of 2018, these ‘impact 
investments’ totaled EUR 8.4 billion (see charts below). 
Sustainable real estate
Aegon Asset Management has significant investments in property. 
At the end of 2018, we had just over EUR 6.1 billion in real estate 
assets under management.Our portfolio covers mainly retail, 
industrial and commercial property. These investments give us an 
important opportunity to help in the fight against climate change: 
the ‘built environment’ – homes, offices and factories – accounts 
for an estimated 40% of worldwide greenhouse gas emissions13. 
By making our properties more efficient (in terms of energy or 
water consumption, for example), we lower risk and costs for our 
tenants, as well as reducing our impact on the environment. 
Our real estate investments date back to the 1980s. So we have 
considerable experience – we already use ESG criteria to help 
improve our properties’ environmental performance. Most of our 
properties are managed directly by us. We also invest in affordable 
and social housing.
We now want to bring our investments closer together, pool the 
experience we have, and create a more coherent ‘Aegon’ approach 
to sustainable real estate investing – as well as raising awareness 
of the importance of real estate in combating climate change. 
We have already started work on this. We have a working group 
with representatives from our US, UK and Dutch businesses. In 
2019, this group will agree a new action plan, looking at possible 
commercial opportunities – and at how real estate investments 
can be linked to Aegon’s longer-term climate goals. The group will 
also discuss further cooperation on GRESB. 
Our impact as an investor
Our investments may have a positive impact on society. Through our investments, for 
example, we may create jobs and drive future economic growth. But we recognize 
that, in certain circumstances, our investments may also have negative consequences 
for society. 
Total impact investments, 2014-2018
(EUR billions)
0
2
4
6
8
10
2014
2015
2016
2017
2018
4.6
7.6
7.2
8.1
8.4
0
1,000
2,000
3,000
4,000
5,000
Impact investments by category, end-2018
(EUR millions) 
Primarily social impact:
Aﬀordable and workforce housing
Care homes
International development banks
Student loans and sports facilities
Micro-ﬁnance
Primarily environmental impact:
Renewable energy 
Green bonds
Green residential mortgage-backed securities
Sustainable timber
1,830
324
208
74
573
253
152
8
4,937
13	Source: GRESB (Global Real Estate Sustainability Benchmark)

17
2018 Responsible Investment Report
Investments in sustainable and social housing
US
In the US, we invest in affordable housing. This is done through the government’s Low-Income Housing 
Tax Credit (LIHTC) program. Our investments cover more than 350 separate properties, providing housing 
for families earning no more than 60% of local median salaries. These investments also meet Community 
Reinvestment Act (CRA) requirements (the CRA obliges banks and other financial institutions to invest in local 
communities; currently, we have more than 40 investors across the banking, insurance and technology sectors). 
Since 2003, our US business has invested EUR 3.3 billion in low-income housing tax credits on behalf of 
institutional investors.  LIHTC has had bipartisan support in the US since it was launched in the 1980s. 
As part of LIHTC, we invest in veterans' housing, providing homes for former servicemen and servicewomen. 
On any one night, around 40,000 veterans sleep rough because of a lack of suitable housing; approximately 
half served in Vietnam. Construction on our first property – in southern California – was completed in early 
2018. We currently have two other properties under construction, also in southern California. Combined, 
these properties represent an investment of around USD 20 million.
In the US, Aegon Asset Management also invests in affordable housing mortgage loans, and workforce 
housing. With workforce housing, we are currently targeting 17 cities across the US, including Seattle, Los 
Angeles, Denver, Las Vegas and Miami. We focus on families who rent out of necessity – and on areas where 
there is access to both employment and amenities. Many US cities face shortages of reasonably-priced homes 
for wage earners such as police officers, nurses and teachers.
UK
In the UK, Kames Capital has six directly-managed property funds. These funds invest exclusively in 
commercial property like shopping centers, industrial estates, offices and retail outlets; one fund specializes 
in care homes. In total, Kames Capital manages around EUR 2.3 billion in property investments. These are 
managed actively – we use GRESB to measure and benchmark performance. We also work with tenants 
to identify improvements (in areas like energy efficiency, engagement with the local community etc.). To 
support this approach, we have set clear environmental goals – to reduce total greenhouse gas emissions 
from our properties or reduce waste going to landfill, for example. In 2019, Kames Capital will start 
measuring the social, as well as the environmental, impact of these investments – in areas such as health, 
employment and community cohesion. 
Netherlands
In the Netherlands, we have a Global Listed Real Estate fund. This has around EUR 1.1 billion under 
management. The fund focuses on the best ESG performers in the sector. We have a number of measures 
to assess performance, including GRESB – and use results to engage with the companies we invest in. The 
fund follows the latest official French SRI label15 governance standards; this is to incorporate best practice 
and in anticipation of a new standard, likely to emerge from the EU’s current sustainable finance action 
plan. In addition, TKP Investments has its European Real Estate Fund; this is a ‘fund of funds’ investing 
across Europe in housing, offices, retail space, hotels, industrial premises etc.; the Fund also uses GRESB to 
measure performance. 
Amvest – owned 50% by Aegon N.V. – concentrates on urban development; it puts a strong focus on 
sustainability. Aegon the Netherlands has around EUR 1.9 billion invested in property via Amvest. Together, 
Amvest and Aegon are developing a new vision for ‘healthy living’. Amvest is also renovating properties in its 
portfolio to improve energy efficiency (its goal is to shift the properties’ average label to B; A is the highest). 
Opportunity zones: In 2019, we will look at possible investment 
in new US opportunity zones. These zones were created as part of 
2017 legislation to encourage economic growth and job creation 
in low-income communities. We have been investing in low-income 
housing tax credits for more than thirty years – and can apply this 
experience to opportunity zones.
Investment in these zones could bring significant tax advantages. 
Under the legislation, investors can defer capital gains tax; other 
tax benefits also accrue. More importantly, investment should help 
address social problems in these zones, including unemployment, 
poor levels of education and declining family incomes16. 
15	 ISR (Investissements socialement responsables), backed by the French Ministry of Finance. 
16	 Research from the Economic Innovation Group (December 2018) showed that, in designated opportunity zones, the poverty rate is nearly double the US national	
average; 71% of these zones meet the US Treasury Department’s definition of ‘severely distressed’.

18
We use our investment management expertise to help people achieve a lifetime of financial security.
Using GRESB
Aegon Asset Management joined GRESB in 2012. 
GRESB – or the Global Real Estate Sustainability 
Benchmark – brings together property managers, 
developers, investors and industry associations. 
GRESB measures ESG performance – the benchmark 
covers a number of areas, including energy efficiency, 
greenhouse gas emissions, and waste and water 
management. 
More than 900 companies completed GRESB’s 2018 
real estate assessment, representing USD 3.6 trillion in 
investments. Aegon Asset Management already uses 
GRESB; the benchmark provides our investment teams 
with a basis for engagement, and a common measure 
to allow comparison – useful as we work to bring 
management of our sustainable real estate
investments closer together. 
Clean energy 
Alongside sustainable real estate, we also invest in renewable 
energy to help create a cleaner, healthier environment. Clean 
energy is a key part of Aegon’s Responsible Business approach; it is 
also built into both the UN’s 2030 Sustainable Development Goals 
(SDGs) and the broader international climate agenda.
At the end of 2018, Aegon Asset Management had EUR 573 million 
invested in renewable energy. Our investments have been growing 
– though we still face a shortage of ‘investable’ projects that could
provide investors with sufficient financial returns. At end-2018,
we had investments in renewable energy in the UK, Netherlands and 
the US:
•	 UK: EUR 315 million in equities and bonds issued by renewable 		
energy companies.
• 	 Netherlands: private loans and credits to two wind parks –	
Tellenes in southern Norway and WindMW, off the north 		
German coast. Together, these wind parks produce enough 		
electricity a year for approximately 385,000 homes17. At the 		
end of 2018, our investments totaled around EUR 110 million.
• 	 US: investments in solar energy, benefiting from US federal 		
tax credits (introduced in 2016 to promote solar power). At 		
end-2018, we had approximately EUR 140 million invested 		
through tax credits. In 2018, our investments provided the 		
equivalent of 32,000 homes' annual electricity use18.
As well as clean energy, we also invest in green bonds and other 
‘green’ securities. Proceeds from green bonds are earmarked for 
climate or environmental projects – to improve energy efficiency, 
for example, build flood defenses or provide clean water. The 
market for green bonds has been expanding rapidly. In 2018, 
bonds worth nearly USD 168 billion were issued19 – most by 
governments, public sector institutions and banks. Between them, 
the US and China accounted for nearly 40% of this amount; for 
its part, the Dutch government plans to issue its first green bond 
in 2019. It is clear that agreement on Green Bond Principles20 
– setting out clear guidelines and definitions for issuers – has
supported market growth. The EU is also currently working on a
‘Green Bond Standard’ as part of its sustainable finance action plan. 
At end-2018, we had EUR 253 million invested in green bonds
– and another EUR 152 million in green residential mortgage-
backed securities, helping finance more energy-efficient homes.
During the year, TKP Investments also made its first green bond
investment.
Other impact investments
Aegon Asset Management also invests in development banks, 
student loans and micro-finance institutions. These investments 
bring primarily social impact, underpinning our Group’s overall 
financial security and well-being strategy. At end-2018, we had 
just over EUR 1.8 billion invested in development banks; these 
banks promote economic growth in developing countries by  
investing in industry, manufacturing and agriculture – to create 
jobs and improve living standards. We also support micro-finance 
institutions (MFIs); our investments here totaled EUR 74 million. 
These MFIs provide loans and savings accounts to more than three 
million people without access to traditional financial services. In 
the US, Aegon Asset Management had EUR 208 million in student 
loans and sports facilities via the federal Family Education Loan 
Program, aimed at helping children from low and middle-income 
families attend university. 
17	 Source: WindMW and Norsk Vind Energi (operators of the two wind parks)
18	 Calculation made using the US Environmental Protection Agency (EPA) greenhouse equivalencies calculator. More details are available online at www.epa.gov.
19	 Source: Climate Bonds Initiative (Green bonds – the State of the Market, 2018)
20	 Green Bond Principles – International Capital Market Association (ICMA); for more information, see www.icmagroup.org.

19
2018 Responsible Investment Report
Active ownership and engagement
Aegon Asset Management takes an active approach to its investments. We seek to 
engage with the companies we invest in and exercise clients' rights to vote as shareholders. 
In doing so, our aim is to help improve performance and promote companies’ long-term 
success. Through engagement, we encourage good Environmental, Social and Governance 
(ESG) practice – and work to maintain the standards set out in Aegon’s Responsible 
Investment Policy.
Engagement
We believe in engaging and working with others – telling our ‘story’, 
but also listening to others’ opinions and viewpoints. We have a 
dedicated engagement team, mainly responsible for engaging with 
the companies we invest in, both as a shareholder and bondholder. 
Engagement takes various forms. We may engage directly, or 
together with other investors to maximize our influence. We 
also engage via initiatives such as the Principles for Responsible 
Investment (PRI) or the Institutional Investors Group on Climate 
Change (IIGCC). Working in small groups of long-term investors 
can be very effective. Usually, we engage on behalf of our clients, 
including Aegon. But we may also engage on our own account. 
As part of our engagement, we have one-to-one discussions with 
company management – we set expectations, make commitments, 
send letters, sign statements and take part in investor roundtables 
on specific issues.  
We also set priorities for engagement; we focus on companies 
with significant exposure to ESG risk, or where there is a ‘red flag’ – 
usually, a failure to comply with principles set out in the UN Global 
Compact (UNGC), covering issues such as human rights, labor, the 
environment and anti-corruption21. We may also engage reactively – 
in response to company or market developments.  
In 2018, we engaged with 360 companies. Of these engagements, 
nearly two-thirds (64%) concerned corporate governance issues 
(management appointments, remuneration, Board diversity etc.); the 
remainder (36%) related to environmental and /or social topics such 
as climate reporting, tobacco use, coal financing, antibiotics in the 
livestock supply chain, deforestation, water management, gender 
diversity, and human rights (see table on page 21). In 2018, we 
put particular emphasis on climate issues – with large audit firms, 
for example, we discussed the importance of climate disclosures. 
In the Netherlands, TKP Investments focused its engagement on 
human rights, corruption and the environment, while in the UK 
Kames Capital concentrated mainly on governance issues.  
For 2019-2020, we will also engage to support Aegon’s broader 
strategic objectives, particularly related to climate and health, as 
well as the Sustainable Development Goals supported by these 
objectives (SDGs, see page 24). We will also engage ‘thematically’ 
– in key sectors, including utilities, healthcare, real estate, and
oil and gas. In oil and gas, we intend to focus on methane (an
important contributor to global warming) and on implementing
science-based targets to reduce climate impact.
21	 The UNGC is the world’s largest corporate sustainability initiative. Its ten principles cover the following areas: protection of international human rights, avoidance of 			
human rights abuses, freedom of association and collective bargaining, forced or compulsory labor, child labor, discrimination in employment, precautionary approach	
to environmental issues, environmental responsibility, promotion of environmentally-friendly technologies, and corruption, extortion and bribery.
0
50
100
150
200
250
300
285
61
14
Engagement by internal staﬀ 
Collaborative engagement with other peers and investors
Engagement through outside service provider 
Number of companies engaged in 2018
(by engagement method)

20
We use our investment management expertise to help people achieve a lifetime of financial security.
Tobacco
Steel
Overview of issues 
Tobacco has been linked to cancer, heart disease 
and other chronic illnesses. An estimated 7 million 
people die each year because of smoking22. There 
are also economic consequences, particularly in 
rising healthcare costs. 
Manufacturing steel is energy-intensive; the 
industry is a leading contributor to climate 
change. Currently, iron and steel accounts for 
24% of all industrial emissions globally23.  
Main considerations 
• Increased restrictions, particularly in Europe and
the US (smoking bans, health warnings on
cigarette packets etc.)
• Aegon’s position as a responsible investor and
health insurer
• Shift within investment industry (more insurers/
asset managers taking the decision to divest)
• Lack of clear, alternative business models for
tobacco manufacturers.
• Increased emissions controls and regulations
on environmental performance
• Efforts already underway in the steel industry
to reduce emissions and invest in new
environmentally-friendly technologies (such
as CCS – ‘carbon capture and storage’)
• Continued need for steel in manufacturing,
building and new infrastructure
• Aegon's emphasis on climate and clean
energy as part of its Responsible Business
approach.
Details of engagement
• Aegon signed the Tobacco-Free Finance Pledge
alongside other investors
• Continued to advocate for stricter implementation
of the World Health Organization (WHO) Frame-
work Convention on Tobacco Control
• Called on Dutch Prime Minister Mark Rutte
publicly to join Aegon and others in supporting
the Tobacco-Free Finance Pledge.
• We took part in an investor roundtable on
climate, alongside representatives from the
steel industry
• Co-authored a report following the
roundtable, setting out investor expectations
• Put greater emphasis on ‘pre-competitive
collaboration’ (engaging through small groups
of institutional investors).
Decision and outcomes
Aegon decided to stop all investments; it was clear 
that investing in tobacco was not compatible with 
the Company’s position as a responsible investor 
(even if this meant surrendering positive returns 
from tobacco holdings) – particularly given the clear 
link between smoking, cancer and other chronic 
illnesses. 
With the steel industry, we decided to continue 
engagement. Divestment was not a viable 
option, given the continued need for steel. We 
have, however, set out clear expectations for 
the industry in three main areas: improving 
internal governance and oversight of climate 
issues; developing ‘transition’ plans to reduce 
greenhouse gas emissions; and improving TCFD 
disclosures.
Divestment and engagement: Aegon examples from the tobacco and steel industries
Challenges of engagement
Engagement is not a straightforward process; research24 
shows that it is most likely to succeed if a company has 
concerns about its reputation – and has the management 
capacity to implement change. A strong business case 
also plays an important role. Of course, companies do 
not necessarily share our opinions – sometimes, they are 
reluctant to deal with sensitive issues. If a company becomes 
defensive, it is hard to engage effectively.
In our approach, we try to strike the right balance – we want to 
be positive, encouraging, but our engagement must also be 
firm and fact-based. Our aim, ultimately, is to build constructive, 
long-term relationships with the companies we invest in. The 
way we engage also varies. Some issues can be solved in a 
few telephone calls; others require more persistence. In some 
cases, we engage alone; in others, it is more effective to engage 
collaboratively – alongside other investors. Research in this area 
is still in its infancy, so we are working with peers and getting 
more involved in academic research. We have restructured our 
engagement database, and we will be expanding our team 
and using research to start measuring progress within our 
engagement program.
22	 Source: World Health Organization (WHO)
23	 Source: Financial Times – ‘Cleaning up steel is key to tackling climate change’ (January 2019).
24	 For more information, see Active Ownership, The Review of Financial Studies, December 2015, and Effective Shareholder Engagement:	
The Factors that Contribute to Shareholder Salience, Journal of Business Ethics, August 2010.

21
2018 Responsible Investment Report
Collaborative engagement 2018 (examples)
Industry or sector
Platform for engagement 
Issue
Action
Palm oil 
Ceres, Principles for 
Responsible Investment 
(PRI)
Environmental damage, rights 
of indigenous communities
• Signed investor letter urging the
Roundtable on Sustainable Palm Oil (RSPO)
to strengthen standards on sustainable
palm oil.
Coal and extractives
ShareAction, Interfaith 
Center on Corporate 
Responsibility (ICCR)
Environmental effects from 
continued coal use in energy 
production 
• Direct engagement with banks and
industrial companies on financing coal
production
• Engaged directly with mining companies
• Voted in favor of climate change-related
resolutions at major mining and energy
companies.
Insurance
Stewart Investors
Development of micro-
insurance
• Letters sent urging financial companies in
Latin America, Africa and emerging Asia
to take the lead in developing and improving
micro-insurance products for poorer
communities.
Agriculture
Farm Animal Investment 
Risk & Return (FAIRR), PRI
Deforestation; land planning
• Endorsed statement of support for
the Cerrado Manifesto promoting
zero-deforestation in the Amazon’s
Cerrado region25.
• Signed PRI statement urging companies to
reduce deforestation and other climate risk
in soybean supply chain.
Utilities and energy
Institutional Investors 
Group on Climate Change 
(IIGCC), ICCR, CDP
Climate change, 
implementation of Paris 
Climate Agreement
• Signed investor letter setting out
expectations for decarbonization in utilities
sector (in line with Paris Climate Agreement)
• Signed letter to US oil and gas companies
following new Environmental Protection
Agency (EPA) regulations to limit methane
emissions
• Called on energy sector to increase
disclosures on water management; the
sector has had the lowest disclosure rate
for eight consecutive years.
Plastics
PRI, As You Sow 
Pollution, environmental 
damage 
• Signed letter calling for action by plastic
and packaging manufacturers, retailers,
consumers and transport companies to limit
plastic pellet loss through the supply chain
• Engaged with global consumer goods
companies on the environmental impact
of plastic packaging.
Livestock
FAIRR
Use of antibiotics in food 
supply chain (leading to 
increased resistance to 
antibiotics in humans)
• Continued support for FAIRR’s work to
reduce use of antibiotics on healthy
livestock.
25	 The intention behind this statement is to demonstrate to agricultural producers in the region that there is sufficient financial support for a zero-deforestation 			
approach; the statement is aimed primarily at companies that purchase soybean and meat from producers in the Amazon rainforest.

22
We use our investment management expertise to help people achieve a lifetime of financial security.
Voting 
We vote regularly at shareholder meetings; voting is an important 
part of our overall approach to responsible investment. Similar to 
engagement, our aim, in voting, is to ensure our voice as investors 
is heard, to improve companies’ performance – and to increase 
returns for our clients. Our approach to voting is also informed 
by engagement – where there are shareholder resolutions, we 
may vote for or against, or (more rarely) abstain, based on our 
engagement. Generally, we use proxy voting – this gives us access 
to outside expertise and helps save costs. 
Mostly, we vote on behalf of our clients. Aegon has a Global Voting 
Policy26 – in place since 2008. This Policy sets out company-
wide principles for all units. It is supported by more detailed  
local policies in the Netherlands, UK and US. Voting policies are 
reviewed regularly to ensure they reflect new regulation and the 
latest developments in the investment industry. 
In 2018, we voted at 1,373 shareholder meetings, up from 1,236 
the previous year. Most of our votes cast relate to resolutions 
on corporate governance, but we are increasingly voting on 
ESG issues as these issues become more important both to the 
companies involved and to us as an investor. For us, voting is an 
important part of active ownership; it also aligns closely with our 
engagement activities. For example, we backed the Follow This 
resolution at Royal Dutch Shell's 2018 AGM, calling on the energy 
group to set long-term carbon targets in line with the Paris Climate 
Agreement – an issue discussed with Shell's management in the 
run-up to the AGM. 
9%
91%
Votes with management
Votes against management
Votes cast in 2018
19,241
votes
0
300
600
900
1,200
1,500
Shareholder meetings at which Aegon cast votes 
Meetings with at least one vote against management 
1,373
613
TKP Investments (Netherlands)
Kames Capital (UK)
Aegon Asset Management US
Aegon Asset Management Netherlands
Aegon Asset Management Central & Eastern Europe
50%
38%
Number of meetings at which votes cast
(by unit)
0%
0%
12%
1,373
meetings
Regional differences, in part, reflect relative amounts invested in equities,
as opposed to fixed income (votes can only be cast by company shareholders,
not bondholders).
0
50
100
150
200
250
300
350
400
UK
US
France
Germany
Netherlands
Sweden
Switzerland
Japan
Spain
Belgium
Rest of World
387
333
155
102
86
85
60
50
44
36
35
Votes cast by location of companies in which Aegon holds shares
For more information on Aegon Asset Management's voting in
the Netherlands in 2018, see page 38. 
26	 For Aegon's Global Voting Policy, see www.aegon.com/about/governance/

23
2018 Responsible Investment Report
Exclusions
Generally – though engagement can be a long process – we prefer 
to engage rather than exclude. By excluding, we lose influence. We 
exclude some investments, however – where there is unacceptable 
risk or no scope for improving performance or transforming existing 
business models (the case, for example, with tobacco); these 
exclusions are set out in Aegon's Responsible Investment Policy. 
On behalf of Aegon, we exclude companies involved in controversial 
weapons, thermal coal production, oil sands and tobacco27. 
Additionally, we exclude investment in government bonds and 
other forms of debt from fifteen countries – where there are 
international sanctions in place, or evidence of systematic 
violations of human rights. Our exclusions support Aegon’s 
Responsible Business approach; they are a response to clear health 
or environmental concerns and – in the case of coal and oil sands 
– are in line with our commitments under the 2015 Paris Pledge.
For other affiliated or third-party clients, there may be exceptions 
– usually because of client preference or specific fund structures.
We do, however, engage with our clients, where possible, to
suggest they apply the same exclusions28.
We also reserve the right to exclude other companies with a 
poor ESG record – if, after a period of engagement, they do not 
take sufficient steps to improve performance. In such cases, our 
Responsible Investment Strategy Committee (RISC) decides on 
next steps; divestment and exclusions are options we consider.
Preferred / bondholder
Routine / business
Related to directors
Capitalization
Reorganization & mergers
Non-salary compensation
Related to anti-takeover
34%
43%
10%
Votes against management proposals by subject
0%
1%
11%
1,447
1%
Routine / business
Related to directors
Corp. governance
Social / human rights
Compensation
General economic issues
Health / environment
Others / miscellaneous
Social proposal
10%
9%
53%
Votes in favor of shareholder proposals by subject
3%
13%
6%
4%
0%
2%
157
27	A list of exclusions may be found online at www.aegonassetmanagement.com. Aegon the Netherlands also excludes investment in palm oil producers;	
the palm oil industry has been linked to problems with deforestation, poor labor rights and land grabbing.
28	In some units – notably the Netherlands – exclusions are also applied to third-party investments.
Exclusions
Coal 
All companies that generate 30% or 
more of their revenue from thermal coal 
exploration, mining or refining.
Tobacco 
All tobacco companies (equity holdings 
have already been sold; fixed income 
investments, meanwhile, have been placed 
in run-off).
Oil or tar sands 
All companies sourcing 30% or more of 
their production from oil sands; also all 
pipeline companies involved in the transport 
of oil sands. 
Controversial 
weapons
All companies involved in the development, 
production, maintenance and trade of 
controversial weapons (including anti-
personnel mines, biological and chemical 
weapons, cluster munitions and ammunition 
containing depleted uranium); also, 
companies that produce or develop key and 
dedicated components or offer essential 
services for their use. 
(for assets managed on behalf of Aegon)

24
We use our investment management expertise to help people achieve a lifetime of financial security.
Public policy
We take a structured approach to public policy. We engage with 
policymakers and other standard setters; we provide feedback 
on planned regulation. Our aim is to help regulators assess the 
impact of any changes on the industry and our clients. In this, 
we work closely with colleagues at Aegon Group, particularly 
on European and national policy issues. We engage on our own 
account, as well as through industry groups (see page 26 for a 
list). We are active, for example, as members of the Dutch Insurers’ 
Association and Dufas – the Dutch Fund and Asset Management 
Association29. In 2018, we engaged with policymakers on a number 
of ESG issues, including climate change, corporate sustainability 
standards, shareholder rights and the EU's sustainable finance 
action plan.
EU Shareholder Rights Directive (SRD II)
SRD II comes into force in June 2019. The new directive will increase 
reporting requirements. As an asset manager, we will be required 
to disclose not only our voting policy and record, but also our 
voting rationale. At a national level, the Dutch Stewardship Code 
has been updated, while in the UK changes are planned for July 
2019; these updates aim at increasing both scope and reporting of 
investors' stewardship activities.  As Aegon Asset Management, we 
support reporting – if done well, it increases transparency and trust 
in financial markets. Aegon Asset Management Netherlands, 
Kames Capital and TKP Investments all publish details of their 
voting (see page 40). We are currently looking at ways of providing 
more frequent updates on our voting activities. 
EU sustainable finance
Aegon Asset Management has provided extensive feedback to 
the EU’s Technical Expert Group (TEG) on Sustainable Finance; 
this group is working in four main areas: a classification system 
(the so-called ‘taxonomy’) defining, in effect, what constitutes an 
‘environmentally sustainable’ investment; an EU-wide standard 
for green bonds; benchmarks for low-carbon investment strategies, 
and guidance to improve company reporting of climate-related 
information. The TEG’s goal is to encourage more sustainable 
investment as part of the EU’s 2030 sustainable finance action 
plan. In 2018, Aegon Asset Management signed a ‘2050 vision’, 
urging EU policymakers to put in place an ambitious climate 
strategy with a clearly defined role for private investors. 
Responsible Business Agreements (Netherlands)
Over the past few years, new responsible business covenants have 
been put in place in the Netherlands. These covenants – known 
officially as International Responsible Business Conduct (IRBC) 
agreements – are based on two frameworks: the OECD Guidelines 
on Multinational Enterprises and the UN’s Guiding Principles on 
Business and Human Rights. Each covenant covers a specific 
sector. Aegon is directly involved in both the insurance and banking 
covenants; we are also involved in the pension fund covenant via 
our clients. These covenants are not legally binding; they have 
the status of ‘soft law’. Each agreement is signed by government,  
business, trade unions and NGOs.
We believe these covenants will have significant implications, 
among them: 
• 	 A need for greater transparency (transparency will move	
from a ‘nice-to-have’ to a ‘must-have’; this, in turn, will put 		
greater emphasis on impact measurement and reporting, 		
including carbon foot-printing of investments)
• 	 Stronger application of international guidelines (the covenants 		
do not stand alone; they are part of the overall international 		
sustainable development agenda)
• 	 More emphasis on due diligence, engagement and active 		
ownership; as a result, we will need to take a broader view of 		
ESG risks
• 	 A need for more data (and more standardized data to enable 		
comparison and better reporting).
Dutch National Climate Agreement
Under its National Climate Agreement, the Netherlands aims 
to almost halve carbon emissions by 2030 – in line with its 
commitments under the Paris Climate Agreement. Aegon supports 
efforts to reduce emissions. Alongside involvement in the National 
Climate Agreement via industry associations Dufas and the Dutch 
Association of Insurers, Aegon the Netherlands has signed the 
‘Spitsbergen Ambition’ with nine other Dutch banks and insurers. 
Spitsbergen pledges Aegon the Netherlands to: 
• 	 Measure and report its climate impact
• 	 Use climate scenarios and science-based targets in	
investment strategies (in line with the Paris Agreement’s	
‘well below +2°C’ target)
• 	 Support governments in achieving national climate objectives
• 	 Integrate climate goals to encourage ‘positive action’ within	
the company.
Aegon Asset Management will work closely with Aegon the 
Netherlands to meet these goals. Both Aegon the Netherlands 
and Aegon Asset Management are represented, via industry 
associations, on the financial sector task force, set up to support 
the National Climate Agreement.
UN Sustainable Development Goals (SDGs)
As a significant institutional investor, we support the UN SDGs. 
Genuine sustainable development will not be possible, in the long 
term, without cooperation between public and private sectors. The 
UN Conference for Trade & Development (UNCTAD) estimates 
that, to implement the SDGs, new investment will be required each 
year of between USD 5 trillion and USD 7 trillion. Aegon Group 
focuses on five SDGs – those most relevant to the Company’s 
business. Within these SDGs, Aegon has selected specific targets; 
these are where the Company believes it can best contribute to the 
international sustainable development agenda. 
Aegon Asset Management contributes to these goals through 
ESG integration and engagement, as well as through investment 
in areas like social housing, renewable energy and sustainable 
real estate. Both our UK Global Sustainable Equity Fund and 
US Sustainable Fixed Income strategy are mapped directly to 
the SDGs.  
29 Roelie van Wijk-Russchen, our Global Head of Responsible Business & Public Affairs, currently serves as Dufas’ Chairman.

25
2018 Responsible Investment Report
In search of impact
Over the past year, we have been working closely with 
Cambridge University’s Investment Leaders Group (ILG)
to develop performance metrics related to the SDGs. 
We are a member of the ILG – along with other pension 
funds, insurers and investment managers. The ILG’s report 
– ‘In search of impact’ – was launched at the beginning of
2019; it proposes metrics in six areas: resource security,
healthy eco-systems, climate stability, basic needs, well-being
and decent work; each one is linked directly to the SDGs.
The result would be a dashboard, allowing investors to assess
ESG performance at a glance. By doing so, it should give
investors insight into real-world impacts – and help drive
more investment towards the SDGs.
For more information on Aegon Group’s approach to the SDGs, see our 2018 Integrated Annual Report, available online at www.aegon.com.
Relevant SDG and underlying targets
Aegon Asset Management contribution
Link to Aegon’s 
broader Responsible 
Business approach
No poverty (SDG1) 
1.2: By 2030, reduce at least by half the proportion 
of men, women and children living in poverty 
in all its dimensions, according to national 
definitions. 
Significant investments in: 
• Development banks, working for poverty reduction and job
creation in developing countries – see page 18. 
• Affordable social and workforce housing – see page 16.
• For individuals:
Financial security
and well-being
• For society:
Secure retirement
and healthy aging
Good health & well-being (SDG3)
3.4: By 2030, reduce by one third premature 
mortality from non-communicable diseases 
through prevention and treatment, and 
promote mental health and well-being. 
• Investment in UK and Dutch care homes for the elderly – page 17.
• Exclusion of tobacco from investment (to address health
concerns over smoking) – page 23. 
• Continued support for FAIRR’s work to reduce use of
antibiotics on healthy livestock – page 21.
Decent work & economic growth (SDG8)
8.10: Strengthen the capacity of domestic financial 
institutions to encourage and expand access 
to banking, insurance and financial services 
for all. 
• Investment in micro-finance institutions providing loans and
savings to people without access to traditional financial
services – page 18. 
• Engagement with financial companies urging them to expand
micro-insurance to poor communities – page 21. 
• Inclusion of minimum labor standards in Group Responsible
Investment Policy – page 12.
Affordable and clean energy (SDG7
7.2: By 2030, increase substantially the share of 
renewable energy in the global energy mix. 
7.3: By 2030, double the global rate of 
improvement in energy efficiency.
7.a: By 2030, enhance international cooperation 
to facilitate access to clean energy research 
and technology, including renewable energy, 
energy efficiency and advanced and cleaner 
fossil fuel technology, and promote 
investment in energy infrastructure and
clean energy technology. 
Significant investments in: 
• Renewable energy (primarily wind and solar power) – page 18.
• Green bonds and green residential mortgage-backed
securities – page 18. 
• Sustainable real estate (including efforts to improve energy
efficiency in existing property holdings) – page 16. 
• For the
environment:
Clean energy
and sustainable
real estate
Climate action (SDG13)
3.2: Integrate climate change measures into 
national policies, strategies and planning. 
• Exclusion from investment of oil sands and thermal coal
companies – page 23. 
• Support for Dutch National Climate Agreement, aimed at
substantially reducing carbon emissions – page 24. 
• Engagement on climate-related issues (covering palm oil, coal 
financing, plastics, farming in the Amazon, utilities and energy)
– page 21.
• Support for public and investor initiatives on climate
change – page 26. 
• Responsible Business covenants in the Netherlands, covering 
the insurance, pension funds and banking sectors – page 24.

26
We use our investment management expertise to help people achieve a lifetime of financial security.
Memberships and collaborative bodies
Organization
Commitment
As You Sow
As You Sow is a shareholder advocacy group, promoting 
environmental and social corporate responsibility. Aegon Asset 
Management is part of As You Sow’s Plastic Solutions Investor 
Alliance, launched in 2018. As part of the Alliance, we have 
signed the Investor Declaration on Plastic Pollution.
CDP (formerly Carbon Disclosure 
Project)
CDP encourages increased disclosure on environmental impact 
from investors, companies and government. Aegon has been a 
member at Group level since 2009. 
Ceres 
The Ceres Investor Network focuses on climate risk and 
sustainability; the network comprises 163 institutional investors 
around the world – and organizes regular corporate engagement 
on sustainability issues.
Climate Action 100+
Climate Action 100+ is an investor initiative aimed at ensuring the 
world’s largest greenhouse gas emitters take necessary action on 
climate change. Aegon Asset Management joined Climate Action 
100+ in 2017. 
Eumedion
Aegon Asset Management is an active member of Eumedion –
a forum for institutional investors on corporate governance and 
sustainability topics.
Extractive Industries 
Transparency Initiative (EITI)
EITI works for increased transparency and strong governance in 
the global oil, gas and minerals sector. Kames Capital is a member 
of the EITI. Where possible, we promote the advantages of 
membership to extractive companies we invest in.
FAIRR – Farm Animal Investment 
Risk & Return
FAIRR works on ESG issues related to farming and agriculture. 
Aegon Asset Management joined FAIRR in 2016. In 2018, we 
took part in FAIRR’s engagement on sustainable protein.
Global Impact Investment 
Network (GIIN)
Aegon is a founding network member of GIIN, which works to 
improve the effectiveness of impact investing. 
Institutional Investors Group on 
Climate Change (IIGCC)
IIGCC is an investor network on climate change; the group works 
with business and policymakers, as well as investors to help 
mobilize capital for the transition to a more sustainable economy.
Interfaith Center on Corporate 
Responsibility (ICCR)
ICCR brings together more than 300 institutional investors; its 
objective is to engage companies directly on ESG issues. In 2018, 
Aegon Asset Management took part in ICCR engagements on 
opioids and water management.

27
2018 Responsible Investment Report
Soapbox
In the UK, Kames Capital publishes regular articles on 
sustainable investing – through Sustainability Soapbox.  
The blog takes an unashamedly positive view of 
sustainable investing. In the past year, Soapbox has 
covered various subjects, including electric vehicles, 
plastics, renewables, waste and natural disasters. It 
has also provided ‘think pieces’ on sustainable stock-
picking and the UN’s Sustainable Development Goals, 
even recently on why fairness – treating customers and 
other stakeholders fairly – may be a company’s ultimate 
competitive advantage.   
You can read our Sustainability Soapbox online
at www.sustainability-soapbox.com
Organization
Commitment
Investment Leaders Group (ILG)
ILG is a network of pension funds, insurers and asset managers 
working for responsible investment. ILG is supported by 
Cambridge University’s Institute for Sustainability Leadership.
It publishes regular research and acts as a platform to engage 
with regulators, lawmakers and other investors. In 2018, ILG 
discussed the EU’s sustainable finance action plan directly with 
the European Commission. The ILG is currently chaired – on
behalf of Aegon Asset Management – by our Global Head of 
Responsible Business and Public Affairs. 
Investors for Opioid 
Accountability (IOA)
IOA is a coalition of institutional investors, established in 2017. 
The IOA engages with manufacturers, distributors and retailers on 
ways to tackle the current opioid crisis in the US.
Principles for Responsible 
Investment (PRI)
Aegon Asset Management has been a signatory to the UN’s PRI 
since 2011 (Kames Capital since 2008). Membership commits 
us to upholding the six principles for responsible investment and 
reporting annually on our progress. We are active in the PRI’s 
methane working group.
Principles for Sustainable 
Insurance (PSI)
Aegon Group is a founding member of PSI, launched in 2011. PSI 
members commit to incorporating ESG into their business and 
investment decisions.
ShareAction 
ShareAction promotes responsible investment and works to 
improve company performance on ESG issues. 
In addition to those above, Aegon Asset Management is also a member of various 
other national organizations. These include: the UK Sustainable Investment and
Finance Association (UKSIF) and VBDO (the Dutch Association of Investors for 
Sustainable Development). For details on our work with GRESB (the Global
Real Estate Sustainability Benchmark), please see page 18.

We use our investment management expertise to help people achieve a lifetime of financial security.
Reporting against external frameworks 
Task Force on Climate-related Financial Disclosures (TCFD)30
This approach to climate change is captured in Aegon N.V.’s 
Responsible Investment (RI) Policy. Aegon N.V. has had an 
RI policy since 2011; it steers the Company’s business and is 
reviewed annually.
The present disclosure builds on the content of Aegon’s 2018 
Integrated Annual Report, published in March 2019. It is made 
in respect of Aegon N.V. in its multiple roles as: an asset owner 
with EUR 804 billion in revenue generating investments, an 
insurer with annual gross premiums of EUR 19 billion, and asset 
manager with assets under management of EUR 316 billion. It 
builds on Aegon’s initial 2017 disclosure and takes into account 
the final version of the Taskforce on Climate-related Financial 
Disclosure’s (TCFD) recommendations, published in July 2017. 
The TCFD’s four-pillar framework provides guidance on disclosure 
and business integration of risks and opportunities resulting 
from climate change. Aegon strives to continuously enhance its 
reporting and business practices.
Governance
The Climate Working Group (CWG) is the primary body responsible 
for assessing and monitoring climate-related issues within Aegon. 
The CWG, a working group of the Responsible Investment Strategy 
Committee (RISC), meets quarterly to evaluate new climate 
developments affecting investment, insurance and our other 
business activities, and recommends further action when necessary. 
It is chaired, on behalf of Aegon, by a representative from Aegon 
Asset Management’s Responsible Business & Public Affairs team, 
and comprises members from different functional areas across 
the Company including investment portfolio risk management, 
operational and underwriting risk management, investment 
analysis, investor relations and reporting, group strategy and 
sustainability, public affairs and responsible investment
The RISC is a Management Board-level committee which meets 
quarterly and is chaired by the CEO of Aegon Americas (who is 
also a member of Aegon’s Management Board).
Climate-related issues assessed as relevant or material by 
the CWG and RISC are presented to Aegon’s Chief Risk Offic  
and Aegon’s Management Board through the quarterly risk 
management dashboard. The Management Board may then 
decide on management actions as appropriate.
Strategy
Risks
In Aegon’s materiality assessment, climate change is included 
under ‘social and environmental impacts of business activities 
and investments’. In the Company’s latest assessment, the topic 
ranked relatively low in overall materiality. Nevertheless, Aegon 
is exposed to both physical and transition-related climate risk.
Physical risk: Aegon is exposed to mortality risk and mortgage 
underwriting risks, though has limited exposure to property & 
casualty (P&C) risk, including catastrophic risk. Beyond insured 
losses from physical damage, climate change can increase 
uninsured damages and losses, and may have disrupting and 
cascading effects on the wider economy and across the financia  
system. 
Transition risk: Aegon is primarily exposed to transition risk 
indirectly, through changes to the value of assets and 
corresponding impacts on the Company’s investment portfolio. 
Furthermore, it cannot be ruled out that Aegon itself is unable 
to adjust to international environmental and sustainability goals.
Climate change represents one of the biggest systemic risks for society, the economy and 
financial institutions. Mitigating climate change and reducing greenhouse gas (GHG) emissions 
are a major global challenge. Aegon believes that governments, companies and investors have 
a responsibility to facilitate a transition to a climate-resilient economy. Companies are expected 
to operate with the goal of enhancing energy efficiency, to invest in more environmentally 
friendly production techniques and to contribute and adapt to the energy transition. 
28
We use our investment management expertise to help people achieve a lifetime of financial security.
30 Please note that these disclosures relate to Aegon N.V. The TCFD was set up by the Financial Stability Board in 2016; its recommendations, published in June 2017, 	
are structured around four themes: governance, strategy, risk management and metrics & targets. For further details, see www.fsb-tcfd.org.

29
2018 Responsible Investment Report
Aegon’s principal short-term climate risk is related to reputation 
and litigation from failing, potentially, to take into account, 
or respond to, the effects of climate change, or to provide 
appropriate risk disclosure for Aegon or the companies in which 
Aegon invests. This could result in negative media coverage of 
Aegon’s investments, which would have a moderate impact on 
the Company’s business. Climate-related risks are discussed 
annually as part of Aegon’s risk dashboard, and are included 
as disclosures in regular financial reporting. Aegon continues 
regularly to assess how climate change will impact the 
organization’s businesses, strategy and financial planning
See Aegon’s 2018 Integrated Annual Report (available online) for 
further details on the Company’s approach to risk identificatio  
and materiality. 
Opportunities
As an investor, Aegon has an important role to play in 
supporting the climate transition. By investing in new low-
carbon technologies and improving the carbon footprint of the 
Company’s real estate investments, Aegon aims to contribute 
to a cleaner, healthier environment. Climate change has been 
a focus of Aegon’s investment strategy since 2014, and the 
Company continues to investigate opportunities arising from 
climate change and the energy transition. Aegon closely monitors 
regulatory and market trends to understand how these changes 
may influence the Company’s business. Aegon translates these 
developments into new products and services designed to meet 
the needs of its clients now and in the future.
Actions
Aegon has taken a number of measures to address climate risk 
and capitalize on emerging opportunities, including:
• 	 Expanding exclusions: stopping investment in oil companies	
that produce 30% or more of their total oil equivalent 		
production from oil sands, and associated pipeline 			
companies, which significantly facilitate oil sands expo t;	
average oil sands production is significantly more GHG		
intensive than conventional oil sources, and new oil sands 		
developments are outside the allowable carbon budgets in 		
all climate transition scenarios. This follows Aegon’s decision 		
in 2016 to exclude companies deriving more than 30% of 		
their revenue from the exploration, mining or refining of		
thermal coal.
• 	 Clean energy: increasing clean energy investments by the end 		
of 2018 to over EUR 570 million, mainly in wind power and 		
solar energy.
• 	 Real estate: investing in greater energy efficie
y in Aegon’s 		
real estate portfolio.
• 	 Product development: different units within the business		
are tailoring their solutions to their local markets; for 			
example, Aegon’s US asset management business is	
launching a Sustainable Fixed Income strategy and a High 		
Yield ESG strategy and, in the Netherlands, Aegon offers 		
green mortgages to retail customers.
• 	 Investing in expertise: expanding the global Responsible 		
Business & Public Affairs team within Aegon Asset			
Management to better serve client interests and respond 		
to market developments (including managing ESG risks and 		
capitalizing on emerging opportunities).
• 	 Impact investment: increasing impact investments to over	
EUR 8.4 billion at end-2018. These investments contribute 		
directly to the Sustainable Development Goals (SDGs) most 		
relevant to Aegon’s business – No poverty; Good health and 		
well-being; Decent work and economic growth; Affordable		
and clean energy; Climate action.
Risk Management
Identification and Management
Climate change is a long-term risk associated with high 
uncertainty regarding timing, scope and severity of potential 
impacts. In 2018, Aegon carried out a review of climate risk in 
response to both stakeholder expectations and the potential 
impact on the Company’s business and the communities in which 
it operates. The assessment covers several areas, including 
regulatory, strategic, underwriting and investment risk. All risks 
are assessed for both impact and likelihood.
The identification, assessment and evaluation of climate-related 
risks is one of the key functions of the CWG. This enables 
insight and knowledge on climate issues to be shared across 
the Company, allowing colleagues to leverage skills or expertise 
outside their functional area or business unit. If any risks are 
considered material, the CWG can develop a mitigation plan and 
present it to the RISC for implementation. In 2018, the CWG 
discussed a gap analysis of current reporting against the TCFD 
framework and a qualitative mapping of risks and opportunities. 
Additionally, it initiated a materiality and prioritization process 
to run quantitative climate risk analysis on investment portfolios 
and scenario analysis. 
Aegon has a number of general measures in place to counter 
climate risk. These include continuous monitoring of relevant 
new legislative developments and regulations, participation in 
consultations with policymakers and other stakeholders, active 
membership in industry associations, risk diversification and new 
product offerings. Our RI policy also plays a key role by guiding 
our investment activities, from governance to ESG positions and 
exclusions.

30
We use our investment management expertise to help people achieve a lifetime of financial security.
Active Ownership
Engagement with corporates 
As an institutional investor, Aegon expects companies to work 
towards reducing their environmental impact. Aegon engages 
with the companies it invests in – both individually and collectively 
through networks such as Climate Action 100+, UN Principles 
for Responsible Investment (PRI), Institutional Investors Group 
on Climate Change (IIGCC), Global Real Estate Sustainability 
Benchmark (GRESB) and ShareAction – to encourage better 
climate-related risk practices, including emissions disclosure 
and target setting. Climate change was one of Aegon’s key 
engagement topics in 2018 and climate-related engagements 
and activities over the past year included:
• 	 Supporting shareholder resolutions that encourage best 		
practice in climate risk and disclosure, as well as setting GHG	
reduction targets in line with the objectives of the Paris 		
Climate Agreement
• 	 Co-authoring the IIGCC’s 'Investor Expectations of Steel 		
Companies', which sets out actions required from the steel 		
sector to safeguard its future in the face of climate change
• 	 Collaborating with other investors as part of Climate Action 		
100+, a coalition formed to engage with the boards and 		
senior management of 161 of the world’s largest corporate 		
emitters, to reduce GHG emissions, strengthen climate-	
	 related financial disclosures and improve governance 		
on climate change
• 	 Contributing to the UN PRI’s methane working group, 		
which aims to tackle the threat of methane emissions 		
through collaborative engagement with utilities and	
oil & gas companies
• 	 Working together with ShareAction on the Investor 			
Decarbonization Initiative to encourage companies to set 		
science-based emissions reduction targets and make clean 		
energy commitments
• 	 Encouraging real estate companies to report their climate 		
risks and opportunities according to the GRESB framework
• 	 Participating in the investor group, which was regularly in	
dialogue with Royal Dutch Shell; this dialogue led to a 		
company announcement on plans to set short-term targets 		
to reduce Shell’s net carbon footprint and link these targets 		
to executive remuneration
• 	 Supporting investor letters and statements outlining 			
expectations for climate action, including open letters to: 		
power utilities regarding the use of coal; accountancy firm	
on the subject of assurance of climate risk; oil and gas 		
companies seeking support for cost-effective methane		
regulations; and agricultural producers regarding 			
deforestation.
Engagement with policymakers 
Aegon acknowledges the importance and necessity of 
government action in addressing climate change. The Company 
has made a number of international commitments that guide 
its internal practices and policies, and help shape its overall 
approach to sustainability. For example:
• 	 In 2015, Aegon signed the Paris Pledge for Action,	
committing to quick and effective action to suppo t 			
implementation of the Paris Agreement and accelerating the 		
transformative changes needed to meet the climate change 		
challenge.
• 	 In 2018, Aegon Asset Management endorsed the ‘Letter 		
from global investors to governments of the G7 and G20 		
nations’. This letter, signed by 400 global investors managing 		
more than USD 22 trillion in assets, reiterates the investors’ 		
call for governments to continue to support and fully	
implement the Paris Agreement.
Engagement with policymakers is critical to shaping Aegon’s 
investment environment, and Aegon works independently
and in collaboration with industry groups to engage on key 
climate issues.
At the EU-level, Aegon has supported the European Commission’s 
Action plan on financing sustainable growth by providing input 
on consultations, and has met with senior decision makers as 
part of the Investment Leaders Group (ILG) – a global network 
of pension funds, insurers and asset managers convened by 
Cambridge University’s Institute for Sustainability Leadership 
(CISL) and chaired by Aegon Asset Management’s Global Head of 
Responsible Business and Public Affairs
In the Netherlands, Aegon supports the Dutch Government’s 
ambition for a National Climate Agreement. Along with other 
members of the financial services sector, Aegon has pledged to 
finance necessa y investments within the compass of statutory 
and regulatory frameworks and risk-return objectives. Aegon 
also joined other financial industry leaders on signing the 
Spitsbergen Ambition, which commits the Company to reporting 
climate impacts and aligning its investment strategies with the 
Paris Agreement.
For further details on Aegon’s active ownership and engagement 
activities, see page 19.

31
2018 Responsible Investment Report
Scenarios, Metrics and Targets
Own Operations
Aegon’s 2018 Integrated Annual Report includes data on the 
Company’s environmental performance and GHG emissions. 
Aegon’s main operations (US, Netherlands, UK and Asset 
Management) have been carbon neutral since 2016 by reducing 
emissions from their own operations and supporting offse  
projects in cooperation with the NGO ClimateCare.
Investments and Holdings
General Account:
For 2018, Aegon calculated the carbon footprint of some of its 
General Account investments. Measurement focused initially on 
assets held by Aegon the Netherlands; this was in response to 
interest from local stakeholders, including Aegon’s own operations. 
By assets under management, Aegon the Netherlands’ General 
Account is approximately 73% sovereign fixed income, 15% 
corporate fixed income, and 12% other securities (primarily 
asset and mortgage-backed securities).
Results (General Account) are summarized in the table below:
Sovereign fixed income: 
• 	 Some 95% of holdings originate within the European Union, 		
and the Netherlands has the highest weighting; as a result, 		
the weighted average carbon intensity is slightly lower than 		
that of the Dutch economy overall (241 tCO2e/EUR	
million GDP).
• 	 Aegon also measured climate vulnerability using the	
ND-GAIN Country Index, which scores and ranks countries 		
based 	on their vulnerability to climate change and capacity 		
to improve climate resilience31; with a weighted score of 		
62.86, Aegon’s holdings rank between Spain (62.6) and 		
Poland (63.1); this is 5% lower than the Netherlands (66.5).
Corporate fixed income:
• 	 Holdings are largely concentrated on European-based 		
companies, though Asian and North American holdings have 		
a disproportionate influence on emissions
• 	 Emissions by sector are largely the inverse of their financial		
weighting – for example, Financials are the largest sector by 		
weight, but Energy & Utilities are the largest by emissions. 		
See also charts below and on page 32.
Unit
Corporate FI
Sovereign FI
Absolute Footprint
tCO2e
223,000
4,967,000
Relative Intensity
tCO2e/EURm AuM
134
335
Weighted Average Carbon Intensity
tCO2e/EURm revenue
145
225
Carbon Risk / Vulnerability
(See notes)
11.19  
62.86
Coverage
% AuM
50%
93%
Europe
North America
Africa / Middle East
Asia
95%
Corporate Fixed Income (by region)
Financial Weight
2%
3%
0%
Europe
North America
Africa / Middle East
Asia
81%
Emissions Weight
7%
12%
0%
31	For more information, see www.gain.nd.edu/our work/country index.

32
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• 	 These holdings have a weighted average for carbon	
intensity almost 30% lower than the MSCI Europe Index 		
(180.3 tCO2e/USD million revenue), which reflects Aego ’s 		
divestment and exclusion activities.
• 	 Aegon measured the climate risk of holdings using the 		
Sustainalytics Carbon Risk Rating32, which assesses the 		
degree to which company ‘value at risk’ is driven by the 		
transition to a low-carbon economy. The rating looks at 		
exposure and management across operations and products 		
and services; Aegon’s holdings have a weighted score of 		
11.19 – considered to be medium.
Insurance-linked equity:
In addition to General Account investments, Aegon calculated 
the same metrics for its Netherlands-based insurance-linked 
equity holdings.
Results (insurance-linked equity) are summarized in the table below:
Unit
Equity
Absolute Footprint
tCO2e
867,000
Relative Intensity
tCO2e/EURm AuM
114
Weighted Average Carbon Intensity
tCO2e/EURm revenue
208
Carbon Risk / Vulnerability
(See notes)
9.85
Coverage
% AuM
99%
Carbon Risk Distribution (corporate ﬁxed income)
Carbon Exposure Score
Carbon Risk Rating
0
20
40
60
80
100
0
10
20
30
40
50
60
70
80
90
100
Component Score
Portfolio Score
33%
4%
48%
Emissions Weight
1%
13%
1%
Consumer Products
Energy & Utilities
Financials
Healthcare
Industrial & Materials
IT & Telecom
Consumer Products
Energy & Utilities
Financials
Healthcare
Industrial & Materials
IT & Telecom
2%
33%
5%
42%
Corporate Fixed Income (by sector)
Financial Weight
3%
15%
32 	For more information, see www.sustainalytics.com/carbon-risk-rating/

33
2018 Responsible Investment Report
• 	 Holdings are evenly distributed geographically, though 		
European holdings have a marginally larger influence on		
emissions.
• 	 Emissions by sector are largely the inverse of their financial		
weighting – for example, Financials are the largest sector by 		
weight but Energy & Utilities are the largest by emissions.
• 	 The holdings have a weighted average for carbon intensity 		
almost 15% lower than the MSCI ACWI index (213.4 tCO2e/		
USD million revenue), which reflects Aego ’s divestment and 		
exclusion activities.
• 	 The holdings have a Carbon Risk Rating of 9.85 – considered 		
to be low. See also charts below.
9%
14%
25%
8%
17%
Insurance-linked equity (by sector)
Financial Weight
6%
21%
Consumer Products
Energy & Utilities
Financials
Healthcare
Industrial & Materials
IT & Telecom
Real Estate
50%
40%
0%
Emissions Weight
3%0%6%
Consumer Products
Energy & Utilities
Financials
Healthcare
Industrial & Materials
IT & Telecom
Real Estate
1%
Distribution (insurance-linked equity)
Carbon Exposure Score
Carbon Risk Rating
0
20
40
60
80
100
0
10
20
30
40
50
60
70
80
90
100
Component Score
Portfolio Score
Europe
Africa/Middle East
North America
Asia
South America
32%
31%
Insurance-linked equity (by region)
Financial Weight
4%
30%
4%
28%
28%
Emissions Weight
4%
40%
1%
Europe
Africa/Middle East
North America
Asia
South America

34
We use our investment management expertise to help people achieve a lifetime of financial security.
Methodology: 
For corporate equity and fixed income, metrics were calculated 
using the methodology outlined by the Platform Carbon 
Accounting Financials (PCAF). However, due to data availability, 
calculations for sovereign fixed income were completed 
using country-level emissions and GDP. Weighted average 
carbon intensity was calculated using TCFD recommendations. 
Further investigation will be required to identify an appropriate 
methodology and corresponding data sources for asset-backed 
securities, mortgages, and other asset types currently not 
included in Aegon’s calculations.
Scenario analysis
Aegon worked recently with Ortec Finance to carry out 
a climate risk assessment to test the Company’s current 
investment strategy against various global warming scenarios.  
This assessment covered Aegon’s General Account and 
insurance-linked assets in the Netherlands, and projected asset 
performance through to the year 2100 under four scenarios:
• 	 Orderly transition to 1.5⁰C, where significant actions are		
taken to transition to a lower carbon economy, achieving 		
net zero emissions around 2050 and limiting additional 		
physical climate changes
• 	 Disorderly transition to 1.5⁰C, where actions are taken 		
to limit global warming to 1.5⁰C, but only following abrupt 		
implementation of policy measures, technology changes, 		
changes in consumer sentiment or the emergence of new 		
legal risks
• 	 2⁰C transition, where strong actions are taken to transition 		
to a lower carbon economy, achieving net zero emissions by 		
2080 and minimizing further physical climate change
• 	 4⁰C (or higher) – no significant actions are taken to limit		
global warming; impacts are dominated by physical changes 		
brought on by irreversible climate damage.
Findings from this assessment include: 
• 	 For a globally diversified investo , transition to remain below		
1.5 / 2°C warming, even a severely disorderly one,	
is preferable to a 4°C world. However, there are material 		
differences across regions – the result of variations in energy		
efficie
y and dependence on carbon-intensive production 		
and exports.
• 	 Globally, transition to limited warming of 1.5°C may bring 		
significant oppo tunities for economic growth, perhaps 		
even above current market expectations; the infrastructure 		
investments required, research & development and 			
employment generated would be strong drivers of growth 		
and competitiveness – and the more orderly the transition, 		
the more pronounced these economic and investment 		
opportunities become.
• 	 There is a narrow window of opportunity to keep 1.5°C 		
within reach – around ten years; the time to act is now, 		
even though physical climate-related risks may only become 		
financially material over a longer period
• 	 If transition to a low-carbon, climate-resilient economy is 		
not completed by mid-century, economies will be locked into	
a higher global warming pathway, likely to result in a 			
structural slowdown in the world economy.
The model results also indicate potential changes in asset 
performance. In the 1.5°C and 2°C transition scenarios, an 
expected slowdown for carbon-exposed economies may translate 
to lower interest rates, while at the same time investments in 
technology and infrastructure required for a successful transition 
may drive an increase in global equity returns. In contrast, under a 
4°C (or higher) scenario, interest rates are expected to be affecte  
only with the emergence of more severe physical climate impacts 
(likely in the second half of the century). This may lock investors 
into a situation of persistently lower growth as higher warming 
structurally undermines our planet's ability to support economic 
activity. 
Cumulative GDP Growth
(EUR)
Cumulative GDP Change 
Against Climate-Uninformed Baseline
-35%
-30%
-25%
-20%
-15%
-10%
-5%
-0%
5%
2019 2026
2033 2040 2047 2054
2061 2068
2075 2082
2089
1.5°C
1.5°C Disorderly
2°C
4+°C
EU interest rates
(10 year)
1.5°C
1.5°C Disorderly
2°C
4+°C
-0.5%
-0.4%
-0.3%
-0.2%
-0.1%
0%
0.1%
0.2%
0.3%
2019
2029
2039
2049
2059
2069
2079
2089
Change in Interest Rate Against 
Climate-Uninformed Baseline

35
2018 Responsible Investment Report
These findings provide an early insight into Aegon’s potential 
exposure to climate risk, but they should be seen in the context 
of broader climate scenario narratives and their limitations. 
Consequently, Aegon recognizes that this analysis is an initial 
step towards fully understanding the influence of climate change 
on the Company’s investments. In addition, the scenarios model 
only slow-onset physical risks; other potential catastrophic 
physical impacts such as extreme weather or tipping-point 
events and their consequences were not included. 
Nevertheless, this analysis complements our carbon footprint 
calculations, asset-level risk measures, and ESG integration 
activities. Combined, these serve as a starting point on our 
journey to understanding the potential impact of climate-
related risks and opportunities on our investments. Our aim is to 
continue refining and integrating both top-down and bottom-up 
climate assessments into our overall strategy, risk management 
and reporting frameworks. Over the coming years, we expect our 
approach to evolve and improve in light of new research, data, 
and emerging best practices.
Targets
Metrics like carbon foot-printing are important to help understand 
existing exposure to direct carbon emissions; however, they are 
only snapshots of performance at a single (past) point in time 
and the size of footprint is not necessarily representative of 
future investment risk. Unfortunately, they do not capture other 
climate considerations such as physical risk, supply chain risk, 
risks and opportunities from products and services, demand shift 
and technological risk, nor how carbon intensive companies are 
transitioning towards a low carbon economy. Reductions in 
carbon footprint or carbon intensity of an investment portfolio  
could be achieved simply by re-allocating capital to sectors with 
less direct climate impact – which would not result in any real  
overall carbon reduction. Furthermore, depriving certain carbon- 
 
intensive sectors of capital could limit their ability to reduce 
emissions, which would be especially harmful to those expected 
to play a critical role in the transition to a low carbon economy.
To set meaningful climate targets for our investments that would 
result in real carbon reductions, more work will be required to 
align these considerations with global climate ambitions and the 
realities of institutional investing. 
Next Steps 
Aegon will continue to refine its climate change strategy, 
governance, and approach to risk and opportunity measurement 
and implementation in the coming years. As the Company’s 
experience with climate issues grows, Aegon will look to increase 
alignment between disclosures and business lines, aiming to 
include increasing levels of information on different businesses 
(e.g. insurance vs. asset management) and geographies (e.g. 
outside the Netherlands). 
Aegon will continue to focus on climate risk as part of its broader 
responsible investment and sustainable business strategy. In 
2019, Aegon expects to extend its climate analysis of General 
Account assets to other geographies (e.g. US) and other asset 
types where possible, such as mortgage-backed securities and 
investment funds.
World Cumulative Equity Returns
(10 year)
1.5°C
1.5°C Disorderly
2°C
4+°C
-20%
-15%
-10%
-5%
0%
5%
2019
2029
2039
2049
2059
2069
2079
2089
Change in Cumulative Equity Returns
Against Climate-Uninformed Baseline

36
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Principles for Responsible Investment (PRI)
Aegon Asset Management has been a signatory to the Principles for Responsible Investment 
since 2011 (Kames Capital since 2008). Every year, we submit a progress report; this covers 
ESG integration, engagement and voting across asset classes (including equities, fixed 
income, property, infrastructure, inclusive finance etc.). The PRI have been signed by 1,449 
asset managers and owners. Together, these companies represent nearly USD 90 trillion
in investments33. 
PRI scores (2018) 
For more information on the PRI, see www.unpri.org. Details of signatories’ reporting is also available on the PRI website.
Our latest report was submitted in April 2019; results are usually made public in July. 
NA - not applicable
Aegon Asset Management
Kames Capital
Median score (all signatories)
Strategy & governance
A+
A+
A
Listed equity – incorporation
NA
A
B
Listed equity – active ownership
A
A
B
Fixed income – SSA
A
A
B
Fixed income – corporate financial
A
A
B
Fixed income – corporate non-financial 
A
A
B
Fixed income – securitized
A
NA
C
Property
NA
B
B
33  Source: PRI 2018 Annual Report (end-2018)

37
2018 Responsible Investment Report
Appendix
2018
2017
% change
2016
Assets under management (EUR billions)33
316 
318
(0.6%)
326
Total impact investments (EUR billions)
8.4
8.1
3.7%
7.2
• Affordable housing (EUR billions):
4.9 
4.8
2.1%
4.8
• Renewable energy (EUR millions)
573
436
31.4%
309
• Care homes (EUR millions)
324
325
(0.3%)
213
• Development banks (EUR billions)
1.8 
1.8 
Unchanged
1.6
• Green bonds (EUR millions)
253 
226 
11.9%
119
• Student loans and sports facilities
(EUR millions)
208
131 
58.8%
106
• Green residential mortgage-backed
securities (EUR millions)
152 
138
10.1%
57
• Micro-finance (EUR millions)
74
74 
Unchanged
43
• Sustainable timber (EUR millions)
8 
9
(11.1%)
14
Socially-responsible investment funds (EUR billions)34
Of which (EUR millions):
3.4
3.0
13.3%
3.3
• UK
2,324
2,863
(18.8%) 
2,403
• Netherlands
1,08835
143
661%
32
• Hungary
 3.1
4.6 
(32.6%)
5.4
Active ownership and engagement 
Number of companies engaged as part of our
responsible investment approach
360
335
7.5%
356
Number of shareholder meetings at which
Aegon Asset Management cast votes
1,373
1,236
11.1%
1,230
Training
Percentage of eligible staff completing
ESG training (PRI Academy course)
89%
82%
7 PP
72%
Key metrics
PP – percentage points | Note: some figures in the table above have been rounded;
percentage changes are calculated using these rounded figures. 
33	Assets under management as at December 31, 2018; these assets under management include advisory services performed by various Aegon Asset Management	
affiliates or their investment advisory business units and joint ventures.
34 Total figure does not include SRI funds managed by our joint ventures in China and France.
35	Substantial increase in assets under management in the Netherlands in 2018 is due to the addition of TKP Investments' World and European SRI funds.

38
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Voting Report: Aegon Investment Management B.V. (Netherlands)
Charts on this page show voting in 2018 by Aegon Investment Management B.V. (Aegon Asset Management's entity in the 
Netherlands). Charts on this page cover all meetings and votes cast; charts on page 39 cover those in the Netherlands only. 
16%
84%
Votes with management
Votes against management
1,885
votes
Preferred / bondholder
Routine / business
Related to directors
Related to anti-takeover
Capitalization
Reorganization & mergers
Non-salary compensation
31%
6%
42%
18%
1%
1%
1%
231
US
Netherlands
Australia
France
Cayman Islands
Japan
UK
Canada
Greece
Rest of World
3%
3%
3%
4%
4%
2%
34%
25%
15%
7%
159
17%
10%
33%
0% 6%
5%
23%
3%
3%
Routine / business
Related to directors
Corp. governance
Social / human rights
Compensation
General economic issues
Health / environment
Others /miscellaneous
Social proposal
88
Number of meetings at which votes cast, 2018
Votes in favor of shareholder proposals by subject
Votes cast by location of companies in which AIM holds shares
Number of votes cast, 2018
Votes against management proposals by subject
28%
72%
Meetings voted with management
Meetings with at least one vote against management
159

39
2018 Responsible Investment Report
29%
0%
61%
8%
2%
0%
0%
49
Preferred / bondholder
Routine / business
Related to directors
Capitalization
Reorganization & mergers
Non-salary compensation
Related to anti-takeover
20%
80%
Number of meetings at which votes cast in line with ISS benchmark policy
Number of meetings at which votes cast against standard proxy advice
40
11%
89%
Votes with management
Votes against management
443
votes
Number of votes cast, 2018 (Netherlands only)
Voting with /against standard advice from proxy advisor, 2018 (Netherlands only)
Number of meetings at which votes cast, 2018 (Netherlands only)
Votes against management proposals by subject, 2018 (Netherlands only)
43%
57%
Meetings voted with management
Meetings with at least one vote against management
40

40
We use our investment management expertise to help people achieve a lifetime of financial security.
Weblink
Aegon Asset Management 
• PRI transparency report
www.unpri.org
Kames Capital 
• Responsible Investment documents
• Sustainability report
• PRI transparency report
• Responsible investment policy
www.kamescapital.com
www.unpri.org
TKP Investments
• Responsible investment documents
www.tkpinvestments.com
Our approach to reporting 
Purpose and intended audience
The aim of this Responsible Investment Report is to provide a clear, 
comprehensive overview of Aegon Asset Management's approach 
to responsible investment (as part of our parent company's 
broader Responsible Business approach). The report covers policy, 
governance, strategy and performance in this area, as well as our 
management of ESG integration and engagement activities. The 
report is intended for all stakeholders, but will be of particular 
interest to clients of Aegon Asset Management. 
Scope and boundaries
This report covers January-December 2018, though references are 
made to events before and after this period, where relevant. Our 
Responsible Investment Report is published annually in May.
Data in this report covers all Aegon Asset Management companies 
and entities: Aegon Asset Management US (Aegon USA Investment 
Management LLC.), Aegon Real Assets US (Aegon USA Realty 
Advisors LLC.), Kames Capital plc., Aegon Asset Management Asia 
Ltd., Aegon Asset Management Central and Eastern Europe (or 
Aegon Magyarország Befektetési Alapkezelő Zrt.), Aegon Asset 
Management Pan-Europe B.V., Aegon Asset Management Spain, 
Aegon Investment Management B.V., Pelargos Capital B.V., Saemor 
Capital B.V. and TKP Investments B.V. Data for our two joint ventures 
in China and France (Aegon Industrial Fund Management Company 
Ltd. and La Banque Postale Asset Management S.A.) have been  
included on a pro rata basis (49% and 25% respectively), with 
the exception of our Socially Responsible Investment (SRI) funds. 
Data covers the full year 2018, unless otherwise stated; we have 
included only information that we believe is (or will be) material 
to Aegon Asset Management, its clients and other stakeholders. 
Reporting against the recommendations of the Task Force on 
Climate-related Financial Disclosures (TCFD) relates to Aegon 
Group (see pages 28-35).
Unit reports, policies and other documents
Content and approval
Content is based on reporting from Aegon Asset Management 
businesses around the world. We have also drawn on company 
reporting against international frameworks, including TCFD and 
the Principles for Responsible Investment (PRI). For all external 
information used, sources are provided in the text. Previous-
year data has been included, where appropriate, to allow proper 
comparison. All necessary notes, explanations and definitions are 
provided in the text or accompanying tables and charts. 
All content is reviewed by our specialist Responsible Investment 
team and approved by Aegon Asset Management's Management 
Board before publication. The report should be read in conjunction 
with the Aegon’s 2018 Integrated Annual Report, available online. 
Aegon Asset Management did not seek external assurance for this 
report. 
Research, policies and guidelines
Aegon Asset Management publishes regular white papers on 
responsible investment issues, engagement and ESG integration 
(see www.aegonassetmanagement.com). In addition, our parent 
company has a dedicated Center for Longevity and Retirement, 
covering pensions, retirement and healthy aging (see www.aegon.
com/research/). Aegon also has internal policies and guidelines 
available online; these cover areas such as compliance, voting, 
human rights, insider dealing, diversity and responsible investment 
(see www.aegon.com/about/governance/).

41
2018 Responsible Investment Report
Acronyms and abbreviations
AGM 
Annual General Meeting of Shareholders
AIFMC
Aegon Industrial Fund Management Company 
CWG
Aegon’s Climate Working Group
CDP 
Carbon Disclosure Project (known officially as CDP)
Dufas
Dutch Fund and Asset Management Association
EIF 
European Investment Fund
EITI
Extractive Industries Transparency Initiative
ESG
Environmental, Social and Governance
FAIRR
Farm Animal Investment Risk and Return
GDP
Gross Domestic Product
GHG 
Greenhouse gas emissions
GRESB
Global Real Estate Sustainability Benchmark
ICCR
Interfaith Center on Corporate Responsibility 
IIGCC
Institutional Investors Group on Climate Change
ILG
Investment Leaders Group 
ILO
International Labor Organization
IOA
Investors for Opioid Accountability 
IRBC
International Responsible Business Conduct
LBPAM
La Banque Postale Asset Management 
LIHTC
Low-Income Housing Tax Credit
NGO
Non-Governmental Organization
OECD
Organization for Economic Cooperation and Development
PCAF
Platform Carbon Accounting Financials
RI
Responsible Investment
RISC
Responsible Investment Strategy Committee
SDGF
Sustainable Development Goals Fund
SRI 
Socially Responsible Investment
SSA 
Sovereigns, supranationals and agencies
TCFD
Task Force on Climate-related Financial Disclosures
UN
United Nations
WHO 
World Health Organization
WRI 
World Resources Institute

42
We use our investment management expertise to help people achieve a lifetime of financial security.
Aegon Asset Management’s approach to responsible investment is shaped by a number of international treaties, agreements and conventions: 
Year entered into force
Purpose
Anti-personnel Mine Ban 
Convention (Ottawa Treaty)
1999
Prohibits use, stockpiling, production and transfer of
anti-personnel landmines.
Biological Weapons Convention
1975
Prohibits development, production, stockpiling and
use of biological weapons. 
Chemical Weapons Convention
1997
Prohibits production, stockpiling and use of chemical weapons. 
Convention on Cluster Munitions
2010
Prohibits use, transfer and stockpiling of cluster bombs.
‘Five Freedoms’ (Farm Animal 
Welfare Council, UK)
1979 (formalized)
Sets out minimum freedoms for the welfare of animals
under human control.
ILO fundamental principles
1998 (adopted)
Sets out fundamental rights at work, covering freedom of association, 
collective bargaining, child and forced labor, and discrimination. 
Nuclear Non-Proliferation 
Treaty
1970
Aimed at preventing spread of nuclear weapons and 
weapons technology. 
OECD Framework on base 
erosion and profit shifting
2015 (endorsed by 
G20)
Sets out actions governments can take to discourage companies
from shifting profits to low or no-tax locations where there is little
or no economic activity. 
OECD Guidelines for 
Multinational Enterprises
1976 (adopted)
Recommends principles and standards of responsible business
conduct for multinational companies. 
Paris Climate Agreement
2016 (agreed in 
2015)
Aimed at reducing greenhouse gas emissions to combat climate 
change and global warming.
Paris Pledge 
2015 (signed)
Signed by more than 1,300 businesses, NGOs, trade unions, investors 
and local governments committed to supporting the goals of the Paris 
Climate Agreement.
Principles for Responsible 
Investment 
2006 (launched)
Sets out six basic principles for responsible investment.
Principles for Sustainable 
Insurance
2012 (launched)
Sets out four principles to build ESG and sustainability into the 
insurance industry.
UN Arms Trade Treaty
2014
Regulates the international trade in conventional weapons to
promote peace and avoid conflict and human suffering.
UN Convention on Biological 
Diversity
1993
Aimed at protecting biodiversity and ensuring sustainable
use of natural resources.
UN Global Compact
2000 (founded)
Sets out principles to ensure responsible business conduct in ten areas 
including human rights, labor, the environment and anti-corruption. 
UN Guiding Principles on 
Business and Human Rights
2011
Sets out the responsibility of business to uphold and protect 
international human rights. 
Universal Declaration of Human 
Rights
1948
Aimed at reducing greenhouse gas emissions to combat
climate change and global warming.
UN Sustainable Development 
Goals
2015
Sets out the international development agenda for 2030;
the 17 goals cover issues such as hunger, poverty, education,
climate change and gender equality etc. 
WHO Framework Convention on 
Tobacco Control
2005
Seeks to protect populations from the health, social and
economic consequences of smoking.
International conventions

43
2018 Responsible Investment Report
Disclaimer
This report is provided by Aegon Asset Management 
(AAM) as general information and is intended 
exclusively for institutional and wholesale investors, as 
well as professional clients (as defined by local laws and 
regulation) and other AAM stakeholders.
This document is for informational purposes only 
in connection with the marketing and advertising of 
products and services, and is not investment research, 
advice or a recommendation. It shall not constitute an 
offer to sell or the solicitation to buy any investment 
nor shall any offer of products or services be made 
to any person in any jurisdiction where unlawful or 
unauthorized. Any opinions, estimates, or forecasts 
expressed are the current views of the author(s) at the 
time of publication and are subject to change without 
notice. The research taken into account in this document 
may or may not have been used for or be consistent with 
all Aegon Asset Management investment strategies. 
Aegon AM US and Aegon Investment Management 
B.V. (AIM) share a central responsible investment team. 
Certain personnel employed by AIM provide investment 
research 
and 
recommendations 
regarding 
the 
Responsible Investment Policy, ESG data, engagement, 
reporting, and impact investments. These AIM 
personnel, with respect to their responsible investment 
responsibilities, are considered Aegon AM US access 
persons and subject to certain policies, monitoring, and 
supervision of the firm. 
Strategies described herein are supported in part by 
investment models and /or other analytical tools. These 
models or tools inform, but do not dictate, investment 
recommendations. There is no assurance that these 
models or tools will work as intended, produce accurate 
results, or be free from defects, all of which could 
impact investment performance. Models or tools may 
be discontinued or modified for any reason and without 
notice. 
The information contained in this material does not 
take into account any investor's investment objectives, 
particular needs, or financial situation. It should not be 
considered a comprehensive statement on any matter 
and should not be relied upon as such. Nothing in this 
material constitutes investment, legal, accounting or 
tax advice, or a representation that any investment 
or strategy is suitable or appropriate to any particular 
investor. Reliance upon information in this material is 
at the sole discretion of the recipient. Investors should 
consult their investment professional prior to making 
an investment decision. Aegon Asset Management is 
under no obligation, expressed or implied, to update 
the information contained herein. Neither Aegon Asset 
Management nor any of its affiliated entities are 
undertaking to provide impartial investment advice or 
give advice in a fiduciary capacity for purposes of any 
applicable US federal or state law or regulation.  By 
receiving this communication, you agree with the 
intended purpose described above.
References to the Aegon NL General Account are for 
illustrative purposes only and are not intended to be 
representative of the investments or decisions that have 
been or will be made for any particular investor or other 
AAM-managed portfolios.
Past performance is not a guide to future performance. 
All investments contain risk and may lose value. Socially 
responsible investing is qualitative and subjective by 
nature, and there is no guarantee that the criteria 
utilized, or judgment exercised, by any company of 
Aegon Asset Management will reflect the beliefs or 
values of any one particular investor.  Information 
regarding responsible practices is obtained through 
voluntary or third-party reporting, which may not be 
accurate or complete, and Aegon Asset Management 
is dependent on such information to evaluate a 
company’s commitment to, or implementation of, 
responsible practices.  Socially responsible norms 
differ by region. There is no assurance that the socially 
responsible investing strategy and techniques employed 
will be successful. Strategy availability may be limited 
to certain investment vehicles; such vehicles may not be 
available to all investors in all jurisdictions. References 
to specific securities and their issuers are not intended 
and should not be interpreted as recommendations 
to purchase, sell, or hold such securities. Products and 
strategies managed by Aegon group companies may 
or may not include the securities referenced and if such 
securities are included, there is no representation that 
such securities will continue to be included.
This document contains "forward-looking statements" 
which are based on Aegon Asset Management beliefs, 
as well as on a number of assumptions concerning 
future events, based on information currently available 
to Aegon Asset Management. These statements involve 
certain risks, uncertainties and assumptions which are 
difficult to predict. Consequently, such statements 
cannot be guarantees of future performance, and 
actual outcomes and returns may differ materially from 
statements set forth herein. 
Aegon Group companies utilize Aegon Asset 
Management as a brand name to market their asset 
management products and services. Aegon Asset 
Management group companies include the advisory 
services performed by various affiliates or their 
investment advisory business units and joint ventures. 
Aegon Asset Management is comprised of the following 
global entities: Aegon AM US, Aegon Real Assets, 
Kames Capital plc, Aegon Investment Management B.V. 
(of which certain business is conducted under the brand 
name TKP Investments),  Aegon Asset Management 
Asia LTD, Aegon Asset Management Central and 
Eastern Europe (AAM CEE), Aegon Asset Management 
Pan-Europe B.V. and Aegon Asset Management 
Spain, along with joint-venture participations in Aegon 
Industrial Fund Management Co.  Ltd., La Banque 
Postale Asset Management SA, Pelargos Capital B.V., 
Saemor Capital B.V.. This communication may be issued 
by the following entities: 
Kames Capital plc. (Kames) is authorized and regulated 
by the Financial Conduct Authority and is additionally 
a registered investment adviser with the United States 
(US) Securities and Exchange Commission (SEC). Aegon 
Investment Management B.V. (AIMBV) is registered with 
the Netherlands Authority for the Financial Markets 
as a licensed fund management company. Aegon 
Magyarország Befektetési Alapkezelő Zártkörűen 
Működő Részvénytársaság (AAM CEE) is registered 
with the National Bank of Hungary as a licensed fund 
management company. On the basis of their fund 
management licenses, these entities are authorized to 
provide individual portfolio management and advisory 
services. Aegon Asset Management Pan Europe B.V. 
(AAM PE) is an appointed introducer for Kames Capital 
plc. and Aegon Investment Management B.V. (Aegon 
Asset Management manufacturing entities) currently 
located in Germany, Spain and Japan. AAM PE does 
not operate in the Americas. Aegon USA Investment 
Management LLC (“Aegon Asset Management US”) and 
Aegon USA Realty Advisors LLC (“Aegon Real Assets 
US”) are both US SEC registered investment advisers. 
Aegon Asset Management US is also registered as a 
Commodity Trading Advisor (CTA) with the Commodity 
Futures Trading Commission (CFTC) and is a member of 
the National Futures Association (NFA). Aegon Asset 
Management (Asia) Ltd. is licensed by the Securities and 
Futures Commission of Hong Kong to provide services in 
securities dealing and securities advising. Recipient shall 
not distribute, publish, sell, license or otherwise create 
derivative works using any of the content of this report 
without prior written consent.  ©2018, Aegon Asset 
Management.
Contact and enquiries
Head office
Aegon Asset Management
Aegonplein 50
2591 TV The Hague
Telephone: +31 70 344 3210
Website
www.aegonassetmanagement.com
Media and other enquiries
Adrian Cammidge (Europe)
+44 207 200 2510
adrian.cammidge@kamescapital.com
Bradley Dawson (US)
+1 312 777 2732
brdawson@aegonusa.com
Colophon
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Editing and production: Kōan Group Limited (UK)

Aegon Investment Management B.V. has its statutory seat in The Hague, the Netherlands. Registered at the Chamber
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V1. May 2019
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aegonassetmanagement.com
About Aegon Asset Management
Aegon Asset Management is a global, active investment manager. Aegon Asset Management uses 
its investment management expertise to help people achieve a lifetime of financial security, with a 
focus on excellence, trust and partnership. Institutional and private investors entrust Aegon Asset 
Management to manage approximately EUR 316 billion worldwide.
Positioned for success in its chosen markets (the UK, Continental Europe, North America and Asia), 
Aegon Asset Management’s specialist teams provide investment solutions across asset classes.
Aegon Asset Management is part of Aegon, one of the world’s leading financial services organizations, 
providing life insurance, pensions and asset management.