FINANCIAL INSTITUTIONS

CREDIT OPINION7 November 2019

Update

Contacts

Bob Garofalo +1.212.553.4663VP-Sr Credit Officerbob.garofalo@moodys.com

James Norman +1.212.553.5937Associate Analystjames.norman@moodys.com

Scott Robinson, CFA +1.212.553.3746Associate Managing Directorscott.robinson@moodys.com

Marc R. Pinto, CFA +1.212.553.4352MD-Financial Institutionsmarc.pinto@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Aegon USA Life Group (Cons)Update following recent affirmation of A1 IFS rating

SummaryMoody's A1 insurance financial strength (IFS) rating (stable outlook) of three operating lifeinsurance companies in the Aegon USA Life Group (Aegon USA - i.e., Transamerica LifeInsurance Company (TLIC), Transamerica Premier Life Insurance Company, and TransamericaFinancial Life Insurance Company) is based on its well established positions in the US lifeinsurance and asset accumulation businesses including individual and employee workplacemarkets. The rating also reflects the company's utilization of diversified distributionchannels, its diversified earnings that benefit from economies of scale, and a stable capitalposition. Aegon USA continues to make progress to increase profitability and leverage itsmarket positions, grow its individual and workplace businesses in its core markets whileinvesting in programs to improve its back office operations (i.e. an administrative servicesagreement with Tata Consultancy Services Limited (A3 stable) and LTCG Holding Corp(LTCG) (unrated)).

These strengths are partially mitigated by lower than expected profitability for its rating level,a business profile with a concentration on the liability side of a legacy portfolio of long-termcare (LTC) business and variable annuities (VA) with guaranteed benefits, and the company'slevel premium term life (”XXX”) and no-lapse universal life insurance (”AXXX”) business thatwas written before the introduction of principle based reserving extensively use captives,which weaken the quality of reserves, asset quality, and regulatory capital on a consolidatedbasis. While Aegon USA has lowered the risk profile of its VA, LTC and AXXX businesses byconcentrating new sales in de-risked products, and its substantial hedging strategies, it stillhas material exposure to earnings, capital management and asset liability managementchallenges associated with these inforce blocks with long-term guarantees.

Exhibit 1

Modest profitability in core businesses

0%

2%

4%

6%

8%

10%

12%

0

200

400

600

800

1,000

1,200

1,400

2014 2015 2016 2017 2018

Re

turn

on

avg

. Ca

pita

l (1 y

r. avg

RO

C)

Ne

t In

co

me

Net income (loss) attributable to common shareholders Return on avg. capital (1 yr. avg ROC)

Source: Moody’s Investors Service; Company Filings

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths

» Broad product offering and leading positions in the domestic life insurance and accumulation businesses

» Well diversified business lines, product offerings, and distribution channels

» Generally good statutory net capital generation

Credit challenges

» Sizable use of captives, weakening the quality of reserves, and regulatory capital

» Rationalization of products and distribution channels including the implications from the proposed new SEC investment advicestandard, as well as potential new state regulations.

» Potential parent company calls on capital, given public shareholder pressures and holding company needs

» Modest profitability which includes managing its exposure to equity market volatility through its variable annuity business and thedownward pressure on margins in its legacy LTC business

OutlookThe stable outlook on Aegon USA reflects its leading market positions in well diversified business lines and distribution channelspartially offset by weaker (for the rating) quality of capital from the use of captives and lower than expected profitability. Items towatch for include the impact on the potential for calls on capital from parent company, volatility in profitability and capital adequacyfrom exposure to equity markets and low interest rates, and the continued transition and integration of administrative services withTata Consultancy Services and LTCG.

Factors that could lead to an upgrade

» Return on statutory capital (ROC) of the US operations consistently above 8% with a sustained reduction in volatility

» Materially less reliance on reinsurance captives from current levels in the US (as measured by total reserve credit and modcoreserves)

» Consolidated total leverage at Aegon group below 25% and earnings coverage consistently above 8x

Factors that could lead to a downgrade

» Return on statutory capital (ROC) of the US operations consistently below 4%

» Combined NAIC RBC ratio of less than 350% (CAL), after adjustment for intercompany loans and reinsurance captives

» Consolidated group financial leverage at Aegon group sustainably above 30% and earnings coverage consistently below 4x

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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Key indicators

Exhibit 2

Aegon USA Life Group (Cons)Aegon USA Life Group (Cons) [1][2] 2018 2017 2016 2015 2014As Reported (US Dollar Millions)Total Assets 201,204 217,573 213,801 207,850 209,140Total Shareholders' Equity 9,200 8,656 8,568 8,801 9,532Net income (loss) attributable to common shareholders (684) 407 1,098 199 894Total Revenue 26,674 10,521 29,651 29,686 37,972Moody's Adjusted RatiosHigh Risk Assets % Shareholders' Equity 81.3% 83.5% 92.6% 89.6% 75.5%Goodwill & Intangibles % Shareholders' Equity[3] 58.9% 52.3% 58.0% 52.4% 47.4%Shareholders' Equity % Total Assets 5.3% 4.8% 4.6% 4.8% 5.2%Return on avg. capital (1 yr. avg ROC) -6.4% 6.2% 7.5% 0.1% 9.8%Sharpe Ratio of ROC (5 yr. avg) 52.5% 168.9% 126.9% 11.7% 30.8%Financial Leverage[3] 31.2% 32.5% 31.0% 22.5% 22.0%Total Leverage[3] 39.9% 40.4% 39.3% 32.8% 33.2%Earnings Coverage (1 yr.)[3] 2.6x 6.9x 3.0x -0.9x 4.4xCash Flow Coverage (1 yr.)[3] NA NA NA NA NA[1]Information based on SAP financial statements as of Fiscal YE December 31.[2]Certain items may have been relabeled and/or reclassified for global consistency.[3]Information based on IFRS financial statements of AEGON N.V. as of Fiscal YE December 31.Source: Moody’s Investors Service

ProfileAegon USA is the wholly-owned US life insurance operation of the Netherlands-based Aegon N.V. (Aegon; senior debt A3, Stable)financial services group. The US represents approximately half of the group's sales and two-thirds of earnings and cash-flows.

In 2015, the G-20 Financial Stability Board (FSB) designated Aegon a global systemically important insurer (G-SII), a credit positivefor Aegon and its policyholders and bondholders, all of which will benefit from higher capital requirements and enhanced supervision.However, the FSB is reviewing the framework, and it is expected to refine it during 2019 / 2020 to further enhance how it managessystemic risk in the insurance sector.

Detailed credit considerationsWe rate the life subsidiaries of Aegon USA A1 for insurance financial strength, which is in line with the adjusted rating indicated by theMoody's insurance financial strength rating scorecard.

Insurance financial strength ratingThe key factors currently influencing the rating and outlook are:

Market position and brand: A - Strong positions in pension and life insuranceAegon USA is building its Transamerica brand, and maintains strong market positions in its major pension and life insurance businesslines. The company ranked among the top 10 in life insurance, as measured by term and universal life sales and among the top 10 forVA assets with approximately $75 billion of account value on an IFRS basis as of June 30, 2019. The acquisition of the Mercer record-keeping business, which included preferred status on the Mercer exchange adds to its defined contribution platform. Aegon is ranked#18 in the 457 business, #10 in the 401(k) business and #4 in the 403 (b) business. (Strategic Insight, Inc.) Because we view VAs, ashigher risk insurance products (i.e., compared with traditional whole life), we believe Aegon USA's score remains adequately positionedat the A level on an adjusted basis and the same as on an unadjusted basis.

Distribution: A - Multiplicity of largely independent channels helps extend distribution reachAegon USA has good distribution diversity, with key channels that include independent and captive agents, direct marketing, andworksite marketing, consistent with A-rated peers, both on an unadjusted and adjusted scorecard basis. Aegon USA's distributionnetwork is largely independent, which affords it less control generally and less robust policyholder persistency than a captive-drivendistribution model; however, the group's multiplicity of channels has helped it extend its distribution reach significantly.

3 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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As a result, the company’s adjusted factor score of A for distribution is in line with its unadjusted score.

Product focus and diversification: A -Liability risk stems from XXX/AXXX concentrations, and in-force VA and LTC risksAegon USA maintains strong product line diversification within the U.S. life insurance sector. Its key principal product lines areindividual life, individual variable annuities, 403(b)/401(k) products, accident & health products (Medicare supplemental insurance,long term care (LTC), disability insurance) and fixed annuities (deferred, fixed indexed, payout, etc.). In recent years, the company hasde-emphasized capital intensive and interest sensitive businesses such as fixed annuities, institutional investment products (IIP), andBOLI/COLI, as well as non-core businesses such as reinsurance. This included the sale in 2017 of Transamerica Life Insurance Company’sUS run-off payout annuity and COLI/BOLI businesses to Wilton Re (unrated), decreasing its exposure to business susceptible to spreadcompression.

Notwithstanding the above mentioned sale, sizable blocks of legacy products such as fixed deferred annuities remain on Aegon USA'sbooks (approximately $9.1 billion, on an IFRS basis at June 30, 2019), and other interest-sensitive concentrations continue to grow(e.g., long-term care). The LTC block ($6.3 billion of IFRS reserves) is vulnerable to potential reserve increases due to worsening claimsexperience and/or low interest rates, particularly if the performance deviates from actuarial projections and modeling. However, it ismitigated somewhat by a reinsurance cession ultimately residing at Employers Reassurance Corporation (unrated), an indirect affiliateof General Electric Company (Baa1) senior unsecured stable). In addition, XXX term life sales, and, until recently, AXXX no-lapseuniversal life sales (exited the product in 2015), have resulted in Aegon USA's material dependence on third-party financed captivesto reduce resultant reserve and capital strain, as well as liquidity risk at the Aegon USA holding company, which guarantees certainAXXX structures. Lastly, the in-force VA business exposes the company to increasing equity market and hedging risks, as well as greaterreserve, earnings and capital volatility.

We believe the Mercer record-keeping business, gives the company scale in the pension administration business contributing toincreased pension sales, a lower risk product, in its defined contribution platform. The business has experienced net outflows fromcontract discontinuances and surrenders following the acquisition. Although the net outflows have slowed, we believe the business willtransition to net inflows prospectively.

Overall, Aegon USA remains consistent on this factor with A-rated peers, in terms of both the unadjusted and adjusted metrics.

Asset quality: A - Asset losses remain low despite certain higher-risk holdingsAEGON USA’s high risk assets are composed largely of below-investment-grade bonds, equities, and alternative investments, placingthe high risk assets sub-factor score in the A-range, on an unadjusted scorecard basis. The company also has a significant exposure tohigher risk assets that are not included in the simple scorecard metric. These include non-agency structured housing-related securities,amounting to roughly 20% of invested assets on an IFRS basis (i.e., Alt-A, subprime, RMBS, as well as CMBS, CML, and bank hybridsecurities). In a stress investment scenario, we believe Aegon USA’s stress investment losses to be manageable compared to its peers asa percentage of general account investments. Gross impairments remain below historical industry averages (i.e., 20-30 basis points perannum).

Consolidated goodwill and other intangibles represent approximately 60% of Aegon N.V.'s shareholders' equity, which remainsrelatively high for its rating level. However, most of the intangibles are in the form of deferred acquisition costs, which are generallysubstantial for life companies, and are more readily realized into real equity than goodwill. For this reason and the low impairments, wehave raised Aegon USA's adjusted score at A from the Baa unadjusted score for this factor.

Capital adequacy: A - Nominal RBC ratio strong, but pressured by the return of capital to the parent company and by captivesAegon USA's unadjusted scorecard metric of capital-to-total assets aligns with a Baa rating, depressed primarily because of the asset-intensive liabilities the company writes. However, we believe that the NAIC risk-based capital (RBC) ratio is a better indicator of thegroup's capitalization. As of June 30, 2019 and YE 2018, the company's RBC ratio was higher than its target range of 350% to 450% at472% and 465% respectively. However, lower from the combined year-end 2017 NAIC RBC ratio of approximately 490% (companyaction level). The implementation of revised NAIC RBC capital charges from the new tax law in 2018 caused Aegon USA’s RBC ratio todecline even with the same investment risk, however this was substantially offset by the diversification benefit achieved after mergingits VA captive – Firebird Re Corp. into TLIC. Additionally, the company is expected to remit a stable dividend annually which we expect

4 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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to be approximately $0.9 billion in the near term. New reserve and capital standards for VA’s and RBC charges for C-1 investment riskwill also likely be headwinds in 2020 and 2021 its regulatory capital adequacy.

Capital adequacy in the US benefits from Reg. XXX term life, Guideline AXXX universal life, and embedded value transactions -including an onshore captive, whose primary asset is a $1.8 billion guarantee from Aegon USA's US holding company – and diminishthe quality of the group's consolidated regulatory capital. The non-recognition of reserve credit for these transactions, which are onlypartially included in the consolidated RBC ratio (for example, a $0.8 billion of the parental guarantee is included in the capital ofTLIC), would cause the RBC ratio to drop significantly, if regulatory changes or a stress situation precipitated the denial of credit forthe guarantee or the recapture of the underlying business. In 2018 $7.5 billion and $9.2 billion of reserve credit was taken for XXX andAXXX, respectively.

For these reasons, and because more shareholder friendly activities of the parent company (e.g., share repurchase activity, etc.) wouldpressure Aegon USA’s NAIC RBC ratio, we believe Aegon USA's score for this factor remains more consistent with low A-rated than Aa-rated peers.

Profitability: A - Profitability has come under pressure, diverse earnings by productAegon USA's statutory profitability continues to support the dividends that have been paid; however, has accounting volatility betweennet income and direct to surplus adjustments due to VA hedging and reinsurance transactions which skews its profitability. In 2018compared to the 2017, statutory net income declined to approximately - $0.5 billion from $.4 billion. This was driven by reduced taxbenefits from the divestiture of the payout and BOLI/COLI run-off blocks of business to Wilton Re in Q2 2017, adverse mortality in2018, and realized losses from hedging strategies risk that were partially offset by unrealized gains in 2018. AEGON USA also incurredseveral litigation charges in 2018.

The Aegon Americas group’s net income increased on an IFRS basis with a net income of $660 million in the first half of 2019compared to $289 million during the same period of 2018. The increase in results were driven by higher realized gains related to thecompany’s investment portfolio optimization, and higher fair value items on hedging and investments.

Although the company has de-risked its long-term care (LTC) products, strengthened reserves, and achieved premium rate increases,we remain concerned about the performance of this block of business, the sensitivity to change in assumptions including morbidityimprovements, model updates and adverse claims experience.

Overall, we believe Aegon’s profitability is still in the low A range on an adjusted basis from the Baa unadjusted basis despite the lowerthan expected profitability for its rating level, given the company’s broad product base, expense efficiency initiatives, divestitures andexiting of non-core businesses and continuing shift toward lower risk products and fee income. However, the continued volatility inprofitability will lead to downward pressure on the score for this factor.

Liquidity and asset/liability management (ALM): Aa - Good Liquidity, but challenges from VA/UL liabilities in complex structures at captivesAegon USA's unadjusted score on this factor is consistent with Aa-rated peers. However, we note that the group's ALM is complicatedby its VA product offering (which includes various death and living benefit guarantees), and term and no-lapse universal life insuranceguarantees, most of which have been transferred to onshore captive reinsurers via complex transactions. Some of these structures,which are with banks, include provisions that would require Aegon USA to provide liquidity to the counterparty under certain stressconditions. Despite these additional liquidity and ALM risks, we believe Aegon’s liquidity and ALM is still in the low Aa range on anadjusted basis, in line with its unadjusted score.

Financial flexibility: A - Driven by parent Aegon N.V.We analyze Aegon USA's financial flexibility at the consolidated Aegon N.V. level and view it in line with an A score. The majority of thegroup's borrowings are either directly attributable to or guaranteed by Aegon N.V.

Aegon's consolidated Group equity increased by €2.0 billion to €24.9 billion at H1 2019 (YE2018: €22.9 billion) driven by net incomeand significantly higher revaluation reserves on available for sale investments as a result of lower interest rates and tightening creditspreads which more than offset the payment of the dividend to shareholders and the impact of adverse market movements on thedefined benefit obligation.

5 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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As of half-year 2019, Aegon reported €8.9 billion of debt outstanding, of which €4.0 billion (45%) was senior debt, FHLB borrowingsor commercial paper and €4.9 billion (55%) was subordinated debt. As of half-year 2019, Aegon also had €5.6 billion of outstandingnonrecourse debt (e.g. funding of mortgages through RMBS and pass-through covered bonds) that we include neither in financialdebt, nor in operational debt in our calculations. The group's capital funding borrowings are directly attributable to or guaranteed byAegon N.V. However since 2016, Aegon's leverage includes borrowings to the Federal Home Loan Bank (FHLB), issued by some Aegon’ssubsidiaries in the US, which Aegon uses primarily to purchase long-term assets and increase the duration of its assets in its US lifesubsidiaries. As of half-year 2019, FHLB borrowings accounted for €2.2 billion a decline of €1.3 billion from the level reported at YE2018of €3.5 billion.

We view Aegon N.V.'s financial flexibility in line with a single A score and we expect adjusted financial leverage will remain below 30%going forward. At YE2018 adjusted financial leverage (excluding operational debts and including the assets backing the Group’s Dutchdefined benefit plan) declined to 31.2% (YE2017: 32.5%), driven by the repayment of a senior debt for €500 million and the reductionin the FHLB borrowings by €665 million.

In Q2 2019, Aegon issued its inaugural restricted Tier 1 perpetual contingent convertible securities for €500 million. The issuancewas followed in Q2 2019 by the redemption of a grandfathered Tier 1 security for $500 million. As of half-year 2019 adjustedfinancial leverage materially declined on a pro-forma basis to around 27% driven by the reduction in the FHLB loans, the increasein shareholders' equity and the refinancing of the grandfathered Tier 1 security. In October 2019 Aegon, through it is finance vehicleAegon Funding Company LLC, issued a $925 million Tier 2 guaranteed dated subordinated notes. Subsequently the group announcedthe intention to redeem in December 2019 the $1 billion grandfathered Tier 1 perpetual capital securities issued in 2005. The combinedeffect of these transactions will increase the adjusted financial leverage by less than 1% point. Going forward Aegon will continue toreplace its existing grandfathered Tier 1 securities ahead of the end of the grandfathering period in 2025.

Total leverage, which includes recourse operational debt and does not incorporate equity credit for hybrid securities, decreasedsignificantly on a pro-forma basis to around 33% at half-year 2019 (YE2018: 39.9%), driven by the reduction in adjusted financialleverage and the repayment of all the outstanding debt with recourse for a total amount of €1.4 billion.

Aegon's financial flexibility remains nonetheless constrained by a relatively low earnings coverage (3.2x on a 5-year average basis forthe period 2018-2014), mostly driven by a weak and volatile profitability. Earnings coverage deteriorated significantly in 2018 to 2.6x(6.9x in 2017) driven by a weaker reported net income attributable to owners (for basic earnings per share calculation) of €631 millionin 2018 (€2,230 million in 2017) and increasing interest expense on financial debt. Although Aegon's underlying earnings before taxwere broadly flat in 2018 at €2.1 billion compared to 2017, net income was significantly lower driven by €875 million in below theline losses for a large part related to the US business. However, we note that while Aegon's profitability remains dependent on its USbusiness (both in terms of IFRS profit and capital generation), the underlying result of its European operations continued to improve by13% in 2018.

6 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Exhibit 3

Financial leverage expected to modestly decline

0x

1x

2x

3x

4x

5x

6x

7x

8x

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2014 2015 2016 2017 2018

Ea

rnin

gs C

ove

rag

e (1

Yr.)

Le

vera

ge

Financial Leverage Total Leverage Earnings Coverage (1 yr.)

Source: Moody’s Investors Service; Company Filings

Environmental, social, and governance considerationsSocialLike its life insurance peers, Aegon faces social risks through the handling of customer information, the underwriting and businessgrowth implications (positive and negative) of changing demographics, and the impact of changing consumer preferences ondistribution channels.

GovernanceLike all other corporate credits, the credit quality of Aegon is influenced by a wide range of governance-related issues, relating tofinancial, managerial, ownership or other factors, all of which can be exacerbated by regulatory oversight and intervention.

Liquidity analysisAegon USA's US holding companies have no debt outstanding, since debt is issued by Aegon N.V.; however, bank letters of credit dosupport certain of its captive XXX and AXXX transactions. Aegon USA periodically pays statutory dividends to its ultimate holdingcompany in the Netherlands. For first half of 2019 and the full year 2018, the US companies up streamed approximately $0.4 billionand $1.1 billion in dividends respectively.

Other considerationsAegon USA clearly benefited in the past from the ownership and support of its parent, Aegon N.V. and its strong financial flexibility,as seen during 2008-2009 when large losses at Aegon USA were offset by large capital contributions from Aegon. It’s strategy hasbeen to refocus its insurance operations on a larger global scale, with somewhat less emphasis and dependence on the U.S. However,even after achievement of greater global diversity, Aegon USA still accounts for at least half of Aegon's global operations, by a varietyof measures. Because Aegon's A3 senior debt rating will continue to be primarily driven by its U.S. operations, we do not believe thatAegon USA's stand-alone A1 rating should be uplifted due to the ownership by Aegon.

Support and structural considerationsThe spread between the A1 IFS rating (stable) on the US operating subsidiaries and the A3 senior unsecured debt rating at Aegon USA’sultimate parent company, Aegon N.V. is 2 notches, which is narrower than the typical three-notch spread between a holding companyand the composite IFS rating of its operating subsidiaries. The two-notch differential is driven by the geographical diversity of thegroup. However, the group's somewhat dependence on earnings from the US operations and predominant focus on life and retirementbusiness compares less favorably to more diversified groups with a similar notching level.

7 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Methodology and scorecard

Exhibit 4

Aegon USA Life Group (Cons)Financial Strength Rating Scorecard [1][2] Aaa Aa A Baa Ba B Caa ScoreAdj ScoreBusiness Profile A AMarket Position and Brand (15%) A A

- Relative Market Share Ratio XDistribution (10%) A A

- Distribution Control X- Diversity of Distribution X

Product Focus and Diversification (10%) A A- Product Risk X- Life Insurance Product Diversification X

Financial Profile Baa AAsset Quality (10%) Baa A

- High Risk Assets % Shareholders' Equity 81.3%- Goodwill & Intangibles % Shareholders' Equity[3] 58.9%

Capital Adequacy (15%) Baa A- Shareholders' Equity % Total Assets 5.3%

Profitability (15%) Baa A- Return on Capital (5 yr. avg) 3.4%- Sharpe Ratio of ROC (5 yr. avg) 52.5%

Liquidity and Asset/Liability Management (10%) Aa Aa- Liquid Assets % Liquid Liabilities X

Financial Flexibility (15%) Baa A- Financial Leverage[3] 31.2%- Total Leverage[3] 39.9%- Earnings Coverage (5 yr. avg)[3] 3.2x- Cash Flow Coverage (5 yr. avg)[3]

Operating Environment Aaa - A Aaa - AAggregate Profile A3 A1[1]Information based on SAP financial statements as of Fiscal YE December 31.[2]The Scorecard rating is an important component of the company's published rating, reflecting the stand-alone financial strength before other considerations (discussed above) areincorporated into the analysis.[3]Information based on IFRS financial statements of AEGON N.V. as of Fiscal YE December 31.Source: Moody’s Investors Service

8 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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Ratings

Exhibit 5Category Moody's RatingAEGON N.V.

Rating Outlook STASenior Unsecured A3Senior Unsecured MTN (P)A3Commercial Paper P-2LT Issuer Rating A3Subordinate Baa1 (hyb)Junior Subordinate Baa1 (hyb)

TRANSAMERICA LIFE INSURANCE COMPANY

Rating Outlook STAInsurance Financial Strength A1ST Insurance Financial Strength P-1

TRANSAMERICA PREMIER LIFE INSURANCECOMPANY

Rating Outlook STAInsurance Financial Strength A1

TRANSAMERICA FINANCIAL LIFE INSURANCECOMPANY

Rating Outlook STAInsurance Financial Strength A1

Source: Moody's Investors Service

9 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Moody's Related ResearchSector Comments / In-Depths:

» Life Insurance - US: Rating migration: Key credit weakness for US life insurers amid higher investment risk, October 2019

» Insurance - US: State of long-term care insurance: assumption review could lead to charges, September 2019

» Life Insurance - US: Q2 2019 Solid profitability and robust sales drive earnings; Low interest rates a headwind, September 2019

» Life & P&C Insurance - US: In search of yield, insurers boost investments in CLOs, June 2019

» Life & Health Insurance - US: House passage of SECURE Act is credit positive for pension and annuity providers, May 2019

» Life Insurance - US: Frequently asked questions about upcoming changes to GAAP accounting, May 2019

Industry Outlook:

» Life Insurance - US: 2019 outlook stable as interest rate pressures subside, capital remains strong (November 2018)

Methodology:

» Life Insurers (May 2018)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of thisreport and that more recent reports may be available. All research may not be available to all clients.

10 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSESAND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as wellas other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information ituses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However,MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for anyindirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use anysuch information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses ordamages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of aparticular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatorylosses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for theavoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDITRATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating,agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintainpolicies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO andrated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually atwww.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it feesranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1201124

11 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating

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12 7 November 2019 Aegon USA Life Group (Cons): Update following recent affirmation of A1 IFS rating