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Results 2011 worldwideAnnual Report on Form 20-F 2012 21Underlying earnings geographicallyAmounts in EUR millionsNet underlying earningsTax on underlying earningsUnderlying earnings before tax geographicallyAmericasThe NetherlandsUnited KingdomNew marketsHolding and other activities1,2732985249(303)1,41438572245(283)(10%)(23%)(93%)2%(7%)Underlying earnings before tax 1,522 1,833 (17%)Net Fair value items (416) 221 -Gains / (losses) on investments 446 658 (32%)Impairment charges (388) (452) 14%Other income / (charges) (267) (309) 14%Run-off businesses 28 (26) -Income before tax (excluding income tax from certain proportionately consolidated associates) 925 1,925 (52%)20111,23328920101,417416%(13%)(31% )Income tax from certain proportionately consolidated associat es included in income before tax 9 11 (18% )Income tax (53) (165) 68%Of which income tax from certain proportionately consolidated associates included in income before tax (9) (11) 18%Net income 872 1,760 (50%)Commissions and expenses 6,272 6,145 2%of which operating expenses 3,442 3,397 1%New life salesAmounts in EUR millions 2011 2010 %Americas 418 459 (9%)The Netherlands 254 248 2%United Kingdom 852 1,061 (20%)New markets 311 313 (1%)Total life production 1,835 2,081 (12%)Gross deposits (on and off balance)Amounts in EUR millions 2011 2010 %Americas 23,028 21,018 10%The Netherlands 2,048 2,382 (14%)United Kingdom 56 96 (42%)New markets 6,556 9,082 (28%)Total gross deposits 31,688 32,578 (3%)