Revenue-generating investments rose 3% compared with year-end 2011 to EUR 437 billion at March 31, 2012. The increase as a result of net inflows and the effect of higher equity markets on unit-linked and off balance sheet assets was partly offset by outflows from run-off businesses and fixed annuities.Capital management AEGON's core capital excluding revaluation reserves amounted to EUR 17.7 billion, equivalent to 74.2% 6 of the company's total capital base at March 31, 2012. AEGON is on track to reach a capital base ratio of at least 75% by the end of 2012. Shareholders' equity increased to EUR 21.3 billion. The increase was a result of first quarter's net income and an increase in the revaluation reserves partly offset by a decline in the value of the US dollar against the euro. The revaluation reserves increased slightly to EUR 3.6 billion during the first quarter mainly the result of a tightening of credit spreads. In addition, the foreign currency translation reserves declined, primarily the result of a strengthening of the euro against the US dollar. Shareholders' equity per common share, excluding preference capital, amounted to EUR 10.18 at March 31, 2012. At the end of the first quarter 2012, excess capital in the holding amounted to EUR 1.4 billion. AEGON aims to maintain at least 1.5 times holding expenses as a buffer at the holding, in 2012 equivalent to approximately EUR 750 million. At March 31, 2012, AEGON's Insurance Group Directive (IGD) ratio was 201%, an increase from the level of 195% at the end of 2011. Measured on a local solvency basis, the Risk Based Capital (RBC) ratio in the United States remained level at ~445%, the IGD ratio in the Netherlands increased to ~210%, while the Pillar I ratio in the United Kingdom was ~135% at the end of the first quarter 2012. In May, AEGON completed the sale of EUR 667 million of SAECURE 11 notes. The transaction included a USD 600 million tranche of USD denominated residential mortgage-backed securities (RMBS) placed with US investors. With this transaction, AEGON is further diversifying its RMBS investor base outside Europe. AEGON believes the successful placement is a recognition by US investors that Dutch RMBS notes are regarded as high-quality and that AEGON's SAECURE program is acknowledged as a top-tier program in the Dutch RMBS market. The net proceeds will be used to refinance part of the existing Dutch mortgage loan portfolio of AEGON.