This paper presents a deniable authenticated key agreement protocol. This protocol can provide an authenticated session key while the sender and the receiver can deny their involvement in such a protocol if the protocol is executed successfully. Then both can deny their transmitted messages protected by the authenticated session key. If this protocol fails, no authenticated session key can be established and no protected messages can be transmitted. The protocol can be proved secure against key compromise impersonation attack. The protocol employs a new method to isolate a session key from confirmation keys.