content_image/171110.jpg content_image/171123.jpg content_image/171124.jpg
The following table provides information on the liabilities for guarantees for minimum benefits that are included in the valuation of the host contracts: 

<img src='content_image/171110.jpg'>

Guaranteed minimum death benefit in the United States. 2 

Guaranteed minimum income benefit in the United States. 3 

Note that the variable annuity contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. 4 

Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 37. 5 

Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money guarantees and value changes as a consequence of interest movements during the reporting year. 6 

Account value reflects the actual fund value for the policyholders. 7 

The net amount at risk is defined as the present value of the minimum guaranteed annuity payments available to the contract holder determined in accordance with the terms of the contract in excess of the current account balance. 

## d. Minimum investment return guarantees in the Netherlands 

The traditional life and pension products offered by Aegon in the Netherlands include various products that accumulate a cash value. Premiums are paid by customers at inception or over the term of the contract. The accumulation products pay benefits on the policy maturity date, subject to survival of the insured. In addition, most policies also pay death benefits if the insured dies during the term of the contract. The death benefits may be stipulated in the policy or depend on the gross premiums paid to date. Premiums and amounts insured are established at inception of the contract. The amount insured can be increased as a result of profit sharing, if provided for under the terms and conditions of the product. Minimum interest guarantees exist for all generations of traditional accumulation products written. Older generations contain a 4% guarantee; in recent years the guarantee has decreased to 3%. 

The traditional group pension contracts offered by Aegon in the Netherlands include large group insurance contracts that have an individually determined asset investment strategy underlying the pension contract. The guarantee given is that the profit sharing is the maximum of 0% and the realized return on an asset portfolio specified in the policy conditions adjusted for technical interest rates ranging from 3% to 4%. If the adjusted return is negative, the 0% minimum is effective, but the loss in any given year is carried forward to be offset against any future surpluses within the contract period. In general, a guarantee is given for the life of the underlying employees so that their pension benefit is guaranteed. Large group contracts also share technical results (mortality risk and disability risk). The contract period is typically five years and the premiums are fixed over this period. 

These guarantees are valued at fair value and are included as part of insurance liabilities with the underlying host insurance contracts in note 37. 

<img src='content_image/171123.jpg'>

<img src='content_image/171124.jpg'>

