Notes to the consolidated financial statements of Aegon N.V.  Note 48 264 In the United States and New Markets (VA's sold in United Kingdom), a guaranteed minimum withdrawal benefit (GMWB) is offered  directly on some variable annuity products Aegon issues and is also assumed from a ceding company. Variable annuities allow  a customer to provide for the future on a tax-deferred basis and to participate in equity or bond market performance. Variable annuities  allow a customer to select payout options designed to help meet the customer’s need for income upon maturity, including lump sum  payment or income for life or for a period of time. This benefit guarantees that a policyholder can withdraw a certain percentage of  the account value, starting at a certain age or duration, for either a fixed period or during the life of the policyholder. In Canada, variable products sold are known as “Segregated Funds”. Segregated funds are similar to variable annuities, except that they  include a capital protection guarantee for mortality and maturity benefits (guaranteed minimum accumulation benefits). The initial  guarantee period is ten years. The ten-year period may be reset at the contractholder’s option for certain products to lock-in market  gains. The reset feature cannot be exercised in the final decade of the contract and for many products can only be exercised a limited  number of times per year. The management expense ratio charged to the funds is not guaranteed and can be increased by management  decision. In addition, Aegon Canada sells a contract with a minimum guaranteed withdrawal benefit. The contract provides capital  protection for longevity risk in the form of a guaranteed minimum annuity payment.  In the Netherlands, individual variable unit-linked products have a minimum benefit guarantee if premiums are invested in certain  funds. The sum insured at maturity or upon the death of the beneficiary has a minimum guaranteed return (in the range of 3% to 4%)  if the premium has been paid for a consecutive period of at least ten years and is invested in a mixed fund and/or fixed-income funds.  No guarantees are given for equity investments only.  The following table provides information on the liabilities for financial guarantees for minimum benefits, net of present value of  the expected future premiums that are received to cover these guarantees: The decrease of incurred guarantee benefits mainly relates to fair value movements due to increasing interest rates and equity markets,  partly offset by tightening own credit spread. Financial guarantees in the United States and New Markets became an asset during  2013, mainly due to net presentation of expected discounted cash outflow to customers and the expected discounted cash inflow from  premiums. Due to increasing returns on investments, driven by favorable capital markets, the expected pay out on financial guarantees  for minimum benefits decreased. Aegon Americas reinsures the elective guaranteed minimum withdrawal benefit rider issued with a ceding company’s variable annuity  contracts. The rider is essentially a return of premium guarantee, which is payable over a period of at least fourteen years from the date  that the policyholder elects to start withdrawals. At contract inception, the guaranteed remaining balance is equal to the premium  payment. The periodic withdrawal is paid by the ceding company until the account value is insufficient to cover additional withdrawals.  Once the account value is exhausted, Aegon pays the periodic withdrawals until the guaranteed remaining balance is exhausted. At  December 31, 2013, the reinsured account value was EUR 2.7 billion (2012: EUR 3.0 billion) and the guaranteed remaining balance was  EUR 1.8 billion (2012: EUR 2.4 billion). Annual Report 2013 a. Financial guarantees 2013 2012 United  States  1) Canada  1) The  Nether- lands  2) New  Markets Total  3) United  States  1) Canada  1) The  Nether- lands  2) New  Markets Total  3) At January 1 692 63 1,324 29 2,108 645 89 1,306 42 2,082 Incurred guarantee benefits  4) (762) (53) (142) - (958) 58 (22) 18 - 54 Paid guarantee benefits - (1) - (33) (34) - (5) - (13) (18) Net exchange differences (2) (3) - - (5) (11) 1 - - (10) At December 31 (72) 6 1,181 (4) 1,112 692 63 1,324 29 2,108 Account value  5) 19,745 1,423 10,326 503 31,997 14,608 1,678 8,187 431 24,904 Net amount at risk  6) 264 24 1,225 (4) 1,509 412 49 1,405 29 1,895 1  Guaranteed minimum accumulation and withdrawal benefits. 2  Fund plan and unit-linked guarantees. 3  Balances are included in the derivatives liabilities on the face of the statement of financial position; refer to note 24. 4  Incurred guarantee benefits mainly comprise the effect of guarantees from new contracts, releases related to expired out-of-the-money guarantees and fair value  movements during the reporting year. 5  Account value reflects the actual fund value for the policyholders. 6  The net amount at risk represents the sum of the positive differences between the discounted maximum amount payable under the guarantees and the account value.