Notes to the consolidated financial statements of Aegon N.V.  Note 4 200 Maturity analysis – gross undiscounted  contractual cash flows (for non­derivatives) On demand < 1 yr amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total amount 2013 Trust pass-through securities - 8 32 40 168 248 Subordinated loans - - - - 396 396 Borrowings  1) 39 1,191 8,661 818 3,218 13,927 Investment contracts  2) 8,624 1,358 2,017 821 885 13,705 Investment contracts for account of policyholders  2) 24,770 3,420 - - 31 28,221 Other financial liabilities 9,004 2,102 506 575 67 12,254 2012 Trust pass-through securities - 8 35 44 188 275 Subordinated loans - - - - 398 398 Borrowings  1) 93 2,807 8,862 873 3,370 16,005 Investment contracts  2) 8,434 3,019 3,902 968 1,090 17,413 Investment contracts for account of policyholders  2) 20,342 5,192 - - 2 25,536 Other financial liabilities 9,774 4,609 1,430 724 26 16,563 1  Borrowings include debentures and other loans, short term deposits, bank overdrafts and commercial paper; refer to note 41 for more details. 2  Excluding investment contracts with discretionary participating features. Aegon’s liquidity management is based on expected claims and benefit payments rather than on the contractual maturities.  The projected cash benefit payments in the table below are based on management’s best estimates of the expected gross benefits  and expenses, partially offset by the expected gross premiums, fees and charges relating to the existing business in force. Estimated  cash benefit payments are based on mortality, morbidity and lapse assumptions based on Aegon’s historical experience, modified  for recently observed trends. Actual payment obligations may differ if experience varies from these assumptions. The cash benefit  payments are presented on an undiscounted basis and are before deduction of tax and before reinsurance. Financial liabilities relating to insurance  and investment contracts  1) On demand < 1 yr amount 1 < 5 yrs  amount 5 < 10 yrs  amount > 10 yrs  amount Total amount 2013 Insurance contracts - 6,970 25,793 25,402 135,672 193,838 Insurance contracts for account of policyholders - 5,611 24,303 22,495 71,801 124,210 Investment contracts - 2,753 5,807 2,419 6,020 16,999 Investment contracts for account of policyholders 100 8,095 22,659 22,169 61,272 114,295 2012 Insurance contracts - 7,373 29,497 25,794 143,915 206,579 Insurance contracts for account of policyholders - 5,029 20,883 19,882 70,891 116,685 Investment contracts - 6,177 7,235 2,462 4,606 20,480 Investment contracts for account of policyholders 95 6,417 23,191 20,653 57,291 107,647 1  The liability amount in the consolidated financial statements reflects the discounting for interest as well as adjustments for the timing of other factors as  described above. As a result, the sum of the cash benefit payments shown for all years in the table exceeds the corresponding liability amounts included in  notes 37, 38, 39 and 40. Annual Report 2013