207 ANNUAL REPORT 2010 The following table provides information on the liabilities for  financial guarantees for minimum benefits: 1  Guaranteed minimum accumulation and withdrawal benefi ts. 2  Fund plan and unit-linked guarantees. 3  Balances are included in the derivatives liabilities on the face of the balance sheet; refer to note 9. 4  The net amount at risk represents the difference between the maximum amount payable under the guarantees and the account value. In addition, AEGON 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, 2010, the reinsured account value  was EUR 4.2 billion (2009: EUR 4.5 billion) and the guaranteed  remaining balance was EUR 3.5 billion (2009: EUR 4.0 billion). The reinsurance contract is accounted for as a derivative and is  carried in AEGON’s balance sheet at fair value. At December 31,  2010, the contract had a value of EUR 71 million (2009: EUR 90  million). AEGON entered into a derivative program to mitigate  the overall exposure to equity market and interest rate risks  associated with the reinsurance contract. This program involves  selling S&P 500 futures contracts to mitigate the effect of  equity market movement on the reinsurance contract and the  purchase of over-the-counter interest rate swaps to mitigate  the effect of movements in interest rates on the reinsurance  contracts. Total Return Annuity (TRA) is an annuity product in the United  States which provides customers with a pass-through of the  total return on an underlying portfolio of investment securities  (typically a mix of corporate and convertible bonds) subject to a  cumulative minimum guarantee. Both the assets and liabilities  are carried at fair value, however, due to the minimum  guarantee not all of the changes in the market value of the  asset will be offset in the valuation of the liability. This product  exists in both the fixed annuity and life reinsurance lines of  business and in both cases represents closed blocks. The  reinsurance contract is in the form of modified coinsurance,  so only the liability for the minimum guarantee is recorded on  our books.  Product balances as of December 31, 2010 were EUR 572 million  in fixed annuities (2009: EUR 657 million) and EUR 137 million  in life reinsurance (2009: EUR 149 million). Certain variable insurance contracts in the United States also  provide guaranteed minimum death benefits (GMDB) and  guaranteed minimum income benefits (GMIB). Under a GMDB,  the beneficiaries receive the greater of the account balance or  the guaranteed amount upon the death of the insured. The net  amount at risk for GMDB contracts is defined as the current  GMBD in excess of the capital account balance at the balance  sheet date. B.  TOTAL RETURN ANNUITIES C. LIFE CONTINGENT GUARANTEES  IN THE UNITED STATES SHARPENING OUR FOCUS 2010 2009 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 92 685 757 1 1,535 350 1,028 1,156 23 2,557 Incurred guarantee benefi ts (39) (95) 74 4 (56) (250) (216) (399) (22) (887) Paid guarantee benefi ts – (623) – – (623) – (235) – – (235) Net exchange differences 7 78 – – 85 (8) 108 – – 100 AT DECEMBER 31 60 45 831 5 941 92 685 757 1 1,535 Account value 8,803 2,161 7,751 245 18,960 5,974 2,448 6,934 741 16,097 Net amount at risk  4 282 93 967 8 1,350 457 684 1,016 1 2,158