Notes to the consolidated financial statements of Aegon N.V.  Note 48 266 The following table provides information on the liabilities for guarantees for minimum benefits that are included in the valuation of  the host contracts: 2013 2012 GMDB  1) GMIB  2) Total  4) GMDB  1) GMIB  2) Total  4) At January 1 386 702 1,088 376 872 1,248 Incurred guarantee benefits  5) 9 4 13 90 (75) 15 Paid guarantee benefits (57) (32) (90) (74) (86) (160) Net exchange differences (15) (29) (44) (6) (9) (15) At December 31 323 644 967 386 702 1,088 GMDB  1) , 3) GMIB  2) , 3) GMDB  1) , 3) GMIB  2) , 3) Account value  6) 38,379 6,142 32,882 5,987 Net amount at risk  7) 1,577 386 2,667 636 Average attained age of contractholders 68 68 67 67 1  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. 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. d. Minimum investment return guarantees in the Netherlands Annual Report 2013