206 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 44 - 45 A. FINANCIAL GUARANTEES NOTE 44 DIVIDEND PER COMMON SHARE NOTE 45 GUARANTEES IN INSURANCE CONTRACTS 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 management expense ratio charged to  the funds is not guaranteed and can be increased at  management’s discretion. 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 recently  introduced 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 United States and the 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. The dividend per common share paid in 2010 (final 2009 and  interim 2010) and 2009 (final 2008 and interim 2009) was nil  in both years. It was decided not to declare dividend for 2009  and an interim dividend for 2010. As part of the European  Commission’s approval granted in August 2010, AEGON  committed itself not to pay any dividend to common  shareholders until the convertible core capital securities  have been fully repurchased. For financial reporting purposes AEGON distinguishes between  the following types of minimum guarantees: In addition to the guarantees mentioned above AEGON has  traditional life insurance contracts that include minimum  guarantees that are not valued explicitly; however, the  adequacy of all insurance liabilities, net of VOBA and DPAC,  are assessed periodically (refer to note 2.19). ■ Life contingent guarantees in the Netherlands: these  guarantees are not bifurcated from their host contracts,  valued at fair value and presented together with the  underlying insurance contracts (refer to note 2.19 and note 3). ■ Life contingent guarantees in the United States: these  guarantees are not bifurcated from their host contracts,  valued in accordance with insurance accounting (ASC 944,  Financial Services - Insurance) and presented together with  insurance liabilities (refer to note 2.19 and note 3); and ■ Total return annuities: these guarantees are not bifurcated  from their host contracts because they are valued at fair  value and presented as part of insurance contracts (refer to  note 2.19). ■ Financial guarantees: these guarantees are treated as  bifurcated embedded derivatives, valued at fair value and  presented as derivatives (refer to note 2.10 and note 3).