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Guarantees in insurance contracts (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Liabilities for Financial Guarantees for Minimum Benefits, Net of Present Value of Expected Future Premiums

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:


	2019								2018
	United States 1)			The Netherlands 2)		Total 3)			United States 1)			The Netherlands 2)		Total 3)
At January 1		766			1,678		2,445			247			1,547		1,794
Incurred guarantee benefits 4)		518			57		575			491			131		622
Paid guarantee benefits		(1	)		-		(1	)		(1	)		-		(1	)
Net exchange differences		13			-		13			29			-		29
At December 31		1,296			1,735		3,031			766			1,678		2,445

Account value 5)		34,503			8,626		43,130			30,788			8,175		38,963
Net amount at risk 6)		236			2,002		2,239			235			2,004		2,239

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 Derivatives.

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.

Summary of Liabilities for Guarantees for Minimum Benefits

The following table provides information on the liabilities for guarantees for minimum benefits that are included in the valuation of the host contracts:


	2019									2018
	GMDB 1)			GMIB 2)			Total 4)			GMDB 1)			GMIB 2)			Total 4)
At January 1		519			906			1,425			364			608			972
Incurred guarantee benefits 5)		(27	)		(210	)		(238	)		197			282			479
Paid guarantee benefits		(53	)		(27	)		(81	)		(65	)		(23	)		(88	)
Net exchange differences		10			17			27			23			39			62
At December 31		448			686			1,133			519			906			1,425

	GMDB 1) , 3)			GMIB 2) , 3)						GMDB 1) , 3)			GMIB 2) , 3)
Account value 6)		54,411			5,331						48,174			4,770
Net amount at risk 7)		1,268			688						2,839			888
Average attained age of contract holders		70			71						70			71

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 34 Insurance contracts.

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.

Summary of Liabilities for Guarantees That are Included in Valuation of Host Contracts, Net of Present Value of Expected Future Premiums

The following table provides information on the liabilities for guarantees that are included in the valuation of the host contracts, net of the present value of the expected future premiums that are received to cover these guarantees:


	2019		2018
		GMI 1), 2)		GMI 1), 2)
At January 1		5,063		4,719
Incurred guarantee benefits 3)		1,358		344
At December 31		6,422		5,063

Account value 4)		19,985		18,346
Net amount at risk 5)		6,335		4,933

1	Guaranteed minimum investment return in the Netherlands.

2	Balances are included in the insurance liabilities on the face of the statement of financial position; refer to note 34 Insurance contracts.

3	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.

4	Account value reflects the liability value of the insurance contracts as a whole.

5	The net amount at risk represents the sum of the differences between the guaranteed and actual amount that is credited to the policyholders. For Individual policies only positive differences are included, for Group pensions contracts carry forwards of negative differences are recognized.