Ameriprise 2013 Annual Report Download - page 153
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The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess
of the current policyholder value.
Changes in variable annuity and insurance guarantees were as follows:
GMDB & GGU GMIB GMWB(1) GMAB(1) UL
(in millions)
Balance at January 1, 2011 $ 5 $ 8 $ 337 $ 104 $ 68
Incurred claims 10 2 1,040 133 53
Paid claims (10) (1) — — (10)
Balance at December 31, 2011 5 9 1,377 237 111
Incurred claims 6 1 (578) (134) 57
Paid claims (7) (1) — — (13)
Balance at December 31, 2012 4 9 799 103 155
Incurred claims 4 (2) (1,182) (165) 67
Paid claims (4) (1) — — (16)
Balance at December 31, 2013 $ 4 $ 6 $ (383) $ (62) $ 206
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities.
The liabilities for guaranteed benefits are supported by general account assets.
The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts
providing guaranteed benefits:
December 31,
2013 2012
(in millions)
Mutual funds:
Equity $ 39,195 $ 33,037
Bond 26,519 26,849
Other 3,764 2,324
Total mutual funds $ 69,478 $ 62,210
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2013,
2012 and 2011.
12. Customer Deposits
Customer deposits consisted of the following:
December 31,
2013 2012
(in millions)
Fixed rate certificates $ 3,338 $ 2,807
Stock market certificates 611 666
Stock market embedded derivative reserve 78
Other 28 31
Less: accrued interest classified in other liabilities (10) (10)
Total investment certificate reserves 3,974 3,502
Brokerage deposits 3,088 3,024
Total $ 7,062 $ 6,526
Investment Certificates
The Company offers fixed rate investment certificates primarily in amounts ranging from $1,000 to $2 million with interest
crediting rate terms ranging from 3 to 36 months. Investment certificates may be purchased either with a lump sum
payment or installment payments. Certificate owners are entitled to receive, at maturity, a definite sum of money.
Payments from certificate owners are credited to investment certificate reserves. Investment certificate reserves generally
accumulate interest at specified percentage rates. Reserves are maintained for advance payments made by certificate
owners, accrued interest thereon and for additional credits in excess of minimum guaranteed rates and accrued interest
thereon. On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than
136