Separate Accounts, Death Benefits and Other Insurance Benefit Features

Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows:



	GMDB/GMWB [1]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2015	$	812		$	2,041
Incurred [2]	163			272
Paid	(112		)	—
Liability balance as of December 31, 2015	$	863		$	2,313
Reinsurance recoverable asset, as of January 1, 2015	$	480		$	2,041
Incurred [2]	132			272
Paid	(89		)	—
Reinsurance recoverable asset, as of December 31, 2015	$	523		$	2,313



	GMDB/GMWB [1]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2014	$	849		$	1,802
Incurred [2]	73			239
Paid	(110		)	—
Liability balance as of December 31, 2014	$	812		$	2,041
Reinsurance recoverable asset, as of January 1, 2014	$	533		$	1,802
Incurred [2]	32			239
Paid	(85		)	—
Reinsurance recoverable asset, as of December 31, 2014	$	480		$	2,041


[1]	These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances.


[2]	Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves.

The following table provides details concerning GMDB/GMWB exposure as of December 31, 2015:



Account Value by GMDB/GMWB Type
Maximum anniversary value (“MAV”) [1]	Account Value (“AV”) [8]		Net amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
MAV only	$	14,540	$	2,743	$	477	70
With 5% rollup [2]	1,257		227		77		71
With Earnings Protection Benefit Rider (“EPB”) [3]	3,697		490		77		69
With 5% rollup & EPB	487		107		23		72
Total MAV	19,981		3,567		654
Asset Protection Benefit ("APB") [4]	11,707		519		346		69
Lifetime Income Benefit ("LIB") – Death Benefit [5]	516		9		9		69
Reset [6] (5-7 years)	2,582		32		32		70
Return of Premium ("ROP") [7] /Other	9,459		71		64		68
Subtotal Variable Annuity with GMDB/GMWB [10]	$	44,245	$	4,198	$	1,105	69
Less: General Account Value with GMDB/GMWB	3,822
Subtotal Separate Account Liabilities with GMDB	40,423
Separate Account Liabilities without GMDB	79,688
Total Separate Account Liabilities	$	120,111


[1]	MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals).


[2]	Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums.


[3]	EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals.


[4]	APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).


[5]	LIB GMDB is the greatest of current AV; net premiums paid; or for certain contracts, a benefit amount generally based on market performance that ratchets over time.


[6]	Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals).


[7]	ROP GMDB is the greater of current AV and net premiums paid.


[8]	AV includes the contract holder’s investment in the separate account and the general account.


[9]	NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline.


[10]	Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $7.0 billion of total account value and weighted average attained age of 71 years. There is no NAR or retained NAR related to these contracts.

The account balances of contracts with guarantees were invested in variable separate accounts as follows:



Asset type	December 31, 2015		December 31, 2014
Equity securities (including mutual funds)	$	36,970	$	44,786
Cash and cash equivalents	3,453		4,066
Total	$	40,423	$	48,852

As of December 31, 2015 and December 31, 2014, approximately 17% of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 83% were funds invested in equity securities.

For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 2 - Fair Value Measurements of Notes to Consolidated Financial Statements.