11. Guaranteed Benefit Features

Information on the GDB features outstanding (dollars in millions) was as follows:



	As of December 31,
	2014 (1)		2013 (1)
Return of Net Deposits
Total account value	$	85,917	$	79,391
Net amount at risk (2)		183		141
Average attained age of contract holders		62 years		61 years

Minimum Return
Total account value	$	135	$	151
Net amount at risk (2)		25		27
Average attained age of contract holders		74 years		73 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	26,021	$	25,958
Net amount at risk (2)		597		570
Average attained age of contract holders		68 years		68 years

(1) Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive.

(2) Represents the amount of death benefit in excess of the account balance that is subject to market volatility.

The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on our Consolidated Balance Sheets:



	For the Years Ended December 31,
	2014			2013			2012
Balance as of beginning-of-year	$	73		$	104		$	84
Changes in reserves		34			(10	)		64
Benefits paid		(18	)		(21	)		(44	)
Balance as of end-of-year	$	89		$	73		$	104

Variable Annuity Contracts

Account balances of variable annuity contracts with guarantees (in millions) were invested in separate account investment options as follows:



	As of December 31,
	2014		2013
Asset Type
Domestic equity	$	49,569	$	47,042
International equity		18,791		18,341
Bonds		26,808		24,547
Money market		12,698		10,926
Total	$	107,866	$	100,856

Percent of total variable annuity
separate account values		99%		98%

Secondary Guarantee Products

Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. These UL and VUL products with secondary guarantees represented 34% of total life insurance in-force reserves as of December 31, 2014, and 39% of total sales for the year ended December 31, 2014.