11. Guaranteed Benefit Features

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



	As of December 31,
	2015 (1)		2014 (1)
Return of Net Deposits
Total account value	$	85,345	$	85,917
Net amount at risk (2)		1,201		183
Average attained age of contract holders		63 years		62 years

Minimum Return
Total account value	$	111	$	135
Net amount at risk (2)		24		25
Average attained age of contract holders		75 years		74 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	24,659	$	26,021
Net amount at risk (2)		1,345		597
Average attained age of contract holders		69 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 fluctuations.

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,
	2015			2014			2013
Balance as of beginning-of-year	$	89		$	73		$	104
Changes in reserves		52			34			(10	)
Benefits paid		(26	)		(18	)		(21	)
Balance as of end-of-year	$	115		$	89		$	73

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,
	2015		2014
Asset Type
Domestic equity	$	48,362	$	49,569
International equity		18,382		18,791
Bonds		26,492		26,808
Money market		13,057		12,698
Total	$	106,293	$	107,866

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

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 35% of total life insurance in-force reserves as of December 31, 2015, and 33% of total sales for the year ended December 31, 2015.