7. Guaranteed Benefit Features

Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows:



	As of			As of
	March 31,			December 31,
		2016 (1)			2015 (1)
Return of Net Deposits
Total account value		$	85,270		$	85,345
Net amount at risk (2)			1,269			1,201
Average attained age of contract holders			63 years			63 years

Minimum Return
Total account value		$	106		$	111
Net amount at risk (2)			24			24
Average attained age of contract holders			75 years			75 years
Guaranteed minimum return			5%			5%

Anniversary Contract Value
Total account value		$	24,397		$	24,659
Net amount at risk (2)			1,359			1,345
Average attained age of contract holders			69 years			69 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 Three
	Months Ended
	March 31,
	2016			2015
Balance as of beginning-of-year	$	115		$	89
Changes in reserves		15			6
Benefits paid		(14	)		(6	)
Balance as of end-of-period	$	116		$	89

Variable Annuity Contracts

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



	As of			As of
	March 31,		December 31,
	2016			2015
Asset Type
Domestic equity	$	48,364		$	48,362
International equity		18,060			18,382
Bonds		26,485			26,492
Money market		13,155			13,057
Total	$	106,064		$	106,293

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 March 31, 2016, and 29% of total sales for the three months ended March 31, 2016.