11. Guaranteed Benefit Features

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



	As of December 31,
	2016 (1)		2015 (1)
Return of Net Deposits
Total account value	$	87,707	$	85,345
Net amount at risk (2)		824		1,201
Average attained age of contract holders		63 years		63 years

Minimum Return
Total account value	$	105	$	111
Net amount at risk (2)		22		24
Average attained age of contract holders		75 years		75 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	24,605	$	24,659
Net amount at risk (2)		782		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 Years Ended December 31,
	2016			2015			2014
Balance as of beginning-of-year	$	115		$	89		$	73
Changes in reserves		34			52			34
Benefits paid		(39	)		(26	)		(18	)
Balance as of end-of-year	$	110		$	115		$	89

Variable Annuity Contracts

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



	As of December 31,
	2016		2015
Asset Type
Domestic equity	$	52,244	$	48,362
International equity		17,396		18,382
Bonds		27,532		26,492
Money market		12,010		13,057
Total	$	109,182	$	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 December 31, 2016 and 2015. UL and VUL products with secondary guarantees represented 33% of total sales for the years ended December 31, 2016 and 2015, and 39% for the year ended December 31, 2014.