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,
	2017 (1)			2016 (1)
Return of Net Deposits
Total account value	$	90,582		$	87,707
Net amount at risk (2)		348			824
Average attained age of contract holders		63 years			63 years

Minimum Return
Total account value	$	106		$	105
Net amount at risk (2)		20			22
Average attained age of contract holders		75 years			75 years
Guaranteed minimum return		5%			5%

Anniversary Contract Value
Total account value	$	25,359		$	24,605
Net amount at risk (2)		553			782
Average attained age of contract holders		70 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,
	2017			2016
Balance as of beginning-of-year	$	110		$	115
Changes in reserves		(5	)		15
Benefits paid		(6	)		(14	)
Balance as of end-of-period	$	99		$	116

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			As of
	March 31,		December 31,
	2017			2016
Asset Type
Domestic equity	$	54,433		$	52,244
International equity		18,131			17,396
Bonds		27,564			27,532
Money market		12,992			12,010
Total	$	113,120		$	109,182

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 34% and 35% of total life insurance in-force reserves as of March 31, 2017, and December 31, 2016, respectively. UL and VUL products with secondary guarantees represented 26% and 29% of total sales for the three months ended March 31, 2017 and 2016, respectively.