11. Guaranteed Benefit Features

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



	As of December 31,
	2017 (1)		2016 (1)
Return of Net Deposits
Total account value	$	96,941	$	87,707
Net amount at risk (2)		81		824
Average attained age of contract holders		64 years		63 years

Minimum Return
Total account value	$	108	$	105
Net amount at risk (2)		18		22
Average attained age of contract holders		76 years		75 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	26,596	$	24,605
Net amount at risk (2)		417		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 Years Ended December 31,
	2017			2016			2015
Balance as of beginning-of-year	$	110		$	115		$	89
Changes in reserves		8			34			52
Benefits paid		(18	)		(39	)		(26	)
Balance as of end-of-year	$	100		$	110		$	115

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,
	2017		2016
Asset Type
Domestic equity	$	59,647	$	52,244
International equity		20,837		17,396
Fixed income		40,626		39,542
Total	$	121,110	$	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 35% of total life insurance in-force reserves as of December 31, 2017 and 2016. UL and VUL products with secondary guarantees represented 27% of total sales for the year ended December 31, 2017, and 33% for the years ended December 31, 2016 and 2015.