11. Guaranteed Benefit Features

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



	As of December 31,
	2018 (1)		2017 (1)
Return of Net Deposits
Total account value	$	89,783	$	96,941
Net amount at risk (2)		1,002		81
Average attained age of contract holders		65 years		64 years

Minimum Return
Total account value	$	88	$	108
Net amount at risk (2)		18		18
Average attained age of contract holders		77 years		76 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	23,365	$	26,596
Net amount at risk (2)		2,007		417
Average attained age of contract holders		71 years		70 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,
	2018			2017			2016
Balance as of beginning-of-year	$	100		$	110		$	115
Changes in reserves		77			8			34
Benefits paid		(16	)		(18	)		(39	)
Balance as of end-of-year	$	161		$	100		$	110

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,
	2018		2017
Asset Type
Domestic equity	$	54,060	$	59,647
International equity		18,359		20,837
Fixed income		37,942		40,626
Total	$	110,361	$	121,110

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. Reserves on UL and VUL products with secondary guarantees represented 35% of total life insurance in-force reserves as of December 31, 2018 and 2017. UL and VUL products with secondary guarantees represented 36%, 27% and 33% of total sales for the years ended December 31, 2018, 2017 and 2016, respectively.