8. Guaranteed Benefit Features

Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows (our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive):



		As of			As of
	September 30,			December 31,
		2013			2012
Return of Net Deposits
Total account value		$	74,277		$	63,478
Net amount at risk ⁽¹⁾			200			392
Average attained age of contract holders			61 years			60 years
Minimum Return
Total account value		$	149		$	149
Net amount at risk ⁽¹⁾			30			37
Average attained age of contract holders			73 years			73 years
Guaranteed minimum return			5%			5%
Anniversary Contract Value
Total account value		$	24,719		$	23,019
Net amount at risk ⁽¹⁾			649			1,133
Average attained age of contract holders			68 years			67 years

⁽¹⁾	Represents the amount of death benefit in excess of the account balance. The decrease in net amount at risk when comparing September 30, 2013, to December 31, 2012, was attributable primarily to the increase in the equity markets during the first nine months of 2013.

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 Nine
	Months Ended
	September 30,
	2013		2012
Balance as of beginning-of-year	$	104	$	84
Changes in reserves		(12)		54
Benefits paid		(16)		(36)
Balance as of end-of-period	$	76	$	102

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



		As of			As of
	September 30,			December 31,
		2013			2012
Domestic equity		$	43,552		$	37,899
International equity			17,097			14,850
Bonds			23,417			21,174
Money market			10,013			7,747
Total		$	94,079		$	81,670

Percent of total variable annuity separate
account values			98%			98%

Future contract benefits also includes reserves for our secondary guarantee products sold through our Life Insurance segment. These UL and VUL products with secondary guarantees represented 28% of total life insurance in-force reserves as of September 30, 2013, and 32% of total sales for the nine months ended September 30, 2013.