7. 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
	March 31,			December 31,
		2014			2013
Return of Net Deposits
Total account value		$	80,976		$	79,391
Net amount at risk (1)			134			141
Average attained age of contract holders			61 years			61 years
Minimum Return
Total account value		$	147		$	151
Net amount at risk (1)			27			27
Average attained age of contract holders			73 years			73 years
Guaranteed minimum return			5%			5%
Anniversary Contract Value
Total account value		$	25,905		$	25,958
Net amount at risk (1)			557			570
Average attained age of contract holders			68 years			68 years

⁽¹⁾

Represents the amount of death benefit in excess of the account balance. There were no material changes in net amounts at risk when comparing March 31, 2014, to December 31, 2013, as equity markets remained flat during the first three months of 2014.

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,
	2014			2013
Balance as of beginning-of-year	$	73		$	104
Changes in reserves		8			(4	)
Benefits paid		(4	)		(7	)
Balance as of end-of-period	$	77		$	93

Variable Annuity Contracts

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



		As of			As of
	March 31,			December 31,
		2014			2013
Asset Type
Domestic equity		$	47,331		$	47,042
International equity			18,500			18,341
Bonds			25,328			24,547
Money market			11,374			10,926
Total		$	102,533		$	100,856

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

Secondary Guarantee Products

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 33% of total life insurance in-force reserves as of March 31, 2014, and 41% of total sales for the three months ended March 31, 2014.