8. Guaranteed Benefit Features

Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows:



	As of			As of
	September 30,			December 31,
		2018 (1)			2017 (1)
Return of Net Deposits
Total account value		$	98,623		$	96,941
Net amount at risk (2)			93			81
Average attained age of contract holders			64 years			64 years

Minimum Return
Total account value		$	103		$	108
Net amount at risk (2)			16			18
Average attained age of contract holders			76 years			76 years
Guaranteed minimum return			5%			5%

Anniversary Contract Value
Total account value		$	26,308		$	26,596
Net amount at risk (2)			438			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 Nine
	Months Ended
	September 30,
	2018			2017
Balance as of beginning-of-year	$	100		$	110
Changes in reserves		18			4
Benefits paid		(11	)		(14	)
Balance as of end-of-period	$	107		$	100

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
	September 30,			December 31,
		2018			2017
Asset Type
Domestic equity		$	61,732		$	59,647
International equity			20,598			20,837
Fixed income			40,529			40,626
Total		$	122,859		$	121,110
Percent of total variable annuity
separate account values			98%			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 September 30, 2018, and December 31, 2017. UL and VUL products with secondary guarantees represented 38% and 34% of total sales for the three and nine months ended September 30, 2018, respectively, compared to 26% and 27% for the corresponding periods in 2017.