9. Guaranteed Benefit Features

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


	As of		As of
	March 31,		December 31,
	2019 (1)			2018 (1)
Return of Net Deposits
Total account value	$	95,670		$	89,783
Net amount at risk (2)		209			1,002
Average attained age of contract holders		65 years			65 years

Minimum Return
Total account value	$	95		$	88
Net amount at risk (2)		16			18
Average attained age of contract holders		77 years			77 years
Guaranteed minimum return		5%			5%

Anniversary Contract Value
Total account value	$	25,031		$	23,365
Net amount at risk (2)		596			2,007
Average attained age of contract holders		71 years			71 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 Three
	Months Ended
	March 31,
	2019			2018
Balance as of beginning-of-year	$	161		$	100
Changes in reserves		(36	)		11
Benefits paid		(6	)		(3	)
Balance as of end-of-period	$	119		$	108

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
	March 31,		December 31,
	2019			2018
Asset Type
Domestic equity	$	59,205		$	54,060
International equity		19,865			18,359
Fixed income		39,351			37,942
Total	$	118,421		$	110,361

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. Reserves on UL and VUL products with secondary guarantees represented 37% and 35% of total life insurance in-force reserves as of March 31, 2019, and December 31, 2018, respectively. UL and VUL products with secondary guarantees represented 29% and 35% of total life insurance sales for the three months ended March 31, 2019 and 2018, respectively.