B/GMWB, International GMDB/GMIB, and Universal Life Secondary Guarantee Benefits

Changes in the gross U.S. GMDB/GMWB, International GMDB/GMIB, and universal life secondary guarantee benefits are as follows:



	U.S. GMDB/GMWB [1]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2015	$	812		$	2,041
Incurred	41			66
Paid	(29		)	—
Unlock	(24		)	(3		)
Liability balance as of March 31, 2015	$	800		$	2,104
Reinsurance recoverable asset, as of January 1, 2015	$	481		$	2,041
Incurred	24			63
Paid	(22		)	—
Unlock	(6		)	—
Reinsurance recoverable asset, as of March 31, 2015	$	477		$	2,104



	U.S. GMDB/GMWB [1]			International GMDB/GMIB			Universal Life Secondary Guarantees
Liability balance as of January 1, 2014	$	849		$	272		$	1,802
Incurred	46			15			56
Paid	(30		)	(8		)	—
Unlock	(11		)	3			—
Currency translation adjustment	—			6			—
Liability balance as of March 31, 2014	$	854		$	288		$	1,858
Reinsurance recoverable asset, as of January 1, 2014	$	533		$	23		$	1,802
Incurred	26			2			56
Paid	(22		)	(2		)	—
Unlock	(5		)	6			—
Reinsurance recoverable asset, as of March 31, 2014	$	532		$	29		$	1,858


[1]	These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits up to the return of the GRB are embedded derivatives held at fair value and are excluded from these balances.

The following table provides details concerning GMDB/GMWB exposure as of March 31, 2015:



Account Value by GMDB/GMWB Type
Maximum anniversary value (“MAV”) [1]	Account Value (“AV”) [8]		Net Amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
MAV only	$	16,577	$	2,519	$	379	70
With 5% rollup [2]	1,433		199		57		70
With Earnings Protection Benefit Rider (“EPB”) [3]	4,275		581		77		69
With 5% rollup & EPB	544		115		24		71
Total MAV	22,829		3,414		537
Asset Protection Benefit (“APB”) [4]	14,304		195		128		68
Lifetime Income Benefit (“LIB”) — Death Benefit [5]	608		7		7		68
Reset [6] (5-7 years)	2,895		14		14		69
Return of Premium (“ROP”) [7]/Other	10,864		53		47		67
Subtotal Variable Annuity with GMDB/GMWB [10]	51,500		3,683		733		69
Less: General Account Value with GMDB/GMWB	3,951
Subtotal Separate Account Liabilities with GMDB	47,549
Separate Account Liabilities without GMDB	88,254
Total Separate Account Liabilities	$	135,803


[1]	MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals).


[2]	Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums.


[3]	EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.


[4]	APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).


[5]	LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time.


[6]	Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals).


[7]	ROP GMDB is the greater of current AV or net premiums paid.


[8]	AV includes the contract holder’s investment in the separate account and the general account.


[9]	NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline.


[10]	Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $8.2 billion of total account value and weighted average attained age of 70 years. There is no NAR or retained NAR related to these contracts.

In the U.S., account balances of contracts with guarantees were invested in variable separate accounts as follows:



Asset type	As of March 31, 2015		As of December 31, 2014
Equity securities (including mutual funds)	$	43,532	$	44,786
Cash and cash equivalents	4,017		4,066
Total	$	47,549	$	48,852

As of March 31, 2015 and December 31, 2014, approximately 17% of the equity securities in the preceding table were funds invested in fixed income securities and approximately 83% were funds invested in equity securities.

For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 4 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.