Changes in the gross GMDB/GMWB and universal life secondary guarantee benefits are as follows:



	GMDB/GMWB [1,2]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2016	$	863		$	2,313
Incurred [3]	50			234
Paid	(92		)	—
Liability balance as of September 30, 2016	$	821		$	2,547
Reinsurance recoverable asset, as of January 1, 2016	$	523		$	2,313
Incurred [3]	40			234
Paid	(73		)	—
Reinsurance recoverable asset, as of September 30, 2016	$	490		$	2,547



	GMDB/GMWB [1,2]			Universal Life Secondary Guarantees
Liability balance as of January 1, 2015	$	812		$	2,041
Incurred [3]	76			203
Paid	(83		)	—
Liability balance as of September 30, 2015	$	805		$	2,244
Reinsurance recoverable asset, as of January 1, 2015	$	481		$	2,041
Incurred [3]	89			203
Paid	(66		)	—
Reinsurance recoverable asset, as of September 30, 2015	$	504		$	2,244


[1]	Included in Reserve for future policy benefits and unpaid losses and loss adjustment expenses on the Condensed Consolidated Balance Sheets.


[2]	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.


[3]	Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves.

The following table provides details concerning GMDB/GMWB exposure as of September 30, 2016:



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	$	13,815	$	2,353	$	359	71
With 5% rollup [2]	1,188		192		61		71
With Earnings Protection Benefit Rider (“EPB”) [3]	3,516		472		75		70
With 5% rollup & EPB	475		104		23		73
Total MAV	18,994		3,121		518
Asset Protection Benefit (“APB”) [4]	10,766		197		131		69
Lifetime Income Benefit (“LIB”) — Death Benefit [5]	480		6		6		69
Reset [6] (5-7 years)	2,457		15		14		70
Return of Premium (“ROP”) [7]/Other	8,999		65		61		68
Subtotal Variable Annuity with GMDB/GMWB [10]	41,696		$	3,404	$	730	70
Less: General Account Value with GMDB/GMWB	3,806
Subtotal Separate Account Liabilities with GMDB	37,890
Separate Account Liabilities without GMDB	80,758
Total Separate Account Liabilities	$	118,648


[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 $6.6 billion of total account value and weighted average attained age of 72 years. There is no NAR or retained NAR related to these contracts.

Account balances of contracts with guarantees were invested in variable separate accounts as follows:



Asset type	As of September 30, 2016		As of December 31, 2015
Equity securities (including mutual funds)	$	34,772	$	36,970
Cash and cash equivalents	3,118		3,453
Total	$	37,890	$	40,423

As of September 30, 2016 and December 31, 2015, approximately 16% and 17%, respectively, of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 84% and 83%, respectively, 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 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.