MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Guarantees The Company issues variable annuity products with guaranteed minimum benefits. The non-life contingent portion of GMWB and the portion of certain GMIB that does not require annuitization are accounted for as embedded derivatives in PABs and are further discussed in Note 9. Guarantees accounted for as insurance liabilities include: Guarantee: Measurement Assumptions: GMDB Š A return of purchase payment upon death even if the account value is reduced to zero. Š An enhanced death benefit may be available for an additional fee. Š Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. Š Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. Š Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. Š Benefit assumptions are based on the average benefits payable over a range of scenarios. GMIB Š After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. Š Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. Š Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. Š Assumptions are consistent with those used for estimating GMDB liabilities. Š Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. GMWB Š A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. Š Certain contracts include guaranteed withdrawals that are life contingent. Š Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. The Company also issues annuity contracts that apply a lower rate of funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize (“two tier annuities”). These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: MetLife, Inc. 104