Fixed annuities 1,676 433 N.M. N.M. Retail mutual funds ( 182 ) 266 N.M.N.M. Institutional guaranteed products 1,679 ( 325 ) N.M.N.M. Total net deposits 1,679 118 N.M.N.M. guaranteed investment contracts in Q4 2008 increased by 46 % in local currency. downsize the portfolio of institutional spread-based products. government bond yields came down to historic lows. guarantees , hedge ineffectiveness and wider credit spreads .