. we also limit the aggregate amount of variable annuity reinsurance guarantee risk we are willing to assume . the last substantive u.s . transaction was quoted in mid-2007 and the last transaction in japan was quoted in late 2007 . the aggregate number of policyholders is currently decreasing through policyholder withdrawals and deaths at a rate of 5-10 per- cent annually . note that glb claims cannot occur for any reinsured policy until it has reached the end of its 201cwaiting period 201d