Management’s Discussion and Analysis Sensitivity Measures Certain portfolios and individual positions are not included in VaR because VaR is not the most appropriate risk measure.
The market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% decline in the underlying asset value.
The table below presents market risk for positions that are not included in VaR.
These measures do not reflect diversification benefits across asset categories and therefore have not been aggregated.
## Table 0 ##
1.
Relates to private and restricted public equity securities, including interests in firm-sponsored funds that invest in corporate equities and real estate and interests in firm-sponsored hedge funds.2.
Primarily relates to interests in our firm-sponsored funds that invest in corporate mezzanine and senior debt instruments.
Also includes loans backed by commercial and residential real estate, corporate bank loans and other corporate debt, including acquired portfolios of distressed loans.
VaR excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected.
The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) on derivatives was a $3 million gain (including hedges) as of December 2012.
In addition, the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a $7 million gain (including hedges) as of December 2012.
However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those unsecured borrowings for which the fair value option was elected, as well as the relative performance of any hedges undertaken.
The firm engages in insurance activities where we reinsure and purchase portfolios of insurance risk and pension liabilities.
The risks associated with these activities include, but are not limited to: equity price, interest rate, reinvestment and mortality risk.
The firm mitigates risks associated with insurance activities through the use of reinsurance and hedging.
Certain of the assets associated with the firm’s insurance activities are included in VaR.
In addition to the positions included in VaR, we held $9.07 billion of securities accounted for as available-forsale as of December 2012, which support the firm’s reinsurance business.
As of December 2012, our availablefor-sale securities primarily consisted of $3.63 billion of corporate debt securities with an average yield of 4%, the majority of which will mature after five years, $3.38 billion of mortgage and other asset-backed loans and securities with an average yield of 6%, the majority of which will mature after ten years, and $856 million of U. S.  government and federal agency obligations with an average yield of 3%, the majority of which will mature after five years.
As of December 2012, such assets were classified as held for sale and were included in “Other assets.
” See Note 12 to the consolidated financial statements for further information about assets held for sale.
As of December 2011, we held $4.86 billion of securities accounted for as available-for-sale, primarily consisting of $1.81 billion of corporate debt securities with an average yield of 5%, the majority of which will mature after five years, $1.42 billion of mortgage and other asset-backed loans and securities with an average yield of 10%, the majority of which will mature after ten years, and $662 million of U. S.  government and federal agency obligations with an average yield of 3%, the majority of which will mature after ten years.
In addition, as of December 2012 and December 2011, we had commitments and held loans for which we have obtained credit loss protection from Sumitomo Mitsui Financial Group, Inc.  See Note 18 to the consolidated financial statements for further information about such lending commitments.
As of December 2012, the firm also had $6.50 billion of loans held for investment which were accounted for at amortized cost and included in “Receivables from customers and counterparties,” substantially all of which had floating interest rates.
The estimated sensitivity to a 100 basis point increase in interest rates on such loans was $62 million of additional interest income over a 12-month period, which does not take into account the potential impact of an increase in costs to fund such loans.
See Note 8 to the consolidated financial statements for further information about loans held for investment.
Additionally, we make investments accounted for under the equity method and we also make direct investments in real estate, both of which are included in “Other assets” in the consolidated statements of financial condition.
Direct investments in real estate are accounted for at cost less accumulated depreciation.
See Note 12 to the consolidated financial statements for information on “Other assets.
”
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except per Share Amounts) Supplemental Cash Flow Information
## Table 1 ##
1 Refunds of $23.5, $25.4 and $28.7 were received for the years ended December 31, 2012, 2011 and 2010, respectively.
Note 6: Acquisitions We continue to evaluate strategic opportunities to expand our industry expertise, strengthen our position in high-growth and key strategic geographical markets and industry sectors, advance technological capabilities and improve operational efficiency through both acquisitions and increased ownership interests in current investments.
Our acquisitions typically provide for an initial payment at the time of closing and additional contingent purchase price payments based on the future performance of the acquired entity.
We have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries.
The amounts at which we record these transactions in our financial statements are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, changes in foreign currency exchange rates and other factors.
For companies acquired, we estimate the fair values of the assets and liabilities based on 100% of the business for consolidation.
The purchase price in excess of the estimated fair value of the tangible net assets acquired is allocated to identifiable intangible assets and then to goodwill.
Due to the characteristics of advertising, specialized marketing and communication services companies, our acquisitions typically do not have significant amounts of tangible assets since the principal assets we acquire are client relationships and talent.
As a result, a substantial portion of the purchase price is primarily allocated to customer lists, trade names and goodwill.
For acquisitions we record deferred payment and redeemable noncontrolling interest amounts on our Consolidated Balance Sheets based on their acquisition-date fair value.
Deferred payments are recorded on a discounted basis and adjusted quarterly, if necessary, through operating income or net interest expense, depending on the nature of the arrangement, for both changes in estimate and accretion between the acquisition date and the final payment date.
See Note 14 for further information on contingent acquisition obligations.
Redeemable noncontrolling interests are adjusted quarterly to their estimated redemption value, but not less than their initial fair value.
Any adjustments to the redemption value impacts retained earnings or additional paid-in capital, except for foreign currency translation adjustments.
The following table presents changes in our redeemable noncontrolling interests.
## Table 2 ##
For all acquisitions, if a portion of the deferred payments and purchases of additional interests after the effective date of purchase are contingent upon employment terms, then that amount is accounted separately from the business combination and recognized as compensation expense over the required earn-out period.
Payments deemed as compensation are excluded from the fair value purchase price allocation to tangible net assets and intangible assets acquired.
Real Estate Real estate consists primarily of commercial equity real estate.
As of December 31, 2008 and 2007, the carrying amount of equity real estate investment was $915.2 million and $859.6 million, respectively, or 1% of U. S.  invested assets.
Our commercial equity real estate is held in the form of wholly owned real estate, real estate acquired upon foreclosure of commercial mortgage loans and majority owned interests in real estate joint ventures.
Equity real estate is categorized as either ‘‘real estate held for investment’’ or ‘‘real estate held for sale.
’’ Real estate held for investment totaled $779.8 million and $777.2 million as of December 31, 2008 and 2007, respectively.
The carrying value of real estate held for investment is generally adjusted for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Such impairment adjustments are recorded as net realized losses and, accordingly, are reflected in our consolidated results of operations.
For the years ended December 31, 2008 and 2007, there were no such impairment adjustments.
The carrying amount of real estate held for sale as of December 31, 2008, was $135.4 million, net of valuation allowance of $3.5 million.
The carrying amount of real estate held for sale as of December 31, 2007, was $82.4 million.
There was no valuation allowance at December 31, 2007.
Once we identify a real estate property to be sold and commence a plan for marketing the property, we classify the property as held for sale.
We establish a valuation allowance subject to periodic revisions, if necessary, to adjust the carrying value of the property to reflect the lower of its current carrying value or the fair value, less associated selling costs.
We use research, both internal and external, to recommend appropriate product and geographic allocations and changes to the equity real estate portfolio.
We monitor product, geographic and industry diversification separately and together to determine the most appropriate mix.
Equity real estate is distributed across geographic regions of the country with larger concentrations in the South Atlantic, West South Central and Pacific regions of the United States as of December 31, 2008.
By property type, there is a concentration in office, industrial site buildings, and retail that represented approximately 79% of the equity real estate portfolio as of December 31, 2008.
Other Investments Our other investments totaled $2,162.4 million as of December 31, 2008, compared to $1,391.4 million as of December 31, 2007.
Derivatives accounted for $1,873.2 million in other investments as of December 31, 2008.
The remaining invested assets include equity method investments, which include properties owned jointly with venture partners and operated by the partners.
International Investment Operations Of our invested assets, $3.3 billion were held by our International Asset Management and Accumulation segment as of December 31, 2008.
Our international investment operations consist of the investments of Principal International.
Principal Global Investors advises each Principal International affiliate on investment policies and strategies that are consistent with the products they offer.
Due to the regulatory constraints in each country, each company maintains its own investment policies.
As shown in the following table, the major categories of international invested assets as of December 31, 2008 and 2007, were fixed maturity securities, other investments and residential mortgage loans.
The following discussion analyzes the composition of general account assets, but excludes invested assets of the separate accounts.
## Table 3 ##
Investments in equity method subsidiaries and direct financing leases accounted for $377.2 million and $265.4 million, respectively, of other investments as of December 31, 2008.
Investments in equity method subsidiaries and direct financing leases accounted for $455.6 million and $256.3 million, respectively, of other investments as of December 31, 2007.
The remaining invested assets as of December 31, 2008, and December 31, 2007, are primarily related to derivatives and seed money

<table><tr><td>Asset Categories</td><td>10% Sensitivity Amount as of December</td></tr><tr><td><i>in millions</i></td><td>2012</td><td>2011</td></tr><tr><td>ICBC</td><td>$ 208</td><td>$ 212</td></tr><tr><td>Equity (excluding ICBC)<sup>1</sup></td><td>2,263</td><td>2,458</td></tr><tr><td>Debt<sup>2</sup></td><td>1,676</td><td>1,521</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Cash paid for interest</td><td>$130.6</td><td>$138.9</td><td>$139.8</td></tr><tr><td>Cash paid for income taxes, net of refunds<sup>1</sup></td><td>95.7</td><td>102.0</td><td>87.3</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Balance at beginning of period</td><td>$243.4</td><td>$291.2</td><td>$277.8</td></tr><tr><td>Change in related noncontrolling interest balance</td><td>1.1</td><td>-7.7</td><td>1.5</td></tr><tr><td>Changes in redemption value of redeemable noncontrolling interests:</td><td></td><td></td><td></td></tr><tr><td>Additions</td><td>0.0</td><td>17.9</td><td>31.9</td></tr><tr><td>Redemptions and reclassifications</td><td>-14.2</td><td>-70.7</td><td>-30.1</td></tr><tr><td>Redemption value adjustments</td><td>-3.1</td><td>12.7</td><td>10.1</td></tr><tr><td>Balance at end of period</td><td>$227.2</td><td>$243.4</td><td>$291.2</td></tr></table>
<table><tr><td> </td><td colspan="2">December 31, 2008</td><td colspan="2"> December 31, 2007</td></tr><tr><td> </td><td> Carrying amount</td><td>% of total</td><td> Carrying amount</td><td> % of total</td></tr><tr><td> </td><td colspan="4"><i>($ in millions)</i> </td></tr><tr><td>Fixed maturity securities — Public</td><td>$2,134.2</td><td>64%</td><td>$2,719.5</td><td>67%</td></tr><tr><td>Equity securities</td><td>40.8</td><td>1</td><td>52.7</td><td>1</td></tr><tr><td>Mortgage loans — Residential</td><td>479.9</td><td>14</td><td>558.6</td><td>14</td></tr><tr><td>Real estate</td><td>4.2</td><td>—</td><td>2.9</td><td>—</td></tr><tr><td>Policy loans</td><td>15.0</td><td>1</td><td>16.2</td><td>—</td></tr><tr><td>Other investments</td><td>654.2</td><td>20</td><td>727.2</td><td>18</td></tr><tr><td>Total invested assets</td><td>3,328.3</td><td>100%</td><td>4,077.1</td><td>100%</td></tr><tr><td>Cash and cash equivalents</td><td>71.0</td><td></td><td>82.9</td><td></td></tr><tr><td>Total invested assets and cash</td><td>$3,399.3</td><td></td><td>$4,160.0</td><td></td></tr></table>

Question: Which year is Fixed maturity securities — Public the highest for Carrying amount?