The following table identifies the Company’s aggregate contractual obligations due by payment period:
## Table 0 ##
[1] The following points are significant to understanding the cash flows estimated for obligations under property and casualty contracts: x Reserves for Property & Casualty unpaid claim and claim adjustment expenses include case reserves for reported claims and reserves for claims incurred but not reported (IBNR).
While payments due on claim reserves are considered contractual obligations because they relate to insurance policies issued by the Company, the ultimate amount to be paid to settle both case reserves and IBNR is an estimate, subject to significant uncertainty.
The actual amount to be paid is not determined until the Company reaches a settlement with the claimant.
Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future.
x In estimating the timing of future payments by year, the Company has assumed that its historical payment patterns will continue.
However, the actual timing of future payments will likely vary materially from these estimates due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements.
In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.
Also, estimated payments in 2005 do not include payments that will be made on claims incurred in 2005 on policies that were in force as of December 31, 2004.
In addition, the table does not include future cash flows related to the receipt of premiums that will be used, in part, to fund loss payments.
x Under generally accepted accounting principles, the Company is only permitted to discount reserves for claim and claim adjustment expenses in cases where the payment pattern and ultimate loss costs are fixed and reliably determinable on an individual claim basis.
For the Company, these include claim settlements with permanently disabled claimants and certain structured settlement contracts that fund loss runoffs for unrelated parties.
As of December 31, 2004, the total property and casualty reserves in the above table of $21,885 are gross of the reserve discount of $556.
[2] Estimated life, annuity and disability obligations include death and disability claims, policy surrenders, policyholder dividends and trail commissions offset by expected future deposits and premiums on in-force contracts.
Estimated contractual policyholder obligations are based on mortality, morbidity and lapse assumptions comparable with Life’s historical experience, modified for recent observed trends.
Life has also assumed market growth and interest crediting consistent with assumptions used in amortizing deferred acquisition costs.
In contrast to this table, the majority of Life’s obligations are recorded on the balance sheet at the current account value, as described in Critical Accounting Estimates, and do not incorporate an expectation of future market growth, interest crediting, or future deposits.
Therefore, the estimated contractual policyholder obligations presented in this table significantly exceed the liabilities recorded in reserve for future policy benefits and unpaid claims and claim adjustment expenses, other policyholder funds and benefits payable and separate account liabilities.
Due to the significance of the assumptions used, the amounts presented could materially differ from actual results.
As separate account obligations are legally insulated from general account obligations, the separate account obligations will be fully funded by cash flows from separate account assets.
Life expects to fully fund the general account obligations from cash flows from general account investments and future deposits and premiums.
[3] Includes contractual principal and interest payments.
Payments exclude amounts associated with fair-value hedges of certain of the Company’s long-term debt.
All long-term debt obligations have fixed rates of interest.
Long-term debt obligations also includes principal and interest payments of $700 and $2.4 billion, respectively, related to junior subordinated debentures which are callable beginning in 2006.
See Note 14 of Notes to Consolidated Financial Statements for additional discussion of long-term debt obligations.
[4] Includes $1.4 billion in commitments to purchase investments including $330 of limited partnerships and $299 of mortgage loans.
Outstanding commitments under these limited partnerships and mortgage loans are included in payments due in less than 1 year since the timing of funding these commitments cannot be estimated.
The remaining $759 relates to payables for securities purchased which are reflected on the Company’s consolidated balance sheet.
[5] Includes estimated contribution of $200 to the Company’s pension plan in 2005.
[6] As of December 31, 2004, the Company has accepted cash collateral of $1.6 billion in connection with the Company’s securities lending program and derivative instruments.
Since the timing of the return of the collateral is uncertain, the return of the collateral has been included in the payments due in less than 1 year.
[7] Includes $52 in collateralized loan obligations (“CLOs”) issued to third-party investors by a consolidated investment management entity sponsored by the Company in connection with synthetic CLO transactions.
The CLO investors have no recourse to the Company’s assets other than the dedicated assets collateralizing the CLOs.
Refer to Note 4 of Notes to Consolidated Financial Statements for additional discussion of CLOs.
THE HARTFORD FINANCIAL SERVICES GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 5.
Fair Value Measurements (continued) Credit Standing Adjustment This assumption makes an adjustment that market participants would make, in determining fair value, to reflect the risk that guaranteed benefit obligations or the GMWB reinsurance recoverables will not be fulfilled (“nonperformance risk”).
The Company incorporates a blend of observable Company and reinsurer credit default spreads from capital markets, adjusted for market recoverability.
The credit standing adjustment assumption, net of reinsurance, resulted in pre-tax realized gains (losses) of $(13), $(69) and $55, for the years ended December 31, 2013, 2012 and 2011, respectively.
As of December 31, 2013 and 2012 the credit standing adjustment was $(1) and $12, respectively.
Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience.
The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions.
Assumption updates, including policyholder behavior assumptions, affected best estimates and margins for total pre-tax realized gains of $75, $274 and $52 for the years ended December 31, 2013, 2012 and 2011, respectively.
As of December 31, 2013 and 2012 the behavior risk margin was $108 and $302, respectively.
In addition to the non-market-based updates described above, the Company recognized non-market-based updates driven by the relative outperformance (underperformance) of the underlying actively managed funds as compared to their respective indices resulting in pretax realized gains (losses) of approximately $33, $106 and $(72) for the years ended December 31, 2013, 2012 and 2011, respectively.
Significant unobservable inputs used in the fair value measurement of living benefits required to be fair valued and the U. S.  GMWB reinsurance derivative are withdrawal utilization and withdrawal rates, lapse rates, reset elections and equity volatility.
The following table provides quantitative information about the significant unobservable inputs and is applicable to all of the Living Benefits Required to be Fair Valued and the U. S.  GMWB Reinsurance Derivative.
Significant increases in any of the significant unobservable inputs, in isolation, will generally have an increase or decrease correlation with the fair value measurement, as shown in the table.
## Table 1 ##
[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[2] Ranges represent assumed cumulative percentages of policyholders taking withdrawals and the annual amounts withdrawn.
[3] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business.
[4] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base.
[5] Range represents implied market volatilities for equity indices based on multiple pricing sources.
Generally a change in withdrawal utilization assumptions would be accompanied by a directionally opposite change in lapse rate assumptions, as the behavior of policyholders that utilize GMWB or GMAB riders is typically different from policyholders that do not utilize these riders.
Net Investment Income (Loss)
## Table 2 ##
[1] Yields calculated using annualized net investment income (excluding income related to equity securities, trading) divided by the monthly average invested assets at cost, or adjusted carrying value, as applicable, excluding equity securities, trading, repurchase agreement and dollar roll collateral, and consolidated variable interest entity non-controlling interests.
Yield calculations for the year ended December 31, 2013 exclude assets transferred due to the sale of the Retirement Plans and Individual Life businesses.
Yield calculations for all periods exclude income and assets associated with the disposal of the HLIL business.
Yields by asset type exclude investment expenses.
[2] Includes net investment income on short-term investments.
[3] Primarily includes income from derivatives that qualify for hedge accounting and hedge fixed maturities.
Year ended December 31, 2013 compared to the year ended December 31, 2012 Total net investment income increased primarily due to an increase in income from equity securities, trading, which is a result of broad global equity market appreciation, partially offset by the depreciation of the Japanese Yen as compared to the U. S.  dollar; as well as an increase in income from limited partnerships, due to real estate and private equity funds selling underlying investments and continued valuation improvements.
This increase was partially offset by a decrease in income due to lower asset levels as a result of the sale of the Retirement Plans and Individual Life businesses in January 2013, and a decline in yield.
Refer to Note 2 - Business Dispositions of Notes to Consolidated Financial Statements for further discussion of these transactions.
The annualized net investment income yield, excluding limited partnerships and other alternative investments, has declined to 4.1% in 2013 versus 4.3% in 2012.
The decline was primarily attributable to the divestiture of Individual Life and Retirement Plans businesses.
The invested assets transferred associated with the divested Individual Life and Retirement Plans businesses had a carrying value of $17.3 billion and an average book yield, including the impact of associated derivatives, of approximately 5.0%.
The average reinvestment rate for the year ended December 31, 2013 was approximately 3.8%, excluding treasury securities and mortgage backed securities related to dollar roll transactions, which is slightly higher than the average yield of sales and maturities for the same period.
For further discussion on dollar roll transactions see Note 6 - Investments and Derivative Investments of Notes to Consolidated Financial Statements.
Based upon current reinvestment rates, we expect the annualized net investment income yield, excluding limited partnerships and other alternative investments, for 2014, to remain relatively consistent with the 2013 net investment income yield.
The estimated impact on net investment income is subject to change as the composition of the portfolio changes through normal portfolio management and trading activities and changes in market conditions.
Year ended December 31, 2012 compared to the year ended December 31, 2011 Total net investment income increased largely due to equity securities, trading, resulting from market appreciation of the underlying investment funds supporting the Japanese variable annuity products.
Total net investment income, excluding equity securities, trading, declined primarily due to lower returns on limited partnerships and other alternative investments.
This decline was partially offset by the Company reallocating assets from fixed maturities to higher yielding assets, such as mortgage loans and limited partnerships and other alternative investments.

<table><tr><td></td><td>Total</td><td>Less than 1 year</td><td>1-3 years</td><td>3-5 years</td><td>More than 5 years</td></tr><tr><td>Property and casualty obligations [1]</td><td>$21,885</td><td>$5,777</td><td>$6,150</td><td>$3,016</td><td>$6,942</td></tr><tr><td>Life, annuity and disability obligations [2]</td><td>281,998</td><td>18,037</td><td>37,318</td><td>40,255</td><td>186,388</td></tr><tr><td>Long-term debt obligations [3]</td><td>9,093</td><td>536</td><td>1,288</td><td>1,613</td><td>5,656</td></tr><tr><td>Operating lease obligations</td><td>723</td><td>175</td><td>285</td><td>162</td><td>101</td></tr><tr><td>Purchase obligations [4] [5]</td><td>1,764</td><td>1,614</td><td>120</td><td>14</td><td>16</td></tr><tr><td>Other long-term liabilities reflected onthe balance sheet [6] [7]</td><td>1,642</td><td>1,590</td><td>—</td><td>52</td><td>—</td></tr><tr><td>Total</td><td>$317,105</td><td>$27,729</td><td>$45,161</td><td>$45,112</td><td>$199,103</td></tr></table>
<table><tr><td>Significant Unobservable Input</td><td>Unobservable Inputs (Minimum)</td><td>Unobservable Inputs (Maximum)</td><td>Impact of Increase in Inputon Fair Value Measurement [1]</td></tr><tr><td>Withdrawal Utilization[2]</td><td>20%</td><td>100%</td><td>Increase</td></tr><tr><td>Withdrawal Rates [2]</td><td>—%</td><td>8%</td><td>Increase</td></tr><tr><td>Lapse Rates [3]</td><td>—%</td><td>75%</td><td>Decrease</td></tr><tr><td>Reset Elections [4]</td><td>20%</td><td>75%</td><td>Increase</td></tr><tr><td>Equity Volatility [5]</td><td>10%</td><td>50%</td><td>Increase</td></tr></table>
<table><tr><td></td><td colspan="6">For the years ended December 31,</td></tr><tr><td></td><td colspan="2">2013</td><td colspan="2">2012</td><td colspan="2">2011</td></tr><tr><td>(Before tax)</td><td>Amount</td><td>Yield [1]</td><td>Amount</td><td>Yield [1]</td><td>Amount</td><td>Yield [1]</td></tr><tr><td>Fixed maturities [2]</td><td>$2,623</td><td>4.1%</td><td>$3,352</td><td>4.2%</td><td>$3,382</td><td>4.2%</td></tr><tr><td>Equity securities, AFS</td><td>30</td><td>3.6%</td><td>37</td><td>4.3%</td><td>36</td><td>3.8%</td></tr><tr><td>Mortgage loans</td><td>262</td><td>4.9%</td><td>337</td><td>5.2%</td><td>281</td><td>5.4%</td></tr><tr><td>Policy loans</td><td>83</td><td>5.9%</td><td>119</td><td>6.0%</td><td>131</td><td>6.1%</td></tr><tr><td>Limited partnerships and other alternative investments</td><td>287</td><td>9.5%</td><td>196</td><td>7.1%</td><td>243</td><td>12.0%</td></tr><tr><td>Other investments [3]</td><td>200</td><td></td><td>297</td><td></td><td>305</td><td></td></tr><tr><td>Investment expense</td><td>-123</td><td></td><td>-111</td><td></td><td>-115</td><td></td></tr><tr><td>Total securities AFS and other</td><td>$3,362</td><td>4.3%</td><td>$4,227</td><td>4.3%</td><td>$4,263</td><td>4.4%</td></tr><tr><td>Equity securities, trading</td><td>6,061</td><td></td><td>4,364</td><td></td><td>-1,345</td><td></td></tr><tr><td>Total net investment income (loss)</td><td>$9,423</td><td></td><td>$8,591</td><td></td><td>$2,918</td><td></td></tr><tr><td>Total securities, AFS and other excluding limited partnerships and other alternative investments</td><td>3,075</td><td>4.1%</td><td>4,031</td><td>4.3%</td><td>4,020</td><td>4.2%</td></tr></table>

Question: what portion of total obligations are due within the next 3 years?
Answer: 0.22986