Table of Contents backed securities.
As interest rates fall, an increase in prepayments on these assets results in earlier than expected receipt of cash flows forcing us to reinvest the proceeds in an unfavorable lower interest rate environment, and conversely as interest rates rise, a decrease in prepayments on these assets results in later than expected receipt of cash flows forcing us to forgo reinvesting in a favorable higher interest rate environment.
As of December 31, 2004, we held $9,178 million of fixed maturity securities at fair market value and $1,054 million of commercial mortgages at amortized cost for a combined total of 84% of total invested assets.
As of December 31, 2003, we held $8,729 million of fixed maturity securities at fair market value and $933 million of commercial mortgages at amortized cost for a combined total of 85% of total invested assets.
We expect to manage interest rate risk by selecting investments with characteristics such as duration, yield, currency and liquidity tailored to the anticipated cash outflow characteristics of our insurance and reinsurance liabilities.
Our group long-term disability reserves are also sensitive to interest rates.
Group long-term disability and group term life waiver of premium reserves are discounted to the valuation date at the valuation interest rate.
The valuation interest rate is determined by taking into consideration actual and expected earned rates on our asset portfolio, with adjustments for investment expenses and provisions for adverse deviation.
The interest rate sensitivity of our fixed maturity security assets is assessed using hypothetical test scenarios that assume several positive and negative parallel shifts of the underlying yield curves.
We have assumed that both the United States and Canadian yield curves have a 100% correlation and, therefore, move together.
The individual securities are repriced under each scenario using a valuation model.
For investments such as mortgage-backed and asset-backed securities, a prepayment model was used in conjunction with a valuation model.
Our actual experience may differ from the results noted below particularly due to assumptions utilized or if events occur that were not included in the methodology.
The following table summarizes the results of this analysis for bonds, mortgage-backed and asset-backed securities held in our investment portfolio:
## Table 0 ##
Credit Risk We have exposure to credit risk primarily as a holder of fixed income securities and by entering into reinsurance cessions.
Our risk management strategy and investment policy is to invest in debt instruments of high credit quality issuers and to limit the amount of credit exposure with respect to any one issuer.
We attempt to limit our credit exposure by imposing fixed maturity portfolio limits on individual issuers based upon credit quality.
Currently our portfolio limits are 1.5% for issuers rated AA-and above, 1% for issuers rated A- to A+, 0.75% for issuers rated BBB- to BBB+ and 0.38% for issuers rated BB- to BB+.
These portfolio limits are further reduced for certain issuers with whom we have credit exposure on reinsurance agreements.
We use the lower of Moody’s or Standard & Poor’s ratings to determine an issuer’s rating.
See “Item 1 — Business — Investments.
”
Selected Financial Data The following selected financial data has been derived from the Company’s audited consolidated financial statements.
The statement of operations data for the years ended December 31, 2010, 2009 and 2008, and the balance sheet data at December 31, 2010 and 2009 have been derived from the Company’s audited financial statements included elsewhere herein.
The statement of operations data for the years ended December 31, 2007 and 2006, and the balance sheet data at December 31, 2008, 2007 and 2006 have been derived from the Company’s audited financial statements not included herein.
The selected financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere herein.
## Table 1 ##
Table of Contents In 2018, Merck determined it was probable that annual worldwide sales of Adempas in the future would trigger a $375 million sales-based milestone payment from Merck to Bayer.
Accordingly, Merck recorded a $375 million noncurrent liability and a corresponding increase to the intangible asset related to Adempas, and recognized $106 million of cumulative amortization expense within Cost of sales.
In 2018, the Company made a $350 million milestone payment to Bayer, which was accrued for in 2016 when Merck deemed the payment to be probable.
There is an additional $400 million potential future sales-based milestone payment that?has not yet been accrued as it is not deemed by the Company to be probable at this time.
The intangible asset balance related to Adempas (which includes the remaining acquired intangible asset balance, as well as capitalized sales-based milestone payments) was $1.0 billion at December?31, 2018 and is included in Other Intangibles, Net on the Consolidated Balance Sheet.
The amount is being amortized over its estimated useful life through 2027 as supported by projected future cash flows, subject to impairment testing.
Summarized information related to this collaboration is as follows:
## Table 2 ##
(1) Includes amortization of intangible assets.
(2) Includes accrued milestone payments.
Aggregate amortization expense related to capitalized license costs recorded within Cost of sales was $186 million in 2018, $39 million in 2017 and $30 million in 2016.
The estimated aggregate amortization expense for each of the next five years is as follows: 2019, $196 million; 2020, $193 million; 2021, $191 million; 2022, $187 million; 2023, $181 million.
Table of Contents 86 5.
???
?Restructuring In 2010 and 2013, the Company commenced actions under global restructuring programs designed to streamline its cost structure.
The actions under these programs include the elimination of positions in sales, administrative and headquarters organizations, as well as the sale or closure of certain manufacturing and research and development sites and the consolidation of office facilities.
The Company also continues to reduce its global real estate footprint and improve the efficiency of its manufacturing and supply network.
The Company recorded total pretax costs of $658 million in 2018, $927 million in 2017 and $1.1 billion in 2016 related to restructuring program activities.
Since inception of the programs through December?31, 2018, Merck has recorded total pretax accumulated costs of approximately $14.1 billion and eliminated approximately 45,510 positions comprised of employee separations, as well as the elimination of contractors and vacant positions.
The Company estimates that approximately two-thirds of the cumulative pretax costs are cash outlays, primarily related to employee separation expense.
Approximately one-third of the cumulative pretax costs are non-cash, relating primarily to the accelerated depreciation of facilities to be closed or divested.
The Company has substantially completed the actions under these programs.
For segment reporting, restructuring charges are unallocated expenses.
Construction of a 200-megawatt coal-fired power plant is approximately 96% complete as of December 31, 2007.
Capital costs for the power plant are expected to be between $620 and $640 and completion is targeted for mid-2008.
Non-governmental organizations have brought a series of actions relating to the Nevada operations, as described in more detail in Note 32 to the Consolidated Financial Statements.
While we believe that the legal actions are without merit, unfavorable outcomes could result in additional conditions being imposed on our operations, and such conditions could have a material adverse effect on Nevada’s results of operations or financial position.
Yanacocha Operations

<table><tr><td></td><td>-100</td><td>-50</td><td>0</td><td>50</td><td>100</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Total market value</td><td>$9,751</td><td>$9,460</td><td>$9,178</td><td>$8,907</td><td>$8,649</td></tr><tr><td>% Change in market value from base case</td><td>6.24%</td><td>3.08%</td><td>0.00%</td><td>-2.95%</td><td>-5.77%</td></tr><tr><td>$ Change in market value from base case</td><td>$573</td><td>$282</td><td>$0</td><td>$-271</td><td>$-528</td></tr></table>
<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td> Statement of Operations Data -1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$27,394</td><td>$26,460</td><td>$25,914</td><td>$22,970</td><td>$22,052</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>6,037</td><td>5,203</td><td>5,381</td><td>5,238</td><td>4,711</td></tr><tr><td>Net investment income</td><td>17,615</td><td>14,837</td><td>16,289</td><td>18,055</td><td>16,239</td></tr><tr><td>Other revenues</td><td>2,328</td><td>2,329</td><td>1,586</td><td>1,465</td><td>1,301</td></tr><tr><td>Net investment gains (losses)</td><td>-392</td><td>-2,906</td><td>-2,098</td><td>-318</td><td>-1,174</td></tr><tr><td>Net derivative gains (losses)</td><td>-265</td><td>-4,866</td><td>3,910</td><td>-260</td><td>-208</td></tr><tr><td>Total revenues</td><td>52,717</td><td>41,057</td><td>50,982</td><td>47,150</td><td>42,921</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims</td><td>29,545</td><td>28,336</td><td>27,437</td><td>23,783</td><td>22,869</td></tr><tr><td>Interest credited to policyholder account balances</td><td>4,925</td><td>4,849</td><td>4,788</td><td>5,461</td><td>4,899</td></tr><tr><td>Policyholder dividends</td><td>1,486</td><td>1,650</td><td>1,751</td><td>1,723</td><td>1,698</td></tr><tr><td>Other expenses</td><td>12,803</td><td>10,556</td><td>11,947</td><td>10,405</td><td>9,514</td></tr><tr><td>Total expenses</td><td>48,759</td><td>45,391</td><td>45,923</td><td>41,372</td><td>38,980</td></tr><tr><td>Income (loss) from continuing operations before provision for income tax</td><td>3,958</td><td>-4,334</td><td>5,059</td><td>5,778</td><td>3,941</td></tr><tr><td>Provision for income tax expense (benefit)</td><td>1,181</td><td>-2,015</td><td>1,580</td><td>1,675</td><td>1,027</td></tr><tr><td>Income (loss) from continuing operations, net of income tax</td><td>2,777</td><td>-2,319</td><td>3,479</td><td>4,103</td><td>2,914</td></tr><tr><td>Income (loss) from discontinued operations, net of income tax</td><td>9</td><td>41</td><td>-201</td><td>362</td><td>3,526</td></tr><tr><td>Net income (loss)</td><td>2,786</td><td>-2,278</td><td>3,278</td><td>4,465</td><td>6,440</td></tr><tr><td>Less: Net income (loss) attributable to noncontrolling interests</td><td>-4</td><td>-32</td><td>69</td><td>148</td><td>147</td></tr><tr><td>Net income (loss) attributable to MetLife, Inc.</td><td>2,790</td><td>-2,246</td><td>3,209</td><td>4,317</td><td>6,293</td></tr><tr><td>Less: Preferred stock dividends</td><td>122</td><td>122</td><td>125</td><td>137</td><td>134</td></tr><tr><td>Net income (loss) available to MetLife, Inc.’s common shareholders</td><td>$2,668</td><td>$-2,368</td><td>$3,084</td><td>$4,180</td><td>$6,159</td></tr></table>
<table><tr><td>Years Ended December 31</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Net product sales recorded by Merck</td><td>$190</td><td>$149</td><td>$88</td></tr><tr><td>Merck’s profit share from sales in Bayer’s marketing territories</td><td>139</td><td>151</td><td>81</td></tr><tr><td>Total sales</td><td>329</td><td>300</td><td>169</td></tr><tr><td>Cost of sales<sup>-1</sup></td><td>216</td><td>99</td><td>133</td></tr><tr><td>Selling, general and administrative</td><td>35</td><td>27</td><td>26</td></tr><tr><td>Research and development</td><td>127</td><td>101</td><td>82</td></tr><tr><td>December 31</td><td></td><td>2018</td><td>2017</td></tr><tr><td>Receivables from Bayer included inOther current assets</td><td></td><td>$32</td><td>$33</td></tr><tr><td>Payables to Bayer included inAccrued and other current liabilities<sup>-2</sup></td><td></td><td>—</td><td>350</td></tr><tr><td>Payables to Bayer included inOther Noncurrent Liabilities<sup>-2</sup></td><td></td><td>375</td><td>—</td></tr></table>

Question: What's the current growth rate of Total revenues? (in %)
Answer: 0.284