purchases of short-term marketable securities, net of sales of short-term marketable securities during the quarter.
Additionally, we incurred $3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in Ireland.
Our financing activities during the year ended March 31, 2009 provided cash of $46.2 million as compared to $2.1 million during the same period in the prior year.
Cash provided by financing activities for the year ended March 31, 2009 was primarily comprised of $42.0 million in net proceeds related to our August 2008 public offering and $5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan.
Capital expenditures for fiscal 2010 are estimated to be $2.5 to $3.0 million, which relate primarily to our planned manufacturing capacity increases for Impella in Germany, our expansion in Ireland, and software development projects.
Our liquidity is influenced by our ability to sell our products in a competitive industry and our customers’ ability to pay for our products.
Factors that may affect liquidity include our ability to penetrate the market for our products, maintain or reduce the length of the selling cycle, and collect cash from clients after our products are sold.
Exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products, we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future.
We believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures, working capital, and other cash requirements at least through the next 12 months.
We continue to review our long-term cash needs on a regular basis.
Currently, we have no debt outstanding.
Contractual Obligations and Commercial Commitments The following table summarizes our contractual obligations at March 31, 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods.
## Table 0 ##
(1) Contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials.
We have no long-term debt, capital leases or other material commitments for open purchase orders and clinical trial agreements at March 31, 2009 other than those shown in the table above.
In May 2005, we acquired all the shares of outstanding capital stock of Impella CardioSystems AG, a company headquartered in Aachen, Germany.
The aggregate purchase price excluding contingent payments, was approximately $45.1 million, which consisted of $42.2 million of our common stock, $1.6 million of cash paid to certain former shareholders of Impella and $1.3 million of transaction costs, consisting primarily of fees paid for financial advisory and legal services.
At the time of the transaction, we agreed to make additional contingent payments to Impella’s former shareholders based on additional milestone payments related to product sales and FDA approvals in the amount of up to $16.8 million.
In January 2007 upon the sale of 1,000 Impella units, we paid $5.6 million in the form of common stock.
In June 2008 we received 510(k) clearance of our Impella 2.5, and we paid $5.6 million in the form of common stock.
In April 2009, we received 501(k) clearance of our Impella 5.0, triggering an obligation to make the final$5.6 million milestone payment.
On May 15, 2009, we paid $1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664,612 shares of our common stock.
This contingent payment will result in an increase to the carrying value of goodwill.
In June 2008, we amended the lease for our facility in Danvers, Massachusetts.
The amendment extended the lease from February 28, 2010 to February 28, 2016.
The lease continues to be accounted for as an operating lease.
The amendment changed the rent payments under the lease from $64,350 per month to the following schedule: ?
The base rent for July 2008 through October 2008 was $0 per month; ?
The base rent for November 2008 through June 2010 is $40,000 per month; ?
The base rent for July 2010 through February 2014 will be $64,350 per month; and ?
The base rent for March 2014 through February 2016 will be $66,000 per month.
METLIFE, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) mortality risk on its individual universal life policies issued since 1983.
Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specific characteristics.
In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages.
The Company routinely reinsures certain classes of risks in order to limit its exposure to particular travel, avocation and lifestyle hazards.
The Company has exposure to catastrophes, which could contribute to significant fluctuations in the Company’s results of operations.
The Company uses excess of retention and quota share reinsurance arrangements to provide greater diversification of risk and minimize exposure to larger risks.
The Company had also protected itself through the purchase of combination risk coverage.
This reinsurance coverage pooled risks from several lines of business and included individual and group life claims in excess of $2 million per policy, as well as excess property and casualty losses, among others.
This combination risk coverage was commuted during 2005.
The Company reinsures its business through a diversified group of reinsurers.
No single unaffiliated reinsurer has a material obligation to the Company nor is the Company’s business substantially dependent upon any reinsurance contracts.
The Company is contingently liable with respect to ceded reinsurance should any reinsurer be unable to meet its obligations under these agreements.
In the Reinsurance Segment, Reinsurance Group of America, Incorporated (“RGA”) retains a maximum of $6 million of coverage per individual life with respect to its assumed reinsurance business.
The amounts in the consolidated statements of income are presented net of reinsurance ceded.
Information regarding the effect of reinsurance is as follows:
## Table 1 ##
Reinsurance recoverables, included in premiums and other receivables, were $10.2 billion and $8.5 billion at December 31, 2006 and 2005, respectively, including $1.2 billion and $1.3 billion, respectively, relating to reinsurance of long-term GICs and structured settlement lump sum contracts accounted for as a financing transaction; $3.0 billion and $2.8 billion at December 31, 2006 and 2005, respectively, relating to reinsurance on the run-off of long-term care business written by Travelers; and $1.3 billion and $1.4 billion at December 31, 2006 and 2005, respectively, relating to reinsurance on the run-off of workers compensation business written by Travelers.
Reinsurance and ceded commissions payables, included in other liabilities, were $275 million and $276 million at December 31, 2006 and 2005, respectively.
For the years ended December 31, 2006, 2005 and 2004, reinsurance ceded and assumed include affiliated transactions of $624 million, $670 million, and $579 million, respectively, and $1.4 billion at December 31, 2006, relating to the reinsurance of investment-type contracts held by small market defined contribution plans.9.
Closed Block On April 7, 2000 (the “Demutualization Date”), Metropolitan Life converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc.
The conversion was pursuant to an order by the New York Superintendent of Insurance (the “Superintendent”) approving Metropolitan Life’s plan of reorganization, as amended (the “Plan”).
On the Demutualization Date, Metropolitan Life established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life.
Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.
At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales.
Dividend scales are adjusted periodically to give effect to changes in experience.
The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block.
To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued.
Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders.
If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block.
The closed block will continue in effect as long as any policy in the closed block remains in-force.
The expected life of the closed block is over 100 years.
The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date.
However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below.
The excess of closed block liabilities over closed block assets at the effective date of the demutualization (adjusted to eliminate the impact of related amounts in accumulated other comprehensive income) represents
Corporate Fixed Maturity Securities.
The table below shows the major industry types that comprise the corporate fixed maturity holdings at:
## Table 2 ##
(1) Includes U. S.  dollar-denominated debt obligations of foreign obligors and other foreign investments.
The Company maintains a diversified corporate fixed maturity portfolio across industries and issuers.
The portfolio does not have exposure to any single issuer in excess of 1% of the total invested assets of the portfolio.
At December 31, 2006 and 2005, the Company’s combined holdings in the ten issuers to which it had the greatest exposure totaled $6.8 billion and $6.2 billion, respectively, each less than 3% of the Company’s total invested assets at such dates.
The exposure to the largest single issuer of corporate fixed maturity securities held at December 31, 2006 and 2005 was $970 million and $943 million, respectively.
The Company has hedged all of its material exposure to foreign currency risk in its corporate fixed maturity portfolio.
In the Company’s international insurance operations, both its assets and liabilities are generally denominated in local currencies.
Structured Securities.
The following table shows the types of structured securities the Company held at:
## Table 3 ##
The majority of the residential mortgage-backed securities are guaranteed or otherwise supported by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association.
At December 31, 2006 and 2005, $51.0 billion and $46.3 billion, respectively, or 99% and 98%, respectively, of the residential mortgage-backed securities were rated Aaa/AAA by Moody’s, S&P or Fitch.
At December 31, 2006 and 2005, $13.8 billion and $13.3 billion, respectively, or 83% and 75%, respectively, of the commercial mortgage-backed securities were rated Aaa/AAA by Moody’s, S&P or Fitch.
The Company’s asset-backed securities are diversified both by sector and by issuer.
Credit card receivables and home equity loans, accounting for about 35% and 22% of the total holdings, respectively, constitute the largest exposures in the Company’s asset-backed securities portfolio.
At December 31, 2006 and 2005, $8.0 billion and $6.1 billion, respectively, or 57% and 53%, respectively, of total asset-backed securities were rated Aaa/AAA by Moody’s, S&P or Fitch.
Structured Investment Transactions.
The Company participates in structured investment transactions which enhance the Company’s total return on its investment portfolio principally by providing equity-based returns on debt securities through structured notes and similar instruments.
The carrying value of such investments, included in fixed maturity securities, was $354 million and $362 million at December 31, 2006 and 2005, respectively.
The related net investment income recognized was $43 million, $28 million and $45 million for the years ended December 31, 2006, 2005 and 2004, respectively.
Trading Securities During 2005, the Company established a trading securities portfolio to support investment strategies that involve the active and frequent purchase and sale of securities, the execution of short sale agreements and asset and liability matching strategies for certain insurance products.
Trading securities and short sale agreement liabilities are recorded at fair value with subsequent changes in fair value recognized in net investment income related to fixed maturity securities.
At December 31, 2006 and 2005, trading securities were $759 million and $825 million, respectively, and liabilities associated with the short sale agreements in the trading securities portfolio, which were included in other liabilities, were $387 million and $460 million, respectively.
The Company had pledged $614 million and $375 million of its assets, primarily consisting of trading securities, as collateral to secure the liabilities associated with the short sale agreements in the trading securities portfolio for the years ended December 31, 2006 and 2005, respectively.
As part of the acquisition of Travelers on July 1, 2005, the Company acquired Travelers’ investment in Tribeca Citigroup Investments Ltd.  (“Tribeca”).
Tribeca was a feeder fund investment structure whereby the feeder fund invests substantially all of its assets in the master fund, Tribeca Global Convertible Instruments Ltd.
The primary investment objective of the master fund is to achieve enhanced risk-adjusted
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) The following table presents a summary of Restricted Stock Unit activity for the year ended December 31, 2010:

<table><tr><td></td><td>Payments Due By Fiscal Year  (in $000’s)</td></tr><tr><td>Contractual Obligations</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>Operating Lease Commitments</td><td>$10,690</td><td>$2,313</td><td>$4,267</td><td>$2,592</td><td>$1,518</td></tr><tr><td>Contractual Obligations -1</td><td>9,457</td><td>4,619</td><td>4,838</td><td>—</td><td>—</td></tr><tr><td>Total Obligations</td><td>$20,147</td><td>$6,932</td><td>$9,105</td><td>$2,592</td><td>$1,518</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Direct premiums</td><td>$23,324</td><td>$22,232</td><td>$20,126</td></tr><tr><td>Reinsurance assumed</td><td>5,918</td><td>5,316</td><td>4,506</td></tr><tr><td>Reinsurance ceded</td><td>-2,830</td><td>-2,688</td><td>-2,432</td></tr><tr><td>Net premiums</td><td>$26,412</td><td>$24,860</td><td>$22,200</td></tr><tr><td>Reinsurance recoverables netted against policyholder benefits and claims</td><td>$2,313</td><td>$2,400</td><td>$1,813</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2006</td><td colspan="2"> December 31, 2005</td></tr><tr><td></td><td> Estimated   Fair Value</td><td>% of Total</td><td> Estimated   Fair Value</td><td> % of   Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Industrial</td><td>$39,535</td><td>35.5%</td><td>$41,332</td><td>37.7%</td></tr><tr><td>Foreign-1</td><td>35,769</td><td>32.1</td><td>34,981</td><td>31.9</td></tr><tr><td>Finance</td><td>21,746</td><td>19.5</td><td>19,222</td><td>17.6</td></tr><tr><td>Utility</td><td>13,105</td><td>11.8</td><td>12,633</td><td>11.6</td></tr><tr><td>Other</td><td>1,264</td><td>1.1</td><td>1,323</td><td>1.2</td></tr><tr><td>Total</td><td>$111,419</td><td>100.0%</td><td>$109,491</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2006</td><td colspan="2"> December 31, 2005</td></tr><tr><td></td><td> Estimated   Fair Value</td><td>% of Total</td><td> Estimated   Fair Value</td><td> % of   Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Residential mortgage-backed securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Collateralized mortgage obligations</td><td>$33,034</td><td>40.2%</td><td>$29,679</td><td>38.8%</td></tr><tr><td>Pass-through securities</td><td>18,632</td><td>22.7</td><td>17,567</td><td>23.0</td></tr><tr><td>Total residential mortgage-backed securities</td><td>51,666</td><td>62.9</td><td>47,246</td><td>61.8</td></tr><tr><td>Commercial mortgage-backed securities</td><td>16,605</td><td>20.2</td><td>17,698</td><td>23.1</td></tr><tr><td>Asset-backed securities</td><td>13,889</td><td>16.9</td><td>11,573</td><td>15.1</td></tr><tr><td>Total</td><td>$82,160</td><td>100.0%</td><td>$76,517</td><td>100.0%</td></tr></table>

Question: What's the increasing rate of Pass-through securities of estimated fair value in 2006? (in %)
Answer: 0.06063