return by investing in domestic and foreign equities and equity-related securities utilizing such strategies as convertible securities arbitrage.
At December 31, 2005, MetLife was the majority owner of the feeder fund and consolidated the fund within its consolidated financial statements.
At December 31, 2005, $452 million of trading securities and $190 million of the short sale agreements were related to Tribeca.
Net investment income related to the trading activities of Tribeca, which included interest and dividends earned and net realized and unrealized gains (losses), was $12 million and $6 million for the six months ended June 30, 2006 and the year ended December 31, 2005.
During the second quarter of 2006, MetLife’s ownership interests in Tribeca declined to a position whereby Tribeca is no longer consolidated and, as of June 30, 2006, was accounted for under the equity method of accounting.
The equity method investment at December 31, 2006 of $82 million was included in other limited partnership interests.
Net investment income related to the Company’s equity method investment in Tribeca was $9 million for the six months ended December 31, 2006.
During the years ended December 31, 2006 and 2005, interest and dividends earned on trading securities in addition to the net realized and unrealized gains (losses) recognized on the trading securities and the related short sale agreement liabilities totaled $71 million and $14 million, respectively.
Changes in the fair value of such trading securities and short sale agreement liabilities, totaled $26 million and less than a million for the years ended December 31, 2006 and 2005, respectively.
The Company did not have any trading securities during the year ended December 31, 2004.
Mortgage and Consumer Loans The Company’s mortgage and consumer loans are principally collateralized by commercial, agricultural and residential properties, as well as automobiles.
Mortgage and consumer loans comprised 12.7% and 12.2% of the Company’s total cash and invested assets at December 31, 2006 and 2005, respectively.
The carrying value of mortgage and consumer loans is stated at original cost net of repayments, amortization of premiums, accretion of discounts and valuation allowances.
The following table shows the carrying value of the Company’s mortgage and consumer loans by type at:
## Table 0 ##
Commercial Mortgage Loans.
The Company diversifies its commercial mortgage loans by both geographic region and property type.
The following table presents the distribution across geographic regions and property types for commercial mortgage loans at:
## Table 1 ##
Net Investment Gains (Losses) Net investment losses increased by $1,296 million to a loss of $1,382 million for the year ended December 31, 2006 from a loss of $86 million for the comparable 2005 period.
Excluding the impact of the acquisition of Travelers, which contributed a loss of $294 million during the first six months of 2006 to the year over year increase, net investment losses increased by $1,002 million.
The increase in net investment losses was due to a combination of losses from the mark-to-market on derivatives and foreign currency transaction losses during 2006, largely driven by increases in U. S.  interest rates and the weakening of the dollar against the major currencies the Company hedges, notably the euro and pound sterling.
Underwriting Underwriting results are generally the difference between the portion of premium and fee income intended to cover mortality, morbidity or other insurance costs, less claims incurred, and the change in insurance-related liabilities.
Underwriting results are significantly influenced by mortality, morbidity or other insurance-related experience trends and the reinsurance activity related to certain blocks of business and, as a result, can fluctuate from period to period.
Underwriting results were favorable within the life products in the Individual segment, as well as in the Reinsurance segment, and in the group life and non-medical health & other products in the Institutional segment.
Retirement & saving’s underwriting results were mixed across several products in the Institutional segment.
Underwriting results, excluding catastrophes, in the Auto & Home segment were favorable for the year ended December 31, 2006, as the combined ratio, excluding catastrophes, decreased to 82.8% from 86.7% for the year ended December 31, 2005.
Underwriting results in the International segment increased commensurate with the growth in the business for most countries with the exception of Brazil, which experienced unfavorable claim experience, and Argentina, which experienced improved claim experience.
Other Expenses Other expenses increased by $1,519 million, or 16%, to $10,783 million for the year ended December 31, 2006 from $9,264 million for the comparable 2005 period.
Excluding the impact of the acquisition of Travelers, which contributed $605 million during the first six months of 2006 to the year over year increase, other expenses increased by $914 million.
The year ended December 31, 2006 includes a $35 million contribution to the MetLife Foundation.
The year ended December 31, 2005 included a $28 million benefit associated with the reduction of a previously established real estate transfer tax liability related to MLIC’s demutualization in 2000.
Excluding these items and the acquisition of Travelers, other expenses increased by $851 million from the comparable 2005 period.
The following table provides the change in other expenses by segment, excluding Travelers, and certain transactions as mentioned above:
## Table 2 ##
The International segment contributed to the year over year increase in other expenses primarily due to business growth commensurate with the increase in revenues discussed above and changes in foreign currency exchange rates.
This was driven by the following factors: ?
Taiwan’s other expenses increased due to an increase in amortization of DAC, due to a loss recognition adjustment, refinements associated with the implementation of a new valuation system and a restructuring charge.  ?
Mexico’s other expenses increased due to an increase in commissions commensurate with the revenue growth, higher DAC amortization, higher expenses related to growth initiatives and additional expenses associated with the Mexican pension business, partially offset by the unfavorable impact of contingent liabilities that were established in the prior year related to potential employment matters and which were eliminated in the current year.  ?
South Korea’s other expenses increased due to an increase in DAC amortization and general expenses, partially offset by a decrease in DAC amortization associated with the implementation of a more refined reserve valuation system.  ?
Brazil’s other expenses increased due to an increase in litigation liabilities.  ?
Other expenses associated with the home office increased due to an increase in expenditures for information technology projects, growth initiative projects and integration costs, as well as an increase in compensation expense.  ?
In addition, expenses were incurred related to the start-up of operations in Ireland.
Corporate & Other contributed to the year over year variance in other expenses primarily due to higher interest expense, corporate support expenses, interest credited to bankholder deposits at MetLife Bank and legal-related costs, partially offset by lower integration costs.
The Reinsurance segment also contributed to the increase in other expenses primarily due to an increase in expenses associated with DAC, interest expense and minority interest, as well as an increase in compensation, including equity compensation expense and overhead-related expenses.
The Institutional segment contributed to the year over year increase primarily due to an increase in non-deferrable volume-related expenses, a charge associated with costs related to the sale of certain small market recordkeeping businesses, a charge associated with non-deferrable LTC commissions expense and a charge associated with costs related to a previously announced regulatory settlement, all within the current year, partially offset by the reduction in Travelers-related integration costs, principally incentive accruals and an adjustment of DAC for certain LTC products.
Retirement Products.
PABs are held for fixed deferred annuities and the fixed account portion of variable annuities, for certain income annuities, and for certain portions of guaranteed benefits.
PABs are credited interest at a rate set by the Company.
Credited rates for deferred annuities are influenced by current market rates, and most of these contracts have a minimum guaranteed rate between 1.0% and 4.0%.
See “— Variable Annuity Guarantees.
” Corporate Benefit Funding.
PABs are comprised of funding agreements.
Interest crediting rates vary by type of contract, and can be fixed or variable.
Variable interest crediting rates are generally tied to an external index, most commonly (1-month or 3-month) LIBOR.
MetLife is exposed to interest rate risks, and foreign exchange risk when guaranteeing payment of interest and return of principal at the contractual maturity date.
The Company may invest in floating rate assets, or enter into floating rate swaps, also tied to external indices, as well as caps to mitigate the impact of changes in market interest rates.
The Company also mitigates its risks by implementing an asset/liability matching policy and seeks to hedge all foreign currency risk through the use of foreign currency hedges, including cross currency swaps.
Japan and Other International Regions.
PABs are held largely for fixed income retirement and savings plans in Japan and Latin America and to a lesser degree, amounts for unit-linked-type funds in certain countries across all regions that do not meet the GAAP definition of separate accounts.
Also included are certain liabilities for retirement and savings products sold in certain countries in Japan and Asia Pacific that generally are sold with minimum credited rate guarantees.
Liabilities for guarantees on certain variable annuities in Japan and Asia Pacific are established in accordance with derivatives and hedging guidance and are also included within PABs.
These liabilities are generally impacted by sustained periods of low interest rates, where there are interest rate guarantees.
The Company mitigates its risks by implementing an asset/liability matching policy and by hedging its variable annuity guarantees.
Liabilities for unit-linked-type funds are impacted by changes in the fair value of the associated underlying investments, as the return on assets is generally passed directly to the policyholder.
See “— Variable Annuity Guarantees.
” Variable Annuity Guarantees The Company issues, directly and through assumed reinsurance, certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i. e. , the benefit base) less withdrawals.
See Notes 1 and 8 of the Notes to the Consolidated Financial Statements for additional information.
The net amount at risk (“NAR”) for guarantees can change significantly during periods of sizable and sustained shifts in equity market performance, increased equity volatility, or changes in interest rates.
The NAR disclosed in Note 8 of the Notes to the Consolidated Financial Statements represents management’s estimate of the current value of the benefits under these guarantees if they were all exercised simultaneously at December 31, 2011 and 2010, respectively.
However, there are features, such as deferral periods and benefits requiring annuitization or death, that limit the amount of benefits that will be payable in the near future.
Guarantees, including portions thereof, accounted for as embedded derivatives, are recorded at estimated fair value and included in PABs.
Guarantees accounted for as embedded derivatives include guaranteed minimum accumulation benefits, the non life-contingent portion of guaranteed minimum withdrawal benefits (“GMWB”) and the portion of certain GMIB that do not require annuitization.
For more detail on the determination of estimated fair value, see Note 5 of the Notes to the Consolidated Financial Statements.
The table below contains the carrying value for guarantees included in PABs at:
## Table 3 ##
Included in net derivative gains (losses) for the years ended December 31, 2011 and 2010 were gains (losses) of ($1.3) billion and ($269) million, respectively, in embedded derivatives related to the change in estimated fair value of the guarantees.
The carrying amount of guarantees accounted for at estimated fair value includes an adjustment for nonperformance risk.
In connection with this adjustment, gains (losses) of $1.8 billion and ($96) million are included in the gains (losses) of ($1.3) billion and ($269) million in net derivative gains (losses) for the year ended December 31, 2011 and 2010, respectively.
The estimated fair value of guarantees accounted for as embedded derivatives can change significantly during periods of sizable and sustained shifts in equity market performance, equity volatility, interest rates or foreign exchange rates.
Additionally, because the estimated fair value for guarantees accounted for at estimated fair value includes an adjustment for nonperformance risk, a decrease in the Company’s credit spreads could cause the value of these liabilities to increase.
Conversely, a widening of the Company’s credit spreads could cause the value of these liabilities to decrease.
The Company uses derivative instruments and reinsurance to mitigate the liability exposure, risk of loss and the volatility of net income associated with these liabilities.
The derivative instruments used are primarily equity and treasury futures, equity options and variance swaps, and interest rate swaps.
The change in valuation arising from the nonperformance risk is not hedged.
MetLife, Inc.  lends funds, as necessary, to its subsidiaries, some of which are regulated, to meet their capital requirements.
Such loans are included in loans to subsidiaries and consisted of the following at:
## Table 4 ##
(1) In April 2011, MLIC repaid in cash the $775 million surplus note issued to MetLife, Inc.  in December 2009.
The early redemption was approved by the New York Superintendent of Insurance.
(2) On December 15, 2011, MLIC repaid in cash the $400 million and $100 million capital notes issued to MetLife, Inc.  in December 2002.
In September and November 2011, American Life issued notes to MetLife, Inc.  for $100 million and $270 million, respectively.
American Life repaid both notes during the fourth quarter of 2011.
Debt Repayments.
In December 2011, MetLife, Inc.  repaid the $750 million senior note with an interest rate of 6.13%.
MetLife, Inc.  intends to repay all or refinance in whole or in part the debt that is due in 2012.
See “— MetLife, Inc.  — Liquidity and Capital Sources — Senior Notes.
” Support Agreements.
MetLife, Inc.  is party to various capital support commitments and guarantees with certain of its subsidiaries.
Under these arrangements, MetLife, Inc.  has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations.
In June 2011, MetLife, Inc.  guaranteed the obligations of its subsidiary, DelAm, under a stop loss reinsurance agreement with RGA Reinsurance (Barbados) Inc.  (“RGARe”), pursuant to which RGARe retrocedes to DelAm a portion of the whole life medical insurance business that RGARe assumed from American Life on behalf of its Japan branch.
Prior to the sale in April 2011 of its 50% interest in MSI MetLife to a third party, MetLife, Inc.  guaranteed the obligations of its subsidiary, Exeter Reassurance Company, Ltd.  (“Exeter”), under a reinsurance agreement with MSI MetLife, under which Exeter reinsures variable annuity business written by MSI MetLife.
This guarantee will remain in place until such time as the reinsurance agreement between Exeter and MSI MetLife is terminated, notwithstanding the April 2011 disposition of MetLife, Inc. ’s interest in MSI MetLife as described in Note 2 of the Notes to the Consolidated Financial Statements.
In March 2011, MetLife, Inc.  guaranteed the obligations of its subsidiary, Missouri Reinsurance (Barbados) Inc.  (“MoRe”), under a retrocession agreement with RGARe, pursuant to which MoRe retrocedes a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC.
In November 2010, MetLife, Inc.  guaranteed the obligations of Exeter in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife Europe Limited (“MEL”), under which Exeter reinsures the guaranteed living benefits and guaranteed death benefits associated with certain unitlinked annuity contracts issued by MEL.
In January 2010, MetLife, Inc.  guaranteed the obligations of MoRe, under a retrocession agreement with RGARe, pursuant to which MoRe retrocedes certain group term life insurance liabilities that it assumed from MLIC.
In December 2009, MetLife, Inc. , in connection with MetLife Reinsurance Company of Vermont’s (“MRV”) reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the third protected cell of MRV to maintain total adjusted capital equal to or greater than 200% of such protected cell’s authorized control level RBC, as defined in state insurance statutes.
See “— The Company — Liquidity and Capital Sources — Credit and Committed Facilities” and Note 11 of the Notes to the Consolidated Financial Statements.
MetLife, Inc. , in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause each of the two initial protected cells of MRV to maintain total adjusted capital equal to or greater than 200% of such protected cell’s authorized control level RBC, as defined in state insurance statutes.
See “— The Company — Liquidity and Capital Sources — Credit and Committed Facilities” and Note 11 of the Notes to the Consolidated Financial Statements.
MetLife, Inc. , in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital at a level of not less than 200% of the company action level RBC, as defined in state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance.
See “— The Company — Liquidity and Capital Sources — Debt Issuances and Other Borrowings” and Note 12 of the Notes to the Consolidated Financial Statements.
MetLife, Inc. , in connection with the collateral financing arrangement associated with MRSC’s reinsurance of universal life secondary guarantees, committed to the South Carolina Department of Insurance to take necessary action to cause MRSC to maintain total adjusted capital equal to the greater of $250,000 or 100% of MRSC’s authorized control level RBC, as defined in state insurance statutes.
See “— The Company — Liquidity and Capital Sources — Debt Issuances and Other Borrowings” and Note 12 of the Notes to the Consolidated Financial Statements.
MetLife, Inc.  has net worth maintenance agreements with two of its insurance subsidiaries, MLIIC and First MetLife Investors Insurance Company.
Under these agreements, as subsequently amended, MetLife, Inc.  agreed, without limitation as to the amount, to cause each of these subsidiaries to have a minimum capital and surplus of $10 million, total adjusted capital at a level not less than 150% of the company action level RBC, as defined by state insurance statutes, and liquidity necessary to enable it to meet its current obligations on a timely basis.
MetLife, Inc.  also guarantees the obligations of a number of its subsidiaries under credit facilities with third-party banks.
See Note 11 of the Notes to the Consolidated Financial Statements.
Adoption of New Accounting Pronouncements See Note 1 of the Notes to the Consolidated Financial Statements.
Table of Contents ?
Rugby is a vertical retail format featuring an aspirational lifestyle collection of apparel and accessories for men and women.
The brand is characterized by a youthful, preppy attitude which resonates throughout the line and the store experience.
In addition to generating sales of our products, our worldwide full-price stores set, reinforce and capitalize on the image of our brands.
Our stores range in size from approximately 800 to over 38,000 square feet.
These full-price stores are situated in major upscale street locations and upscale regional malls, generally in large urban markets.
We generally lease our stores for initial periods ranging from 5 to 10 years with renewal options.
Factory Retail Stores We extend our reach to additional consumer groups through our 191 Polo Ralph Lauren factory stores worldwide.
Our factory stores are generally located in outlet centers.
We generally lease our stores for initial periods ranging from 5 to 10 years with renewal options.
During Fiscal 2011, we added 19 new Polo Ralph Lauren factory stores, net, and assumed 2 factory stores in connection with the South Korea Licensed Operations Acquisition (see “Recent Developments” for further discussion).
We operated the following factory retail stores as of April 2, 2011:

<table><tr><td></td><td colspan="2">December 31, 2006</td><td colspan="2"> December 31, 2005</td></tr><tr><td></td><td> Carrying   Value</td><td>% of Total</td><td> Carrying   Value</td><td> % of   Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Commercial mortgage loans</td><td>$31,847</td><td>75.4%</td><td>$28,022</td><td>75.4%</td></tr><tr><td>Agricultural mortgage loans</td><td>9,213</td><td>21.8</td><td>7,700</td><td>20.7</td></tr><tr><td>Consumer loans</td><td>1,179</td><td>2.8</td><td>1,468</td><td>3.9</td></tr><tr><td>Total</td><td>$42,239</td><td>100.0%</td><td>$37,190</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> Carrying </td><td>% of</td><td> Carrying </td><td> % of </td></tr><tr><td></td><td> Value</td><td>Total</td><td> Value</td><td> Total</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td> Region</td><td></td><td></td><td></td><td></td></tr><tr><td>Pacific</td><td>$7,663</td><td>24.0%</td><td>$6,818</td><td>24.3%</td></tr><tr><td>South Atlantic</td><td>6,881</td><td>21.6</td><td>6,093</td><td>21.8</td></tr><tr><td>Middle Atlantic</td><td>4,858</td><td>15.3</td><td>4,689</td><td>16.7</td></tr><tr><td>East North Central</td><td>2,879</td><td>9.0</td><td>3,078</td><td>11.0</td></tr><tr><td>West South Central</td><td>2,631</td><td>8.3</td><td>2,069</td><td>7.4</td></tr><tr><td>New England</td><td>1,301</td><td>4.1</td><td>1,295</td><td>4.6</td></tr><tr><td>International</td><td>2,832</td><td>8.9</td><td>1,817</td><td>6.5</td></tr><tr><td>Mountain</td><td>859</td><td>2.7</td><td>861</td><td>3.1</td></tr><tr><td>West North Central</td><td>799</td><td>2.5</td><td>825</td><td>2.9</td></tr><tr><td>East South Central</td><td>452</td><td>1.4</td><td>381</td><td>1.4</td></tr><tr><td>Other</td><td>692</td><td>2.2</td><td>96</td><td>0.3</td></tr><tr><td>Total</td><td>$31,847</td><td>100.0%</td><td>$28,022</td><td>100.0%</td></tr><tr><td> Property Type</td><td></td><td></td><td></td><td></td></tr><tr><td>Office</td><td>$15,083</td><td>47.4%</td><td>$13,453</td><td>48.0%</td></tr><tr><td>Retail</td><td>6,552</td><td>20.6</td><td>6,398</td><td>22.8</td></tr><tr><td>Apartments</td><td>3,772</td><td>11.8</td><td>3,102</td><td>11.1</td></tr><tr><td>Industrial</td><td>2,850</td><td>8.9</td><td>2,656</td><td>9.5</td></tr><tr><td>Hotel</td><td>2,120</td><td>6.7</td><td>1,355</td><td>4.8</td></tr><tr><td>Other</td><td>1,470</td><td>4.6</td><td>1,058</td><td>3.8</td></tr><tr><td>Total</td><td>$31,847</td><td>100.0%</td><td>$28,022</td><td>100.0%</td></tr></table>
<table><tr><td></td><td></td><td>% of Total</td></tr><tr><td></td><td>$ Change (In millions)</td><td>$ Change</td></tr><tr><td>International</td><td>$326</td><td>38%</td></tr><tr><td>Corporate & Other</td><td>287</td><td>34</td></tr><tr><td>Reinsurance</td><td>236</td><td>28</td></tr><tr><td>Institutional</td><td>79</td><td>9</td></tr><tr><td>Auto & Home</td><td>17</td><td>2</td></tr><tr><td>Individual</td><td>-94</td><td>-11</td></tr><tr><td>Total change</td><td>$851</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td> 2011</td><td>2010</td></tr><tr><td></td><td colspan="2">(In millions)</td></tr><tr><td> U.S. Business:</td><td></td><td></td></tr><tr><td>Guaranteed minimum accumulation benefit</td><td>$52</td><td>$44</td></tr><tr><td>Guaranteed minimum withdrawal benefit</td><td>710</td><td>173</td></tr><tr><td>Guaranteed minimum income benefit</td><td>988</td><td>-51</td></tr><tr><td> International:</td><td></td><td></td></tr><tr><td>Guaranteed minimum accumulation benefit</td><td>694</td><td>454</td></tr><tr><td>Guaranteed minimum withdrawal benefit</td><td>2,000</td><td>1,936</td></tr><tr><td>Total</td><td>$4,444</td><td>$2,556</td></tr></table>
<table><tr><td></td><td></td><td></td><td colspan="2"> December 31,</td></tr><tr><td> Subsidiaries</td><td> Interest Rate</td><td> Maturity Date</td><td> 2011</td><td> 2010</td></tr><tr><td></td><td></td><td></td><td colspan="2"> (In millions)</td></tr><tr><td>Metropolitan Life Insurance Company -1</td><td>Six-month LIBOR + 1.80%</td><td>December 31, 2011</td><td>$—</td><td>$775</td></tr><tr><td>Metropolitan Life Insurance Company -2</td><td>7.13%</td><td>December 15, 2032</td><td>—</td><td>400</td></tr><tr><td>Metropolitan Life Insurance Company -2</td><td>7.13%</td><td>January 15, 2033</td><td>—</td><td>100</td></tr><tr><td>Total</td><td></td><td></td><td>$—</td><td>$1,275</td></tr></table>

Question: Which year is Agricultural mortgage loans at Carrying Value the most?
Answer: 2006