PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer.
As of both December 31, 2016 and 2015, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U. S.  government, certain U. S.  government agencies and certain securities guaranteed by the U. S.  government, as well as the securities disclosed below.
## Table 0 ##
Commercial Mortgage and Other Loans The Company’s commercial mortgage and other loans are comprised as follows, as of the dates indicated:
## Table 1 ##
(1) Includes loans held at fair value.
In order to capitalize on the growth opportunities in our domestic and international markets highlighted above, we continue to make investments in and across our businesses.
We are investing in expanding our distribution capabilities through a focus on customer experience and technology enabled advice and distribution, cross-business collaboration, further development of work site relationships with individuals and expanding our ability to offer relevant products and services to customers through whichever channels they choose.
We are also investing in product innovation, through the use of data and digital initiatives to better understand and serve the needs of a customer base with changing demographics, to achieve a goal of offering a broader array of cost effective and easily comprehensible products.
In addition, we are making investments in our information technology infrastructure in order to streamline processes and enhance the effectiveness of our administrative systems.
While we expect these strategic investments to ultimately generate business growth, they will result in elevated expenses in the nearterm.
In addition, we expect the time periods required for these investments to generate returns to vary.
These investments are being funded through a combination of operating cost efficiencies and the returns generated by our businesses, and we expect to be able to continue to absorb some of these investment costs through efficiency gains.
Results of Operations Consolidated Results of Operations The following table summarizes net income (loss) for the periods presented.
## Table 2 ##
2016 to 2015 Annual Comparison.
The decrease in “Income (loss) from continuing operations” reflected the following notable items: ?
$980 million unfavorable variance, on a pre-tax basis, from adjustments to DAC and other costs as well as reserves, reflecting updates to the estimated profitability of our businesses, including the impact of our annual reviews and update of assumptions and other refinements.
This excludes the impact associated with the variable annuity hedging program discussed below (see “—Results of Operations by Segment—U.
S.  Retirement Solutions and Investment Management Division—Individual Annuities” for additional information); ?
$972 million unfavorable variance, on a pre-tax basis, reflecting our decision to manage a portion of our interest rate risk through our Capital Protection Framework (see “—Results of Operations by Segment—Corporate and Other—Capital Protection Framework” for additional information); and ?
$479 million lower net pre-tax realized gains for PFI excluding the Closed Block division, and excluding the impact of the hedging program associated with certain variable annuities, which is discussed below (see “—Realized Investment Gains (Losses)” for additional information).
Partially offsetting these decreases in “Income (loss) from continuing operations” were the following items: ?
$737 million favorable impact of lower tax expense reflecting lower pre-tax income in 2016 compared to 2015; and ?
$660 million favorable variance, on a pre-tax basis, reflecting the net impact from changes in the value of our embedded derivatives and related hedge positions associated with certain variable annuities and other products (see “—Results of Operations by Segment—U.
S.  Retirement Solutions and Investment Management Division—Individual Annuities—Variable Annuity Risks and Risk Mitigants” for additional information).2015 to 2014 Annual Comparison.
The increase in “Income (loss) from continuing operations” reflected the following notable items: ?
$3,136 million higher net pre-tax earnings primarily resulting from the 2014 impact of foreign currency exchange rate movements on certain assets and liabilities within our Japanese insurance operations (see “—Impact of Foreign Currency Exchange Rates— Impact of products denominated in non-local currencies on U. S.  GAAP earnings” for additional information); ?
$3,041 million favorable variance, on a pre-tax basis, reflecting our decision to manage a portion of our interest rate risk through our Capital Protection Framework (see “—Results of Operations by Segment—Corporate and Other—Capital Protection Framework” for additional information);
Net gains on sales and maturities of fixed maturity securities were $1,536 million in 2015 primarily due to net gains of $511 million on sales and maturities of U. S.  dollar-denominated securities within our International Insurance segment, and gains of $852 million associated with foreign exchange remeasurement on assets that were transferred under the new structure in Gibraltar Life.
These gains were partially offset by OTTI of $97 million.
Net gains on sales and maturities of fixed maturity securities of $827 million in 2014 were primarily due to sales and maturities of U. S.  dollar-denominated securities within our International Insurance segment.
These gains were partially offset by OTTI of $36 million.
See below for additional information regarding the OTTI of fixed maturity securities in 2015 and 2014.
Net realized gains on equity securities were $4 million and $81 million for the years ended December 31, 2015 and 2014, respectively, primarily driven by gains on sales within our International Insurance segment.
These gains were partially offset by OTTI of $111 million and $26 million for the years ended December 31, 2015 and 2014, respectively.
See below for additional information regarding the OTTI of equity securities in 2015 and 2014.
Net realized gains on commercial mortgage and other loans for the year ended December 31, 2015 were $36 million, primarily driven by servicing revenue of $31 million in our Asset Management business and a net decrease in the allowance for losses of $5 million.
Net realized gains on commercial mortgage and other loans were $79 million for the year ended December 31, 2014 and were primarily driven by a net decrease in the allowance for losses of $65 million, including the impact of assumption updates.
For additional information regarding our allowance for losses, see “—General Account Investments—Commercial Mortgage and Other Loans—Commercial Mortgage and Other Loan Quality” below.
Net realized gains on derivatives were $1,775 million in 2015, compared to net realized losses of $445 million in 2014.
The net gains in 2015 primarily reflect $995 million of gains on product-related embedded derivatives and related hedge positions mainly associated with certain variable annuity contracts, $326 million of gains on interest rate derivatives used to manage duration as interest rates decreased, $345 million of gains on foreign currency derivatives used to hedge foreign denominated investments as the U. S.  dollar strengthened against various currencies and $159 million of gains primarily representing fees earned on fee-based GICs which are accounted for as derivatives.
The net derivative losses in 2014 primarily reflect net losses of $2,627 million on product-related embedded derivatives and related hedge positions mainly associated with certain variable annuity contracts.
Also contributing were net losses of $500 million on foreign-currency derivatives used to hedge portfolio assets in our Japan business, primarily due to the weakening of the Japanese yen against the U. S.  dollar and other currencies.
These losses were partially offset by gains of $1,502 million on interest rate derivatives used to manage duration as long-term interest rates decreased, $869 million of gains on other foreign-currency derivatives primarily associated with hedges of portfolio assets in our U. S.  business and hedges of future income of non-U.
S.  businesses (predominantly in Japan) as the U. S.  dollar strengthened against various currencies and $166 million of gains of fees earned on fee-based GICs.
Net realized losses within other investments were $54 million in 2015 primarily driven by OTTI of $121 million on investments in limited partnerships, partially offset by gains of $40 million on sales of real estate.
Net realized gains on other investments were $7 million in 2014 and included net gains of $28 million, primarily from our Asset Management and International Insurance segments, partially offset by OTTI of $21 million on real estate and joint ventures and limited partnership investments.
See below for additional information regarding the OTTI of other invested assets in 2015 and 2014.
Related adjustments for 2015 included net negative related adjustments of $934 million primarily driven by settlements on interest rate and currency derivatives.
Results for 2014 included net negative related adjustments of $4,063 million primarily driven by the impact of foreign-currency exchange rate movements on certain non-yen denominated assets and liabilities within our Japan insurance operations and by settlements on interest rate and currency derivatives.
We implemented a structure in Gibraltar Life, effective for financial reporting beginning in the first quarter of 2015, which has minimized volatility in reported U. S.  GAAP earnings arising from foreign currency remeasurement.
For additional information, see “—Results of Operations—Impact of Foreign Currency Exchange Rates” above.
Related charges for 2015 and 2014 included net related charges of $679 million and $542 million, respectively.
Both periods’ results were driven by the impact of derivative activity on the amortization of DAC and other costs and certain policyholder reserves.
The following tables set forth, for the periods indicated, the composition of OTTI recorded in earnings attributable to the PFI excluding the Closed Block division by asset type and for fixed maturity securities by reason:
## Table 3 ##
(1) Includes OTTI related to investments in joint ventures and limited partnerships and real estate investments.
(2) Excludes the portion of OTTI recorded in “Other comprehensive income (loss),” representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment.
The following table details the growth in the global and North American cruise markets in terms of cruise passengers and

<table><tr><td></td><td colspan="2">December 31, 2016</td><td colspan="2">December 31, 2015</td></tr><tr><td></td><td>AmortizedCost</td><td>FairValue</td><td>AmortizedCost</td><td>FairValue</td></tr><tr><td></td><td colspan="4">(in millions)</td></tr><tr><td>Investments in Japanese government and government agency securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-sale</td><td>$60,240</td><td>$73,051</td><td>$53,851</td><td>$61,911</td></tr><tr><td>Fixed maturities, held-to-maturity</td><td>818</td><td>1,075</td><td>796</td><td>988</td></tr><tr><td>Trading account assets supporting insurance liabilities</td><td>537</td><td>550</td><td>492</td><td>502</td></tr><tr><td>Other trading account assets</td><td>16</td><td>16</td><td>33</td><td>33</td></tr><tr><td>Total</td><td>$61,611</td><td>$74,692</td><td>$55,172</td><td>$63,434</td></tr><tr><td></td><td colspan="2">December 31, 2016</td><td colspan="2">December 31, 2015</td></tr><tr><td></td><td>AmortizedCost</td><td>FairValue</td><td>AmortizedCost</td><td>FairValue</td></tr><tr><td></td><td colspan="4">(in millions)</td></tr><tr><td>Investments in South Korean government and government agency securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-sale</td><td>$7,581</td><td>$9,435</td><td>$7,191</td><td>$9,233</td></tr><tr><td>Fixed maturities, held-to-maturity</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Trading account assets supporting insurance liabilities</td><td>44</td><td>44</td><td>44</td><td>44</td></tr><tr><td>Other trading account assets</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Total</td><td>$7,625</td><td>$9,479</td><td>$7,235</td><td>$9,277</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2016</td><td colspan="2">December 31, 2015</td></tr><tr><td></td><td>Amount(in millions)</td><td>% ofTotal</td><td>Amount(in millions)</td><td>% ofTotal</td></tr><tr><td>Commercial mortgage and agricultural property loans by property type:</td><td></td><td></td><td></td><td></td></tr><tr><td>Office</td><td>$12,424</td><td>23.9%</td><td>$11,226</td><td>22.9%</td></tr><tr><td>Retail</td><td>8,555</td><td>16.5</td><td>8,917</td><td>18.2</td></tr><tr><td>Apartments/Multi-Family</td><td>13,733</td><td>26.4</td><td>12,034</td><td>24.5</td></tr><tr><td>Industrial</td><td>8,075</td><td>15.5</td><td>7,775</td><td>15.9</td></tr><tr><td>Hospitality</td><td>2,274</td><td>4.4</td><td>2,513</td><td>5.1</td></tr><tr><td>Other</td><td>3,966</td><td>7.6</td><td>3,722</td><td>7.6</td></tr><tr><td>Total commercial mortgage loans</td><td>49,027</td><td>94.3</td><td>46,187</td><td>94.2</td></tr><tr><td>Agricultural property loans</td><td>2,958</td><td>5.7</td><td>2,859</td><td>5.8</td></tr><tr><td>Total commercial mortgage and agricultural property loans by property type</td><td>51,985</td><td>100.0%</td><td>49,046</td><td>100.0%</td></tr><tr><td>Valuation allowance</td><td>-98</td><td></td><td>-99</td><td></td></tr><tr><td>Total net commercial mortgage and agricultural property loans by property type</td><td>51,887</td><td></td><td>48,947</td><td></td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td></tr><tr><td>Uncollateralized loans</td><td>638</td><td></td><td>1,012</td><td></td></tr><tr><td>Residential property loans</td><td>252</td><td></td><td>301</td><td></td></tr><tr><td>Other collateralized loans</td><td>10</td><td></td><td>312</td><td></td></tr><tr><td>Total other loans</td><td>900</td><td></td><td>1,625</td><td></td></tr><tr><td>Valuation allowance</td><td>-8</td><td></td><td>-13</td><td></td></tr><tr><td>Total net other loans</td><td>892</td><td></td><td>1,612</td><td></td></tr><tr><td>Total commercial mortgage and other loans-1</td><td>$52,779</td><td></td><td>$50,559</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Revenues</td><td>$58,779</td><td>$57,119</td><td>$54,105</td></tr><tr><td>Benefits and expenses</td><td>53,074</td><td>49,350</td><td>52,346</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>5,705</td><td>7,769</td><td>1,759</td></tr><tr><td>Income tax expense (benefit)</td><td>1,335</td><td>2,072</td><td>349</td></tr><tr><td>Income (loss) from continuing operations before equity in earnings of operating joint ventures</td><td>4,370</td><td>5,697</td><td>1,410</td></tr><tr><td>Equity in earnings of operating joint ventures, net of taxes</td><td>49</td><td>15</td><td>16</td></tr><tr><td>Income (loss) from continuing operations</td><td>4,419</td><td>5,712</td><td>1,426</td></tr><tr><td>Income (loss) from discontinued operations, net of taxes</td><td>0</td><td>0</td><td>12</td></tr><tr><td>Net income (loss)</td><td>4,419</td><td>5,712</td><td>1,438</td></tr><tr><td>Less: Income attributable to noncontrolling interests</td><td>51</td><td>70</td><td>57</td></tr><tr><td>Net income (loss) attributable to Prudential Financial, Inc.</td><td>$4,368</td><td>$5,642</td><td>$1,381</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Public fixed maturity securities</td><td>$31</td><td>$22</td></tr><tr><td>Private fixed maturity securities</td><td>66</td><td>14</td></tr><tr><td>Total fixed maturity securities</td><td>97</td><td>36</td></tr><tr><td>Equity securities</td><td>111</td><td>26</td></tr><tr><td>Other invested assets-1</td><td>121</td><td>21</td></tr><tr><td>Total-2</td><td>$329</td><td>$83</td></tr></table>

Question: In the year with the most Fixed maturities, available-for-sale, what is the growth rate of Trading account assets supporting insurance liabilities?
Answer: 0.08556