Stock Performance Graph The following graph compares the most recent five-year performance of the Company’s common stock with (1) the Standard & Poor’s (S&P) 500?
Index, (2) the S&P 500?
Materials Index, a group of 25 companies categorized by Standard & Poor’s as active in the “materials” market sector, (3) the S&P Aerospace & Defense Select Industry Index, a group of 33 companies categorized by Standard & Poor’s as active in the “aerospace & defense” industry and (4) the S&P 500?
Industrials Index, a group of 69 companies categorized by Standard & Poor’s as active in the “industrials” market sector.
The graph assumes, in each case, an initial investment of $100 on December 31, 2013, and the reinvestment of dividends.
Historical prices prior to the separation of Alcoa Corporation from the Company on November 1, 2016, have been adjusted to reflect the value of the Separation transaction.
The graph, table and related information shall not be deemed to be “filed” with the SEC, nor shall such information be incorporated by reference into future filings under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing.
Please note that the Company intends to replace the S&P 500?
Materials Index with the S&P Aerospace & Defense Select Industry Index and the S&P 500?
Industrials Index in subsequent stock performance graphs.
We believe that the companies and industries represented in the S&P Aerospace & Defense Select Industry Index and the S&P 500?
Industrials Index better reflect the markets in which the Company currently participates.
All three indices are represented in the graph below.
## Table 0 ##
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All rights reserved
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Commitments Leases In accordance with industry practice, certain of the Company’s income from lease agreements with retail tenants are contingent upon the level of the tenants’ revenues.
Additionally, the Company, as lessee, has entered into various lease and sublease agreements for office space, information technology and other equipment.
Future minimum rental and sublease income, and minimum gross rental payments relating to these lease agreements are as follows:
## Table 1 ##
During 2008, the Company moved certain of its operations in New York from Long Island City to New York City.
As a result of this movement of operations and current market conditions, which precluded the Company’s immediate and complete sublet of all unused space in both Long Island City and New York City, the Company incurred a lease impairment charge of $38 million which is included within other expenses in Banking, Corporate & Other.
The impairment charge was determined based upon the present value of the gross rental payments less sublease income discounted at a risk-adjusted rate over the remaining lease terms which range from 15-20 years.
The Company has made assumptions with respect to the timing and amount of future sublease income in the determination of this impairment charge.
During 2009, pending sublease deals were impacted by the further decline of market conditions, which resulted in an additional lease impairment charge of $52 million.
See Note 19 for discussion of $28 million of such charges related to restructuring.
Additional impairment charges could be incurred should market conditions deteriorate further or last for a period significantly longer than anticipated.
Commitments to Fund Partnership Investments The Company makes commitments to fund partnership investments in the normal course of business.
The amounts of these unfunded commitments were $4.1 billion and $4.5 billion at December 31, 2009 and 2008, respectively.
The Company anticipates that these amounts will be invested in partnerships over the next five years.
Mortgage Loan Commitments The Company has issued interest rate lock commitments on certain residential mortgage loan applications totaling $2.7 billion and $8.0 billion at December 31, 2009 and 2008, respectively.
The Company intends to sell the majority of these originated residential mortgage loans.
Interest rate lock commitments to fund mortgage loans that will be held-for-sale are considered derivatives and their estimated fair value and notional amounts are included within interest rate forwards in Note 4.
The Company also commits to lend funds under certain other mortgage loan commitments that will be held-for-investment.
The amounts of these mortgage loan commitments were $2.2 billion and $2.7 billion at December 31, 2009 and 2008, respectively.
Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to lend funds under bank credit facilities, bridge loans and private corporate bond investments.
The amounts of these unfunded commitments were $1.3 billion and $1.0 billion at December 31, 2009 and 2008, respectively.
Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties pursuant to which it may be required to make payments now or in the future.
In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company.
In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits.
These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation.
In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $800 million, with a cumulative maximum of $1.6 billion, while in other cases such limitations are not specified or applicable.
Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.
Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments.
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws.
Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests.
Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Options.
Additional shares carried forward from the Stock Incentive Plan and available for issuance under the 2005 Stock Plan were 13,018,939 at December 31, 2009.
There were no shares carried forward from the 2000 Directors Stock Plan.
Each share issued under the 2005 Stock Plan in connection with a Stock Option or Stock Appreciation Right reduces the number of shares remaining for issuance under that plan by one, and each share issued under the 2005 Stock Plan in connection with awards other than Stock Options or Stock Appreciation Rights reduces the number of shares remaining for issuance under that plan by 1.179 shares.
The number of shares reserved for issuance under the 2005 Directors Stock Plan are 2,000,000.
At December 31, 2009, the aggregate number of shares remaining available for issuance pursuant to the 2005 Stock Plan and the 2005 Directors Stock Plan were 47,903,044 and 1,838,594, respectively.
Stock Option exercises and other stock-based awards to employees settled in shares are satisfied through the issuance of shares held in treasury by the Company.
Under the current authorized share repurchase program, as described previously, sufficient treasury shares exist to satisfy foreseeable obligations under the Incentive Plans.
Compensation expense related to awards under the Incentive Plans is recognized based on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant.
Unless a material deviation from the assumed rate is observed during the term in which the awards are expensed, any adjustment necessary to reflect differences in actual experience is recognized in the period the award becomes payable or exercisable.
Compensation expense of $69 million, $123 million and $146 million, and income tax benefits of $24 million, $43 million and $51 million, related to the Incentive Plans was recognized for the years ended December 31, 2009, 2008 and 2007, respectively.
Compensation expense is principally related to the issuance of Stock Options, Performance Shares and Restricted Stock Units.
The majority of the awards granted by the Holding Company are made in the first quarter of each year.
Stock Options All Stock Options granted had an exercise price equal to the closing price of the Holding Company’s common stock as reported on the New York Stock Exchange on the date of grant, and have a maximum term of ten years.
Certain Stock Options granted under the Stock Incentive Plan and the 2005 Stock Plan have or will become exercisable over a three year period commencing with the date of grant, while other Stock Options have or will become exercisable three years after the date of grant.
Stock Options issued under the 2000 Directors Stock Plan were exercisable immediately.
The date at which a Stock Option issued under the 2005 Directors Stock Plan becomes exercisable would be determined at the time such Stock Option is granted.
A summary of the activity related to Stock Options for the year ended December 31, 2009 is presented below.
The aggregate intrinsic value was computed using the closing share price on December 31, 2009 of $35.35 and December 31, 2008 of $34.86, as applicable.
## Table 2 ##
The fair value of Stock Options is estimated on the date of grant using a binomial lattice model.
Significant assumptions used in the Company’s binomial lattice model, which are further described below, include: expected volatility of the price of the Holding Company’s common stock; risk-free rate of return; expected dividend yield on the Holding Company’s common stock; exercise multiple; and the postvesting termination rate.
Expected volatility is based upon an analysis of historical prices of the Holding Company’s common stock and call options on that common stock traded on the open market.
The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of the Holding Company’s common stock.
The Company chose a monthly measurement interval for historical volatility as it believes this better depicts the nature of employee option exercise decisions being based on longer-term trends in the price of the underlying shares rather than on daily price movements.
The binomial lattice model used by the Company incorporates different risk-free rates based on the imputed forward rates for U. S.  Treasury Strips for each year over the contractual term of the option.
The table below presents the full range of rates that were used for options granted during the respective periods.
Dividend yield is determined based on historical dividend distributions compared to the price of the underlying common stock as of the valuation date and held constant over the life of the Stock Option.
Reconciliation of GAAP revenues to operating revenues and GAAP expenses to operating expenses Year Ended December 31, 2009
## Table 3 ##
Year Ended December 31, 2008
## Table 4 ##
Less: Adjustments related to net investment gains
The volatile market conditions that began in 2008 and continued into 2009 impacted several key components of our operating earnings available to common shareholders including net investment income, hedging costs, and certain market sensitive expenses.
The markets also positively impacted our operating earnings available to common shareholders as conditions began to improve during 2009, resulting in lower DAC and DSI amortization.
A $722 million decline in net investment income was the result of decreasing yields, including the effects of our higher quality, more liquid, but lower yielding investment position in response to the extraordinary market conditions.
The impact of declining yields caused a $1.6 billion decrease in net investment income, which was partially offset by an increase of $846 million due to growth in average invested assets calculated excluding unrealized gains and losses.
The decrease in yields resulted from the disruption and dislocation in the global financial markets experienced in 2008, which continued, but moderated, in 2009.
The adverse yield impact was concentrated in the following four invested asset classes: ?
Fixed maturity securities — primarily due to lower yields on floating rate securities from declines in short-term interest rates and an increased allocation to lower yielding, higher quality, U. S.  Treasury, agency and government guaranteed securities, to increase liquidity in response to the extraordinary market conditions, as well as decreased income on our securities lending program, primarily due to the smaller size of the program in the current year.
These adverse impacts were offset slightly as conditions improved late in 2009 and we began to reallocate our portfolio to higher-yielding assets; ?
Real estate joint ventures — primarily due to declining property valuations on certain investment funds that carry their real estate at estimated fair value and operating losses incurred on properties that were developed for sale by development joint ventures; ?
Cash, cash equivalents and short-term investments — primarily due to declines in short-term interest rates; and ?
Mortgage loans — primarily due to lower prepayments on commercial mortgage loans and lower yields on variable rate loans reflecting declines in short-term interest rates.
Equity markets experienced some recovery in 2009, which led to improved yields on other limited partnership interests.
As many of our products are interest spread-based, the lower net investment income was significantly offset by lower interest credited expense on our investment and insurance products.
The financial market conditions also resulted in a $348 million increase in net guaranteed annuity benefit costs in our Retirement Products segment, as increased hedging losses were only partially offset by lower guaranteed benefit costs.
The key driver of the increase in other expenses stemmed from the impact of market conditions on certain expenses, primarily pension and postretirement benefit costs, reinsurance expenses and letter of credit fees.
These increases coupled with higher variable costs, such as

<table><tr><td>As of December 31,</td><td>2013</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>Arconic Inc.</td><td>$100</td><td>$149.83</td><td>$94.62</td><td>$80.22</td><td>$119.02</td><td>$74.47</td></tr><tr><td>S&P 500<sup>®</sup>Index</td><td>100</td><td>113.69</td><td>115.26</td><td>129.05</td><td>157.22</td><td>150.33</td></tr><tr><td>S&P 500<sup>®</sup>Materials Index</td><td>100</td><td>106.91</td><td>97.95</td><td>114.30</td><td>141.55</td><td>120.74</td></tr><tr><td>S&P Aerospace & Defense Select Industry Index</td><td>100</td><td>111.43</td><td>117.49</td><td>139.70</td><td>197.50</td><td>181.56</td></tr><tr><td>S&P 500<sup>®</sup>Industrials Index</td><td>100</td><td>109.83</td><td>107.04</td><td>127.23</td><td>153.99</td><td>133.53</td></tr></table>
<table><tr><td></td><td> Rental   Income</td><td> Sublease   Income</td><td> Gross   Rental   Payments</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>2010</td><td>$415</td><td>$15</td><td>$287</td></tr><tr><td>2011</td><td>$357</td><td>$17</td><td>$237</td></tr><tr><td>2012</td><td>$288</td><td>$16</td><td>$190</td></tr><tr><td>2013</td><td>$253</td><td>$15</td><td>$169</td></tr><tr><td>2014</td><td>$221</td><td>$9</td><td>$119</td></tr><tr><td>Thereafter</td><td>$723</td><td>$44</td><td>$994</td></tr></table>
<table><tr><td></td><td>Shares Under</td><td> Weighted Average </td><td rowspan="2"> Weighted   Average   Remaining   Contractual   Term  (Years)</td><td rowspan="2"> Aggregate   Intrinsic   Value  (In millions)</td></tr><tr><td></td><td>Option</td><td> Exercise Price</td></tr><tr><td>Outstanding at January 1, 2009</td><td>26,158,275</td><td>$41.73</td><td>5.73</td><td>$—</td></tr><tr><td>Granted</td><td>5,450,662</td><td>$23.61</td><td></td><td></td></tr><tr><td>Exercised</td><td>-254,576</td><td>$30.23</td><td></td><td></td></tr><tr><td>Cancelled/Expired</td><td>-794,655</td><td>$39.79</td><td></td><td></td></tr><tr><td>Forfeited</td><td>-407,301</td><td>$48.72</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2009</td><td>30,152,405</td><td>$38.51</td><td>5.50</td><td>$—</td></tr><tr><td>Aggregate number of stock options expected to vest at December 31, 2009</td><td>29,552,636</td><td>$38.58</td><td>5.43</td><td>$—</td></tr><tr><td>Exercisable at December 31, 2009</td><td>21,651,876</td><td>$38.94</td><td>4.28</td><td>$—</td></tr></table>
<table><tr><td></td><td>Insurance Products</td><td>Retirement Products</td><td>Corporate Benefit Funding</td><td>Auto & Home</td><td>International</td><td>Banking Corporate & Other</td><td>Total</td></tr><tr><td></td><td></td><td></td><td colspan="2">(In millions)</td><td></td><td></td><td></td></tr><tr><td>Total revenues</td><td>$23,483</td><td>$3,543</td><td>$5,669</td><td>$3,113</td><td>$4,383</td><td>$867</td><td>$41,058</td></tr><tr><td>Less: Net investment gains (losses)</td><td>-2,258</td><td>-1,606</td><td>-2,260</td><td>-2</td><td>-903</td><td>-743</td><td>-7,772</td></tr><tr><td>Less: Adjustments related to net investment gains (losses)</td><td>-27</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-27</td></tr><tr><td>Less: Other adjustments to revenues</td><td>-74</td><td>-217</td><td>187</td><td>—</td><td>-169</td><td>22</td><td>-251</td></tr><tr><td>Total operating revenues</td><td>$25,842</td><td>$5,366</td><td>$7,742</td><td>$3,115</td><td>$5,455</td><td>$1,588</td><td>$49,108</td></tr><tr><td>Total expenses</td><td>$24,165</td><td>$4,108</td><td>$6,982</td><td>$2,697</td><td>$4,868</td><td>$2,571</td><td>$45,391</td></tr><tr><td>Less: Adjustments related to net investment gains (losses)</td><td>39</td><td>-739</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-700</td></tr><tr><td>Less: Other adjustments to expenses</td><td>-1</td><td>—</td><td>64</td><td>—</td><td>37</td><td>38</td><td>138</td></tr><tr><td>Total operating expenses</td><td>$24,127</td><td>$4,847</td><td>$6,918</td><td>$2,697</td><td>$4,831</td><td>$2,533</td><td>$45,953</td></tr></table>
<table><tr><td></td><td>Insurance Products</td><td>Retirement Products</td><td>Corporate Benefit Funding</td><td>Auto & Home</td><td> International</td><td>Banking Corporate & Other</td><td>Total</td></tr><tr><td></td><td colspan="7">(In millions)</td></tr><tr><td>Total revenues</td><td>$26,754</td><td>$5,630</td><td>$7,559</td><td>$3,061</td><td>$6,001</td><td>$1,979</td><td>$50,984</td></tr><tr><td>Less: Net investment gains (losses)</td><td>1,558</td><td>901</td><td>-1,629</td><td>-134</td><td>169</td><td>947</td><td>1,812</td></tr><tr><td>Less: Adjustments related to net investment gains (losses)</td><td>18</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>18</td></tr><tr><td>Less: Other adjustments to revenues</td><td>-1</td><td>-35</td><td>45</td><td>—</td><td>69</td><td>13</td><td>91</td></tr><tr><td>Total operating revenues</td><td>$25,179</td><td>$4,764</td><td>$9,143</td><td>$3,195</td><td>$5,763</td><td>$1,019</td><td>$49,063</td></tr><tr><td>Total expenses</td><td>$23,418</td><td>$5,049</td><td>$7,735</td><td>$2,728</td><td>$5,044</td><td>$1,949</td><td>$45,923</td></tr><tr><td>Less: Adjustments related to net investment gains (losses)</td><td>262</td><td>577</td><td>—</td><td>—</td><td>—</td><td>—</td><td>839</td></tr><tr><td>Less: Other adjustments to expenses</td><td>-52</td><td>—</td><td>-29</td><td>—</td><td>17</td><td>-4</td><td>-68</td></tr><tr><td>Total operating expenses</td><td>$23,208</td><td>$4,472</td><td>$7,764</td><td>$2,728</td><td>$5,027</td><td>$1,953</td><td>$45,152</td></tr></table>

Question: How much is the Total expenses for Corporate Benefit Funding less than the 50% of the sum of all Total expenses? (in million)
Answer: 15226.5