Notes to Consolidated Financial Statements Note 1.
Summary of Significant Accounting Policies – (Continued) CNA applies the same impairment model as described above for the majority of its non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends.
For all other equity securities, in determining whether the security is otherthan-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook.
Joint venture investments – The Company has 20% to 50% interests in operating joint ventures related to hotel properties and had joint venture interests in the former Bluegrass Project, as discussed in Note 2, that are accounted for under the equity method.
The Company’s investment in these entities was $217 million and $234 million for the years ended December 31, 2016 and 2015 and reported in Other assets on the Company’s Consolidated Balance Sheets.
Equity income (loss) for these investments was $41 million, $43 million and $(62) million for the years ended December 31, 2016, 2015 and 2014 and reported in Other operating expenses on the Company’s Consolidated Statements of Income.
Some of these investments are variable interest entities (“VIE”) as defined in the accounting guidance because the entities will require additional funding from each equity owner throughout the development and construction phase and are accounted for under the equity method since the Company is not the primary beneficiary.
The maximum exposure to loss for the VIE investments is $337 million, consisting of the amount of the investment and debt guarantees.
The following tables present summarized financial information for these joint ventures:
## Table 0 ##
Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions.
The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods.
When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively.
See Note 3 for additional information on the Company’s use of derivatives.
Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York.
Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned.
U. S.  Government securities and cash are accepted as collateral.
The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets.
Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan.
This matching of terms tends to limit risk.
In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice.
Collateral is not reflected as an asset of the Company.
There was no collateral held at December 31, 2016 and 2015.
Notes to Consolidated Financial Statements Note 4.
Fair Value – (Continued) x Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
x Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security.
In general, the Company seeks to price securities using third party pricing services.
Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets.
Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable.
Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company.
The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Balance Sheets.
Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables.
Derivative liabilities are included in Payable to brokers.
Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below:
## Table 1 ##
Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our Peer Group (“Loews Peer Group”) for the five years ended December 31, 2016.
The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2011 and that all dividends were reinvested.
## Table 2 ##
(a) The Loews Peer Group consists of the following companies that are industry competitors of our principal operating subsidiaries: Chubb Limited (name change from ACE Limited after it acquired The Chubb Corporation on January 15, 2016), W. R.  Berkley Corporation, The Chubb Corporation (included through January 15, 2016 when it was acquired by ACE Limited), Energy Transfer Partners L. P. , Ensco plc, The Hartford Financial Services Group, Inc. , Kinder Morgan Energy Partners, L. P.  (included through November 26, 2014 when it was acquired by Kinder Morgan Inc. ), Noble Corporation, Spectra Energy Corp, Transocean Ltd.  and The Travelers Companies, Inc.  Dividend Information We have paid quarterly cash dividends in each year since 1967.
Regular dividends of $0.0625 per share of Loews common stock were paid in each calendar quarter of 2016 and 2015.

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Year Ended December 31	2016	2015
(In millions)
Total assets	$1,749	$1,577
Total liabilities	1,444	1,231
Year Ended December 31	2016	2015	2014
Revenues	$693	$606	$491
Net income	80	71	32

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December 31, 2016	Level 1	Level 2	Level 3	Total
(In millions)
Fixed maturity securities:
Corporate and other bonds	$18,828	$130	$18,958
States, municipalities and political subdivisions	13,239	1	13,240
Asset-backed:
Residential mortgage-backed	4,944	129	5,073
Commercial mortgage-backed	2,027	13	2,040
Other asset-backed	968	57	1,025
Total asset-backed	7,939	199	8,138
U.S. Treasury and obligations of government-sponsored enterprises	$93	93
Foreign government	445	445
Redeemable preferred stock	19	19
Fixed maturitiesavailable-for-sale	112	40,451	330	40,893
Fixed maturities trading	595	6	601
Total fixed maturities	$112	$41,046	$336	$41,494
Equity securitiesavailable-for-sale	$91	$19	$110
Equity securities trading	438	1	439
Total equity securities	$529	$-	$20	$549
Short term investments	$3,833	$853	$4,686
Other invested assets	55	5	60
Receivables	1	1
Life settlement contracts	$58	58
Payable to brokers	-44	-44

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2011	2012	2013	2014	2015	2016
Loews Common Stock	100.0	108.91	129.64	113.59	104.47	128.19
S&P 500 Index	100.0	116.00	153.57	174.60	177.01	198.18
Loews Peer Group (a)	100.0	113.39	142.85	150.44	142.44	165.34

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Question: What is the sum of Asset-backed in 2016? (in million)
Answer: 8138