ITEM 11—EXECUTIVE COMPENSATION We incorporate by reference in this Item 11 the information relating to executive and director compensation contained under the headings “Other Information about the Board and its Committees,” “Compensation and Other Benefits” and “Report of the Compensation Committee” from our proxy statement to be delivered in connection with our 2007 Annual Meeting of Shareholders to be held on September 26, 2007.
ITEM 12—SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS We incorporate by reference in this Item 12 the information relating to ownership of our common stock by certain persons contained under the headings “Common Stock Ownership of Management” and “Common Stock Ownership by Certain Other Persons” from our proxy statement to be delivered in connection with our 2007 Annual Meeting of Shareholders to be held on September 26, 2007.
We have four compensation plans under which our equity securities are authorized for issuance.
The Global Payments Inc.
Amended and Restated 2000 Long-Term Incentive Plan, Global Payments Inc.
Amended and Restated 2005 Incentive Plan, the Non-Employee Director Stock Option Plan, and Employee Stock Purchase Plan have been approved by security holders.
The information in the table below is as of May 31, 2007.
For more information on these plans, see Note 8 to notes to consolidated financial statements.
## Table 0 ##
(1) Also includes shares of common stock available for issuance other than upon the exercise of an option, warrant or right under the Amended and Restated 2000 Non-Employee Director Stock Option Plan, the Amended and Restated 2005 Incentive Plan and the Amended and Restated 2000 Employee Stock Purchase Plan.
ITEM 13—CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE We incorporate by reference in this Item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our Board of Directors contained under the headings “Certain Relationships and Related Transactions” and “Other Information about the Board and its Committees—Director Independence” from our proxy statement to be delivered in connection with our 2007 Annual Meeting of Shareholders to be held on September 26, 2007.
ITEM 14—PRINCIPAL ACCOUNTING FEES AND SERVICES We incorporate by reference in this Item 14 the information regarding principal accounting fees and services contained under the heading “Auditor Information” from our proxy statement to be delivered in connection with our 2007 Annual Meeting of Shareholders to be held on September 26, 2007.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The following tables set forth the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
## Table 1 ##
(1) Includes $13 million of fair value and less than $1 million of gross unrealized losses, which are not reflected in AOCI, on securities classified as held-to-maturity, as of December 31, 2018.
## Table 2 ##
(1) Includes $12 million of fair value and less than $1 million of gross unrealized losses, which are not reflected in AOCI, on securities classified as held-to-maturity, as of December 31, 2017.
As of December 31, 2018 and 2017, the gross unrealized losses on fixed maturity securities were composed of $5,391 million and $1,470 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,000 million and $306 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating.
As of December 31, 2018, the $3,283 million of gross unrealized losses of twelve months or more were concentrated in U. S.  government bonds and in the Company’s corporate securities within the utility, consumer non-cyclical and finance sectors.
As of December 31, 2017, the $1,443 million of gross unrealized losses of twelve months or more were concentrated in U. S.  government bonds, foreign government bonds and in the Company’s corporate securities within the energy, utility, and consumer non-cyclical sectors.
In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these fixed maturity securities was not warranted at either December 31, 2018 or 2017.
These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security.
Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates and foreign currency exchange rate movements.
As of December 31, 2018, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements Other Guarantees
## Table 3 ##
The Company is also subject to other financial guarantees and indemnity arrangements.
The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company.
These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation.
In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable.
Included above are $13 million and $31 million as of December 31, 2018 and 2017, respectively, of yield maintenance guarantees related to certain investments the Company sold.
The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees.
Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees.
The accrued liabilities identified above do not include retained liabilities associated with sold businesses.
Insolvency Assessments Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guarantee associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers.
These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged.
Some states permit member insurers to recover assessments paid through full or partial premium tax offsets.
In addition, Japan has established the Japan Policyholders Protection Corporation as a contingency to protect policyholders against the insolvency of life insurance companies in Japan through assessments to companies licensed to provide life insurance.
Assets and liabilities held for insolvency assessments were as follows:
## Table 4 ##
Contingent Liabilities On an ongoing basis, the Company reviews its operations including, but not limited to, practices and procedures for meeting obligations to our customers and other parties.
This review may result in the modification or enhancement of processes, including concerning the timing or computation of payments to customers and other parties.
In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
For additional discussion of these matters, see “—Litigation and Regulatory Matters” below.
It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period.
Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.
reflected $135 million of higher premiums and policy charges and fee income, primarily driven by the increase in new business in both our group life and group disability businesses, as well as higher premiums on experience-rated contracts in our group life business with corresponding offsets in benefits and expenses.
Net investment income increased $29 million primarily driven by higher income from non-coupon investments.
Benefits and expenses increased $95 million.
Excluding a favorable comparative impact of $51 million resulting from our annual reviews and update of assumptions and other refinements, benefits and expenses increased $146 million.
This increase primarily reflected higher policyholders’ benefits and changes in reserves, driven by higher benefits on group life experience-rated contracts, as discussed above, higher benefit payments in our group disability business and our non-experience rated group life contracts, and higher general and administrative expenses.
Sales Results The following table sets forth the Group Insurance segment’s annualized new business premiums, as defined under “—Segment Measures” above, for the periods indicated.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Plan category</td><td>Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)</td><td>Weighted- average exercise price of outstanding options, warrants and rights (b)</td><td>Number of securities remaining available for futureissuance under equity compensation plans (excluding securities reflected in column (a)) (c)</td><td></td></tr><tr><td>Equity compensation plans approved by security holders:</td><td>5,171,000</td><td>$25</td><td>7,779,000<sup></sup></td><td><sup>-1</sup></td></tr><tr><td>Equity compensation plans not approved by security holders:</td><td>—</td><td>—</td><td>—</td><td></td></tr><tr><td>Total</td><td>5,171,000</td><td>$25</td><td>7,779,000<sup></sup></td><td><sup>-1</sup></td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2018</td></tr><tr><td></td><td colspan="2">Less ThanTwelve Months</td><td colspan="2">Twelve Monthsor More</td><td colspan="2">Total</td></tr><tr><td></td><td>FairValue</td><td>GrossUnrealizedLosses</td><td>FairValue</td><td>GrossUnrealizedLosses</td><td>FairValue</td><td>GrossUnrealizedLosses</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>Fixed maturities-1:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of U.S. government authorities and agencies</td><td>$3,007</td><td>$67</td><td>$6,986</td><td>$575</td><td>$9,993</td><td>$642</td></tr><tr><td>Obligations of U.S. states and their political subdivisions</td><td>1,725</td><td>25</td><td>999</td><td>38</td><td>2,724</td><td>63</td></tr><tr><td>Foreign government bonds</td><td>2,369</td><td>136</td><td>3,515</td><td>178</td><td>5,884</td><td>314</td></tr><tr><td>U.S. corporate public securities</td><td>34,064</td><td>1,570</td><td>13,245</td><td>1,184</td><td>47,309</td><td>2,754</td></tr><tr><td>U.S. corporate private securities</td><td>8,923</td><td>225</td><td>7,985</td><td>356</td><td>16,908</td><td>581</td></tr><tr><td>Foreign corporate public securities</td><td>7,363</td><td>308</td><td>2,928</td><td>223</td><td>10,291</td><td>531</td></tr><tr><td>Foreign corporate private securities</td><td>12,218</td><td>692</td><td>4,468</td><td>525</td><td>16,686</td><td>1,217</td></tr><tr><td>Asset-backed securities</td><td>8,255</td><td>70</td><td>669</td><td>7</td><td>8,924</td><td>77</td></tr><tr><td>Commercial mortgage-backed securities</td><td>1,781</td><td>14</td><td>4,733</td><td>166</td><td>6,514</td><td>180</td></tr><tr><td>Residential mortgage-backed securities</td><td>194</td><td>1</td><td>1,042</td><td>31</td><td>1,236</td><td>32</td></tr><tr><td>Total</td><td>$79,899</td><td>$3,108</td><td>$46,570</td><td>$3,283</td><td>$126,469</td><td>$6,391</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2017</td></tr><tr><td></td><td colspan="2">Less ThanTwelve Months</td><td colspan="2">Twelve Monthsor More</td><td colspan="2">Total</td></tr><tr><td></td><td>FairValue</td><td>GrossUnrealizedLosses</td><td>FairValue</td><td>GrossUnrealizedLosses</td><td>FairValue</td><td>GrossUnrealizedLosses</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>Fixed maturities-1:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of U.S. government authorities and agencies</td><td>$3,450</td><td>$28</td><td>$6,391</td><td>$318</td><td>$9,841</td><td>$346</td></tr><tr><td>Obligations of U.S. states and their political subdivisions</td><td>44</td><td>0</td><td>287</td><td>6</td><td>331</td><td>6</td></tr><tr><td>Foreign government bonds</td><td>4,417</td><td>55</td><td>2,937</td><td>238</td><td>7,354</td><td>293</td></tr><tr><td>U.S. corporate public securities</td><td>7,914</td><td>110</td><td>6,831</td><td>304</td><td>14,745</td><td>414</td></tr><tr><td>U.S. corporate private securities</td><td>4,596</td><td>76</td><td>2,009</td><td>93</td><td>6,605</td><td>169</td></tr><tr><td>Foreign corporate public securities</td><td>2,260</td><td>21</td><td>1,678</td><td>78</td><td>3,938</td><td>99</td></tr><tr><td>Foreign corporate private securities</td><td>1,213</td><td>20</td><td>5,339</td><td>317</td><td>6,552</td><td>337</td></tr><tr><td>Asset-backed securities</td><td>564</td><td>2</td><td>366</td><td>8</td><td>930</td><td>10</td></tr><tr><td>Commercial mortgage-backed securities</td><td>2,593</td><td>17</td><td>2,212</td><td>74</td><td>4,805</td><td>91</td></tr><tr><td>Residential mortgage-backed securities</td><td>584</td><td>4</td><td>286</td><td>7</td><td>870</td><td>11</td></tr><tr><td>Total</td><td>$27,635</td><td>$333</td><td>$28,336</td><td>$1,443</td><td>$55,971</td><td>$1,776</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Other guarantees where amount can be determined</td><td>$77</td><td>$31</td></tr><tr><td>Accrued liability for other guarantees and indemnifications</td><td>$0</td><td>$0</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Other assets:</td><td></td><td></td></tr><tr><td>Premium tax offset for future undiscounted assessments</td><td>$54</td><td>$64</td></tr><tr><td>Premium tax offset currently available for paid assessments</td><td>3</td><td>6</td></tr><tr><td>Total</td><td>$57</td><td>$70</td></tr><tr><td>Other liabilities:</td><td></td><td></td></tr><tr><td>Insolvency assessments</td><td>$39</td><td>$39</td></tr></table>

Question: Which element for FairValue of Total makes up more than 15 % of the total in 2017
Answer: U.S. Treasury securities and obligations of U.S. government authorities and agencies,U.S. corporate public securities