The security-specific collateral review is performed to estimate potential future losses.
This review incorporates assumptions about expected future collateral cash flows, including projected rental rates and occupancy levels that varied based on property type and submarket.
The results of the security-specific collateral review allowed the Company to estimate the expected timing of a security’s first loss, if any, and the probability and severity of potential ultimate losses.
The Company then discounted these anticipated future cash flows at the security’s book yield prior to impairment.
Included in corporate and equity security types were direct private investments that were impaired primarily due to the likelihood of a disruption in contractual principal and interest payments due to the restructuring of the debtor’s obligation.
Impairments on equity securities were primarily related to preferred stock associated with these direct private investments.
Impairments on securities for which the Company has the intent to sell were primarily on corporate bonds, certain ABS aircraft bonds and CMBS as market pricing continues to improve and the Company would like the ability to reduce certain exposures.
In addition to the credit impairments recognized in earnings, the Company recognized non-credit impairments in other comprehensive income of $89 for the year ended December 31, 2011, predominantly concentrated in CRE CDOs and RMBS.
These non-credit impairments represent the difference between fair value and the Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to impairment, rather than at current market implied credit spreads.
These non-credit impairments primarily represent increases in market liquidity premiums and credit spread widening that occurred after the securities were purchased, as well as a discount for variable-rate coupons which are paying less than at purchase date.
In general, larger liquidity premiums and wider credit spreads are the result of deterioration of the underlying collateral performance of the securities, as well as the risk premium required to reflect future uncertainty in the real estate market.
Future impairments may develop as the result of changes in intent to sell of specific securities or if actual results underperform current modeling assumptions, which may be the result of, but are not limited to, macroeconomic factors and security-specific performance below current expectations.
Ultimate loss formation will be a function of macroeconomic factors and idiosyncratic security-specific performance.
Year ended December 31, 2010 For the year ended December 31, 2010, impairments recognized in earnings were comprised of credit impairments of $372 primarily concentrated on structured securities associated with commercial and residential real estate.
Also included were impairments on debt securities for which the Company intended to sel1 of $54, mainly comprised of CMBS bonds in order to take advantage of price appreciation, as well as impairments on equity securities of $8 primarily on below investment grade securities depressed 20% for more than six months.
Year ended December 31, 2009 Impairments recognized in earnings were comprised of credit impairments of $1.2 billion primarily concentrated on CRE CDOs, belowprime RMBS and CMBS.
Also included were impairments on debt securities for which the Company intended to sell of $156, mainly comprised of corporate financial services securities, as well as impairments on equity securities of $136 related to below investment grade hybrid securities.
Valuation Allowances on Mortgage Loans The following table presents (additions)/reversals to valuation allowances on mortgage loans.
## Table 0 ##
Year ended December 31, 2011 For the year ended December 31, 2011, valuation allowances on mortgage loan reversals of $24 were largely driven by the release of a reserve associated with the sale of a previously reserved for mezzanine loan.
Continued improvement in commercial real estate property valuations will positively impact future loss development, with future impairments driven by idiosyncratic loan-specific performance.
Excluded from the table above are valuation allowances associated with mortgage loans related to the divestiture of Federal Trust Corporation.
For further information regarding the divestiture of Federal Trust Corporation, see Note 20 of the Notes to the Consolidated Financial Statements.
Years ended December 31, 2010 and 2009 For the years ended December 31, 2010 and 2009, valuation allowances on mortgage loan additions of ($154) and ($408), respectively, primarily related to B-Note participant and mezzanine loan sales.
Also included were additions for expected credit losses due to borrower financial difficulty and/or collateral deterioration.
The following table identifies the Company’s aggregate contractual obligations as of December 31, 2012:
## Table 1 ##
[1] The following points are significant to understanding the cash flows estimated for obligations under property and casualty contracts: ?
Reserves for Property & Casualty unpaid losses and loss adjustment expenses include IBNR and case reserves.
While payments due on claim reserves are considered contractual obligations because they relate to insurance policies issued by the Company, the ultimate amount to be paid to settle both case reserves and IBNR is an estimate, subject to significant uncertainty.
The actual amount to be paid is not finally determined until the Company reaches a settlement with the claimant.
Final claim settlements may vary significantly from the present estimates, particularly since many claims will not be settled until well into the future.  ?
In estimating the timing of future payments by year, the Company has assumed that its historical payment patterns will continue.
However, the actual timing of future payments could vary materially from these estimates due to, among other things, changes in claim reporting and payment patterns and large unanticipated settlements.
In particular, there is significant uncertainty over the claim payment patterns of asbestos and environmental claims.
In addition, the table does not include future cash flows related to the receipt of premiums that may be used, in part, to fund loss payments.  ?
Under U. S.  GAAP, the Company is only permitted to discount reserves for losses and loss adjustment expenses in cases where the payment pattern and ultimate loss costs are fixed and determinable on an individual claim basis.
For the Company, these include claim settlements with permanently disabled claimants.
As of December 31, 2012, the total property and casualty reserves in the above table are gross of a reserve discount of $538.
[2] Estimated life, annuity and disability obligations include death and disability claims, policy surrenders, policyholder dividends and trail commissions offset by expected future deposits and premiums on in-force contracts.
Estimated life, annuity and disability obligations are based on mortality, morbidity and lapse assumptions comparable with the Company’s historical experience, modified for recent observed trends.
The Company has also assumed market growth and interest crediting consistent with other assumptions.
In contrast to this table, the majority of the Company’s obligations are recorded on the balance sheet at the current account values and do not incorporate an expectation of future market growth, interest crediting, or future deposits.
Therefore, the estimated obligations presented in this table significantly exceed the liabilities recorded in reserve for future policy benefits and unpaid losses and loss adjustment expenses, other policyholder funds and benefits payable and separate account liabilities.
Due to the significance of the assumptions used, the amounts presented could materially differ from actual results.
See Note 2 - Business Dispositions of Notes to Consolidated Financial Statements for further information as to Retirement Plans and Individual Life reinsurance transactions.
[3] Includes future minimum lease payments on operating lease agreements.
See Note 13 of Notes to Consolidated Financial Statements for additional discussion on lease commitments.
[4] Includes contractual principal and interest payments.
See Note 15 of Notes to Consolidated Financial Statements for additional discussion of long-term debt obligations.
[5] Consumer notes include principal payments and contractual interest for fixed rate notes and interest based on current rates for floating rate notes.
See Note 15 of Notes to Consolidated Financial Statements for additional discussion of consumer notes.
[6] Includes $598 in commitments to purchase investments including approximately $562 of limited partnership, $6 of private placements and $30 of mortgage loans.
Outstanding commitments under these limited partnerships and mortgage loans are included in payments due in less than 1 year since the timing of funding these commitments cannot be reliably estimated.
The remaining commitments to purchase investments primarily represent payables for securities purchased which are reflected on the Company’s consolidated balance sheet.
Also included in purchase obligations is $1.0 billion relating to contractual commitments to purchase various goods and services such as maintenance, human resources, information technology, and transportation in the normal course of business.
Purchase obligations exclude contracts that are cancelable without penalty or contracts that do not specify minimum levels of goods or services to be purchased.
[7] Includes cash collateral of $1.4 billion which the Company has accepted in connection with the Company’s derivative instruments.
Since the timing of the return of the collateral is uncertain, the return of the collateral has been included in the payments due in less than 1 year.
Also included in other long term liabilities is $48 of net unrecognized tax benefits.
[8] Does not include estimated voluntary contribution of $100 to the Company’s pension plan in 2013.
THE HARTFORD FINANCIAL SERVICES GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATMENTS (continued) 5.
Fair Value Measurements (continued) Credit Standing Adjustment This assumption makes an adjustment that market participants would make, in determining fair value, to reflect the risk that guaranteed benefit obligations or the GMWB reinsurance recoverables will not be fulfilled (“nonperformance risk”).
The Company incorporates a blend of observable Company and reinsurer credit default spreads from capital markets, adjusted for market recoverability.
The credit standing adjustment assumption, net of reinsurance, resulted in pre-tax realized gains (losses) of $(69), $55 and $(10), for the years ended December 31, 2012, 2011 and 2010, respectively.
As of December 31, 2012 and 2011 the credit standing adjustment was $12 and $80, respectively.
Margins The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience.
The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions.
Assumption updates, including policyholder behavior assumptions, affected best estimates and margins for total pre-tax realized gains of $274, $52 and $159 for the years ended December 31, 2012, 2011 and 2010, respectively.
As of December 31, 2012 and 2011 the behavior risk margin was $302 and $419, respectively.
In addition to the non-market-based updates described above, the Company recognized non-market-based updates driven by the relative outperformance (underperformance) of the underlying actively managed funds as compared to their respective indices resulting in pre-tax realized gains (losses) of approximately $106, $(72) and $104 for the years ended December 31, 2012, 2011 and 2010, respectively.
Significant unobservable inputs used in the fair value measurement of living benefits required to be fair valued and the U. S.  GMWB reinsurance derivative are withdrawal utilization and withdrawal rates, lapse rates, reset elections and equity volatility.
The following table provides quantitative information about the significant unobservable inputs and is applicable to all of the Living Benefits Required to be Fair Valued and the U. S.  GMWB Reinsurance Derivative.
Significant increases in any of the significant unobservable inputs, in isolation, will generally have an increase or decrease correlation with the fair value measurement, as shown in the table.
## Table 2 ##
[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[2] Ranges represent assumed cumulative percentages of policyholders taking withdrawals and the annual amounts withdrawn.
[3] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business.
[4] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base.
[5] Range represents implied market volatilities for equity indices based on multiple pricing sources.
Generally a change in withdrawal utilization assumptions would be accompanied by a directionally opposite change in lapse rate assumptions, as the behavior of policyholders that utilize GMWB or GMAB riders is typically different from policyholders that do not utilize these riders.
Table of Contents INVESTMENT RESULTS Composition of Invested Assets
## Table 3 ##
[1] Primarily relates to derivative instruments.
[2] As of December 31, 2012 and 2011, approximately $27.1 billion and $28.5 billion, respectively, of equity securities, trading, support Japan variable annuities.
Those equity securities, trading, were invested in mutual funds, which, in turn, invested in the following asset classes as of December 31, 2012 and 2011, respectively, Japan equity 20% and 21%, Japan fixed income (primarily government securities) 15% and 15%, global equity 21% and 21%, global government bonds 43% and 42%, and cash and other 1% and 1%.
[3] Includes investments relating to the sales of the Retirement Plans and Individual Life businesses; see Note 2 - Business Dispositions of the Notes to the Consolidated Financial Statements for further discussion of this transaction.
Total investments decreased since December 31, 2011, primarily due to decreases in short-term investments, equity securities, trading, and other investments, partially offset by an increase in fixed maturities, AFS and mortgage loans.
The decline in short-term investments primarily relates to a decline in derivative collateral held due to decreases in derivative market values, as well as reinvesting into longer duration investments.
The decrease in equity securities, trading was largely due to variable annuity policy surrenders as well as depreciation of the Japanese yen versus the U. S.  dollar, partially offset by market appreciation in the underlying investment funds supporting the variable annuity products.
The decline in other investments was primarily due to a decline in derivative market values, primarily related to the variable annuity hedge program.
The increase in fixed maturities, AFS, was primarily due to improved valuations as a result of credit spread tightening and declining interest rates.
The increase in mortgage loans related to the funding of commercial whole loans.
Net Investment Income (Loss)
## Table 4 ##
[1] Yields calculated using annualized net investment income (excluding income related to equity securities, trading) before investment expenses divided by the monthly average invested assets at cost, amortized cost, or adjusted carrying value, as applicable, excluding equity securities, trading, repurchase agreement and dollar roll collateral, and consolidated variable interest entity non-controlling interests.
[2] Includes net investment income on short-term investments.
[3] Includes income from derivatives that qualify for hedge accounting and hedge fixed maturities.
Note 17.
Accumulated Other Comprehensive Losses:PMI's accumulated other comprehensive losses, net of taxes, consisted of the following:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">For the years ended December 31,</td></tr><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Credit-related concerns</td><td>$27</td><td>$-70</td><td>$-310</td></tr><tr><td>Held for sale</td><td></td><td></td><td></td></tr><tr><td>Agricultural loans</td><td>-3</td><td>-10</td><td>-4</td></tr><tr><td>B-note participations</td><td>—</td><td>-22</td><td>-51</td></tr><tr><td>Mezzanine loans</td><td>—</td><td>-52</td><td>-43</td></tr><tr><td> Total</td><td>$24</td><td>$-154</td><td>$-408</td></tr></table>
<table><tr><td></td><td colspan="5">Payments due by period</td></tr><tr><td></td><td>Total</td><td>Less than1 year</td><td>1-3years</td><td>3-5years</td><td>More than5 years</td></tr><tr><td>Property and casualty obligations [1]</td><td>$22,254</td><td>$5,670</td><td>$4,692</td><td>$2,764</td><td>$9,128</td></tr><tr><td>Life, annuity and disability obligations [2]</td><td>323,903</td><td>25,265</td><td>48,260</td><td>39,194</td><td>211,184</td></tr><tr><td>Operating lease obligations [3]</td><td>237</td><td>61</td><td>82</td><td>51</td><td>43</td></tr><tr><td>Long-term debt obligations [4]</td><td>14,216</td><td>754</td><td>1,518</td><td>1,875</td><td>10,069</td></tr><tr><td>Consumer notes [5]</td><td>176</td><td>85</td><td>51</td><td>32</td><td>8</td></tr><tr><td>Purchase obligations [6]</td><td>2,125</td><td>1,490</td><td>510</td><td>106</td><td>19</td></tr><tr><td>Other long-term liabilities reflected on the balance sheet [7]</td><td>2,799</td><td>2,663</td><td>136</td><td>—</td><td>—</td></tr><tr><td>Total [8]</td><td>$365,710</td><td>$35,988</td><td>$55,249</td><td>$44,022</td><td>$230,451</td></tr></table>
<table><tr><td>Significant Unobservable Input</td><td>Unobservable Inputs (Minimum)</td><td>Unobservable Inputs (Maximum)</td><td>Impact of Increase in Inputon Fair Value Measurement [1]</td></tr><tr><td>Withdrawal Utilization[2]</td><td>20%</td><td>100%</td><td>Increase</td></tr><tr><td>Withdrawal Rates [2]</td><td>—%</td><td>8%</td><td>Increase</td></tr><tr><td>Lapse Rates [3]</td><td>—%</td><td>75%</td><td>Decrease</td></tr><tr><td>Reset Elections [4]</td><td>20%</td><td>75%</td><td>Increase</td></tr><tr><td>Equity Volatility [5]</td><td>10%</td><td>50%</td><td>Increase</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2012</td><td colspan="2">December 31, 2011</td></tr><tr><td></td><td>Amount</td><td>Percent</td><td>Amount</td><td>Percent</td></tr><tr><td>Fixed maturities, AFS, at fair value</td><td>$85,922</td><td>81.6%</td><td>$81,809</td><td>78.3%</td></tr><tr><td>Fixed maturities, at fair value using the fair value option</td><td>1,087</td><td>1.0%</td><td>1,328</td><td>1.3%</td></tr><tr><td>Equity securities, AFS, at fair value</td><td>890</td><td>0.8%</td><td>921</td><td>0.9%</td></tr><tr><td>Mortgage loans</td><td>6,711</td><td>6.4%</td><td>5,728</td><td>5.5%</td></tr><tr><td>Policy loans, at outstanding balance</td><td>1,997</td><td>1.9%</td><td>2,001</td><td>1.9%</td></tr><tr><td>Limited partnerships and other alternative investments</td><td>3,015</td><td>2.9%</td><td>2,532</td><td>2.4%</td></tr><tr><td>Other investments [1]</td><td>1,114</td><td>1.1%</td><td>2,394</td><td>2.3%</td></tr><tr><td>Short-term investments</td><td>4,581</td><td>4.3%</td><td>7,736</td><td>7.4%</td></tr><tr><td>Total investments excluding equity securities, trading</td><td>105,317</td><td>100.0%</td><td>104,449</td><td>100.0%</td></tr><tr><td>Equity securities, trading, at fair value [2]</td><td>28,933</td><td></td><td>30,499</td><td></td></tr><tr><td>Total investments [3]</td><td>$134,250</td><td></td><td>$134,948</td><td></td></tr></table>
<table><tr><td></td><td colspan="6">For the years ended December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td><td colspan="2">2010</td></tr><tr><td></td><td>Amount</td><td>Yield [1]</td><td>Amount</td><td>Yield [1]</td><td>Amount</td><td>Yield [1]</td></tr><tr><td>Fixed maturities [2]</td><td>$3,363</td><td>4.2%</td><td>$3,396</td><td>4.2%</td><td>$3,489</td><td>4.3%</td></tr><tr><td>Equity securities, AFS</td><td>37</td><td>4.3%</td><td>36</td><td>3.8%</td><td>53</td><td>4.8%</td></tr><tr><td>Mortgage loans</td><td>337</td><td>5.2%</td><td>281</td><td>5.4%</td><td>260</td><td>5.2%</td></tr><tr><td>Policy loans</td><td>119</td><td>6.0%</td><td>131</td><td>6.1%</td><td>132</td><td>6.1%</td></tr><tr><td>Limited partnerships and other alternative investments</td><td>196</td><td>7.1%</td><td>243</td><td>12.0%</td><td>216</td><td>12.6%</td></tr><tr><td>Other Investments [3]</td><td>296</td><td></td><td>301</td><td></td><td>329</td><td></td></tr><tr><td>Investment expense</td><td>-111</td><td></td><td>-116</td><td></td><td>-115</td><td></td></tr><tr><td>Total securities AFS and other</td><td>$4,237</td><td>4.3%</td><td>$4,272</td><td>4.4%</td><td>$4,364</td><td>4.5%</td></tr><tr><td>Equity securities, trading</td><td>4,565</td><td></td><td>-1,359</td><td></td><td>-774</td><td></td></tr><tr><td>Total net investment income (loss), before-tax</td><td>$8,802</td><td></td><td>$2,913</td><td></td><td>$3,590</td><td></td></tr><tr><td>Total securities, AFS and other excluding limited partnerships and other alternative investments</td><td>4,041</td><td>4.3%</td><td>4,029</td><td>4.2%</td><td>4,148</td><td>4.3%</td></tr></table>

Question: What is the percentage of all Total securities AFS and other that are positive to the total amount, in 2012?
Answer: 1.0262
Reasoning program: add(3363,37), add(#0,337), add(#1,119), add(#2,196), add(#3,296), divide(#4,4237)