Target allocations of assets are determined with the objective of maximizing returns and minimizing volatility of net assets through adequate asset diversification.
Adjustments are made to target allocations based on an assessment of the impact of economic factors and market conditions.
Other Postretirement Benefit Plan Assets Substantially all assets of the other postretirement benefit plans are invested within life insurance and reserve contracts issued by the Subsidiaries.
The majority of assets are held in separate accounts established by the Subsidiaries.
The account values of assets held with the Subsidiaries were $1,125 million and $1,116 million as of December 31, 2007 and 2006, respectively.
The terms of these contracts are consistent in all material respects with those the Subsidiaries offer to unaffiliated parties that are similarly situated.
The valuation of separate accounts and the investments within such separate accounts invested in by the other postretirement plans are similar to that described in the preceding section on pension plans.
The following table summarizes the actual and target weighted-average allocations of other postretirement benefit plan assets within the separate accounts:
## Table 0 ##
Target allocations of assets are determined with the objective of maximizing returns and minimizing volatility of net assets through adequate asset diversification.
Adjustments are made to target allocations based on an assessment of the impact of economic factors and market conditions.
Funding and Cash Flows of Pension and Other Postretirement Benefit Plan Obligations Pension Plan Obligations It is the Subsidiaries’ practice to make contributions to the qualified pension plans to comply with minimum funding requirements of ERISA, as amended.
In accordance with such practice, no contributions were required for the years ended December 31, 2007 or 2006.
No contributions will be required for 2008.
The Subsidiaries did not make any discretionary contributions to the qualified pension plans during the year ended December 31, 2007.
During the year ended December 31, 2006, the Subsidiaries made discretionary contributions of $350 million.
The Subsidiaries expect to make additional discretionary contributions of $150 million in 2008.
Benefit payments due under the non-qualified pension plans are funded from the Subsidiaries’ general assets as they become due under the provision of the plans.
These payments totaled $50 million and $38 million for the years ended December 31, 2007 and 2006, respectively.
These benefit payments are expected to be at approximately the same level in 2008.
Gross pension benefit payments for the next ten years, which reflect expected future service as appropriate, are expected to be as follows:
## Table 1 ##
Other Postretirement Benefit Plan Obligations Other postretirement benefits represent a non-vested, non-guaranteed obligation of the Subsidiaries and current regulations do not require specific funding levels for these benefits.
While the Subsidiaries have funded such plans in advance, it has been the Subsidiaries’ practice to primarily use their general assets, net of participants’ contributions, to pay claims as they come due in lieu of utilizing plan assets.
Total payments equaled $174 million and $152 million for the years ended December 31, 2007 and 2006, respectively.
The Subsidiaries’ expect to make contributions of $116 million, net of participants’ contributions, towards the other postretirement plan obligations in 2008.
As noted previously, the Subsidiaries expect to receive subsidies under the Prescription Drug Act to partially offset such payments.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Subsidiaries’ practice to primarily use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due in lieu of utilizing plan assets.
Total payments equaled $149 million and $173 million for the years ended December 31, 2008 and 2007, respectively.
The Subsidiaries’ expect to make contributions of $120 million, net of participant’s contributions, towards the other postretirement plan obligations in 2009.
As noted previously, the Subsidiaries expect to receive subsidies under the Prescription Drug Act to partially offset such payments.
Gross benefit payments for the next ten years, which reflect expected future service where appropriate, and gross subsidies to be received under the Prescription Drug Act are expected to be as follows:
## Table 2 ##
Savings and Investment Plans The Subsidiaries sponsor savings and investment plans for substantially all employees under which a portion of employee contributions are matched.
The Subsidiaries contributed $70 million, $76 million and $80 million for the years ended December 31, 2008, 2007 and 2006, respectively.18.
Equity Preferred Stock In September 1999, the Holding Company adopted a stockholder rights plan (the “rights plan”) under which each outstanding share of common stock issued between April 4, 2000 and the distribution date (as defined in the rights plan) will be coupled with a stockholder right.
Each right will entitle the holder to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock.
Each one onehundredth of a share of Series A Junior Participating Preferred Stock will have economic and voting terms equivalent to one share of common stock.
Until it is exercised, the right itself will not entitle the holder thereof to any rights as a stockholder, including the right to receive dividends or to vote at stockholder meetings.
Stockholder rights are not exercisable until the distribution date, and will expire at the close of business on April 4, 2010, unless earlier redeemed or exchanged by the Holding Company.
The rights plan is designed to protect stockholders in the event of unsolicited offers to acquire the Holding Company and other coercive takeover tactics.
The Holding Company has outstanding 24 million shares of Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred shares”) with a $0.01 par value per share, and a liquidation preference of $25 per share, for aggregate proceeds of $600 million.
The Holding Company has outstanding 60 million shares of 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred shares”), with a $0.01 par value per share, and a liquidation preference of $25 per share, for aggregate proceeds of $1.5 billion.
The Series A and Series B preferred shares (the “Preferred Shares”) rank senior to the common stock with respect to dividends and liquidation rights.
Dividends on the Preferred Shares are not cumulative.
Holders of the Preferred Shares will be entitled to receive dividend payments only when, as and if declared by the Holding Company’s Board of Directors or a duly authorized committee of the board.
If dividends are declared on the Series A preferred shares, they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above 3-month LIBOR on the related LIBOR determination date; or (ii) 4.00%.
Any dividends declared on the Series B preferred shares will be payable quarterly, in arrears, at an annual fixed rate of 6.50%.
Accordingly, in the event that dividends are not declared on the Preferred Shares for payment on any dividend payment date, then those dividends will cease to accrue and be payable.
If a dividend is not declared before the dividend payment date, the Holding Company has no obligation to pay dividends accrued for that dividend period whether or not dividends are declared and paid in future periods.
No dividends may, however, be paid or declared on the Holding Company’s common stock — or any other securities ranking junior to the Preferred Shares — unless the full dividends for the latest completed dividend period on all Preferred Shares, and any parity stock, have been declared and paid or provided for.
The Holding Company is prohibited from declaring dividends on the Preferred Shares if it fails to meet specified capital adequacy, net income and shareholders’ equity levels.
In addition, under Federal Reserve Bank of New York Board policy, the Holding Company may not be able to pay dividends if it does not earn sufficient operating income.
The Preferred Shares do not have voting rights except in certain circumstances where the dividends have not been paid for an equivalent of six or more dividend payment periods whether or not those periods are consecutive.
Under such circumstances, the holders of the Preferred Shares have certain voting rights with respect to members of the Board of Directors of the Holding Company.
The Preferred Shares are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.
The Preferred Shares are redeemable, but not prior to September 15, 2010.
On and after that date, subject to regulatory approval, the Preferred Shares will be redeemable at the Holding Company’s option in whole or in part, at a redemption price of $25 per Preferred Share, plus declared and unpaid dividends.
In December 2008, the Holding Company entered into an RCC related to the Preferred Shares.
As a part of the RCC, the Holding Company agreed that it will not repay, redeem or purchase the Preferred Shares on or before December 31, 2018, unless such repayment, redemption or purchase is made from the proceeds of the issuance of certain capital securities.
The RCC is for the benefit of holders of one
## Table 3 ##
Years Ended December 31,
## Table 4 ##
(1) On July 1, 2005, the Company completed the acquisition of The Travelers Insurance Company, excluding certain assets, most significantly, Primerica, from Citigroup Inc.  (“Citigroup”), and substantially all of Citigroup’s international insurance businesses.
The 2005 selected financial data includes total revenues and total expenses of $966 million and $577 million, respectively, from the date of the acquisition.
MetLife, Inc.
Schedule?II Notes to the Condensed Financial Information — (continued) (Parent Company Only)
## Table 5 ##
2.
Investment in Subsidiaries On August 3, 2017, Brighthouse Financial, Inc.  paid a cash dividend to MetLife, Inc.  of $1.8 billion in connection with the Separation.
In December 2016, MLIC transferred the issued and outstanding shares of the common stock of each of NELICO and GALIC to MetLife, Inc.  in the form of a non-cash extraordinary dividend of $2.7?billion.
In February 2016, MetLife, Inc.  paid a cash capital contribution of $1.5?billion to Brighthouse Insurance in connection with the Separation.
In December 2015, MetLife, Inc.  accrued $50?million, $45?million and $25?million in capital contributions payable to the following captive reinsurers: MRV, MRD and MRSC, respectively, which were included in payables to subsidiaries at December?31, 2015.
The payables were settled for cash in February 2016.
In December 2014, MetLife, Inc.  accrued $350 million and $95 million in capital contributions payable to MRV and MRD, respectively, which were included in payables to subsidiaries at December?31, 2014.
The payables were settled for cash in February 2015.3.
Loans to Subsidiaries MetLife, Inc.  lends funds as necessary to its subsidiaries, some of which are regulated, to meet their capital requirements.
Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile.
In April 2017, in connection with the Separation, MetLife, Inc.  repaid $750 million and $350 million senior notes to MRD due September 2032 and December 2033, respectively, in an exchange transaction.
The $750 million senior note bore interest at a fixed rate of 4.21% and the $350 million senior note bore interest at a fixed rate of 5.10%.
Simultaneously, MRD repaid $750 million and $350 million surplus notes to MetLife, Inc.
The $750 million surplus note bore interest at a fixed rate of 5.13% and the $350 million surplus note bore interest at a fixed rate of 6.00% (the “MRD Notes Exchange”).
In April 2016, American Life issued a $140?million short-term note to MetLife, Inc.  which was repaid in July 2016.
The short-term note bore interest at six-month LIBOR plus 1.00%.
In May 2015, American Life issued a $150?million short-term note to MetLife, Inc.  which was repaid in June 2015.
The short-term note bore interest at six-month LIBOR plus 1.00%.
In April 2015, American Life issued a $150?million short-term note to MetLife, Inc.  which was repaid in May 2015.
The short-term note bore interest at six-month LIBOR plus 0.875%.
In July 2013, MetLife Ireland Treasury d. a. c.  (formerly known as MetLife Ireland Treasury Limited) (“MIT”) borrowed the Chilean peso equivalent of $1.5 billion from MetLife, Inc. , which was due in July 2023.
The loan bore interest at a fixed rate of 8.5%, payable annually.
In December, September and June 2015, MIT made loan payments of the Chilean peso equivalent of $77 million, $153 million and $231 million, respectively.
At December?31, 2015, the loan was fully paid.
Interest income earned on loans to subsidiaries of $44?million, $64?million and $91?million for the years ended December?31, 2017, 2016 and 2015, respectively, is included in net investment income.
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2008 (in millions, except as noted) Purchase Consideration Total purchase consideration of approximately $17.3 billion was exchanged in October 2007 for the acquired interests.
The consideration was comprised of the following:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3"> December 31,</td></tr><tr><td></td><td colspan="2"> Weighted Average   Actual Allocation</td><td> Weighted Average   Target Allocation</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2008</td></tr><tr><td> Asset Category</td><td></td><td></td><td></td></tr><tr><td>Equity securities</td><td>37%</td><td>37%</td><td>30%-45%</td></tr><tr><td>Fixed maturities</td><td>58%</td><td>57%</td><td>45%-70%</td></tr><tr><td>Other (Real Estate and Alternative investments)</td><td>5%</td><td>6%</td><td>0%-10%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td></td></tr></table>
<table><tr><td></td><td> Pension   Benefits  (In millions)</td></tr><tr><td>2008</td><td>$360</td></tr><tr><td>2009</td><td>$373</td></tr><tr><td>2010</td><td>$383</td></tr><tr><td>2011</td><td>$397</td></tr><tr><td>2012</td><td>$413</td></tr><tr><td>2013-2017</td><td>$2,288</td></tr></table>
<table><tr><td></td><td></td><td colspan="3"> Other Postretirement Benefits</td></tr><tr><td></td><td> Pension   Benefits</td><td> Gross</td><td>Prescription Drug Subsidies</td><td> Net</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>2009</td><td>$384</td><td>$135</td><td>$-15</td><td>$120</td></tr><tr><td>2010</td><td>$398</td><td>$140</td><td>$-16</td><td>$124</td></tr><tr><td>2011</td><td>$408</td><td>$146</td><td>$-16</td><td>$130</td></tr><tr><td>2012</td><td>$424</td><td>$150</td><td>$-17</td><td>$133</td></tr><tr><td>2013</td><td>$437</td><td>$154</td><td>$-18</td><td>$136</td></tr><tr><td>2014-2018</td><td>$2,416</td><td>$847</td><td>$-107</td><td>$740</td></tr></table>
<table><tr><td></td><td colspan="5">December 31,</td></tr><tr><td></td><td>2009</td><td>2008</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td> Balance Sheet Data -1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General account assets</td><td>$390,273</td><td>$380,839</td><td>$399,007</td><td>$383,758</td><td>$354,857</td></tr><tr><td>Separate account assets</td><td>149,041</td><td>120,839</td><td>160,142</td><td>144,349</td><td>127,855</td></tr><tr><td>Total assets</td><td>$539,314</td><td>$501,678</td><td>$559,149</td><td>$528,107</td><td>$482,712</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder liabilities -2</td><td>$283,759</td><td>$282,261</td><td>$261,442</td><td>$252,099</td><td>$243,834</td></tr><tr><td>Payables for collateral under securities loaned and other transactions</td><td>24,196</td><td>31,059</td><td>44,136</td><td>45,846</td><td>34,515</td></tr><tr><td>Bank deposits</td><td>10,211</td><td>6,884</td><td>4,534</td><td>4,638</td><td>4,339</td></tr><tr><td>Short-term debt</td><td>912</td><td>2,659</td><td>667</td><td>1,449</td><td>1,414</td></tr><tr><td>Long-term debt</td><td>13,220</td><td>9,667</td><td>9,100</td><td>8,822</td><td>9,088</td></tr><tr><td>Collateral financing arrangements</td><td>5,297</td><td>5,192</td><td>4,882</td><td>—</td><td>—</td></tr><tr><td>Junior subordinated debt securities</td><td>3,191</td><td>3,758</td><td>4,075</td><td>3,381</td><td>2,134</td></tr><tr><td>Other</td><td>15,989</td><td>15,374</td><td>33,186</td><td>32,277</td><td>29,141</td></tr><tr><td>Separate account liabilities</td><td>149,041</td><td>120,839</td><td>160,142</td><td>144,349</td><td>127,855</td></tr><tr><td>Total liabilities</td><td>505,816</td><td>477,693</td><td>522,164</td><td>492,861</td><td>452,320</td></tr><tr><td>Stockholders’ Equity:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>MetLife, Inc.’s stockholders’ equity:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preferred stock, at par value</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Common stock, at par value</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Additional paid-in capital</td><td>16,859</td><td>15,811</td><td>17,098</td><td>17,454</td><td>17,274</td></tr><tr><td>Retained earnings</td><td>19,501</td><td>22,403</td><td>19,884</td><td>16,574</td><td>10,865</td></tr><tr><td>Treasury stock, at cost</td><td>-190</td><td>-236</td><td>-2,890</td><td>-1,357</td><td>-959</td></tr><tr><td>Accumulated other comprehensive income (loss)</td><td>-3,058</td><td>-14,253</td><td>1,078</td><td>1,118</td><td>1,912</td></tr><tr><td>Total MetLife, Inc.’s stockholders’ equity</td><td>33,121</td><td>23,734</td><td>35,179</td><td>33,798</td><td>29,101</td></tr><tr><td>Noncontrolling interests</td><td>377</td><td>251</td><td>1,806</td><td>1,448</td><td>1,291</td></tr><tr><td>Total equity</td><td>33,498</td><td>23,985</td><td>36,985</td><td>35,246</td><td>30,392</td></tr><tr><td>Total liabilities and stockholders’ equity</td><td>$539,314</td><td>$501,678</td><td>$559,149</td><td>$528,107</td><td>$482,712</td></tr></table>
<table><tr><td></td><td colspan="5"> Years Ended December 31,</td></tr><tr><td></td><td> 2009</td><td> 2008</td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="5"> (In millions, except per share data)</td></tr><tr><td> Other Data -1, (3)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (loss) available to MetLife, Inc.’s common shareholders</td><td>$-2,368</td><td>$3,084</td><td>$4,180</td><td>$6,159</td><td>$4,651</td></tr><tr><td>Return on MetLife, Inc.’s common equity</td><td>-9.0%</td><td>11.2%</td><td>12.9%</td><td>20.9%</td><td>18.6%</td></tr><tr><td>Return on MetLife, Inc.’s common equity, excluding accumulated other comprehensive income (loss)</td><td>-6.8%</td><td>9.1%</td><td>13.3%</td><td>22.1%</td><td>20.7%</td></tr><tr><td> EPS Data -1, (4)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (Loss) from Continuing Operations Available to MetLife, Inc.’s Common Shareholders Per Common Share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$-2.94</td><td>$4.60</td><td>$5.32</td><td>$3.64</td><td>$3.85</td></tr><tr><td>Diluted</td><td>$-2.94</td><td>$4.54</td><td>$5.20</td><td>$3.60</td><td>$3.81</td></tr><tr><td>Income (Loss) from Discontinued Operations Per Common Share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.05</td><td>$-0.41</td><td>$0.30</td><td>$4.45</td><td>$2.36</td></tr><tr><td>Diluted</td><td>$0.05</td><td>$-0.40</td><td>$0.28</td><td>$4.39</td><td>$2.35</td></tr><tr><td>Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders Per Common Share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$-2.89</td><td>$4.19</td><td>$5.62</td><td>$8.09</td><td>$6.21</td></tr><tr><td>Diluted</td><td>$-2.89</td><td>$4.14</td><td>$5.48</td><td>$7.99</td><td>$6.16</td></tr><tr><td>Dividends Declared Per Common Share</td><td>$0.74</td><td>$0.74</td><td>$0.74</td><td>$0.59</td><td>$0.52</td></tr></table>
<table><tr><td></td><td colspan="6">For the Years Ended December 31,</td></tr><tr><td></td><td colspan="3">2016</td><td colspan="3">2015</td></tr><tr><td>Condensed Statements of Cash Flows</td><td>AsPreviouslyReported</td><td>Revisions</td><td>AsRevised</td><td>AsPreviouslyReported</td><td>Revisions</td><td>AsRevised</td></tr><tr><td></td><td colspan="6">(In millions)</td></tr><tr><td>Cash flows from operating activities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (loss)</td><td>$800</td><td>$50</td><td>$850</td><td>$5,310</td><td>$63</td><td>$5,373</td></tr><tr><td>Earnings of subsidiaries</td><td>$-1,783</td><td>$-50</td><td>$-1,833</td><td>$-5,985</td><td>$-63</td><td>$-6,048</td></tr></table>

Question: When does Net income (loss) available to MetLife, Inc.'s common shareholders reach the largest value?
Answer: 2006