In 2016, alumina production will be approximately 2,500 kmt lower, mostly due to the curtailment of the Point Comfort and Suralco refineries.
Also, the continued shift towards alumina index and spot pricing is expected to average 85% of third-party smelter-grade alumina shipments.
Additionally, net productivity improvements are anticipated.
Primary Metals
## Table 0 ##
Average realized price per metric ton of aluminum includes three elements: a) the underlying base metal component, based on quoted prices from the LME; b) the regional premium, which represents the incremental price over the base LME component that is associated with the physical delivery of metal to a particular region (e. g. , the Midwest premium for metal sold in the United States); and c) the product premium, which represents the incremental price for receiving physical metal in a particular shape (e. g. , billet, slab, rod, etc. )
or alloy.
**Includes all production-related costs, including raw materials consumed; conversion costs, such as labor, materials, and utilities; depreciation and amortization; and plant administrative expenses.
This segment represents a portion of Alcoa’s upstream operations and consists of the Company’s worldwide smelting system.
Primary Metals purchases alumina, mostly from the Alumina segment (see Alumina above), from which primary aluminum is produced and then sold directly to external customers and traders, as well as to Alcoa’s midstream operations and, to a lesser extent, downstream operations.
Results from the sale of aluminum powder, scrap, and excess energy are also included in this segment, as well as the results of aluminum derivative contracts and buy/ resell activity.
Primary aluminum produced by Alcoa and used internally is transferred to other segments at prevailing market prices.
The sale of primary aluminum represents approximately 90% of this segment’s third-party sales.
Buy/ resell activity occurs when this segment purchases metal and resells such metal to external customers or the midstream and downstream operations in order to maximize smelting system efficiency and to meet customer requirements.
Generally, the sales of this segment are transacted in U. S.  dollars while costs and expenses of this segment are transacted in the local currency of the respective operations, which are the U. S.  dollar, the euro, the Norwegian kroner, Icelandic krona, the Canadian dollar, the Brazilian real, and the Australian dollar.
In November 2014, Alcoa completed the sale of an aluminum rod plant located in Bécancour, Québec, Canada to Sural Laminated Products.
This facility takes molten aluminum and shapes it into the form of a rod, which is used by customers primarily for the transportation of electricity.
While owned by Alcoa, the operating results and assets and liabilities of this plant were included in the Primary Metals segment.
In conjunction with this transaction, Alcoa entered into a multi-year agreement with Sural Laminated Products to supply molten aluminum for the rod plant.
The aluminum rod plant generated sales of approximately $200 in 2013 and, at the time of divestiture, had approximately 60 employees.
See Restructuring and Other Charges in Results of Operations above.
In December 2014, Alcoa completed the sale of its 50.33% ownership stake in the Mt.
Holly smelter located in Goose Creek, South Carolina to Century Aluminum Company.
While owned by Alcoa, 50.33% of both the operating results and assets and liabilities related to the smelter were included in the Primary Metals segment.
As it relates to Alcoa’s previous 50.33% ownership stake, the smelter (Alcoa’s share of the capacity was 115 kmt-per-year) generated sales of approximately $280 in 2013 and, at the time of divestiture, had approximately 250 employees.
See Restructuring and Other Charges in Results of Operations above.
At December 31, 2015, Alcoa had 778 kmt of idle capacity on a base capacity of 3,401 kmt.
In 2015, idle capacity increased 113 kmt compared to 2014, mostly due to the curtailment of 217 kmt combined at a smelter in each the
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 9.
Insurance Liabilities Contractholder Funds Major components of contractholder funds in the consolidated statements of financial position are summarized as follows:
## Table 1 ##
Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts.
Funding agreements include those issued directly to nonqualified institutional investors, as well as to four separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities.
Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws.
We are authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.
S.  markets.
As of December 31, 2009 and 2008, $2,502.2 million and $3,159.1 million, respectively, of liabilities are outstanding with respect to the issuance outstanding under this program.
We do not anticipate any new issuance activity under this program as we are authorized to issue up to Euro 4.0 billion (approximately USD$5.3 billion) of funding agreements under a program established in 2006 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.
S.  markets.
The unaffiliated entity is an unconsolidated special purpose vehicle.
As of December 31, 2009 and 2008, $1,404.2 million and $1,415.2 million, respectively, of liabilities are outstanding with respect to the issuances outstanding under this program.
In addition, we were authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets.
The unaffiliated entity is an unconsolidated qualifying special purpose entity.
As of December 31, 2009 and 2008, $2,474.0 million and $2,468.7 million, respectively, of liabilities are being held with respect to the issuance outstanding under this program.
We do not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the SEC-registered program described in the following paragraph.
We were authorized to issue up to $4.0 billion of funding agreements under a program established in March 2004 to support the prospective issuance of medium term notes by unaffiliated entities in both domestic and international markets.
In February 2006, this program was amended to authorize issuance of up to an additional $5.0 billion in recognition of the use of nearly all $4.0 billion of initial issuance authorization.
In recognition of the use of nearly all $9.0 billion, this program was amended in November 2007 to authorize issuance of up to an additional $5.0 billion.
Under this program, both the notes and the supporting funding agreements are registered with the SEC.
As of December 31, 2009 and 2008, $5,122.4 million and $7,655.5 million, respectively, of liabilities are being held with respect to the issuance outstanding under this program.
In contrast with direct funding agreements, GIC issuances and the other three funding agreement-backed medium term note programs described above, Principal Life’s payment obligations on each funding agreement issued under this SEC-registered program are guaranteed by Principal Financial Group, Inc.  Due to a downturn in the credit market, we reduced the amount of medium term note issuances in 2008 and had no issuances in 2009.
As economic conditions change, we will reassess the issuance of funding agreements to these medium term note programs.
Net realized capital gains (losses) can be volatile due to mark to market adjustments of certain invested assets, other than temporary impairments of invested assets, and our decision to sell appreciated invested assets.
Net realized capital losses increased primarily due to higher impairments, net of recoveries from sales, on fixed maturity securities and mark to market losses versus gains on fixed maturity and equity securities classified as trading.
For additional information, see ‘‘Investments — Investment Results.
’’ Total Expenses Benefits, claims and settlement expenses decreased $189.6 million for the Life and Health Insurance segment, primarily due to a decrease in average covered medical members in our health insurance business.
Operating expenses decreased $83.2 million for the Corporate segment, primarily due to a decline in amounts credited to employee accounts in a nonqualified defined contribution pension plan, which was offset by a corresponding reduction in net realized capital gains related to the assets backing this nonqualified plan.
In addition, U. S.  Asset Accumulation operating expenses decreased $69.8 million, primarily due to a comprehensive assumption study in our full service accumulation business that was completed during the third quarter of 2007, which resulted in the unlocking of our unearned revenue and DPAC assumptions and led to the recognition of previously deferred expenses in 2007.
Income Taxes The effective income tax rates were 1% and 19% for the years ended December 31, 2008 and 2007, respectively.
The effective income tax rate for the year ended December 31, 2008, was lower than the U. S.  statutory rate primarily due to income tax deductions allowed for corporate dividends received, interest exclusion from taxable income and additional U. S.  foreign tax credits resulting from the second quarter 2008 enactment of legislation to increase the Brazilian tax rate.
The effective income tax rate for the year ended December 31, 2007, was lower than the U. S.  statutory rate primarily due to income tax deductions allowed for corporate dividends received and interest exclusion from taxable income.
The effective income tax rate decreased to 1% from 19% for the years ended December 31, 2008 and 2007, respectively, primarily due to an increase in our net realized capital losses with no proportionate change in permanent items, additional U. S.  foreign tax credits resulting from the Brazilian tax rate increase and tax refinements made in 2007 related to prior years.
The net increase in deferred tax liabilities associated with the 2008 enacted Brazilian income tax rate is reflected in net investment income because the equity method of accounting is applied to our Brazilian operations; however, the benefit from additional U. S.  foreign tax credits is reflected in income tax expense.
Results of Operations by Segment For results of operations by segment see Item 8.
‘‘Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 17, Segment Information.
’’ U. S.  Asset Accumulation Segment U. S.  Asset Accumulation Trends Account values are a key indicator of earnings growth for the segment, as account values are the base by which the segment generates its fee and spread-based profits.
Net cash flow and market performance are the two main drivers of account value growth.
Net cash flow reflects the segment’s ability to attract and retain client deposits.
Market performance reflects not only the equity market performance, but also the investment performance of fixed income investments supporting our spread business.
The percentage growth in earnings of the segment should generally track the percentage growth in account values.
This trend may vary due to changes in business and/or product mix.
The following table presents the U. S.  Asset Accumulation account value rollforward for the years indicated:
## Table 2 ##
(1) Includes net cash flow of $(5.2) billion for the year ended December 31, 2009, resulting from the decision to scale back our investment only business.
Investments We had total consolidated assets as of December 31, 2009, of $137.8 billion, of which $63.9 billion were invested assets.
The rest of our total consolidated assets are comprised primarily of separate account assets for which we do not bear investment risk.
Because we generally do not bear any investment risk on assets held in separate accounts, the discussion and financial information below does not include such assets.
Overall Composition of Invested Assets Invested assets as of December 31, 2009, were predominantly high quality and broadly diversified across asset class, individual credit, industry and geographic location.
Asset allocation is determined based on cash flow and the risk/return requirements of our products.
As shown in the following table, the major categories of invested assets are fixed maturity securities and commercial mortgage loans.
The remainder is invested in residential mortgage loans, real estate, equity securities and other assets.
In addition, policy loans are included in our invested assets.
## Table 3 ##
Investment Results Net Investment Income The following table presents the yield and investment income, excluding net realized capital gains and losses, for our invested assets for the years indicated.
We calculate annualized yields using a simple average of asset classes at the beginning and end of the reporting period.
The yields for fixed maturity securities and equity securities are calculated using amortized cost and cost, respectively.
All other yields are calculated using carrying amounts.
## Table 4 ##
Year Ended December 31, 2009 Compared to Year Ended December 31, 2008 Net investment income on fixed maturity securities decreased primarily due to lower inflation-based investment returns related to deflation in Chile during 2009, lower yields on floating rate investments supporting floating rate liabilities and a decrease in average invested assets.
In addition, net investment income on mortgage loans-residential decreased primarily due to deflation in Chile during 2009.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Aluminum production (kmt)</td><td>2,811</td><td>3,125</td><td>3,550</td></tr><tr><td>Third-party aluminum shipments (kmt)</td><td>2,478</td><td>2,534</td><td>2,801</td></tr><tr><td>Alcoa’s average realized price per metric ton of aluminum*</td><td>$2,069</td><td>$2,405</td><td>$2,243</td></tr><tr><td>Alcoa’s average cost per metric ton of aluminum**</td><td>$2,064</td><td>$2,252</td><td>$2,201</td></tr><tr><td>Third-party sales</td><td>$5,591</td><td>$6,800</td><td>$6,596</td></tr><tr><td>Intersegment sales</td><td>2,170</td><td>2,931</td><td>2,621</td></tr><tr><td>Total sales</td><td>$7,761</td><td>$9,731</td><td>$9,217</td></tr><tr><td>ATOI</td><td>$155</td><td>$594</td><td>$-20</td></tr></table>
<table><tr><td> </td><td colspan="2"> December 31,</td></tr><tr><td> </td><td> 2009</td><td> 2008</td></tr><tr><td> </td><td colspan="2"><i>(in millions)</i> </td></tr><tr><td>Liabilities for investment-type insurance contracts:</td><td></td><td></td></tr><tr><td>GICs</td><td>$10,839.2</td><td>$11,857.4</td></tr><tr><td>Funding agreements</td><td>12,511.2</td><td>15,757.3</td></tr><tr><td>Other investment-type insurance contracts</td><td>891.4</td><td>987.1</td></tr><tr><td>Total liabilities for investment-type insurance contracts</td><td>24,241.8</td><td>28,601.8</td></tr><tr><td>Liabilities for individual annuities</td><td>11,431.0</td><td>10,674.9</td></tr><tr><td>Universal life and other reserves</td><td>4,129.1</td><td>3,809.9</td></tr><tr><td>Total contractholder funds</td><td>$39,801.9</td><td>$43,086.6</td></tr></table>
<table><tr><td> </td><td colspan="3"> For the year ended December 31,</td></tr><tr><td> </td><td>2009</td><td>2008</td><td> 2007</td></tr><tr><td> </td><td colspan="3"><i>(in billions)</i> </td></tr><tr><td>Account values, beginning of period</td><td>$146.1</td><td>$180.8</td><td>$163.3</td></tr><tr><td>Net cash flow -1</td><td>-3.4</td><td>5.0</td><td>6.7</td></tr><tr><td>Credited investment performance</td><td>22.3</td><td>-37.6</td><td>10.3</td></tr><tr><td>Other</td><td>-1.1</td><td>-2.1</td><td>0.5</td></tr><tr><td>Account values, end of period</td><td>$163.9</td><td>$146.1</td><td>$180.8</td></tr></table>
<table><tr><td> </td><td colspan="2">December 31, 2009</td><td colspan="2"> December 31, 2008</td></tr><tr><td> </td><td> Carrying amount</td><td>% of total</td><td> Carrying amount</td><td> % of total</td></tr><tr><td> </td><td colspan="4"><i>($ in millions)</i> </td></tr><tr><td>Fixed maturity securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Public</td><td>$33,719.6</td><td>53%</td><td>$28,786.7</td><td>49%</td></tr><tr><td>Private</td><td>13,533.4</td><td>21</td><td>12,173.9</td><td>21</td></tr><tr><td>Equity securities</td><td>435.5</td><td>1</td><td>400.7</td><td>1</td></tr><tr><td>Mortgage loans:</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>10,121.8</td><td>16</td><td>11,279.3</td><td>19</td></tr><tr><td>Residential</td><td>1,723.8</td><td>2</td><td>1,834.3</td><td>3</td></tr><tr><td>Real estate held for sale</td><td>35.4</td><td>—</td><td>139.6</td><td>—</td></tr><tr><td>Real estate held for investment</td><td>999.2</td><td>2</td><td>779.8</td><td>1</td></tr><tr><td>Policy loans</td><td>902.5</td><td>1</td><td>896.4</td><td>1</td></tr><tr><td>Other investments</td><td>2,465.3</td><td>4</td><td>2,816.6</td><td>5</td></tr><tr><td>Total invested assets</td><td>63,936.5</td><td>100%</td><td>59,107.3</td><td>100%</td></tr><tr><td>Cash and cash equivalents</td><td>2,240.4</td><td></td><td>2,608.0</td><td></td></tr><tr><td>Total invested assets and cash</td><td>$66,176.9</td><td></td><td>$61,715.3</td><td></td></tr></table>
<table><tr><td></td><td colspan="6">For the year ended December 31,</td><td colspan="4">Increase (decrease)</td></tr><tr><td></td><td colspan="2">2009</td><td colspan="2">2008</td><td colspan="2">2007</td><td colspan="2">2009 vs. 2008</td><td colspan="2">2008 vs. 2007</td></tr><tr><td></td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td></tr><tr><td></td><td colspan="10">($ in millions)</td></tr><tr><td>Fixed maturity securities</td><td>5.6%</td><td>$2,717.2</td><td>6.5%</td><td>$3,105.8</td><td>6.4%</td><td>$2,869.2</td><td>-0.9%</td><td>$-388.6</td><td>0.1%</td><td>$236.6</td></tr><tr><td>Equity securities</td><td>4.2</td><td>19.3</td><td>3.6</td><td>18.9</td><td>3.8</td><td>27.0</td><td>0.6</td><td>0.4</td><td>-0.2</td><td>-8.1</td></tr><tr><td>Mortgage loans — commercial</td><td>5.8</td><td>617.7</td><td>6.1</td><td>666.8</td><td>6.6</td><td>688.9</td><td>-0.3</td><td>-49.1</td><td>-0.5</td><td>-22.1</td></tr><tr><td>Mortgage loans — residential</td><td>4.0</td><td>71.2</td><td>8.3</td><td>154.8</td><td>7.5</td><td>129.7</td><td>-4.3</td><td>-83.6</td><td>0.8</td><td>25.1</td></tr><tr><td>Real estate</td><td>3.7</td><td>35.9</td><td>6.1</td><td>54.6</td><td>8.9</td><td>74.9</td><td>-2.4</td><td>-18.7</td><td>-2.8</td><td>-20.3</td></tr><tr><td>Policy loans</td><td>6.9</td><td>62.0</td><td>6.6</td><td>58.3</td><td>6.1</td><td>52.6</td><td>0.3</td><td>3.7</td><td>0.5</td><td>5.7</td></tr><tr><td>Cash and cash equivalents</td><td>0.5</td><td>13.0</td><td>2.9</td><td>57.0</td><td>7.2</td><td>105.9</td><td>-2.4</td><td>-44.0</td><td>-4.3</td><td>-48.9</td></tr><tr><td>Other investments</td><td>-0.9</td><td>-24.0</td><td>0.9</td><td>21.8</td><td>9.3</td><td>165.1</td><td>-1.8</td><td>-45.8</td><td>-8.4</td><td>-143.3</td></tr><tr><td>Total before investment expenses</td><td>5.1</td><td>3,512.3</td><td>6.1</td><td>4,138.0</td><td>6.5</td><td>4,113.3</td><td>-1.0</td><td>-625.7</td><td>-0.4</td><td>24.7</td></tr><tr><td>Investment expenses</td><td>-0.1</td><td>-111.5</td><td>-0.2</td><td>-143.7</td><td>-0.2</td><td>-146.8</td><td>0.1</td><td>32.2</td><td>—</td><td>3.1</td></tr><tr><td>Net investment income</td><td>5.0%</td><td>$3,400.8</td><td>5.9%</td><td>$3,994.3</td><td>6.3%</td><td>$3,966.5</td><td>-0.9%</td><td>$-593.5</td><td>-0.4%</td><td>$27.8</td></tr></table>

Question: Which year for yield is Mortgage loans — residential the highest?
Answer: 2008