MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Aging of Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale The following tables present the cost or amortized cost, gross unrealized loss, including the portion of OTTI loss on fixed maturity securities recognized in accumulated other comprehensive income (loss), gross unrealized loss as a percentage of cost or amortized cost and number of securities for fixed maturity and equity securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%, or 20% or more at:
## Table 0 ##
December 31, 2009
## Table 1 ##
Equity securities with a gross unrealized loss of 20% or more for twelve months or greater decreased from $138 million at December 31, 2009 to $116 million at December 31, 2010.
As shown in the section “— Evaluating Temporarily Impaired Available-for-Sale Securities” below, the $116 million of equity securities with a gross unrealized loss of 20% or more for twelve months or greater at December 31, 2010 were non-redeemable preferred stock, of which $115 million, or 99%, were financial services industry investment grade non-redeemable preferred stock, of which 77% were rated A or better.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) (3) Included in premiums, reinsurance and other receivables in the consolidated balance sheets.
Without considering the effect of netting agreements, the estimated fair value of the Company’s over-the-counter derivatives with creditcontingent provisions that were in a gross liability position at December 31, 2010 was $1,742 million.
At December 31, 2010, the Company provided securities collateral of $1,024 million in connection with these derivatives.
In the unlikely event that both: (i) the Company’s credit rating was downgraded to a level that triggers full overnight collateralization or termination of all derivative positions; and (ii) the Company’s netting agreements were deemed to be legally unenforceable, then the additional collateral that the Company would be required to provide to its counterparties in connection with its derivatives in a gross liability position at December 31, 2010 would be $718 million.
This amount does not consider gross derivative assets of $575 million for which the Company has the contractual right of offset.
The Company also has exchange-traded futures and options, which require the pledging of collateral.
At December 31, 2010 and 2009, the Company pledged securities collateral for exchange-traded futures and options of $40 million and $50 million, respectively, which is included in fixed maturity securities.
The counterparties are permitted by contract to sell or repledge this collateral.
At December 31, 2010 and 2009, the Company provided cash collateral for exchange-traded futures and options of $662 million and $562 million, respectively, which is included in premiums, reinsurance and other receivables.
Embedded Derivatives The Company has certain embedded derivatives that are required to be separated from their host contracts and accounted for as derivatives.
These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, GMABs and certain GMIBs; ceded reinsurance contracts of guaranteed minimum benefits related to GMABs and certain GMIBs; and funding agreements with equity or bond indexed crediting rates.
The following table presents the estimated fair value of the Company’s embedded derivatives at:
## Table 2 ##
The following table presents changes in estimated fair value related to embedded derivatives:
## Table 3 ##
(1) The valuation of guaranteed minimum benefits includes an adjustment for nonperformance risk.
Included in net derivative gains (losses), in connection with this adjustment, were gains (losses) of ($96) million, ($1,932) million and $2,994 million for the years ended December 31, 2010, 2009 and 2008, respectively.
Net derivative gains (losses) for the year ended December 31, 2010 included a loss of $955 million relating to a refinement for estimating nonperformance risk in fair value measurements implemented at June 30, 2010.
See Note 5.
portion of the death benefits directly from the insurance company and the Company receives the remainder of the death benefits.
It is currently expected that minimal cash payments will be required to fund these policies.
The net periodic pension cost for these split-dollar life insurance arrangements was $5 million for the years ended December 31, 2013, 2012 and 2011.
The Company has recorded a liability representing the actuarial present value of the future death benefits as of the employees’ expected retirement date of $51 million and $58 million as of December 31, 2013 and December 31, 2012, respectively.
Deferred Compensation PlanThe Company amended and reinstated its deferred compensation plan (“the Plan”) effective June 1, 2013 to reopen the Plan to certain participants.
Under the Plan, participating executives may elect to defer base salary and cash incentive compensation in excess of 401(k) plan limitations.
Participants under the Plan may choose to invest their deferred amounts in the same investment alternatives available under the Company's 401(k) plan.
The Plan also allows for Company matching contributions for the following: (i) the first 4% of compensation deferred under the Plan, subject to a maximum of $50,000 for board officers, (ii) lost matching amounts that would have been made under the 401(k) plan if participants had not participated in the Plan, and (iii) discretionary amounts as approved by the Compensation and Leadership Committee of the Board of Directors.
Defined Contribution PlanThe Company and certain subsidiaries have various defined contribution plans, in which all eligible employees may participate.
In the U. S. , the 401(k) plan is a contributory plan.
Matching contributions are based upon the amount of the employees’ contributions.
The Company’s expenses for material defined contribution plans for the years ended December 31, 2013, 2012 and 2011 were $44 million, $42 million and $48 million, respectively.
Beginning January 1, 2012, the Company may make an additional discretionary 401(k) plan matching contribution to eligible employees.
For the years ended December 31, 2013 and 2012, the Company made no discretionary matching contributions.8.
Share-Based Compensation Plans and Other Incentive PlansStock Options, Stock Appreciation Rights and Employee Stock Purchase PlanThe Company grants options to acquire shares of common stock to certain employees and to existing option holders of acquired companies in connection with the merging of option plans following an acquisition.
Each option granted and stock appreciation right has an exercise price of no less than 100% of the fair market value of the common stock on the date of the grant.
The awards have a contractual life of five to fifteen years and vest over two to four years.
Stock options and stock appreciation rights assumed or replaced with comparable stock options or stock appreciation rights in conjunction with a change in control of the Company only become exercisable if the holder is also involuntarily terminated (for a reason other than cause) or quits for good reason within 24 months of a change in control.
The employee stock purchase plan allows eligible participants to purchase shares of the Company’s common stock through payroll deductions of up to 20% of eligible compensation on an after-tax basis.
Plan participants cannot purchase more than $25,000 of stock in any calendar year.
The price an employee pays per share is 85% of the lower of the fair market value of the Company’s stock on the close of the first trading day or last trading day of the purchase period.
The plan has two purchase periods, the first from October 1 through March 31 and the second from April 1 through September 30.
For the years ended December 31, 2013, 2012 and 2011, employees purchased 1.5 million, 1.4 million and 2.2 million shares, respectively, at purchase prices of $43.02 and $50.47, $34.52 and $42.96, and $30.56 and $35.61, respectively.
The Company calculates the value of each employee stock option, estimated on the date of grant, using the Black-Scholes option pricing model.
The weighted-average estimated fair value of employee stock options granted during 2013, 2012 and 2011 was $9.52, $9.60 and $13.25, respectively, using the following weighted-average assumptions:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="6"> December 31, 2010</td></tr><tr><td></td><td colspan="2"> Cost or Amortized Cost</td><td colspan="2">Gross Unrealized Loss</td><td colspan="2"> Number of Securities</td></tr><tr><td></td><td> Less than </td><td> 20% or </td><td>Less than</td><td>20% or</td><td> Less than </td><td> 20% or </td></tr><tr><td></td><td> 20%</td><td> more</td><td>20%</td><td>more</td><td> 20%</td><td> more</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$105,968</td><td>$1,408</td><td>$2,379</td><td>$369</td><td>5,472</td><td>125</td></tr><tr><td>Six months or greater but less than nine months</td><td>1,125</td><td>376</td><td>29</td><td>102</td><td>104</td><td>29</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>375</td><td>89</td><td>28</td><td>27</td><td>51</td><td>9</td></tr><tr><td>Twelve months or greater</td><td>21,721</td><td>5,567</td><td>1,876</td><td>1,821</td><td>1,267</td><td>316</td></tr><tr><td>Total</td><td>$129,189</td><td>$7,440</td><td>$4,312</td><td>$2,319</td><td></td><td></td></tr><tr><td>Percentage of amortized cost</td><td></td><td></td><td>3%</td><td>31%</td><td></td><td></td></tr><tr><td> Equity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$247</td><td>$94</td><td>$10</td><td>$22</td><td>131</td><td>33</td></tr><tr><td>Six months or greater but less than nine months</td><td>29</td><td>65</td><td>5</td><td>16</td><td>7</td><td>2</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>6</td><td>47</td><td>—</td><td>16</td><td>4</td><td>2</td></tr><tr><td>Twelve months or greater</td><td>518</td><td>340</td><td>56</td><td>116</td><td>40</td><td>15</td></tr><tr><td>Total</td><td>$800</td><td>$546</td><td>$71</td><td>$170</td><td></td><td></td></tr><tr><td>Percentage of cost</td><td></td><td></td><td>9%</td><td>31%</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="6"> December 31, 2009</td></tr><tr><td></td><td colspan="2"> Cost or Amortized Cost</td><td colspan="2">Gross Unrealized Loss</td><td colspan="2"> Number of Securities</td></tr><tr><td></td><td> Less than </td><td> 20% or </td><td>Less than</td><td>20% or</td><td> Less than </td><td> 20% or </td></tr><tr><td></td><td> 20%</td><td> more</td><td>20%</td><td>more</td><td> 20%</td><td> more</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$35,163</td><td>$2,658</td><td>$933</td><td>$713</td><td>1,725</td><td>186</td></tr><tr><td>Six months or greater but less than nine months</td><td>4,908</td><td>674</td><td>508</td><td>194</td><td>124</td><td>49</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>1,723</td><td>1,659</td><td>167</td><td>517</td><td>106</td><td>79</td></tr><tr><td>Twelve months or greater</td><td>41,721</td><td>12,067</td><td>3,207</td><td>4,247</td><td>2,369</td><td>724</td></tr><tr><td>Total</td><td>$83,515</td><td>$17,058</td><td>$4,815</td><td>$5,671</td><td></td><td></td></tr><tr><td>Percentage of amortized cost</td><td></td><td></td><td>6%</td><td>33%</td><td></td><td></td></tr><tr><td> Equity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$66</td><td>$63</td><td>$7</td><td>$14</td><td>199</td><td>8</td></tr><tr><td>Six months or greater but less than nine months</td><td>6</td><td>1</td><td>1</td><td>1</td><td>15</td><td>2</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>13</td><td>94</td><td>2</td><td>39</td><td>8</td><td>6</td></tr><tr><td>Twelve months or greater</td><td>610</td><td>488</td><td>73</td><td>138</td><td>50</td><td>24</td></tr><tr><td>Total</td><td>$695</td><td>$646</td><td>$83</td><td>$192</td><td></td><td></td></tr><tr><td>Percentage of cost</td><td></td><td></td><td>12%</td><td>30%</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="2">(In millions)</td></tr><tr><td>Net embedded derivatives within asset host contracts:</td><td></td><td></td></tr><tr><td>Ceded guaranteed minimum benefits</td><td>$185</td><td>$76</td></tr><tr><td>Options embedded in debt or equity securities</td><td>-57</td><td>-37</td></tr><tr><td>Net embedded derivatives within asset host contracts</td><td>$128</td><td>$39</td></tr><tr><td>Net embedded derivatives within liability host contracts:</td><td></td><td></td></tr><tr><td>Direct guaranteed minimum benefits</td><td>$2,556</td><td>$1,500</td></tr><tr><td>Other</td><td>78</td><td>5</td></tr><tr><td>Net embedded derivatives within liability host contracts</td><td>$2,634</td><td>$1,505</td></tr></table>
<table><tr><td></td><td colspan="3"> Years Ended December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>Net derivative gains (losses) (1)</td><td>$-387</td><td>$1,758</td><td>$-2,650</td></tr><tr><td>Policyholder benefits and claims</td><td>$8</td><td>$-114</td><td>$182</td></tr></table>

Question: What's the greatest value of the Gross Unrealized Loss in terms of Less than 20% at December 31, 2010? (in million)
Answer: 4312