During 2015, we recorded losses of $407 million and $141 million related to the sales of our lifestyle protection insurance business and our mortgage insurance business in Europe, respectively. During 2016, we recorded an additional loss of $29 million related to the sale of our lifestyle protection insurance business and a gain of $18 million related to the sale of our mortgage insurance business in Europe. See note 24 in our consolidated financial statements under “Part II-Item 8 - Financial Statements and Supplementary Data” for additional information related to the sale of businesses.
In 2014, we increased reserves in our long-term care insurance business by $478 million as a result of our loss recognition testing completed in the fourth quarter of 2014 and by $345 million related to the completion of a review of our claim reserves in the third quarter of 2014. For additional information on reserves, see “-Critical Accounting Estimates-Future policy benefits/Liability for policy and contract claims.” We also recorded goodwill impairments of $791 million in our U.S. Life Insurance segment in 2014.
We have audited the accompanying consolidated balance sheets of Genworth Financial, Inc. (the Company) as of December 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2016. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
insurance and other accident and health insurance products. Institutional products consist of: funding agreements, funding agreements backing notes (“FABNs”) and guaranteed investment contracts (“GICs”).
On January 1, 2016, we adopted new accounting guidance related to consolidation. The new guidance primarily impacts limited partnerships and similar legal entities, evaluation of fees paid to a decision maker as a variable interest, the effect of fee arrangements and related parties on the primary beneficiary determination and certain investment funds. The adoption of this new guidance did not have a material impact on our consolidated financial statements.
(2) Included in other invested assets was $11 million, $9 million and $8 million of net investment income related to trading securities for the years ended December 31, 2016, 2015 and 2014, respectively.
Despite the considerable analysis and rigor employed on our structured securities, it is reasonably possible that the underlying collateral of these investments will perform worse than current market expectations. Such events may lead to adverse changes in cash flows on our holdings of structured securities and future write-downs within our portfolio of structured securities.
As of December 31, 2015, we believe all of our other businesses had sufficient future income and therefore the related DAC was recoverable.
Our domestic employees participate in qualified and non-qualified defined contribution savings plans that allow employees to contribute a portion of their pay to the plan on a pre-tax basis. We match these contributions, which vest immediately, up to 6% of the employee’s pay. Beginning January 1, 2017, we will make matching contributions equal to 100% of the first 4% of pay deferred by an employee and 50% of the next 2% of pay deferred by an employee so that our matching contribution will not exceed 5% of an employee’s pay. Employees hired on or after January 1, 2011 will not vest immediately in Genworth matching contributions but will fully vest in the matching contributions after two complete years of service. One option available to employees in the defined contribution savings plan is the ClearCourse® variable annuity option offered by certain of our life insurance subsidiaries. The amount of deposits recorded by our life insurance subsidiaries in 2016 and 2015 in relation to this plan option was $1 million for each year. Employees also have the option of purchasing a fund which invests primarily in Genworth stock as part of the defined contribution savings plan. Our cost associated with these plans was $13 million, $17 million and $16 million for the years ended December 31, 2016, 2015 and 2014, respectively.
senior notes. We have the option to redeem all or a portion of each series of senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
During 2015 and 2014, River Lake Insurance Company repaid $30 million and $26 million, respectively, of its total outstanding floating rate subordinated notes due in 2033. During 2015 and 2014, River Lake II repaid $31 million and $16 million, respectively, of its total outstanding floating rate subordinated notes due in 2035.
As of December 31, 2016 and 2015, none of the restricted share rights were vested. For the years ended December 31, 2016 and 2015, we recorded stock-based compensation expense of $1 million and $2 million, respectively, and we estimated total unrecognized expense of $1 million and $4 million, respectively, related to these awards.
(1) The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads.
For VIEs related to asset securitization transactions, as of December 31, 2016, we consolidate a securitization entity as a result of our involvement in the entity’s design or having certain decision making ability regarding the assets held by the securitization entity. Securitization entities were designed to have significant limitations on the types of assets owned and the types and extent of permitted activities and decision making rights. The securitization entity that is consolidated comprised an entity backed by commercial mortgage loans. Our primary economic interest in this securitization entity represents the excess interest of the commercial mortgage loans and the subordinated notes of the securitization entity.
As of December 31, 2016 and 2015, we established $76 million and $198 million, respectively, of additional statutory reserves resulting from updates to our universal life insurance products with secondary guarantees in our Virginia and Delaware licensed life insurance subsidiaries. In addition, our Virginia licensed life insurance subsidiary currently expects to record approximately $95 million of additional statutory reserves in each of the next two years.