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The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: 

## Notes to the Consolidated Financial Statements — (Continued) 

## MetLife, Inc. 

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(1) Noncredit OTTI losses recognized, net of DAC, were ($21) million and $33 million for the years ended December 31, 2012 and 2011, respectively. The changes in net unrealized investment gains (losses) were as follows: 

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## Concentrations of Credit Risk 

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, were in fixed income securities of the Japan government and its agencies of $22.4 billion and $21.0 billion, at estimated fair value, at December 31, 2012 and 2011, respectively. The Company’s investment in fixed maturity and equity securities to counterparties that primarily conduct business in Japan were $28.7 billion and $28.4 billion, including Japan government and agency fixed maturity securities, at December 31, 2012 and 2011, respectively. 

