MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: (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: 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. Concentrations of Credit Risk 124 Years Ended December 31, 2012 2011 (In millions) Balance, January 1, ........................................................................... $(724) $(601) Noncredit OTTI losses recognized (1) .............................................................. (29) 31 Securities sold with previous noncredit OTTI loss ..................................................... 177 125 Subsequent changes in estimated fair value ........................................................ 215 (279) Balance, December 31, ........................................................................ $(361) $(724) Years Ended December 31, 2012 2011 2010 (In millions) Balance, beginning of period ...................................................................... $ 8,674 $ 3,122 $(1,338) Cumulative effect of change in accounting principles, net of income tax .................................... — — 52 Fixed maturity securities on which noncredit OTTI losses have been recognized .............................. 363 (123) 242 Unrealized investment gains (losses) during the year .................................................... 12,467 14,823 9,117 Unrealized investment gains (losses) of subsidiary at the date of disposal ................................... — (105) — Unrealized investment gains (losses) relating to: Insurance liability gain (loss) recognition ............................................................ (2,053) (3,406) (554) Insurance liability gain (loss) recognition of subsidiary at the date of disposal ............................... — 82 — DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss) . . (28) 9 (33) DAC and VOBA .............................................................................. (685) (808) (1,135) DAC and VOBA of subsidiary at date of disposal .................................................... — 11 — Policyholder dividend obligation .................................................................. (909) (2,043) (876) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss) ................................................................... (117) 39 (73) Deferred income tax benefit (expense) .............................................................. (3,279) (2,936) (2,283) Deferred income tax benefit (expense) of subsidiary at date of disposal ..................................... — 4 — Net unrealized investment gains (losses) ............................................................. 14,433 8,669 3,119 Net unrealized investment gains (losses) attributable to noncontrolling interests ............................... (14) 5 3 Balance, end of period .......................................................................... $14,419 $ 8,674 $ 3,122 Change in net unrealized investment gains (losses) .................................................... $ 5,759 $ 5,547 $ 4,457 Change in net unrealized investment gains (losses) attributable to noncontrolling interests ....................... (14) 5 3 Change in net unrealized investment gains (losses) attributable to MetLife, Inc. ............................... $ 5,745 $ 5,552 $ 4,460 MetLife, Inc.