(In millions) | 2013 | 2012 | 2011 | |||
Fixed maturities | $ | 823 | $ | 843 | $ | 817 |
Equity securities | 6 | 4 | 6 | |||
Commercial mortgage loans | 174 | 192 | 218 | |||
Policy loans | 74 | 74 | 86 | |||
Real estate | (1) | (2) | (2) | |||
Other long-term investments | 102 | 59 | 48 | |||
Short-term investments and cash | 22 | 14 | 10 | |||
1,200 | 1,184 | 1,183 | ||||
Less investment expenses | 36 | 40 | 37 | |||
Net investment income | $ | 1,164 | $ | 1,144 | $ | 1,146 |