INVESTMENTS IN OPERATING JOINT VENTURES

The Company has made investments in certain joint ventures that are strategic in nature and made other than for the sole purpose of generating investment income. These investments are accounted for under the equity method of accounting and are included in “Other assets” in the Company’s Consolidated Statements of Financial Position. The earnings from these investments are included on an after-tax basis in “Equity in earnings of operating joint ventures, net of taxes” in the Company’s Consolidated Statements of Operations. The Company has made these investments through its Investment Management and International Insurance segments, and its Corporate and Other operations. The summarized financial information for the Company’s operating joint ventures has been included in the summarized combined financial information for all significant equity method investments shown in Note 4.

The following table sets forth information related to the Company’s investments in operating joint ventures as of, and for, the years ended December 31:



	2017		2016		2015

	(in millions)
Investment in operating joint ventures	$	1,483	$	994	$	341
Dividends received from operating joint ventures	$	63	$	60	$	27
After-tax equity in earnings of operating joint ventures	$	49	$	49	$	15

The increase in investment in operating joint ventures for 2016, compared to 2015, primarily reflects the impact of the Company’s investment in AFP Habitat in Chile. The increase in investment in operating joint ventures for 2017, compared to 2016, primarily reflects the impact of the Company’s investments in Enterprise Group Limited in Ghana and CT Corp in Indonesia.

For the years ended December 31, 2017, 2016 and 2015, the Company recognized $36 million, $32 million and $34 million, respectively, of asset management fee income for services the Company provided to these operating joint ventures.