Management’s Discussion and Analysis The table below presents the operating results of our Institutional Client Services segment.
## Table 0 ##
1.
Includes net revenues related to reinsurance of $1.08 billion, $880 million and $827 million for the years ended December 2012, December 2011 and December 2010, respectively.2012 versus 2011.
Net revenues in Institutional Client Services were $18.12 billion for 2012, 5% higher than 2011.
Net revenues in Fixed Income, Currency and Commodities Client Execution were $9.91 billion for 2012, 10% higher than 2011.
These results reflected strong net revenues in mortgages, which were significantly higher compared with 2011.
In addition, net revenues in credit products and interest rate products were solid and higher compared with 2011.
These increases were partially offset by significantly lower net revenues in commodities and slightly lower net revenues in currencies.
Although broad market concerns persisted during 2012, Fixed Income, Currency and Commodities Client Execution operated in a generally improved environment characterized by tighter credit spreads and less challenging market-making conditions compared with 2011.
Net revenues in Equities were $8.21 billion for 2012, essentially unchanged compared with 2011.
Net revenues in securities services were significantly higher compared with 2011, reflecting a gain of approximately $500 million on the sale of our hedge fund administration business.
In addition, equities client execution net revenues were higher than 2011, primarily reflecting significantly higher results in cash products, principally due to increased levels of client activity.
These increases were offset by lower commissions and fees, reflecting lower market volumes.
During 2012, Equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels.
The net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $714 million ($433 million and $281 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2012, compared with a net gain of $596 million ($399 million and $197 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2011.
During 2012, Institutional Client Services operated in an environment generally characterized by continued broad market concerns and uncertainties, although positive developments helped to improve market conditions.
These developments included certain central bank actions to ease monetary policy and address funding risks for European financial institutions.
In addition, the U. S.  economy posted stable to improving economic data, including favorable developments in unemployment and housing.
These improvements resulted in tighter credit spreads, higher global equity prices and lower levels of volatility.
However, concerns about the outlook for the global economy and continued political uncertainty, particularly the political debate in the United States surrounding the fiscal cliff, generally resulted in client risk aversion and lower activity levels.
Also, uncertainty over financial regulatory reform persisted.
If these concerns and uncertainties continue over the long term, net revenues in Fixed Income, Currency and Commodities Client Execution and Equities would likely be negatively impacted.
Operating expenses were $12.48 billion for 2012, 3% lower than 2011, primarily due to lower brokerage, clearing, exchange and distribution fees, and lower impairment charges, partially offset by higher net provisions for litigation and regulatory proceedings.
Pre-tax earnings were $5.64 billion in 2012, 27% higher than 2011.2011 versus 2010.
Net revenues in Institutional Client Services were $17.28 billion for 2011, 21% lower than 2010.
Net revenues in Fixed Income, Currency and Commodities Client Execution were $9.02 billion for 2011, 34% lower than 2010.
Although activity levels during 2011 were generally consistent with 2010 levels, and results were solid during the first quarter of 2011, the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty, resulting in volatile markets and significantly wider credit spreads, which contributed to difficult market-making conditions and led to reductions in risk by us and our clients.
As a result of these conditions, net revenues across the franchise were lower, including significant declines in mortgages and credit products, compared with 2010.
temporary impairments of fixed maturities attributable to the Closed Block Business for the years ended December 31, 2010 and 2009, were $133 million and $322 million, respectively, of other-than-temporary impairments on asset-backed securities collateralized by sub-prime mortgages.
For a further discussion of other-than-temporary impairments, see “—Realized Investment Gains and Losses” above.
Trading account assets supporting insurance liabilities Certain products included in the Retirement and International Insurance segments, are experience-rated, meaning that we expect the investment results associated with these products will ultimately accrue to contractholders.
The investments supporting these experiencerated products, excluding commercial mortgage and other loans, are classified as trading.
These trading investments are reflected on the balance sheet as “Trading account assets supporting insurance liabilities, at fair value.
” Realized and unrealized gains and losses for these investments are reported in “Asset management fees and other income,” and excluded from adjusted operating income.
Investment income for these investments is reported in “Net investment income,” and is included in adjusted operating income.
The following table sets forth the composition of this portfolio as of the dates indicated.
## Table 1 ##
As a percentage of amortized cost, 76% and 75% of the portfolio was publicly traded as of December 31, 2010, and December 31, 2009, respectively.
As of December 31, 2010 and 2009, 90% and 88%, respectively, of the fixed maturity portfolio was considered high or highest quality based on NAIC or equivalent rating.
As of December 31, 2010, $1.188 billion of the residential mortgage-backed securities were publicly traded agency pass-through securities, which are supported by implicit or explicit government guarantees all of which have credit ratings of A or higher.
Collateralized mortgage obligations, including approximately $104 million secured by “ALT-A” mortgages, represented the remaining $162 million of residential mortgage-backed securities, of which 86% have credit ratings of A or better and 14% are BBB and below.
For a discussion of changes in the fair value of our trading account assets supporting insurance liabilities see “—Investment Gains and Losses on Trading Account Assets Supporting Insurance Liabilities and Changes in Experience-Rated Contractholder Liabilities Due to Asset Value Changes,” above.
The following table sets forth the composition by industry category of the corporate securities included in our trading account assets supporting insurance liabilities portfolio as of the dates indicated.
Corporate Securities by Industry Category—Trading Account Assets Supporting Insurance Liabilities
## Table 2 ##
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
Segment Measures In managing our business, we analyze operating performance separately for our Financial Services Businesses and our Closed Block Business.
For the Financial Services Businesses, we analyze our segments’ operating performance using “adjusted operating income.
” Results of the Closed Block Business for all periods are evaluated and presented only in accordance with U. S.  GAAP.
Adjusted operating income does not equate to “income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures” or “net income” as determined in accordance with U. S.  GAAP but is the measure of segment profit or loss we use to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is our measure of segment performance.
The adjustments to derive adjusted operating income are important to an understanding of our overall results of operations.
Adjusted operating income is not a substitute for income determined in accordance with U. S.  GAAP, and our definition of adjusted operating income may differ from that used by other companies.
However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of the Financial Services Businesses.
See Note 22 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating income.
Effective with the third quarter of 2010, we amended our definition of adjusted operating income as it relates to certain variable annuity contracts and defined contribution accounts that contain optional guaranteed living benefit features.
Changes in the fair value of these optional living benefit features, which are accounted for as embedded derivatives, are primarily driven by changes in the policyholders’ account balance and changes in the capital market and policyholder behavior assumptions used in the valuation of the embedded derivatives, including equity market returns, interest rates, market volatility, benefit utilization, contract lapses, contractholder mortality, and withdrawal rates.
The changes in fair value of the embedded derivative liabilities also reflect an increase or decrease in the market-perceived risk of our non-performance.
We hedge or limit our exposure to certain risks associated with these living benefit features through a combination of product design elements and externally purchased hedging instruments.
In addition, beginning in the second quarter of 2009, we expanded our hedging program to include a portion of the market exposure related to the overall capital position of the variable annuity business.
During the second quarter of 2010, the equity component of the capital hedge within the variable annuity business was replaced with a new capital hedge program that more broadly addressed equity market exposure of the statutory capital within the Financial Services Businesses as a whole.
Changes in the value of the embedded derivatives inclusive of the market-perceived risk of our non-performance, and the related hedge positions are reported in “Realized investment gains (losses), net.
” Historically, adjusted operating income included the changes in fair value of these embedded derivatives and related hedge positions, in the period they occurred, and also included the related impact to amortization of deferred policy acquisition and other costs.
Adjusted operating income under the amended definition excludes any amounts related to changes in the market value of the embedded derivatives and related hedge positions, and the related impact to amortization of deferred policy acquisition and other costs.
Adjusted operating income for all periods presented has been revised to conform to the amended definition.
We view adjusted operating income under the amended definition as a more meaningful presentation of our results for purposes of analyzing the operating performance of, and allocating resources to, our business segments, as the amended definition presents results on a basis more consistent with the economics of the businesses.
The accounting for these products and associated derivatives under U. S.  GAAP has not changed.
Adjusted operating income under the amended definition excludes net gains of $312 million, net gains of $2 million, and net losses of $216 million for the years ended December 31, 2010, 2009 and 2008, respectively, related to changes in the market value of the embedded derivatives and related hedge positions, and the related impact to amortization of deferred policy acquisition and other costs.
Of the $312 million in net gains for the year ended December 31, 2010, net gains of $12 million and $2 million are reflected within the U. S.  GAAP results of the Individual Annuities and Retirement segments, respectively, and net gains of $298 million are reflected within our Corporate and Other operations.
Results of Operations for Financial Services Businesses by Segment U. S.  Retirement Solutions and Investment Management Division Individual Annuities Operating Results The following table sets forth the Individual Annuities segment’s operating results for the periods indicated.
## Table 3 ##
(1) Revenues exclude Realized investment gains (losses), net, and related charges and adjustments.
Realized investment gains (losses), net and related adjustments include the net impact of embedded derivatives related to our living benefit features and related hedge positions as described below.
The related charges represent payments related to the market value adjustment features of certain of our annuity products.
See “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” (2) Benefits and expenses exclude related charges which represent the unfavorable (favorable) impact of Realized investment gains (losses), net, on change in reserves and the amortization of deferred policy acquisition costs, deferred sales inducements and valuation of business acquired.
2010 to 2009 Annual Comparison.
The total cash value of surrenders decreased $158 million, from $855 million in 2009 to $697 million in 2010, as surrenders in 2010 returned to levels that are more consistent with expectations compared to 2009.
The prior year reflects a greater volume of surrenders, including lapses to extended term, of variable life insurance, due primarily to market conditions at the time and policyholders electing to surrender their policies rather than make premium payments or the contractually required deposits needed to keep the policies in force.
The level of surrenders as a percentage of mean future policy benefit reserves, policyholders’ account balances and separate account balances decreased from 4.2% in 2009 to 3.0% in 2010, driven by a decrease in the total cash value of surrenders as described above, as well as higher average account balances primarily driven by market appreciation over the past twelve months.2009 to 2008 Annual Comparison.
The total cash value of surrenders increased $53 million, from $802 million in 2008 to $855 million in 2009, reflecting a greater volume of surrenders, primarily in the first half of 2009, including lapses to extended term, of variable life insurance, due primarily to market conditions in late 2008 and into early 2009 and policyholders electing to surrender their policies rather than make premium payments or the contractually required deposits needed to keep the policies in force.
The level of surrenders as a percentage of mean future policy benefit reserves, policyholders’ account balances and separate account balances increased from 3.8% in 2008 to 4.2% in 2009.
Group Insurance Operating Results The following table sets forth the Group Insurance segment’s operating results for the periods indicated.
## Table 4 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
See “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” (2) Benefits and expenses exclude related charges which represent the unfavorable (favorable) impact of Realized investment gains (losses), net, on interest credited to policyholders’ account balances.
Adjusted Operating Income 2010 to 2009 Annual Comparison.
Adjusted operating income decreased $116 million, from $331 million in 2009 to $215 million in 2010.
Results reflected a net benefit of $28 million in 2010, from reserve refinements in both the group life and group disability businesses, including the impact of annual reviews, compared to a net benefit of zero in 2009.
Excluding this item, adjusted operating income decreased $144 million primarily reflecting less favorable underwriting results in 2010 on group life non-retrospectively experience-rated business largely due to the lapse of certain business and repricing of other business up for renewal with favorable claims experience in 2009, reflecting the competitive market, as well as less favorable claims experience due to an increase in the number and severity of claims.
In addition, underwriting results reflect less favorable long-term disability claims experience in 2010 consistent with the economic downturn.
Also contributing to the decrease in adjusted operating income were higher operating expenses primarily to support disability operations and expansion into the group dental market, and an unfavorable impact from the refinement of a premium tax estimate.2009 to 2008 Annual Comparison.
Adjusted operating income decreased $9 million, from $340 million in 2008 to $331 million in 2009.
Results for 2008 include a $20 million benefit from a premium adjustment for updated data on a large group life insurance case.
Also included in results for 2008 is a $13 million benefit, as compared to a net benefit of zero in 2009, from refinements in group disability reserves as a result of annual reviews.
Excluding the benefits in 2008 from the premium adjustment and annual reserve refinements, adjusted operating income increased $24 million due to improved underwriting results in 2009 in both our group life and group disability businesses primarily related to business growth, which was partially offset by a related increase in operating expenses.
Revenues 2010 to 2009 Annual Comparison.
Revenues, as shown in the table above under “—Operating Results,” increased by $173 million, from $5,285 million in 2009 to $5,458 million in 2010.
Group life premiums and policy charges and fee income increased by $125 million, from $3,414 million in 2009 to $3,539 million in 2010, primarily reflecting higher premiums from retrospectively experience-rated group life business resulting from the increase in policyholder benefits on these contracts as discussed below.
Also contributing to the increase were higher premiums from non-retrospectively experience-rated group life business primarily reflecting growth of business in force resulting from new sales, partially offset by a decrease in premiums associated with the assumption of existing liabilities from third parties, as well as the lapse of certain business and repricing of other business up for renewal, as discussed above.
Group disability premiums and
Sales Results In managing our international insurance business, we analyze annualized new business premiums, which do not correspond to revenues under U. S.  GAAP.
Annualized new business premiums measure the current sales performance of the segment, while revenues primarily reflect the renewal persistency of policies written in prior years and net investment income, in addition to current sales.
Annualized new business premiums include 10% of first year premiums or deposits from single pay products.
Annualized new business premiums on an actual and constant exchange rate basis are as follows for the periods indicated.

<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions</i></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Fixed Income, Currency and Commodities Client Execution</td><td>$ 9,914</td><td>$ 9,018</td><td>$13,707</td></tr><tr><td>Equities client execution<sup>1</sup></td><td>3,171</td><td>3,031</td><td>3,231</td></tr><tr><td>Commissions and fees</td><td>3,053</td><td>3,633</td><td>3,426</td></tr><tr><td>Securities services</td><td>1,986</td><td>1,598</td><td>1,432</td></tr><tr><td>Total Equities</td><td>8,210</td><td>8,262</td><td>8,089</td></tr><tr><td>Total net revenues</td><td>18,124</td><td>17,280</td><td>21,796</td></tr><tr><td>Operating expenses</td><td>12,480</td><td>12,837</td><td>14,994</td></tr><tr><td>Pre-tax earnings</td><td>$ 5,644</td><td>$ 4,443</td><td>$ 6,802</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2010</td><td colspan="2"> December 31, 2009</td></tr><tr><td></td><td> Amortized Cost</td><td> Fair Value</td><td> Amortized Cost</td><td> Fair Value</td></tr><tr><td></td><td colspan="4"> (in millions)</td></tr><tr><td>Short-term investments and cash equivalents</td><td>$697</td><td>$697</td><td>$725</td><td>$725</td></tr><tr><td>Fixed maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate securities</td><td>9,581</td><td>10,118</td><td>9,202</td><td>9,502</td></tr><tr><td>Commercial mortgage-backed securities</td><td>2,352</td><td>2,407</td><td>1,899</td><td>1,893</td></tr><tr><td>Residential mortgage-backed securities</td><td>1,350</td><td>1,363</td><td>1,434</td><td>1,432</td></tr><tr><td>Asset-backed securities</td><td>1,158</td><td>1,030</td><td>1,022</td><td>857</td></tr><tr><td>Foreign government bonds</td><td>567</td><td>569</td><td>508</td><td>517</td></tr><tr><td>U.S. government authorities and agencies and obligations of U.S. states</td><td>467</td><td>448</td><td>169</td><td>159</td></tr><tr><td>Total fixed maturities</td><td>15,475</td><td>15,935</td><td>14,234</td><td>14,360</td></tr><tr><td>Equity securities</td><td>1,156</td><td>1,139</td><td>1,033</td><td>935</td></tr><tr><td>Total trading account assets supporting insurance liabilities</td><td>$17,328</td><td>$17,771</td><td>$15,992</td><td>$16,020</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2010</td><td colspan="2"> December 31, 2009</td></tr><tr><td> Industry-1</td><td> Amortized Cost</td><td> Fair Value</td><td> Amortized Cost</td><td> Fair Value</td></tr><tr><td></td><td colspan="4"> (in millions)</td></tr><tr><td>Corporate Securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturing</td><td>$3,084</td><td>$3,306</td><td>$3,089</td><td>$3,221</td></tr><tr><td>Utilities</td><td>1,961</td><td>2,076</td><td>2,017</td><td>2,076</td></tr><tr><td>Services</td><td>1,700</td><td>1,783</td><td>1,322</td><td>1,364</td></tr><tr><td>Finance</td><td>1,270</td><td>1,290</td><td>1,254</td><td>1,261</td></tr><tr><td>Energy</td><td>704</td><td>753</td><td>705</td><td>733</td></tr><tr><td>Transportation</td><td>467</td><td>495</td><td>474</td><td>488</td></tr><tr><td>Retail and Wholesale</td><td>378</td><td>398</td><td>330</td><td>348</td></tr><tr><td>Other</td><td>17</td><td>17</td><td>11</td><td>11</td></tr><tr><td>Total Corporate Securities</td><td>$9,581</td><td>$10,118</td><td>$9,202</td><td>$9,502</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td> Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$3,195</td><td>$2,515</td><td>$2,437</td></tr><tr><td>Benefits and expenses</td><td>2,149</td><td>1,758</td><td>3,327</td></tr><tr><td>Adjusted operating income</td><td>1,046</td><td>757</td><td>-890</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>120</td><td>416</td><td>-591</td></tr><tr><td>Related charges-1(2)</td><td>-147</td><td>-552</td><td>263</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$1,019</td><td>$621</td><td>$-1,218</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="3">Year ended December 31,</td></tr><tr><td>2010</td><td>2009</td><td>2008</td></tr><tr><td colspan="3">(in millions)</td></tr><tr><td> Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$5,458</td><td>$5,285</td><td>$4,960</td></tr><tr><td>Benefits and expenses</td><td>5,243</td><td>4,954</td><td>4,620</td></tr><tr><td>Adjusted operating income</td><td>215</td><td>331</td><td>340</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>-21</td><td>-227</td><td>-201</td></tr><tr><td>Related charges-2</td><td>-1</td><td>-7</td><td>-1</td></tr><tr><td>Income from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$193</td><td>$97</td><td>$138</td></tr></table>

Question: Which year is Short-term investments and cash equivalents the most for Amortized Cost?