This selected consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements included elsewhere herein.
## Table 0 ##
As of December 31,
## Table 1 ##
(1) For purposes of this computation, earnings are defined as income from continuing operations before income taxes excluding undistributed income (loss) from equity method investments, fixed charges and interest capitalized.
Also excludes earnings attributable to noncontrolling interests.
Fixed charges are the sum of gross interest expense, interest credited to policyholders’ account balances and an estimated interest component of rent expense.
Due to the Company’s loss for the year ended December 31, 2008, the ratio coverage was less than 1:1 and is therefore not presented.
Additional earnings of $859 million would have been required for the year ended December 31, 2008 to achieve a ratio of 1:1.
(2) The Company adopted the authoritative guidance for employers’ accounting for defined benefit pension and other postretirement plans effective December 31, 2006, which amended previous guidance, and resulted in a reduction of Prudential Financial, Inc.  equity of $556 million upon adoption.
MARKET PRICE OF AND DIVIDENDS ON COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Prudential Financial’s Common Stock was issued to eligible policyholders in Prudential Insurance’s demutualization and sold to investors in Prudential Financial’s initial public offering.
The Common Stock began trading on the New York Stock Exchange under the symbol “PRU” on December 13, 2001.
The following table presents the high and low closing prices for the Common Stock on the New York Stock Exchange during the periods indicated and the dividends declared per share during such periods:
## Table 2 ##
On January 31, 2011, there were 2,059,447 registered holders of record for the Common Stock and 484 million shares outstanding.
The Class B Stock was issued to institutional investors (two subsidiaries of American International Group, Inc.  and Pacific Life Corp. ) in a private placement pursuant to Section 4(2) of the Securities Act of 1933 on the date of demutualization.
There is no established public trading market for the Class B Stock.
During the fourth quarter of 2010 and 2009, Prudential Financial paid an annual dividend of $9.625 per share of Class B Stock.
On January 31, 2011, there were three holders of record for the Class B Stock and 2 million shares outstanding.
Prudential Financial’s Board of Directors currently intends to continue to declare and pay annual dividends on the Common Stock and Class B Stock.
Future dividend decisions will be based on, and affected by, a number of factors including the financial performance of the Financial Services Businesses and Closed Block Business; our overall financial condition, results of operations, cash requirements and future prospects; regulatory restrictions on the payment of dividends by Prudential Financial’s subsidiaries; and such other factors as the Board of Directors may deem relevant.
Dividends payable by Prudential Financial are limited to the amount that would be legally available for payment under New Jersey corporate law.
For additional information on dividends and related regulatory restrictions, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and Note 15 to the Consolidated Financial Statements.
In December 2006, Prudential Financial issued in a private placement $2.0 billion of floating rate convertible senior notes, convertible by the holders at any time after issuance into cash and shares of the Company’s Common Stock.
The Company used the majority of the offering proceeds initially to invest in an investment grade fixed income investment portfolio, while the remainder of the proceeds were used for general corporate purposes and to repurchase shares of its Common Stock under the 2006 share repurchase authorization.
On December 12, 2007, $117 million of senior notes were repurchased by Prudential Financial at the request of the holders and prior to this event we liquidated the investment portfolio.
On December 12, 2008 and December 14, 2009, Prudential Financial repurchased $1.879 billion and $2 million of senior notes, respectively, at the request of the holders.
As of December 31, 2010, $0.4 million of these notes remain outstanding.
In September 2009, Prudential Insurance issued in a private placement $500 million of surplus notes due September 2019 with an interest rate of 5.36% per annum.
The surplus notes are exchangeable at the option of the holder, in whole but not in part, for shares of Prudential Financial Common Stock beginning in September 2014, or earlier upon a fundamental business combination involving Prudential Financial or a continuing payment default.
The initial exchange rate for the surplus notes is 10.1235 shares of Common Stock per each $1,000 principal amount of surplus notes, which represents an initial exchange price per share of Common Stock of $98.78; however, the exchange rate is subject to customary anti-dilution and other adjustments.
For additional information about our convertible senior notes and exchangeable surplus notes see Note 14 to the Consolidated Financial Statements.
Liquidity and Capital Resources The major components of changes in cash flows for 2016, 2015 and 2014 are discussed in the following paragraphs.
The following table summarizes our cash flow from operating activities, investing activities and financing activities for the years ended December 31, 2016, 2015 and 2014 (in millions of dollars):

<table><tr><td></td><td colspan="5"> Year Ended December 31,</td></tr><tr><td></td><td> 2010</td><td>2009</td><td>2008</td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="5"> (in millions, except per share and ratio information)</td></tr><tr><td> Income Statement Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$18,260</td><td>$16,545</td><td>$15,468</td><td>$14,351</td><td>$13,908</td></tr><tr><td>Policy charges and fee income</td><td>3,321</td><td>2,833</td><td>3,138</td><td>3,131</td><td>2,653</td></tr><tr><td>Net investment income</td><td>11,875</td><td>11,403</td><td>11,861</td><td>11,992</td><td>11,306</td></tr><tr><td>Asset management fees and other income</td><td>3,908</td><td>4,682</td><td>980</td><td>3,981</td><td>3,389</td></tr><tr><td>Realized investment gains (losses), net</td><td>1,050</td><td>-2,897</td><td>-2,457</td><td>612</td><td>785</td></tr><tr><td>Total revenues</td><td>38,414</td><td>32,566</td><td>28,990</td><td>34,067</td><td>32,041</td></tr><tr><td>Benefits and expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ benefits</td><td>18,285</td><td>16,346</td><td>16,531</td><td>14,749</td><td>14,283</td></tr><tr><td>Interest credited to policyholders’ account balances</td><td>4,209</td><td>4,484</td><td>2,335</td><td>3,222</td><td>2,917</td></tr><tr><td>Dividends to policyholders</td><td>2,189</td><td>1,298</td><td>2,218</td><td>2,903</td><td>2,622</td></tr><tr><td>Amortization of deferred policy acquisition costs</td><td>1,437</td><td>1,494</td><td>1,424</td><td>996</td><td>746</td></tr><tr><td>General and administrative expenses</td><td>7,872</td><td>7,392</td><td>7,708</td><td>7,657</td><td>7,173</td></tr><tr><td>Total benefits and expenses</td><td>33,992</td><td>31,014</td><td>30,216</td><td>29,527</td><td>27,741</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>4,422</td><td>1,552</td><td>-1,226</td><td>4,540</td><td>4,300</td></tr><tr><td>Income tax expense (benefit)</td><td>1,310</td><td>-54</td><td>-517</td><td>1,208</td><td>1,212</td></tr><tr><td>Income (loss) from continuing operations before equity in earnings of operating joint ventures</td><td>3,112</td><td>1,606</td><td>-709</td><td>3,332</td><td>3,088</td></tr><tr><td>Equity in earnings of operating joint ventures, net of taxes</td><td>84</td><td>1,523</td><td>-447</td><td>246</td><td>208</td></tr><tr><td>Income (loss) from continuing operations</td><td>3,196</td><td>3,129</td><td>-1,156</td><td>3,578</td><td>3,296</td></tr><tr><td>Income (loss) from discontinued operations, net of taxes</td><td>10</td><td>-39</td><td>75</td><td>151</td><td>121</td></tr><tr><td>Net income (loss)</td><td>3,206</td><td>3,090</td><td>-1,081</td><td>3,729</td><td>3,417</td></tr><tr><td>Less: Income (loss) attributable to noncontrolling interests</td><td>11</td><td>-34</td><td>36</td><td>67</td><td>25</td></tr><tr><td>Net Income (loss) attributable to Prudential Financial, Inc.</td><td>$3,195</td><td>$3,124</td><td>$-1,117</td><td>$3,662</td><td>$3,392</td></tr><tr><td>Basic income (loss) from continuing operations attributable to</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prudential Financial, Inc. per share—Common Stock</td><td>$5.80</td><td>$7.77</td><td>$-2.70</td><td>$7.34</td><td>$6.27</td></tr><tr><td>Diluted income (loss) from continuing operations attributable to</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prudential Financial, Inc. per share—Common Stock</td><td>$5.73</td><td>$7.72</td><td>$-2.70</td><td>$7.24</td><td>$6.18</td></tr><tr><td>Basic net income (loss) attributable to Prudential Financial, Inc. per share—Common Stock</td><td>$5.82</td><td>$7.68</td><td>$-2.53</td><td>$7.61</td><td>$6.50</td></tr><tr><td>Diluted net income (loss) attributable to Prudential Financial, Inc. per share—Common Stock</td><td>$5.75</td><td>$7.63</td><td>$-2.53</td><td>$7.51</td><td>$6.41</td></tr><tr><td>Basic and diluted income (loss) from continuing operations attributable to Prudential Financial, Inc. per share—Class BStock</td><td>$222.00</td><td>$-165.00</td><td>$-16.00</td><td>$68.50</td><td>$108.00</td></tr><tr><td>Basic and diluted net income (loss) attributable to Prudential</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial, Inc. per share—Class B Stock</td><td>$222.50</td><td>$-165.00</td><td>$-16.00</td><td>$69.50</td><td>$108.00</td></tr><tr><td>Dividends declared per share—Common Stock</td><td>$1.15</td><td>$0.70</td><td>$0.58</td><td>$1.15</td><td>$0.95</td></tr><tr><td>Dividends declared per share—Class B Stock</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td></tr><tr><td>Ratio of earnings to fixed charges-1</td><td>1.80</td><td>1.71</td><td>—</td><td>1.99</td><td>2.08</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="5"> (in millions)</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total investments excluding policy loans</td><td>$273,245</td><td>$250,406</td><td>$232,322</td><td>$234,220</td><td>$226,737</td></tr><tr><td>Separate account assets</td><td>207,776</td><td>174,074</td><td>147,095</td><td>195,583</td><td>177,463</td></tr><tr><td>Total assets</td><td>539,854</td><td>480,203</td><td>445,011</td><td>485,813</td><td>454,266</td></tr><tr><td>Future policy benefits and policyholders’ account balances</td><td>240,315</td><td>227,373</td><td>221,564</td><td>195,731</td><td>187,652</td></tr><tr><td>Separate account liabilities</td><td>207,776</td><td>174,074</td><td>147,095</td><td>195,583</td><td>177,463</td></tr><tr><td>Short-term debt</td><td>1,982</td><td>3,122</td><td>10,535</td><td>15,566</td><td>12,472</td></tr><tr><td>Long-term debt</td><td>23,653</td><td>21,037</td><td>20,290</td><td>14,101</td><td>11,423</td></tr><tr><td>Total liabilities</td><td>506,926</td><td>454,474</td><td>431,225</td><td>461,890</td><td>431,005</td></tr><tr><td>Prudential Financial, Inc. equity-2</td><td>32,415</td><td>25,195</td><td>13,435</td><td>23,514</td><td>22,932</td></tr><tr><td>Noncontrolling interests</td><td>513</td><td>534</td><td>351</td><td>409</td><td>329</td></tr><tr><td>Total equity-2</td><td>$32,928</td><td>$25,729</td><td>$13,786</td><td>$23,923</td><td>$23,261</td></tr></table>
<table><tr><td></td><td> High</td><td> Low</td><td> Dividends</td></tr><tr><td> 2010:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$59.95</td><td>$50.68</td><td>$1.15</td></tr><tr><td>Third Quarter</td><td>59.54</td><td>49.65</td><td>—</td></tr><tr><td>Second Quarter</td><td>65.82</td><td>53.66</td><td>—</td></tr><tr><td>First Quarter</td><td>60.50</td><td>47.02</td><td>—</td></tr><tr><td> 2009:</td><td></td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$52.82</td><td>$44.64</td><td>$0.70</td></tr><tr><td>Third Quarter</td><td>54.63</td><td>33.28</td><td>—</td></tr><tr><td>Second Quarter</td><td>46.00</td><td>20.50</td><td>—</td></tr><tr><td>First Quarter</td><td>35.11</td><td>11.29</td><td>—</td></tr></table>

Question: In what year is Total investments excluding policy loans positive?