ANALOG DEVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ASU No.2011-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, which is the Company’s fiscal year 2013.
Subsequently, in December 2011, the FASB issued ASU No.2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No.2011-05 (ASU No.2011-12), which defers only those changes in ASU No.2011-05 that relate to the presentation of reclassification adjustments but does not affect all other requirements in ASU No.2011-05.
The adoption of ASU No.2011-05 and ASU No.2011-12 will affect the presentation of comprehensive income but will not materially impact the Company’s financial condition or results of operations.
u.
Discontinued Operations In November 2007, the Company entered into a purchase and sale agreement with certain subsidiaries of ON Semiconductor Corporation to sell the Company’s CPU voltage regulation and PC thermal monitoring business which consisted of core voltage regulator products for the central processing unit in computing and gaming applications and temperature sensors and fan-speed controllers for managing the temperature of the central processing unit.
During fiscal 2008, the Company completed the sale of this business.
In the first quarter of fiscal 2010, proceeds of $1 million were released from escrow and $0.6 million net of tax was recorded as additional gain from the sale of discontinued operations.
The Company does not expect any additional proceeds from this sale.
In September 2007, the Company entered into a definitive agreement to sell its Baseband Chipset Business to MediaTek Inc.
The decision to sell the Baseband Chipset Business was due to the Company’s decision to focus its resources in areas where its signal processing expertise can provide unique capabilities and earn superior returns.
During fiscal 2008, the Company completed the sale of its Baseband Chipset Business for net cash proceeds of $269 million.
The Company made cash payments of $1.7 million during fiscal 2009 related to retention payments for employees who transferred to MediaTek Inc.  and for the reimbursement of intellectual property license fees incurred by MediaTek.
During fiscal 2010, the Company received cash proceeds of $62 million as a result of the receipt of a refundable withholding tax and also recorded an additional gain on sale of $0.3 million, or $0.2 million net of tax, due to the settlement of certain items at less than the amounts accrued.
In fiscal 2011, additional proceeds of $10 million were released from escrow and $6.5 million net of tax was recorded as additional gain from the sale of discontinued operations.
The Company does not expect any additional proceeds from this sale.
The following amounts related to the CPU voltage regulation and PC thermal monitoring and baseband chipset businesses have been segregated from continuing operations and reported as discontinued operations.
## Table 0 ##
3.
Stock-Based Compensation and Shareholders’ Equity Equity Compensation Plans The Company grants, or has granted, stock options and other stock and stock-based awards under The 2006 Stock Incentive Plan (2006 Plan).
The 2006 Plan was approved by the Company’s Board of Directors on January 23, 2006 and was approved by shareholders on March 14, 2006 and subsequently amended in March 2006, June 2009, September 2009, December 2009, December 2010 and June 2011.
The 2006 Plan provides for the grant of up to 15 million shares of the Company’s common stock, plus such number of additional shares that were subject to outstanding options under the Company’s previous plans that are not issued because the applicable option award subsequently terminates or expires without being exercised.
The 2006 Plan provides for the grant of incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards.
Employees, officers, directors, consultants and advisors of the Company and its subsidiaries are eligible to be granted awards under the 2006 Plan.
No award may be made under the 2006 Plan after March 13, 2016, but awards previously granted may extend beyond that date.
The Company will not grant further options under any previous plans.
While the Company may grant to employees options that become exercisable at different times or within different periods, the Company has generally granted to employees options that vest over five years and become exercisable in annual installments of 20% on each of the first, second, third, fourth and fifth anniversaries of the date of grant; 33.3% on each of the third, fourth, and fifth anniversaries of the date of grant; or in annual installments of 25% on each of the second, third, fourth
General and administrative expense decreased $25 million, or 11%, to $199 million for the year ended December 31, 2013 compared to $224 million for the prior year primarily due to decreases in investment spending, advertising costs, service delivery charges and professional services fees.
In addition, we recognized a net $6 million charge in the prior year for estimated future assessments from state insurance guaranty funds, primarily associated with the liquidation of Executive Life Insurance Company of New York.
Protection Our Protection segment offers a variety of products to address the protection and risk management needs of our retail clients including life, disability income and property-casualty insurance.
Life and disability income products are primarily provided through our advisors.
Our property-casualty products are sold primarily through affinity relationships.
We issue insurance policies through our life insurance subsidiaries and the Property Casualty companies.
The primary sources of revenues for this segment are premiums, fees and charges we receive to assume insurance-related risk.
We earn net investment income on owned assets supporting insurance reserves and capital supporting the business.
We also receive fees based on the level of assets supporting VUL separate account balances.
This segment earns intersegment revenues from fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds under the VUL contracts.
Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
The following table presents the results of operations of our Protection segment on an operating basis:
## Table 1 ##
Our Protection segment pretax operating income, which excludes net realized gains or losses and the market impact on indexed universal life benefits (net of hedges and the related DAC amortization, unearned revenue amortization and the reinsurance accrual), decreased $33 million, or 8%, to $365 million for the year ended December 31, 2013 compared to $398 million for the prior year reflecting lower auto and home earnings.
Net Revenues Net revenues, which exclude net realized gains or losses and the unearned revenue amortization and the reinsurance accrual offset to the market impact on indexed universal life benefits, increased $102 million, or 5%, to $2.2 billion for the year ended December 31, 2013 compared to $2.1 billion for the prior year primarily due to the impact of unlocking and growth in auto and home premiums, as well as an increase in net investment income.
Net investment income, which excludes net realized gains or losses, increased $13 million, or 3%, to $443 million for the year ended December 31, 2013 compared to $430 million for the prior year due to an increase in investment income on fixed maturities driven by higher average invested assets for life and health.
Premiums increased $67 million, or 6%, to $1.2 billion for the year ended December 31, 2013 compared to $1.1 billion for the prior year primarily due to growth in auto and home premiums driven by continued strong new policy sales growth across market segments, primarily from our affinity relationships with Costco and Progressive.
Auto and home policy counts increased 11% year-over-year.
As further discussed in Note 3, we have entered into an agreement to acquire the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury in 2015.
The entity that holds this interest is a variable interest entity for which we are the primary beneficiary.
As of December 31, 2014, net real estate assets related to this entity's interest in The Grove at Shrewsbury included in our consolidated balance sheet are approximately $15.7 million and a mortgage payable (net of unamortized premium) of $7.4 million.
Redeemable Noncontrolling Interests We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity.
We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date.
Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity.
These amounts are classified within the mezzanine section of the consolidated balance sheets.
The following table provides a rollforward of the redeemable noncontrolling interests:
## Table 2 ##
Income Taxes We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes.
A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders.
Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial.
We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states.
Such state taxes also have not been material.
We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS.
In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”).
A TRS is subject to federal and state income taxes.
Our TRS activities have not been material.
With few exceptions, we are no longer subject to U. S.  federal, state, and local tax examinations by tax authorities for years before 2010.
As of December 31, 2014 and 2013, we had no material unrecognized tax benefits.
While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.
Segment Information Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties.
We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment.
We evaluate financial performance using property operating income, which consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes.
No individual property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America.
Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.
Introduction This report is both our 2009 annual report to shareholders and our 2009 annual report on Form 10-K required under the federal securities laws.
We are a strategic holding company, providing professional services to clients through multiple agencies operating in all major markets around the world.
Our companies provide advertising, marketing and corporate communications services.
The terms “Omnicom,” “we,” “our” and “us” each refer to Omnicom Group Inc.  and our subsidiaries unless the context indicates otherwise.
Item 1.  Business Our Business: Omnicom, a strategic holding company, was formed in 1986 by the merger of several leading advertising, marketing and corporate communications companies.
We are one of the world’s largest advertising, marketing and corporate communications companies and we operate in a highly competitive industry.
The proliferation of media channels, including the rapid development of interactive technologies and mediums, along with their integration within all offerings, has fragmented audiences.
These developments make it increasingly more difficult for marketers to reach their target audiences in a cost-effective way, causing them to turn to marketing service providers such as Omnicom for a customized mix of advertising and marketing communications services designed to make the best use of their total marketing expenditures.
Our agencies operate in all major markets around the world and provide a comprehensive range of services which we group into four fundamental disciplines: traditional media advertising; customer relationship management (“CRM”); public relations; and specialty communications.
The services included in these disciplines are:

<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Gain on sale of discontinued operations before income taxes</td><td>$—</td><td>$10,000</td><td>$1,316</td></tr><tr><td>Provision for income taxes</td><td>—</td><td>3,500</td><td>457</td></tr><tr><td>Gain on sale of discontinued operations, net of tax</td><td>$—</td><td>$6,500</td><td>$859</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2013</td><td>2012</td><td colspan="2">Change</td></tr><tr><td></td><td colspan="3">(in millions)</td><td></td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$58</td><td>$55</td><td>$3</td><td>5%</td></tr><tr><td>Distribution fees</td><td>91</td><td>91</td><td>—</td><td>—</td></tr><tr><td>Net investment income</td><td>443</td><td>430</td><td>13</td><td>3</td></tr><tr><td>Premiums</td><td>1,188</td><td>1,121</td><td>67</td><td>6</td></tr><tr><td>Other revenues</td><td>410</td><td>392</td><td>18</td><td>5</td></tr><tr><td>Total revenues</td><td>2,190</td><td>2,089</td><td>101</td><td>5</td></tr><tr><td>Banking and deposit interest expense</td><td>—</td><td>1</td><td>-1</td><td>—</td></tr><tr><td>Total net revenues</td><td>2,190</td><td>2,088</td><td>102</td><td>5</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>77</td><td>67</td><td>10</td><td>15</td></tr><tr><td>Interest credited to fixed accounts</td><td>145</td><td>143</td><td>2</td><td>1</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>1,252</td><td>1,146</td><td>106</td><td>9</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>118</td><td>110</td><td>8</td><td>7</td></tr><tr><td>General and administrative expense</td><td>233</td><td>224</td><td>9</td><td>4</td></tr><tr><td>Total expenses</td><td>1,825</td><td>1,690</td><td>135</td><td>8</td></tr><tr><td>Operating earnings</td><td>$365</td><td>$398</td><td>$-33</td><td>-8%</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="2">(In thousands)</td></tr><tr><td>Beginning balance</td><td>$104,425</td><td>$94,420</td></tr><tr><td>Net income</td><td>3,452</td><td>2,887</td></tr><tr><td>Distributions & Redemptions</td><td>-3,714</td><td>-3,822</td></tr><tr><td>Contributions</td><td>5,858</td><td>1,083</td></tr><tr><td>Adjustment to redeemable noncontrolling interests</td><td>9,032</td><td>9,857</td></tr><tr><td>Ending balance</td><td>$119,053</td><td>$104,425</td></tr></table>

Question: What is the proportion of Distribution fees to the total revenues in 2013? (in %)