economically hedging these risks, we use a combination of options and/or swaps.
Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts.
The macro hedge program could result in additional earnings volatility as changes in the value of the macro hedge derivatives, which are designed to reduce statutory capital volatility, may not be closely aligned to changes in the variable annuity guarantee embedded derivatives.
To evaluate interest rate and equity price risk we perform sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices.
The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months.
The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months.
In estimating the values of variable annuity riders, equity indexed annuities, stock market certificates, indexed universal life insurance and the associated hedge assets, we assume no change in implied market volatility despite the 10% drop in equity prices.
The following tables present our estimate of the impact on pretax income from these hypothetical market movements as of December 31, 2015:
## Table 0 ##
Interest Rate Exposure to Pretax Income
## Table 1 ##
N/A Not Applicable.
(1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.
(2) Market impact on DAC and DSIC amortization resulting from lower projected profits.
(3) In estimating the impact on DAC and DSIC amortization resulting from lower projected profits, we have not changed our assumed equity asset growth rates.
This is a significantly more conservative estimate than if we assumed management follows its mean reversion guideline and increased near-term rates to recover the drop in equity values over a five-year period.
We make this same conservative assumption in estimating the impact from GMDB and GMIB riders.
(4) Market impact on DAC and DSIC amortization related to variable annuity riders is modeled net of hedge impact.
(5) The market impact of the macro hedge program is modeled net of any related impact to DAC and DSIC amortization.
The above results compare to an estimated negative net impact to pretax income of $435 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $89 million related to a 100 basis point increase in interest rates as of December 31, 2014.
The change in interest rate exposure since December 31, 2014 is primarily
Receivables For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short term and the receivables have been collectible.
The fair value of these receivables is classified as Level 2.
Other Assets Other assets consist primarily of real estate held in property funds managed by Threadneedle.
The fair value of these properties is calculated by a third party appraisal service by discounting future cash flows generated by the expected market rental value for the property using the equivalent yield of a similar investment property.
Inputs used in determining the equivalent yield and expected rental value of the property may include: rental cash flows, current occupancy, historical vacancy rates, tenant history and assumptions regarding how quickly the property can be occupied and at what rental rates.
Management reviews the valuation report and assumptions used to ensure that the valuation was performed in accordance with applicable independence, appraisal and valuation standards.
Given the significance of the unobservable inputs to these measurements, these assets are classified as Level 3.
The CLOs hold an immaterial amount of warrants recorded in other assets.
Loans within the CLOs may default and go through a restructuring that can result in the CLO receiving warrants for the issuer’s equity securities.
Warrants are classified as Level 2 when the price is derived from observable market data.
Warrants from an issuer whose securities are not priced in active markets are classified as Level 3.
Liabilities Debt The fair value of the CLOs’ debt is determined using a discounted cash flow model.
Inputs used to determine the expected cash flows include assumptions about default, discount, prepayment and recovery rates of the CLOs’ underlying assets.
Given the significance of the unobservable inputs to this fair value measurement, the fair value of the CLOs’ debt is classified as Level 3.
Other Liabilities Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs.
The carrying value approximates fair value as the nature of these liabilities has historically been short term.
The fair value of these liabilities is classified as Level 2.
Fair Value Option The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs.
Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
## Table 2 ##
Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in net investment income.
Gains and losses related to changes in the fair value of investments and gains and losses on sales of
20.
Regulatory Requirements Restrictions on the transfer of funds exist under regulatory requirements applicable to certain of the Company’s subsidiaries.
At December 31, 2015, the aggregate amount of unrestricted net assets was approximately $2.0 billion.
The National Association of Insurance Commissioners (‘‘NAIC’’) defines Risk-Based Capital (‘‘RBC’’) requirements for insurance companies.
The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders.
These requirements apply to both the Company’s life and property casualty insurance companies.
In addition, IDS Property Casualty is subject to the statutory surplus requirements of the State of Wisconsin.
The Company’s life and property casualty companies each met their respective minimum RBC requirements.
The Company’s life and property casualty insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP.
Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules.
The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.
State insurance statutes contain limitations as to the amount of dividends or distributions that insurers may make without providing prior notification to state regulators.
For RiverSource Life, dividends or distributions in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce, RiverSource Life’s primary regulator, and are subject to potential disapproval.
RiverSource Life’s statutory unassigned surplus aggregated $954 million and $638 million as of December 31, 2015 and 2014, respectively.
In addition, dividends or distributions, whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as ‘‘extraordinary dividends.
’’ Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval.
Statutory capital and surplus for RiverSource Life was $3.7 billion and $3.3 billion at December 31, 2015 and 2014, respectively.
Statutory capital and surplus for IDS Property Casualty was $684 million and $560 million at December 31, 2015 and 2014, respectively.
Statutory net gain from operations and net income (loss) are summarized as follows:
## Table 3 ##
(1) Statutory net gain (loss) from operations and statutory net income (loss) are significantly impacted by changes in reserves for variable annuity guaranteed benefits, however, these impacts are substantially offset by unrealized gains (losses) on derivatives which are not included in statutory income but are recorded directly to surplus.
Government debt securities of $5 million at both December 31, 2015 and 2014, held by the Company’s life insurance subsidiaries were on deposit with various states as required by law.
Ameriprise Certificate Company (‘‘ACC’’) is registered as an investment company under the Investment Company Act of 1940 (the ‘‘1940 Act’’).
ACC markets and sells investment certificates to clients.
ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the Securities and Exchange Commission (‘‘SEC’’) and the Minnesota Department of Commerce.
The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets.
Under the provisions of its certificates and the 1940 Act, ACC was required to have qualified assets (as that term is defined in Section 28(b) of the 1940 Act) in the amount of $4.8 billion and $4.2 billion at December 31, 2015 and 2014, respectively.
ACC had qualified assets of $5.1 billion and $4.5 billion at December 31, 2015 and 2014, respectively.
Ameriprise Financial and ACC entered into a Capital Support Agreement on March 2, 2009, pursuant to which Ameriprise Financial agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements.
Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50 million.
The previous
Item 6.
Selected Financial Data The following table sets forth selected consolidated financial information derived from our audited Consolidated Financial Statements as of December 31, 2015, 2014, 2013, 2012 and 2011 and for the five-year period ended December 31, 2015.
The selected financial data presented below should be read in conjunction with our Consolidated Financial Statements and Notes included elsewhere in this report and ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations.
’’
## Table 4 ##
Earnings Per Share Attributable to Ameriprise Financial, Inc.  Common Shareholders: Basic
## Table 5 ##
(1) Represents amounts before consolidated investment entities, as reported on our Consolidated Balance Sheets.
The graph below compares Expeditors International of Washington, Inc. 's cumulative 5-Year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the NASDAQ Industrial Transportation index (NQUSB2770T).
The graph assumes that the value of the investment in our common stock and in each of the indexes (including reinvestment of dividends) was $100 on 12/31/2013 and tracks it through 12/31/2018.
Total return assumes reinvestment of dividends in each of the indices indicated.
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN Among Expeditors International of Washington, Inc. , the S&P 500 Index and the NASDAQ Industrial Transportation Index.

<table><tr><td></td><td colspan="3">Equity Price Exposure to Pretax Income</td></tr><tr><td>Equity Price Decline 10%</td><td>Before Hedge Impact</td><td>Hedge Impact</td><td>Net Impact</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Asset-based management and distribution fees<sup>-1</sup></td><td>$-232</td><td>$4</td><td>$-228</td></tr><tr><td>DAC and DSIC amortization<sup>-2(3)</sup></td><td>-107</td><td>—</td><td>-107</td></tr><tr><td>Variable annuity riders:</td><td></td><td></td><td></td></tr><tr><td>GMDB and GMIB<sup>-3</sup></td><td>-155</td><td>—</td><td>-155</td></tr><tr><td>GMWB</td><td>-406</td><td>467</td><td>61</td></tr><tr><td>GMAB</td><td>-45</td><td>51</td><td>6</td></tr><tr><td>DAC and DSIC amortization<sup>-4</sup></td><td>N/A</td><td>N/A</td><td>-11</td></tr><tr><td>Total variable annuity riders</td><td>-606</td><td>518</td><td>-99</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>—</td><td>16</td><td>16</td></tr><tr><td>Equity indexed annuities</td><td>1</td><td>-1</td><td>—</td></tr><tr><td>Certificates</td><td>2</td><td>-2</td><td>—</td></tr><tr><td>Indexed universal life insurance</td><td>19</td><td>-18</td><td>1</td></tr><tr><td>Total</td><td>$-923</td><td>$517</td><td>$-417</td></tr></table>
<table><tr><td></td><td colspan="3">Interest Rate Exposure to Pretax Income</td></tr><tr><td>Interest Rate Increase 100 Basis Points</td><td>Before Hedge Impact</td><td>Hedge Impact</td><td>Net Impact</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Asset-based management and distribution fees<sup>-1</sup></td><td>$-47</td><td>$—</td><td>$-47</td></tr><tr><td>Variable annuity riders:</td><td></td><td></td><td></td></tr><tr><td>GMDB and GMIB</td><td>—</td><td>—</td><td>—</td></tr><tr><td>GMWB</td><td>953</td><td>-1,032</td><td>-79</td></tr><tr><td>GMAB</td><td>36</td><td>-38</td><td>-2</td></tr><tr><td>DAC and DSIC amortization<sup>-4</sup></td><td>N/A</td><td>N/A</td><td>15</td></tr><tr><td>Total variable annuity riders</td><td>989</td><td>-1,070</td><td>-66</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>—</td><td>11</td><td>11</td></tr><tr><td>Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products</td><td>67</td><td>—</td><td>67</td></tr><tr><td>Brokerage client cash balances</td><td>156</td><td>—</td><td>156</td></tr><tr><td>Certificates</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Indexed universal life insurance</td><td>48</td><td>1</td><td>49</td></tr><tr><td>Total</td><td>$1,213</td><td>$-1,058</td><td>$170</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Syndicated loans</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$6,635</td><td>$5,871</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-368</td><td>-100</td></tr><tr><td>Fair value</td><td>$6,267</td><td>$5,771</td></tr><tr><td>Fair value of loans more than 90 days past due</td><td>$24</td><td>$32</td></tr><tr><td>Fair value of loans in nonaccrual status</td><td>24</td><td>32</td></tr><tr><td>Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both</td><td>72</td><td>25</td></tr><tr><td>Debt</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$7,063</td><td>$6,248</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-433</td><td>-218</td></tr><tr><td>Fair value</td><td>$6,630</td><td>$6,030</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>RiverSource Life</td><td></td><td></td><td></td></tr><tr><td>Statutory net gain from operations<sup>-1</sup></td><td>$1,033</td><td>$1,412</td><td>$1,633</td></tr><tr><td>Statutory net income<sup>-1</sup></td><td>633</td><td>1,154</td><td>1,337</td></tr><tr><td>IDS Property Casualty</td><td></td><td></td><td></td></tr><tr><td>Statutory net income (loss)</td><td>-44</td><td>-25</td><td>11</td></tr></table>
<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="5">(in millions, except per share data)</td></tr><tr><td>Income Statement Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total net revenues</td><td>$12,170</td><td>$12,268</td><td>$11,199</td><td>$10,217</td><td>$10,192</td></tr><tr><td>Total expenses</td><td>10,028</td><td>9,721</td><td>9,229</td><td>8,979</td><td>8,745</td></tr><tr><td>Income from continuing operations</td><td>$1,687</td><td>$2,002</td><td>$1,478</td><td>$903</td><td>$1,070</td></tr><tr><td>Loss from discontinued operations, net of tax</td><td>—</td><td>-2</td><td>-3</td><td>-2</td><td>-60</td></tr><tr><td>Net income</td><td>1,687</td><td>2,000</td><td>1,475</td><td>901</td><td>1,010</td></tr><tr><td>Less: Net income (loss) attributable to noncontrolling interests</td><td>125</td><td>381</td><td>141</td><td>-128</td><td>-106</td></tr><tr><td>Net income attributable to Ameriprise Financial</td><td>$1,562</td><td>$1,619</td><td>$1,334</td><td>$1,029</td><td>$1,116</td></tr><tr><td colspan="6">Earnings Per Share Attributable to Ameriprise Financial, Inc. Common Shareholders:</td></tr><tr><td>Basic</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations</td><td>$8.60</td><td>$8.46</td><td>$6.58</td><td>$4.71</td><td>$4.87</td></tr><tr><td>Loss from discontinued operations</td><td>—</td><td>-0.01</td><td>-0.02</td><td>-0.01</td><td>-0.25</td></tr><tr><td>Net income</td><td>$8.60</td><td>$8.45</td><td>$6.56</td><td>$4.70</td><td>$4.62</td></tr><tr><td>Diluted</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations</td><td>$8.48</td><td>$8.31</td><td>$6.46</td><td>$4.63</td><td>$4.77</td></tr><tr><td>Loss from discontinued operations</td><td>—</td><td>-0.01</td><td>-0.02</td><td>-0.01</td><td>-0.24</td></tr><tr><td>Net income</td><td>$8.48</td><td>$8.30</td><td>$6.44</td><td>$4.62</td><td>$4.53</td></tr><tr><td>Cash Dividends Declared Per Common Share</td><td>$2.59</td><td>$2.26</td><td>$2.01</td><td>$1.15</td><td>$1.15</td></tr></table>
<table><tr><td></td><td colspan="5">December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</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>Investments<sup>-1</sup></td><td>$34,144</td><td>$35,582</td><td>$35,735</td><td>$36,877</td><td>$39,953</td></tr><tr><td>Separate account assets</td><td>80,349</td><td>83,256</td><td>81,223</td><td>72,397</td><td>66,780</td></tr><tr><td>Total assets</td><td>145,259</td><td>148,810</td><td>144,576</td><td>134,729</td><td>132,307</td></tr><tr><td>Policyholder account balances, future policy benefits and claims</td><td>29,699</td><td>30,350</td><td>29,620</td><td>31,217</td><td>31,710</td></tr><tr><td>Separate account liabilities</td><td>80,349</td><td>83,256</td><td>81,223</td><td>72,397</td><td>66,780</td></tr><tr><td>Customer deposits</td><td>8,634</td><td>7,664</td><td>7,062</td><td>6,526</td><td>9,850</td></tr><tr><td>Long-term debt<sup>-1</sup></td><td>2,707</td><td>3,062</td><td>2,720</td><td>2,403</td><td>2,393</td></tr><tr><td>Short-term borrowings</td><td>200</td><td>200</td><td>500</td><td>501</td><td>504</td></tr><tr><td>Total liabilities</td><td>136,854</td><td>139,505</td><td>135,344</td><td>125,017</td><td>122,613</td></tr><tr><td>Total Ameriprise Financial, Inc. shareholders’ equity</td><td>7,217</td><td>8,124</td><td>8,192</td><td>9,092</td><td>8,988</td></tr><tr><td>Noncontrolling interests’ equity</td><td>1,188</td><td>1,181</td><td>1,040</td><td>620</td><td>706</td></tr></table>

Question: If Total expenses develops with the same increasing rate in 2015, what will it reach in 2016? (in milion)