ITEM 7 / ENTERPRISE RISK MANAGEMENT aggregate currency portfolio limits.
As a matter of general practice, we do not typically hedge our foreign currency exposures to net investments in subsidiaries.
At December 31, 2015, our foreign currency-denominated net asset position decreased by $1.3 billion, or 11.2 percent, compared to December 31, 2014.
The decrease was mostly due to a $1.7 billion decrease in our British pound position, primarily resulting from the unwinding of a cross-currency swap and a $737 million decrease in our Hong Kong dollar position, primarily resulting from the sale of ordinary shares in PICC P&C.
These decreases were partially offset by a $1.3 billion increase in our euro position, primarily resulting from debt repurchases and hedging.
For illustrative purposes, we modeled our sensitivities based on a 100 basis point increase in yield curves, a 20 percent decline in equities and alternative assets, and a 10 percent depreciation of all foreign currency exchange rates against the U. S.  dollar.
The estimated results presented in the table above should not be taken as a prediction, but only as a demonstration of the potential effects of such events.
The sensitivity factors utilized for 2015 and presented above were selected based on historical data from 1995 to 2015, as follows (see the table below): ?
a 100 basis point parallel shift in the yield curve is consistent with a one standard deviation movement of the benchmark ten-year treasury yield; ?
a 20 percent drop for equity and alternative investments is broadly consistent with a one standard deviation movement in the S&P 500; and ?
a 10 percent depreciation of foreign currency exchange rates is consistent with a one standard deviation movement in the U. S.  dollar (USD)/Great Britain pound (GBP) exchange rate.
## Table 0 ##
Risk Monitoring and Limits The risk monitoring responsibilities, owned by the business units, include ensuring compliance with market risk limits and escalation and remediation of limit breaches.
Such activities must be reported to the ERM Market Risk team by the relevant business unit.
This monitoring approach is aligned with our overall risk limits framework.
To control our exposure to market risk, we rely on a three-tiered hierarchy of limits that the CMRO closely monitors and reports to our CRO, senior management and risk committees.
See Risk Appetite, Limits, Identification, and Measurement – Risk Limits herein for further information on our three-tiered hierarchy of limits.
Liquidity Risk Management Liquidity risk is defined as the risk that our financial condition will be adversely affected by the inability or perceived inability to meet our short-term cash, collateral or other financial obligations.
Failure to appropriately manage liquidity risk can result in insolvency, reduced operating flexibility, increased costs, reputational harm and regulatory action.
AIG and its legal entities seek to maintain sufficient liquidity during both the normal course of business and under defined liquidity stress scenarios to ensure that sufficient cash can be generated to meet the obligations as they come due.
The general operating expense ratio decreased by 0.2 points in 2015 compared to 2014, primarily due to lower employeerelated expenses partially offset by additional expense resulting from the NSM acquisition and higher technology-related expenses.2014 and 2013 Comparison The combined ratio decreased by 1.4 points in 2014 compared to 2013 reflecting decreases in the expense ratio and the loss ratio.
The accident year combined ratio, as adjusted, decreased by 0.9 points in 2014 compared 2013, primarily due to lower expense ratio which was partially offset by a higher accident year loss ratio, as adjusted.
The accident year loss ratio, as adjusted, increased by 0.2 points in 2014, compared to 2013, primarily due to higher frequency of non-severe losses, particularly in Property and Specialty businesses.
This was partially offset by an improvement in Financial lines, particularly in the U. S. , reflecting enhanced risk selection and pricing discipline.
Severe losses represented approximately 2.8 points of the accident year loss ratio, as adjusted, in both 2014 and 2013.
The acquisition ratio decreased by 0.4 points in 2014 compared to 2013, primarily due to a reduction in expenses of personnel engaged in sales support activities and lower premium taxes and guaranty fund and other assessments.
The general operating expense ratio decreased by 0.7 points in 2014 compared to 2013, primarily due to efficiencies from organizational realignment initiatives, partially offset by higher technology-related expenses and an increase in bad debt expense.
In 2013, general operating expenses benefitted from an unusually low bad debt expense.
Mortgage Guaranty Results The following table presents Mortgage Guaranty results:
## Table 1 ##
As of May 26, 2019, we expect to pay approximately $2.0 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months.
We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes.
The remaining amount of our unrecognized tax liability was classified in other liabilities.
We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense.
For fiscal 2019, we recognized $0.5 million of tax-related net interest and penalties, and had $26.0 million of accrued interest and penalties as of May 26, 2019.
For fiscal 2018, we recognized a net benefit of $3.1 million of tax-related net interest and penalties, and had $27.3 million of accrued interest and penalties as of May 27, 2018.
NOTE 15.
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES Our leases are generally for warehouse space and equipment.
Rent expense under all operating leases from continuing operations was $184.9 million in fiscal 2019, $189.4 million in fiscal 2018, and $188.1 million in fiscal 2017.
Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments.
Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant.
Noncancelable future lease commitments are:
## Table 2 ##
Depreciation on capital leases is recorded as depreciation expense in our results of operations.
As of May 26, 2019, we have issued guarantees and comfort letters of $681.6 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $133.9 million for the debt and other obligations of non-consolidated affiliates, mainly CPW.
In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $482.6 million as of May 26, 2019.
NOTE 16.  BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the packaged foods industry.
Our operating segments are as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet.
Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers.
Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

<table><tr><td></td><td>Period</td><td>Standard Deviation</td><td>Suggested 2015 Scenario</td><td>2015 Scenario as a Multiple of Standard Deviation</td><td>2015 Change/ Return</td><td>2015 as a Multiple of Standard Deviation</td><td>Original 2014 Scenario (based on Standard Deviation for 1994-2014 Period)</td></tr><tr><td>10-Year Treasury</td><td>1995-2015</td><td>0.01</td><td>0.01</td><td>1.00</td><td>-</td><td>0.10</td><td>0.01</td></tr><tr><td>S&P 500</td><td>1995-2015</td><td>0.18</td><td>0.20</td><td>1.09</td><td>-0.01</td><td>0.04</td><td>0.20</td></tr><tr><td>USD/GBP</td><td>1995-2015</td><td>0.09</td><td>0.10</td><td>1.06</td><td>-0.05</td><td>0.57</td><td>0.10</td></tr></table>
<table><tr><td> Years Ended December 31,</td><td></td><td></td><td></td><td colspan="2">Percentage Change</td></tr><tr><td><i>(dollars in millions)</i></td><td>2015</td><td>2014</td><td>2013</td><td>2015 vs. 2014</td><td>2014 vs. 2013</td></tr><tr><td>Underwriting results:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net premiums written</td><td>$1,050</td><td>$1,024</td><td>$1,048</td><td>3%</td><td>-2%</td></tr><tr><td>Increase in unearned premiums</td><td>-138</td><td>-120</td><td>-239</td><td>-15</td><td>50</td></tr><tr><td>Net premiums earned</td><td>912</td><td>904</td><td>809</td><td>1</td><td>12</td></tr><tr><td>Losses and loss adjustment expenses incurred</td><td>160</td><td>223</td><td>514</td><td>-28</td><td>-57</td></tr><tr><td>Acquisition expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amortization of deferred policy acquisition costs</td><td>30</td><td>22</td><td>20</td><td>36</td><td>10</td></tr><tr><td>Other acquisition expenses</td><td>51</td><td>49</td><td>60</td><td>4</td><td>-18</td></tr><tr><td>Total acquisition expenses</td><td>81</td><td>71</td><td>80</td><td>14</td><td>-11</td></tr><tr><td>General operating expenses</td><td>166</td><td>156</td><td>142</td><td>6</td><td>10</td></tr><tr><td>Underwriting income</td><td>505</td><td>454</td><td>73</td><td>11</td><td>NM</td></tr><tr><td>Net investment income</td><td>139</td><td>138</td><td>132</td><td>1</td><td>5</td></tr><tr><td>Pre-tax operating income</td><td>644</td><td>592</td><td>205</td><td>9</td><td>189</td></tr><tr><td> Key metrics:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prior year loss reserve development (favorable)/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>unfavorable</td><td>$-69</td><td>$-104</td><td>$30</td><td>-34%</td><td>NM%</td></tr><tr><td>Domestic first-lien:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New insurance written</td><td>$50,842</td><td>$42,038</td><td>$49,356</td><td>21</td><td>-15</td></tr><tr><td>Combined ratio</td><td>44.6</td><td>52.6</td><td>91.1</td><td></td><td></td></tr><tr><td>Risk in force</td><td>$47,442</td><td>$42,106</td><td>$36,367</td><td>13</td><td>16</td></tr><tr><td>60+ day delinquency ratio on primary loans<sup>(a)</sup></td><td>3.4%</td><td>4.4%</td><td>5.9%</td><td></td><td></td></tr><tr><td>Domestic second-lien:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Risk in force<sup>(b)</sup></td><td>$399</td><td>$446</td><td>$1,026</td><td>-11</td><td>-57</td></tr></table>
<table><tr><td>In Millions</td><td>Operating Leases</td><td>Capital Leases</td></tr><tr><td>Fiscal 2020</td><td>$120.0</td><td>$0.2</td></tr><tr><td>Fiscal 2021</td><td>101.7</td><td>0.1</td></tr><tr><td>Fiscal 2022</td><td>85.0</td><td>-</td></tr><tr><td>Fiscal 2023</td><td>63.8</td><td>-</td></tr><tr><td>Fiscal 2024</td><td>49.1</td><td>-</td></tr><tr><td>After fiscal 2024</td><td>63.0</td><td>-</td></tr><tr><td>Total noncancelable future lease commitments</td><td>$482.6</td><td>$0.3</td></tr><tr><td>Less: interest</td><td></td><td>-</td></tr><tr><td>Present value of obligations under capitalleases</td><td></td><td>$0.3</td></tr></table>

Question: What's the average of Losses and loss adjustment expenses incurred in 2013, 2014, and2015? (in million)