variable annuities.
Individual variable annuity gross sales were $7.1 billion in 2005, an increase of $1.3 billion from 2004, reflecting the introduction of new product features late in the first quarter of 2005.2004 to 2003 Annual Comparison.
Sales of new life insurance, excluding corporate-owned life insurance, measured as described above, increased $50 million from 2003 to 2004.
Sales of our universal life products, which were updated as to features and pricing in June 2003, increased $46 million.
Sales of life insurance by Prudential Agents increased $6 million from 2003 to 2004, reflecting an increase in agent productivity that more than offset a decline in the number of agents from 4,320 at December 31, 2003 to 3,682 at December 31, 2004.
Sales by the third party distribution channel, excluding corporate-owned life insurance, increased $44 million from 2003 to 2004, reflecting increased universal and term life sales through this distribution channel.
Total account values for fixed and variable annuities amounted to $51.3 billion as of December 31, 2004, an increase of $3.8 billion from December 31, 2003.
The increase came primarily from increases in the market value of customers’ variable annuities, as well as net sales of $923 million.
Individual variable annuity gross sales increased by $1.4 billion, from $4.4 billion in 2003 to $5.8 billion in 2004, reflecting the inclusion of variable annuity sales from American Skandia for only the last eight months of 2003.
Fixed annuities gross sales increased by $285 million from 2003 to 2004, reflecting a new product introduced in 2004.
Surrenders and withdrawals increased $1.6 billion from 2003 to 2004, reflecting the additional period of activity from American Skandia, as well as the impact of higher average account values.
Policy Surrender Experience The following table sets forth the individual life insurance business’s policy surrender experience for variable and universal life insurance, measured by cash value of surrenders, for the periods indicated.
These amounts do not correspond to expenses under GAAP.
In managing this business, we analyze the cash value of surrenders because it is a measure of the degree to which policyholders are maintaining their in force business with us, a driver of future profitability.
Our term life insurance products do not provide for cash surrender values.
## Table 0 ##
2005 to 2004 Annual Comparison.
The total cash value of surrenders increased $65 million, from $633 million in 2004 to $698 million in 2005, reflecting an increase in variable life surrenders in 2005.
The level of surrenders as a percentage of mean future policy benefit reserves, policyholders’ account balances and separate account balances increased from 2004 to 2005, reflecting a higher level of surrenders in 2005 associated with variable life insurance account values due to less favorable market performance compared to the prior year.2004 to 2003 Annual Comparison.
The total cash value of surrenders decreased $20 million, from $653 million in 2003 to $633 million in 2004.
The level of surrenders as a percentage of mean future policy benefit reserves, policyholders’ account balances and separate account balances decreased from 2003 to 2004, reflecting a lower level of surrenders in 2004 associated with increases in variable life insurance account values due to market performance.
Group Insurance Operating Results The following table sets forth the Group Insurance segment’s operating results for the periods indicated.
## Table 1 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
For a discussion of these items see “—Realized Investment Gains and General Account Investments—Realized Investment Gains.
”
Management of Investments We design asset mix strategies for our general account to match the characteristics of our products and other obligations and seek to closely approximate the interest rate sensitivity of the assets with the estimated interest rate sensitivity of the product liabilities.
We achieve income objectives through asset/liability management and strategic and tactical asset allocations within a disciplined risk management framework.
Our asset allocation also reflects our desire for broad diversification across asset classes, sectors and issuers.
The Investment Committee of our Board of Directors oversees our proprietary investments.
It also reviews performance and risk positions quarterly.
Our Senior Vice President, Asset Liability and Risk Management, approves the investment policy for the general account assets of our insurance subsidiaries and oversees the investment process for our general account.
The Asset Liability and Risk Management Group works with our business units to develop investment objectives, performance factors and measures and asset allocation ranges.
The Asset Liability and Risk Management Group also works closely with each of our business units to ensure that the specific characteristics of our products are incorporated into its processes.
The Asset Liability and Risk Management Group has the authority to initiate tactical shifts within exposure ranges approved annually by the Investment Committee.
The Asset Management segment manages virtually all of our investments, other than those of our International Insurance segment, under the direction of the Asset Liability and Risk Management Group.
Our International Insurance segment manages the majority of its investments locally.
Asset/Liability Management The Asset Liability and Risk Management Group uses a disciplined, risk-controlled approach to asset/liability management.
The methodology focuses on aligning assets to the effective sensitivity of the cash flow and return requirements of our liabilities.
The Asset Liability and Risk Management Group consults with the product experts in the businesses on an ongoing basis to arrive at asset/liability matching policies and decisions.
We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur.
We develop asset strategies for specific classes of product liabilities and attributed or accumulated surplus, each with distinct risk characteristics.
Most of our products can be categorized into the following three classes: ?
interest-crediting products for which the rates credited to customers are periodically adjusted to reflect market and competitive forces and actual investment experience, such as fixed annuities; ?
participating individual and experience rated group products in which customers participate in actual investment and business results through annual dividends, interest or return of premium; and ?
guaranteed products for which there are price or rate guarantees for the life of the contract, such as GICs.
We determine a target asset mix for each product class, which we reflect in our investment policies.
Our asset/liability management process has permitted us to manage interest-sensitive products successfully through several market cycles.
Portfolio Composition Our investment portfolio consists of public and private fixed maturity securities, commercial loans, equity securities and other invested assets.
The composition of our general account reflects, within the discipline provided by our risk management approach, our need for competitive results and the selection of diverse investment alternatives available primarily through our Asset Management segment.
The size of our portfolio enables us to invest in asset classes that may be unavailable to the typical investor.
Our total general account investments were $216.9 billion and $213.7 billion as of December 31, 2005 and 2004, respectively, which are segregated between the Financial Services Businesses and the Closed Block Business.
Total general account investments attributable to the Financial Services Businesses were $149.4 billion and $146.6 billion as of December 31, 2005 and 2004, respectively, while total general account investments attributable to the Closed Block Business were $67.5 billion and $67.1 billion as of December 31, 2005 and 2004, respectively.
The following table sets forth the composition of the investments of our general account as of the dates indicated.
## Table 2 ##
our review to identify other-than-temporary impairments in value.
In evaluating whether a decline in value is other-than-temporary, we consider several factors including, but not limited to, the following: ?
the extent (generally if greater than 20%) and the duration (generally if greater than six months) of the decline; ?
the reasons for the decline in value (credit event or interest rate related); ?
our ability and intent to hold our investment for a period of time to allow for a recovery of value; and ?
the financial condition of and near-term prospects of the issuer.
When we determine that there is an other-than-temporary impairment, we record a writedown to estimated fair value, which reduces the cost basis.
The new cost basis of an impaired security is not adjusted for subsequent increases in estimated fair value.
Estimated fair values for fixed maturities, other than private placement securities, are based on quoted market prices or prices obtained from independent pricing services.
For these private fixed maturities, fair value is determined typically by using a discounted cash flow model, which relies upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions and takes into account, among other things, the credit quality of the issuer and the reduced liquidity associated with private placements.
The estimated fair value of certain non-performing private placement fixed maturities is based on management’s estimates.
Impairments of fixed maturity securities attributable to the Financial Services Businesses were $69 million in 2005 and $122 million in 2004.
Impairments of fixed maturity securities attributable to the Closed Block Business were $32 million in 2005 and $61 million in 2004.
For a further discussion of impairments, see “—Realized Investment Gains” above.
Trading account assets supporting insurance liabilities Certain products included in the retirement business we acquired from CIGNA, as well as certain products included in the International Insurance segment, are experience-rated, meaning that the investment results associated with these products will ultimately accrue to contractholders.
The investments supporting these experience-rated products, excluding commercial 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.
” Investment income for these investments are reported in “Net investment income.
” The following table sets forth the composition of this portfolio as of the dates indicated.
## Table 3 ##
As of December 31, 2005, as a percentage of amortized cost, 71% of the portfolio was comprised of publicly traded securities, versus 67% of the portfolio as of December 31, 2004.
As of December 31, 2005, 97% of the fixed maturity portion of the portfolio was classified as investment grade, versus 98% of the fixed maturity portion of the portfolio as of December 31, 2004.
Net change in unrealized gains (losses) from trading account assets supporting insurance liabilities still held at period end, recorded within “Asset management fees and other income,” were $(34) million and $(39) million for the years ended December 31, 2005 and 2004, respectively.
Five-Year Performance Comparison – The following graph provides an indicator of cumulative total shareholder returns for the Corporation as compared to the peer group index (described above), the DJ Trans, and the S&P 500.
The graph assumes that $100 was invested in the common stock of Union Pacific Corporation and each index on December 31, 2008 and that all dividends were reinvested.
The information below is historical in nature and is not necessarily indicative of future performance.
## Table 4 ##
Purchases of Equity Securities – During 2013, we repurchased 14,996,957 shares of our common stock at an average price of $152.14.
The following table presents common stock repurchases during each month for the fourth quarter of 2013:
[a] Total number of shares purchased during the quarter includes approximately 5,264 shares delivered or attested to UPC by employees to pay stock option exercise prices, satisfy excess tax withholding obligations for stock option exercises or vesting of retention units, and pay withholding obligations for vesting of retention shares.
[b] On April 1, 2011, our Board of Directors authorized the repurchase of up to 40 million shares of our common stock by March 31, 2014.
These repurchases may be made on the open market or through other transactions.
Our management has sole discretion with respect to determining the timing and amount of these transactions.
On November 21, 2013, the Board of Directors approved the early renewal of the share repurchase program, authorizing the repurchase of 60 million common shares by December 31, 2017.
The new authorization is effective January 1, 2014, and replaces the previous authorization, which expired on December 31, 2013, three months earlier than its original expiration date.

<table><tr><td></td><td colspan="3"> Year ended December 31, </td></tr><tr><td></td><td>2005</td><td>2004</td><td> 2003 </td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td>Cash value of surrenders</td><td>$698</td><td>$633</td><td>$653</td></tr><tr><td>Cash value of surrenders as a percentage of mean future benefit reserves, policyholders’ account balances, and separate accountbalances</td><td>3.5%</td><td>3.3%</td><td>3.8%</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2005</td><td> 2004 </td><td>2003</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>$4,200</td><td>$3,892</td><td>$3,717</td></tr><tr><td>Benefits and expenses</td><td>3,976</td><td>3,718</td><td>3,548</td></tr><tr><td>Adjusted operating income</td><td>224</td><td>174</td><td>169</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>71</td><td>43</td><td>-52</td></tr><tr><td>Related charges-2</td><td>-2</td><td>—</td><td>—</td></tr><tr><td>Income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accountingchange</td><td>$293</td><td>$217</td><td>$117</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2005 </td></tr><tr><td></td><td> Financial Services Businesses </td><td> Closed Block Business </td><td> Total </td><td> % of Total </td></tr><tr><td></td><td colspan="4"> ($ in millions)</td></tr><tr><td>Fixed Maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Public, available for sale, at fair value</td><td>$87,546</td><td>$36,133</td><td>$123,679</td><td>57.0%</td></tr><tr><td>Public, held to maturity, at amortized cost</td><td>3,135</td><td>—</td><td>3,135</td><td>1.4</td></tr><tr><td>Private, available for sale, at fair value</td><td>17,651</td><td>13,361</td><td>31,012</td><td>14.3</td></tr><tr><td>Private, held to maturity, at amortized cost</td><td>227</td><td>—</td><td>227</td><td>0.1</td></tr><tr><td>Trading account assets supporting insurance liabilities, at fair value</td><td>13,781</td><td>—</td><td>13,781</td><td>6.4</td></tr><tr><td>Other trading account assets, at fair value</td><td>124</td><td>—</td><td>124</td><td>0.1</td></tr><tr><td>Equity securities, available for sale, at fair value</td><td>2,040</td><td>2,968</td><td>5,008</td><td>2.3</td></tr><tr><td>Commercial loans, at book value</td><td>15,781</td><td>7,264</td><td>23,045</td><td>10.6</td></tr><tr><td>Policy loans, at outstanding balance</td><td>2,967</td><td>5,403</td><td>8,370</td><td>3.8</td></tr><tr><td>Other long-term investments-1</td><td>3,725</td><td>973</td><td>4,698</td><td>2.2</td></tr><tr><td>Short-term investments</td><td>2,456</td><td>1,394</td><td>3,850</td><td>1.8</td></tr><tr><td>Total general account investments</td><td>149,433</td><td>67,496</td><td>216,929</td><td>100.0%</td></tr><tr><td>Invested assets of other entities and operations-2</td><td>4,472</td><td>—</td><td>4,472</td><td></td></tr><tr><td>Total investments</td><td>$153,905</td><td>$67,496</td><td>$221,401</td><td></td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2005 </td><td colspan="2"> December 31, 2004 </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>$317</td><td>$317</td><td>$951</td><td>$951</td></tr><tr><td>Fixed Maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Government</td><td>206</td><td>208</td><td>311</td><td>306</td></tr><tr><td>Foreign Government</td><td>329</td><td>330</td><td>387</td><td>390</td></tr><tr><td>Corporate Securities</td><td>9,630</td><td>9,369</td><td>8,866</td><td>8,765</td></tr><tr><td>Asset-Backed Securities</td><td>685</td><td>679</td><td>617</td><td>613</td></tr><tr><td>Mortgage Backed</td><td>2,300</td><td>2,255</td><td>1,494</td><td>1,492</td></tr><tr><td>Total Fixed Maturities</td><td>13,150</td><td>12,841</td><td>11,675</td><td>11,566</td></tr><tr><td>Equity Securities</td><td>388</td><td>623</td><td>378</td><td>447</td></tr><tr><td>Total trading account assets supporting insurance liabilities</td><td>$13,855</td><td>$13,781</td><td>$13,004</td><td>$12,964</td></tr></table>
<table><tr><td><i>Period</i></td><td><i>Total Number ofSharesPurchased [a]</i></td><td><i>AveragePrice PaidPer Share</i></td><td><i>Total Number of SharesPurchased as Part ofaPublicly Announced Planor Program [b]</i></td><td><i>Maximum Number ofShares That May YetBe Purchased Under the Planor Program [b]</i></td></tr><tr><td>Oct. 1 through Oct. 31</td><td>1,405,535</td><td>153.18</td><td>1,405,535</td><td>4,020,650</td></tr><tr><td>Nov. 1 through Nov. 30</td><td>1,027,840</td><td>158.66</td><td>1,025,000</td><td>2,995,650</td></tr><tr><td>Dec. 1 through Dec. 31</td><td>2,500,944</td><td>163.14</td><td>2,498,520</td><td>497,130</td></tr><tr><td>Total</td><td>4,934,319</td><td>$159.37</td><td>4,929,055</td><td>N/A</td></tr></table>

Question: What's the average of the Cash value of surrenders in the years where Realized investment gains (losses), net, and related adjustments(1) for Operating results is positive? (in million)
Answer: 665.5