dividends is subject to the discretion of the Board of Directors and will depend on various factors, including our net income, financial condition, cash requirements, future prospects, and other relevant factors.
We expect to continue the practice of paying regular cash dividends.
During 2005, we repaid $589 million in debt, primarily consisting of paydowns of commercial paper, scheduled principal payments on capital lease obligations, and repayments of debt that was previously assumed with the acquisitions of Lynx Express Ltd.  and Overnite Corp.  Issuances of debt were $128 million in 2005, and consisted primarily of loans related to our investment in certain equity-method real estate partnerships.
We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt.
Sources of Credit We maintain two commercial paper programs under which we are authorized to borrow up to $7.0 billion in the United States.
We had $739 million outstanding under these programs as of December 31, 2005, with an average interest rate of 4.01%.
The entire balance outstanding has been classified as a current liability in our balance sheet.
We also maintain a European commercial paper program under which we are authorized to borrow dividends is subject to the discretion of the Board of Directors and will depend on various factors, including our net income, financial condition, cash requirements, future prospects, and other relevant factors.
We expect to continue the practice of paying regular cash dividends.
During 2005, we repaid $589 million in debt, primarily consisting of paydowns of commercial paper, scheduled principal payments on capital lease obligations, and repayments of debt that was previously assumed with the acquisitions of Lynx Express Ltd.  and Overnite Corp.  Issuances of debt were $128 million in 2005, and consisted primarily of loans related to our investment in certain equity-method real estate partnerships.
We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt.
Sources of Credit We maintain two commercial paper programs under which we are authorized to borrow up to $7.0 billion in the United States.
We had $739 million outstanding under these programs as of December 31, 2005, with an average interest rate of 4.01%.
The entire balance outstanding has been classified as a current liability in our balance sheet.
We also maintain a European commercial paper program under which we are authorized to borrow up to €1.0 billion in a variety of currencies.
There were no amounts outstanding under this program as of December 31, 2005.
We maintain two credit agreements with a consortium of banks.
These agreements provide revolving credit facilities of $1.0 billion each, with one expiring on April 20, 2006 and the other on April 21, 2010.
Interest on any amounts we borrow under these facilities would be charged at 90-day LIBOR plus 15 basis points.
There were no borrowings under either of these agreements as of December 31, 2005.
In August 2003, we filed a $2.0 billion shelf registration statement under which we may issue debt securities in the United States.
There was approximately $126 million issued under this shelf registration statement at December 31, 2005, all of which consists of issuances under our UPS Notes program.
Our existing debt instruments and credit facilities do not have cross-default or ratings triggers, however these debt instruments and credit facilities do subject us to certain financial covenants.
These covenants generally require us to maintain a $3.0 billion minimum net worth and limit the amount of secured indebtedness available to the company.
These covenants are not considered material to the overall financial condition of the company, and all covenant tests were satisfied as of December 31, 2005.
Commitments We have contractual obligations and commitments in the form of operating leases, capital leases, debt obligations, purchase commitments, and certain other liabilities.
We intend to satisfy these obligations through the use of cash flow from operations.
The following table summarizes our contractual obligations and commitments as of December 31, 2005 (in millions):
## Table 0 ##
the claim remains open, trends in health care costs and the results of related litigation.
Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous actuarial projections.
Changes in state legislation with respect to workers compensation can affect the adequacy of our self-insurance accruals.
All of these factors can result in revisions to prior actuarial projections and produce a material difference between estimated and actual operating results.
We sponsor a number of health and welfare insurance plans for our employees.
We use estimates from third party actuaries to establish the liabilities for these plans.
These liabilities and related expenses are based on estimates of the number of employees and eligible dependents covered under the plans, anticipated medical usage by participants and overall trends in medical costs and inflation.
Actual results may differ from these estimates and, therefore, produce a material difference between estimated and actual operating results.
Pension and Postretirement Medical Benefits—Our pension and other postretirement benefit costs are calculated using various actuarial assumptions and methodologies as prescribed by Statement of Financial Accounting Standards No.87, “Employers’ Accounting for Pensions” and Statement of Financial Accounting Standards No.106, “Employers’ Accounting for Postretirement Benefits Other than Pensions.
” These assumptions include discount rates, health care cost trend rates, inflation, rate of compensation increases, expected return on plan assets, mortality rates, and other factors.
Actual results that differ from our assumptions are accumulated and amortized over future periods and, therefore, generally affect our recognized expense and recorded obligation in such future periods.
We believe that the assumptions utilized in recording the obligations under our plans are reasonable based on input from our outside actuaries and other advisors and information as to historical experience and performance.
Differences in actual experience or changes in assumptions may affect our pension and other postretirement obligations and future expense.
A 25 basis point change in the assumed discount rate, expected return on assets, and health care cost trend rate for the pension and postretirement benefit plans would result in the following increases (decreases) on the Company’s costs and obligations for the year 2005 (in millions):
## Table 1 ##
Financial Instruments—As discussed in Notes 2, 3, 8, and 16 to our consolidated financial statements, and in the “Market Risk” section of this report, we hold and issue financial instruments that contain elements of market risk.
Certain of these financial instruments are required to be recorded at fair value.
Fair values are based on listed market prices, when such prices are available.
To the extent that listed market prices are not available, fair value is determined based on other relevant factors, including dealer price quotations.
Certain financial instruments, including over-the-counter derivative instruments, are valued using pricing models that consider, among other factors, contractual and market prices, correlations, time value, credit spreads, and yield curve
UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED SHAREOWNERS’ EQUITY (In millions, except per share amounts)
## Table 2 ##
See notes to consolidated financial statements.
$ in millions, except per share amounts 85 Geographic Information The following tables present our geographic information in fiscal 2007, 2006 and 2005:
## Table 3 ##
12.
Contingencies and Commitments Contingencies On December 8, 2005, a purported class action lawsuit captioned, Jasmen Holloway, et al.
v.  Best Buy Co. , Inc. , was filed in the U. S.  District Court for the Northern District of California alleging we discriminate against women and minority individuals on the basis of gender, race, color and/or national origin with respect to our employment policies and practices.
The action seeks an end to discriminatory policies and practices, an award of back and front pay, punitive damages and injunctive relief, including rightful place relief for all class members.
As of March 3, 2007, no accrual had been established as it was not possible to estimate the possible loss or range of loss because this matter had not advanced to a stage where we could make any such estimate.
We believe the allegations are without merit and intend to defend this action vigorously.
We are involved in various other legal proceedings arising in the normal course of conducting business.
We believe the amounts provided in our consolidated financial statements, as prescribed by GAAP, are adequate in light of the probable and estimable liabilities.
The resolution of those other proceedings is not expected to have a material impact on our results of operations or financial condition.
Commitments We engage Accenture LLP (“Accenture”) to assist us with improving our operational capabilities and reducing our costs in the information systems, procurement and human resources areas.
Our future contractual obligations to Accenture are expected to range from $76 to $334 per year through 2012, the end of the contract period.
Prior to our engagement of Accenture, a significant portion of these costs were incurred as part of normal operations.
We had outstanding letters of credit for purchase obligations with a fair value of $85 at March 3, 2007.
At March 3, 2007, we had commitments for the purchase and construction of facilities valued at approximately $69.
Also, at March 3, 2007, we had entered into lease commitments for land and buildings for 115 future locations.
These lease commitments with real estate developers provide for minimum rentals ranging from seven to 20 years, which if consummated based on current cost estimates, will approximate $84 annually over the initial lease terms.
These minimum rentals have been included in the future minimum lease payments included in Note 8, Leases.13.
Related Party Transactions Elliot S.  Kaplan, a director, is a partner with the law firm of Robins, Kaplan, Miller & Ciresi L. L. P.  (“RKMC”), which serves as our primary outside general counsel.
Our Board periodically reviews the fees paid to RKMC to ensure that they are competitive with fees charged by other law firms comparable in size and expertise.
We paid legal fees of $9, $7 and $6 to RKMC during fiscal 2007, 2006 and 2005, respectively.
In addition, RKMC earned a contingent fee of $6 in fiscal 2005 in connection with the settlement of our claims against two credit card companies, which we believe resulted in a significantly greater recovery for us than we
PRUDENTIAL FINANCIAL, INC.
Supplemental Combining Statements of Financial Position December 31, 2007 and 2006 (in millions)
## Table 4 ##
See Notes to Supplemental Combining Financial Information
matters and an $87 million reduction in the estimate of property windpool assessments related to Hurricane Ike that had been recorded in general and administrative expenses in 2008.
Diluted net income per share of $6.33 in 2009 increased by 32% over diluted net income per share of $4.81 in 2008.
Net income of $3.62 billion in 2009 was 24% higher than 2008 net income of $2.92 billion.
The higher rate of growth in per share income compared with growth in income reflected the favorable impact of the Company’s common share repurchases over the previous twelve months.
The increase in net income in 2009 was primarily driven by a significant decline in catastrophe losses.
In addition, the increase reflected net realized investment gains (versus net realized investment losses in 2008), lower non-catastrophe weather-related losses and fewer large property losses, partially offset by reductions in underwriting margins related to pricing and loss cost trends, a decline in net favorable prior year reserve development and lower fee income.
Catastrophe losses in 2009 totaled $457 million, compared with $1.41 billion in 2008.
The 2008 total was principally comprised of $1.26 billion of claims and claim adjustment expenses and $141 million of property windpool assessments that were included in general and administrative expenses.
Net favorable prior year reserve development totaled $1.33 billion in 2009, compared with $1.54 billion in 2008.
Net income in 2009 included a net benefit of $89 million due to the favorable resolution of various prior year tax matters and an $87 million benefit from a reduction in the estimate of property windpool assessments related to Hurricane Ike.
These assessments had been classified as a component of the cost of catastrophes in 2008 and are discussed in more detail in the ‘‘general and administrative expenses’’ section that follows).
Net income in 2008 reflected an $89 million tax benefit related to the sale of a subsidiary.
Revenues Earned Premiums Earned premiums in 2010 totaled $21.43 billion, $14 million, or less than 1%, higher than in 2009.
In the Business Insurance segment, earned premiums in 2010 declined 2% from 2009.
In the Financial, Professional & International Insurance segment, earned premiums in 2010 decreased by less than 1% from 2009.
In the Personal Insurance segment, earned premiums in 2010 increased 3% over 2009.
In 2009, earned premiums totaled $21.42 billion, a decrease of $161 million, or 1%, from 2008.
In the Business Insurance segment, earned premiums in 2009 declined 2% from 2008.
In the Financial, Professional & International Insurance segment, earned premiums in 2009 declined 3% from 2008.
In the Personal Insurance segment, earned premiums increased 2% over 2008.
Factors contributing to the changes in earned premiums in each segment in 2010 and 2009 compared with the respective prior year are discussed in more detail in the segment discussions that follow.

<table><tr><td>Year</td><td>Capitalized Leases</td><td>Operating Leases</td><td>Debt Principal</td><td>Purchase Commitments</td><td>Other Liabilities</td></tr><tr><td>2006</td><td>$64</td><td>$403</td><td>$774</td><td>$1,280</td><td>$48</td></tr><tr><td>2007</td><td>107</td><td>348</td><td>70</td><td>826</td><td>68</td></tr><tr><td>2008</td><td>115</td><td>248</td><td>37</td><td>738</td><td>69</td></tr><tr><td>2009</td><td>66</td><td>176</td><td>104</td><td>652</td><td>65</td></tr><tr><td>2010</td><td>61</td><td>126</td><td>30</td><td>478</td><td>62</td></tr><tr><td>After 2010</td><td>1</td><td>544</td><td>2,637</td><td>689</td><td>285</td></tr><tr><td>Total</td><td>$414</td><td>$1,845</td><td>$3,652</td><td>$4,663</td><td>$597</td></tr></table>
<table><tr><td></td><td>25 Basis Point Increase</td><td>25 Basis Point Decrease</td></tr><tr><td> Pension Plans</td><td></td><td></td></tr><tr><td><i>Discount Rate:</i></td><td></td><td></td></tr><tr><td>Effect on net periodic benefit cost</td><td>$-54</td><td>$55</td></tr><tr><td>Effect on projected benefit obligation</td><td>-548</td><td>571</td></tr><tr><td><i>Return on Assets:</i></td><td></td><td></td></tr><tr><td>Effect on net periodic benefit cost</td><td>-26</td><td>26</td></tr><tr><td> Postretirement Medical Plans</td><td></td><td></td></tr><tr><td><i>Discount Rate:</i></td><td></td><td></td></tr><tr><td>Effect on net periodic benefit cost</td><td>-5</td><td>5</td></tr><tr><td>Effect on projected benefit obligation</td><td>-77</td><td>79</td></tr><tr><td><i>Health Care Cost Trend Rate:</i></td><td></td><td></td></tr><tr><td>Effect on net periodic benefit cost</td><td>3</td><td>-2</td></tr><tr><td>Effect on projected benefit obligation</td><td>22</td><td>-14</td></tr></table>
<table><tr><td></td><td colspan="2">2005</td><td colspan="2">2004</td><td colspan="2">2003</td></tr><tr><td></td><td>Shares</td><td>Dollars</td><td>Shares</td><td>Dollars</td><td>Shares</td><td>Dollars</td></tr><tr><td> Class A Common Stock</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td>515</td><td>$5</td><td>571</td><td>$6</td><td>642</td><td>$7</td></tr><tr><td>Common stock purchases</td><td>-16</td><td>—</td><td>-12</td><td>—</td><td>-5</td><td>—</td></tr><tr><td>Stock award plans</td><td>2</td><td>—</td><td>12</td><td>—</td><td>12</td><td>—</td></tr><tr><td>Common stock issuances</td><td>3</td><td>—</td><td>3</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Conversions of Class A to Class B common stock</td><td>-50</td><td>—</td><td>-59</td><td>-1</td><td>-80</td><td>-1</td></tr><tr><td>Balance at end of year</td><td>454</td><td>5</td><td>515</td><td>5</td><td>571</td><td>6</td></tr><tr><td> Class B Common Stock</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td>614</td><td>6</td><td>560</td><td>5</td><td>482</td><td>4</td></tr><tr><td>Common stock purchases</td><td>-18</td><td>—</td><td>-5</td><td>—</td><td>-2</td><td>—</td></tr><tr><td>Conversions of Class A to Class B common stock</td><td>50</td><td>—</td><td>59</td><td>1</td><td>80</td><td>1</td></tr><tr><td>Balance at end of year</td><td>646</td><td>6</td><td>614</td><td>6</td><td>560</td><td>5</td></tr><tr><td> Additional Paid-In Capital</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>417</td><td></td><td>662</td><td></td><td>387</td></tr><tr><td>Stock award plans</td><td></td><td>335</td><td></td><td>677</td><td></td><td>545</td></tr><tr><td>Common stock purchases</td><td></td><td>-922</td><td></td><td>-1,075</td><td></td><td>-398</td></tr><tr><td>Common stock issuances</td><td></td><td>170</td><td></td><td>153</td><td></td><td>128</td></tr><tr><td>Balance at end of year</td><td></td><td>—</td><td></td><td>417</td><td></td><td>662</td></tr><tr><td> Retained Earnings</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>16,192</td><td></td><td>14,356</td><td></td><td>12,495</td></tr><tr><td>Net income</td><td></td><td>3,870</td><td></td><td>3,333</td><td></td><td>2,898</td></tr><tr><td>Dividends ($1.32, $1.12, and $0.92)</td><td></td><td>-1,468</td><td></td><td>-1,262</td><td></td><td>-1,037</td></tr><tr><td>Common stock purchases</td><td></td><td>-1,557</td><td></td><td>-235</td><td></td><td>—</td></tr><tr><td>Balance at end of year</td><td></td><td>17,037</td><td></td><td>16,192</td><td></td><td>14,356</td></tr><tr><td> Accumulated Other Comprehensive Income (Loss)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency translation adjustment:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>-127</td><td></td><td>-56</td><td></td><td>-328</td></tr><tr><td>Aggregate adjustment for the year</td><td></td><td>-36</td><td></td><td>-71</td><td></td><td>272</td></tr><tr><td>Balance at end of year</td><td></td><td>-163</td><td></td><td>-127</td><td></td><td>-56</td></tr><tr><td>Unrealized gain (loss) on marketable securities, net of tax:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>-5</td><td></td><td>14</td><td></td><td>-34</td></tr><tr><td>Current period changes in fair value (net of tax effect of $0, $(10), and $13)</td><td></td><td>—</td><td></td><td>-18</td><td></td><td>21</td></tr><tr><td>Reclassification to earnings (net of tax effect of $10, $(1), and $17)</td><td></td><td>16</td><td></td><td>-1</td><td></td><td>27</td></tr><tr><td>Balance at end of year</td><td></td><td>11</td><td></td><td>-5</td><td></td><td>14</td></tr><tr><td>Unrealized gain (loss) on cash flow hedges, net of tax:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>-29</td><td></td><td>-72</td><td></td><td>-26</td></tr><tr><td>Current period changes in fair value (net of tax effect of $81, $21, and $(6))</td><td></td><td>135</td><td></td><td>37</td><td></td><td>-9</td></tr><tr><td>Reclassification to earnings (net of tax effect of $(14), $4, and $(21))</td><td></td><td>-23</td><td></td><td>6</td><td></td><td>-37</td></tr><tr><td>Balance at end of year</td><td></td><td>83</td><td></td><td>-29</td><td></td><td>-72</td></tr><tr><td>Additional minimum pension liability, net of tax:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>-81</td><td></td><td>-63</td><td></td><td>-50</td></tr><tr><td>Minimum pension liability adjustment (net of tax effect of $(8), $(10), and $(6))</td><td></td><td>-14</td><td></td><td>-18</td><td></td><td>-13</td></tr><tr><td>Balance at end of year</td><td></td><td>-95</td><td></td><td>-81</td><td></td><td>-63</td></tr><tr><td>Accumulated other comprehensive income (loss) at end of year</td><td></td><td>-164</td><td></td><td>-242</td><td></td><td>-177</td></tr><tr><td> Deferred Compensation Obligations</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td></td><td>169</td><td></td><td>136</td><td></td><td>84</td></tr><tr><td>Common stock held for deferred compensation obligations</td><td></td><td>-8</td><td></td><td>33</td><td></td><td>52</td></tr><tr><td>Balance at end of year</td><td></td><td>161</td><td></td><td>169</td><td></td><td>136</td></tr><tr><td> Treasury Stock</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at beginning of year</td><td>-3</td><td>-169</td><td>-2</td><td>-136</td><td>-1</td><td>-84</td></tr><tr><td>Common stock held for deferred compensation obligations</td><td>—</td><td>8</td><td>-1</td><td>-33</td><td>-1</td><td>-52</td></tr><tr><td>Balance at end of year</td><td>-3</td><td>-161</td><td>-3</td><td>-169</td><td>-2</td><td>-136</td></tr><tr><td> Total Shareowners’ Equity at End of Year</td><td></td><td>$16,884</td><td></td><td>$16,378</td><td></td><td>$14,852</td></tr><tr><td> Comprehensive Income</td><td></td><td>$3,948</td><td></td><td>$3,268</td><td></td><td>$3,159</td></tr></table>
<table><tr><td> </td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td> Net sales to customers</td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$31,031</td><td>$27,380</td><td>$24,616</td></tr><tr><td>Canada</td><td>4,340</td><td>3,468</td><td>2,817</td></tr><tr><td>China</td><td>563</td><td>—</td><td>—</td></tr><tr><td>Total revenue</td><td>$35,934</td><td>$30,848</td><td>$27,433</td></tr><tr><td> Long-lived assets</td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$2,487</td><td>$2,337</td><td>$2,157</td></tr><tr><td>Canada</td><td>333</td><td>375</td><td>307</td></tr><tr><td>China</td><td>118</td><td>—</td><td>—</td></tr><tr><td>Total long-lived assets</td><td>$2,938</td><td>$2,712</td><td>$2,464</td></tr></table>
<table><tr><td></td><td colspan="3"> 2007</td><td colspan="3"> 2006</td></tr><tr><td></td><td> Financial Services Businesses</td><td>Closed Block Business</td><td> Consolidated</td><td> Financial Services Businesses</td><td> Closed Block Business</td><td> Consolidated</td></tr><tr><td> ASSETS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Available for sale, at fair value</td><td>$112,748</td><td>$49,414</td><td>$162,162</td><td>$112,043</td><td>$50,773</td><td>$162,816</td></tr><tr><td>Held to maturity, at amortized cost</td><td>3,548</td><td>—</td><td>3,548</td><td>3,469</td><td>—</td><td>3,469</td></tr><tr><td>Trading account assets supporting insurance liabilities, at fair value</td><td>14,473</td><td>—</td><td>14,473</td><td>14,262</td><td>—</td><td>14,262</td></tr><tr><td>Other trading account assets, at fair value</td><td>3,021</td><td>142</td><td>3,163</td><td>2,209</td><td>—</td><td>2,209</td></tr><tr><td>Equity securities, available for sale, at fair value</td><td>4,640</td><td>3,940</td><td>8,580</td><td>4,331</td><td>3,772</td><td>8,103</td></tr><tr><td>Commercial loans</td><td>22,093</td><td>7,954</td><td>30,047</td><td>18,421</td><td>7,318</td><td>25,739</td></tr><tr><td>Policy loans</td><td>3,942</td><td>5,395</td><td>9,337</td><td>3,472</td><td>5,415</td><td>8,887</td></tr><tr><td>Securities purchased under agreements to resell</td><td>129</td><td>—</td><td>129</td><td>153</td><td>—</td><td>153</td></tr><tr><td>Other long-term investments</td><td>5,163</td><td>1,268</td><td>6,431</td><td>3,780</td><td>965</td><td>4,745</td></tr><tr><td>Short-term investments</td><td>3,852</td><td>1,385</td><td>5,237</td><td>3,183</td><td>1,851</td><td>5,034</td></tr><tr><td>Total investments</td><td>173,609</td><td>69,498</td><td>243,107</td><td>165,323</td><td>70,094</td><td>235,417</td></tr><tr><td>Cash and cash equivalents</td><td>9,624</td><td>1,436</td><td>11,060</td><td>7,243</td><td>1,346</td><td>8,589</td></tr><tr><td>Accrued investment income</td><td>1,496</td><td>678</td><td>2,174</td><td>1,429</td><td>713</td><td>2,142</td></tr><tr><td>Reinsurance recoverables</td><td>2,119</td><td>—</td><td>2,119</td><td>1,958</td><td>—</td><td>1,958</td></tr><tr><td>Deferred policy acquisition costs</td><td>11,396</td><td>943</td><td>12,339</td><td>9,854</td><td>1,009</td><td>10,863</td></tr><tr><td>Other assets</td><td>18,204</td><td>1,228</td><td>19,432</td><td>16,997</td><td>837</td><td>17,834</td></tr><tr><td>Separate account assets</td><td>195,583</td><td>—</td><td>195,583</td><td>177,463</td><td>—</td><td>177,463</td></tr><tr><td> TOTAL ASSETS</td><td>$412,031</td><td>$73,783</td><td>$485,814</td><td>$380,267</td><td>$73,999</td><td>$454,266</td></tr><tr><td> LIABILITIES AND ATTRIBUTED EQUITY</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> LIABILITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Future policy benefits</td><td>$60,259</td><td>$51,209</td><td>$111,468</td><td>$56,245</td><td>$50,706</td><td>$106,951</td></tr><tr><td>Policyholders’ account balances</td><td>78,599</td><td>5,555</td><td>84,154</td><td>75,090</td><td>5,562</td><td>80,652</td></tr><tr><td>Policyholders’ dividends</td><td>670</td><td>2,991</td><td>3,661</td><td>526</td><td>3,456</td><td>3,982</td></tr><tr><td>Reinsurance payables</td><td>1,552</td><td>—</td><td>1,552</td><td>1,458</td><td>—</td><td>1,458</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>5,281</td><td>6,160</td><td>11,441</td><td>5,747</td><td>5,734</td><td>11,481</td></tr><tr><td>Cash collateral for loaned securities</td><td>3,041</td><td>3,271</td><td>6,312</td><td>4,082</td><td>3,283</td><td>7,365</td></tr><tr><td>Income taxes</td><td>3,402</td><td>151</td><td>3,553</td><td>2,920</td><td>188</td><td>3,108</td></tr><tr><td>Short-term debt</td><td>14,514</td><td>1,143</td><td>15,657</td><td>10,798</td><td>1,738</td><td>12,536</td></tr><tr><td>Long-term debt</td><td>12,351</td><td>1,750</td><td>14,101</td><td>9,673</td><td>1,750</td><td>11,423</td></tr><tr><td>Other liabilities</td><td>14,609</td><td>266</td><td>14,875</td><td>14,575</td><td>380</td><td>14,955</td></tr><tr><td>Separate account liabilities</td><td>195,583</td><td>—</td><td>195,583</td><td>177,463</td><td>—</td><td>177,463</td></tr><tr><td>Total liabilities</td><td>389,861</td><td>72,496</td><td>462,357</td><td>358,577</td><td>72,797</td><td>431,374</td></tr><tr><td> COMMITMENTS AND CONTINGENT LIABILITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> ATTRIBUTED EQUITY</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accumulated other comprehensive income</td><td>459</td><td>-12</td><td>447</td><td>496</td><td>23</td><td>519</td></tr><tr><td>Other attributed equity</td><td>21,711</td><td>1,299</td><td>23,010</td><td>21,194</td><td>1,179</td><td>22,373</td></tr><tr><td>Total attributed equity</td><td>22,170</td><td>1,287</td><td>23,457</td><td>21,690</td><td>1,202</td><td>22,892</td></tr><tr><td> TOTAL LIABILITIES AND ATTRIBUTED EQUITY</td><td>$412,031</td><td>$73,783</td><td>$485,814</td><td>$380,267</td><td>$73,999</td><td>$454,266</td></tr></table>

Question: What is the sum of Accrued investment income of 2007 Consolidated, Balance at end of year Retained Earnings of 2004 Dollars, and Cash collateral for loaned securities LIABILITIES of 2006 Financial Services Businesses ?
Answer: 22448.0