$10 million expense for the DAC offset to the adjustment to the model which values the reserves related to living benefit guarantees primarily attributable to prior periods.
Amortization of DAC in 2011 included a $39 million expense from unlocking and model changes primarily driven by spread compression, partially offset by a benefit from improved policyholder persistency.
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 0 ##
Our Protection segment pretax operating income, which excludes net realized gains or losses, increased $12 million, or 3%, to $398 million for the year ended December 31, 2012, compared to $386 million for the prior year driven by higher auto and home earnings.
Net Revenues Net revenues, which exclude net realized gains or losses, increased $19 million, or 1%, to $2.1 billion for the year ended December 31, 2012 compared to the prior year due to growth in auto and home premiums, partially offset by the impact of unlocking.
Premiums increased $45 million, or 4%, to $1.1 billion for the year ended December 31, 2012 compared to the prior year due to growth in auto and home premiums driven by higher volumes.
Auto and home policy counts increased 9% year-over-year.
Other revenues decreased $25 million, or 6%, to $392 million for the year ended December 31, 2012 compared to $417 million for the prior year due to a $41 million unfavorable impact from unlocking in 2012 compared to a $20 million unfavorable impact in the prior year.
The primary driver of the unlocking impact to other revenues in both years was lower projected gains on reinsurance contracts resulting from favorable mortality experience.
The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity.
The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2016:
## Table 1 ##
Actual timing and payment amounts may differ due to future contract settlements, modifications or exercises of options prior to the full premium being paid or received.
The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities.
As a means of economically hedging these risks, the Company uses a combination of futures, options, interest rate swaptions and/or swaps.
Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are either interest rate contracts or equity contracts.
The Company’s macro hedge derivatives are included in Other contracts in the tables above.
EIA, IUL and stock market certificate products have returns tied to the performance of equity markets.
As a result of fluctuations in equity markets, the obligation incurred by the Company related to EIA, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products.
The equity component of the EIA, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings.
As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts.
The Company enters into futures and commodity swaps to manage its exposure to price risk arising from seed money investments in proprietary investment products.
The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions.
The Company enters into futures contracts to economically hedge its exposure related to compensation plans.
In 2015, the Company entered into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments.
Cash Flow Hedges The Company has designated and accounts for the following as cash flow hedges: (i) interest rate swaps to hedge interest rate exposure on debt, (ii) interest rate lock agreements to hedge interest rate exposure on debt issuances and (iii) swaptions used to hedge the risk of increasing interest rates on forecasted fixed premium product sales.
For all years ended December 31, 2016, 2015 and 2014, amounts recognized in earnings related to cash flow hedges due to ineffectiveness were nil, $1 million and $1 million respectively.
The estimated net amount of existing pretax losses as of December 31, 2016 that the Company expects to reclassify to earnings within the next twelve months is $4 million, which consists of $1 million of pretax gains to be recorded as a reduction to interest and debt expense and $5 million of pretax losses to be recorded in net investment income.
Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 18 years and relates to forecasted debt interest payments.
See Note 18 for a rollforward of net unrealized derivative gains (losses) included in AOCI related to cash flow hedges.
Fair Value Hedges In 2010, the Company entered into and designated as fair value hedges three interest rate swaps to convert senior notes due 2015, 2019 and 2020 from fixed rate debt to floating rate debt.
The interest rate swaps related to the senior notes due 2015 expired in the fourth quarter of 2015, consistent with the maturity of the debt.
The swaps have identical terms as the underlying debt being hedged so no ineffectiveness is expected to be realized.
The Company recognizes gains and
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the years ended December 31:
## Table 2 ##
(1) Includes a $16 million and $6 million net benefit related to the market impact on variable annuity guaranteed benefits and indexed universal life benefits for the years ended December 31, 2016 and 2015, respectively.
Net Revenues Net revenues decreased $474 million, or 4%, to $11.7 billion for the year ended December 31, 2016 compared to $12.2 billion for the prior year due to decreases in management and financial advice fees, distribution fees, net investment income and other revenues.
Net revenues for the year ended December 31, 2016 included $128 million of CIE revenues compared to $446 million for the prior year primarily reflecting the CIE deconsolidation.
Management and financial advice fees decreased $172 million, or 3%, to $5.8 billion for the year ended December 31, 2016 compared to $6.0 billion for the prior year primarily due to lower asset-based fees driven by a decrease in average AUM and a $44 million decrease in performance fees.
Average AUM decreased $28.3 billion, or 4%, compared to the prior year due to asset management net outflows and the negative impact of foreign currency translation, partially offset by wrap account net inflows.
See our discussion on the changes in AUM in our segment results of operations section.
Management and financial advice fees for the year ended December 31, 2016 included $46 million of fees we earned for services provided to CLOs and property funds that were deconsolidated effective January 1, 2016.
These fees were eliminated on a consolidated basis in the prior year.
Distribution fees decreased $52 million, or 3%, to $1.8 billion for the year ended December 31, 2016 compared to the prior year primarily due to lower transactional volume, partially offset by higher brokerage cash spread due to an increase in short-term interest rates.
Net investment income decreased $112 million, or 7%, to $1.6 billion for the year ended December 31, 2016 compared to $1.7 billion for the prior year primarily due to a $76 million decrease in CIE net investment income, a $35 million decrease in investment income on fixed maturities driven by low interest rates and a $26 million increase in losses related to investments in affordable housing partnerships, partially offset by a $24 million favorable change in the market impact of hedges on investments.
Net investment income for the year ended December 31, 2016 included $155 million of CIE net investment income compared to $231 million for the prior year primarily reflecting the CIE deconsolidation.
Other revenues decreased $165 million, or 13%, to $1.1 billion for the year ended December 31, 2016 compared to $1.3 billion for the prior year due to a $290 million decrease in CIE other revenues reflecting the CIE deconsolidation, partially offset by the impact of unlocking, the unearned revenue amortization and the reinsurance accrual offset to the market impact on indexed universal life benefits and higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date and higher average fee rates on variable annuity guarantees.
The unearned revenue amortization and the reinsurance accrual offset to the market impact on indexed universal life benefits was a positive $24 million for the year ended December 31, 2016 compared to a positive $7 million for the prior year.
Other revenues for the year ended December 31, 2016 included a $64 million favorable impact from unlocking compared to an $8 million favorable impact in the prior year.
The primary driver of the unlocking impact to other revenues for the year ended December 31, 2016 was a positive impact from higher projected gains on reinsurance contracts resulting from unfavorable mortality experience.
The primary driver of the unlocking impact to other revenues for the prior year was a positive impact from model updates related to our indexed universal life product, partially offset by a negative impact from lower projected gains on reinsurance contracts resulting from favorable mortality experience.
Expenses Total expenses increased $76 million, or 1%, to $10.1 billion for the year ended December 31, 2016 compared to $10.0 billion for the prior year primarily due to the impact of unlocking, partially offset by lower distribution expenses and the CIE deconsolidation.
Expenses for the year ended December 31, 2016 included $130 million of CIE expenses compared to $321 million for the prior year primarily reflecting the CIE deconsolidation.
The following table presents the net periodic pension and OPEB cost/(benefit) for the years ended December 31:
## Table 3 ##
Our net periodic pension cost is expected to increase to approximately $111 million in 2013 from $89 million in 2012.
The increase is driven mainly by a decrease in the discount rate to 3.78%, Our net periodic OPEB expense is expected to increase to approximately $15 million in 2013 from $13 million in 2012.
The increase in our net periodic OPEB cost is primarily driven by a decrease in the discount rate to 3.48%.
CAUTIONARY INFORMATION Certain statements in this report, and statements in other reports or information filed or to be filed with the SEC (as well as information included in oral statements or other written statements made or to be made by us), are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934.
These forward-looking statements and information include, without limitation, (A) statements in the CEO’s letter preceding Part I; statements regarding planned capital expenditures under the caption “2013 Capital Expenditures” in Item 2 of Part I; statements regarding dividends in Item 5; and statements and information set forth under the captions “2013 Outlook” and “Liquidity and Capital Resources” in this Item 7, and (B) any other statements or information in this report (including information incorporated herein by reference) regarding: expectations as to financial performance, revenue growth and cost savings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to our business, financial and operational results, future economic performance, and general economic conditions; expectations as to operational or service performance or improvements; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service, including capital expenditures for infrastructure improvements and equipment acquisitions, any strategic business acquisitions, and modifications to our transportation plans (including statements set forth in Item 2 as to expectations related to our planned capital expenditures); expectations as to existing or proposed new products and services; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, or other matters will not have a material adverse effect on our consolidated results of operations, financial condition, or liquidity and any other similar expressions concerning matters that are not historical facts.
Forward-looking statements may be identified by their use of forward-looking terminology, such as “believes,” “expects,” “may,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words, phrases or expressions.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved.
Forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information.
Forward-looking statements and information reflect the good faith consideration by management of currently available information, and may be based on underlying assumptions believed to be reasonable under the circumstances.
However, such information and assumptions (and, therefore, such forward-looking statements and information) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control.
The Risk Factors in Item 1A of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information.
To the extent circumstances require or we deem it otherwise necessary, we will update or amend these risk factors in a Form 10-Q, Form 8-K or subsequent Form 10-K.  All forward-looking statements are qualified by, and should be read in conjunction with, these Risk Factors.
Forward-looking statements speak only as of the date the statement was made.
We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
If we do update one or more forward-looking

<table><tr><td> </td><td colspan="2"> Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td> 2012</td><td> 2011</td><td colspan="2">Change</td></tr><tr><td> </td><td colspan="4">(in millions)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$55</td><td>$56</td><td>$-1</td><td>-2%</td></tr><tr><td>Distribution fees</td><td>91</td><td>95</td><td>-4</td><td>-4</td></tr><tr><td>Net investment income</td><td>430</td><td>426</td><td>4</td><td>1</td></tr><tr><td>Premiums</td><td>1,121</td><td>1,076</td><td>45</td><td>4</td></tr><tr><td>Other revenues</td><td>392</td><td>417</td><td>-25</td><td>-6</td></tr><tr><td>Total revenues</td><td>2,089</td><td>2,070</td><td>19</td><td>1</td></tr><tr><td>Banking and deposit interest expense</td><td>1</td><td>1</td><td>—</td><td>—</td></tr><tr><td>Total net revenues</td><td>2,088</td><td>2,069</td><td>19</td><td>1</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>67</td><td>62</td><td>5</td><td>8</td></tr><tr><td>Interest credited to fixed accounts</td><td>143</td><td>142</td><td>1</td><td>1</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>1,093</td><td>1,085</td><td>8</td><td>1</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>110</td><td>119</td><td>-9</td><td>-8</td></tr><tr><td>General and administrative expense</td><td>277</td><td>275</td><td>2</td><td>1</td></tr><tr><td>Total expenses</td><td>1,690</td><td>1,683</td><td>7</td><td>—</td></tr><tr><td>Operating earnings</td><td>$398</td><td>$386</td><td>$12</td><td>3%</td></tr></table>
<table><tr><td></td><td>Premiums Payable</td><td>Premiums Receivable</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>2017</td><td>$270</td><td>$77</td></tr><tr><td>2018</td><td>227</td><td>130</td></tr><tr><td>2019</td><td>273</td><td>171</td></tr><tr><td>2020</td><td>195</td><td>99</td></tr><tr><td>2021</td><td>186</td><td>107</td></tr><tr><td>2022-2027</td><td>639</td><td>133</td></tr><tr><td>Total</td><td>$1,790</td><td>$717</td></tr></table>
<table><tr><td>Pretax Increase (Decrease)</td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Premiums</td><td>$—</td><td>$-3</td></tr><tr><td>Other revenues</td><td>64</td><td>8</td></tr><tr><td>Total revenues</td><td>64</td><td>5</td></tr><tr><td>Distribution expenses</td><td>-27</td><td>—</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>229</td><td>-58</td></tr><tr><td>Amortization of DAC</td><td>81</td><td>15</td></tr><tr><td>Total expenses</td><td>283</td><td>-43</td></tr><tr><td>Total<sup>-1</sup></td><td>$-219</td><td>$48</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>Est.2013</i></td><td><i>2012</i></td><td><i>2011</i></td><td><i>2010</i></td></tr><tr><td>Net periodic pension cost</td><td>$111</td><td>$89</td><td>$78</td><td>$51</td></tr><tr><td>Net periodic OPEB cost/(benefit)</td><td>15</td><td>13</td><td>-6</td><td>-14</td></tr></table>

Question: What will total net revenues be like in 2013 if it continues to grow at the same rate as it did in 2012? (in million)
Answer: 2107.17448