We continue to manage for profitable flows and will make changes that may impact flows to improve the overall economics.
These may include changing the share classes we offer in various distribution channels or altering fee structures.
This may result in outflows in 2013 as these changes go into effect, however it would have a nominal impact on margins as we move to more attractive arrangements.
Threadneedle managed assets increased $14.2 billion, or 13%, during the year ended December 31, 2012 due to market appreciation, as well as a positive impact from foreign currency translation.
Threadneedle retail funds increased $7.3 billion, or 23%, in 2012 due to market appreciation of $3.2 billion, net inflows of $2.3 billion, and a $1.6 billion positive impact from foreign currency translation.
Threadneedle institutional AUM increased $7.0 billion, or 9%, in 2012 due to market appreciation of $4.9 billion and a $3.7 billion positive impact from foreign currency translation, partially offset by net outflows of $4.1 billion.
Threadneedle institutional net outflows included $3.8 billion of outflows from a closed book of insurance assets and $0.9 billion from the retender of low margin pension assets, partially offset by inflows from institutional mandates from clients in the Middle East and Africa.
Investment performance in equity and fixed income portfolios across Columbia and Threadneedle continues to be strong.
Like others in the industry, we continued to see inflows in fixed income and outflows in equity.
Average segment AUM increased $3.7 billion, or 1%, from the prior year due to market appreciation, partially offset by net outflows.
The following table presents the results of operations of our Asset Management segment on an operating basis:
## Table 0 ##
NM Not Meaningful.
Our Asset Management segment pretax operating earnings, which exclude net realized gains or losses and integration charges, increased $29 million, or 5%, to $557 million for the year ended December 31, 2012 compared to $528 million for the prior year reflecting equity market appreciation, higher performance fees and continued expense management, partially offset by the impact of net outflows and the industry shift in flows from equity to fixed income, which has a lower fee structure, and a favorable $11 million net impact from the liquidation of a CDO in the prior year.
Net Revenues Net revenues were essentially flat at $2.9 billion for the year ended December 31, 2012 compared to the prior year.
Management and financial advice fees decreased $14 million, or 1%, to $2.4 billion for the year ended December 31, 2012 compared to the prior year primarily due to net outflows and the impact of the industry shift in flows from equity to fixed income, which has a lower fee structure, and a $9 million gain on the liquidation of a CDO in the prior year, partially offset by equity market appreciation and a $36 million increase in performance fees.
Average assets under management increased 1% compared to the prior year driven by equity market appreciation, partially offset by net outflows.
See our discussion above on the changes in assets under management.
Expenses Total expenses, which exclude integration charges, decreased $35 million, or 1%, to $2.3 billion for the year ended December 31, 2012 compared to $2.4 billion for the prior year primarily due to a decrease in general and administrative expense.
The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual.
Risk on UL and VUL policies is reinsured on a yearly renewable term basis.
Risk on most term life policies starting in 2001 is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.
For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc.  (‘‘Genworth’’) and retains the remaining risk.
For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only.
Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies.
The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007.
The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.
At December 31, 2016 and 2015, traditional life and UL insurance in force aggregated $196.5 billion and $196.3 billion, respectively, of which $142.4 billion and $144.2 billion, respectively, were reinsured at the respective year ends.
Life insurance in force is reported on a statutory basis.
The effect of reinsurance on premiums for the Company’s traditional long-duration contracts was as follows:
## Table 1 ##
Cost of insurance and administrative charges for non-traditional long-duration products are reflected in other revenues and were net of reinsurance ceded of $110 million, $107 million and $94 million for the years ended December 31, 2016, 2015 and 2014, respectively.
The Company also reinsures a portion of the risks associated with its personal auto, home and umbrella insurance products through three types of reinsurance agreements with unaffiliated reinsurance companies.
For 2016, the Company purchased auto and home reinsurance with a limit of $5 million per loss and the Company retained $750,000 per loss.
For 2016, the Company’s catastrophe reinsurance had a limit of $180 million per event and the Company retained $20 million per event.
For 2016, the Company ceded 80% of every personal umbrella loss with a limit of $5 million per loss.
The effect of reinsurance on premiums for the Company’s short-duration contracts was as follows:
## Table 2 ##
Reinsurance recovered on all contracts was $323 million, $295 million and $260 million for the years ended December 31, 2016, 2015 and 2014, respectively.
Receivables included $2.7 billion and $2.5 billion of reinsurance recoverables as of December 31, 2016 and 2015, respectively, including $2.0 billion and $1.9 billion related to LTC risk ceded to Genworth, respectively.
Included in policyholder account balances, future policy benefits and claims is $529 million and $551 million related to previously assumed reinsurance arrangements as of December 31, 2016 and 2015, respectively.
In January 2016, the Company issued $800 million of debt securities consisting of a $400 million aggregate principal three year fixed rate note with a coupon rate of 2.00% and a $400 million aggregate principal seven year fixed rate note with a coupon rate of 3.25%.
The proceeds were used to repay a portion of the Company’s outstanding commercial paper, repay the remaining term loan balance, and for general corporate purposes.
The Company’s public notes and 144A Notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium.
Upon the occurrence of a change of control accompanied by a downgrade of the notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes and 144A Notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase.
The public notes and 144A Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company.
The Company entered into a registration rights agreement in connection with the issuance of the 144A Notes.
Subject to certain limitations set forth in the registration rights agreement, the Company has agreed to (i) file a registration statement (the “Exchange Offer Registration Statement”) with respect to registered offers to exchange the 144A Notes for exchange notes (the “Exchange Notes”), which will have terms identical in all material respects to the New 10-year Notes and New 30-year Notes, as applicable, except that the Exchange Notes will not contain transfer restrictions and will not provide for any increase in the interest rate thereon in certain circumstances and (ii) use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective within 270 days after the date of issuance of the 144A Notes.
Until such time as the Exchange Offer Registration Statement is declared effective, the 144A Notes may only be sold in accordance with Rule 144A or Regulation S of the Securities Act of 1933, as amended.
Private Notes The Company’s private notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium.
Upon the occurrence of specified changes of control involving the Company, the Company would be required to offer to repurchase the private notes at a price equal to 100% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase.
Additionally, the Company would be required to make a similar offer to repurchase the private notes upon the occurrence of specified merger events or asset sales involving the Company, when accompanied by a downgrade of the private notes below investment grade rating, within a specified time period.
The private notes are unsecured senior obligations of the Company and rank equal in right of payment with all other senior indebtedness of the Company.
The private notes shall be unconditionally guaranteed by subsidiaries of the Company in certain circumstances, as described in the note purchase agreements as amended.
Other Debt During 2015, the Company acquired the beneficial interest in the trust owning the leased Naperville facility resulting in debt assumption of $100.2 million and the addition of $135.2 million in property, plant and equipment.
Certain administrative, divisional, and research and development personnel are based at the Naperville facility.
Cash paid as a result of the transaction was $19.8 million.
The assumption of debt and the majority of the property, plant and equipment addition represented non-cash financing and investing activities, respectively.
The remaining balance on the assumed debt was settled in December 2017 and was reflected in the "Other" line of the table above at December 31, 2016.
Covenants and Future Maturities The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2017.
As of December 31, 2017, the aggregate annual maturities of long-term debt for the next five years were:

<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>$2,420</td><td>$2,434</td><td>$-14</td><td>-1%</td></tr><tr><td>Distribution fees</td><td>442</td><td>450</td><td>-8</td><td>-2</td></tr><tr><td>Net investment income</td><td>19</td><td>11</td><td>8</td><td>73</td></tr><tr><td>Other revenues</td><td>12</td><td>5</td><td>7</td><td>NM</td></tr><tr><td>Total revenues</td><td>2,893</td><td>2,900</td><td>-7</td><td>—</td></tr><tr><td>Banking and deposit interest expense</td><td>2</td><td>3</td><td>-1</td><td>-33</td></tr><tr><td>Total net revenues</td><td>2,891</td><td>2,897</td><td>-6</td><td>—</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>1,105</td><td>1,095</td><td>10</td><td>1</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>16</td><td>19</td><td>-3</td><td>-16</td></tr><tr><td>General and administrative expense</td><td>1,213</td><td>1,255</td><td>-42</td><td>-3</td></tr><tr><td>Total expenses</td><td>2,334</td><td>2,369</td><td>-35</td><td>-1</td></tr><tr><td>Operating earnings</td><td>$557</td><td>$528</td><td>$29</td><td>5%</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="3">Years Ended December 31,</td></tr><tr><td>2016</td><td>2015</td><td>2014</td></tr><tr><td colspan="3">(in millions)</td></tr><tr><td>Direct premiums</td><td>$642</td><td>$629</td><td>$645</td></tr><tr><td>Reinsurance ceded</td><td>-225</td><td>-223</td><td>-222</td></tr><tr><td>Net premiums</td><td>$417</td><td>$406</td><td>$423</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="3">Years Ended December 31,</td></tr><tr><td>2016</td><td>2015</td><td>2014</td></tr><tr><td colspan="3">(in millions)</td></tr><tr><td>Written premiums</td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>$1,085</td><td>$1,093</td><td>$1,025</td></tr><tr><td>Ceded</td><td>-20</td><td>-19</td><td>-17</td></tr><tr><td>Total net written premiums</td><td>$1,065</td><td>$1,074</td><td>$1,008</td></tr><tr><td>Earned premiums</td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>$1,094</td><td>$1,068</td><td>$979</td></tr><tr><td>Ceded</td><td>-20</td><td>-19</td><td>-17</td></tr><tr><td>Total net earned premiums</td><td>$1,074</td><td>$1,049</td><td>$962</td></tr></table>

Question: In which year the Management and financial advice fees is positive?
Answer: 2011