PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 4.
INVESTMENTS (continued) of zero million) and $341 million (net of a valuation allowance of zero million), respectively.
As of December 31, 2007 and 2006, all of the Company’s commercial loans held for sale were collateralized, with collateral primarily consisting of office buildings, retail stores, apartment complexes and industrial buildings.
In certain transactions, the Company prearranges that it will sell the loan to an investor.
As of December 31, 2007 and 2006, $306 million and $93 million, respectively, of loans held for sale are subject to such arrangements.
Commercial mortgage loans in securitization transactions accounted for by the Company as sales totaled $3,589 million, $2,704 million and $2,437 million, for the years ended December 31, 2007, 2006 and 2005, respectively.
The Company generally retains the servicing responsibilities related to its commercial loan securitizations.
As of December 31, 2007, the Company also held commercial mortgage-backed securities representing a $191 million retained beneficial interest in the mortgage loans the Company transferred to certain securitization vehicles in 2007.
These commercial mortgage-backed securities are classified as “Other trading account assets.
” The Company recognized net pre-tax losses of $57 million for the year ended December 31, 2007, and net pre-tax gains of $36 million and $36 million for the years ended December 31, 2006 and 2005, respectively, in connection with securitization transactions, which are recorded in “Realized investment gains (losses), net.
” Other Long-term Investments “Other long-term investments” are comprised as follows at December 31:
## Table 0 ##
In certain investment structures, the Company’s asset management business invests with other co-investors in an investment fund referred to as a feeder fund.
In these structures, the invested capital of several feeder funds is pooled together and used to purchase ownership interests in another fund, referred to as a master fund.
The master fund utilizes this invested capital, and in certain cases other debt financing, to purchase various classes of assets on behalf of its investors.
Specialized industry accounting for investment companies calls for the feeder fund to reflect its investment in the master fund as a single net asset equal to its proportionate share of the net assets of the master fund, regardless of its level of interest in the master fund.
In cases where the Company consolidates the feeder fund, it retains the feeder fund’s net asset presentation and reports the consolidated feeder fund’s proportionate share of the net assets of the master fund in “Other long-term investments,” with any unaffiliated investors’ minority interest in the feeder fund reported in “Other liabilities.
” As of December 31, 2007 and 2006 respectively, the consolidated feeder funds’ investments in these master funds, reflected on this net asset basis, totaled $839 million and $225 million.
The minority interest in the consolidated feeder funds was $59 million and $0 million as of December 31, 2007 and 2006, respectively, and the master funds had gross assets of $11.0 billion and $8.5 billion, respectively, and gross liabilities of $10.0 billion and $8.2 billion, respectively, which are not included on the Company’s balance sheet.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 15.
SHARE-BASED PAYMENTS (continued) Stock Options Each stock option granted has an exercise price no less than the fair market value of the Company’s Common Stock on the date of grant and has a maximum term of 10 years.
Generally, one third of the option grant vests in each of the first three years.
Participants are employees and non-employees (i. e. , statutory agents who perform services for the Company and participating subsidiaries).
A summary of the status of the Company’s employee and non-employee stock option grants is as follows:
## Table 1 ##
5 was $20.55, $17.85, and $12.94, respectively.
The total intrinsic value (i. e. , market price of the stock less the option exercise price) of employee stock options exercised during the years ended December 31, 2007, 2006 and 2005 was $224 million, $201 million and $156 million, respectively.
The weighted average fair value of non-employee options not vested at the balance sheet date, and non-employee options vesting during the years ended December 31, 2007, 2006 and 2005 was $31.54, $34.85 and $28.99 respectively.
The total intrinsic value of non-employee options exercised during the years ended December 31, 2007, 2006 and 2005 was $6 million, $6 million and $8 million, respectively.
2007 to 2006 Annual Comparison.
Total new annualized premiums decreased $152 million, or 30%, from $504 million in 2006 to $352 million in 2007.
This decrease is primarily due to lower large case sales in the group life business during 2007, reflective of highly competitive pricing in the marketplace and the pricing discipline we apply in writing business.
Partially offsetting this decrease were higher large case and middle-market sales in the group disability business during 2007.2006 to 2005 Annual Comparison.
Total new annualized premiums decreased $20 million, from $524 million in 2005 to $504 million in 2006.
This decrease was primarily attributable to lower sales in our group disability business, as 2005 reflects higher premiums relating to our assumption of existing liabilities from a third party.
Group life sales were relatively unchanged, as a significant large case sale in the first quarter of 2005 was offset by several large case sales during 2006.
Investment Division Asset Management Operating Results The following table sets forth the Asset Management segment’s operating results for the periods indicated.
## Table 2 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
See “—Realized Investment Gains and General Account Investments—Realized Investment Gains.
” Adjusted Operating Income 2007 to 2006 Annual Comparison.
Adjusted operating income increased $45 million, from $593 million in 2006 to $638 million in 2007.
Results for 2007 benefited from an increase in asset management fees of $107 million, primarily from institutional and retail customer assets as a result of increased asset values due to market appreciation and net asset flows.
Adjusted operating income also benefited from increased transaction fees primarily from real estate investment management activities and increased revenues from the segment’s proprietary investing business.
Less favorable results from the segment’s commercial mortgage securitization operations, which resulted in pretax losses of $62 million in 2007 compared to a contribution to adjusted operating income of $45 million in 2006, as well as higher expenses, including performance-related compensation costs, was a partial offset.
The losses in the segment’s commercial mortgage securitization operations in 2007 resulted primarily from unfavorable credit market conditions during the second half of the year, which resulted in decreases in value of positions held and losses on securitizations due to increased credit spreads.
As of December 31, 2007, our commercial mortgage operations held $542 million in loans and $188 million in applications and commitments as inventory for future securitizations, in addition to $792 million of bonds it retained from 2007 securitizations.
Net of the derivatives purchased as hedges, about $750 million of these positions continue to be subject to changes in credit spreads.2006 to 2005 Annual Comparison.
Adjusted operating income increased $129 million, from $464 million in 2005 to $593 million in 2006.
Results for 2006 benefited from an increase in performance based incentive fees of $61 million associated with appreciation and gains on sale of real estate investments which we manage, and from income from our proprietary investing business, also associated with appreciation and gains on sale of real estate related investments, including $23 million relating to a single investment in 2006.
Proprietary investing income in 2005 included $58 million relating to two sale transactions.
Results for 2006 benefited from increased asset management fees of $88 million, primarily from institutional and retail customer assets as a result of increased asset values due to market appreciation and net asset inflows.
Higher expenses, including performance-related compensation costs, partially offset the foregoing increases.
and other costs incurred for the continued expansion of our factory house stores.  ?
Product innovation and supply chain costs increased $25.0 million to $96.8 million in 2010 from $71.8 million in 2009 primarily due to higher personnel costs for the design and sourcing of our expanding apparel, footwear and accessories lines and higher distribution facilities operating and personnel costs as compared to the prior year to support our growth in net revenues.
In addition, we incurred higher expenses for our performance incentive plan as compared to the prior year.
As a percentage of net revenues, product innovation and supply chain costs increased to 9.1% in 2010 from 8.4% in 2009 primarily due to the items noted above.  ?
Corporate services costs increased $24.0 million to $98.6 million in 2010 from $74.6 million in 2009.
This increase was attributable primarily to higher corporate facility costs, information technology initiatives and corporate personnel costs, including increased expenses for our performance incentive plan as compared to the prior year.
As a percentage of net revenues, corporate services costs increased to 9.3% in 2010 from 8.7% in 2009 primarily due to the items noted above.
Income from operations increased $27.1 million, or 31.8%, to $112.4 million in 2010 from $85.3 million in 2009.
Income from operations as a percentage of net revenues increased to 10.6% in 2010 from 10.0% in 2009.
This increase was a result of the items discussed above.
Interest expense, net remained unchanged at $2.3 million in 2010 and 2009.
Other expense, net increased $0.7 million to $1.2 million in 2010 from $0.5 million in 2009.
The increase in 2010 was due to higher net losses on the combined foreign currency exchange rate changes on transactions denominated in the Euro and Canadian dollar and our derivative financial instruments as compared to 2009.
Provision for income taxes increased $4.8 million to $40.4 million in 2010 from $35.6 million in 2009.
Our effective tax rate was 37.1% in 2010 compared to 43.2% in 2009, primarily due to tax planning strategies and federal and state tax credits reducing the effective tax rate, partially offset by a valuation allowance recorded against our foreign net operating loss carryforward.
Segment Results of Operations Year Ended December 31, 2011 Compared to Year Ended December 31, 2010 Net revenues by geographic region are summarized below:

<table><tr><td></td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="2"> (in millions)</td></tr><tr><td>Joint ventures and limited partnerships:</td><td></td><td></td></tr><tr><td>Real estate related</td><td>$956</td><td>$764</td></tr><tr><td>Non real estate related</td><td>2,797</td><td>1,426</td></tr><tr><td>Total joint ventures and limited partnerships</td><td>3,753</td><td>2,190</td></tr><tr><td>Real estate held through direct ownership</td><td>1,832</td><td>1,168</td></tr><tr><td>Other</td><td>846</td><td>1,387</td></tr><tr><td>Total other long-term investments</td><td>$6,431</td><td>$4,745</td></tr></table>
<table><tr><td></td><td colspan="2"> Employee Stock Options</td><td colspan="2"> Non-employee Stock Options</td></tr><tr><td></td><td>Shares</td><td> Weighted Average Exercise Price</td><td>Shares</td><td> Weighted Average Exercise Price</td></tr><tr><td>Outstanding at December 31, 2004</td><td>21,447,095</td><td>$34.17</td><td>759,200</td><td>$30.68</td></tr><tr><td>Granted</td><td>4,015,482</td><td>56.00</td><td>98,901</td><td>57.03</td></tr><tr><td>Exercised</td><td>-4,933,974</td><td>32.40</td><td>-242,158</td><td>29.49</td></tr><tr><td>Forfeited</td><td>-711,568</td><td>39.83</td><td>-24,654</td><td>37.20</td></tr><tr><td>Expired</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Transferred</td><td>-10,581</td><td>55.33</td><td>10,581</td><td>55.33</td></tr><tr><td>Outstanding at December 31, 2005</td><td>19,806,454</td><td>38.82</td><td>601,870</td><td>35.66</td></tr><tr><td>Granted</td><td>2,911,866</td><td>76.17</td><td>60,559</td><td>76.29</td></tr><tr><td>Exercised</td><td>-4,689,451</td><td>34.60</td><td>-125,834</td><td>31.57</td></tr><tr><td>Forfeited</td><td>-411,602</td><td>60.27</td><td>-33,403</td><td>37.25</td></tr><tr><td>Expired</td><td>-57,681</td><td>29.84</td><td>-7,088</td><td>28.65</td></tr><tr><td>Transferred</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Outstanding at December 31, 2006</td><td>17,559,586</td><td>45.67</td><td>496,104</td><td>41.65</td></tr><tr><td>Granted</td><td>2,303,207</td><td>91.72</td><td>62,261</td><td>89.97</td></tr><tr><td>Exercised</td><td>-4,188,807</td><td>40.58</td><td>-104,822</td><td>38.58</td></tr><tr><td>Forfeited</td><td>-423,271</td><td>73.38</td><td>-4,356</td><td>75.87</td></tr><tr><td>Expired</td><td>-222,227</td><td>28.38</td><td>-12,479</td><td>29.11</td></tr><tr><td>Transferred</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Outstanding at December 31, 2007</td><td>15,028,488</td><td>$53.62</td><td>436,708</td><td>$49.12</td></tr><tr><td>Vested and expected to vest at December 31, 2007</td><td>13,744,054</td><td>$51.73</td><td>374,461</td><td>$45.41</td></tr><tr><td>Exercisable at December 31, 2007</td><td>10,083,021</td><td>$41.35</td><td>263,132</td><td>$32.92</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2007</td><td>2006</td><td> 2005</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>$2,265</td><td>$2,050</td><td>$1,696</td></tr><tr><td>Expenses</td><td>1,627</td><td>1,457</td><td>1,232</td></tr><tr><td>Adjusted operating income</td><td>638</td><td>593</td><td>464</td></tr><tr><td>Realized investment gains, net, and related adjustments-1</td><td>19</td><td>-4</td><td>1</td></tr><tr><td>Income from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$657</td><td>$589</td><td>$465</td></tr></table>

Question: what was the percentage increase in the provision for income taxes from 2009 to 2010
Answer: 0.13483