13.
Fair Value of Financial Instruments Continued The carrying values and fair values of AIG’s financial instruments at December 31, 2005 and 2004 were as follows:
## Table 0 ##
The carrying value of all other financial instruments approximates fair value.
discussion of prospective change to AIG’s accounting for 14.
Stock Compensation Plans retiree eligibility provisions.
At December 31, 2005, AIG had five types of stock-based Statement of Financial Accounting Standards No.148, compensation plans: (i) a stock option plan; (ii) an incentive ‘‘Accounting for Stock-Based Compensation – Transition and stock plan under which restricted stock units had been issued; Disclosure, an amendment to FASB Statement No.123’’ (iii) an employee stock purchase plan; (iv) SICO’s Deferred (FAS 148), was issued in 2002.
This statement amended Compensation Profit Participation Plan (SICO DCPPP) (con- FAS 123 and provides alternative methods of transition for a sistent with SICO’s change to equity settlement of selected voluntary change to the recognition provisions of FAS 123.  awards); and (v) AIG’s Deferred Compensation Profit Partici- Also, FAS 148 amended certain of the disclosure requirements pation Plan (AIG DCPPP) which is the replacement for the of FAS 123.
SICO DCPPP.
AIG elected the ‘‘Prospective Method’’ in the application of Effective January 1, 2003, AIG adopted the recognition the recognition provisions as prescribed by FAS 123.
Such provision of Statement of Financial Accounting Standards method provides for the recognition of the fair value with No.123, ‘‘Accounting for Stock-Based Compensation’’ respect to stock-based compensation for shares subscribed for or (FAS 123).
This statement establishes the financial accounting granted on or after January 1, 2003.  and reporting standards for stock-based employee compensation Prior to adoption of the recognition provisions of FAS 123, plans, such as AIG’s stock purchase plan, stock option plan, as amended, AIG recognized stock compensation in accordance stock incentive plan, SICO DCPPP, and AIG DCPPP.
Under with the provisions of APB Opinion No.25 ‘‘Accounting for the recognition provisions of FAS 123, costs with respect to Stock Issued to Employees.
’’ Shares subscribed for or granted stock compensation are measured using the fair value of the prior to January 1, 2003 continue to be accounted for pursuant shares subscribed or granted as at the date of grant recognized to APB Opinion No.25.
See Note 1(gg) herein for discussion ratably over the vesting period.
Such fair value is derived of AIG’s accounting for the unvested portion of its APB 25 through an option pricing model or the fair value of AIG’s awards according to the requirements of FAS 123R.
common stock, as applicable.
See Note 1(gg) herein for
AMERICAN INTERNATIONAL GROUP, INC.  AND SUBSIDIARIES 15.
Employee Benefits Continued The weighted average assumptions used to determine the benefit obligations at December 31, 2005 and 2004 were as follows:
## Table 1 ##
The benefit obligations outside the United States reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.
To measure the obligations at December 31,2004,a 9.0 percent annual rate of increase in the per capita cost of covered healthcare benefits for AIG's U. S.  plans was used for2005.
This rate was assumed to decrease gradually to 5.0 per- cent in 2009 and remain at that level thereafter.
To measure the obligations at December 31,2005 for AlG's U. S.  plans,a 9.0 percent annual rate of increase in the per capita cost of covered medical benefits for pre-age-65 retirees,a 7.0 percent annual rate of increase in the per capita cost of covered medical benefits for post-age-65 retirees and an 11.0 percent annual rate of increase in the per capira cost of retiree prescription drug coverage was used for 2006.
These rates were assumed to decrease gradually to 5.0 percent in 2013 and remain at that level thereafter.
The assumed range for 2006 with respect to the annual rates of increase in the per capita cost of covered healthcare benefits of AlG's non-U.
S.  plans is 7.0 to 9.0 percent.
These rates are asumed to decrease gradually to 4.0 to 5.0 percent after three to four years and remain at that level thereafter.
A one percent point change in the assumed healthcare cost trend rate would have the following effect on AlG's pestretire- ment benefit ohligations at December 31,2005:
## Table 2 ##
Discount Rate Methodology The projected benefit cash flows under the AlG Retirement Plan(the main US plan)were discounted using the spot rates derived from the Citigroup Pension Discount Curve as of December 31,2005 and an equivalent single discount rate was derived resulting in the same liability.
This single discount rate was rounded to the nearest 25 basis points, namely 5.5 percent, and applied to all U. S.  plans.
Prior to using the Citigroup Pension Discount Curve in 2005, the discount rate assumptions were based on the yield of the Moody's Investor Service(Moody's) Aa long-term corpo- rate bond index.
Japan represents over 70 percent of the liabilities of the non-U.
S.  pension plans.
The discount rate for Japan was selected by reference to the published Moody's/S& PAA Cor- porate Bond Universe at the measurement date having regard to the duration of the plans' liabilities.
The mortality assumption for AlG's U. S.  plans has been revised for the December 31,2005 obligations.
The 2004 and2005 expense and the obligations at December 31,2004 were based on the 1983 Group Annuity Mortality Table.
The December 31,2005 obligations were based on the RP2000 White Collar Combined Mortality Table projected to 2006.
Due to continued improvements in life expectancy, the updated table is expected to better represent AlG's anticipated future experience under the plans.
The mortality assumptions for AlG's non-U.
S.  plans vary by country.
No changes have been made for the December 31,2005 obligarions.
The assumprions used are expected to reasonably anticipate future mortality experience.
() Funded Status: The funded status of the AlG defined benefit plans is a comparison of the pension benefit obligations to the assets related to the respective plan, if any.
The difference between the two represents amounts that have been appropriately recognized as expenses in prior periods or represent amounts that will be recognized as expenses in the future.
Reconciliation of Net Reserves for Losses and Loss Expenses
## Table 3 ##
(a) Reflects the opening balances with respect to the GE U. S. -based auto and home insurance business acquired in 2003.
(b) Includes accretion of discount of $(15) million in 2005, including an increase of $375 million in the discount recorded in 2005; $377 million in 2004 and $296 million in 2003.
Additionally, includes $269 million in 2005, $317 million in 2004 and $323 million in 2003 for the general reinsurance operations of Transatlantic, and $197 million of additional losses incurred in 2005 resulting from increased labor and material costs related to the 2004 Florida hurricanes.
(c) See also Note 6(a) of Notes to Consolidated Financial Statements.
The reserve for losses and loss expenses as reported in outside of the United States.
ALICO has operations either AIG’s Consolidated Balance Sheet at December 31, 2005 directly or through subsidiaries in Europe, Latin America, the differs from the total reserve reported in the Annual State- Caribbean, the Middle East, South Asia and the Far East, with ments filed with state insurance departments and, where Japan being the largest territory.
AIG added significantly to its appropriate, with foreign regulatory authorities.
The differences presence in Japan with the acquisition of GE Edison Life at December 31, 2005 relate primarily to reserves for certain Insurance Company (now AIG Edison Life), which was foreign operations not required to be reported in the United consolidated beginning with the fourth quarter of 2003.
AIA States for statutory reporting purposes.
operates primarily in China (including Hong Kong), Singapore, The reserve for gross losses and loss expenses is prior to Malaysia, Thailand, Korea, Australia, New Zealand, Vietnam, reinsurance and represents the accumulation for reported losses and India.
The operations in India are conducted through a and IBNR.
Management reviews the adequacy of established joint venture, Tata AIG Life Insurance Company Limited.
Nan gross loss reserves in the manner previously described for net Shan operates in Taiwan.
Philamlife is the largest life insurer loss reserves.
in the Philippines.
AIG Star Life operates in Japan.
See also For further discussion regarding net reserves for losses and Note 2 of Notes to Consolidated Financial Statements.
loss expenses, see Management’s Discussion and Analysis of AIRCO acts primarily as an internal reinsurance company Financial Condition and Results of Operations.
for AIG’s foreign life operations.
This facilitates insurance risk management (retention, volatility, concentrations) and capital planning locally (branch and subsidiary).
It also allows AIG to Life Insurance & Retirement Services Operations pool its insurance risks and purchase reinsurance more effi- AIG’s Life Insurance & Retirement Services subsidiaries offer a ciently at a consolidated level, manage global counterparty risk wide range of insurance and retirement savings products both and relationships and manage global life catastrophe risks.
domestically and abroad.
Insurance-oriented products consist of AIG’s principal domestic Life Insurance & Retirement individual and group life, payout annuities, endowment and Services operations include AGLA, AIG American General, accident and health policies.
Retirement savings products AIG Annuity, USLIFE, VALIC and SunAmerica Life.
These consist generally of fixed and variable annuities.
See also companies utilize multiple distribution channels including Management’s Discussion and Analysis of Financial Condition independent producers, brokerage, career agents and banks to and Results of Operations.
offer life insurance, annuity and accident and health products Life Insurance & Retirement Services operations in foreign and services, as well as financial and other investment countries comprised 78 percent of Life Insurance & Retirement products.
The domestic Life Insurance & Retirement Services Services GAAP premiums and 59 percent of Life Insurance & operations comprised 22 percent of total Life Insurance & Retirement Services operating income in 2005.
AIG operates Retirement Services GAAP premiums and 41 percent of Life overseas principally through ALICO, AIA, Nan Shan, Philam- Insurance & Retirement Services operating income in 2005.  life, AIG Star Life, and AIG Edison Life.
ALICO is There was no significant adverse effect on AIG’s Life incorporated in Delaware and all of its business is written Insurance & Retirement Services results of operations from
Stock Performance Graph
## Table 4 ##
* $100 invested on December 31, 2011 in our stock or in the relevant index, including reinvestment of dividends.
Fiscal year ended December 31, 2016.
(1) Delphi Automotive PLC (2) S&P 500 – Standard & Poor’s 500 Total Return Index (3) Automotive Supplier Peer Group – Russell 3000 Auto Parts Index, including American Axle & Manufacturing, BorgWarner Inc. , Cooper Tire & Rubber Company, Dana Inc. , Delphi Automotive PLC, Dorman Products Inc. , Federal-Mogul Corp. , Ford Motor Co. , General Motors Co. , Gentex Corp. , Gentherm Inc. , Genuine Parts Co. , Goodyear Tire & Rubber Co. , Johnson Controls International PLC, Lear Corp. , LKQ Corp. , Meritor Inc. , Standard Motor Products Inc. , Stoneridge Inc. , Superior Industries International, Tenneco Inc. , Tesla Motors Inc. , Tower International Inc. , Visteon Corp. , and WABCO Holdings Inc.
Dividends The Company has declared and paid cash dividends of $0.25 and $0.29 per ordinary share in each quarter of 2015 and 2016, respectively.
In addition, in January 2017, the Board of Directors declared a regular quarterly cash dividend of $0.29 per ordinary share, payable on February 15, 2017 to shareholders of record at the close of business on February 6, 2017.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2"> 2005</td><td colspan="2">2004</td></tr><tr><td><i>(in millions)</i></td><td> Carrying  Value*</td><td> Fair  Value</td><td>Carrying Value*</td><td>Fair Value</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities</td><td>$385,680</td><td>$386,199</td><td>$365,677</td><td>$366,174</td></tr><tr><td>Equity securities</td><td>23,588</td><td>23,588</td><td>17,706</td><td>17,706</td></tr><tr><td>Mortgage loans on real estate, policy and collateral loans</td><td>24,909</td><td>26,352</td><td>23,484</td><td>23,980</td></tr><tr><td>Securities available for sale</td><td>37,511</td><td>37,511</td><td>31,225</td><td>31,225</td></tr><tr><td>Trading securities</td><td>6,499</td><td>6,499</td><td>2,746</td><td>2,746</td></tr><tr><td>Spot commodities</td><td>92</td><td>96</td><td>534</td><td>534</td></tr><tr><td>Unrealized gain on swaps, options and forward transactions</td><td>18,695</td><td>18,695</td><td>22,670</td><td>22,670</td></tr><tr><td>Trading assets</td><td>1,204</td><td>1,204</td><td>3,433</td><td>3,433</td></tr><tr><td>Securities purchased under agreements to resell</td><td>14,547</td><td>14,547</td><td>26,272</td><td>26,272</td></tr><tr><td>Finance receivables, net of allowance</td><td>27,995</td><td>27,528</td><td>23,574</td><td>24,133</td></tr><tr><td>Securities lending collateral</td><td>59,471</td><td>59,471</td><td>49,169</td><td>49,169</td></tr><tr><td>Other invested assets</td><td>27,267</td><td>27,267</td><td>23,559</td><td>23,559</td></tr><tr><td>Short-term investments</td><td>15,342</td><td>15,342</td><td>16,102</td><td>16,102</td></tr><tr><td>Cash</td><td>1,897</td><td>1,897</td><td>2,009</td><td>2,009</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ contract deposits</td><td>227,027</td><td>223,244</td><td>216,474</td><td>212,543</td></tr><tr><td>Borrowings under obligations of guaranteed investment agreements</td><td>20,811</td><td>22,373</td><td>18,919</td><td>20,897</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>11,047</td><td>11,047</td><td>23,581</td><td>23,581</td></tr><tr><td>Trading liabilities</td><td>2,546</td><td>2,546</td><td>2,503</td><td>2,503</td></tr><tr><td>Securities and spot commodities sold but not yet purchased</td><td>5,975</td><td>5,975</td><td>5,404</td><td>5,404</td></tr><tr><td>Unrealized loss on swaps, options and forward transactions</td><td>12,740</td><td>12,740</td><td>15,985</td><td>15,985</td></tr><tr><td>Trust deposits and deposits due to banks and other depositors</td><td>4,877</td><td>5,032</td><td>4,248</td><td>4,553</td></tr><tr><td>Commercial paper</td><td>9,208</td><td>9,208</td><td>9,693</td><td>9,693</td></tr><tr><td>Notes, bonds, loans and mortgages payable</td><td>78,439</td><td>79,518</td><td>66,798</td><td>68,700</td></tr><tr><td>Securities lending payable</td><td>60,409</td><td>60,409</td><td>49,972</td><td>49,972</td></tr></table>
<table><tr><td></td><td colspan="2">Pension</td><td colspan="3">Postretirement</td></tr><tr><td></td><td>Non-U.S. Plans</td><td>U.S. Plans</td><td>Non-U.S. Plans</td><td>U.S. Plans</td><td></td></tr><tr><td> 2005</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td> 1.75 - 12.00%</td><td> 5.50%</td><td> 4.50 - 5.50%</td><td> 5.50</td><td> %</td></tr><tr><td>Rate of compensation increase</td><td> 1.50 - 10.00%</td><td> 4.25%</td><td> 2.50 - 3.00%</td><td> 4.25</td><td> %</td></tr><tr><td> 2004</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>1.75 - 12.00%</td><td>5.75%</td><td>4.50 - 6.00%</td><td>5.75%</td><td></td></tr><tr><td>Rate of compensation increase</td><td>1.50 - 10.00%</td><td>4.25%</td><td>3.00%</td><td>4.25%</td><td></td></tr></table>
<table><tr><td></td><td colspan="2">One Percentage Point</td></tr><tr><td><i>(in millions)</i></td><td>Increase</td><td>Decrease</td></tr><tr><td>Non-U.S. plans</td><td>$8</td><td>$-6</td></tr><tr><td>U.S. plans</td><td>$-2</td><td>$2</td></tr></table>
<table><tr><td><i>(in millions)</i></td><td></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td colspan="2">Net reserve for losses and lossexpenses at beginning of year</td><td>$47,254</td><td>$36,228</td><td>$29,347</td></tr><tr><td colspan="2">Foreign exchange effect</td><td>-628</td><td>524</td><td>580</td></tr><tr><td colspan="2">Acquisition</td><td>–</td><td>–</td><td>391(a)</td></tr><tr><td colspan="2">Losses and loss expenses incurred:</td><td></td><td></td><td></td></tr><tr><td></td><td>Current year</td><td>28,426</td><td>26,793</td><td>20,509</td></tr><tr><td></td><td>Prior years<i><sup>(b)</sup></i></td><td>4,665</td><td>3,564</td><td>2,363</td></tr><tr><td colspan="2"></td><td>33,091</td><td>30,357</td><td>22,872</td></tr><tr><td colspan="2">Losses and loss expenses paid:</td><td></td><td></td><td></td></tr><tr><td></td><td>Current year</td><td>7,331</td><td>7,692</td><td>6,187</td></tr><tr><td></td><td>Prior years</td><td>14,910</td><td>12,163</td><td>10,775</td></tr><tr><td colspan="2"></td><td>22,241</td><td>19,855</td><td>16,962</td></tr><tr><td colspan="2">Net reserve for losses and lossexpenses at end of year<i><sup>(c)</sup></i></td><td>$57,476</td><td>$47,254</td><td>$36,228</td></tr></table>
<table><tr><td>Company Index</td><td>December 31, 2011</td><td>December 31, 2012</td><td>December 31, 2013</td><td>December 31, 2014</td><td>December 31, 2015</td><td>December 31, 2016</td></tr><tr><td>Delphi Automotive PLC -1</td><td>$100.00</td><td>$177.58</td><td>$283.02</td><td>$347.40</td><td>$414.58</td><td>$331.43</td></tr><tr><td>S&P 500 -2</td><td>100.00</td><td>116.00</td><td>153.58</td><td>174.60</td><td>177.01</td><td>198.18</td></tr><tr><td>Automotive Supplier Peer Group -3</td><td>100.00</td><td>127.04</td><td>188.67</td><td>203.06</td><td>198.34</td><td>202.30</td></tr></table>

Question: What's the increasing rate of Fixed maturities of Fair Value in 2005?
Answer: 0.05469
Reasoning program: subtract(386199,366174), divide(#0,366174)