PART?I?
ITEM 1 Business Segments For additional information on our segments, see “Item?7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” and Note?22 to the Consolidated Financial Statements included elsewhere in this report.
Assurant Solutions
## Table 0 ##
(1) Gross written premiums does not necessarily translate to an equal amount of subsequent net earned premium since Assurant Solutions reinsures a portion of their premiums to third parties and to insurance subsidiaries of its clients.
(2) Extended service contracts include warranty contracts for products such as cellular phones, personal computers, consumer electronics, appliances, automobiles and recreational vehicles.
(3) Equity excludes accumulated other comprehensive income.
Products and Services Assurant Solutions targets growth in three key product areas: domestic and international extended service contracts (“ESC”) and warranties; preneed life insurance; and international credit insurance.
ESC and Warranties Th rough partnerships with leading retailers and original equipment manufacturers, we underwrite and provide administrative services for ESC and warranties.
Th ese contracts provide consumers with coverage on cellular phones, personal computers, consumer electronics, appliances, automobiles and recreational vehicles, protecting them from certain covered losses.
We pay the cost of repairing or replacing customers’ property in the event of mechanical breakdown, accidental damage, and casualty losses such as theft, fi re, and water damage.
Our strategy is to provide service to our clients that addresses all aspects of the extended service contract or warranty, including program design and marketing strategy.
We provide administration, claims handling and customer service.
We believe that we maintain a diff erentiated position in this marketplace as a provider of both the required administrative infrastructure and insurance underwriting capabilities.
Preneed Life Insurance Preneed life insurance allows individuals to prepay for a funeral in a single payment or in multiple payments over a fi xed number of years.
Th e insurance policy proceeds are used to address funeral costs at death.
Th ese products are only sold in the U. S.  and Canada and are generally structured as whole life insurance policies in the U. S.  and annuity products in Canada.
Credit Insurance Our credit insurance products off er protection from life events and uncertainties that arise in purchasing and borrowing transactions.
Credit insurance programs generally off er consumers the option to protect a credit card balance or installment loan in the event of death, involuntary unemployment or disability, and are generally available to all consumers without the underwriting restrictions that apply to term life insurance.
Regulatory changes have reduced the demand for credit insurance in the U. S.  Consequently, we have seen a reduction in credit insurance domestic gross written premiums, a trend we expect to continue.
Marketing and Distribution Assurant Solutions focuses on establishing strong, long-term relationships with leading distributors of its products and services.
We partner with some of the largest consumer electronics and appliance retailers and original equipment manufacturers to market our ESC and warranty products.
In our Preneed business, we have an exclusive relationship with Services Corporation International (“SCI”), the largest funeral provider in North America.
Several of our distribution agreements are exclusive.
Typically these agreements have terms of one to fi ve years and allow us to integrate our administrative systems with those of our clients.
In addition to the domestic market, we operate in Canada, the United Kingdom (“U.
K. ”), Argentina, Brazil, Puerto Rico, Chile, Germany, Spain, Italy, Mexico and China.
In these markets, we primarily sell ESC and credit insurance products through agreements with fi nancial institutions, retailers and wireless service providers.
Although there has been contraction in the domestic credit insurance market, several international markets are experiencing growth in the credit
The weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions.
Certain senior structured notes are accounted for under the fair value option.
For more information on these senior structured notes, see Note 21 – Fair Value Option.
The table below shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2013.
Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity.
Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities and the maturity may be accelerated based on the value of a referenced index or security.
In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date.
These borrowings are reflected in the table as maturing at their contractual maturity date.
In 2013 and 2012, in a combination of tender offers, calls and open-market transactions, the Corporation purchased senior and subordinated long-term debt with a carrying value of $9.2 billion and $12.4 billion, and recorded net losses of $59 million and net gains of $1.3 billion in connection with these transactions.
During 2013, the Corporation had total long-term debt maturities and purchases of $65.6 billion consisting of $39.3 billion for Bank of America Corporation, $4.8 billion for Bank of America, N. A. , $7.0 billion of other debt and $14.5 billion for consolidated VIEs.
## Table 1 ##
(1) On October 1, 2013, the merger of Merrill Lynch & Co. , Inc.  into Bank of America Corporation was completed.
Effective with this merger, Bank of America Corporation assumed outstanding Merrill Lynch & Co. , Inc.  debt including trust preferred securities.
Trust Preferred and Hybrid Securities Trust preferred securities (Trust Securities) are primarily issued by trust companies (the Trusts) that are not consolidated.
These Trust Securities are mandatorily redeemable preferred security obligations of the Trusts.
The sole assets of the Trusts generally are junior subordinated deferrable interest notes of the Corporation or its subsidiaries (the Notes).
The Trusts generally are 100 percent-owned finance subsidiaries of the Corporation.
Obligations associated with the Notes are included in the longterm debt table on page 215.
Certain of the Trust Securities were issued at a discount and may be redeemed prior to maturity at the option of the Corporation.
The Trusts generally have invested the proceeds of such Trust Securities in the Notes.
Each issue of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate.
The Corporation has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes.
During any such extension period, distributions on the Trust Securities will also be deferred and the Corporation’s ability to pay dividends on its common and preferred stock will be restricted.
The Trust Securities generally are subject to mandatory redemption upon repayment of the related Notes at their stated maturity dates or their earlier redemption at a redemption price equal to their liquidation amount plus accrued distributions to the date fixed for redemption and the premium, if any, paid by the Corporation upon concurrent repayment of the related Notes.
Periodic cash payments and payments upon liquidation or redemption with respect to Trust Securities are guaranteed by the Corporation or its subsidiaries to the extent of funds held by the Trusts (the Preferred Securities Guarantee).
The Preferred Securities Guarantee, when taken together with the Corporation’s other obligations including its obligations under the Notes, generally will constitute a full and unconditional guarantee, on a subordinated basis, by the Corporation of payments due on the Trust Securities.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk (Amounts in millions) In the normal course of business, we are exposed to market risks related to interest rates, foreign currency rates and certain balance sheet items.
From time to time, we use derivative instruments, pursuant to established guidelines and policies, to manage some portion of these risks.
Derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes.
Interest Rates Our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations.
The majority of our debt (approximately 93% and 91% as of December 31, 2012 and 2011, respectively) bears interest at fixed rates.
We do have debt with variable interest rates, but a 10% increase or decrease in interest rates would not be material to our interest expense or cash flows.
The fair market value of our debt is sensitive to changes in interest rates, and the impact of a 10% change in interest rates is summarized below.
## Table 2 ##
We have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates.
During 2012, we entered into and exited forward-starting interest rate swap agreements to effectively lock in the benchmark rate related to our 3.75% Senior Notes due 2023, which we issued in November 2012.
We do not have any interest rate swaps outstanding as of December 31, 2012.
We had $2,590.8 of cash, cash equivalents and marketable securities as of December 31, 2012 that we generally invest in conservative, short-term investment-grade securities.
The interest income generated from these investments is subject to both domestic and foreign interest rate movements.
During 2012 and 2011, we had interest income of $29.5 and $37.8, respectively.
Based on our 2012 results, a 100 basis point increase or decrease in interest rates would affect our interest income by approximately $26.0, assuming that all cash, cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2012 levels.
Foreign Currency Rates We are subject to translation and transaction risks related to changes in foreign currency exchange rates.
Since we report revenues and expenses in U. S.  Dollars, changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses (as expressed in U. S.  Dollars) from foreign operations.
The primary foreign currencies that impacted our results during 2012 were the Brazilian Real, Euro, Indian Rupee and the South African Rand.
Based on 2012 exchange rates and operating results, if the U. S.  Dollar were to strengthen or weaken by 10%, we currently estimate operating income would decrease or increase between 3% and 5%, assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2012 levels.
The functional currency of our foreign operations is generally their respective local currency.
Assets and liabilities are translated at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rates during the period presented.
The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, net of tax, in the stockholders’ equity section of our Consolidated Balance Sheets.
Our foreign subsidiaries generally collect revenues and pay expenses in their functional currency, mitigating transaction risk.
However, certain subsidiaries may enter into transactions in currencies other than their functional currency.
Assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement.
Currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses.
We have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates.
consistent with the method of FAS 123, the Company’s net income (loss) and earnings per share would have been reduced to the pro forma amounts indicated below:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2"> For the Years Ended</td></tr><tr><td></td><td> December 31, 2011</td><td> December 31, 2010</td></tr><tr><td> <i>Gross written premiums for selected product groupings -1:</i></td><td></td><td></td></tr><tr><td>Domestic extended service contracts and warranties -2</td><td>$1,470,605</td><td>$1,193,423</td></tr><tr><td>International extended service contracts and warranties -2</td><td>622,674</td><td>523,382</td></tr><tr><td>Preneed life insurance (face sales)</td><td>759,692</td><td>734,884</td></tr><tr><td>Domestic credit insurance</td><td>399,564</td><td>422,825</td></tr><tr><td>International credit insurance</td><td>1,013,486</td><td>968,878</td></tr><tr><td>Net earned premiums and other considerations</td><td>$2,438,407</td><td>$2,484,299</td></tr><tr><td>Segment net income</td><td>$141,553</td><td>$103,206</td></tr><tr><td>Equity -3</td><td>$1,443,797</td><td>$1,448,684</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td><td>Thereafter</td><td>Total</td></tr><tr><td>Bank of America Corporation<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>$24,820</td><td>$15,365</td><td>$18,164</td><td>$18,273</td><td>$20,311</td><td>$35,180</td><td>$132,113</td></tr><tr><td>Senior structured notes</td><td>6,360</td><td>5,561</td><td>3,429</td><td>1,421</td><td>1,989</td><td>11,815</td><td>30,575</td></tr><tr><td>Subordinated notes</td><td>4</td><td>1,263</td><td>5,247</td><td>5,676</td><td>3,312</td><td>8,675</td><td>24,177</td></tr><tr><td>Junior subordinated notes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>7,238</td><td>7,238</td></tr><tr><td>Total Bank of America Corporation</td><td>31,184</td><td>22,189</td><td>26,840</td><td>25,370</td><td>25,612</td><td>62,908</td><td>194,103</td></tr><tr><td>Bank of America, N.A.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>19</td><td>—</td><td>2,492</td><td>2,664</td><td>—</td><td>179</td><td>5,354</td></tr><tr><td>Subordinated notes</td><td>—</td><td>—</td><td>1,082</td><td>3,664</td><td>—</td><td>1,531</td><td>6,277</td></tr><tr><td>Advances from Federal Home Loan Banks</td><td>1,263</td><td>1,503</td><td>1,504</td><td>11</td><td>11</td><td>150</td><td>4,442</td></tr><tr><td>Total Bank of America, N.A.</td><td>1,282</td><td>1,503</td><td>5,078</td><td>6,339</td><td>11</td><td>1,860</td><td>16,073</td></tr><tr><td>Other debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>284</td><td>24</td><td>—</td><td>1</td><td>—</td><td>—</td><td>309</td></tr><tr><td>Structured liabilities</td><td>3,614</td><td>2,049</td><td>1,520</td><td>1,723</td><td>1,281</td><td>6,726</td><td>16,913</td></tr><tr><td>Junior subordinated notes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>406</td><td>406</td></tr><tr><td>Other</td><td>200</td><td>56</td><td>930</td><td>743</td><td>37</td><td>456</td><td>2,422</td></tr><tr><td>Total other debt</td><td>4,098</td><td>2,129</td><td>2,450</td><td>2,467</td><td>1,318</td><td>7,588</td><td>20,050</td></tr><tr><td>Total long-term debt excluding consolidated VIEs</td><td>36,564</td><td>25,821</td><td>34,368</td><td>34,176</td><td>26,941</td><td>72,356</td><td>230,226</td></tr><tr><td>Long-term debt of consolidated VIEs</td><td>9,512</td><td>1,255</td><td>1,797</td><td>1,522</td><td>191</td><td>5,171</td><td>19,448</td></tr><tr><td>Total long-term debt</td><td>$46,076</td><td>$27,076</td><td>$36,165</td><td>$35,698</td><td>$27,132</td><td>$77,527</td><td>$249,674</td></tr></table>
<table><tr><td></td><td>Increase/(Decrease)in Fair Market Value</td></tr><tr><td>As of December 31,</td><td>10% Increasein Interest Rates</td><td>10% Decreasein Interest Rates</td></tr><tr><td>2012</td><td>$-27.5</td><td>$28.4</td></tr><tr><td>2011</td><td>-7.4</td><td>7.7</td></tr></table>

Question: what was the ratio of the interest income from 2012 to 2011
Answer: 0.78042
Reasoning program: divide(29.5,37.8)