EMEA net premiums written increased in 2015 compared to 2014, primarily in automobile and in warranty service programs, partially offset by decreases in Accident and Health.2014 and 2013 Comparison Americas net premiums written increased in 2014 compared to 2013, primarily due to an increase in all product lines in our Latin America operations and growth in U. S.  personal property and automobile businesses.
These were partially offset by a decrease in U. S.  Accident and Health due to our continued focus on maintaining underwriting discipline.
Asia Pacific net premiums written increased in 2014 compared to 2013, primarily due to production increases in Japan Accident and Health and in property and automobile business outside of Japan.
EMEA net premiums written increased in 2014 compared to 2013, due to growth in the automobile business and warranty service programs, partially offset by a decrease in the Accident and Health business.
Personal Insurance Underwriting Ratios The following tables present the Personal Insurance combined ratios based on GAAP data and reconciliation to the accident year combined ratio, as adjusted:
## Table 0 ##
ITEM 7 / RESULTS OF OPERATIONS / CORPORATE AND OTHER
## Table 1 ##
(a) Represents our share of AerCap’s pre-tax operating income, which excludes certain post-acquisition transaction expenses incurred by AerCap in connection with its acquisition of ILFC and the difference between expensing AerCap’s maintenance rights assets over the remaining lease term as compared to the remaining economic life of the related aircraft.
(b) During the first quarter of 2015, Non-Life Insurance Companies sold a portion of their investment in PICC P&C to AIG Parent.
During 2014, the Life Insurance Companies sold their investment in PICC Group to AIG Parent.
(c) Consists of the results of investments held by AIG Parent to support various corporate needs as well as the remaining positions of AIGFP, life settlements, real estate, equipment leasing and lending and other secured lending investments held by AIG Parent and certain subsidiaries.
As a result of the progress of the wind down and de-risking activities of the DIB and the derivative portfolio of AIGFP included within GCM, AIG has discontinued separate reporting of the DIB and GCM.
Their results have been reported within Income from other assets, net, beginning with the first quarter of 2015.
This reporting aligns with the manner in which AIG manages its financial resources.
Prior periods are presented in historical format for informational purposes.
Interest expense for 2015 includes $70 million of interest expense previously reported in DIB results.
(d) Includes $263 million of severance expense attributable to the Property Casualty and Personal Insurance operating segments.
Corporate and Other Results 2015 and 2014 Comparison Corporate and Other pre-tax operating losses increased in 2015 compared to 2014 primarily due to lower fair value appreciation on ABS CDOs, lower credit valuation adjustments on assets for which the fair value option was elected, and lower mark-to-market income on CDS positions as a result of portfolio wind down and more significant spread tightening in 2014, all of which are reflected in Income from other assets, net.
Partially offsetting these declines were lower corporate general operating expenses resulting from a pension curtailment credit and lower interest expense from ongoing liability management activities.
Run-off insurance lines reported an increase in pre-tax operating loss in 2015 primarily due to higher net adverse prior year loss reserve development reflecting the loss reserve strengthening in classes of business with long reporting tails and transfers of certain casualty lines, including environmental liability and healthcare coverage that were no longer offered by Commercial Insurance to Run-off insurance lines.
See Insurance Reserves – Non-Life Insurance Companies – Net Loss Development for further discussion.
These increases in net adverse prior year loss reserve development were partially offset by excess workers’ compensation net loss reserve discount benefit, primarily reflecting an increase in Treasury rates in 2015.
See Insurance Reserves – Non-Life Insurance Companies – Discounting of Reserves for further discussion.2014 and 2013 Comparison Corporate and Other pre-tax operating losses increased in 2014 compared to 2013 primarily due to an increase in general operating expenses as a result of centralizing processes to lower-cost locations and increased costs related to investments in technology, lower fair value appreciation on ABS CDOs driven primarily by improved collateral pricing due to more significant improvements in home price indices and amortization of the underlying collateral in 2013, lower credit valuation adjustments on assets for which the fair value option was elected, and lower mark-to-market income on CDS positions as a result of portfolio wind down and spread widening, partially offset by our share of AerCap’s pre-tax operating income, which was accounted for under the equity method, and lower interest expense from ongoing debt management activities described in Liquidity and Capital Resources.
Run-off insurance lines reported a pre-tax operating loss of $445 million in 2014 compared to income of $403 million in 2013, primarily as a result of a $407 million charge from a decrease in reserve discount in 2014 compared to a $631 million benefit from an increase in discount in 2013.
This discounting-related charge was partially offset by a $98 million decrease in net adverse prior year loss reserve development and an improvement in current accident year loss experience, particularly in the environmental liability business (2004 and prior).
The discount charge was primarily due to the decline in risk free rates during
ITEM 7 / ENTERPRISE RISK MANAGEMENT ?
Paid losses recoverable – balances due from reinsurers for losses and loss adjustment expenses paid by our subsidiaries and billed, but not yet collected.  ?
Ceded loss reserves – ultimate ceded reserves for losses and loss adjustment expenses, including reserves for claims reported but not yet paid and estimates for IBNR.  ?
Ceded reserves for unearned premiums.
At December 31, 2015, total reinsurance recoverable assets were $20.4 billion.
These assets include general reinsurance paid losses recoverable of $1.2 billion, ceded loss reserves of $14.5 billion including reserves for IBNR, and ceded reserves for unearned premiums of $3.0 billion, as well as life reinsurance recoverables of $1.7 billion.
The methods used to estimate IBNR and to establish the resulting ultimate losses involve projecting the frequency and severity of losses over multiple years.
These methods are continually reviewed and updated by management.
Any adjustments are reflected in income.
We believe that the amount recorded for ceded loss reserves at December 31, 2015 reflects a reasonable estimate of the ultimate losses recoverable.
Actual losses may, however, differ, perhaps materially, from the reserves currently ceded.
The Reinsurance Credit Department (RCD) conducts periodic detailed assessments of the financial strength and condition of current and potential reinsurers, both foreign and domestic.
The RCD monitors both the financial condition of reinsurers as well as the total reinsurance recoverable ceded to reinsurers, and set limits with regard to the amount and type or exposure we are willing to take with reinsurers.
As part of these assessments, we attempt to identify whether a reinsurer is appropriately licensed, assess its financial capacity and liquidity; and evaluate the local economic and financial environment in which a foreign reinsurer operates.
The RCD reviews the nature of the risks ceded and the need for measures, including collateral to mitigate credit risk.
For example, in our treaty reinsurance contracts, we frequently include provisions that allow us to require a reinsurer to post collateral or use other measures to reduce exposure when a referenced event occurs.
Furthermore, we limit our unsecured exposure to reinsurers through the use of credit triggers such as insurer financial strength rating downgrades, declines in regulatory capital, or specified declines in risk-based capital (RBC) ratios.
We also set maximum limits for reinsurance recoverable exposure, which in some cases is the recoverable amount plus an estimate of the maximum potential exposure from unexpected events for a reinsurer.
In addition, credit executives within ERM review reinsurer exposures and credit limits and approve reinsurer credit limits above specified levels.
Finally, even where we conclude that uncollateralized credit risk is acceptable, we require collateral from active reinsurance counterparties where it is necessary for our subsidiaries to recognize the reinsurance recoverable assets for statutory accounting purposes.
At December 31, 2015, we held $7.4 billion of collateral, in the form of funds withheld, securities in reinsurance trust accounts and/or irrevocable letters of credit, in support of reinsurance recoverable assets from unaffiliated reinsurers.
We believe that no exposure to a single reinsurer represents an inappropriate concentration of risk to us, nor is our business substantially dependent upon any single reinsurance contract.
The following table presents information for each reinsurer representing in excess of five percent of our total reinsurance recoverable assets:
## Table 2 ##
(a) The financial strength ratings reflect the ratings of the various reinsurance subsidiaries of the companies listed as of February 5, 2016.
(b) Total reinsurance assets include both the Non-Life Insurance Companies and the Life Insurance Companies reinsurance recoverable.
(c) Excludes collateral held in excess of applicable balances.
(d) Includes $1.8 billion recoverable under the 2011 retroactive reinsurance transaction pursuant to which a large portion of the Non-Life Insurance Companies net domestic asbestos liabilities were transferred to NICO.
Does not include reinsurance assets ceded to other reinsurers for which NICO has assumed the collection risk.
See Liability for Unpaid Losses and Loss Adjustment Expenses — Transfer of Domestic Asbestos Liabilities.
At December 31, 2015, we had no significant general reinsurance recoverable due from any individual reinsurer that was financially troubled.
Reinsurer capital levels continued to increase in 2015, thereby increasing the industry’s underwriting capacity.
This increased capacity has resulted in increased competition and lower rates for 2016 renewals.
Reduced profitability associated with lower rates could potentially result in reduced capacity or rating downgrades for some reinsurers.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Employee Stock Purchase Plan Republic employees are eligible to participate in an employee stock purchase plan.
The plan allows participants to purchase our common stock for 95% of its quoted market price on the last day of each calendar quarter.
For the years ended December 31, 2017, 2016 and 2015, issuances under this plan totaled 113,941 shares, 130,085 shares and 141,055 shares, respectively.
As of December 31, 2017, shares reserved for issuance to employees under this plan totaled 0.4 million and Republic held employee contributions of approximately $1.8 million for the purchase of common stock.12.
STOCK REPURCHASES AND DIVIDENDS Stock Repurchases Stock repurchase activity during the years ended December 31, 2017 and 2016 follows (in millions except per share amounts):

Tables referenced above, in order (Table 0 first):
<table><tr><td> Years Ended December 31,</td><td></td><td></td><td></td><td colspan="2">Increase (Decrease)</td></tr><tr><td> </td><td> 2015</td><td>2014</td><td>2013</td><td>2015 vs. 2014</td><td>2014 vs. 2013</td></tr><tr><td>Loss ratio</td><td> 55.1</td><td>54.2</td><td>56.8</td><td>0.9</td><td>-2.6</td></tr><tr><td>Catastrophe losses and reinstatement premiums</td><td> -1.3</td><td>-1.1</td><td>-0.7</td><td>-0.2</td><td>-0.4</td></tr><tr><td>Prior year development net of premium adjustments</td><td> 0.2</td><td>0.7</td><td>1.3</td><td>-0.5</td><td>-0.6</td></tr><tr><td>Accident year loss ratio, as adjusted</td><td> 54.0</td><td>53.8</td><td>57.4</td><td>0.2</td><td>-3.6</td></tr><tr><td>Acquisition ratio</td><td> 28.3</td><td>27.2</td><td>26.2</td><td>1.1</td><td>1.0</td></tr><tr><td>General operating expense ratio</td><td> 17.9</td><td>18.5</td><td>18.5</td><td>-0.6</td><td>-</td></tr><tr><td>Expense ratio</td><td> 46.2</td><td>45.7</td><td>44.7</td><td>0.5</td><td>1.0</td></tr><tr><td>Combined ratio</td><td> 101.3</td><td>99.9</td><td>101.5</td><td>1.4</td><td>-1.6</td></tr><tr><td>Catastrophe losses and reinstatement premiums</td><td> -1.3</td><td>-1.1</td><td>-0.7</td><td>-0.2</td><td>-0.4</td></tr><tr><td>Prior year development net of premium adjustments</td><td> 0.2</td><td>0.7</td><td>1.3</td><td>-0.5</td><td>-0.6</td></tr><tr><td>Accident year combined ratio, as adjusted</td><td> 100.2</td><td>99.5</td><td>102.1</td><td>0.7</td><td>-2.6</td></tr></table>
<table><tr><td>Direct Investment book</td><td>-</td><td>1,241</td><td>1,448</td><td>NM</td><td>-14</td></tr><tr><td>Global Capital Markets</td><td>-</td><td>359</td><td>625</td><td>NM</td><td>-43</td></tr><tr><td>Run-off insurance Lines</td><td>-488</td><td>-445</td><td>403</td><td>-10</td><td>NM</td></tr><tr><td>Consolidation and eliminations</td><td>21</td><td>1</td><td>4</td><td>NM</td><td>-75</td></tr><tr><td>Total Corporate and Other pre-tax operating loss</td><td>$-883</td><td>$-379</td><td>$-265</td><td>-133%</td><td>-43%</td></tr></table>
<table><tr><td> At December 31, 2015</td><td></td><td rowspan="2">A.M. Best Rating<sup>(a)</sup></td><td rowspan="2">Gross Reinsurance Assets</td><td></td><td rowspan="2">Percent of Reinsurance Assets (b)</td><td></td><td rowspan="2">Uncollateralized Reinsurance Assets</td></tr><tr><td><i>(in millions)</i></td><td>S&P Rating<sup>(a)</sup></td><td></td><td>Collateral Held (c)</td></tr><tr><td>Reinsurer:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Swiss Reinsurance Group of Companies</td><td>AA-</td><td>A+</td><td>$2,553</td><td></td><td>12.5%</td><td>$733</td><td>$1,820</td></tr><tr><td>Berkshire Hathaway Group of Companies</td><td>AA+</td><td>A++</td><td>$2,275</td><td><sup>(d)</sup></td><td>11.1%</td><td>$1,408</td><td>$867</td></tr><tr><td>Munich Reinsurance Group of Companies</td><td>AA-</td><td>A+</td><td>$1,637</td><td></td><td>8.0%</td><td>$660</td><td>$977</td></tr></table>

Question: What's the average of Loss ratio and Acquisition ratio and Expense ratio in 2015? (in %)
Answer: 43.2
Reasoning program: add(55.1,28.3), add(#0,46.2), divide(#1,const_3)