and government guaranteed fixed maturity securities and, to a lesser extent, certain other invested asset classes including real estate joint ventures and other invested assets to provide additional diversification and opportunity for long-term yield enhancement.
Other expenses were essentially flat despite an increase of $137 million from the impact of market conditions on certain expenses, primarily pension and postretirement benefit costs.
This increase was partially offset by a decrease of $85 million, predominantly from declines in information technology, travel, and professional services, including the positive impact of our Operational Excellence initiative.
A further reduction of expenses was achieved through a decrease in variable expenses, such as commissions and premium taxes of $46 million, a portion of which is offset by DAC capitalization.
The aforementioned declines in operating earnings were partially offset by the favorable impact of a $63 million decrease in policyholder dividends in the traditional life business, the result of a dividend scale reduction in the fourth quarter of 2009.
In addition, favorable mortality in the individual life business was partially offset by higher benefit utilization in the dental business during 2009, reflecting the negative employment trends in the marketplace.
The net impact of these two items benefited operating earnings by $36 million.
The 2009 results were also favorably impacted by our review of assumptions used to determine estimated gross profits and margins, which in turn are factors in determining the amortization for DAC and unearned revenue.
This review resulted in an unlocking event related to unearned revenue and, coupled with the impact from the prior year’s review, generated an increase in operating earnings of $82 million.
This increase was recorded in universal life and investment-type product policy fees.
Partially offsetting these increases was the impact of lower separate account balances, which resulted in lower fee income of $25 million.
DAC amortization reflects lower current year amortization of $108 million, stemming from the impact of the improvement in the financial markets in 2009, which increased our expected future gross profits, as well as lower current year gross margins in the closed block.
This decrease was partially offset by the net impact of refinements in both the prior and current years of $98 million, the majority of which was recorded in the prior year as a result of the 2008 review of certain DAC related assumptions.
Retirement Products
## Table 0 ##
In 2009, Retirement Products benefited from a flight to quality, which contributed to a 10% improvement in combined sales of our fixed and variable products and a 28% reduction in surrenders and withdrawals.
Our variable annuity sales have out paced the industry, increasing our market share.
Fixed annuity sales benefited from enhanced marketing on our income annuity with life contingency products, which increased our premium revenues by $262 million, or 73%, before income taxes.
In the annuity business, the movement in premiums is almost entirely offset by the related change in policyholder benefits, as the insurance liability that we establish at the time we assume the risk under these contracts is typically equivalent to the premium earned less the amount of acquisition expenses.
Our average policyholder account balances grew by $7.2 billion in 2009, primarily due to an increase in sales of fixed annuity products and more customers electing the fixed option on variable annuity sales.
This has a favorable impact on earnings by increasing net investment income, which is somewhat offset by higher interest credited expense.
Unfavorable market conditions resulted in poor investment performance, which outweighed the impact of higher variable annuity sales on our separate account balances causing the average separate account balance to remain lower than the previous year.
This resulted in lower policy fees and other revenues which are based on daily asset balances in the policyholder separate accounts.
The improvement in the financial markets was the primary driver of the $144 million increase in operating earnings, with the largest impact resulting in a decrease in DAC, VOBA and DSI amortization of $655 million.
The 2008 results reflected increased, or accelerated, amortization primarily stemming from a decline in the market value of our separate account balances.
A factor that determines the amount of amortization is expected future earnings, which in the annuity business are derived, in part, from fees earned on separate account balances.
The market value of our separate account balances declined significantly in 2008, resulting in a decrease in the expected future gross profits, triggering an acceleration of amortization in 2008.
Beginning in the second quarter of 2009, the market conditions began to improve and the market value of our separate account balances began to increase, resulting in an increase in the expected future gross profits and a corresponding lower level of amortization in 2009.
Also contributing to the increase in operating earnings was an increase in net investment income of $321 million, which was primarily due to a $343 million increase from growth in average invested assets, partially offset by a $22 million decrease in yields.
The increase in average
The relative percentages of operating companies income (loss) attributable to each reportable segment and the all other category were as follows:
## Table 1 ##
For items affecting the comparability of the relative percentages of operating companies income (loss) attributable to each reportable segment, see Note 16.
Narrative Description of Business Portions of the information called for by this Item are included in Operating Results by Business Segment in Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K (“Item 7”).
Tobacco Space Altria Group, Inc. ’s tobacco operating companies include PM USA, USSTC and other subsidiaries of UST, Middleton, Nu Mark and Nat Sherman.
Altria Group Distribution Company provides sales, distribution and consumer engagement services to Altria Group, Inc. ’s tobacco operating companies.
The products of Altria Group, Inc. ’s tobacco subsidiaries include smokeable tobacco products, consisting of cigarettes manufactured and sold by PM USA and Nat Sherman, machinemade large cigars and pipe tobacco manufactured and sold by Middleton and premium cigars sold by Nat Sherman; smokeless tobacco products manufactured and sold by USSTC; and innovative tobacco products, including e-vapor products manufactured and sold by Nu Mark.
Cigarettes: PM USA is the largest cigarette company in the United States, with total cigarette shipment volume in the United States of approximately 122.9 billion units in 2016, a decrease of 2.5% from 2015.
Marlboro, the principal cigarette brand of PM USA, has been the largest-selling cigarette brand in the United States for over 40 years.
Nat Sherman sells substantially all of its super-premium cigarettes in the United States.
Cigars: Middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco to customers, substantially all of which are located in the United States.
Middleton sources a portion of its cigars from an importer through a third-party contract manufacturing arrangement.
Total shipment volume for cigars was approximately 1.4 billion units in 2016, an increase of 5.9% from 2015.
Black & Mild is the principal cigar brand of Middleton.
Nat Sherman sources its premium cigars from importers through third-party contract manufacturing arrangements and sells substantially all of its cigars in the United States.
Smokeless tobacco products: USSTC is the leading producer and marketer of moist smokeless tobacco (“MST”) products.
The smokeless products segment includes the premium brands, Copenhagen and Skoal, and value brands, Red Seal and Husky.
Substantially all of the smokeless tobacco products are manufactured and sold to customers in the United States.
Total smokeless products shipment volume was 853.5 million units in 2016, an increase of 4.9% from 2015.
Innovative tobacco products: Nu Mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products.
In addition, Nu Mark sources the production of its e-vapor products through overseas contract manufacturing arrangements.
In 2013, Nu Mark introduced MarkTen e-vapor products.
In April 2014, Nu Mark acquired the e-vapor business of Green Smoke, Inc.  and its affiliates (“Green Smoke”), which began selling e-vapor products in 2009.
For a further discussion of the acquisition of Green Smoke, see Note 3.
Acquisition of Green Smoke to the consolidated financial statements in Item 8 (“Note 3”).
In December 2013, Altria Group, Inc. ’s subsidiaries entered into a series of agreements with Philip Morris International Inc.  (“PMI”) pursuant to which Altria Group, Inc. ’s subsidiaries provide an exclusive license to PMI to sell Nu Mark’s e-vapor products outside the United States, and PMI’s subsidiaries provide an exclusive license to Altria Group, Inc. ’s subsidiaries to sell two of PMI’s heated tobacco product platforms in the United States.
Further, in July 2015, Altria Group, Inc.  announced the expansion of its strategic framework with PMI to include a joint research, development and technology-sharing agreement.
Under this agreement, Altria Group, Inc. ’s subsidiaries and PMI will collaborate to develop e-vapor products for commercialization in the United States by Altria Group, Inc. ’s subsidiaries and in markets outside the United States by PMI.
This agreement also provides for exclusive technology cross licenses, technical information sharing and cooperation on scientific assessment, regulatory engagement and approval related to e-vapor products.
In the fourth quarter of 2016, PMI submitted a Modified Risk Tobacco Product (“MRTP”) application for an electronically heated tobacco product with the United States Food and Drug Administration’s (“FDA”) Center for Tobacco Products and announced that it plans to file its corresponding pre-market tobacco product application during the first quarter of 2017.
The FDA must determine whether to accept the applications for substantive review.
Upon regulatory authorization by the FDA, Altria Group, Inc. ’s subsidiaries will have an exclusive license to sell this heated tobacco product in the United States.
Distribution, Competition and Raw Materials: Altria Group, Inc. ’s tobacco subsidiaries sell their tobacco products principally to wholesalers (including distributors), large retail organizations, including chain stores, and the armed services.
The market for tobacco products is highly competitive, characterized by brand recognition and loyalty, with product quality, taste, price, product innovation, marketing, packaging and distribution constituting the significant methods of competition.
Promotional activities include, in certain instances and where
Results of Operations The following table summarizes the diluted earnings per share for Xcel Energy:
## Table 2 ##
Ongoing earnings exclude the impact related to the COLI program.
COLI policies were owned and managed by PSRI, a wholly owned subsidiary of PSCo.
During 2007, Xcel Energy resolved a dispute with the IRS regarding its COLI program.
The 2009 impact is primarily related to legal costs associated with company claims against the insurance provider and broker of the COLI policies.
The 2007 earnings were affected by the 2007 settlement with the IRS and include associated interest, penalties and tax discussed further at Note 8 — Income Taxes.
As a result of the termination of the COLI program, Xcel Energy’s management believes that ongoing earnings provide a more meaningful comparison of earnings results between different periods in which the COLI program was in place and is more representative of Xcel Energy’s fundamental core earnings power.
Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors, in determining whether performance targets are met for performance-based compensation, and when communicating its earnings outlook to analysts and investors.2009 Comparison with 2008 PSCo — Earnings at PSCo decreased by four cents per share for 2009.
The 2009 decrease is largely due to the negative impact of weather and rising costs, partially offset by new electric rates that went into effect in July 2009.
NSP-Minnesota — Earnings at NSP-Minnesota decreased by one cent per share for 2009.
The 2009 decrease is mainly due to the negative impact of weather and timing of nuclear outage expenses.
The decrease was partially mitigated by a $91 million electric rate increase that went into effect in January 2009.
NSP-Wisconsin — Earnings at NSP-Wisconsin were flat for 2009.
The 2009 earnings reflect increased costs, which were offset by improved fuel recovery and new rates which were effective in January 2009.
SPS — Earnings at SPS increased by eight cents per share for 2009.
The 2009 increase was primarily due to electric rate increases in Texas (effective in February 2009) and New Mexico (effective in July 2009) and the 2008 resolution of certain fuel cost allocation issues, which were partially offset by higher purchased capacity costs.
Equity Earnings of Unconsolidated Subsidiaries — Equity earnings of unconsolidated subsidiaries increased by two cents per share for 2009 due to our investment in WYCO, which owns a natural gas pipeline in Colorado that began operations in late 2008 as well as a gas storage facility that commenced operations in July 2009.
PSRI — PSRI is a wholly owned subsidiary of PSCo.
During 2007, Xcel Energy resolved a dispute with the IRS regarding its COLI program.
The 2009 impact is primarily related to legal costs associated with company claims against the insurance provider and broker of the COLI policies.
Discontinued Operations — Loss from discontinued operations increased by one cent over 2009 primarily related to an increase in tax related expenses and legal accruals for previously divested businesses.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2009</td><td>2008</td><td>Change</td><td>% Change</td></tr><tr><td></td><td colspan="3">(In millions)</td><td></td></tr><tr><td> Operating Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$623</td><td>$361</td><td>$262</td><td>72.6%</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>1,712</td><td>1,870</td><td>-158</td><td>-8.4%</td></tr><tr><td>Net investment income</td><td>2,859</td><td>2,365</td><td>494</td><td>20.9%</td></tr><tr><td>Other revenues</td><td>172</td><td>168</td><td>4</td><td>2.4%</td></tr><tr><td>Total operating revenues</td><td>5,366</td><td>4,764</td><td>602</td><td>12.6%</td></tr><tr><td> Operating Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims and policyholder dividends</td><td>1,398</td><td>692</td><td>706</td><td>102.0%</td></tr><tr><td>Interest credited to policyholder account balances</td><td>1,687</td><td>1,337</td><td>350</td><td>26.2%</td></tr><tr><td>Capitalization of DAC</td><td>-1,067</td><td>-980</td><td>-87</td><td>-8.9%</td></tr><tr><td>Amortization of DAC and VOBA</td><td>424</td><td>1,356</td><td>-932</td><td>-68.7%</td></tr><tr><td>Interest expense</td><td>—</td><td>2</td><td>-2</td><td>-100.0%</td></tr><tr><td>Other expenses</td><td>2,405</td><td>2,065</td><td>340</td><td>16.5%</td></tr><tr><td>Total operating expenses</td><td>4,847</td><td>4,472</td><td>375</td><td>8.4%</td></tr><tr><td>Provision for income tax expense (benefit)</td><td>182</td><td>99</td><td>83</td><td>83.8%</td></tr><tr><td>Operating earnings</td><td>$337</td><td>$193</td><td>$144</td><td>74.6%</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Smokeable products</td><td>86.2%</td><td>87.4%</td><td>87.2%</td></tr><tr><td>Smokeless products</td><td>13.1</td><td>12.8</td><td>13.4</td></tr><tr><td>Wine</td><td>1.8</td><td>1.8</td><td>1.7</td></tr><tr><td>All other</td><td>-1.1</td><td>-2.0</td><td>-2.3</td></tr><tr><td>Total</td><td>100.0%</td><td>100.0%</td><td>100.0%</td></tr></table>
<table><tr><td> </td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td> </td><td colspan="3">Diluted earnings (loss) per share</td></tr><tr><td>PSCo</td><td>$0.72</td><td>$0.76</td><td>$0.77</td></tr><tr><td>NSP-Minnesota</td><td>0.64</td><td>0.65</td><td>0.62</td></tr><tr><td>NSP-Wisconsin</td><td>0.10</td><td>0.10</td><td>0.09</td></tr><tr><td>SPS</td><td>0.15</td><td>0.07</td><td>0.07</td></tr><tr><td>Equity earnings of unconsolidated subsidiaries</td><td>0.03</td><td>0.01</td><td>—</td></tr><tr><td>Regulated utility — continuing operations</td><td>1.64</td><td>1.59</td><td>1.55</td></tr><tr><td>Holding company and other costs</td><td>-0.14</td><td>-0.14</td><td>-0.12</td></tr><tr><td> Ongoing diluted earnings per share</td><td>1.50</td><td>1.45</td><td>1.43</td></tr><tr><td>PSRI</td><td>-0.01</td><td>0.01</td><td>-0.08</td></tr><tr><td> Earnings per share — continuing operations</td><td>1.49</td><td>1.46</td><td>1.35</td></tr><tr><td>Loss per share — discontinued operations</td><td>-0.01</td><td>—</td><td>—</td></tr><tr><td> GAAP diluted earnings per share</td><td>$1.48</td><td>$1.46</td><td>$1.35</td></tr></table>

Question: In the year with the most Premiums what is the growth rate of Net investment income?
Answer: 0.20888
Reasoning program: subtract(2859,2365), divide(#0,2365)