Notes to Consolidated Financial Statements Continued 11.
Shareholders’ Equity Continued (c) The common share activity for the three years ended December 31, 2005 was as follows:
## Table 0 ##
12.
Commitments and Contingent Liabilities In the normal course of business, various commitments and contingent liabilities are entered into by AlG and certain of its subsidiaries.
In addition, AIG guarantees various obligations of certain subsidiaries.
(a) AIG and certain of its subsidiaries become parties to derivative financial instruments with market risk resulting from both dealer and end user activities and to reduce currency, interest rate, equity, and commodiry exposures.
These instru- ments are carried at their estimated fair values in the consolidated balance sheet.
The vast majority of AlG's derivative activiry is transacted by AIGFP.
See also Note 20 herein.
(b) Securities sold, but not yet purchased and spot commodi- ties sold but not yet purchased represent obligations of AlGFP to deliver specified securities and spot commodities at theircontracted prices.
AIGFP records a liability to repurchase the securities and spot commodities in the market at prevailing prices.
AIG has isued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP arising from transactions entered into by AIGFP.
Net revenues for the twelve months ended December 31,2005,2004 and 2003 from Capital Markets operations were $3.26 billion,$1.28 billion and $595 million, respectively.
(c) At December 31,2005, ILFC had committed to purchase 338new and used aircraft deliverable from 2006 through 2015 at an estimated aggregate price of $23.3 billion and had options to purchase 16 new aircraft at an estimated aggregate purchase price of $1.5 billion.
ILFC will be required to find customers for any aircraft acquired, and it anticipates that it will be required to arrange financing for portions of the purchase price of such equipment.
(d) AIG and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including claims for punitive damages, in the normal course of their business.
The recent trend of increasing jury awards and settlements makes it difficulr to assess the ultimate outcome of such litigation.
Although AlG annually reviews the adequacy of the established reserve for losses and loss expenses, there can be no assurance that AlG's ultimate loss reserves will not develop adversely and materially exceed AIlG's current loss reserves.
Estimation of ultimate net losses, loss expenses and loss reserves is a complex process for long-tail casualty lines of business, which include excess and umbrella liability, directors and ofcers liability(D&O), professional liability, medical malpractice, workers compensation, general liability, products liability and related classes, as well as for asbestos and environmental exposures.
Generally, actual historical loss development factors are used to project future loss develop- ment.
However, there can be no assurance that future loss development patterns will be the same as in the past.
Moreover, any deviation in loss cost trends or in loss development factors might not be discernible for an extended period of time subsequent to the recording of the initial loss reserve estimates for any accident year.
Thus, there is the potential for reserves with respect to a number of years to be significantly affected by changes in loss cost trends or loss development factors that were relied upon in setting the reserves.
These changes in loss trends or loss development factors could be attributable to changes in inflation in labor and material costs or in the judicial environment, or in other social or economic phenomena affecting claims.
(e) SAl Deferred Compensation Holdings, Inc,a wholly- owned subsidiary of AlG, has established a deferred compensa- tion plan for registered representatives of certain AlG subsidi- aries, pursuant to which participants have the opportunity toinvest deferred commissions and fees on a notional basis.
The value of the deferred compensation fluctuates with the value of the deferred investment alternatives chosen.
AlG has provideda full and unconditional guarantee of the obligations of SAl Deferred Compensation Holdings, Inc.  to pay the deferred compensation under the plan.
(f) On June 27,2005, AlG entered into agreements pursuant to which AlG agrees, subject to certain conditions, to(i) make any payment that is not promptly paid with respect to the benefits accrued by certain employees of AlG and its subsidiar- ies under the SICO Plans(as defined in Note 16) and (i) make any payment to the extent not promptly paid by Starr with respect to amounts that become payable to certain employees of AIG and its subsidiaries who are also stockhold- ers of Starr after the giving of a notice of repurchase or redemption under Starr's organizational documents.
In January 2006, Starr announced that it had completed its tender offer to
Includes general operating expenses, non-deferrable commissions, other acquisition expenses, advisory fee expenses and other expenses.
Our insurance companies generate significant revenues from investment activities.
As a result, the modules in Consumer Insurance are subject to variances in net investment income on the asset portfolios that support insurance liabilities and surplus.
See Investments for additional information on our investment strategy, asset-liability management process and invested asset composition.
The Individual Retirement, Group Retirement and Life Insurance modules review and update estimated gross profit assumptions used to amortize deferred policy acquisition costs (DAC) and related items for investment-oriented products, as well as other actuarial assumptions, at least annually.
As a result, the pre-tax operating earnings of these businesses include adjustments to policy fees, policyholder benefits, interest credited and DAC amortization to reflect such assumption updates, which may be significant.
See Insurance Reserves – Life and Annuity Reserves and DAC – Update of Actuarial Assumptions for the amount of adjustments recorded to reflect such assumption updates in 2016, 2015 and 2014 by product line and financial statement line item and for related discussion of the assumption changes that resulted in these adjustments.
Individual Retirement Results The following table presents individual retirement results:
## Table 1 ##
Business and Financial Highlights A diverse product portfolio enabled Individual Retirement to maintain industry-leading positions in annuity sales despite a challenging environment, which included an industry-wide slowdown primarily driven by uncertainty about the DOL Fiduciary Rule, compared to strong Variable and Index Annuity sales growth in 2015 and 2014.
Our total sales of Index Annuities slowed in 2016 but continued to outpace the industry.
Fixed Annuities sales increased in 2016 as customers chose the safety of fixed returns in a period of equity volatility, but the sustained low interest rate environment, together with aggressive pricing by private equity-backed annuity writers, resulted in a modest decline in market share in 2016 and negative net flows for Fixed Annuities in 2016, 2015 and 2014.
Reinvestment in the low interest rate environment contributed to spread compression in Fixed Annuities, and net investment income results included volatility from alternative investments, mortgage loan prepayments, and fair value option assets.
Pre-tax operating income also included adjustments in each year to update actuarial assumptions, particularly from lower surrenders across all product lines.
Excluding such adjustments, net growth in average assets for Variable and Index Annuities drove higher fee income, partially offset by increased DAC amortization.
The sale of AIG Advisor Group in May 2016 resulted in decreases in advisory fee income, advisory fee expense and general operating expenses in 2016 compared to 2015, but did not result in a significant decrease in pretax operating income.
ACE USA’s reduction in net premiums earned in 2008 was primarily driven by the decrease in financial solutions business, as the prior year included approximately $170 million related to a one-time assumed loss portfolio transfer program.
In addition, net premiums earned were lower in 2008 due to decreases in middle-market workers’ compensation business, large risk accounts and property, reflecting competitive market conditions and declining business that did not meet our selective underwriting standards.
These reductions were partially offset by growth in ACE USA’s professional liability, specialty casualty, A&H, inland marine and foreign casualty units.
ACE USA’s increase in net premiums earned in 2007, compared with 2006, was primarily driven by assumed loss portfolio business, as well as new business in the energy unit and growth in specialty casualty lines.
ACE USA’s curtailment of middle market worker’s compensation business partially offset these increases.
ACE Westchester’s reduction in net premiums earned over the last two years was primarily due to declines in casualty and inland marine business, which resulted from competitive market conditions.
This trend was partially offset by crop business growth, which benefited from generally higher commodity prices for most of 2008 and in 2007.
ACE Bermuda’s reduction in net premiums earned in 2008, compared with 2007, was a result of lower production, and the decrease in 2007, compared with 2006, was primarily due to the curtailment of financial solutions business.
Insurance – North American’s loss and loss expense ratio increased in 2008 and 2007.
The following table shows the impact of catastrophe losses and prior period development on our loss and loss expense ratio for the years ended December 31, 2008, 2007, and 2006.
## Table 2 ##
Insurance – North American’s catastrophe losses were $298 million in 2008, compared with $16 million in 2007, and $nil in 2006.
Catastrophe losses in 2008 were primarily related to Hurricanes Gustav and Ike.
Insurance – North American incurred net favorable prior period development of $351 million in 2008.
This compares with net adverse prior period development of $9 million and $65 million in 2007 and 2006, respectively.
Refer to “Prior Period Development” for more information.
The increase in the loss and loss expense ratio as adjusted in 2008, compared with 2007, was primarily due to changes in business mix, specifically higher premiums from the crop business, which carries a relatively high current accident year loss ratio.
In addition, the 2008 loss and loss expense ratio reflects increased loss costs, including higher incurred losses for non-catastrophe events that affected the property, marine and energy business units.
Insurance – North American’s policy acquisition cost ratio increased in 2008, compared with 2007, due in part to the inclusion of ACE Private Risk Services in 2008, which generates a higher acquisition cost ratio than our commercial P&C business.
The increase also reflects higher acquisition costs on ACE Westchester’s crop/hail business, as 2008 included more profitable results on the first quarter final settlement than in 2007, as well as increased crop/hail production for 2008.
The first quarter settlement in 2008 generated a higher profit share commission, which added approximately 0.8 percentage points to Insurance – North American’s 2008 policy acquisition cost ratio.
In addition, higher assumed loss portfolio transfer business in 2007, which incurred low acquisition costs as is typical for these types of transactions, reduced the 2007 policy acquisition ratio by 0.2 percentage points.
These increases in the 2008 policy acquisition cost ratio were partially offset by improvements at ACE Bermuda, primarily due to increased ceding commissions.
The decrease in Insurance – North American’s 2007 policy acquisition cost ratio, compared with 2006, was primarily related to reductions in the policy acquisition cost ratio at ACE USA and ACE Westchester.
For ACE USA, the reduction reflected higher ceding commissions as well as lower premium taxes due to reassessment of obligations for premium-based assessments and guaranty funds.
For ACE Westchester, the reduction in the policy acquisition cost ratio was primarily due to lower profit share commissions on crop business in 2007, compared with 2006.
Insurance – North American’s administrative expense ratio increased in 2008, compared with 2007, reflecting the inclusion of ACE Private Risk Services unit, which generates higher administrative expense ratios than our commercial P&C business, and the reduction in net premiums earned.
The administrative expense ratio was stable in 2007, compared with 2006.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Shares outstanding at beginning of year</td><td>2,596,423,190</td><td>2,608,447,046</td><td>2,609,600,831</td></tr><tr><td>Acquired during the year</td><td>-2,654,272</td><td>-16,426,114</td><td>-3,899,991</td></tr><tr><td>Issued pursuant to performance stock unit obligations</td><td>15,757</td><td>24,025</td><td>–</td></tr><tr><td>Issued under stock plans</td><td>2,625,227</td><td>4,310,733</td><td>2,699,584</td></tr><tr><td>Issued under contractual obligations</td><td>236,870</td><td>67,500</td><td>46,622</td></tr><tr><td>Shares outstanding at end of year</td><td>2,596,646,772</td><td>2,596,423,190</td><td>2,608,447,046</td></tr></table>
<table><tr><td> Years Ended December 31,</td><td></td><td></td><td></td><td colspan="2">Percentage Change</td></tr><tr><td><i>(in millions)</i></td><td>2016</td><td>2015</td><td>2014</td><td>2016 vs. 2015</td><td>2015 vs. 2014</td></tr><tr><td> Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$163</td><td>$137</td><td>$242</td><td>19%</td><td>-43%</td></tr><tr><td>Policy fees</td><td>709</td><td>670</td><td>604</td><td>6</td><td>11</td></tr><tr><td>Net investment income</td><td>3,878</td><td>3,805</td><td>4,103</td><td>2</td><td>-7</td></tr><tr><td>Advisory fee and other income</td><td>1,008</td><td>1,838</td><td>1,790</td><td>-45</td><td>3</td></tr><tr><td> Benefits and expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and losses incurred</td><td>173</td><td>328</td><td>327</td><td>-47</td><td>-</td></tr><tr><td>Interest credited to policyholder account balances</td><td>1,684</td><td>1,702</td><td>1,706</td><td>-1</td><td>-</td></tr><tr><td>Amortization of deferred policy acquisition costs</td><td>298</td><td>431</td><td>315</td><td>-31</td><td>37</td></tr><tr><td>Non deferrable insurance commissions</td><td>226</td><td>212</td><td>188</td><td>7</td><td>13</td></tr><tr><td>Advisory fee expenses</td><td>570</td><td>1,277</td><td>1,259</td><td>-55</td><td>1</td></tr><tr><td>General operating expenses</td><td>538</td><td>688</td><td>638</td><td>-22</td><td>8</td></tr><tr><td> Pre-tax operating income</td><td>$2,269</td><td>$1,812</td><td>$2,306</td><td>25%</td><td>-21%</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Loss and loss expense ratio, as reported</td><td>71.8 %</td><td>71.1 %</td><td>70.4 %</td></tr><tr><td>Catastrophe losses</td><td>-5.4%</td><td>-0.3%</td><td>– %</td></tr><tr><td>Prior period development</td><td>6.2 %</td><td>-0.2%</td><td>-1.2 %</td></tr><tr><td>Loss and loss expense ratio, adjusted</td><td>72.6 %</td><td>70.6 %</td><td>69.2 %</td></tr></table>

Question: What is the sum of Shares outstanding at end of year of 2005, and Net investment income of Percentage Change 2014 ?
Answer: 2.59665e+09
Reasoning program: add(2596646772.0,4103.0)