We believe that the cash flows from our insurance and annuity operations are adequate to satisfy the current liquidity requirements of these operations, including under reasonably foreseeable stress scenarios.
The continued adequacy of this liquidity will depend upon factors such as future securities market conditions, changes in interest rate levels, policyholder perceptions of our financial strength, and the relative safety of competing products (including those with enhancements under government-sponsored programs), each of which could lead to reduced cash inflows or increased cash outflows.
In addition, market volatility can impact the level of capital required to support our businesses, particularly in our annuity business.
Our domestic insurance operations’ cash flows from investment activities result from repayments of principal, proceeds from maturities and sales of invested assets and investment income, net of amounts reinvested.
The primary liquidity risks with respect to these cash flows are the risk of default by debtors or bond insurers, our counterparties’ willingness to extend repurchase and/or securities lending arrangements, commitments to invest and market volatility.
We closely manage these risks through our credit risk management process and regular monitoring of our liquidity position.
In managing the liquidity of our domestic insurance operations, we also consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations.
We use surrender charges and other contract provisions to mitigate the extent, timing and profitability impact of withdrawals of funds by customers from annuity contracts and deposit liabilities.
The following table sets forth withdrawal characteristics of our general account annuity reserves and deposit liabilities (based on statutory liability values) as of the dates indicated.
## Table 0 ##
Individual life insurance policies are less susceptible to withdrawal than our annuity reserves and deposit liabilities because policyholders may incur surrender charges and be subject to a new underwriting process in order to obtain a new insurance policy.
Our annuity reserves with guarantee features may be less susceptible to withdrawal than historical experience indicates, due to the perceived value of these guarantee features to policyholders as a result of recent market declines.
Annuity benefits under group annuity contracts are generally not subject to early withdrawal.
Gross account withdrawals for our domestic insurance operations’ products were consistent with our assumptions in asset/liability management and the associated cash outflows did not have a material adverse impact on our overall liquidity.
Liquid Assets Liquid assets include cash, cash equivalents, short-term investments, fixed maturities that are not designated as held to maturity and public equity securities.
As of December 31, 2009 and 2008, our domestic insurance operations had liquid assets of $134.3 billion and $125.6 billion, respectively, which includes a portion financed with asset-based financing.
The portion of liquid assets comprised of cash and cash equivalents and short-term investments was $11.1 billion and $10.7 billion as of December 31, 2009 and 2008, respectively.
As of December 31, 2009, $107.0 billion, or 89.4%, of the fixed maturity investments that are not designated as held to maturity within our domestic insurance company general account portfolios were considered high or highest quality based on NAIC or equivalent rating.
The remaining $12.7 billion, or 10.6%, of these fixed maturity investments were considered other than high or highest quality based on NAIC or equivalent rating.
We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures in order to evaluate the adequacy of our domestic insurance operations’ liquidity under a variety of stress scenarios.
We believe that the liquidity profile of our assets is sufficient to satisfy current liquidity requirements, including under foreseeable stress scenarios.
Given the size and liquidity profile of our investment portfolios, we believe that claim experience varying from our projections does not constitute a significant liquidity risk.
Our asset/liability management process takes into account the expected maturity of investments and expected claim payments as well as the specific nature and risk profile of the liabilities.
Historically, there has been no significant variation between the expected maturities of our investments and the payment of claims.
Our domestic insurance companies’ liquidity is managed through access to substantial investment portfolios as well as a variety of instruments available for funding and/or managing cash flow mismatches, including from time to time those arising from claim levels in excess of projections.
To the extent we need to pay claims in excess of projections, we may borrow temporarily or sell investments sooner than anticipated to pay these claims, which may result in increased borrowing costs or realized investment gains or losses affecting results of operations.
For a further discussion of realized investment gains or losses, see “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” We believe that borrowing temporarily or selling investments earlier than anticipated will not have a material impact on the liquidity of our domestic insurance companies.
Payment of claims and sale of investments earlier than anticipated would have an impact on the reported level of cash flow from operating, investing and financing activities, respectively, in our financial statements.
Instead of selling investments at depressed market prices externally, in order to preserve economic value (including tax attributes), we may also sell investments from one subsidiary to another at fair market value or transfer investments internally between businesses within the same subsidiary.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 21.
DERIVATIVE INSTRUMENTS (continued)
## Table 1 ##
(1) First-to-default credit swap baskets, which may include credits of varying qualities, are grouped above based on the lowest credit in the basket.
However, such basket swaps may entail greater credit risk than the rating level of the lowest credit.
The following table sets forth the composition of the Company’s credit derivatives where the Company has written credit protection excluding the credit derivative related to surplus notes issued by a subsidiary of Prudential Insurance and embedded derivatives contained in externally-managed investments in the European market, by industry category as of the dates indicated.
## Table 2 ##
(1) Credit default baskets may include various industry categories.
The Company entered into a credit derivative that will require the Company to make certain payments in the event of deterioration in the value of the surplus notes issued by a subsidiary of Prudential Insurance.
The notional of this credit derivative is $500 million and the fair value as of December 31, 2009 and 2008, was a liability of $22 million and $16 million, net of zero and $125 million of collateral that has been pledged, respectively.
The Company holds certain externally-managed investments in the European market which contain embedded derivatives whose fair value are primarily driven by changes in credit spreads.
These investments are medium term notes that are collateralized by investment portfolios primarily consisting of investment grade European fixed income securities, including corporate bonds and asset-backed securities, and derivatives, as well as varying degrees of leverage.
The notes have a stated coupon and provide a return based on the performance of the underlying portfolios and the level of leverage.
The Company invests in these notes to earn a coupon through maturity, consistent with its investment purpose for other debt securities.
The notes are accounted for under U. S.  GAAP as available for sale fixed maturity securities with bifurcated embedded derivatives (total return swaps).
Changes in the value of the fixed maturity securities are reported in Equity under the heading “Accumulated Other Comprehensive Income (Loss)” and changes in the market value of the embedded total return swaps are included in current period earnings in “Realized investment gains (losses), net.
” The Company’s maximum exposure to loss from these investments was $723 million and $1.095 billion at December 31, 2009 and 2008, respectively.
In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
As of December 31, 2009 and 2008, the Company had $2.313 billion and $1.378 billion of outstanding notional amounts, reported at fair value as an asset of $174 million and an asset of $253 million, respectively.
Types of Derivative Instruments and Derivative Strategies used in a dealer or broker capacity Futures, forwards and options contracts, and swap agreements, are also used in a derivative dealer or broker capacity in the Company’s commodities operations to facilitate transactions of the Company’s clients, hedge proprietary trading activities and as a means
Sales Results In managing our international insurance business, we analyze revenues, as well as annualized new business premiums, which do not correspond to revenues under U. S.  GAAP.
Annualized new business premiums measure the current sales performance of the segment, while revenues primarily reflect the renewal persistency of policies written in prior years and net investment income, in addition to current sales.
Annualized new business premiums include 10% of first year premiums or deposits from single pay products.
Annualized new business premiums on an actual and constant exchange rate basis are as follows for the periods indicated.
## Table 3 ##
2009 to 2008 Annual Comparison.
On a constant exchange rate basis, annualized new business premiums increased $142 million, from $1.262 billion in 2008 to $1.404 billion in 2009.
Annualized new business premiums, on a constant exchange rate basis, from our Life Planner operations increased $54 million, primarily due to higher sales in Korea and Taiwan mostly reflective of the improving economic environment.
The increased sales in Korea also reflect higher sales in the fourth quarter in advance of price increases effective January 1, 2010.
The number of Life Planners increased by 244, or 4%, from 6,365 as of December 31, 2008 to 6,609 as of December 31, 2009, driven by increases of 74 in Brazil, 63 in Taiwan, 59 in Poland, and 31 in Korea.
During the same period, the number of Life Planners in Japan increased by 23, reflective of the transfer of 152 Life Planners to Gibraltar over the last twelve months, primarily in support of our efforts to expand our bank channel distribution and to service orphaned policyholders.
Factoring in these transfers, the number of Life Planners would have increased 5%, from December 31, 2008 to December 31, 2009.
Prior to December 31, 2008, an additional 152 Japanese Life Planners were transferred to Gibraltar.
Annualized new business premiums, on a constant exchange rate basis, from our Gibraltar Life operation increased $88 million, primarily due to higher sales of protection products in our bank distribution channels.
The number of Life Advisors increased by 68, from 6,330 as of December 31, 2008 to 6,398 as of December 31, 2009, as new hires and 54 Life Planners transferred to Gibraltar as Life Advisors over the last twelve months were offset by resignations and terminations due to failure to meet minimum sales production standards.
The remaining Life Planners transferred to Gibraltar, as discussed above, are not considered Life Advisors.2008 to 2007 Annual Comparison.
On a constant exchange rate basis, annualized new business premiums increased $53 million, from $1.209 billion in 2007 to $1.262 billion in 2008.
Annualized new business premiums, on a constant exchange rate basis, from our Life Planner operations decreased $34 million.
Sales through the first nine months of 2008 were relatively flat, with growth in Japan offset by a decline in Korea reflecting the continued competitive market environment.
However, due to the economic environment and concerns over U. S.  financial institutions, sales in the fourth quarter of 2008 declined 12% from the prior year quarter, with declines in both Japan and Korea.
The number of Life Planners increased 199, or 3%, from 6,166 as of December 31, 2007 to 6,365 as of December 31, 2008, driven by increases of 90 in Taiwan, 67 in Korea, and 29 in Argentina.
During 2008, 70 Life Planners in Japan were transferred to Gibraltar primarily to support our efforts to expand our bank channel distribution.
Factoring in these transfers, the number of Life Planners in Japan would have increased 2%, from December 31, 2007 to December 31, 2008, which reflects lower recruiting in Japan in the later part of 2008 due to a more selective screening process meant to further improve Life Planner retention and quality, as well as recruiting challenges posed by the economic environment.
Annualized new business premiums, on a constant exchange rate basis, from our Gibraltar Life operation increased $87 million, primarily reflecting strong sales of a new U. S.  dollar denominated retirement income product launched in the first quarter of 2008, as well as higher sales of our U. S.  dollar denominated fixed annuity product and a new single premium yen denominated endowment product.
The number of Life Advisors increased by 66, from 6,264 as of December 31, 2007 to 6,330 as of December 31, 2008, as we continue to focus on hiring practices to enhance retention and productivity.
The Life Planners transferred to Gibraltar as discussed above, are not considered Life Advisors, as they sell only through the bank channel.
Skyworks Solutions, IncNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) maintained a valuation allowance of $47.0 million.
This valuation allowance is comprised of $33.6 million related to U. S.  State tax credits, of which $3.6 million are state tax credits acquired from AATI in fiscal year 2012, and $13.4 million related to foreign deferred tax assets.
If these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $46.6 million income tax benefit, and up to a $0.4 million reduction to goodwill may be recognized.
The Company will need to generate $209.0 million of future United States federal taxable income to utilize our United States deferred tax assets as of September 28, 2012.
Deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period.
The Company will continue to assess its valuation allowance in future periods.
As of September 28, 2012, the Company has United States federal net operating loss carry forwards of approximately $74.3 million, including $29.5 million related to the acquisition of SiGe, which will expire at various dates through 2030 and $28.1 million related to the acquisition of AATI, which will expire at various dates through 2031.
The utilization of these net operating losses is subject to certain annual limitations as required under Internal Revenue Code section 382 and similar state income tax provisions.
The Company also has United States federal income tax credit carry forwards of $37.8 million, of which $30.4 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset.
The Company also has state income tax credit carry forwards of $33.6 million, for which the Company has provided a valuation allowance.
The United States federal tax credits expire at various dates through 2032.
The state tax credits relate primarily to California research tax credits which can be carried forward indefinitely.
The Company has continued to expand its operations and increase its investments in numerous international jurisdictions.
These activities will increase the Company’s earnings attributable to foreign jurisdictions.
As of September 28, 2012, no provision has been made for United States federal, state, or additional foreign income taxes related to approximately $371.5 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested.
It is not practicable to determine the United States federal income tax liability, if any, which would be payable if such earnings were not permanently reinvested.
The Company’s gross unrecognized tax benefits totaled $52.4 million and $32.1 million as of September 28, 2012 and September 30, 2011, respectively.
Of the total unrecognized tax benefits at September 28, 2012, $38.8 million would impact the effective tax rate, if recognized.
The remaining unrecognized tax benefits would not impact the effective tax rate, if recognized, due to the Company’s valuation allowance and certain positions which were required to be capitalized.
There are no positions which the Company anticipates could change within the next twelve months.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">December 31, 2009</td><td colspan="2"> December 31, 2008</td></tr><tr><td></td><td> Amount</td><td>% of Total</td><td> Amount</td><td> % of Total</td></tr><tr><td></td><td colspan="4"> ($ in millions)</td></tr><tr><td>Not subject to discretionary withdrawal provisions</td><td>$38,078</td><td>47%</td><td>$36,880</td><td>47%</td></tr><tr><td>Subject to discretionary withdrawal, with adjustment:</td><td></td><td></td><td></td><td></td></tr><tr><td>With market value adjustment</td><td>20,570</td><td>26</td><td>20,341</td><td>26</td></tr><tr><td>At market value</td><td>1,598</td><td>2</td><td>1,279</td><td>2</td></tr><tr><td>At contract value, less surrender charge of 5% or more</td><td>4,166</td><td>5</td><td>4,048</td><td>5</td></tr><tr><td>Subtotal</td><td>64,412</td><td>80</td><td>62,548</td><td>80</td></tr><tr><td>Subject to discretionary withdrawal at contract value with no surrender charge or surrender charge of less than5%</td><td>16,382</td><td>20</td><td>15,906</td><td>20</td></tr><tr><td>Total annuity reserves and deposit liabilities</td><td>$80,794</td><td>100%</td><td>$78,454</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2008</td></tr><tr><td></td><td colspan="2">Single Name</td><td colspan="2">First to Default Basket-1</td><td colspan="2">Total</td></tr><tr><td> NAIC Designation</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>1</td><td>$340</td><td>$-10</td><td>$213</td><td>$-19</td><td>$553</td><td>$-29</td></tr><tr><td>2</td><td>5</td><td>—</td><td>542</td><td>-85</td><td>547</td><td>-85</td></tr><tr><td>Subtotal</td><td>345</td><td>-10</td><td>755</td><td>-104</td><td>1,100</td><td>-114</td></tr><tr><td>3</td><td>—</td><td>—</td><td>15</td><td>-2</td><td>15</td><td>-2</td></tr><tr><td>4</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>5</td><td>5</td><td>—</td><td>102</td><td>-32</td><td>107</td><td>-32</td></tr><tr><td>6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Subtotal</td><td>5</td><td>—</td><td>117</td><td>-34</td><td>122</td><td>-34</td></tr><tr><td>Total</td><td>$350</td><td>$-10</td><td>$872</td><td>$-138</td><td>$1,222</td><td>$-148</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2009</td><td colspan="2">December 31, 2008</td></tr><tr><td> Industry</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td></tr><tr><td></td><td colspan="4">(in millions)</td></tr><tr><td>Corporate Securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturing</td><td>$45</td><td>$—</td><td>$45</td><td>$-1</td></tr><tr><td>Utilities</td><td>5</td><td>—</td><td>5</td><td>—</td></tr><tr><td>Finance</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Services</td><td>31</td><td>—</td><td>25</td><td>—</td></tr><tr><td>Energy</td><td>20</td><td>—</td><td>20</td><td>-1</td></tr><tr><td>Transportation</td><td>30</td><td>—</td><td>30</td><td>-1</td></tr><tr><td>Retail and Wholesale</td><td>30</td><td>—</td><td>30</td><td>-1</td></tr><tr><td>Other</td><td>190</td><td>3</td><td>195</td><td>-6</td></tr><tr><td>First to Default Baskets-1</td><td>625</td><td>-6</td><td>872</td><td>-138</td></tr><tr><td>Total Credit Derivatives</td><td>$976</td><td>$-3</td><td>$1,222</td><td>$-148</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2009</td><td> 2008</td><td> 2007</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td> Annualized new business premiums:</td><td></td><td></td><td></td></tr><tr><td>On an actual exchange rate basis: </td><td></td><td></td><td></td></tr><tr><td>Life Planner operations</td><td>$833</td><td>$775</td><td>$788</td></tr><tr><td>Gibraltar Life</td><td>568</td><td>454</td><td>342</td></tr><tr><td> Total</td><td>$1,401</td><td>$1,229</td><td>$1,130</td></tr><tr><td>On a constant exchange rate basis:</td><td></td><td></td><td></td></tr><tr><td>Life Planner operations</td><td>$847</td><td>$793</td><td>$827</td></tr><tr><td>Gibraltar Life</td><td>557</td><td>469</td><td>382</td></tr><tr><td> Total</td><td>$1,404</td><td>$1,262</td><td>$1,209</td></tr></table>

Question: What was the average value of the Notional of First to Default Basket-1 in the year where Notional of Single Name? (in million)
Answer: 872
Reasoning program: divide(872,1)