LLC”), that will focus on the deployment of a nationwide 4G wireless network.
We, together with the other members of the investor group, have invested $3.2 billion in Clearwire LLC.
Our portion of the investment was $1.05 billion.
As a result of our investment, we received ownership units (“ownership units”) of Clearwire LLC and Class B stock (“voting stock”) of Clearwire Corporation, the publicly traded holding company that controls Clearwire LLC.
The voting stock has voting rights equal to those of the publicly traded Class A stock of Clearwire Corporation, but has only minimal economic rights.
We hold our economic rights through the ownership units, which have limited voting rights.
One ownership unit combined with one share of voting stock are exchangeable into one share of Clearwire Corporation’s publicly traded Class A stock.
At closing, we received 52.5 million ownership units and 52.5 million shares of voting stock, which represents an approximate 7% ownership interest on a fully diluted basis.
During the first quarter of 2009, the purchase price per share is expected to be adjusted based on the trading prices of Clearwire Corporation’s publicly traded Class A stock.
After the post-closing adjustment, we anticipate that we will have an approximate 8% ownership interest on a fully diluted basis.
In connection with the Clearwire transaction, we entered into an agreement with Sprint that allows us to offer wireless services utilizing certain of Sprint’s existing wireless networks and an agreement with Clearwire LLC that allows us to offer wireless services utilizing Clearwire’s next generation wireless broadband network.
We allocated a portion of our $1.05 billion investment to the related agreements.
We will account for our investment under the equity method and record our share of net income or loss one quarter in arrears.
Clearwire LLC is expected to incur losses in the early years of operation, which under the equity method of accounting, will be reflected in our future operating results and reduce the cost basis of our investment.
We evaluated our investment at December 31, 2008 to determine if an other than temporary decline in fair value below our cost basis had occurred.
The primary input in estimating the fair value of our investment was the quoted market value of Clearwire publicly traded Class A shares at December 31, 2008, which declined significantly from the date of our initial agreement in May 2008.
As a result of the severe decline in the quoted market value, we recognized an impairment in other income (expense) of $600 million to adjust our cost basis in our investment to its estimated fair value.
In the future, our evaluation of other than temporary declines in fair value of our investment will include a comparison of actual operating results and updated forecasts to the projected discounted cash flows that were used in making our initial investment decision, other impairment indicators, such as changes in competition or technology, as well as a comparison to the value that would be obtained by exchanging our investment into Clearwire Corporation’s publicly traded Class A shares Cost Method AirTouch Communications, Inc.  We hold two series of preferred stock of AirTouch Communications, Inc.  (“AirTouch”), a subsidiary of Vodafone, which are redeemable in April 2020.
As of December 31, 2008 and 2007, the AirTouch preferred stock was recorded at $1.479 billion and $1.465 billion, respectively.
As of December 31, 2008, the estimated fair value of the AirTouch preferred stock was $1.357 billion, which is below our carrying amount.
The recent decline in fair value is attributable to changes in interest rates.
We have determined this decline to be temporary.
The factors considered were the length of time and the extent to which the market value has been less than cost, the credit rating of AirTouch, and our intent and ability to retain the investment for a period of time sufficient to allow for recovery.
Specifically, we expect to hold the two series of AirTouch preferred stock until their redemption in 2020.
The dividend and redemption activity of the AirTouch preferred stock determines the dividend and redemption payments associated with substantially all of the preferred shares issued by one of our consolidated subsidiaries, which is a VIE.
The subsidiary has three series of preferred stock outstanding with an aggregate redemption value of $1.750 billion.
Substantially all of the preferred shares are redeemable in April 2020 at a redemption value of $1.650 billion.
As of December 31, 2008 and 2007, the two redeemable series of subsidiary preferred shares were recorded at $1.468 billion and $1.465 billion, respectively, and those amounts are included in other noncurrent liabilities.
The one nonredeemable series of subsidiary preferred shares was recorded at $100 million as of both December 31, 2008 and 2007 and those amounts are included in minority interest on our consolidated balance sheet.
## Table 0 ##
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements defined by the contract or by operation of law, such as statutes of limitation.
In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable.
Included above are $51 million and $317 million as of December 31, 2016 and 2015, respectively, of yield maintenance guarantees related to certain investments the Company sold.
The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees.
Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees.
The accrued liabilities identified above do not include retained liabilities associated with sold businesses.
Insolvency Assessments Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guarantee associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers.
These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged.
Some states permit member insurers to recover assessments paid through full or partial premium tax offsets.
In addition, Japan has established the Japan Policyholders Protection Corporation as a contingency to protect policyholders against the insolvency of life insurance companies in Japan through assessments to companies licensed to provide life insurance.
Assets and liabilities held for insolvency assessments were as follows:
## Table 1 ##
Contingent Liabilities On an ongoing basis, the Company’s internal supervisory and control functions review the quality of sales, marketing and other customer interface procedures and practices and may recommend modifications or enhancements.
From time to time, this review process results in the discovery of product administration, servicing or other errors, including errors relating to the timing or amount of payments or contract values due to customers or other parties.
In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
For additional discussion of these matters, see “—Litigation and Regulatory Matters” below.
It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period.
Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.
Litigation and Regulatory Matters The Company is subject to legal and regulatory actions in the ordinary course of its businesses.
Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind down status.
Some of these proceedings have been brought on behalf of various alleged classes of complainants.
In certain of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages.
The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.
The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated.
For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if material, is disclosed, including matters discussed below.
The Company estimates that as of December 31, 2016, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $250 million.
Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters.
The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.
The table below presents, for the periods indicated, the increase (decrease) to revenues and adjusted operating income for the International Insurance, Asset Management and Retirement segments and for Corporate and Other operations, reflecting the impact of these intercompany arrangements.
## Table 2 ##
(1) Represents the difference between non-U.
S.  dollar-denominated earnings translated on the basis of weighted average monthly currency exchange rates versus fixed currency exchange rates determined in connection with the foreign currency income hedging program.
(2) As of December 31, 2016 and 2015, the notional amounts of these forward currency contracts within our Corporate & Other operations were $2.7 billion and $2.4 billion, respectively, of which $1.6 billion and $1.9 billion, respectively, were related to our Japanese insurance operations.
Impact of products denominated in non-local currencies on U. S.  GAAP earnings Our international insurance operations primarily offer products denominated in local currency; however, several of our international insurance operations also offer products denominated in non-local currencies, most notably our Japanese operations, which offer U. S.  and Australian dollar-denominated products.
The non-local currency-denominated insurance liabilities related to these products are supported by investments denominated in corresponding currencies, including a significant portion designated as available-for-sale.
While the impact from foreign currency exchange rate movements on these non-local currency-denominated assets and liabilities is economically matched, differences in the accounting for changes in the value of these assets and liabilities due to changes in foreign currency exchange rate movements have historically resulted in volatility in U. S.  GAAP earnings.
For example, unrealized gains (losses) on available-for-sale investments, including those arising from non-local currency exchange rate movements, are recorded in AOCI, whereas the non-local currency-denominated liabilities are remeasured for foreign currency exchange rate movements, and the related changes in value are recorded in earnings within “Other income.
” Investments designated as held-to-maturity under U. S.  GAAP are recorded at amortized cost on the balance sheet, but are remeasured for foreign currency exchange rate movements, with the related change in value recorded in earnings within “Other income.
” Due to this non-economic volatility that is reflected in U. S.  GAAP earnings, the gains (losses) resulting from the remeasurement of these non-local currency-denominated liabilities, and certain related non-local currency-denominated assets, were excluded from adjusted operating income and included in “Realized investment gains (losses), net, and related adjustments.
” Included in “Realized investment gains (losses), net, and related adjustments” were net losses of $170 million, net gains of $63 million and net losses of $3,073 million from foreign currency remeasurement for the years ended December 31, 2016, 2015 and 2014, respectively.
As discussed above, in the first quarter of 2015 we implemented a structure in Gibraltar Life that disaggregated the U. S.  and Australian dollar-denominated businesses into separate divisions, each with its own functional currency that aligns with the underlying products and investments.
For the U. S.  and Australian dollar-denominated assets that were transferred under this structure, the net cumulative unrealized investment gains associated with foreign exchange remeasurement that were recorded in AOCI totaled $6.0 billion and will be recognized in earnings within “Realized investment gains (losses), net” over time as the assets mature or are sold.
As of December 31, 2016, the remaining net cumulative unrealized investment gains balance related to these assets was $4.4 billion.
Absent the sale of any of these assets prior to their stated maturity, approximately 9% of the $4.4 billion balance will be recognized in 2017, approximately 8% will be recognized in 2018, and a majority of the remaining balance will be recognized from 2019 through 2024.
Variable Annuities Recapture and Risk Management Strategy Effective April 1, 2016, we recaptured the risks related to our variable annuities living benefit riders and certain retirement products that were previously reinsured to our captive reinsurance company, Pruco Reinsurance, Ltd.  (“Pruco Re”).
These risks were recaptured by the originating insurance entities, thereby combining those risks with their base contracts.
In addition, variable annuity contracts issued by Pruco Life Insurance Company (“Pruco Life”), a subsidiary of Prudential Insurance, were reinsured to our subsidiary, Prudential Annuities Life Assurance Corporation (“PALAC”) while variable annuity contracts issued by Pruco Life Insurance Company of New Jersey (“PLNJ”), a subsidiary of Pruco Life, were reinsured to Prudential Insurance.
These series of transactions are collectively referred to as the “Variable Annuities Recapture.
” The Variable Annuities Recapture allows us to manage the capital and liquidity risks of these products more efficiently by aggregating both the risks and the assets supporting these risks in the same entities.
The Variable Annuities Recapture resulted in an increase of highly liquid assets at Prudential Financial of approximately $1.0 billion, due to payments received from subsidiaries in the form of dividends, returns of capital, and repayments under affiliate loan agreements, net of capital contributions, and is expected to reduce future capital volatility associated with our variable annuities business.
Sales Results The following table sets forth annualized new business premiums, as defined under “—Executive Summary—Segment Measures” above, on an actual and constant exchange rate basis for the periods indicated.
## Table 3 ##
The amount of annualized new business premiums and the sales mix in terms of types and currency denomination of products for any given period can be significantly impacted by several factors, including but not limited to: the addition of new products, discontinuation of existing products, changes in credited interest rates for certain products and other product modifications, changes in interest rates or fluctuations in currency markets (as described below), changes in tax laws, changes in life insurance regulations or changes in the competitive environment.
Sales volume may increase or decrease prior to certain of these changes becoming effective, and then fluctuate in the other direction following such changes.
The current low interest rate environment in Japan, as discussed further in “—Executive Summary—Impact of a Low Interest Rate Environment” above, and fluctuating currency markets have contributed to a shift in demand for certain products.
Our diverse product portfolio in Japan, in terms of currency mix and premium payment mode, allows us to mitigate the negative impact from this extremely low interest rate environment.
We regularly examine our yen-based product offerings and their related profitability and, as a result, we have been repricing our products and have discontinued sales of certain products that do not meet our profit expectations.
The impact of these actions, coupled with the strengthening of the yen against the U. S.  dollar and introduction of certain new products, has resulted in an increase in sales of products denominated in U. S.  dollars relative to products denominated in other currencies.2016 to 2015 Annual Comparison.
The table below presents annualized new business premiums on a constant exchange rate basis, by product and distribution channel, for the periods indicated.
## Table 4 ##
(1) Includes retirement income, endowment and savings variable universal life.
(2) Single pay life annualized new business premiums, which include 10% of first year premiums, and 3-year limited pay annualized new business premiums, which include 100% of new business premiums, represented 9% and 53%, respectively, of total Japanese bank distribution channel annualized new business premiums, excluding annuity products, for the year ended December 31, 2016, and 5% and 51%, respectively, of total Japanese bank distribution channel annualized new business premiums, excluding annuity products, for the year ended December 31, 2015.
Annualized new business premiums, on a constant exchange rate basis, from our Life Planner operations increased $117 million.
Growth in Life Planner headcount and productivity in our Japan operation, coupled with the factors described above, resulted in an increase in sales of U. S.  dollar-denominated retirement and whole life products while sales of yen-denominated term life products remained strong in the corporate market.
Lower sales of life protection products in our Korean operation reflecting pricing actions were partially offset by higher sales in our Brazilian operation across various product lines as Life Planner count and average premiums continued to grow.
Annualized new business premiums, on a constant exchange rate basis, from our Gibraltar Life operations increased $109 million.
Life Consultant sales increased $79 million as higher sales of U. S.  dollar-denominated annuity and whole life products were partially offset by lower sales of yen-denominated life protection products and Australian dollar-denominated annuity and retirement income products.
Bank channel sales increased $18 million primarily driven by higher sales of U. S.  dollar-denominated whole life, retirement income and annuity products, partially offset by lower sales of yen-denominated whole life and annuity products and Australian dollar-denominated annuity products.
Independent Agency sales increased $12 million as higher sales of U. S.  dollar-denominated whole life and retirement
Corporate and Other Corporate and Other includes corporate operations, after allocations to our business segments, and divested businesses other than those that qualify for “discontinued operations” accounting treatment under U. S.  GAAP.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Year ended December 31 (in millions)</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Gains on sales and exchanges of investments, net</td><td>$8</td><td>$151</td><td>$733</td></tr><tr><td>Investment impairment losses</td><td>-28</td><td>-4</td><td>-4</td></tr><tr><td>Unrealized gains (losses) on trading securities and hedged items</td><td>-1,117</td><td>315</td><td>339</td></tr><tr><td>Mark to market adjustments on derivatives related to trading securities and hedged items</td><td>1,120</td><td>-188</td><td>-238</td></tr><tr><td>Mark to market adjustments on derivatives</td><td>57</td><td>160</td><td>-18</td></tr><tr><td>Interest and dividend income</td><td>149</td><td>199</td><td>212</td></tr><tr><td>Other</td><td>-100</td><td>-32</td><td>-34</td></tr><tr><td>Investment income (loss), net</td><td>$89</td><td>$601</td><td>$990</td></tr></table>
<table><tr><td></td><td colspan="2">As of December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Other assets:</td><td></td><td></td></tr><tr><td>Premium tax offset for future undiscounted assessments</td><td>$78</td><td>$79</td></tr><tr><td>Premium tax offsets currently available for paid assessments</td><td>6</td><td>6</td></tr><tr><td>Total</td><td>$84</td><td>$85</td></tr><tr><td>Other liabilities:</td><td></td><td></td></tr><tr><td>Insolvency assessments</td><td>$52</td><td>$39</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Segment impacts of intercompany arrangements:</td><td></td><td></td><td></td></tr><tr><td>International Insurance</td><td>$23</td><td>$331</td><td>$275</td></tr><tr><td>Retirement</td><td>9</td><td>0</td><td>0</td></tr><tr><td>Asset Management</td><td>6</td><td>0</td><td>0</td></tr><tr><td>Impact of intercompany arrangements-1</td><td>38</td><td>331</td><td>275</td></tr><tr><td>Corporate and Other operations:</td><td></td><td></td><td></td></tr><tr><td>Impact of intercompany arrangements-1</td><td>-38</td><td>-331</td><td>-275</td></tr><tr><td>Settlement gains (losses) on forward currency contracts(2)</td><td>38</td><td>286</td><td>293</td></tr><tr><td>Net benefit (detriment) to Corporate and Other operations</td><td>0</td><td>-45</td><td>18</td></tr><tr><td>Net impact on consolidated revenues and adjusted operating income</td><td>$38</td><td>$286</td><td>$293</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</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>$1,059</td><td>$1,117</td><td>$1,161</td></tr><tr><td>Gibraltar Life</td><td>1,726</td><td>1,548</td><td>1,584</td></tr><tr><td>Total</td><td>$2,785</td><td>$2,665</td><td>$2,745</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>$1,298</td><td>$1,181</td><td>$1,096</td></tr><tr><td>Gibraltar Life</td><td>1,728</td><td>1,619</td><td>1,506</td></tr><tr><td>Total</td><td>$3,026</td><td>$2,800</td><td>$2,602</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31, 2016</td><td colspan="5">Year Ended December 31, 2015</td></tr><tr><td></td><td>Life</td><td>Accident&Health</td><td>Retirement-1</td><td>Annuity</td><td>Total</td><td>Life</td><td>Accident&Health</td><td>Retirement-1</td><td>Annuity</td><td>Total</td></tr><tr><td></td><td colspan="10">(in millions)</td></tr><tr><td>Life Planner</td><td>$765</td><td>$118</td><td>$337</td><td>$78</td><td>$1,298</td><td>$729</td><td>$116</td><td>$271</td><td>$65</td><td>$1,181</td></tr><tr><td>Gibraltar Life:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Life Consultants</td><td>366</td><td>56</td><td>117</td><td>208</td><td>747</td><td>347</td><td>61</td><td>126</td><td>134</td><td>668</td></tr><tr><td>Banks-2</td><td>521</td><td>0</td><td>68</td><td>130</td><td>719</td><td>480</td><td>1</td><td>40</td><td>180</td><td>701</td></tr><tr><td>Independent Agency</td><td>134</td><td>23</td><td>71</td><td>34</td><td>262</td><td>104</td><td>24</td><td>69</td><td>53</td><td>250</td></tr><tr><td>Subtotal</td><td>1,021</td><td>79</td><td>256</td><td>372</td><td>1,728</td><td>931</td><td>86</td><td>235</td><td>367</td><td>1,619</td></tr><tr><td>Total</td><td>$1,786</td><td>$197</td><td>$593</td><td>$450</td><td>$3,026</td><td>$1,660</td><td>$202</td><td>$506</td><td>$432</td><td>$2,800</td></tr></table>

Question: In which year ended December 31 is the premiums of the Gibraltar Life on an actual exchange rate basis the least?
Answer: 2015