Performance Stock Units and Restricted Stock Units Under the long-term portion of the Incentive Plan, each February the Company grants selected executives and other key employees performance stock units whose vesting is contingent upon the achievement of certain performance objectives.
If at the end of the applicable three-year performance cycle targets for financial measures are met, the full number of shares is awarded to the participants.
The performance scores for 2005 grants of performance stock units can range from 0% to 250% of the targeted amounts.
Restricted stock units were awarded in 2005, 2004 and 2003 under the longterm portion of the Incentive Plan to certain executive officers and other key employees.
Restricted stock units were also awarded quarterly to non-employee directors of the Company as part of the Directors’ Compensation Plan.
The compensation amount charged against income for performance and restricted stock units was $19.9 million, $21.0 million and $6.9 million for 2005, 2004 and 2003, respectively.
The compensation cost associated with the performance stock units is recognized ratably over the three-year term based on the year-end market value of the stock, except for the 2003 grants.
An additional three-year vesting term was imposed for the 2003 grants with accelerated vesting for retirement, disability or death.
The compensation cost for the 2003 grants is being recognized over a period from three to six years based on grant date fair value.
The compensation cost associated with employee restricted stock units is recognized over a specified restriction period based on the year-end market value of the stock.
Upon adoption of SFAS No.123R in the fourth quarter of 2005, the Company elected to begin recognizing expense for employee restricted stock units granted after 2004 based on the straight-line method for the entire award.
The straight-line method for each separately vesting portion of the award had been used for prior grants.
The impact of the change was not material.
The compensation cost associated with non-employee director restricted stock units is recognized at the grant date.
Performance stock units and restricted stock units granted for potential future distribution were as follows:
## Table 0 ##
A summary of the status of the Company’s performance stock units and restricted stock units as of December 31, 2005, and the change during 2005 is presented below:
## Table 1 ##
As of December 31, 2005, there was $21.2 million of unrecognized compensation cost relating to nonvested performance stock units and restricted stock units.
That cost is expected to be recognized over a weighted-average period of 1.9 years.
The total intrinsic value of share-based liabilities paid combined with the fair value of shares vested during 2005, 2004 and 2003 was $12.4 million, $3.9 million and $6.9 million, respectively.
Deferred performance stock units, deferred restricted stock units, deferred directors’ fees and accumulated dividend amounts totaled 692,023 units as of December 31, 2005.
No stock appreciation rights were outstanding as of December 31, 2005.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources – (Continued) $1,100 million, primarily based on 2007 estimated industry volume.
Payment obligations are not incurred until the related sales occur and therefore are not reflected in the above table.
INVESTMENTS Investment activities of non-insurance companies include investments in fixed income securities, equity securities including short sales, derivative instruments and short term investments, and are carried at fair value.
Securities that are considered part of our trading portfolio, short sales and derivative instruments are marked to market and reported as net investment income in the Consolidated Statements of Income.
We enter into short sales and invest in certain derivative instruments that are used for asset and liability management activities, income enhancements to our portfolio management strategy and to benefit from anticipated future movements in the underlying markets.
If such movements do not occur as anticipated, then significant losses may occur.
Monitoring procedures include senior management review of daily detailed reports of existing positions and valuation fluctuations to ensure that open positions are consistent with our portfolio strategy.
Credit exposure associated with non-performance by the counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Balance Sheets.
We mitigate the risk of non-performance by monitoring the creditworthiness of counterparties and diversifying derivatives to multiple counterparties.
We occasionally require collateral from our derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.
We do not believe that any of the derivative instruments we use are unusually complex, nor do the use of these instruments, in our opinion, result in a higher degree of risk.
See “Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk” and Note 4 of the Notes to Consolidated Financial Statements included in Item 8 of this Report for additional information with respect to derivative instruments, including recognized gains and losses on these instruments.
Insurance Net Investment Income The significant components of CNA’s net investment income are presented in the following table:
## Table 2 ##
(a) The change in net unrealized losses on trading securities included in net investment income was $15 million and $7 million for the years ended December 31, 2007 and 2005.
There was no change in net unrealized gains (losses) on trading securities included in net investment income for the year ended December 31, 2006.
Net investment income increased by $21 million for 2007 compared with 2006.
The improvement was primarily driven by an increase in the overall invested asset base and a reduction of interest expense on funds withheld and other deposits as discussed further below.
These increases were substantially offset by decreases in limited partnership income and results from the trading portfolio.
The decreased income from the trading portfolio was largely offset by a
Select Market (“Nasdaq”) under the trading symbols “NWSA” and “NWS,” respectively, and CHESS Depositary Interests (“CDIs”) representing the Company’s Class A and Class B Common Stock are listed on the Australian Securities Exchange (“ASX”) under the trading symbols “NWSLV” and “NWS,” respectively.
More information regarding the Company is available on its website at www.
newscorp.
com, including the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are available, free of charge, as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission (“SEC”).
The information on the Company’s website is not, and shall not be deemed to be, a part of this Annual Report or incorporated into any other filings it makes with the SEC.
Special Note Regarding Forward-Looking Statements This document and any documents incorporated by reference into this Annual Report, including “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain statements that constitute “forward-looking statements” within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended.
All statements that are not statements of historical fact are forward-looking statements.
The words “expect,” “estimate,” “anticipate,” “predict,” “believe” and similar expressions and variations thereof are intended to identify forward-looking statements.
These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s financial condition or results of operations and the outcome of contingencies such as litigation and investigations.
Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties.
More information regarding these risks, uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Item 1A.
Risk Factors” in this Annual Report.
The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Readers should carefully review this document and the other documents filed by the Company with the SEC.
This section should be read together with the Consolidated Financial Statements of News Corporation (the “Financial Statements”) and related notes set forth elsewhere in this Annual Report.
BUSINESS OVERVIEW The Company’s five reporting segments are described below.
For information regarding revenues generated by the principal products and services of each segment, refer to “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
”
## Table 3 ##
News and Information Services The Company’s News and Information Services segment consists primarily of Dow Jones, News Corp Australia, News UK, the New York Post and News America Marketing.
This segment also includes Unruly, a global video
(2) This exposure is all related to sub-prime mortgage loans.
(3) Includes exposure to sub-prime mortgage loans with an amortized cost of $66.4 million, gross unrealized gains of $0.1 million, gross unrealized losses of $46.6 million and a carrying amount of $19.9 million.
## Table 4 ##
(1) Includes exposure to Alt-a mortgage loans with an amortized cost of $78.7 million, gross unrealized gains of $0.4 million, gross unrealized losses of $4.1 million and a carrying amount of $75.0 million.
All of these securities are rated AAA and 62% are 2005 and prior vintages.
(2) This exposure is all related to sub-prime mortgage loans.
(3) Includes exposure to sub-prime mortgage loans with an amortized cost of $79.1 million, gross unrealized losses of $28.8 million and a carrying amount of $50.3 million.
Of the $8,215.6 million in gross unrealized losses as of December 31, 2008, there were $46.3 million in losses attributed to securities scheduled to mature in one year or less, $1,191.7 million attributed to securities scheduled to mature between one to five years, $1,826.9 million attributed to securities scheduled to mature between five to ten years, $2,139.2 million attributed to securities scheduled to mature after ten years and $3,011.5 million related to mortgagebacked and other ABS that are not classified by maturity year.
The credit disruption in the market that began in the last half of 2007 from concerns in the sub-prime markets, and continued into 2008 with concerns in the leveraged finance markets has led to reduced liquidity and wider credit spreads.
These credit concerns led to a widespread forced selling into a very thinly traded market which further strained market liquidity.
This market disruption lowered valuations and, as a result, we have seen an increase in unrealized losses in our securities portfolio.
The losses were more pronounced in the Finance sectors and in structured products such as collateralized debt obligations, ABS and CMBS.
The decline in value in large part reflects the illiquid markets.
Future changes in the fair value of these securities will be dependent on the return of market liquidity and changes in general market conditions, including interest rates and credit spread movements.
Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms, the expectation that they will continue to do so given the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence and management’s intent and ability to hold these securities to recovery, we concluded that the prices of the securities in our securities portfolio were temporarily depressed.

Tables referenced above, in order (Table 0 first):
<table><tr><td>For the years ended December 31,</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Unitsgranted</td><td> 241,887</td><td>332,162</td><td>228,224</td></tr><tr><td>Weighted-average fair value at date of grant</td><td> $57.21</td><td>$40.53</td><td>$33.17</td></tr></table>
<table><tr><td>Performance Stock Units and Restricted Stock Units</td><td>2005</td><td>Weighted-average grant date fair value for equityawards or market value for liability awards</td></tr><tr><td>Outstanding atbeginning of year </td><td>1,046,499</td><td> $47.57</td></tr><tr><td>Granted</td><td>241,887</td><td> $57.21</td></tr><tr><td>Performanceassumption change</td><td>176,725</td><td> $44.42</td></tr><tr><td>Vested</td><td>-222,759</td><td> $55.74</td></tr><tr><td>Forfeited</td><td>-50,985</td><td> $51.28</td></tr><tr><td>Outstanding atend of year</td><td>1,191,367</td><td> $47.01</td></tr></table>
<table><tr><td>Year Ended December 31</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>(In millions)</td><td></td><td></td><td></td></tr><tr><td>Fixed maturity securities</td><td>$2,047</td><td>$1,842</td><td>$1,608</td></tr><tr><td>Short term investments</td><td>186</td><td>248</td><td>147</td></tr><tr><td>Limited partnerships</td><td>183</td><td>288</td><td>254</td></tr><tr><td>Equity securities</td><td>25</td><td>23</td><td>25</td></tr><tr><td>Income from trading portfolio(a)</td><td>10</td><td>103</td><td>47</td></tr><tr><td>Interest on funds withheld and other deposits</td><td>-1</td><td>-68</td><td>-166</td></tr><tr><td>Other</td><td>36</td><td>18</td><td>20</td></tr><tr><td>Total investment income</td><td>2,486</td><td>2,454</td><td>1,935</td></tr><tr><td>Investment expenses</td><td>-53</td><td>-42</td><td>-43</td></tr><tr><td>Net investment income</td><td>$2,433</td><td>$2,412</td><td>$1,892</td></tr></table>
<table><tr><td></td><td colspan="2">For the fiscal year ended June 30, 2019</td></tr><tr><td></td><td> Revenues</td><td>Segment EBITDA</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>News and Information Services</td><td>$4,956</td><td>$417</td></tr><tr><td>Subscription Video Services</td><td>2,202</td><td>380</td></tr><tr><td>Book Publishing</td><td>1,754</td><td>253</td></tr><tr><td>Digital Real Estate Services</td><td>1,159</td><td>384</td></tr><tr><td>Other</td><td>3</td><td>-190</td></tr></table>
<table><tr><td> </td><td colspan="4"> December 31, 2007</td></tr><tr><td> </td><td> Amortized cost</td><td> Gross unrealized gains</td><td> Gross unrealized losses</td><td> Carrying amount</td></tr><tr><td> </td><td colspan="4"><i>(in millions)</i> </td></tr><tr><td>Finance — Banking</td><td>$4,228.8</td><td>$46.0</td><td>$176.7</td><td>$4,098.1</td></tr><tr><td>Finance — Brokerage</td><td>1,041.2</td><td>9.9</td><td>25.7</td><td>1,025.4</td></tr><tr><td>Finance — Finance Companies</td><td>572.0</td><td>5.4</td><td>46.4</td><td>531.0</td></tr><tr><td>Finance — Financial Other</td><td>685.1</td><td>43.3</td><td>7.6</td><td>720.8</td></tr><tr><td>Finance — Insurance</td><td>2,954.6</td><td>90.8</td><td>65.8</td><td>2,979.6</td></tr><tr><td>Finance — REITS</td><td>1,424.6</td><td>7.4</td><td>57.3</td><td>1,374.7</td></tr><tr><td>Industrial — Basic Industry</td><td>1,814.4</td><td>52.5</td><td>35.9</td><td>1,831.0</td></tr><tr><td>Industrial — Capital Goods</td><td>2,176.2</td><td>71.9</td><td>23.7</td><td>2,224.4</td></tr><tr><td>Industrial — Communications</td><td>3,033.4</td><td>142.4</td><td>31.9</td><td>3,143.9</td></tr><tr><td>Industrial — Consumer Cyclical</td><td>1,941.7</td><td>34.7</td><td>53.9</td><td>1,922.5</td></tr><tr><td>Industrial — Consumer Non-Cyclical</td><td>2,744.3</td><td>93.2</td><td>35.2</td><td>2,802.3</td></tr><tr><td>Industrial — Energy</td><td>1,866.4</td><td>96.9</td><td>11.3</td><td>1,952.0</td></tr><tr><td>Industrial — Other</td><td>1,046.4</td><td>14.6</td><td>13.9</td><td>1,047.1</td></tr><tr><td>Industrial — Technology</td><td>611.8</td><td>8.1</td><td>7.7</td><td>612.2</td></tr><tr><td>Industrial — Transportation</td><td>1,086.9</td><td>44.3</td><td>24.4</td><td>1,106.8</td></tr><tr><td>Utility — Electric</td><td>2,168.1</td><td>79.6</td><td>18.4</td><td>2,229.3</td></tr><tr><td>Utility — Natural Gas</td><td>1,049.8</td><td>47.7</td><td>10.1</td><td>1,087.4</td></tr><tr><td>Utility — Other</td><td>87.0</td><td>5.6</td><td>3.7</td><td>88.9</td></tr><tr><td>Government guaranteed</td><td>819.1</td><td>68.2</td><td>6.4</td><td>880.9</td></tr><tr><td>Total corporate securities</td><td>31,351.8</td><td>962.5</td><td>656.0</td><td>31,658.3</td></tr><tr><td>Residential pass-through securities</td><td>1,481.5</td><td>23.6</td><td>9.0</td><td>1,496.1</td></tr><tr><td>Commercial mortgage-backed securities</td><td>4,754.4</td><td>107.4</td><td>196.2</td><td>4,665.6</td></tr><tr><td>Residential collateralized mortgage obligations -1</td><td>947.7</td><td>3.3</td><td>14.1</td><td>936.9</td></tr><tr><td>Asset-backed securities — Home equity -2</td><td>599.0</td><td>0.1</td><td>42.1</td><td>557.0</td></tr><tr><td>Asset-backed securities — All other</td><td>892.6</td><td>19.1</td><td>8.3</td><td>903.4</td></tr><tr><td>Collateralized debt obligations — Credit</td><td>735.4</td><td>0.1</td><td>123.6</td><td>611.9</td></tr><tr><td>Collateralized debt obligations — CMBS</td><td>332.7</td><td>1.4</td><td>71.6</td><td>262.5</td></tr><tr><td>Collateralized debt obligations — Loans</td><td>88.8</td><td>—</td><td>5.7</td><td>83.1</td></tr><tr><td>Collateralized debt obligations — ABS -3</td><td>94.1</td><td>—</td><td>30.1</td><td>64.0</td></tr><tr><td>Total mortgage-backed and other asset-backed securities</td><td>9,926.2</td><td>155.0</td><td>500.7</td><td>9,580.5</td></tr><tr><td>U.S. Government and agencies</td><td>628.5</td><td>29.0</td><td>0.1</td><td>657.4</td></tr><tr><td>States and political subdivisions</td><td>1,867.6</td><td>39.1</td><td>10.2</td><td>1,896.5</td></tr><tr><td>Non-U.S. governments</td><td>419.4</td><td>35.7</td><td>1.2</td><td>453.9</td></tr><tr><td>Total fixed maturity securities, available-for-sale</td><td>$44,193.5</td><td>$1,221.3</td><td>$1,168.2</td><td>$44,246.6</td></tr></table>

Question: What's the average of Net investment income of 2006, and Finance — Brokerage of December 31, 2007 Carrying amount ?
Answer: 1718.7
Reasoning program: add(2412.0,1025.4), divide(#0,const_2)