THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2011, 2010, AND 2009 The table below sets forth the pre-tax accumulated other comprehensive income (loss) expected to be recognized as an increase (decrease) to income from continuing operations before income taxes over the next twelve months as of December 31, 2011 for the following types of derivative instruments:
## Table 0 ##
The balance in accumulated other comprehensive loss related to derivative transactions will be reclassified into earnings as interest expense is recognized for interest rate hedges and cross currency swaps (except for the amount reclassified to foreign currency transaction gains and losses to offset the remeasurement of the foreign currency-denominated debt being hedged by the cross currency swaps), as depreciation is recognized for interest rate hedges during construction, as foreign currency transaction gains and losses are recognized for hedges of foreign currency exposure, and as electricity sales and fuel purchases are recognized for hedges of forecasted electricity and fuel transactions.
These balances are included in the consolidated statements of cash flows as operating and/or investing activities based on the nature of the underlying transaction.
For the years ended December 31, 2011, 2010 and 2009, pre-tax gains (losses) of $0 million, $(1) million, and $0 million net of noncontrolling interests, respectively, were reclassified into earnings as a result of the discontinuance of a cash flow hedge because it was probable that the forecasted transaction would not occur by the end of the originally specified time period (as documented at the inception of the hedging relationship) or within an additional two-month time period thereafter.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 20.
SEGMENT INFORMATION (continued)
## Table 1 ##
Income from continuing operations before income taxes and equity in earnings of operating joint ventures includes income from foreign operations of $2,291 million, $2,054 million and $1,835 million for the years ended December 31, 2007, 2006 and 2005, respectively.
Revenues, calculated in accordance with U. S.  GAAP, include revenues from foreign operations of $9,526 million, $8,844 million and $9,023 million for the years ended December 31, 2007, 2006 and 2005, respectively.
Included in the revenues from foreign operations are revenues from Japanese operations of $6,702 million, $6,624 million and $7,072 million for the years ended December 31, 2007, 2006 and 2005, respectively.
The Asset Management segment revenues include intersegment revenues of $306 million, $342 million and $358 million for the years ended December 31, 2007, 2006 and 2005, respectively, primarily consisting of asset-based management and administration fees and investment expenses.
Management has determined the intersegment revenues with reference to market rates.
Intersegment revenues are eliminated in consolidation in Corporate and Other
Businesses by adjusting each segment’s “income from continuing operations before income taxes and equity in earnings of operating joint ventures” for the following items: ?
realized investment gains (losses), net, except as indicated below, and related charges and adjustments; ?
net investment gains and losses on trading account assets supporting insurance liabilities and changes in experience-rated contractholder liabilities due to asset value changes; ?
the contribution to income/loss of divested businesses that have been or will be sold or exited that do not qualify for “discontinued operations” accounting treatment under U. S.  GAAP; and ?
equity in earnings of operating joint ventures.
The items above are important to an understanding of our overall results of operations.
Adjusted operating income is not a substitute for income determined in accordance with U. S.  GAAP, and our definition of adjusted operating income may differ from that used by other companies.
However, we believe that the presentation of adjusted operating income as we measure it for management purposes enhances understanding of our results of operations by highlighting the results from ongoing operations and the underlying profitability of the Financial Services Businesses.
Adjusted operating income excludes “Realized investment gains (losses), net,” except as indicated below, and related charges and adjustments.
A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses.
Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods.
The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities, as well as our tax profile.
Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of these transactions.
Similarly, adjusted operating income excludes investment gains and losses on trading account assets supporting insurance liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values will ultimately accrue to the contractholders.
Adjusted operating income excludes the results of divested businesses because they are not relevant to understanding our ongoing operating results.
The contributions to income/loss of wind-down businesses that we have not divested remain in adjusted operating income.
See Note 20 to the Consolidated Financial Statements for further information on the presentation of segment results.
As noted above, certain “Realized investment gains (losses), net,” are included in adjusted operating income.
We include in adjusted operating income the portion of our realized investment gains and losses on derivatives that arise from the termination of contracts used to hedge our foreign currency earnings in the same period that the expected earnings emerge.
Similarly, we include in adjusted operating income the portion of our realized investment gains and losses on derivatives that represent current period yield adjustments.
The realized investment gains or losses from products that are free standing derivatives, or contain embedded derivatives, along with the realized investment gains or losses from associated derivative portfolios that are part of an economic hedging program related to the risk of these products, are included in adjusted operating income.
Adjusted operating income also includes for certain embedded derivatives, as current period yield adjustments, a portion of the cumulative realized investment gains above the original fair value, on an amortized basis over the remaining life of the related security, or cumulative realized investment losses, and recoveries of such losses, in the period incurred.
Adjusted operating income also includes those realized investment gains and losses that represent profit or loss of certain of our businesses which primarily originate investments for sale or syndication to unrelated investors.
Results of Operations for Financial Services Businesses by Segment Insurance Division Individual Life Operating Results The following table sets forth the Individual Life segment’s operating results for the periods indicated.
## Table 2 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
See “—Realized Investment Gains and General Account Investments—Realized Investment Gains.
”
Results of Operations of Closed Block Business We established the Closed Block Business effective as of the date of demutualization.
The Closed Block Business includes our in force traditional domestic participating life insurance and annuity products and assets that are used for the payment of benefits and policyholder dividends on these policies, as well as other assets and equity and related liabilities that support these policies.
We no longer offer these traditional domestic participating policies.
See “—Overview—Closed Block Business” for additional details.
At the end of each year, the Board of Directors of Prudential Insurance determines the dividends payable on participating policies for the following year based on the experience of the Closed Block, including investment income, net realized and unrealized investment gains, mortality experience and other factors.
Although Closed Block experience for dividend action decisions is based upon statutory results, at the time the Closed Block was established, we developed, as required by U. S.  GAAP, an actuarial calculation of the timing of the maximum future earnings from the policies included in the Closed Block.
If actual cumulative earnings in any given period are greater than the cumulative earnings we expected, we will record this excess as a policyholder dividend obligation.
We will subsequently pay this excess to Closed Block policyholders as an additional dividend unless it is otherwise offset by future Closed Block performance that is less favorable than we originally expected.
The policyholder dividends we charge to expense within the Closed Block Business will include any change in our policyholder dividend obligation that we recognize for the excess of actual cumulative earnings in any given period over the cumulative earnings we expected in addition to the actual policyholder dividends declared by the Board of Directors of Prudential Insurance.
As of December 31, 2007, the Company has recognized a policyholder dividend obligation to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings of $732 million.
Actual cumulative earnings, as required by U. S.  GAAP, reflect the recognition of realized investment gains in the current period, as well as changes in assets and related liabilities that support the policies.
Additionally, net unrealized investment gains have arisen subsequent to the establishment of the Closed Block due to the impact of lower interest rates on the market value of fixed maturities available for sale.
These net unrealized investment gains have been reflected as a policyholder dividend obligation of $1.047 billion as of December 31, 2007, to be paid to Closed Block policyholders, unless otherwise offset by future experience, with an offsetting amount reported in accumulated other comprehensive income.
Operating Results Management does not consider adjusted operating income to assess the operating performance of the Closed Block Business.
Consequently, results of the Closed Block Business for all periods are presented only in accordance with U. S.  GAAP.
The following table sets forth the Closed Block Business U. S.  GAAP results for the periods indicated.
## Table 3 ##
Income from Continuing Operations Before Income Taxes and Equity in Earnings of Operating Joint Ventures 2007 to 2006 Annual Comparison.
Income from continuing operations before income taxes and equity in earnings of operating joint ventures decreased $113 million, from $403 million in 2006 to $290 million in 2007.
Current year results reflect an increase in dividends to policyholders of $213 million reflecting an increase in dividends paid and accrued to policyholders primarily due to an increase in the 2008 dividend scale, as well as an increase in the cumulative earnings policyholder dividend obligation expense of $92 million.
In addition, results for 2007 reflect higher claim costs that continue to increase with the aging of the Closed Block policyholders, while results for 2006 included a reserve release as a result of reserve factor updates.
These decreases to income were partially offset by an increase of $79 million in net investment income, net of interest expense, primarily related to higher income on joint venture and limited partnership investments and higher dividend income from public equity investments, and an increase of $108 million in net realized investment gains, from $481 million in 2006 to $589 million in 2007.
For a discussion of Closed Block Business realized investment gains (losses), net, see “—Realized Investment Gains and General Account Investments—Realized Investment Gains.
” 2006 to 2005 Annual Comparison.
Income from continuing operations before income taxes and equity in earnings of operating joint ventures decreased $79 million, from $482 million in 2005 to $403 million in 2006.
Results for 2006 reflect realized investment gains of $481 million as compared to $636 million in 2005, a decrease of $155 million.
For a discussion of Closed Block Business realized investment gains (losses), net, see “—Realized Investment Gains and General Account Investments—Realized Investment Gains.
” The decrease in net realized investment gains was partially offset by a decrease in dividends to policyholders of $135 million, which is comprised of a decline in the policyholder dividend obligation expense of $169 million, partially offset by a $34 million increase in dividends paid and accrued to policyholders.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Accumulated Other Comprehensive Income(Loss) (1) (in millions)</td></tr><tr><td>Interest rate derivatives</td><td>$-101</td></tr><tr><td>Cross currency derivatives</td><td>$-1</td></tr><tr><td>Foreign currency derivatives</td><td>$7</td></tr><tr><td>Commodity and other derivatives</td><td>$-1</td></tr></table>
<table><tr><td></td><td colspan="7">Year ended December 31, 2005</td></tr><tr><td></td><td>Revenues</td><td> Net Investment Income</td><td> Policyholders’ Benefits</td><td>Interest Credited to Policyholders’ Account Balances</td><td> Dividends to Policyholders</td><td> Interest Expense</td><td>Amortization of Deferred Policy Acquisition Costs</td></tr><tr><td></td><td colspan="7">(in millions)</td></tr><tr><td>Financial Services Businesses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual Life</td><td>$2,262</td><td>$496</td><td>$612</td><td>$177</td><td>$19</td><td>$66</td><td>$369</td></tr><tr><td>Individual Annuities</td><td>1,717</td><td>615</td><td>168</td><td>337</td><td>—</td><td>30</td><td>173</td></tr><tr><td>Group Insurance</td><td>4,200</td><td>591</td><td>3,214</td><td>201</td><td>—</td><td>15</td><td>3</td></tr><tr><td>Total Insurance Division</td><td>8,179</td><td>1,702</td><td>3,994</td><td>715</td><td>19</td><td>111</td><td>545</td></tr><tr><td>Asset Management</td><td>1,696</td><td>105</td><td>—</td><td>—</td><td>—</td><td>16</td><td>33</td></tr><tr><td>Financial Advisory</td><td>199</td><td>6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Retirement</td><td>4,025</td><td>3,040</td><td>1,049</td><td>1,633</td><td>—</td><td>99</td><td>21</td></tr><tr><td>Total Investment Division</td><td>5,920</td><td>3,151</td><td>1,049</td><td>1,633</td><td>—</td><td>115</td><td>54</td></tr><tr><td>International Insurance</td><td>7,671</td><td>1,299</td><td>4,776</td><td>207</td><td>89</td><td>20</td><td>390</td></tr><tr><td>International Investments</td><td>487</td><td>25</td><td>—</td><td>—</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Total International Insurance and Investments Division</td><td>8,158</td><td>1,324</td><td>4,776</td><td>207</td><td>89</td><td>22</td><td>390</td></tr><tr><td>Corporate Operations</td><td>281</td><td>647</td><td>63</td><td>-39</td><td>—</td><td>367</td><td>-79</td></tr><tr><td>Real Estate and Relocation Services</td><td>338</td><td>37</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total Corporate and Other</td><td>619</td><td>684</td><td>63</td><td>-39</td><td>—</td><td>367</td><td>-79</td></tr><tr><td>Total</td><td>22,876</td><td>6,861</td><td>9,882</td><td>2,516</td><td>108</td><td>615</td><td>910</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments</td><td>669</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Charges related to realized investment gains (losses), net</td><td>-9</td><td>—</td><td>7</td><td>2</td><td>89</td><td>—</td><td>4</td></tr><tr><td>Investment gains (losses) on trading account assets supporting insurance liabilities, net</td><td>-33</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Change in experience-rated contractholder liabilities due to asset value changes</td><td>—</td><td>—</td><td>—</td><td>44</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Divested businesses</td><td>32</td><td>13</td><td>1</td><td>—</td><td>—</td><td>1</td><td>—</td></tr><tr><td>Equity in earnings of operating joint ventures</td><td>-214</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total Financial Services Businesses</td><td>23,321</td><td>6,874</td><td>9,890</td><td>2,562</td><td>197</td><td>616</td><td>914</td></tr><tr><td>Closed Block Business</td><td>8,026</td><td>3,721</td><td>3,993</td><td>137</td><td>2,653</td><td>192</td><td>99</td></tr><tr><td>Total per Consolidated Financial Statements</td><td>$31,347</td><td>$10,595</td><td>$13,883</td><td>$2,699</td><td>$2,850</td><td>$808</td><td>$1,013</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td>2007</td><td>2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td> Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$2,594</td><td>$2,216</td><td>$2,262</td></tr><tr><td>Benefits and expenses</td><td>1,980</td><td>1,672</td><td>1,764</td></tr><tr><td>Adjusted operating income</td><td>614</td><td>544</td><td>498</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>-66</td><td>-62</td><td>29</td></tr><tr><td>Income from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$548</td><td>$482</td><td>$527</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td> U.S. GAAP results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$7,981</td><td>$7,812</td><td>$8,026</td></tr><tr><td>Benefits and expenses</td><td>7,691</td><td>7,409</td><td>7,544</td></tr><tr><td>Income from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$290</td><td>$403</td><td>$482</td></tr></table>

Question: Does the value of Individual Life forNet Investment Income greater than that in Revenues
Answer: no