comprised of the S&P 500 Index, the MSCI EAFE Index and MSCI EM Index.
Both options offer two crediting durations, one-year and two-year.
The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account.
The Company also offers term life insurance as well as disability products.
The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.
Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.
The balance of insurance liabilities related to unpaid reported claims and claim adjustment expenses for auto and home was $640 million and $518 million as of December 31, 2015 and 2014, respectively.
The balance of insurance liabilities related to unpaid reported claims and claim adjustment expenses for life, DI and LTC policies was $1.1 billion and $1.0 billion as of December 31, 2015 and 2014, respectively.
The change in the liability for prior year incurred unpaid reported claims and claim adjustment expenses related to auto and home, life, DI and LTC policies was a decrease of $2 million, an increase of $9 million and an increase of $2 million for the years 2015, 2014 and 2013, respectively.  ?
In 2015, there was a $60 million decrease primarily reflecting favorable closed claim trends of DI and LTC policies and from an update to assumptions related to life rider benefits partially offset by an increase of $58 million related to elevated frequency and severity experience for auto injury claims for 2014 and prior accident years as well as a more gradual than anticipated improvement of 2014 and prior years existing claims and unfavorable prior year catastrophe reserve development associated with 2014 hail storms.  ?
In 2014, there was a $42 million decrease related to favorable closed claim trends primarily related to DI and LTC policies more than offset by a $54 million increase primarily reflecting adverse development in the 2013 and prior accident years auto liability coverage.  ?
In 2013, there was a $38 million decrease related to favorable closed claim trends primarily related to DI and LTC policies more than offset by a $42 million increase reflecting the unfavorable prior year reserve development for 2009 through 2012 auto liability claims and prior year catastrophe reserve development related to Superstorm Sandy.
Portions of the Company’s fixed and variable universal life policies have product features that result in profits followed by losses from the insurance component of the policy.
These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the policy.
The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges.
Threadneedle Investment Liabilities Threadneedle provides a range of unitized pooled pension funds, which invest in property, stocks, bonds and cash.
The investments are selected by the clients and are based on the level of risk they are willing to assume.
All investment performance, net of fees, is passed through to the investors.
The value of the liabilities represents the fair value of the pooled pension funds.
Separate Account Liabilities Separate account liabilities consisted of the following:
## Table 0 ##
11.
Variable Annuity and Insurance Guarantees The majority of the variable annuity contracts offered by the Company contain GMDB provisions.
The Company also offers variable annuities with GGU, GMWB and GMAB provisions.
The Company previously offered contracts containing GMIB provisions.
See Note 2 and Note 10 for additional information regarding the Company’s variable annuity guarantees.
The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity.
The following is a summary of the payments the Company is scheduled to make and receive for these options:
## Table 1 ##
Actual timing and payment amounts may differ due to future contract settlements, modifications or exercises of options prior to the full premium being paid or received.
The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities.
As a means of economically hedging these risks, the Company uses a combination of options and/or swaps.
Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts.
The Company’s macro hedge derivatives are included in Other contracts in the tables above.
EIA, IUL and stock market certificate products have returns tied to the performance of equity markets.
As a result of fluctuations in equity markets, the obligation incurred by the Company related to EIA, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products.
The equity component of the EIA, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings.
As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts.
The Company enters into futures and commodity swaps to manage its exposure to price risk arising from seed money investments in proprietary investment products.
The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions.
The Company enters into futures contracts to economically hedge its exposure related to compensation plans.
Cash Flow Hedges The Company has designated and accounts for the following as cash flow hedges: (i) interest rate swaps to hedge interest rate exposure on debt, (ii) interest rate lock agreements to hedge interest rate exposure on debt issuances and (iii) swaptions used to hedge the risk of increasing interest rates on forecasted fixed premium product sales.
For all years ended December 31, 2015, 2014 and 2013, amounts recognized in earnings related to cash flow hedges due to ineffectiveness were $1 million.
The estimated net amount of existing pretax losses as of December 31, 2015 that the Company expects to reclassify to earnings within the next twelve months is $4 million, which consists of $2 million of pretax gains to be recorded as a reduction to interest and debt expense and $6 million of pretax losses to be recorded in net investment income.
Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 20 years and relates to forecasted debt interest payments.
See Note 18 for a rollforward of net unrealized derivative gains (losses) included in AOCI related to cash flow hedges.
Fair Value Hedges In 2010, the Company entered into and designated as fair value hedges three interest rate swaps to convert senior notes due 2015, 2019 and 2020 from fixed rate debt to floating rate debt.
The interest rate swaps related to the senior notes due 2015 matured in the fourth quarter of 2015.
The swaps have identical terms as the underlying debt being hedged so no ineffectiveness is expected to be realized.
The Company recognizes gains and losses on the derivatives and the related
rates, partially offset by a benefit from updating our variable annuity living benefit withdrawal utilization assumption.
See our Consolidated and Segment Results of Operations sections below for the pretax impacts on our revenues and expenses attributable to unlocking and additional discussion of the drivers of the unlocking impact.
We consolidate certain collateralized loan obligations (‘‘CLOs’’) and property funds for which we provide asset management services.
These entities are defined as consolidated investment entities (‘‘CIEs’’).
While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results.
For further information on CIEs, see Note 4 to our Consolidated Financial Statements.
Changes in the valuation of the CIE assets and liabilities impact pretax income.
The net income (loss) of the CIEs is reflected in net income (loss) attributable to noncontrolling interests.
The results of operations of the CIEs are reflected in the Corporate & Other segment.
On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in the assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in net investment income.
We continue to include the fees from these entities in the management and financial advice fees line within our Asset Management segment.
While our consolidated financial statements are prepared in accordance with U. S.  generally accepted accounting principles (‘‘GAAP’’), management believes that operating measures, which exclude net realized investment gains or losses, net of the related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on variable annuity guaranteed benefits, net of hedges and the related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.
Management uses certain of these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors.
Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters.
Throughout our Management’s Discussion and Analysis, these non-GAAP measures are referred to as operating measures.
These non-GAAP measures should not be viewed as a substitute for U. S.  GAAP measures.
It is management’s priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.
Our financial targets are: ?
Operating total net revenue growth of 6% to 8%, ?
Operating earnings per diluted share growth of 12% to 15%, and ?
Operating return on equity excluding accumulated other comprehensive income (‘‘AOCI’’) of 19% to 23%.
The following tables reconcile our GAAP measures to operating measures:
## Table 2 ##
Advice & Wealth Management The following table presents the changes in wrap account assets and average balances for the years ended December 31:
## Table 3 ##
(1) Beginning April 1, 2014, net flows reflect all additions and withdrawals to and from the SPS wrap account program.
Prior to April 1, 2014, additions and withdrawals to and from certain non-billable investments of this program were reflected in the Market appreciation and other line and purchases and sales of billable investments were reported in the Net flows line.
Nets flows for the SPS program are now reported on a consistent basis with our other wrap account programs.
(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts.
Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(3) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.
Wrap account assets increased $5.8 billion, or 3%, during the year ended December 31, 2015 due to net inflows of $11.1 billion, partially offset by market depreciation and other of $5.3 billion.
Average advisory wrap account assets increased $14.6 billion, or 9%, compared to the prior year primarily due to net inflows and market appreciation.
The following table presents the results of operations of our Advice & Wealth Management segment on an operating basis:
## Table 4 ##
Our Advice & Wealth Management segment pretax operating earnings, which exclude net realized investment gains or losses, increased $67 million, or 8%, to $859 million for the year ended December 31, 2015 compared to $792 million for the prior year primarily due to strong growth in wrap account assets and continued expense management.
Pretax operating margin was 17.1% for the year ended December 31, 2015 compared to 16.5% for the prior year.
Net Revenues Net revenues exclude net realized investment gains or losses.
Net revenues increased $207 million, or 4%, to $5.0 billion for the year ended December 31, 2015 compared to $4.8 billion for the prior year primarily reflecting growth in wrap account assets.
Operating net revenue per branded advisor increased to $514,000 for the year ended December 31, 2015, up 4% from $496,000 for the prior year driven by asset growth.
Total branded advisors were 9,789 at December 31, 2015 compared to 9,672 at December 31, 2014.
Management and financial advice fees increased $216 million, or 9%, to $2.6 billion for the year ended December 31, 2015 compared to $2.4 billion for the prior year driven by growth in wrap account assets.
Average advisory wrap account assets increased $14.6 billion, or 9%, to $178.5 billion at December 31, 2015 compared to the prior year primarily due to net inflows and market appreciation.
See our discussion of the changes in wrap account assets above.
PART II ITEM 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our class A common stock has been listed on the New York Stock Exchange under the symbol “V” since March 19, 2008.
At November 8, 2019, we had 348 stockholders of record of our class A common stock.
The number of beneficial owners is substantially greater than the number of record holders, because a large portion of our class A common stock is held in “street name” by banks and brokers.
There is currently no established public trading market for our class B or C common stock.
There were 1,397 and 509 holders of record of our class B and C common stock, respectively, as of November 8, 2019.
On October 22, 2019, our board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and series B and C preferred stock on an as-converted basis) payable on December 3, 2019, to holders of record as of November 15, 2019 of our common and preferred stock.
Subject to legally available funds, we expect to continue paying quarterly cash dividends on our outstanding common and preferred stock in the future.
However, the declaration and payment of future dividends is at the sole discretion of our board of directors after taking into account various factors, including our financial condition, settlement indemnifications, operating results, available cash and current and anticipated cash needs.
Issuer Purchases of Equity Securities The table below sets forth our purchases of common stock during the quarter ended September 30, 2019.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Variable annuity</td><td>$69,333</td><td>$72,125</td></tr><tr><td>VUL insurance</td><td>6,637</td><td>7,016</td></tr><tr><td>Other insurance</td><td>34</td><td>37</td></tr><tr><td>Threadneedle investment liabilities</td><td>4,345</td><td>4,078</td></tr><tr><td>Total</td><td>$80,349</td><td>$83,256</td></tr></table>
<table><tr><td></td><td>Premiums Payable</td><td>Premiums Receivable</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>2016</td><td>$331</td><td>$76</td></tr><tr><td>2017</td><td>273</td><td>76</td></tr><tr><td>2018</td><td>221</td><td>126</td></tr><tr><td>2019</td><td>264</td><td>128</td></tr><tr><td>2020</td><td>198</td><td>59</td></tr><tr><td>2021-2027</td><td>633</td><td>176</td></tr><tr><td>Total</td><td>$1,920</td><td>$641</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Total net revenues</td><td>$12,170</td><td>$12,268</td></tr><tr><td>Less: Revenue attributable to CIEs</td><td>446</td><td>651</td></tr><tr><td>Less: Net realized investment gains</td><td>4</td><td>37</td></tr><tr><td>Less: Market impact on indexed universal life benefits</td><td>7</td><td>-11</td></tr><tr><td>Less: Market impact of hedges on investments</td><td>-21</td><td>—</td></tr><tr><td>Operating total net revenues</td><td>$11,734</td><td>$11,591</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="2">(in billions)</td></tr><tr><td>Beginning balance</td><td>$174.7</td><td>$153.5</td></tr><tr><td>Net flows<sup>-1</sup></td><td>11.1</td><td>14.2</td></tr><tr><td>Market appreciation (depreciation) and other<sup>(1)</sup></td><td>-5.3</td><td>7.0</td></tr><tr><td>Ending balance</td><td>$180.5</td><td>$174.7</td></tr><tr><td>Advisory wrap account assets ending balance<sup>-2</sup></td><td>$178.9</td><td>$173.5</td></tr><tr><td>Average advisory wrap account assets<sup>-3</sup></td><td>$178.5</td><td>$163.9</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2015</td><td>2014</td><td colspan="2">Change</td></tr><tr><td></td><td colspan="3">(in millions)</td><td></td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$2,629</td><td>$2,413</td><td>$216</td><td>9%</td></tr><tr><td>Distribution fees</td><td>2,195</td><td>2,213</td><td>-18</td><td>-1</td></tr><tr><td>Net investment income</td><td>146</td><td>136</td><td>10</td><td>7</td></tr><tr><td>Other revenues</td><td>73</td><td>72</td><td>1</td><td>1</td></tr><tr><td>Total revenues</td><td>5,043</td><td>4,834</td><td>209</td><td>4</td></tr><tr><td>Banking and deposit interest expense</td><td>30</td><td>28</td><td>2</td><td>7</td></tr><tr><td>Total net revenues</td><td>5,013</td><td>4,806</td><td>207</td><td>4</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>3,081</td><td>2,943</td><td>138</td><td>5</td></tr><tr><td>Interest and debt expense</td><td>8</td><td>6</td><td>2</td><td>33</td></tr><tr><td>General and administrative expense</td><td>1,065</td><td>1,065</td><td>—</td><td>—</td></tr><tr><td>Total expenses</td><td>4,154</td><td>4,014</td><td>140</td><td>3</td></tr><tr><td>Operating earnings</td><td>$859</td><td>$792</td><td>$67</td><td>8%</td></tr></table>

Question: What's the average of Beginning balance in 2015 and 2014? (in billion)
Answer: 164.1
Reasoning program: add(174.7,153.5), divide(#0,const_2)