Table of Contents ADOBE INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Stock Options The 2003 Plan allows us to grant options to all employees, including executive officers, outside consultants and nonemployee directors.
This plan will continue until the earlier of (i) termination by the Board or (ii) the date on which all of the shares available for issuance under the plan have been issued and restrictions on issued shares have lapsed.
Option vesting periods used in the past were generally four years and expire seven years from the effective date of grant.
We eliminated the use of stock option grants for all employees and non-employee directors but may choose to issue stock options in the future.
Performance Share Programs Our 2018, 2017 and 2016 Performance Share Programs aim to help focus key employees on building stockholder value, provide significant award potential for achieving outstanding Company performance and enhance the ability of the Company to attract and retain highly talented and competent individuals.
The Executive Compensation Committee of our Board of Directors approves the terms of each of our Performance Share Programs, including the award calculation methodology, under the terms of our 2003 Plan.
Shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period.
Performance share awards will be awarded and fully vest upon the later of the Executive Compensation Committee's certification of the level of achievement or the three-year anniversary of each grant.
Program participants generally have the ability to receive up to 200% of the target number of shares originally granted.
On January 24, 2018, the Executive Compensation Committee approved the 2018 Performance Share Program, the terms of which are similar to prior year performance share programs as discussed above.
As of November 30, 2018, the shares awarded under our 2018, 2017 and 2016 Performance Share Programs are yet to be achieved.
Issuance of Shares Upon exercise of stock options, vesting of restricted stock units and performance shares, and purchases of shares under the ESPP, we will issue treasury stock.
If treasury stock is not available, common stock will be issued.
In order to minimize the impact of on-going dilution from exercises of stock options and vesting of restricted stock units and performance shares, we instituted a stock repurchase program.
See Note 12 for information regarding our stock repurchase programs.
Valuation of Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award.
Our performance share awards are valued using a Monte Carlo Simulation model.
The fair value of the awards are fixed at grant date and amortized over the longer of the remaining performance or service period.
We use the Black-Scholes option pricing model to determine the fair value of ESPP shares.
The determination of the fair value of stock-based payment awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables.
These variables include our expected stock price volatility over the expected term of the awards, actual and projected employee stock option exercise behaviors, a risk-free interest rate and any expected dividends.
The expected term of ESPP shares is the average of the remaining purchase periods under each offering period.
The assumptions used to value employee stock purchase rights were as follows:
## Table 0 ##
Activity in the reserve for future policy benefits is summarized for the periods indicated:
## Table 1 ##
Investments.
The board of directors of each of the Company’s operating subsidiaries is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.
The Company’s principal investment objectives are to ensure funds are available to meet its insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high quality diversified investment portfolio.
Considering these objectives, the Company views its investment portfolio as having two components: 1) the investments needed to satisfy outstanding liabilities (its core fixed maturities portfolio) and 2) investments funded by the Company’s shareholders’ equity.
For the portion needed to satisfy global outstanding liabilities, the Company generally invests in taxable and tax-preferenced fixed income securities with an average credit quality of Aa3.
For the U. S.  portion of this portfolio, the Company’s mix of taxable and tax-preferenced investments is adjusted periodically, consistent with the Company’s current and projected U. S.  operating results, market conditions and our tax position.
This global fixed maturity securities portfolio is externally managed by an independent, professional investment manager using portfolio guidelines approved by the Company.
Over the past several years, the Company has expanded the allocation of its investments funded by shareholders’ equity to include: 1) a greater percentage of publicly traded equity securities, 2) emerging market fixed maturities through mutual fund structures, as well as individual holdings, 3) high yield fixed maturities, 4) bank and private loan securities and 5) private equity limited partnership investments.
The objective of this portfolio diversification is to enhance the risk-adjusted total return of the investment portfolio by allocating a prudent portion of the portfolio to higher return asset classes, which are also less subject to changes in value with movements in interest rates.
The Company limits its allocation to these asset classes because of 1) the potential for volatility in their values and 2) the impact of these investments on regulatory and rating agency capital adequacy models.
The Company uses investment managers experienced in these markets and adjusts its allocation to these investments based upon market conditions.
At December 31, 2017, the market value of investments in these investment market sectors, carried at both market and fair value, approximated 49% of shareholders’ equity.
The duration of an investment is based on the maturity of the security but also reflects the payment of interest and the possibility of early prepayments.
The Company’s fixed income investment guidelines include a general duration guideline.
This investment duration guideline is established and periodically revised by management, which considers economic and business factors, as well as the Company’s average duration of potential liabilities, which, at December 31, 2017, is estimated at approximately 3.7 years, based on the estimated payouts of underwriting liabilities using standard duration calculations.
The duration of the fixed income portfolio at December 31, 2017 and 2016 was 3.1 years and 3.3 years, respectively.
The Company has shortened the duration of its portfolio in recent years in response to very low available yields, particularly on securities with longer maturities.
As a result, the Company has focused on purchasing high quality, shorter duration investments and investments with floating rate yields.
These investments will be less subject to decline in market value if interest rates rise in the future, as forecasted by most investment analysts.
For each currency in which the Company has established substantial loss and LAE reserves, the Company seeks to maintain invested assets denominated in such currency in an amount approximately equal to the
with ceding companies from its Bermuda office and reinsurance to the United Kingdom and European markets through its UK branch and Ireland Re.
The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U. S. , Canada and Europe.
These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.
Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.
Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses.
We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.
For inter-affiliate reinsurance and business written through the Lloyd’s Syndicate, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed.
The Company does not maintain separate balance sheet data for its operating segments.
Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data.
Our loss and LAE reserves are management’s best estimate of our ultimate liability for unpaid claims.
We reevaluate our estimates on an ongoing basis, including all prior period reserves, taking into consideration all available information and, in particular, recently reported loss claim experience and trends related to prior periods.
Such re-evaluations are recorded in incurred losses in the period in which re-evaluation is made.
The following discusses the underwriting results for each of our segments for the periods indicated.
U. S.  Reinsurance.
The following table presents the underwriting results and ratios for the U. S.  Reinsurance segment for the periods indicated.
## Table 2 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Expected life (in years)</td><td>0.5 - 2.0</td><td>0.5 - 2.0</td><td>0.5 - 2.0</td></tr><tr><td>Volatility</td><td>26% - 29%</td><td>22% - 27%</td><td>26 - 29%</td></tr><tr><td>Risk free interest rate</td><td>1.54% - 2.52%</td><td>0.62% - 1.41%</td><td>0.37 - 1.06%</td></tr></table>
<table><tr><td></td><td colspan="3">At December 31,</td></tr><tr><td>(Dollars in millions)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Balance at beginning of year</td><td>$55.1</td><td>$58.9</td><td>$59.8</td></tr><tr><td>Liabilities assumed</td><td>0.1</td><td>0.2</td><td>0.3</td></tr><tr><td>Adjustments to reserves</td><td>-0.4</td><td>0.3</td><td>2.3</td></tr><tr><td>Benefits paid in the current year</td><td>-3.7</td><td>-4.3</td><td>-3.5</td></tr><tr><td>Balance at end of year</td><td>$51.0</td><td>$55.1</td><td>$58.9</td></tr><tr><td>(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td><td colspan="2">2017/2016</td><td colspan="2">2016/2015</td></tr><tr><td>(Dollars in millions)</td><td>2017</td><td>2016</td><td>2015</td><td>Variance</td><td>% Change</td><td>Variance</td><td>% Change</td></tr><tr><td>Gross written premiums</td><td>$2,593.0</td><td>$2,125.8</td><td>$2,147.9</td><td>$467.2</td><td>22.0%</td><td>$-22.1</td><td>-1.0%</td></tr><tr><td>Net written premiums</td><td>2,245.4</td><td>1,970.6</td><td>1,855.9</td><td>274.8</td><td>13.9%</td><td>114.7</td><td>6.2%</td></tr><tr><td>Premiums earned</td><td>$2,181.2</td><td>$2,072.2</td><td>$1,952.7</td><td>$109.0</td><td>5.3%</td><td>$119.5</td><td>6.1%</td></tr><tr><td>Incurred losses and LAE</td><td>1,632.8</td><td>1,068.5</td><td>825.1</td><td>564.3</td><td>52.8%</td><td>243.4</td><td>29.5%</td></tr><tr><td>Commission and brokerage</td><td>462.5</td><td>466.0</td><td>493.3</td><td>-3.5</td><td>-0.7%</td><td>-27.3</td><td>-5.5%</td></tr><tr><td>Other underwriting expenses</td><td>55.9</td><td>54.1</td><td>50.1</td><td>1.8</td><td>3.3%</td><td>4.0</td><td>8.0%</td></tr><tr><td>Underwriting gain (loss)</td><td>$30.0</td><td>$483.6</td><td>$584.3</td><td>$-453.6</td><td>-93.8%</td><td>$-100.6</td><td>-17.2%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Point Chg</td><td></td><td>Point Chg</td></tr><tr><td>Loss ratio</td><td>74.9%</td><td>51.6%</td><td>42.3%</td><td></td><td>23.3</td><td></td><td>9.3</td></tr><tr><td>Commission and brokerage ratio</td><td>21.2%</td><td>22.5%</td><td>25.3%</td><td></td><td>-1.3</td><td></td><td>-2.8</td></tr><tr><td>Other underwriting expense ratio</td><td>2.5%</td><td>2.6%</td><td>2.5%</td><td></td><td>-0.1</td><td></td><td>0.1</td></tr><tr><td>Combined ratio</td><td>98.6%</td><td>76.7%</td><td>70.1%</td><td></td><td>21.9</td><td></td><td>6.6</td></tr><tr><td>(NM, not meaningful)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: What is the total value of Net written premiums, Premiums earned, Incurred losses and LAE and Commission and brokerage in 2016 ? (in million)
Answer: 5577.3
Reasoning program: add(1970.6,2072.2), add(#0,1068.5), add(#1,466)