management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution . includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities . we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s . treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees . 2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger . 2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) . given the focus on the mortgage market , our mortgage activities are further described below . our activities in mortgages include commercial mortgage- related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s . government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives . we buy , hold and sell long and short mortgage positions , primarily for market making for our clients . our inventory therefore changes based on client demands and is generally held for short-term periods . see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation . equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .
for 2013 , operating expenses were what percent of pre-tax earnings?
1 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 . see note 12 to the consolidated financial statements for further information about this sale . 2013 versus 2012 . net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 . net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 . the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 . in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 . in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million . 50 goldman sachs 2013 annual report .