YEAR ENDED DECEMBER 31, 2012  Revenues Expenses 32 Income before income taxes and interest expense for CI’s principal segment was $524.2 million for 2012, compared  with $544.5 million in 2011. The decrease from the prior year is primarily due to the change in asset mix which reduced  management fee revenue. Other expenses were $2.0 million for the year ended December 31, 2012 compared to $4.1 million in the year ended  December 31, 2011. The decline in these expenses is primarily due to the legislated elimination of capital taxes on CI in 2011.  Amortization of deferred sales commissions and fund contracts was $168.1 million for 2012, down from $169.7 million for  the prior year. This change is consistent with the change in deferred sales commissions paid in recent years and the amount  of accelerated amortization related to redemptions of deferred load funds. Trailer fees were $389.1 million for 2012 compared with $394.1 million for 2011. Net of inter-segment amounts, this expense  was $374.0 million for the year ended December 31, 2012 versus $379.5 million for the year ended December 31, 2011. The  decline in trailer fee expense is a result of the change in asset mix, as lower trailer fees are paid on fi xed-income products  compared to equity products, and institutional funds where trailers are typically not paid. SG&A expenses for the Asset Management segment were $233.3 million for the year ended December 31, 2012, a decrease  from $235.9 million for the year ended December 31, 2011. As a percentage of average assets under management, SG&A  expenses were 0.321% in 2012 and 0.327% in 2011, as spending declined 1.1% and average assets were up 0.6%. Although  spending was increased on certain product initiatives and on in-house portfolio management teams, offsetting cost  savings were found in other areas of the business. For the year ended December 31, 2012, other revenue was $39.0 million versus $45.5 million for the year ended December 31,  2011. The largest component of other revenue is redemption fees. Redemption fees were $27.4 million for 2012 compared  with $28.6 million for 2011. The prior year also included $4.9 million in proceeds from an insurance settlement. Revenues from management fees were $1,278 million for the year ended December 31, 2012, a decrease of 2% from $1,303  million for the year ended December 31, 2011. While average assets under management were up 1% year over year, the  change in asset mix toward fixed-income products and institutional mandates reduced the average management fee rate  in 2012 to 1.760% from 1.805% in 2011. 