25 Results 2013 Americas  Amounts in USD millions Amounts in EUR millions 2013 2012 % 2013 2012 % Net underlying earnings 1,328 1,288 3% 1,001 1,002 0% Tax on underlying earnings 489 468 4% 368 364 1% Underlying earnings before tax by product  segment Life & Protection 752 746 1% 567 581 (2%) Fixed annuities 205 255 (20%) 155 198 (22%) Variable annuities 450 359 25% 339 280 21% Retail mutual funds 33 25 32% 25 19 32% Individual Savings & Retirement 688 639 8% 518 497 4% Employer Solutions & Pensions 350 319 10% 263 248 6% Canada 18 40 (55%) 14 31 (55%) Latin America 9 12 (25%) 7 9 (22%) Underlying earnings before tax 1,817 1,756 3% 1,369 1,366 0% Net fair value items (1,288) (98) - (971) (76) - Gains / (losses) on investments 149 225 (34%) 112 175 (36%) Impairment charges (56) (151) 63% (42) (117) 64% Other income / (charges) 95 (37) - 72 (28) - Run-off businesses 18 4 - 14 2 - Income before tax (excluding income tax from  certain proportionately consolidated joint  ventures and associates) 734 1,699 (57%) 553 1,322 (58%) Income tax from certain proportionately  consolidated joint ventures and associates  included in income before tax 4 4 0% 3 3 0% Income tax (142) (342) 58% (107) (266) 60% Of which Income tax from certain  proportionately consolidated joint ventures  and associates included in income before tax (4) (4) 0% (3) (3) 0% Net income 592 1,357 (56%) 446 1,056 (58%) Life insurance gross premiums 8,212 8,405 (2%) 6,187 6,541 (5%) Accident and health insurance premiums 2,372 2,356 1% 1,787 1,833 (3%) Total gross premiums 10,584 10,761 (2%) 7,975 8,374 (5%) Investment income 4,473 4,694 (5%) 3,370 3,654 (8%) Fees and commission income 1,689 1,512 12% 1,273 1,177 8% Other revenues 6 6 0% 4 5 (20%) Total revenues 16,752 16,973 (1%) 12,622 13,210 (4%) Commissions and expenses 4,332 4,276 1% 3,264 3,329 (2%) of which operating expenses 1,985 1,823 9% 1,496 1,420 5% Amounts in USD millions Amounts in EUR millions New life sales 2013 2012 % 2013 2012 % Life & Protection 505 563 (10%) 380 438 (13%) Canada 68 60 13% 51 47 9% Latin America 42 45 (7%) 32 35 (9%) Total recurring plus 1/10 single 615 668 (8%) 464 520 (11%)