Business overview  Results of operations – Americas 28 Results 2012 Americas Annual Report 2013 Amounts in USD millions Amounts in EUR millions 2012 2011 % 2012 2011 % Net underlying earnings 1,288 1,342 (4%) 1,002 965 4% Tax on underlying earnings 468 446 5% 364 321 13% Underlying earnings before tax by product  segment Life & Protection 746 791 (6%) 581 569 2% Fixed annuities 255 287 (11%) 198 206 (4%) Variable annuities 359 360 0% 280 260 8% Retail mutual funds 25 23 9% 19 16 19% Individual Savings & Retirement 639 670 (5%) 497 482 3% Employer Solutions & Pensions 319 278 15% 248 200 24% Canada 40 48 (17%) 31 35 (11%) Latin America 12 1 - 9 - - Underlying earnings before tax 1,756 1,788 (2%) 1,366 1,286 6% Net fair value items (98) (663) 85% (76) (477) 84% Gains / (losses) on investments 225 166 36% 175 119 47% Impairment charges (151) (349) 57% (117) (250) 53% Other income / (charges) (37) (49) 24% (28) (35) 20% Run-off businesses 4 41 90% 2 28 (93%) Income before tax (excluding income tax from  certain proportionately consolidated joint  ventures and associates) 1,699 934 82% 1,322 671 97% Income tax from certain proportionately  consolidated joint ventures and associates  included in income before tax 4 1 - 3 1 - Income tax (342) (27) - (266) (20) - Of which Income tax from certain  proportionately consolidated joint ventures  and associates included in income before tax (4) (1) - (3) (1) - Net income 1,357 907 50% 1,056 651 62% Life insurance gross premiums 8,405 8,350 1% 6,541 6,004 9% Accident and health insurance premiums 2,356 2,326 1% 1,833 1,672 10% Total gross premiums 10,761 10,676 1% 8,374 7,676 9% Investment income 4,694 4,959 (5%) 3,654 3,565 2% Fees and commission income 1,512 1,066 42% 1,177 766 54% Other revenues 6 2 - 5 1 - Total revenues 16,973 16,703 2% 13,210 12,008 10% Commissions and expenses 4,276 4,922 (13%) 3,329 3,540 (6%) of which operating expenses 1,823 1,931 (6%) 1,420 1,389 2%