Average Invested Assets Continue to Increase
Note: All amounts adjusted for securities lending activities, the impact of SFAS 115, receivables for investment sales,
payables on investment purchases and $900 million of cash used to repay Trust Preferred Securities on April 9, 2002
(1) Commencing 1Q03, the computation of average duration has been changed to reflect the impact of both tax-exempt investments and the net impact of securities lending activities and unsettled sales and purchase activity. All periods presented reflect 1Q03 methodology
Duration (1) 5.4 5.5 5.3 5.0 4.3