But how is it possible for premiums of $4.5 billion, but liability at yearend of $4.6 billion?
"various put options we have sold on four stock indices (the S&P 500 plus three foreign indices). These puts had original terms of either 15 or 20 years and were struck at the market. We have received premiums of $4.5 billion, and we recorded a liability at yearend of $4.6 billion."
