leverage ratio . the leverage ratio equals total assets divided by total shareholders 2019 equity and measures the proportion of equity and debt the firm is using to finance assets . this ratio is different from the tier 1 leverage ratio included in 201cequity capital 2014 consolidated regulatory capital ratios 201d below , and further described in note 20 to the consolidated financial statements . debt to equity ratio . the debt to equity ratio equals unsecured long-term borrowings divided by total shareholders 2019 equity . goldman sachs 2013 annual report 61 .
management 2019s discussion and analysis balance sheet analysis and metrics as of december 2013 , total assets on our consolidated statements of financial condition were $ 911.51 billion , a decrease of $ 27.05 billion from december 2012 . this decrease was primarily due to a decrease in financial instruments owned , at fair value of $ 67.89 billion , primarily due to decreases in u.s . government and federal agency obligations , non-u.s . government and agency obligations , derivatives and commodities , and a decrease in other assets of $ 17.11 billion , primarily due to the sale of a majority stake in our americas reinsurance business in april 2013 . these decreases were partially offset by an increase in collateralized agreements of $ 48.07 billion , due to firm and client activity . as of december 2013 , total liabilities on our consolidated statements of financial condition were $ 833.04 billion , a decrease of $ 29.80 billion from december 2012 . this decrease was primarily due to a decrease in other liabilities and accrued expenses of $ 26.35 billion , primarily due to the sale of a majority stake in both our americas reinsurance business in april 2013 and our european insurance business in december 2013 , and a decrease in collateralized financings of $ 9.24 billion , primarily due to firm financing activities . this decrease was partially offset by an increase in payables to customers and counterparties of $ 10.21 billion . as of december 2013 , our total securities sold under agreements to repurchase , accounted for as collateralized financings , were $ 164.78 billion , which was 5% ( 5 % ) higher and 4% ( 4 % ) higher than the daily average amount of repurchase agreements during the quarter ended and year ended december 2013 , respectively . the increase in our repurchase agreements relative to the daily average during 2013 was primarily due to an increase in client activity at the end of the period . as of december 2012 , our total securities sold under agreements to repurchase , accounted for as collateralized financings , were $ 171.81 billion , which was essentially unchanged and 3% ( 3 % ) higher than the daily average amount of repurchase agreements during the quarter ended and year ended december 2012 , respectively . the increase in our repurchase agreements relative to the daily average during 2012 was primarily due to an increase in firm financing activities at the end of the period . the level of our repurchase agreements fluctuates between and within periods , primarily due to providing clients with access to highly liquid collateral , such as u.s . government and federal agency , and investment-grade sovereign obligations through collateralized financing activities . the table below presents information on our assets , unsecured long-term borrowings , shareholders 2019 equity and leverage ratios. .
in millions for 2013 and 2012 , what was average total assets?
$ in millions the total assets of as of december 2013 is $ 911507 ; the total assets of as of december 2012 is $ 938555 ;
$ in millions as of december 2013 as of december 2012
total assets $ 911507 $ 938555
unsecured long-term borrowings $ 160965 $ 167305
total shareholders 2019 equity $ 78467 $ 75716
leverage ratio 11.6x 12.4x
debt to equity ratio 2.1x 2.2x