Deferred Policy Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2012

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred policy acquisition costs consisted of the following (in millions):

	September 30, 2012			December 31, 2011
Property and casualty insurance	$	200		$	189
Annuity and supplemental insurance:
Policy acquisition costs	876			898
Policyholder sales inducements	195			207
Present value of future profits (“PVFP”)	114			144
Impact of unrealized gains and losses on securities	(764		)	(537		)
Total annuity and supplemental	421			712
	$	621		$	901

Summary of amortization of deferred acquisition costs

Amortization of deferred acquisition costs for the third quarter and first nine months of 2012 and 2011 were as follows (in millions):

	Three months ended				Nine months ended
	September 30,				September 30,
	2012		2011		2012		2011
Property and casualty insurance	$	111	$	102	$	323	$	310
Annuity and supplemental insurance:
Policy acquisition costs	27		27		86		89
Policyholder sales inducements	8		6		24		20
PVFP	5		5		14		16
Total annuity and supplemental	40		38		124		125
	$	151	$	140	$	447	$	435