Deferred Policy Acquisition Costs

A progression of deferred policy acquisition costs is presented below (in millions):



	P&C			Annuity and Run-off Long-term Care and Life
	Deferred			Deferred			Sales												Consolidated
	Costs			Costs			Inducements			PVFP			Unrealized			Total			Total
Balance at March 31, 2014	$	214		$	898		$	146		$	82		$	(450	)	$	676		$	890
Additions	127			52			1			—			—			53			180
Amortization:
Periodic amortization	(123		)	(33		)	(6		)	(3		)	—			(42		)	(165		)
Included in realized gains	—			1			—			—			—			1			1
Foreign currency translation	1			—			—			—			—			—			1
Change in unrealized	—			—			—			—			(101		)	(101		)	(101		)
Balance at June 30, 2014	$	219		$	918		$	141		$	79		$	(551	)	$	587		$	806

Balance at March 31, 2013	$	203		$	793		$	165		$	95		$	(691	)	$	362		$	565
Additions	123			49			2			—			—			51			174
Amortization:
Periodic amortization	(117		)	(46		)	(8		)	(3		)	—			(57		)	(174		)
Included in realized gains	—			1			—			—			—			1			1
Foreign currency translation	(1		)	—			—			—			—			—			(1		)
Change in unrealized	—			—			—			—			253			253			253
Balance at June 30, 2013	$	208		$	797		$	159		$	92		$	(438	)	$	610		$	818

Balance at December 31, 2013	$	211		$	875		$	149		$	85		$	(345	)	$	764		$	975
Additions	251			102			5			—			—			107			358
Amortization:
Periodic amortization	(244		)	(60		)	(13		)	(6		)	—			(79		)	(323		)
Included in realized gains	—			1			—			—			—			1			1
Foreign currency translation	1			—			—			—			—			—			1
Change in unrealized	—			—			—			—			(206		)	(206		)	(206		)
Balance at June 30, 2014	$	219		$	918		$	141		$	79		$	(551	)	$	587		$	806

Balance at December 31, 2012	$	204		$	787		$	170		$	99		$	(710	)	$	346		$	550
Additions	242			83			4			—			—			87			329
Amortization:
Periodic amortization	(237		)	(73		)	(15		)	(7		)	—			(95		)	(332		)
Included in realized gains	—			—			—			—			—			—			—
Foreign currency translation	(1		)	—			—			—			—			—			(1		)
Change in unrealized	—			—			—			—			272			272			272
Balance at June 30, 2013	$	208		$	797		$	159		$	92		$	(438	)	$	610		$	818

The present value of future profits (“PVFP”) amounts in the table above are net of $204 million and $198 million of accumulated amortization at June 30, 2014 and December 31, 2013, respectively.