Deferred Policy Acquisition Costs

6 Months Ended

Jun. 30, 2016

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

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			Subtotal			Unrealized			Total			Total
Balance at March 31, 2016	$	224		$	1,063		$	119		$	53		$	1,235		$	(404	)	$	831		$	1,055
Additions	139			56			2			—			58			—			58			197
Amortization:
Periodic amortization	(128		)	(32		)	(6		)	(2		)	(40		)	—			(40		)	(168		)
Included in realized gains	—			2			1			—			3			—			3			3
Foreign currency translation	(1		)	—			—			—			—			—			—			(1		)
Change in unrealized	—			—			—			—			—			(205		)	(205		)	(205		)
Balance at June 30, 2016	$	234		$	1,089		$	116		$	51		$	1,256		$	(609	)	$	647		$	881
Balance at March 31, 2015	$	217		$	942		$	128		$	71		$	1,141		$	(602	)	$	539		$	756
Additions	137			46			1			—			47			—			47			184
Amortization:
Periodic amortization	(130		)	(55		)	(7		)	(3		)	(65		)	—			(65		)	(195		)
Included in realized gains	—			1			1			—			2			—			2			2
Foreign currency translation	(1		)	—			—			—			—			—			—			(1		)
Change in unrealized	—			—			—			—			—			219			219			219
Balance at June 30, 2015	$	223		$	934		$	123		$	68		$	1,125		$	(383	)	$	742		$	965
Balance at December 31, 2015	$	226		$	1,018		$	119		$	55		$	1,192		$	(234	)	$	958		$	1,184
Additions	271			124			7			—			131			—			131			402
Amortization:
Periodic amortization	(262		)	(57		)	(11		)	(4		)	(72		)	—			(72		)	(334		)
Included in realized gains	—			4			1			—			5			—			5			5
Foreign currency translation	(1		)	—			—			—			—			—			—			(1		)
Change in unrealized	—			—			—			—			—			(375		)	(375		)	(375		)
Balance at June 30, 2016	$	234		$	1,089		$	116		$	51		$	1,256		$	(609	)	$	647		$	881
Balance at December 31, 2014	$	221		$	925		$	132		$	74		$	1,131		$	(531	)	$	600		$	821
Additions	258			90			4			—			94			—			94			352
Amortization:
Periodic amortization	(256		)	(84		)	(14		)	(6		)	(104		)	—			(104		)	(360		)
Included in realized gains	—			3			1			—			4			—			4			4
Foreign currency translation	—			—			—			—			—			—			—			—
Change in unrealized	—			—			—			—			—			148			148			148
Balance at June 30, 2015	$	223		$	934		$	123		$	68		$	1,125		$	(383	)	$	742		$	965

The present value of future profits (“PVFP”) amounts in the table above are net of $129 million and $125 million of accumulated amortization at June 30, 2016 and December 31, 2015, respectively.