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Deferred Policy Acquisition Costs
 3 Months Ended
Mar. 31, 2012
Deferred Policy Acquisition Costs [Abstract]  
Deferred Policy Acquisition Costs Deferred Policy Acquisition Costs
F. Deferred Policy Acquisition Costs

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

 

 

                 
    March 31,
2012		     December 31,
2011		  
   

Property and casualty insurance

   $ 191     $ 189  

Annuity and supplemental insurance:

                

Policy acquisition costs

     922       898  

Policyholder sales inducements

     203       207  

Present value of future profits (“PVFP”)

     139       144  

Impact of unrealized gains and losses on securities

     (539 )      (537 ) 
   

 

 

    

 

 

  

Total annuity and supplemental

     725       712  
   

 

 

    

 

 

  
    $ 916     $ 901  
   

 

 

    

 

 

  

See Accounting Standards Adopted in 2012 under Note A – “Accounting Policies.” The PVFP amounts in the table above are net of $200 million and $195 million of accumulated amortization at March 31, 2012 and December 31, 2011, respectively. Amortization of the PVFP was $5 million in the first quarter of 2012 and $6 million in the first quarter of 2011.