Deferred Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2015

Activity Impacting Deferred Acquisition Costs

The following table presents the activity impacting deferred acquisition costs (“DAC”) for the dates indicated:

	As of or for the nine months ended September 30,
(Amounts in millions)	2015			2014
Unamortized beginning balance	$	5,197		$	5,211
Impact of foreign currency translation		(20	)		(6	)
Costs deferred		226			282
Amortization, net of interest accretion		(265	)		(281	)
Impairment		(455	)		—
Unamortized ending balance		4,683			5,206
Accumulated effect of net unrealized investment (gains) losses		(246	)		(336	)
Ending balance	$	4,437		$	4,870