Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2014

DeferredPolicyAcquisitionCostsDisclosuresAbstract

DeferredPolicyAcquisitionCostsTextBlock

4. DEFERRED POLICY ACQUISITION COSTSThe balances of and changes in DAC as of and for the years ended December 31,are as follows:

			2014		2013		2012
	(in thousands)
Balance, beginning of year		$	1,345,504	$	906,814	$	666,764
Capitalization of commissions, sales and issue expenses			2,804		4,050		25,081
Amortization - Impact of Assumption and experience unlocking and true-ups			91,895		31,666		274,503
Amortization - All Other			(330,311)		353,895		(86,461)
Changes in unrealized investment gains and losses			4,539		49,079		26,927
Balance, end of year		$	1,114,431	$	1,345,504	$	906,814