Deferred Policy Acquisition Costs

6 Months Ended

Jun. 30, 2017

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, 2017	$	243		$	1,137		$	105		$	44		$	1,286		$	(324	)	$	962		$	1,205
Additions	151			66			1			—			67			—			67			218
Amortization:
Periodic amortization	(136		)	(36		)	(4		)	(2		)	(42		)	—			(42		)	(178		)
Included in realized gains	—			—			1			—			1			—			1			1
Foreign currency translation	—			—			—			—			—			—			—			—
Change in unrealized	—			—			—			—			—			(90		)	(90		)	(90		)
Balance at June 30, 2017	$	258		$	1,167		$	103		$	42		$	1,312		$	(414	)	$	898		$	1,156
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 December 31, 2016	$	238		$	1,110		$	110		$	46		$	1,266		$	(265	)	$	1,001		$	1,239
Additions	290			133			2			—			135			—			135			425
Amortization:
Periodic amortization	(271		)	(78		)	(10		)	(4		)	(92		)	—			(92		)	(363		)
Included in realized gains	—			2			1			—			3			—			3			3
Foreign currency translation	1			—			—			—			—			—			—			1
Change in unrealized	—			—			—			—			—			(149		)	(149		)	(149		)
Balance at June 30, 2017	$	258		$	1,167		$	103		$	42		$	1,312		$	(414	)	$	898		$	1,156
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

The present value of future profits (“PVFP”) amounts in the table above are net of $138 million and $134 million of accumulated amortization at June 30, 2017 and December 31, 2016, respectively.