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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)
 12 Months Ended
Dec. 31, 2013
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract]  
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired
Information regarding DAC and VOBA was as follows:
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
(In millions)
DAC
 
 
 
 
 
Balance at January 1,
$
17,150

 
$
15,240

 
$
13,377

Capitalizations
4,786

 
5,289

 
5,558

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
192

 
(40
)
 
(478
)
Other expenses
(2,812
)
 
(2,875
)
 
(2,614
)
Total amortization
(2,620
)
 
(2,915
)
 
(3,092
)
Unrealized investment gains (losses)
924

 
(516
)
 
(427
)
Effect of foreign currency translation and other
(466
)
 
52

 
(176
)
Balance at December 31,
19,774

 
17,150

 
15,240

VOBA
 
 
 
 
 
Balance at January 1,
7,611

 
9,379

 
11,088

Acquisitions (1)
947

 
55

 
11

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
3

 
(1
)
 
(49
)
Other expenses
(933
)
 
(1,283
)
 
(1,757
)
Total amortization
(930
)
 
(1,284
)
 
(1,806
)
Unrealized investment gains (losses)
358

 
(197
)
 
(361
)
Effect of foreign currency translation and other
(1,054
)
 
(342
)
 
447

Balance at December 31,
6,932

 
7,611

 
9,379

Total DAC and VOBA
 
 
 
 
 
Balance at December 31,
$
26,706

 
$
24,761

 
$
24,619


______________
(1) See Note 3 for a description of acquisitions.
Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
 
December 31,
 
2013
 
2012
 
(In millions)
Retail
$
12,882

 
$
11,500

Group, Voluntary & Worksite Benefits
382

 
382

Corporate Benefit Funding
99

 
96

Latin America
2,201

 
1,231

Asia
9,077

 
9,554

EMEA
2,039

 
1,998

Corporate & Other
26

 
—

Total
$
26,706

 
$
24,761
Deferred Sales Inducements, Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired
Information regarding other policy-related intangibles was as follows:
 
Years Ended December 31,
 
2013
 
2012
 
2011
 
(In millions)
Deferred Sales Inducements
 
 
 
 
 
Balance at January 1,
$
930

 
$
926

 
$
918

Capitalization
58

 
81

 
140

Amortization
(36
)
 
(77
)
 
(132
)
Effect of foreign currency translation
(2
)
 
—

 
—

Balance at December 31,
$
950

 
$
930

 
$
926

VODA and VOCRA
 
 
 
 
 
Balance at January 1,
$
1,108

 
$
1,264

 
$
1,094

Acquisitions
—

 
—

 
213

Amortization (1)
(84
)
 
(150
)
 
(60
)
Effect of foreign currency translation
(49
)
 
(6
)
 
17

Balance at December 31,
$
975

 
$
1,108

 
$
1,264

Accumulated amortization
$
418

 
$
334

 
$
184

Negative VOBA
 
 
 
 
 
Balance at January 1,
$
2,916

 
$
3,657

 
$
4,287

Acquisitions
—

 
10

 
7

Amortization
(579
)
 
(622
)
 
(697
)
Effect of foreign currency translation
(175
)
 
(129
)
 
60

Balance at December 31,
$
2,162

 
$
2,916

 
$
3,657

Accumulated amortization
$
1,962

 
$
1,383

 
$
761

____________

(1)
In connection with the Company’s annual impairment testing of VOCRA, it was determined that the VOCRA included in the Group, Voluntary & Worksite Benefits segment, associated with a previously acquired dental business, was impaired as the undiscounted future cash flows associated with the asset were lower than its current carrying value. This shortfall in undiscounted future cash flows is primarily the result of actual persistency experience being less favorable than what was assumed when the asset was acquired. As a result of this impairment, the Company wrote the asset down to its estimated fair value, which was determined using the discounted cash flow valuation approach. The Company recorded a non-cash charge of $77 million ($50 million, net of income tax) for the impairment of the VOCRA balance to other expenses in the consolidated statement of operations for the year ended December 31, 2012.
Estimated Future Amortization Expense (Credit)
The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows:
 
VOBA
 
VODA and VOCRA
 
Negative VOBA
 
(In millions)
2014
$
846

 
$
80

 
$
(438
)
2015
$
700

 
$
79

 
$
(353
)
2016
$
596

 
$
75

 
$
(271
)
2017
$
516

 
$
71

 
$
(154
)
2018
$
448

 
$
66

 
$
(68
)