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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables)
 12 Months Ended
Dec. 31, 2014
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,
 
2014
 
2013
 
2012
 
(In millions)
DAC
 
 
 
 
 
Balance at January 1,
$
19,774

 
$
17,150

 
$
15,240

Capitalizations
4,183

 
4,786

 
5,289

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
(39
)
 
192

 
(40
)
Other expenses
(3,372
)
 
(2,812
)
 
(2,875
)
Total amortization
(3,411
)
 
(2,620
)
 
(2,915
)
Unrealized investment gains (losses)
(676
)
 
924

 
(516
)
Effect of foreign currency translation and other
(886
)
 
(466
)
 
52

Balance at December 31,
18,984

 
19,774

 
17,150

VOBA
 
 
 
 
 
Balance at January 1,
6,932

 
7,611

 
9,379

Acquisitions (1)
—

 
947

 
55

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
(1
)
 
3

 
(1
)
Other expenses
(720
)
 
(933
)
 
(1,283
)
Total amortization
(721
)
 
(930
)
 
(1,284
)
Unrealized investment gains (losses)
(26
)
 
358

 
(197
)
Effect of foreign currency translation and other
(727
)
 
(1,054
)
 
(342
)
Balance at December 31,
5,458

 
6,932

 
7,611

Total DAC and VOBA
 
 
 
 
 
Balance at December 31,
$
24,442

 
$
26,706

 
$
24,761


______________
(1)     See Note 3 for a description of acquisitions.
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired
Information regarding DAC and VOBA was as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
DAC
 
 
 
 
 
Balance at January 1,
$
19,774

 
$
17,150

 
$
15,240

Capitalizations
4,183

 
4,786

 
5,289

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
(39
)
 
192

 
(40
)
Other expenses
(3,372
)
 
(2,812
)
 
(2,875
)
Total amortization
(3,411
)
 
(2,620
)
 
(2,915
)
Unrealized investment gains (losses)
(676
)
 
924

 
(516
)
Effect of foreign currency translation and other
(886
)
 
(466
)
 
52

Balance at December 31,
18,984

 
19,774

 
17,150

VOBA
 
 
 
 
 
Balance at January 1,
6,932

 
7,611

 
9,379

Acquisitions (1)
—

 
947

 
55

Amortization related to:
 
 
 
 
 
Net investment gains (losses) and net derivative gains (losses)
(1
)
 
3

 
(1
)
Other expenses
(720
)
 
(933
)
 
(1,283
)
Total amortization
(721
)
 
(930
)
 
(1,284
)
Unrealized investment gains (losses)
(26
)
 
358

 
(197
)
Effect of foreign currency translation and other
(727
)
 
(1,054
)
 
(342
)
Balance at December 31,
5,458

 
6,932

 
7,611

Total DAC and VOBA
 
 
 
 
 
Balance at December 31,
$
24,442

 
$
26,706

 
$
24,761


______________
(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,
 
2014
 
2013
 
(In millions)
Retail
$
11,963

 
$
12,882

Group, Voluntary & Worksite Benefits
377

 
382

Corporate Benefit Funding
111

 
99

Latin America
1,991

 
2,201

Asia
8,217

 
9,077

EMEA
1,709

 
2,039

Corporate & Other
74

 
26

Total
$
24,442

 
$
26,706
Deferred Sales Inducements of Business Acquired
Information regarding other intangibles was as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
DSI
 
 
 
 
 
Balance at January 1,
$
950

 
$
930

 
$
926

Capitalization
56

 
58

 
81

Amortization
(130
)
 
(36
)
 
(77
)
Unrealized investment gains (losses)
(64
)
 
—

 
—

Effect of foreign currency translation
(2
)
 
(2
)
 
—

Balance at December 31,
$
810

 
$
950

 
$
930

VODA and VOCRA
 
 
 
 
 
Balance at January 1,
$
975

 
$
1,108

 
$
1,264

Amortization (1)
(82
)
 
(84
)
 
(150
)
Effect of foreign currency translation
(46
)
 
(49
)
 
(6
)
Balance at December 31,
$
847

 
$
975

 
$
1,108

Accumulated amortization
$
500

 
$
418

 
$
334

Negative VOBA
 
 
 
 
 
Balance at January 1,
$
2,162

 
$
2,916

 
$
3,657

Acquisitions
—

 
—

 
10

Amortization
(442
)
 
(579
)
 
(622
)
Effect of foreign currency translation and other
(124
)
 
(175
)
 
(129
)
Balance at December 31,
$
1,596

 
$
2,162

 
$
2,916

Accumulated amortization
$
2,404

 
$
1,962

 
$
1,383

____________
(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.
Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired
Information regarding other intangibles was as follows:
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
DSI
 
 
 
 
 
Balance at January 1,
$
950

 
$
930

 
$
926

Capitalization
56

 
58

 
81

Amortization
(130
)
 
(36
)
 
(77
)
Unrealized investment gains (losses)
(64
)
 
—

 
—

Effect of foreign currency translation
(2
)
 
(2
)
 
—

Balance at December 31,
$
810

 
$
950

 
$
930

VODA and VOCRA
 
 
 
 
 
Balance at January 1,
$
975

 
$
1,108

 
$
1,264

Amortization (1)
(82
)
 
(84
)
 
(150
)
Effect of foreign currency translation
(46
)
 
(49
)
 
(6
)
Balance at December 31,
$
847

 
$
975

 
$
1,108

Accumulated amortization
$
500

 
$
418

 
$
334

Negative VOBA
 
 
 
 
 
Balance at January 1,
$
2,162

 
$
2,916

 
$
3,657

Acquisitions
—

 
—

 
10

Amortization
(442
)
 
(579
)
 
(622
)
Effect of foreign currency translation and other
(124
)
 
(175
)
 
(129
)
Balance at December 31,
$
1,596

 
$
2,162

 
$
2,916

Accumulated amortization
$
2,404

 
$
1,962

 
$
1,383

____________
(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)
2015
$
633

 
$
75

 
$
(342
)
2016
$
532

 
$
70

 
$
(262
)
2017
$
455

 
$
67

 
$
(146
)
2018
$
403

 
$
62

 
$
(61
)
2019
$
353

 
$
58

 
$
(40
)