Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Deferred Policy Acquisition Costs

(3)  Deferred Policy Acquisition Costs

Policy acquisition costs deferred and the related amortization reflected in operating results were as follows:

	Years Ended December 31
	2014			2013			2012
	(in millions)
Balance, beginning of year	$	1,255		$	1,206		$	1,210
Costs deferred during year
Commissions and brokerage		2,073			1,979			1,919
Premium taxes and assessments		258			263			247
Underwriting and policy issuance costs		262			271			248
		2,593			2,513			2,414
Foreign currency translation effect		(16	)		(10	)		(7)
Amortization during year		(2,548	)		(2,454	)		(2,411	)
Balance, end of year	$	1,284		$	1,255		$	1,206