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DEFERRED POLICY ACQUISITION COSTS (Tables)
 12 Months Ended
Dec. 31, 2013
DEFERRED POLICY ACQUISITION COSTS  
Rollforward of DAC

 

 

 
  


   
    
  
   
Years Ended December 31,
(in millions)
  

2013

   2012
   2011
  
   

AIG Property Casualty:

  
 
 
 
            

Balance, beginning of year

  
$
2,441
 
 $ 2,375   $ 2,099
   

Acquisition costs deferred

  
 
4,866
 
   4,861     4,548  

Amortization expense

  
 
(4,479
)
   (4,761 )   (4,324 )

Increase (decrease) due to foreign exchange and other

  
 
(168
)
   (34 )   52  

AIG Property Casualty other

  
 
(37
)
   –     –
   

Balance, end of year

  
$
2,623
 
 $ 2,441   $ 2,375
   

AIG Life and Retirement:

  
 
 
 
            

Balance, beginning of year

  
$
5,672
 
 $ 6,502   $ 7,258
   

Acquisition costs deferred

  
 
930
 
   724     869  

Amortization expense

  
 
(658
)
   (931 )   (1,142 )

Change in net unrealized gains (losses) on securities

  
 
787
 
   (621 )   (486 )

Increase (decrease) due to foreign exchange

  
 
(5
)
   (2 )   3  

Other

  
 
(3
)
   –     –
   

Balance, end of year

  
$
6,723
 
 $ 5,672   $ 6,502
   

Mortgage Guaranty:

  
 
 
 
            

Balance, beginning of year

  
$
44
 
 $ 25   $ 32
   

Acquisition costs deferred

  
 
42
 
   36     14  

Amortization expense

  
 
(20
)
   (17 )   (20 )

Increase (decrease) due to foreign exchange

  
 
–
 
   –     1  

Other

  
 
1
 
   –     (2 )
   

Balance, end of year

  
$
67
 
 $ 44   $ 25
   

Consolidation and eliminations

  
 
23
 
   25     35
   

Total deferred policy acquisition costs*

  
$
9,436
 
 $ 8,182   $ 8,937
   

*     Includes $1.1 billion, $1.8 billion, and $1.4 billion for AIG Life and Retirement at December 31, 2013, 2012 and 2011, respectively, and $34 million for Divested businesses at December 31, 2011, related to the effect of net unrealized gains and losses on available for sale securities.