Ameriprise 2010 Annual Report Download - page 139
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The balances of and changes in DAC were as follows:
2010 2009 2008
(in millions)
Balance at January 1 $ 4,334 $ 4,383 $ 4,408
Cumulative effect of accounting change — — 36
Capitalization of acquisition costs 525 620 644
Amortization, excluding the impact of valuation assumptions review and valuation
system conversion (450) (336) (852)
Amortization, impact of valuation assumptions review and valuation system
conversion 323 119 (81)
Impact of change in net unrealized securities (gains) losses (113) (452) 228
Balance at December 31 $ 4,619 $ 4,334 $ 4,383
The balances of and changes in DSIC, which is included in other assets, were as follows:
2010 2009 2008
(in millions)
Balance at January 1 $ 524 $ 518 $ 511
Cumulative effect of accounting change — — 9
Capitalization of sales inducement costs 35 82 87
Amortization, excluding the impact of valuation assumptions review and valuation
system conversion (49) (19) (115)
Amortization, impact of valuation assumptions review and valuation system
conversion 52 9 (6)
Impact of change in net unrealized securities (gains) losses (17) (66) 32
Balance at December 31 $ 545 $ 524 $ 518
The Company adopted a new accounting standard on the recognition and presentation of other-than-temporary
impairments in the first quarter of 2009. The adoption had no net impact to DAC and DSIC.
Effective January 1, 2008, the Company adopted a new accounting standard on fair value measurements and recorded as
a cumulative change in accounting principle a pretax increase of $36 million and $9 million to DAC and DSIC, respectively.
See Note 3 for additional information regarding the Company’s adoption of fair value accounting standards.
11. Future Policy Benefits and Claims and Separate Account Liabilities
Future policy benefits and claims consisted of the following:
December 31,
2010 2009
(in millions)
Fixed annuities $ 16,520 $ 16,558
Equity indexed annuity accumulated host values 100 159
Equity indexed annuity embedded derivatives 3 9
Variable annuity fixed sub-accounts 4,868 6,127
Variable annuity GMWB 337 204
Variable annuity GMAB 104 100
Other variable annuity guarantees 13 12
Total annuities 21,945 23,169
VUL/UL insurance 2,588 2,526
VUL/UL insurance additional liabilities 143 69
Other life, disability income and long term care insurance 5,004 4,619
Auto, home and other insurance 394 380
Policy claims and other policyholders’ funds 134 123
Total $ 30,208 $ 30,886
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