Ameriprise 2012 Annual Report Download - page 147
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The balances of and changes in DAC (subsequent to the adjustment for the new accounting standard) were as follows:
2012 2011 2010
(in millions)
Balance at January 1 $ 2,440 $ 2,556 $ 2,394
Capitalization of acquisition costs 313 335 346
Amortization, excluding the impact of valuation assumptions review (275) (366) (288)
Amortization, impact of valuation assumptions review (11) (31) 174
Impact of change in net unrealized securities gains (68) (54) (70)
Balance at December 31 $ 2,399 $ 2,440 $ 2,556
The balances of and changes in DSIC, which is included in other assets, were as follows:
2012 2011 2010
(in millions)
Balance at January 1 $ 464 $ 545 $ 524
Capitalization of sales inducement costs 7 9 35
Amortization, excluding the impact of valuation assumptions review (45) (70) (49)
Amortization, impact of valuation assumptions review (13) (11) 52
Impact of change in net unrealized securities gains (9) (9) (17)
Balance at December 31 $ 404 $ 464 $ 545
10. Future Policy Benefits and Claims and Separate Account Liabilities
The Company retrospectively adopted a new accounting standard for DAC in the first quarter of 2012. See Note 1 for the
effect of the change on affected financial statement line items for prior periods retrospectively adjusted.
Future policy benefits and claims (subsequent to the adjustment for the new accounting standard) consisted of the
following:
December 31,
2012 2011
(in millions)
Fixed annuities $ 16,075 $ 16,401
EIA accumulated host values 31 58
EIA embedded derivatives 22
Variable annuity fixed sub-accounts 4,843 4,852
Variable annuity GMWB 799 1,377
Variable annuity GMAB 103 237
Other variable annuity guarantees 13 14
Total annuities 21,866 22,941
VUL/UL insurance 2,760 2,662
IUL accumulated host values 59 4
IUL embedded derivatives 45 3
VUL/UL insurance additional liabilities 294 220
Other life, DI and LTC insurance 5,646 5,339
Auto, home and other insurance 415 420
Policy claims and other policyholders’ funds 132 121
Total $ 31,217 $ 31,710
Separate account liabilities consisted of the following:
December 31,
2012 2011
(in millions)
Variable annuity variable sub-accounts $ 63,302 $ 57,556
VUL insurance variable sub-accounts 6,051 5,575
Other insurance variable sub-accounts 42 43
Threadneedle investment liabilities 3,002 3,606
Total $ 72,397 $ 66,780
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