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Deferred Policy Acquisition Costs | 12 Months Ended
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Dec. 31, 2015
Deferred Policy Acquisition Costs Disclosures [Abstract] |
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in thousands):
Years ended December 31, |  | 2015 |  | 2014 |  | 2013
Balance, beginning of year |  | $ | 3,342,575 |  |  | $ | 3,517,796 |  |  | $ | 3,619,274 |
Capitalization |  | 352,260 |  |  | 877,609 |  |  | 854,163 |
Amortization (including interest) |  | (288,630 | ) |  | (867,621 | ) |  | (814,662 | )
Change in value of embedded derivatives |  | 58,754 |  |  | (111,744 | ) |  | (98,141 | )
Attributed to unrealized investment gains (losses) |  | 17,510 |  |  | (4,480 | ) |  | 16,181 |
Foreign currency translation |  | (90,032 | ) |  | (68,985 | ) |  | (59,019 | )
Balance, end of year |  | $ | 3,392,437 |  |  | $ | 3,342,575 |  |  | $ | 3,517,796 |
Some reinsurance agreements involve reimbursing the ceding company for allowances and commissions in excess of first-year premiums. These amounts represent acquisition costs and are capitalized to the extent deemed recoverable from the future premiums and amortized against future profits of the business. This type of agreement presents a risk to the extent that the business lapses faster than originally anticipated, resulting in future profits being insufficient to recover the Company’s investment. Prior to 2015, certain renewal commissions that were capitalized and amortized in the same period were reflected in the table above. During 2015, the Company enhanced its process to track certain DAC roll forward component items in a more refined manner, in particular, capitalization and amortization of certain renewal commissions have been excluded from the table above. Had the previous methodology been used in 2015, the amounts capitalized and amortized would have increased by $464.3 million.

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- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35755530&loc=d3e11264-158415 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6481813&loc=d3e11407-158417 + Details
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