Notes to the consolidated financial statements of Aegon N.V.  Note 29 236 In 2012, Aegon USA reinsured approximately EUR 1.2 billion of fixed annuities on a quota share basis which was ceded to  Commonwealth Annuity and Life Insurance Company.  The reinsured policies consist of fixed annuity contracts issued by Transamerica Life Insurance Company in the U.S. between 2004 and  early 2009 that were previously reinsured to Transamerica International Reinsurance Ireland (TIRI) on a 90% quota share basis. Over  half of the business was sold in 2008 and primarily included products with 3 and 5 year surrender charge periods. Most of the business  has an initial credited rate guarantee matching the surrender charge period followed by annual renewals after the initial period. Investment assets and cash were transferred as part of these transactions with any related gain/(loss) being recognized. In order to  secure the obligations of the reinsurer, Aegon has required the establishment of trust accounts to hold collateral supporting ceded  policy reserves. A deferred cost of reinsurance was established and is amortized based on gross profits of the underlying contracts.  The deferred cost of reinsurance is disclosed in note 29. Movements during the year in reinsurance assets relating to non­life insurance: 2013 2012 At January 1 1,158 1,114 Gross premium and deposits – existing and new business 136 253 Loss recognized as a result of liability adequacy - 127 Unwind of discount / interest credited 55 50 Insurance liabilities released (91) (140) Changes to valuation of expected future benefits - 5 Changes in unearned premiums (82) (142) Changes in unexpired risks (2) (3) Incurred related to current year 39 72 Incurred related to prior years 11 42 Release for claims settled current year (3) (13) Release for claims settled prior years (61) (90) Change in IBNR 2 (6) Shadow accounting adjustment (10) (93) Net exchange differences (49) (18) Other movements (9) - At December 31 1,093 1,158 29 Deferred expenses 2013 2012 DPAC for insurance contracts and investment contracts with discretionary participation features 11,685 11,239 Deferred transaction costs for investment management services 356 405 At December 31 12,040 11,644 Current 1,041 1,443 Non-current 10,999 10,201 DPAC Deferred  costs of  reinsurance Deferred  transaction  costs At January 1, 2013 10,681 558 405 Costs deferred during the year 1,514 - 36 Disposal of group assets - - (2) Amortization through income statement (961) (40) (33) Shadow accounting adjustments 444 - - Impairments - - (29) Net exchange differences (491) (23) (15) Other 3 - (7) At December 31, 2013 11,189 496 356 Annual Report 2013